Latest Developments

Asia
The Economic Times

ICICI Prudential AMC among top 5 midcap stocks with highest MF selling in June

These top five midcap stocks witnessed the highest net selling by mutual funds in June. Here is a detailed breakdown, according to a report by Motilal Oswal Financial Services. Patanjali Foods witnessed the highest net selling in mutual funds in June. The value change in June was Rs 5.7 billion, and the monthly value change was 51.1%. Monthly, the shares changed by 45.7%. The percentage of midcap value was 0.1%. ICICI Prudential AMC witnessed net selling in mutual funds in June. The value change in June was Rs 70.5 billion and on a monthly basis, the value change was 16.8%. On a monthly basis, the shares changed 11.4%. The percentage of midcap value was 0.8% Indian Renewable Energy Development Agency witnessed net selling in mutual funds in June. The value change in June was Rs 0.5 billion, and the monthly value change was 11.7%. On a monthly basis, the shares changed by 8.5%. The percentage of midcap value was 0.0%. NMDC witnessed net selling in mutual funds in June. The value change in June was Rs 46.6 billion, and every month the value change was 11.4%. Every month, the shares changed by 8.5%. The percentage of midcap value was 0.5%. Oil India witnessed net selling in mutual funds in June. The value change in June was Rs 54.3 billion, and every month the value change was 19.1%. Every month, the shares changed by 7.6%. The percentage of midcap value was 0.6%.

ICICI Prudential AMC among top 5 midcap stocks with highest MF selling in June
Asia
The Economic Times

SBI Mutual Fund among 6 AMCs with over Rs 7,000 crore AUM jump in June. Check details

Around six asset management companies (AMCs) saw an increase of Rs 7,000 crore in their respective AUMs. Here is a detailed breakdown. (Source: ACE MF) SBI Mutual Fund saw the highest increase in the AUM by Rs 14,192 crore on a monthly basis, taking the total AUM to Rs 12.94 lakh crore in June against Rs 12.80 lakh crore in the previous month. Aditya Birla Sun Life Mutual Fund's AUM rose by Rs 11,545 crore month-on-month to Rs 4.29 lakh crore in June, up from Rs 4.18 lakh crore in May. The firm saw an increase in the AUM by Rs 7,922 crore on a monthly basis, taking the total AUM to Rs 9.63 lakh crore in June against Rs 9.56 lakh crore in the previous month. Invesco Mutual Fund's AUM rose by Rs 7,579 crore month-on-month to Rs 1.52 lakh crore in June, up from Rs 1.45 lakh crore in May. Nippon India Mutual Fund saw an increase in the AUM by Rs 7,411 crore on a monthly basis, bringing the total AUM to Rs 7.72 lakh crore in June against Rs 7.65 lakh crore in the previous month. It saw an increase in the AUM by Rs 7,108 crore on a monthly basis, taking the total AUM to Rs 1.49 lakh crore in June against Rs 1.42 lakh crore in the previous month.

SBI Mutual Fund among 6 AMCs with over Rs 7,000 crore AUM jump in June. Check details
Asia
The Hindu BusinessLine

JK Cement Q1 profit declines 15.3%

JK Cement Ltd on Saturday reported a 15.3 per cent decline in consolidated net profit to ₹274.62 crore for the June quarter. It had posted a profit of ₹324.25 crore in the year-ago period, according to a regulatory filing from JK Cement Ltd (JKCL). Revenue from operations was up 20.25 per cent at ₹4,031.72 crore in the June quarter from ₹3,352.53 crore a year ago. JKCL's total expenses were at ₹3,664.82 crore, up 25.5 per cent in the June quarter. The total income of JKCL, which includes other income, was at ₹4,070.97 crore, up 19.41 per cent in Q1, FY27. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

JK Cement Q1 profit declines 15.3%
Asia
The Hindu BusinessLine

From farm to plate: The growing influence of ingredient-first dining

Backing local producers keeps supply chains short and supports a wider range of crops. Farm-to-table has become one of the most overused phrases in hospitality. The thinking behind it is sound, but the words themselves have hardened into a marketing line. A restaurant is not good because it sits near a farm. It is good because of the ingredients it picks, the producers it chooses to work with and what it does with that produce once it reaches the kitchen. Today’s diners, particularly at the premium end, know more and ask more than they used to. A good meal on its own is no longer enough. They want to know where an ingredient comes from, who grew it and why it has earned a place on the menu. Those questions now matter to them almost as much as the cooking. That curiosity is pushing restaurants to spend real time with farmers, small producers and artisans, and to build relationships rather than simply place orders. For a chef, these relationships are about far more than supply. Buying directly from a grower means getting produce at its freshest, and often at its best. It also turns up regional ingredients that rarely reach a menu and deserve to. Backing local producers keeps supply chains short and supports a wider range of crops. The food that comes out of it tastes better, and it carries a clearer sense of where it is from. The industry has to stop treating farm-to-table as a label. Sustainability is not about putting a fashionable ingredient on the plate or slipping a few local dishes onto the menu. It is the daily work of buying responsibly, cutting waste and cooking things when they are actually in season. The real luxury is no longer flying in something rare from the other side of the world. It is finding a remarkable local ingredient and doing something exceptional with it. Season matters here too. Nature was never set up to give us everything all year round, and a kitchen is better off working with that than fighting it. A menu that changes through the year is not inconsistent. It shows a confident kitchen that trusts the produce in front of it. Every season is a reason to look at a dish again, try something different and give regulars something they have not had before. When a menu keeps moving, it tells people the kitchen will not cut corners for the sake of convenience. None of this means the cooking has to become smaller or more local in its imagination. Good cooking borrows constantly. Techniques move across borders and cultures feed off one another. A French method, an Asian flavour and an Indian ingredient can share a plate without any of it feeling forced. The ingredient stays true to where it came from, while the chef brings a wider point of view to how it is cooked and presented. That is usually where the dishes people remember come from. We also have a part to play in telling guests where their food comes from. Naming the farm behind an ingredient, or the person who grew it, changes how a dish lands. People care about that now, and knowing the story behind a plate of food makes the meal mean a little more. There is a hard truth in all of this, though. Almost nobody books a table again because a restaurant called itself sustainable. They come back because the food was very good. Where an ingredient came from might start the conversation, but taste is what people actually remember. Sourcing and sustainability should sit underneath the cooking, not in front of it. That, to me, is where hospitality is heading. Not simply farm-to-table, but ingredient-first. When a chef lets good produce decide the menu instead of chasing whatever is fashionable, the food becomes honest and hard to copy. Trends will keep coming and going. A real respect for the ingredient will not. And that, in the end, is just better cooking. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

From farm to plate: The growing influence of ingredient-first dining
Asia
The Hindu BusinessLine

YES Bank jumps 34%; asset quality improves, loan growth remains strong

YES Bank reported that its standalone net profit rose 34 per cent year-on-year to ₹1,071 crore in the June quarter, compared to ₹801 crore in the corresponding period last year, driven by strong deposit growth and pick up in lending. The private lender’s net interest income (NII), which is the difference between interest earned and interest expenses, increased to 17 per cent to ₹2,786 crore from ₹2,371.47 crore a year ago. The net interest margin improved to 2.7 per cent from 2.5 per cent year-on-year due to lower cost of deposits and a reduction in balances related to PSL (priority sector lending) shortfall deposit. The banks gross non-performing asset (GNPAs) declined to ₹3,705 crore in Q1 from ₹4,022 crore a year ago. However, on sequential basis they were higher than ₹3,605 crore reported in Q4 FY26. The provisions made by the bank jumped 39 per cent year-on-year to ₹394 crore in the quarter under review. Debt-equity ratio stood at 0.66 compared with 0.69 in the year-ago period. Vinay M. Tonse, Managing Director and CEO of YES Bank, said that stronger core earnings growth, despite a sharp decline in gains from Security Receipts and treasury operations, reflects the strengthening of the bank’s underlying franchise. He said corporate credit growth was robust across sectors, led by the oil and metals industries. Margins remained steady at 2.7 per cent, the cost-to-income ratio improved further, and asset quality strengthened as slippages moderated. The bank has also received external validation of its business through rating upgrades from Moody’s, CARE Ratings and ICRA, apart from securing its inaugural international rating from S&P Global. These developments are expected to lower its cost of funds over the long term, he added. Advances registered 18 per cent year-on-year growth, while deposits grew 14 per cent. Retail asset disbursements were up 27 per cent, while CASA deposits also registered 14 per cent growth. Retail and branch-led deposits increased 11 per cent and accounted for 59 per cent of total deposits. Retail slippages were at their lowest level in the past 10 quarters, at ₹843 crore (2.7 per cent of advances) compared with ₹888 crore (2.8 per cent of advances) in Q4 FY26, the bank said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

YES Bank jumps 34%; asset quality improves, loan growth remains strong
Asia
The Hindu BusinessLine

Centre extends exemption for select RE projects from sourcing solar cells from ALMM-listed manufacturers

The Ministry of New and Renewable Energy (MNRE) has extended the relief given to Net Metering and Open Access renewable energy projects to continue sourcing solar PV cells from non-ALMM-listed manufacturers till December 2026. The Ministry also reiterated that there will be no change in the implementation of the Approved List of Models & Manufacturers (ALMM) List-II for solar PV cells, and that no blanket extension of the applicability of ALMM List-II for solar power projects will be provided. “However, a limited window is being provided for Net-metering projects and Open Access RE power projects, whereby such projects can now commission with exemption of ALMM List-II (for solar PV cells), till December 31, 2026. Earlier this dispensation for the limited segment of Net-metering projects and Open Access renewable power projects was available till May 31, 2026,’ it added. This step will also help the standalone solar PV module manufacturers by providing them protection of investments already made, in the form of inventories, through additional demand creation, the ministry emphasised. This will also provide them sufficient time before they can effectively increase their sourcing of solar cells from ALMM List-II enlisted solar cell manufacturers, as the solar cell capacity in ALMM List-II continues to rise steadily. The decision is a result of detailed deliberations with various stakeholders in the solar industry to ensure a smooth transition to ALMM List-II (for solar PV cells) for Net-metering projects and Open Access renewable power projects, the Ministry added. Solar PV manufacturing remains a significant focus of the Government’s efforts. The Government is committed to making India self-reliant (Atmanirbhar) in solar PV manufacturing and establishing India as a major player in the global value chain. Last week, the MNRE also extended the deadline for renewable power project developers till July 23, 2026, to seek exemption from the ALMM List-II for solar PV cells, which came into effect on June 1. On May 25, the Ministry had clarified that there will be no extension in the ALMM list for solar PV cells. However, to protect investments already made in the public interest, it allowed certain net-metering, open-access, and renewable energy power projects to be extended on a case-by-case basis. Under this arrangement, the RE power project developers had to electronically submit their claims through a portal developed by the National Institute of Solar Energy (NISE) by June 30, 2026. “In view of the requests received in the Ministry for re-opening of the portal, the matter was examined in the Ministry and, it has been decided to re-open the portal for submission of applications up to July 23, 2026,” the MNRE said. Interested RE power developers who have not yet submitted their applications may submit the requisite claims/information through the NISE portal within the above-mentioned extended timeline, it added. The mandate for ALMM for solar PV cells from June 1, 2026, helped push up manufacturing, with 5 gigawatts (GW) of capacity added during January-March 2026, JMK Research & Analytics said.

Centre extends exemption for select RE projects from sourcing solar cells from ALMM-listed manufacturers
Europe
BBC Business

Reeves tells BBC: Burnham needs worked-through plan to govern from the start

Rachel Reeves has warned the incoming prime minister, Andy Burnham, that he needs to be properly prepared to govern when he arrives in Downing Street in a little more than a week. Speaking exclusively to the BBC in what is likely to be her last major interview as chancellor, Reeves told Laura Kuenssberg that "it is important that when Andy walks through that door he has a worked-through plan, because governing is hard in Britain, and lots of challenges and shocks will come his way". She said Burnham and his team coming into Downing Street must be "really clear about what they want to achieve", and that "he needs to stay laser-focused on those things that have always motivated him, have always driven him". Asked why Sir Keir Starmer's time in office was coming to an end, she said: "People are impatient for change - I'm impatient for change and I totally get that people want to see their lives changed faster." We sat down in one of the lavish 17th Century state rooms upstairs in No 11 Downing Street - exactly the same room where she gave her first full interview as chancellor in July 2024. She would never have suspected then that she and her next-door neighbour would be moving out just 24 months later. Reeves wouldn't explicitly say who should be the next chancellor, or even if she would like to stay. She has always told us that being chancellor is her "dream job". She and her team clearly do not expect to stay in No 11, but with the incoming No 10 team tight-lipped about its cast list, we just don't know. Reeves said that she had returned "stability and trust" to the economy over the past two years, and that "Andy will take over an economy that is much stronger than the one I inherited from the Conservatives just two years ago." In the interview, Reeves wanted to focus on what she described as the "big picture" - government borrowing costs that have gone down, inflation way down from its peak, increased investment in infrastructure like roads and railways, and the economy growing faster than the UK's nearest competitors. But by other measures, there are still big problems in the economy. Inflation is still above target and is expected to rise, growth has been slow, and just this week, the Bank of England warned that interest rates might have to go up again. The country's debts are due to be higher at the end of this parliament than they were when Labour moved in. And more than anything else, firms and families' spending power is still under pressure, with the latest ONS figures showing disposable income falling. One former senior minister told me Reeves had "spent a lot of time and energy painting a picture of her grim inheritance in the expectation things would brighten up quickly and she could claim credit".

Reeves tells BBC: Burnham needs worked-through plan to govern from the start
Europe
The Guardian

Oil prices jump over 5% after Trump suggests ceasefire with Iran has ended following fresh US strikes – as it happened

Oil and gas prices jumped, stock markets slid and government bond yields rose after the US and Iran traded fresh strikes and Donald Trump said the shaky ceasefire was “over”. In stock markets, the UK’s FTSE 100 fell 1%, or 110 points, to 10,556 while Germany’s Dax tumbled 1.6% and Spain’s Ibex lost 2%. Speaking at a NATO summit in Ankara, Trump also said he was cutting off trade with Spain over defence spending). On Wall Street, the S&P 500 index fell nearly 0.5% while the Dow Jones slid 0.9% and the Nasdaq slipped 0.3%. In Asia, Japan’s Nikkei ended the day 2.1% lower while China’s CSI 300 declined 0.77% and South Korea’s Kospi tumbled 5.5%, also hit by a sell-off in semiconductor shares. Eurozone government bond yields rose to their highest levels in almost a month, as higher oil prices stoked inflation fears. The yield, or interest rate, on Germany’s 10-year bond rose 5 basis points to 3.034%, the highest since 11 July, as bonds sold off (yields move inversely to prices). The two-year bond yield, which is more sensitive to European Central Bank interest rate expectations, also climbed 5bps, to 2.637%, the highest since 22 June. The yield on the 10-year UK government bond, known as gilt, climbed 9bps to 4.94%.

Oil prices jump over 5% after Trump suggests ceasefire with Iran has ended following fresh US strikes – as it happened
Europe
The Guardian

The Hill is capitalizing on reader interest in the second Trump administration

Bill Sammon: ‘I think we’re kind of having a moment right now.’ Photograph: The HillView image in fullscreenBill Sammon: ‘I think we’re kind of having a moment right now.’ Photograph: The HillMediaThe Hill is capitalizing on reader interest in the second Trump administrationThe Washington-based publication is announcing plans for a new digital subscription product called the Hill Insider The most-visited digital-first news publication dedicated to politics wasn’t Politico or Axios in May – it was the Hill, a Washington-based outlet that also still publishes a print product three days a week that gets delivered to the office of every member of Congress. While the Hill is often left out of conversations about the most influential political news outlets, the publication has been quietly chugging along since it was acquired by the television conglomerate Nexstar in 2021 for $130m. Bill Sammon, the Fox News veteran who serves as senior vice-president for editorial content, said the Hill was profitable and had benefited from a surge of interest in the second Trump administration. “I think we’re kind of having a moment right now,” Sammon said in an interview. “The viewership is engaged, and a lot of it has to do with, frankly, that there’s just so much going on in the news. It is a good time to be a journalist in Washington given the sheer volume of consequential stuff that’s just coming over the transom.” The main website will remain free to read, however. “It’s additive,” Sammon said. “For the very most part, we’ve developed all kinds of new value-added content that we think is going to serve our readers as we understand what our readers want … For people who are really into this, they just want more of it.” There is no shortage of direct-to-consumer subscription services available to media consumers, but Sammon said he was hopeful that the Hill’s offering would be sufficiently differentiated from the competition to become a meaningful revenue source for the publication, which began in 1994. Media veterans like Sammon aren’t often available for hire in Washington. He became a free agent after Rupert Murdoch himself suggested that he be pushed out following Fox’s controversial coverage of the 2020 presidential election, an offering to the Trump super-fans who were unhappy that the network correctly called the election for Joe Biden. In a 20 November 2020 email released as part of the voting technology firm Dominion’s defamation lawsuit against Fox, Murdoch told his chief executive, Suzanne Scott, and his son Lachlan Murdoch that “maybe [it would be] best to let Bill go right away and make acting appointment”, which he hoped would send a “big message with Trump people”. (“Sammon was told the inevitable today,” Scott responded.) “I have many fond memories – and retain lots of great friendships – from my time at Fox,” Sammon told the Guardian. Sammon, who began his career as a print journalist, has been able to lean on his experience at Fox News by serving in a dual editorial role for NewsNation, the cable news channel that is also owned by Nexstar and works out of the same office. “I don’t have a lot of skillsets in this world and they found the two weird skillsets that I have, and there’s a job for that,” he said. “You need to know about newspapers and you need to know about cable TV. Well, that’s actually something I can do.”

The Hill is capitalizing on reader interest in the second Trump administration