Connect with us

Business

Bulls Take Charge as US Automotive Tariffs Impact Market

Published

on

Bulls took charge of the stock market, overcoming initial concerns related to U.S. automotive tariffs. The Nifty 50 index closed near 23,600, buoyed by widespread buying across most sectors, with the exception of auto and pharma stocks.

At the end of the trading day, the Sensex gained 317.93 points, or 0.41%, finishing at 77,606.43, while the Nifty climbed 105.10 points, or 0.45%, to close at 23,591.95.

The BSE Midcap index rose by 0.5%, and the Smallcap index increased by nearly 1%. The total market capitalization of BSE-listed companies grew to approximately ₹415 lakh crore, up from around ₹412 lakh crore in the previous session.

In sector performance, the Nifty Auto index fell by 1.04% amid concerns regarding Trump’s tariffs. The Pharma sector decreased by 0.40%, and Healthcare dropped by 0.22%.

On a brighter note, the Nifty Bank index outperformed the Nifty 50, with the Nifty PSU Bank rising 2.50% and standing out as the leading gainer among sector indices, which collectively rose by 0.72%. The Nifty Financial Services index also saw a rise of 0.73%.

Advertisement

Key players in the banking sector included Bank of Baroda, which surged over 3%, and Union Bank, whose shares climbed nearly 3% to Rs 123 each. Punjab National Bank and Canara Bank also posted notable gains, each rising by nearly 2% to trade at Rs 95 and Rs 89 respectively, while Bank of India shares increased by over 1%, reaching Rs 107.

Auto and pharma were the only two sectors to close in the negative territory. This decline followed heightened trade tensions due to the Trump administration’s introduction of a 25% tariff on automobile imports. Consequently, Tata Motors’ shares dropped 7% to Rs 661 as investors assessed the implications of the proposed tariff.

The pharma sector faced significant selling pressure, with J.B. Chemicals emerging as the top loser on the index, plummeting nearly 7%.

On the BSE, around 460 stocks hit a 52-week low, including names like Sona BLW, Happiest Minds, Metro Brands, Mahindra Life, Bajaj Electricals, Gensol Engineering, and more.

In contrast, GAIL India’s stock rose by 3.43% to Rs 180.25, attracting strong investor attention amidst an unexpected surge in trading volumes.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

RBI Ends Special Dollar-Rupee Swap Window Early Amid Strong Demand

Published

on

Mumbai: The Reserve Bank of India (RBI) has decided to close its special forex swap facility for fresh FCNR deposits early.

The facility will now close on August 31, the RBI said on Friday.

The central bank said the decision was taken after receiving an encouraging response. The facility has attracted $52.3 billion through fresh foreign currency deposits.

Banks can continue to undertake swaps with the RBI against FCNR deposits raised under the facility until September 11.

Meanwhile, the schemes for External Commercial Borrowings and Overseas Foreign Currency Borrowings will remain open until December 31, 2026.

Advertisement

The RBI launched the special US dollar-rupee forex swap facility on June 8. It allowed banks to raise fresh three-to-five-year FCNR deposits.

Banks could then swap these deposits with the RBI at a concessional rate. The facility effectively covered the entire hedging cost for banks.

The strong response to the scheme led the RBI to bring the facility to an early close.

Continue Reading

Business

Leksa Lighting Technologies Named among India’s Top 100 MSMEs

Published

on

Moodbidri: A dream that began in the rural area of Niddodi in Moodbidri has now gained national recognition. Leksa Lighting Technologies Pvt. Ltd., founded by Ronald Sylvan D’Souza, has been recognised as one of India’s Top 100 MSME companies.

The prestigious national recognition was presented by the MSME Udyog Foundation at a ceremony held in New Delhi on August 8, 2026.

Ronald Sylvan D’Souza started his entrepreneurial journey from a humble background. Through hard work, discipline and continuous efforts, he built Leksa Lighting Technologies into a recognised lighting technology company.

The company has focused on quality, technological innovation and indigenous manufacturing. Research and development have also played an important role in its growth.

Leksa Lighting has adopted Japanese work practices to improve its manufacturing and operational standards. The company has also worked towards developing quality lighting solutions in India.

Advertisement

What began as a dream in rural Karnataka has now reached different parts of the country. The company is also making its presence felt in international markets.

Speaking about the recognition, Ronald Sylvan D’Souza said the award was not an individual achievement. He credited the entire Leksa team, customers, business partners, family members and everyone who supported the company.

He said he was proud and happy to see a dream that began in Niddodi and Moodbidri receive recognition at the national level.

READ MORE:Rare Otter Spotted in Paddy Field at Paddam, Udupi

The achievement highlights the potential of rural entrepreneurs. It also shows that determination, discipline and consistent hard work can help a business from a rural area achieve success on a national platform.

Advertisement

Leksa Lighting Technologies’ journey stands as an example of how a local dream can grow into a nationally recognised enterprise.

 

Continue Reading

Business

Vehicle Prices to Increase from August 1

Published

on

New Delhi: Buying a new vehicle is set to become more expensive from August 1, adding to the financial burden on consumers. Several automobile manufacturers have announced a price hike due to rising production costs.

The increase is mainly driven by higher prices of raw materials and components. The cost of steel, aluminium, rubber, plastic, electronic chips, batteries, and spare parts has gone up in recent months. Global market changes caused by ongoing conflicts and inflation have also increased manufacturing expenses.

As a result, vehicle companies have decided to raise the prices of new models. Customers planning to purchase a new vehicle are likely to pay more from August 1.

The price hike is also expected to affect the travel and transport industry. Travel agencies and tour operators say buying new cars, SUVs, and other passenger vehicles will become more expensive.

Operators have already been facing higher expenses due to increased fuel prices and toll charges. With the additional cost of new vehicles, many travel agencies are preparing to revise their rental charges.

Advertisement

READ MORE:Bhava Sangama Devotional and Patriotic Song Competition Concludes in Mangaluru

The Karnataka Travels Association has indicated that travel fares may be increased to manage the rising operating costs. Passengers may have to pay more for each trip if the revised rates are implemented.

Meanwhile, several automobile manufacturers have already published details of the upcoming price increase on their official websites. Consumers planning to buy a new vehicle may consider making their purchase before the revised prices come into effect on August 1.

 

 

Advertisement

 

Continue Reading

Trending