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Asia
The Hindu BusinessLine

Sensex, Nifty rise for 4th session on easing crude ahead of US Fed outcome; defence, bank stocks shine

Equity benchmark indices extended their winning streak to a fourth consecutive session on Wednesday, marking their longest rally in two months, as easing crude oil prices and optimism around the proposed US-Iran peace framework boosted investor sentiment. According to Vinod Nair, Head of Research at Geojit Investments, the market’s upward momentum was supported by softer bond yields, a firmer rupee and continued weakness in crude oil prices. He said easing geopolitical tensions around the Strait of Hormuz have kept crude prices under pressure, helping maintain positive investor sentiment despite mixed global cues ahead of the US Federal Reserve’s policy decision. The BSE Sensex settled 347.14 points, or 0.45 per cent, higher at 77,155.62 after touching an intraday high of 77,218.99. The Nifty 50 advanced 96.55 points, or 0.40 per cent, to close at 24,085.70 after hitting a high of 24,108.20. Both the benchmarks soared 4-4.5 per cent in the last four sessions. Vikram Kasat, Head Advisory at PL Capital, noted that Brent crude remaining below $78 per barrel has significantly improved India’s near-term inflation outlook, supported corporate margins and strengthened macroeconomic stability. Kasat added that investors remain focused on the outcome of the Federal Reserve’s first policy meeting under Chair Kevin Warsh. Broader markets outperformed the benchmark indices, with the midcap index rising 0.52 per cent and the smallcap index gaining 0.79 per cent. Volatility index declined 1 per cent to 13.19. Ponmudi R, CEO of Enrich Money, said, “reflecting the improvement in investor confidence, India VIX declined to a three-month low, signalling a significant reduction in near-term uncertainty and risk aversion.” Market breadth remained positive. Of the 4,443 stocks traded on the BSE, 2,404 advanced, 1,876 declined and 163 remained unchanged. As many as 133 stocks touched their 52-week highs, while 56 hit 52-week lows. Sectoral performance remained mixed, with defence, consumer durables, PSU banks and metal stocks emerging as the top performers, gaining 1-4 per cent. Defence stocks rallied after India recorded its highest-ever defence production and exports in FY26. IT shares also advanced 0.85 per cent ahead of the Federal Reserve’s policy announcement, with the Nifty IT index reclaiming the 29,000 mark during intraday trade. On the other hand, auto, realty, pharma and healthcare indices ended in the red. Among Nifty 50 stocks, Trent, Bharat Electronics, Hindalco and Eternal led the gainers. Tata Motors Passenger Vehicles was the biggest laggard despite Jaguar Land Rover projecting double-digit medium-term revenue growth. Cipla, Bajaj Finserv, ONGC and Axis Bank were among the other major losers.

Sensex, Nifty rise for 4th session on easing crude ahead of US Fed outcome; defence, bank stocks shine
Asia
The Hindu BusinessLine

Western disturbances keep North-West India wet as monsoon falters

Western disturbances may spark a wet spell over North-West and Central India (in green) and flare-up over North-East (dark brown and yellow) while a fresh monsoon pulse approaches Kerala and onward into Bay of Bengal (blue, purple), per outlook valid until Sunday. | Photo Credit: www.tropicaltidbits.com Western disturbances continue to stream into North-West India, exploiting the monsoon’s sluggish advance from the south and delivering unexpectedly healthy rainfall totals well ahead of its normal onset in the region. The contrast is most evident in the desert state of Rajasthan, where rainfall has ranged from excess to large excess even as the monsoon struggles to regain momentum after its delayed onset over Kerala. North-West has recorded 5 per cent above normal rainfall so far this season. Within the region, West Rajasthan has posted a surplus of 20 per cent, while East Rajasthan leads with an impressive 80 per cent. The Delhi-Haryana-Chandigarh subdivision has also recorded abundant rainfall, registering a 38 per cent surplus. Most other sub-divisions remain in the normal category, with East Uttar Pradesh the lone deficient region at -28 per cent. The picture is different elsewhere. Central India, comprising Gujarat, Madhya Pradesh and Maharashtra, is running a cumulative deficit of 61 per cent. East and North-East India are also lagging, with -43 per cent, while the South Peninsula is -14 per cent, though still within the India Meteorological Department’s (IMD) normal range. The wet spell over North-West India is likely to persist over the coming days as well. A causative fresh western disturbance has anchored itself over North Pakistan and induced a cyclonic circulation to form over south Punjab, enhancing rainfall prospects across the region. A successor disturbance is waiting its turn, too. According to IMD, fairly widespread to widespread rainfall is expected over Jammu and Kashmir, Ladakh, Gilgit-Baltistan and Muzaffarabad for next six days, with another spell likely on Tuesday. Isolated to scattered rainfall is forecast over Himachal Pradesh, Uttarakhand and East Rajasthan for seven days; Haryana, Chandigarh and Delhi for six days; Punjab for five days from Thursday, as well as for parts of Uttar Pradesh during the period. Thunderstorms accompanied by lightning, gusty winds, thunder squalls and dust storms are also likely across several parts of the region. Supporting the activity is a truncated seasonal trough extending from Punjab to Bihar through Haryana and Uttar Pradesh. In addition, a series of cyclonic circulations positioned along the disturbance’s eastward track could reinforce the system as it gradually weakens, helping sustain rainfall activity. 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.

Western disturbances keep North-West India wet as monsoon falters
Europe
BBC Business

'It's a unique scenario' - Inside Lidl's first ever pub

When you enter The Middle Ale, it may look like a regular pub, but the reality is far from that. Owned by the supermarket chain Lidl, this public house is a 'world first' for the brand. With the walls painted in bright primary colours and the shelves stacked with produce, the venture may look like a gimmick, but underneath that shine the brand is making a stark statement about Northern Ireland's licensing laws. The journey from inception to opening day was a long one involving courts, hurdles, and a creative solution to an old problem. In Northern Ireland, supermarkets must overcome two hurdles before they can start to sell alcohol. They first must buy a licence which has been "surrendered" by another business, such as a pub which is closing. This "surrender principle" acts as a strict cap on the number of premises which can sell alcohol. Secondly, the supermarket must pass the "inadequacy" test in which it has to show the number of existing licensed premises in an area is inadequate to meet the needs of the public. Lidl could not pass the inadequacy test for a standard off-licence but was able to pass the test for a pub as two bars close to the supermarket have closed in recent years. Named The Middle Ale in a play on the chain's famous middle aisle, the company is adamant this is not a stunt. "The challenges surrounding the liquor licensing laws in Northern Ireland, they're well known and long documented," Gordon Cruikshanks, regional managing director for Lidl Northern Ireland said, adding that it's been "a long wait". When asked if the licensing laws should be updated, he said it was "for others to continue to discuss".

'It's a unique scenario' - Inside Lidl's first ever pub
Europe
BBC Business

Cadbury chocolate-owner Mondelez defends staying in Russia

The boss of Cadbury chocolate-maker Mondelez has defended its decision to continue doing business in Russia but admitted he is "not pleased" the firm's taxes are funding the war with Ukraine. Chief executive Dirk Van de Put said it was the "right decision" to stay after Russia invaded Ukraine in 2022, saying pulling out would risk thousands of jobs and leave Mondelez vulnerable to the Kremlin taking control of its local operations. Many Western companies such as McDonald's exited Russia after it launched a full-scale assault on its neighbour. Others remained but Mondelez said it had discontinued new investment in its Russian business and suspended spending on advertising. In an in-depth discussion as part of the BBC's Big Boss Interview series, Van de Put said: "I think over time you try to be neutral in the whole conflict. We're not trying to take any side. "I think we did the right thing for our people in Russia. Can we be criticised for that? Yeah, of course. We pay taxes in Russia that helps the war. I'm not pleased about that." Since Russia's full-scale invasion of Ukraine, the country has generated sales of between $1bn and $1.4bn a year for Mondelez. Last year, more than 70 MPs signed a letter from the All Party Parliamentary Group on Ukraine to Van de Put calling for Mondelez to sever its business ties with Russia. Alex Sobel, chair of the parliamentary group, wrote: "Continuing to operate in a nation responsible for the deaths of countless Ukrainian civilians and the abduction of thousands of children cannot be justified under any definition of 'business as usual'." Van de Put told the BBC he believed if Mondelez pulled out of Russia: "They would have confiscated our plant. It would have probably given them a much bigger source of income, keep on selling our products to fund the war. "So I feel that in the end it is not the most popular decision, but I think it was the right decision." Mondelez, which also produces Philadelphia cream cheese, Ritz crackers and triangular chocolate Toblerone, continues to operate in Ukraine although the conflict is never far away.

Cadbury chocolate-owner Mondelez defends staying in Russia
North America
CNBC Finance

Carvana is expanding into new vehicles. The implications could reshape the U.S. automotive retail market

After growing to become one of the largest used car retailers in the U.S., Carvana is expanding into the new vehicle market. The company has quietly purchased seven new vehicle franchises since last year that primarily sell Stellantis' Chrysler, Dodge, Jeep and Ram brands, including a location in Arizona that has become the automaker's largest volume store in the U.S. Dealers and industry experts said they believe the move could significantly disrupt, if not reshape, the century-old new vehicle franchised dealer system. "Carvana entering the new vehicle franchise business may be one of the most disruptive forces that auto retailing has seen in the U.S. market in decades," John Murphy, a longtime Wall Street analyst and automotive consultant, told CNBC. The U.S. franchised dealership system — which includes 16,990 retailers that topped $1.3 trillion in sales last year, according to the National Automobile Dealers Association — has historically been reluctant to change. However, dealers have grown more adaptable in recent years as a means of survival, including during the pandemic and with the rise of publicly traded dealership groups. Carvana's first new car dealership for Stellantis in Casa Grande, Arizona, has grown quickly. It sold more than 700 new vehicles last month, according to Stellantis figures shared with dealers and provided to CNBC. That made it the bestselling store nationally and compares with an average of roughly 30 to 50 monthly sales the store was doing before Carvana purchasing it early last year, as first reported by The Wall Street Journal. Carvana and its CEO, Ernie Garcia, have declined to comment about the franchised stores or details of the businesses ahead of a media event this week at which the retailer is expected to disclose its plans. Carvana's locations, many of which feature its signature large car vending machines, have historically acted as delivery and drop-off points where customers can pick up vehicles they purchased online or turn in a vehicle they sell to the company. And up until last year, those vehicles had been used cars, trucks and SUVs that were largely bought from auctions and individual consumers. Adding the new vehicle business not only provides additional revenue for the company, it opens up other avenues for Carvana to more easily purchase used vehicles from their new vehicle customers and through exclusive auctions only open to franchised dealers. "That is a significant game changer in the secondary market," Murphy said regarding the private auctions. "If that expands to other brands, that is going to be an advantage." It also helps Carvana better capitalize on the complete lifecycle of a vehicle. The dealership model is comprised of four main areas of growth: new, used, parts and service, and finance and insurance.

Carvana is expanding into new vehicles. The implications could reshape the U.S. automotive retail market
Europe
The Guardian

How the fight over US datacenters is scrambling this state’s politics: ‘We don’t want it’

The Pennhurst asylum, a site of debate over AI datacenters, in Spring City, Pennsylvania, on 10 October 2025. Photograph: Bloomberg/Getty ImagesView image in fullscreenThe Pennhurst asylum, a site of debate over AI datacenters, in Spring City, Pennsylvania, on 10 October 2025. Photograph: Bloomberg/Getty ImagesAI (artificial intelligence)How the fight over US datacenters is scrambling this state’s politics: ‘We don’t want it’Josh Shapiro, Pennsylvania’s governor, squares off with state lawmakers over the facilities powering an AI boom A controversial haunted house near Philadelphia, Pennsylvania, taps into its dark history every fall to scare tens of thousands of visitors. In 1968, a local news station documented appalling conditions for disabled people in the red-brick buildings on the banks of Schuylkill River. Residents were found naked and emaciated at what was then known as the Pennhurst state school and hospital. The institution shut its doors permanently in 1987 after a lawsuit over inhumane conditions. By 2010, a Halloween attraction stood in its place, and Pennhurst asylum’s previous owner suggested during its early years that he wanted to spook guests by repurposing the hospital’s surgical lights and medical cabinets to use as props. In 2026, fears more real than ghosts float above the property. The site’s owners have submitted a proposal to local officials to make way for a datacenter complex: three buildings, spread across nearly 2m sq ft, powered by methane gas. The proposed facility has sparked local backlash in the township of East Vincent, especially because it would sit less than 600ft from a veterans’ home. Donald Hyman, a 62-year-old resident, is concerned that air pollution from an on-site power plant and backup generators could disrupt his recovery from congestive heart failure. View image in fullscreenA map showing the distance between Pennhurst asylum and hospital and Southeastern Veterans’ Center. Composite: Google EarthHyman and four veterans living at the Southeastern Veterans’ Center told the Guardian they also worry that the noise could trigger residents with post-traumatic stress disorder and that the construction process could expose them to harmful contaminants in the soil and water. “You’re trying to force something on us we don’t want,” Hyman says. “We don’t want it, period.” The developers, Pennhurst Holdings, hit a major roadblock in May, as local officials rejected their datacenter plan amid sweeping opposition from residents. But they plan to appeal the decision in court. The proposed datacenter – and many similar projects planned across Pennsylvania – has embroiled state lawmakers trying to hit pause in a fight with Josh Shapiro, their Democratic governor and a presidential hopeful who wants to make Pennsylvania a leader in the nation’s fight for AI supremacy. Pennsylvania’s datacenters have scrambled politics as usual: a liberal governor is pushing growth, as Donald Trump has, while the governor’s conservative challenger is more closely aligned with a Democratic state senator’s proposal to restrict new business. Katie Muth, a Democratic state senator whose district includes East Vincent, introduced a bipartisan moratorium bill on new construction for large datacenters on 29 May, whereas Shapiro is courting major out-of-state investment. Community pushback is so intense that Shapiro is taking note though, and on 27 May he unveiled new voluntary guidelines he says will address residents’ accountability concerns, incentivizing developers to build responsibly. Meanwhile, Stacy Garrity, the state treasurer and Shapiro’s Republican opponent in the governor’s race, has staked out a more aggressive position on regulating AI by calling for a “total data center pause” last month. Garrity has more recently clarified that she does not advocate a full moratorium covering a set period of time, however, instead suggesting a loosely defined pause for local stakeholders to consider the impact of datacenters. While Garrity advocated for putting datacenters in rural communities as recently as January, she characterized Shapiro’s guidelines as “damage control” after he “rolled out the red carpet” for massive projects – a claim his office has dismissed as “desperate” because of Garrity’s “long record of supporting completely unregulated datacenter development”.

How the fight over US datacenters is scrambling this state’s politics: ‘We don’t want it’
Europe
BBC Business

Why the US economy keeps defying the odds

In Dresden, in east Germany late last year, the final car rolled off the assembly line at Volkswagen's "Transparent Factory", built to showcase the pinnacle of European industrial power. Thousands of miles away in Spartanburg, South Carolina, a different German giant, BMW, is running its biggest plant in the world. The contrast between the two plants helps explain a puzzle economists have been debating for a while: why has the American economy continued to outperform so many of its peers, despite facing the same global shocks? Over the past few years, much of the developed world has buckled under a succession of shocks. Trump's sweeping tariffs have disrupted global trade. Mass deportations are changing labour markets. And conflict in the Middle East has sent oil prices lurching. Many economists expected those pressures to weigh heavily on the US. Instead, the economy has continued to grow at a steady pace. Inflation has proved stubborn at times, but the combination of weak growth and persistently rising prices that many feared hasn't happened. Joe Brusuelas, chief economist at RSM, argues the trade war itself became the strongest proof of American resilience. "The own goals that the Trump administration has imposed on the US with respect to trade and immigration are probably the single best example of the underlying dynamism of the American economy," he says. Faced with a sudden tax on foreign components, US corporations didn't accept lower margins, they invested harder. "CapEx (capital expenditure) right now is 13.9% of US GDP," says Brusuelas. "That should be slowing, given the mix of supply and demand shocks the economy is absorbing, and it's not." Instead, much of that pressure has been offset by a notable rise in productivity. The broader US economy has continued to expand at an annualised rate of around 2%. Energy markets offer another explanation. The war in the Middle East has pushed oil prices higher, a development that historically would have posed a major threat to US growth. But the shale revolution fundamentally altered America's exposure to energy shocks. Over the past two decades, the US has become one of the world's largest oil and gas producers, while businesses have steadily reduced their reliance on petroleum. "The development since the early 2000s of fracking in the United States, alongside the evolution of alternative fuels, has created the conditions where oil's contribution to GDP per unit has fallen by half over the past 50 years," says Brusuelas. The difference with Europe is clear. While the US has focused on flexibility, embracing fracking and letting prices respond to the market, Europe has relied on long-term contracts and interconnected supply networks to guarantee energy security. That approach left many countries exposed when Russian gas supplies were cut after the Ukraine invasion. And given the current tensions in the Middle East, that vulnerability remains.

Why the US economy keeps defying the odds
Europe
BBC Business

Struggling Pizza Hut chain to be sold for $2.7bn

Yum! Brands is selling its struggling Pizza Hut chain in a deal worth $2.7bn (£2bn), the company has announced. Private equity firm LongRange Capital will acquire the brand outside of mainland China for $1.5bn, while Yum China Holdings will buy the mainland China operations for $1.2bn. "Under LongRange and Yum China, Pizza Hut will be well positioned for future growth with ownership that brings deep expertise in the restaurant industry," said Yum! Brands chief executive Chris Turner. The decision comes after a prolonged period of difficulty for Pizza Hut - a name synonymous with casual dining in America. Yum! Brands first revealed it was exploring a potential sale in November 2025, following several quarters of declining US same-stores. The American market is highly critical for the chain, as it makes up 40% of its total international sales. The drop in performance has been driven by intensifying competition from revival chains like Domino's, Papa John's, and Little Caesars. At a time when inflation remains sticky, these rivals have aggressively discounted their offerings to win over price-sensitive consumers. Moreover, mid-sized regional chains have also chipped away at the market. These smaller, more nimble fast-food competitors have adapted faster to changing consumer habits in the so-called "pizza wars". At the same time, the rapid rise of third-party delivery apps has flooded the market with alternative options, diluting Pizza Hut's historic dominance. Pizza Hut was founded in 1958, the brainchild of two brothers in Wichita, Kansas. It was bought by PepsiCo in 1977 and then spun off into what became Yum! Brands in 1997. "Pizza Hut is one of the most iconic restaurant brands in the world, and we are proud of the important role it has played in Yum!'s history," said Turner. Yum! bought Pizza Hut's UK operations in October last year after DC London Pie, the firm running the dine-in restaurants, fell into administration.

Struggling Pizza Hut chain to be sold for $2.7bn
Asia
The Hindu BusinessLine

Sensex today | Stock Market Live: Sensex, Nifty open higher as lower crude prices boost market sentiment

Stock market crash and escape. Stocks market index to change direction. Investment growth. Businessman pulls up the red arrow graph. | Photo Credit: Yellow Man Sensex Today, Nifty 50 | Stock Market Live Updates - Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 16th June 2026. Indian stock markets opened higher on Tuesday, extending a two-session rally as optimism over a preliminary US-Iran peace agreement pushed crude oil prices lower and improved investor sentiment. The benchmark indices started the session in positive territory, with the Sensex rising 296 points to 76,560.37, while the Nifty advanced 75 points to 23,929.55. The fall in oil prices is positive for India, one of the world’s largest crude importers, as it could ease inflation pressures, support the rupee and improve the trade deficit. The Nifty 50 has recovered after facing pressure from elevated oil prices and foreign outflows since the Iran conflict began. Recent RBI measures and renewed foreign investor buying have also improved market sentiment. Analysts said easing geopolitical risks and moderation in selling pressure could support the ongoing market recovery. Sensex gained 253.56 pts or 0.33% to trade at 76,517.89 at 9.16 am after opening at 76,526.77 from the previous close of 76,264.33. TCS on DXC Tech litigation: United States Supreme Court has denied petition for a writ of certiorari to review the judgment of the United States Court of Appeals for the Fifth Circuit on June 15, 2026. The Company has already provided USD150 million in relation to this matter in the books of accounts in accordance with applicable accounting standards and will make necessary provision now for the incremental amount of USD70 million towards damages, interest and legal cost, as a one-time exceptional expense, in Q1 FY2027. While investor attention remains focused on the Nifty 50 and Nifty 500, the Nifty500 Multicap 50:25:25 TRI has quietly emerged as a standout performer, delivering superior returns with lower drawdowns. This analysis highlights how this underappreciated benchmark has outperformed major indices during recent market volatility and shows how the category has attracted steady inflows through funds such as the Bajaj Finserv Multicap Fund, despite being overshadowed by trendier equity categories. Arvind SmartSpaces adds new horizontal development project in Metal, South Ahmedabad with a top-line potential of ~Rs. 180 crore. Mini Diamonds (India) has secured a significant domestic order of Rs 16.25 Crore from a Mumbai based client for supply of cut and polished natural diamonds.

Sensex today | Stock Market Live: Sensex, Nifty open higher as lower crude prices boost market sentiment