July 28, 2025
Domestic Currency Drops 15 Paise to 86.67 Amid Dollar Demand and Trade Talk Uncertainty
The domestic currency depreciated against the US dollar, closing 15 paise lower at 86.67 amid sustained month-end dollar demand from importers and cautious investor sentiment ahead of pending trade negotiations between two major economies set for August 1. The decline was influenced by a strengthening dollar following a recent trade deal between the EU and the US, foreign fund sell-offs in the domestic market, and negative trends in local equity indices. Market participants remain wary of upcoming monetary policy decisions by the US Federal Reserve and the Bank of Japan. The foreign exchange reserves decreased by over one billion USD during the week ending July 18, continuing a recent downward trend. Uncertainty around the trade talks poses risks to exporters and may maintain pressure on the currency until a resolution is reached.
July 28, 2025
Markets slide nearly 1% amid private bank profit drop and trade deal uncertainty, with mixed global market results
Stock markets experienced a decline for the third consecutive day, with major indices falling nearly 1 percent due to significant selling pressure on a leading private bank and uncertainty surrounding an international trade agreement. The bank reported a substantial drop in quarterly net profit compared to the previous year, citing challenges in its retail commercial vehicle segment linked to adverse economic conditions. Other prominent companies also saw declines, while a few firms recorded gains. Foreign institutional investors sold equities worth a considerable amount recently. Regional markets showed mixed results, with some Asian indices closing lower and others higher, while European and US markets ended positively. Additionally, global oil prices increased modestly during this period.
July 28, 2025
Regional Bank Reports Record Profit with Growth in Agri Loans and New Term Loan Scheme
A regional bank reported a record quarterly profit driven by increased lending in agriculture and retail sectors. The bank introduced a new all-purpose term loan for agriculture, resulting in significant growth surpassing major competitors. It set a target to exceed Rs 5,000 crore in agricultural loans for the fiscal year. Retail loan business outside its primary region also saw substantial growth, particularly in home and auto loans, while the bank reduced exposure to the corporate sector due to competitive pressures. The bank allocated Rs 87 crore towards investment in a regional rural bank following a merger, which slightly impacted net profit. Internal process improvements, including centralized processing for various loan segments, were implemented to support sustained business growth.
July 28, 2025
Engineering Firm Invests Rs 500 Crore to Launch Copper-Clad Laminate Plant, Creating 350 Jobs and Cutting Imports
An engineering and manufacturing company has launched a new business division focused on producing high-performance base materials for printed circuit boards. The company is investing approximately Rs 500 crore to establish a copper-clad laminate manufacturing facility in Karnataka, expected to generate around 350 jobs. This facility aims to produce over 6 million sheets of copper-clad laminates and related materials, addressing the current reliance on imports for these products. The initiative is supported by the state government and central ministry, intending to enhance supply chain resilience and boost competitiveness in sectors including telecommunications, automotive electronics, consumer devices, industrial systems, and AI infrastructure.
July 28, 2025
Opposition Blames Tax Bias and GST Flaws for Falling Investment and Factory Closures
An opposition party criticized the government for a significant decline in net foreign direct investment and a lack of domestic investor confidence, attributing these issues to alleged discriminatory tax policies and favoritism toward select business groups. The party highlighted that private sector investment remains sluggish despite previous corporate tax cuts and pointed to stagnant wages and a flawed goods and services tax system as factors hindering market growth. Additionally, it accused the government of failing to protect domestic industries from cheap imports, particularly from a neighboring country, resulting in factory closures and reduced investment opportunities. The party called on the government to support incomes, reform tax policies, overhaul the GST framework, and implement measures to shield local industries from unfair foreign competition.
July 28, 2025
EU-US agree on 15% tariffs for most EU exports to US to avoid higher duties and support investment fund
The European Union and the United States reached a trade agreement that sets tariffs on most EU exports to the US at 15 percent, up from a previous 1 percent, avoiding higher import duties that could have disrupted global economies. The deal, announced following a meeting between US and EU leaders, remains under negotiation with no formal written agreement yet. The arrangement aims to facilitate a significant investment fund directed by the US administration. Concurrently, trade talks between the US and China continue amid mixed market reactions in Asia. The agreement follows recent US trade deals with other countries and precedes an upcoming deadline for further negotiations. The Federal Reserve is also expected to consider interest rate decisions in light of these developments and their potential economic impact.
July 28, 2025
Company Diversifies Into Beverage Manufacturing Under New MoU and Boosts Leadership with Key Appointments
A company specializing in agricultural exports entered into a strategic Memorandum of Understanding with a brand owner to manufacture beverages under the latter's brand, marking a diversification beyond its traditional business. The agreement aims to expand the company's presence in the organized retail sector and capitalize on growing demand for packaged FMCG products. The company recently increased its authorized share capital and issued convertible warrants on a preferential basis to its newly appointed Managing Director, who was elevated from Executive Director. Additionally, the company appointed a new Chief Financial Officer and a Company Secretary and Compliance Officer. Financial results for the fiscal year showed significant revenue and profit growth, reflecting operational efficiency. The company issued a disclaimer noting that forward-looking statements are subject to risks and uncertainties and disclaims responsibility for actions taken based on such statements.
July 28, 2025
Residence Certificate Issued to Stray Dog Exposes Flaws in Verification Under Bihar RTPS Act Section Rules
A residence certificate was erroneously issued to a stray dog in a rural area during an electoral roll revision, prompting the local administration to cancel the certificate and lodge a police complaint against the applicant and the officials involved. The incident revealed flaws in the verification process under the Bihar Right To Public Service Act, which allows online applications for such certificates. The administration ordered a detailed investigation by the sub-divisional officer and announced disciplinary action against the responsible officials. The case has sparked public criticism regarding document verification standards in electoral processes.
July 28, 2025
20th Annual Scholastic Aptitude Test Offers Scholarships Over 50 Crore for Classes 5-11 Science Stream
An educational institution announced the launch of its 20th annual scholastic aptitude test, offering scholarships exceeding 50 crore and cash prizes over 1 crore. The exam, open to students from classes 5 to 11 in the science stream, aims to evaluate knowledge, critical thinking, and problem-solving skills nationwide. It will be conducted in both online and offline formats across more than 300 cities, with offline exams scheduled for early and mid-October and online exams later in the month. The institution, operating over 900 educational centers across multiple states, emphasizes equal opportunity and academic excellence, providing scholarships up to 100% to deserving students. The test is designed to foster analytical abilities and support career-oriented education in various professional streams.
July 28, 2025
Opposition Protests Over Bihar Revision Exercise Cause Multiple Rajya Sabha Adjournments, Session Ends Early
The Rajya Sabha was adjourned for the day following continuous protests by Opposition members over the Special Intensive Revision exercise in Bihar. The House experienced multiple adjournments before and after lunch due to Opposition MPs demanding a debate on the issue and raising slogans. Despite attempts by the Chair to proceed with the Carriage of Goods by Sea Bill 2025, the protests persisted, including MPs entering the Well of the House. The Chair ultimately adjourned the session amid the disruption.
July 28, 2025
Intergovernmental Education Event Boosts ASEAN Cooperation in Culture, Innovation, and Regional Development
An intergovernmental education cooperation event between a major Asian country and ASEAN was held, focusing on enhancing educational and cultural exchanges and fostering regional development. The event included numerous activities and anticipated the signing of multiple agreements, establishment of joint institutions, and creation of internship and training bases. It serves as a platform to strengthen people-to-people ties, promote mutual understanding, and support cooperation across education, culture, tourism, innovation, and trade. The initiative aims to expand cooperation areas, adopt innovative models, and contribute to building a closer regional community with shared interests and future goals.
July 28, 2025
Hospitality Institute and Hotel Group Partner for Joint Management Trainee Training and Certification Program
A hospitality education institute and a hotel group entered into a Memorandum of Understanding establishing a collaborative program to train and certify management trainees in hotel administration. The agreement provides for structured academic and practical training, including internships, faculty exchanges, and advanced certification jointly awarded by both parties. The program aims to enhance real-time industry exposure and career placement opportunities for students across multiple locations. The partnership also includes faculty development initiatives and the use of affiliated hotels for on-the-job training. This collaboration is intended to integrate academic rigor with operational expertise to develop skilled professionals for the hospitality industry.
July 28, 2025
Regulatory Changes Boost Transparency and Investor Confidence in Retirement Mutual Funds
Regulatory enhancements in transparency and investor protection have significantly increased investor confidence in mutual funds as retirement investment options. Over the past five years, assets under management in retirement mutual funds grew by over 226%, reaching approximately Rs 31,973 crore by mid-2025. The number of investor accounts also rose by more than 18%, reflecting heightened awareness of financial planning and retirement corpus building. These retirement funds typically invest in a mix of debt and equity to balance wealth growth and income stability. Positive market outlooks have further driven inflows into equity mutual funds, making them attractive for long-term retirement planning.
July 28, 2025
Supreme Court Allows Draft Electoral Roll Publication, Upholds Aadhaar and Voter ID for SIR Process
The Supreme Court declined to grant an interim stay on the publication of draft electoral rolls in Bihar amid challenges to the Election Commission's special intensive revision (SIR) process. The court scheduled a final hearing for the following day to address the petitions comprehensively. It noted that earlier orders indicated petitioners were not seeking interim relief, thus no stay could be granted now. The court directed the Election Commission to continue accepting Aadhaar cards and voter ID cards as valid documents for the SIR exercise, recognizing their presumption of genuineness, while expressing skepticism about ration cards due to potential forgery. The decision ensures the electoral roll revision proceeds without delay while upholding the acceptance of certain identity documents.
July 28, 2025
Political leader urges import ban under national security law, criticizes government focus and calls for stronger terrorism action
A political leader praised the national military for their efforts during a recent operation, suggesting that with more time, the forces could have captured a disputed territory currently under foreign control. He criticized the government for focusing on one neighboring country to gain electoral support while identifying another country as a greater security threat. The leader questioned the government's effectiveness in addressing terrorism related to a recent attack and called for a decade-long ban on imports from the identified greater threat country, advocating for a self-reliant economic policy.
July 28, 2025
Upper house adjourned twice amid protests over electoral roll issues and migrant worker discrimination under parliamentary rules
The upper house proceedings were twice adjourned due to persistent protests by opposition members over issues including electoral roll revisions in a specific state and alleged discrimination against migrant workers. Despite receiving multiple notices under parliamentary rules demanding discussions on these matters, the presiding officer declined the adjournment requests and allowed a nominated member to speak during the designated session. Opposition members vocally opposed this decision, leading to disruptions and slogans accusing electoral malpractice, prompting the chair to adjourn the house until the afternoon.
July 28, 2025
Electric scooter maker launches flexible financing with low down payment and instant loan approvals
A manufacturer of electric vehicles has partnered with a non-banking financial company to offer flexible financing options for its newly launched electric scooter, with down payments starting at a specified low amount. The financing arrangement includes competitive interest rates, customizable repayment tenures, instant loan approvals, and EMIs tailored to customer needs, aiming to increase accessibility and affordability of electric vehicles. The manufacturer has conducted extensive pilot testing of its product across diverse terrains and is expanding its sales and service network across multiple cities. The partnership is intended to remove financial barriers for consumers transitioning to electric mobility, supporting the growth of clean transportation solutions.
July 28, 2025
Global Cruise Line Unveils 2027 Spring-Summer Schedule with 500 Voyages and Enhanced Guest Experiences
A global cruise operator announced its extensive deployment for the Northern Hemisphere spring and summer 2027 travel season, featuring nearly 500 voyages across 20 ships from approximately 30 homeports worldwide. The itineraries include multiple overnight stays, late departures, and expanded seven-day voyages primarily in Europe, Alaska, the South Pacific, the Caribbean, Bahamas, and Bermuda. The deployment emphasizes longer port times, new destination calls, and enhanced guest experiences, including private island amenities and customizable shore excursions. The company offers a bundled package across its fleet that includes premium beverages, specialty dining, Wi-Fi, and shore excursion credits. This announcement provides travelers with early booking opportunities for diverse cruise options and extended vacation flexibility during the peak 2027 travel season.
July 28, 2025
US and UK Leaders Meet at President's Golf Property to Discuss Trade and Geopolitical Issues
The US President is meeting with the UK Prime Minister at a golf property owned by the President's family in Scotland to discuss ongoing trade relations and geopolitical issues. The leaders have recently signed trade agreements reducing tariffs on aerospace and auto industries and increasing US beef imports to the UK. Discussions will also cover efforts to address conflicts in Gaza and Ukraine, including ceasefire negotiations. Despite protests against the President's visit, the meeting aims to strengthen bilateral ties, with a focus on finalizing outstanding trade issues such as steel tariffs. The President's golf courses serve as venues symbolizing the importance placed on US-UK relations. The President is scheduled for a second state visit to the UK later in the year.
TaxTMI 
https://www.taxtmi.com/ne...
TaxTMI 
