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India
The Hindu BusinessLine

Sensex today | Stock Market Live: Stock to buy today: Olectra Greentech

Candle stick graph chart of stock market investment trading, Stock exchange concept design and background. Vector illustrations. | Photo Credit: EMOJOEZ Aurobindo Pharma: Company’s arm Theranym Biologics starts biologics contract manufacturing facility. (Positive) Agarwal Industrial: Company bags HPCL bitumen supply order worth Rs 477.5 crore for 1.3 lakh MT. (Positive) Marsons Ltd: Company secures order worth Rs. 31.27 cr from Assam Electricity Grid Corporation (AEGCL), for supply of 132/33kv, 50mva power transformers and related services. (Positive) NBCC: Company bags multiple orders worth Rs. 83.24 cr for project management consultancy. (Positive) IEX: Company may power trade volume jumps 18.6% YoY to 12,983 mu, day-ahead market volume rises 25% with average price at Rs. 4.88/unit. (Positive) Shree Rama Multi-Tech: Company commences production on new tubing machine; adds 45 lakh tubes per month capacity with Rs. 10 crore investment (Positive) Jeena Sikho Lifecare: Company Bhopal hospital receives NABH accreditation for Panchakarma services, valid until May 2029. (Positive) Jain Irrigations: Company has commissioned 20,000 tonne/annum biochar facility in Jalgaon. (Positive) JBM Auto: Company leads India’s electric bus market with 49% share in May 2026, records industry-highest 157 e-bus registrations. (Positive) Natural Capsules: New HPMC line boosts capacity from 19.5B to 25B capsules/year. (Positive) Jubilant Agri: Company has started Polymer Production at Vadodara Facility. (Positive)

Sensex today | Stock Market Live: Stock to buy today: Olectra Greentech
India
The Hindu BusinessLine

SpaceX sets IPO price at $135, becomes largest public offering in history

Despite reporting a loss of over $4.9 billion last year due to heavy investments in artificial intelligence, SpaceX posted strong revenue growth and plans to use the IPO proceeds to fund orbital data centres, lunar manufacturing facilities and future Mars missions. | Photo Credit: Dado Ruvic SpaceX set a price for its initial public offering at USD 135 a share, positioning Elon Musk’s rocket and artificial intelligence company to exceed the 2019 initial public offering of Saudi Aramco in both valuation and money raised. According to a news report by The New York Times, the USD 135 share price values the company at USD 1.77 trillion, making it the largest initial public offering (IPO) in history. SpaceX will raise USD 74.4 billion from the offering. As per the news report, this valuation represents an increase of more than 40 per cent compared to the USD 1.25 trillion valuation the company gave itself in February. Saudi Aramco previously held the record, holding a USD 1.7 trillion valuation and raising more than USD 29 billion when it went public in 2019. “Most companies that go public set a preliminary price range for their stock offering before settling on a final number in case investor demand for their shares changes. But Mr. Musk and SpaceX sidestepped that and simply declared one price for investors. SpaceX could still change that price but is not expected to do so. It is likely to begin trading on the Nasdaq next week under the ticker symbol SPCX,” the news report said. “More than every U.S. I.P.O. combined in the last two years,” the report quoted Matthew Kennedy, a senior IPO market strategist at Renaissance Capital. The offering serves as a bellwether for other massive tech offerings, including Anthropic, which filed confidentially on Monday, and OpenAI. Both artificial intelligence start-ups approach valuations of USD 1 trillion. According to the news report, Musk, who controls a 50 per cent stake in SpaceX, will see his holdings valued at just over USD 752 billion. Regulatory filings show Musk cannot sell some shares until the company hits specific operational milestones. A surge in early trading could make him the world’s first trillionaire. Musk controls more than 85 per cent of SpaceX shareholder votes through super-voting shares. An IPO prospectus released last month revealed the company’s financial results, with SpaceX reporting a loss of more than USD 4.9 billion last year due to increased spending on artificial intelligence, following a USD 791 million profit in 2024. As per the news report, revenue rose 33 per cent to USD 18.7 billion. The company will use the capital to fund orbital data centers, a lunar factory, and Mars expeditions. “The records are broken more than once,” the report quoted Nicolas Owens, an equity researcher with the investment research firm Morningstar. “A trillion-dollar market capitalization for a company going public used to be unheard-of,” Owens said, “Now it seems normal.” 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.

SpaceX sets IPO price at $135, becomes largest public offering in history
Europe
The Guardian

Trump signs order to make it easier to fire 8,000 highly paid federal workers

Commuters near the Federal Triangle metro station in Washington DC on 2 October 2025. Photograph: Bloomberg/Getty ImagesView image in fullscreenCommuters near the Federal Triangle metro station in Washington DC on 2 October 2025. Photograph: Bloomberg/Getty ImagesDonald TrumpTrump signs order to make it easier to fire 8,000 highly paid federal workersOrder strips job protections from workers earning up to about $200,000 a year and deemed to be ‘influencing’ policy Donald Trump has signed an executive order making it easier to fire thousands of the best-paid workers in the US government aspart of a broader drive by his administration to overhaul the federal workforce. The order, released by the White House and the office of personnel management (OPM) on Wednesday, strips job protections from a mostly senior group of federal workers – about 8,000 employees – earning up to almost $200,000 a year, and who are deemed to be “influencing” government policy. In a call previewing the move, Scott Kupor, director of the OPM, which oversees the government’s human resources policies, said the administration needs to employ people willing and able to carry out orders to achieve the administration’s policy priorities. “You can have any political views, but if you allow those views to basically interfere with your willingness to actually carry out lawful orders and policy directives with the administration, then this provides a mechanism obviously for people in those agencies to be able to be removed effectively at will,” he said. About 348,000 employees, over 11% of its overall workforce, have left the federal government since October 2024. The latest order shows Trump is persisting in his efforts to discipline and fire career employees whom he sees as undermining his political goals, a year after billionaire Elon Musk left his post overseeing an effort to slash government spending and payrolls. Trump believes his agenda was hampered by career federal workers who opposed his policies during his first term. During Trump’s first term, his administration attempted to reclassify federal employees to “at will” under schedule F, but the rule was rescinded by the Biden administration before it took full effect. Labor union leaders have argued the reclassification serves as a step backward to the 19th-century spoils system, where jobs were given to loyalists rather than based on merit. The number of workers affected by the order is well below a ceiling estimate of up to 50,000 who could have been subject to new rules. Senior administration officials on the call said Trump could expand the grouping but had no immediate plans to do so. “The Trump-Vance administration’s attempts to dismantle civil service protections would make it easier to purge experienced public servants,” said Skye Perryman, president and CEO of Democracy Forward, in a statement on the executive order. “When government experts can be fired without cause, it’s not just federal workers who are harmed – it’s the people across the country who rely on these essential services every day.”

Trump signs order to make it easier to fire 8,000 highly paid federal workers
North America
CNBC Economy

Private payrolls grew by 122,000 in May, stronger than expected, ADP reports

Private hiring expanded at a brisk pace in May, providing further indication of a stable labor market, ADP reported Wednesday. The payrolls processing firm said companies added 122,000 workers for the month, up from 105,000 in April and better than the Dow Jones consensus estimate for 110,000. May marked the strongest month since January 2025. April's total was revised down by 4,000. Unlike prior months, where job growth was concentrated in healthcare and a few other sectors, gains were more broad-based. Eight of the 10 sectors ADP tracks saw gains, and hiring was spread evenly both by company size and geography. Education and health services again led with 57,000 hires, but trade, transportation and utilities added 36,000, professional and business services contributed 11,000, and construction and leisure and hospitality both rose by 8,000. Information services lost 9,000, a possible impact from artificial intelligence growth, while natural resources and mining also reported a loss, down 3,000. "Hiring was more broad-based in May than we've seen in the last few years," said ADP's chief economist, Nela Richardson. "The labor market continues to show sustained momentum going into the summer hiring season." Companies with fewer than 50 employees led with 67,000 new hires while those with 500 or more added 40,000 and medium-sized firms contributed 17,000. On salary, annual pay rose 4.4% for those staying in their jobs, the same as April, while job-switchers saw pay growth edge down to 6.5%. Stock market futures were mixed following the release while Treasury yields were higher. The report comes two days ahead of the Bureau of Labor Statistics' release of nonfarm payrolls for May. The Wall Street consensus is for growth of 80,000 after April's 115,000, with the unemployment rate steady at 4.3%. Federal Reserve officials will be watching the jobs numbers closely ahead of their June 16-17 policy meeting. Markets are pricing in a virtual certainty that the central bank will hold its benchmark interest rate in a range between 3.5%-3.75%. Get this delivered to your inbox, and more info about our products and services.

Private payrolls grew by 122,000 in May, stronger than expected, ADP reports
Asia-Pacific
The Straits Times

What to know about the SpaceX IPO

The IPO is expected to be a market spectacle as investors get a chance to buy into Musk’s vision to create a combined space and AI powerhouse. Elon Musk’s SpaceX is poised to have the largest stock-market debut in history when it goes public later in June. SpaceX is aiming to raise US$75 billion (S$96.23 billion) in the initial public offering, more than twice the previous record holder. The IPO is expected to be a market spectacle as investors get a chance to buy into Musk’s vision to create a combined space and AI powerhouse. His long list of growth plans – including putting data centres in space – are hugely ambitious but also come with high costs, significant risks and could take many years to come to fruition. The company plans to market about 555.6 million shares at US$135 apiece, according to a filing with the US Securities and Exchange Commission. At that price, SpaceX would have a market value of almost US$1.77 trillion. SpaceX’s goal of raising US$75 billion in the IPO would shatter the previous record set by Saudi Aramco’s US$29.4 billion in 2019. The big question is whether such a large valuation can be sustained in public markets. Analysts value companies based on their future earnings and growth, as well as industry competition and profit margins. But valuation is not a pure science. Especially in bullish market conditions, investors are sometimes prepared to pay up for a company’s shares based on something other than fundamentals. Some might see the seemingly vast potential of the company’s space businesses as justifying a higher price than the current financials would ordinarily support. But the challenges surrounding SpaceX’s xAI business could dampen the appeal. Even though SpaceX generates significant cash flow, largely from Starlink, its satellite-based internet broadband service, the company requires a lot more money to fund its biggest ambitions. SpaceX has indicated that IPO proceeds will be used, among other things, to expand the company’s AI computing infrastructure, enhance its space infrastructure and rockets and boost its satellite constellations. SpaceX could have opted to continue raising capital in private markets rather than going public. But the company’s funding needs appear to have risen substantially with the acquisition in February of xAI, which is burning through around US$1 billion of cash per month to cover the cost of computing infrastructure including training its AI models, according to people briefed on the company’s financials. IPO paperwork shows that SpaceX’s AI segment, which includes xAI, had an operating loss of US$6.4 billion in 2025 and nearly US$2.5 billion in the first three months of 2026. That said, SpaceX just entered into a deal in which Anthropic PBC will pay it US$1.25 billion per month through May 2029 for AI computing capacity.

What to know about the SpaceX IPO
India
The Hindu BusinessLine

Nifty may open 150 points lower as investors track RBI policy and global cues

While domestic institutional investors (DIIs) continue to provide support, elevated volatility and weak global market cues are likely to keep traders cautious. | Photo Credit: /iStockphoto Indian stock markets are likely to open negatively on Thursday amid weak global cues. While the focus has now shifted to the RBI’s monetary policy outcome, lingering US-Iran tensions continue to haunt sentiment. The fresh escalation that led to a hike in petroleum prices kept investors on tenterhooks. Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealth-tech firm. “While the renewal of the ceasefire agreement between Israel and Lebanon has provided some relief to regional risk sentiment, broader concerns remain unresolved. Continued hostilities between the United States and Iran, including reports of retaliatory Iranian actions following recent U.S. strikes, have kept uncertainty elevated and limited any meaningful improvement in global risk appetite.” The absence of tangible progress towards a diplomatic resolution continues to leave markets highly sensitive to geopolitical headlines, particularly given the implications for energy prices and global trade flows. Against this backdrop, investor attention is also firmly focused on the Reserve Bank of India’s ongoing monetary policy meeting. Market participants will closely scrutinise the central bank’s assessment of inflation, interest rates and liquidity conditions, while looking for clues on how policymakers view the impact of elevated crude oil prices and persistent global uncertainty on India’s growth and inflation outlook. Any changes in the RBI’s tone regarding future policy direction could significantly affect domestic market sentiment and sectoral positioning, he said. Meanwhile, analysts are also expecting favourable tax announcements from the Government regarding LTCG, given the massive foreign capital outflows. Foreign Institutional Investors (FIIs) have maintained an aggressive selling stance in recent sessions, with sustained outflows acting as a significant headwind for domestic equities. Their selling crossed nearly Rs 2.5 lakh crore in 2026. In contrast, Domestic Institutional Investors (DIIs) have remained consistent buyers, helping absorb a substantial portion of foreign selling pressure and providing an important source of stability for the market, he added. From the derivatives perspective, the options data reflect a balanced-to-cautious setup. Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities, said Significant put open interest is concentrated at the 23,300 and 23,000 strikes, suggesting these levels are likely to provide immediate support. On the upside, heavy call writing is visible at 23,500 and 23,700 strikes, which may cap any recovery attempt. “The PCR stands at 0.98, indicating a relatively balanced positioning. Meanwhile, India VIX surged 6.01% to 16.28, the spike in volatility suggests traders remain cautious and are anticipating larger directional moves in the coming sessions,” he added. Ankur Punj, MD & Business Head at Equirus Wealth, said while markets extended losses, key benchmarks managed to erase most of their losses amid selective buying in banking and telecom stocks. While sentiment remains weak due to the sharp depreciation of the currency and subsequent FII outflows, investors will be closely watching the upcoming monetary policy announcement later this week and the RBI’s outlook on the economy and inflation, given the weak monsoon forecast. Meanwhile, equities across the Asia-Pacific region are down in early deals on Thursday, tracking overnight weakness in the US markets. 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.

Nifty may open 150 points lower as investors track RBI policy and global cues
Asia-Pacific
The Straits Times

Rupiah near key psychological level that has markets on guard for intervention

The rupiah is Asia’s worst-performing currency in 2026, driven by concerns that elevated oil prices will widen Indonesia’s budget deficit through higher energy subsidy costs. JAKARTA - The Indonesian rupiah is closing in on a key psychological level, putting market watchers on watch for a stronger response from the central bank. The local currency is less than 0.3 per cent away from hitting the 18,000-per-US dollar level after touching a new low on June 3. BNP Paribas, MUFG Bank and PT Mega Capital Sekuritas expect Bank Indonesia to step up market intervention measures, while further raising interest rates as soon as this month. Indonesian authorities have defended round numbers in the past and “18,000 is likely a psychological level market participants will be watching closely,” said Parisha Saimbi, a strategist at BNP Paribas. “Bank Indonesia intervention efforts appear likely to try to stem the pace of currency depreciation.” The rupiah is Asia’s worst-performing currency in 2026, pressured in part by concerns that elevated oil prices will widen Indonesia’s budget deficit through higher energy subsidy costs. A break beyond 18,000 could accelerate foreign outflows from local stocks and bonds, making the level a key test for policymakers seeking to restore confidence in an economy facing mounting headwinds. Investor sentiment toward Indonesian assets deteriorated in 2026 after MSCI warned the country could be reclassified as a frontier market, while Fitch Ratings and Moody’s Ratings revised their outlooks on the sovereign. Concerns have also grown over government efforts to exert greater control over key commodity exports. The nation’s stocks benchmark dropped to a five-year low on June 3 amid the rupiah’s slide and concerns about a potential sovereign rating downgrade. Indonesia’s trade surplus nearly vanished in April as soaring prices for imported oil and gas outpaced export gains, while inflation accelerated in May. “The rupiah stability is a key mandate for BI,” said Lloyd Chan, forex strategist at MUFG. “Given the trajectory of rupiah depreciation, BI will likely have to raise rates again in June,” he said, projecting a 50-basis-point hike. The central bank has rolled out a series of measures to support the local currency and attract inflows, including issuance of rupiah-denominated bills and tightening requirements for US dollar purchases. Last month, it surprised markets with a 50-basis-point rate hike. Its next policy decision is due June 18. Bank Indonesia r(BI) emains in the markets to stabilise the rupiah and to optimize all policy instruments available to maintain foreign-exchange liquidity and to support financial markets stability, it said in a statement on June 3. The central bank’s intensive interventions have come at a cost, with the nation’s foreign-exchange reserves falling further in April to the lowest in nearly two years. Fitch has warned that a sharp decline in the reserves coverage might lead to a negative rating action. “BI will continue to intervene in the markets although the impact won’t be significant” as Indonesia’s fundamental risks are getting bigger, said Lionel Priyadi, a macro strategist at Mega Capital. “It might hike rates by 50 to 75 basis points as soon as this month.” BLOOMBERG

Rupiah near key psychological level that has markets on guard for intervention
India
The Hindu BusinessLine

US House approves war powers resolution to halt military action against Iran

The US House of Representatives has approved a war powers resolution aimed at halting US military action against Iran, with a group of Republicans joining Democrats in defiance of President Donald Trump. | Photo Credit: Dado Ruvic The House approved a war powers resolution that would halt the US military action against Iran, defying President Donald Trump as a handful of Republicans joined with Democrats to end the three-month-long war that has reordered politics at home and abroad. House Speaker Mike Johnson had tried to prevent an outcome that would show the mounting opposition to the war, abruptly shutting down floor action two weeks ago when the war powers resolution was on the verge of approval. But displeasure has only grown as the conflict drags on and as Trump struggles to negotiate a quick resolution. The roll call on Wednesday was 215-208, and cheers erupted in the House chamber. “This reckless and costly war of choice needs to end today,” House Democratic Leader Hakeem Jeffries of New York said earlier in the week. “All we need are a handful of Republicans to join us and we can end this reckless and costly war of choice -- a war that has cost the American taxpayer over USD 100 billion -- that’s extraordinary -- and left our country in a weaker position relative to Iran.” It’s the fourth time the House has tried to curb the US war against Iran, and the first time the House was able to pass the measure. The Senate advanced its own war powers resolution last month when a handful of GOP senators broke ranks with the Republican president in a rare show of political pushback from his party. Each time Democrats have pushed forward the war powers resolution, the vote tallies have inched higher as political unease with the US war swells. Trump had campaigned for the White House on a promise to end US entanglements abroad and focus more on domestic issues, but the war has shifted attention back to the Middle East. Johnson insisted Trump is “laser focused” on the domestic front, particularly ahead of the midterm elections that will determine control of Congress. The speaker said he spent three hours at the White House with the president this week as Trump is calling on allies to help reopen the Strait of Hormuz for commerce, especially the flow of oil. Since the US joined Israel in launching the February 28 strikes on Iran, Americans have seen gas prices spike at the pumps, adding to inflationary pressure on consumer spending. Iran has been able to interrupt shipping through the Strait of Hormuz, a vital channel for a large segment of the world’s oil, natural gas and related products such as fertilizer.

US House approves war powers resolution to halt military action against Iran
India
The Hindu BusinessLine

iThink Logistics introduces real-time overseas shipment tracking for Indian sellers

iThink Logistics said the platform is designed to improve customer confidence, enhance seller credibility and address longstanding tracking challenges in cross-border e-commerce. E-commerce logistics tech platform iThink Logistics on Wednesday announced the launch of alive shipment tracking platform for overseas shipments of Indian sellers, including independent makers and MSMEs selling on marketplaces such as Etsy. This capability provides sellers and their international buyers with real-time visibility throughout the entire delivery journey, from pickup in India to final delivery overseas, the company said. "The platform provides a single, continuously updated view of each shipment. This enhances seller credibility on marketplaces, helps boost sales, and increases buyer confidence through live tracking. It also improves reliability and operational efficiency for sellers looking to scale into international markets. It is now available for shipments to the US, UK, Canada, Europe, Australia, New Zealand, Africa, the GCC, the UAE, and more than 220+ countries, the company said. As cross-border eCommerce continues to expand, shipment tracking remains one of the most persistent pain points for online sellers and their customers, it said. Cross-border tracking has long been one of the toughest challenges for India's independent sellers and MSMEs as they take their products to the global market, said Zaiba Sarang, Co-founder and Chief Revenue Officer of iThink Logistics. "A seller in India should be able to track a parcel across continents with the same confidence that a buyer has when tracking a local order. By bringing live, end-to-end visibility to every cross-border shipment, we're helping these businesses expand internationally while delivering a better customer experience worldwide," she stated. 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.

iThink Logistics introduces real-time overseas shipment tracking for Indian sellers