Latest Developments

Asia
The Hindu BusinessLine

Holding steady

Last week, we had said that the Nifty 50 and Sensex are looking bullish with an inverted head and shoulder pattern formation. This pattern has failed. The sharp fall on Wednesday, after the US announced that the ceasefire was over, played the spoil sport. Although the pattern has failed, the broader picture remains positive. The recovery towards the end of the week indicates the presence of buyers in the market at lower levels. The Sensex and Nifty which were down about 2 per cent mid-week have recovered and closed the week marginally lower by 0.25 per cent each. As such, the development on the US-Iran war front has not changed anything on our overall bullish outlook. The Foreign Portfolio Investors (FPIs) continue to buy Indian equities. The equity segment saw a net inflow of about $1.59 billion in July so far. There has been an inflow of about $3 billion in the last four weeks. Are the FPIs coming back? We need to wait and watch. If the FPIs increase their pace of purchase, then the Sensex and Nifty can scale new highs in the coming months. Short-term view: The support at 23,800 continues to hold well. That keeps the bias positive. Immediate resistance is at 24,350. A break above it can strengthen the momentum. Such a break can take the Nifty up to 24,800 in the short term. Failure to breach 24,350 can drag the Nifty down to 24,000-23,900. In that case, Nifty can remain in a range of 23,800-24,350 for some time. The short-term picture will turn negative only if the index declines below 23,800. If that happens, a fall to 23,500 and even lower can be seen. Medium-term view: The broader 22,000-26,500 range is intact. Within that, Nifty is moving up and is expected to rise towards 26,500, the upper end of the range. A break above 24,800 will clear the way for this rise. The long-term picture remains positive to get a bullish breakout above 26,500 eventually. Such a break can take the Nifty higher to 28,000 and even 30,000 in the long term. Short-term view: Except for the high volatility, the Nifty Bank index oscillated well within its 56,500-58,900 range. The near-term picture continues to remain unclear. We have to wait for a breakout on either side of 56,500-58,900 to get clarity on the next move. The bias is positive. So, we see higher chances for the index to breach 58,900 and rise to 60,500-61,500 in the short term. The outlook will turn negative only if the index declines below 56,500. In that case, 56,000 or even 55,000 can be seen on the downside. Medium-term view: The overall bullish picture is intact. Key resistance to watch will be 61,500. A break above it will clear the way for a rise to 65,000 in the medium term. From a long-term perspective, there is potential for the Nifty Bank index to target 68,000-69,000.

Holding steady
Asia
The Hindu BusinessLine

How Bangladesh’s first nuclear power plant could reshape its energy future

The Rooppur Nuclear Power Plant in Bangladesh, a $12.65-billion project, is expected to strengthen the country’s energy security, reduce dependence on imported fossil fuels and support long-term economic growth. (a file photo) On the banks of the Padma river in western Bangladesh, local tourists are posing for selfies in front of the four massive, ivory-colored cooling towers at the country’s first nuclear power plant. Once fully completed in 2028, the two Russian-designed reactors at the Rooppur facility will be able to supply as much as 15% of the country’s electricity. The project is an audacious bet that nuclear power can meet the needs of an industrializing economy without breaking the bank, and other developing nations across the world will be watching closely. Atomic power has undergone a renaissance over the last few years. While safety risks and heavy cost overruns saw the world sour on nuclear, especially after the Fukushima disaster in Japan in 2011, those concerns are now being surpassed by the need to decarbonize and meet a surge in power demand from artificial intelligence and the electrification of transport fleets. For developing nations like Bangladesh, atomic energy is less about data centers and more to do with weaning their economies off fossil fuels and reducing their vulnerability to external shocks like the Iran war. With oil and gas exports from the Persian Gulf upended by the conflict, long lines at filling stations became routine, homes in the countryside had to cope with hours of daily blackouts, and factory output suffered. “The recent geopolitical conflicts — Iran and Russia-Ukraine — have shown that a scarcity of resources hurts poorer countries more than rich ones,” said R. Srikanth, who heads the energy, environment and climate change program at the National Institute of Advanced Studies in Bengaluru in India. “That strengthens the case for nuclear in emerging economies.” The 2.4 gigawatt project has been more than a decade in the making, a period marked by a series of upheavals including the Covid-19 pandemic, the Russian invasion of Ukraine and the Iran war. Those events are an endorsement of Bangladesh’s strategy of reducing its heavy reliance on imported fossil fuels, but they’ve also pushed Rooppur beyond its original timeline of commissioning the first unit by 2023. The project has been inherited by Prime Minister Tarique Rahman, who came to power in elections in February, and chimes with his government’s efforts to revive growth after years of dictatorship came to an end in 2024. The first reactor is now expected to become fully operational by the start of 2027, with the second one to follow a year later, according to Md. Zahedul Hassan, managing director at Nuclear Power Plant Co. Bangladesh Ltd., the facility’s operator. Like other developing economies, though, Bangladesh has found that nuclear projects come with expanding costs. Under the main contract with Russian state-owned company Rosatom, the plant will cost around $12.65 billion, including the first few years’ fuel, according to the World Nuclear Association. But in local-currency terms, that cost has now increased by almost a quarter since the project was approved a decade ago, thanks to a sharp weakening of the Bangladeshi taka against the dollar. “The delay has had a massive financial implication for Bangladesh,” said Md. Shafiqul Islam, a professor of nuclear engineering at Dhaka University. “A timely completion would have not only avoided this massive cost escalation but would have also helped us trim our fossil fuel import bill.” Plant operator Hassan, while declining to give details on the estimated cost of generation, is adamant that it will be value for money for the country.

How Bangladesh’s first nuclear power plant could reshape its energy future
Asia
The Hindu BusinessLine

India’s auto retail sector aims for 3 crore sales amid financing overhaul

India’s auto retail industry is on track to cross the three-crore annual vehicle sales milestone this fiscal year, underpinning a vehicle finance market estimated at around ₹2.65 lakh crore and a motor insurance industry nearing ₹1.25 lakh crore. As the financial ecosystem expands, automobile dealers are urging banks, NBFCs and insurers to adopt dealer-centric credit models, real-time funding dashboards and integrated digital platforms to improve working capital, reduce settlement delays and enhance customer experience. The issues came into sharp focus at the Federation of Automobile Dealers Associations’ (FADA) fifth Banking & Insurance Summit on Friday, where FADA President C.S. Vighneshwar joined senior executives, including Abhinav Garg of AU Small Finance Bank, Baneswar Banerjee of Mahindra & Mahindra Financial Services, Puneet Dhawan of Tata Capital, Rohit Chhabra of ICICI Lombard General Insurance, Gurpreet Singh of New India Assurance, Neelakanta M of IFFCO Tokio General Insurance and Suraj Vasudev of SBI General Insurance, to deliberate on the next phase of automotive retail finance and insurance. The discussions reflected a broader shift in India’s automotive retail ecosystem. While the first phase of digitisation focused on faster loan approvals, digital documentation and claims processing, experts at the FADA banking and insurance summit said, “the next phase will centre on connected financial infrastructure that improves dealer liquidity, shortens cash cycles and gives retailers real-time visibility across financing and insurance operations”. The discussions highlighted measurable gains across the ecosystem. Insurance claim turnaround has reduced from nearly two months to a matter of days, FADA’s finance satisfaction score has improved to 841 from 786, and retail funding penetration has reached around 80 per cent. Dealers, however, said the next phase must focus on dealer-centric underwriting, real-time financial visibility and seamless digital integration. “Insurance and finance are perhaps the two most important partners we work with. One covers the risk of the vehicle, while the other facilitates vehicle ownership. We also use this platform to highlight dealers’ common pain points,“ said C.S. Vighneshwar, President, FADA. Calling finance “the oxygen of our business,“ Dr Sachin Sharma, Governing Council Member, FADA, said faster financing remains critical even as technology transforms the retail ecosystem. Panelists said AI-led underwriting, e-KYC, digital bank statement analysis and automated document verification have reduced many loan approvals from days to minutes, with automated systems increasingly enabling approvals even outside traditional banking hours. A key theme at the summit was the need to move beyond OEM-linked lending models. Dealers argued that funding should increasingly reflect a dealership’s own financial strength, profitability and repayment record, rather than the brand it represents. “Everybody should be scored based on dealer performance, financial strength and track record. It should not be purely from the OEM lens,“ said Baneswar Banerjee, Head of Automotive Loans, Mahindra & Mahindra Financial Services, reflecting the broader consensus that dealer-level credit assessment would improve access to working capital and create a more transparent funding framework. Participants also backed integrated dealer portals offering real-time visibility into inventory funding, credit limits, interest costs and transaction history, replacing periodic statements with connected digital platforms. “Dealers will definitely get a dealer portal where they can raise queries and access real-time information,“ said Puneet Dhawan, Business Head – Medium & Commercial Vehicle Finance, Tata Capital, indicating such capabilities could be rolled out as lenders move towards one-to-many digital integration. Insurance executives said digital claim intimation, e-surveys, automated documentation and AI-enabled workflows have significantly improved claims processing. However, a recent FADA survey found 65 per cent of dealers still cited survey appointments and claim approval turnaround as major pain points. Rohit Chhabra, Head of Motor Insurance & Extended Warranty, ICICI Lombard General Insurance, said that greater visibility across every stage of the claims process would improve transparency for both dealers and customers. 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.

India’s auto retail sector aims for 3 crore sales amid financing overhaul
Asia
The Hindu BusinessLine

Dovetail eyes custody business; raise ₹100 crore to fund next growth phase

Independent asset servicing firm Dovetail is set to enter the custody business, a move that would complete its ambition of becoming a full-service platform for global investors accessing India. The company plans to apply for a custody licence within the next 30-45 days, betting on the growing opportunity in asset servicing as foreign and domestic investment flows into India continue to rise. The company already provides clearing, fund administration and platform solutions, and sees custody as the missing piece in its offering. With India’s market capitalisation projected to triple to $12 trillion over the next decade, Dovetail sees custodial services as a lucrative, volume‑driven opportunity. By offering a one‑stop shop—from fund setup and compliance to clearing and custody—the company aims to challenge entrenched banks and position itself as the go‑to gateway for global investors accessing India. To support this expansion, Dovetail has raised ₹100 crore from a venture capital fund, comprising ₹70 crore of fresh equity infusion and ₹30 crore through a promoter stake sale. The capital will be used to meet regulatory requirements for the custody business, strengthen the balance sheet and support expansion into new markets. “We will apply for the custody licence over the next 30-45 days. Regulatory capital requirements stand at ₹50 crore, with discussions to raise this to ₹75 crore. The fresh funds ensure we are well-prepared,” said co-founder Dev Sampat. Founded by former Kotak executives, Dovetail has built a business model independent of large banking groups. Its clearing business processes 15-16 lakh trades a day, with average notional derivative volumes of $64-65 billion. Beyond clearing, Dovetail administers mutual funds in GIFT City, manages around 40 funds out of Singapore, and has received approval for third-party fund management solutions. The company now plans to expand its administration business into new jurisdictions such as Mauritius and the UAE, while strengthening its presence in Singapore and Dubai’s DIFC. Mauritius, despite declining as a foreign portfolio investment hub, still accounts for 20 per cent of India’s FDI inflows, alongside Singapore’s 30 per cent. Capturing these flows with substance‑based operations and compliance expertise is central to Dovetail’s strategy. According to co-founder Mahesh Shekdar, the fundraise is not only about capital but also about strengthening the company’s credibility as it expands internationally. “We are profitable with a strong net worth, but institutional money brings validation and confidence as we enter more jurisdictions,” he said.

Dovetail eyes custody business; raise ₹100 crore to fund next growth phase
Asia
The Hindu BusinessLine

Rural demand drives commercial vehicle retail growth in June 2026; Tata Motors and M&M strengthen lead

Tata Motors retained its leadership with sales of 30,991 units in June 2026, up from 25,311 units a year earlier, registering growth of 22.4%. | Photo Credit: ANI India’s commercial vehicle (CV) industry reported healthy growth in June 2026, with retail sales rising 17 per cent year-on-year to 90,972 units from 77,836 units in June, 2025. Rural markets emerged as the key growth engine with a 22 per cent year-on-year growth, significantly outpacing the 13 per cent growth in urban areas as goods-movement activity strengthened across smaller towns and hinterland regions, according to Federation of Automobile Dealers Associations (FADA) research data. Dealers cited steady freight activity, e-commerce-linked movement and normalising supplies, FADA said. According to FADA data, the growth was led by Tata Motors and Mahindra & Mahindra, both of which strengthened their positions in the market, while some established players such as Ashok Leyland and VE Commercial Vehicles lost market share despite higher volumes. Tata Motors retained its leadership with sales of 30,991 units in June 2026, up from 25,311 units a year earlier, registering growth of 22.4 per cent. Its market share improved by around 2 percentage points, reinforcing its dominance in the CV segment, according to FADA data. Mahindra & Mahindra emerged as the second-largest player, reporting sales of 25,015 units compared with 20,483 units in June 2025, a growth of 22.1 per cent. Within this, Mahindra & Mahindra Ltd accounted for 23,241 units, while Mahindra Last Mile Mobility Ltd contributed 1,774 units. Ashok Leyland recorded sales of 15,337 units, up from 14,152 units a year ago, posting growth of 8.4 per cent. However, its market share declined. Its subsidiary Switch Mobility Automotive nearly doubled its volume to 308 units in June 2026 as against 159 in June 2025. The industry performance reflects strong demand for medium and heavy commercial vehicles, light commercial vehicles and last-mile mobility solutions, while competitive pressures remain intense for smaller OEMs and niche players, industry trackers said. Poonam Upadhyay, Director, Crisil Ratings, said the healthy year-on-year growth points to broad-based strength in demand across key sectors of the economy. Robust growth in Light CVs and Medium CVs reflects sustained momentum in logistics, regional transportation and passenger mobility, supported by economic activity and infrastructure development. Heavy CV growth was relatively moderate at 8 per cent, reflecting the sector’s continued shift towards higher-capacity vehicles that enable greater freight movement per vehicle and enhance fleet productivity, she 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.

Rural demand drives commercial vehicle retail growth in June 2026; Tata Motors and M&M strengthen lead
Asia
The Hindu BusinessLine

GEMA refutes allegations of vehicle damage from ethanol-blended fuel

Dismissing claims that ethanol-blended fuel damages vehicle engines or drastically reduces mileage, Grain Ethanol Manufacturers Association (GEMA) President C K Jain has thrown down a gauntlet to critics, challenging them to prove their allegations. He also debunked the narrative that thousands of litres of water are wasted to produce a single litre of ethanol, labelling it a false claim. In reality, he noted that manufacturing one litre of ethanol requires just five litres of water. “Check for yourself if your vehicle or its engine has sustained any damage. If you believe it has been damaged [by ethanol-blended petrol], come to us. On the flip side, if there is no damage, you should still put out the right information. Even the authorized service centres of vehicle manufacturers have not reported any such incidents,” Jain told businessline. Having said that, Jain conceded that there was a three-five per cent drop in mileage, but other than that there were no major issues. “We know that majority of the vehicle owners are tax payers and losing 3-5 per cent in mileage is a concern for them, but that shouldn’t be a problem if you think of reducing pollution and save the country’s foreign exchange. So, it is a gain for them and not a loss,” he noted. Asked whether E20 petrol is costlier to produce than conventional petrol when international crude prices are around $70 a barrel, which even the government has acknowledged, Jain said prices would continue to rise if we depend on crude imports. “Our major import bill is crude. Do you think our future generation also keep depending on oil imports whether from West Asia or Russia? We have to think of alternatives and if they have oil wells, we have the land and farmers, so why not explore them. We should not compare what is costlier and what is not,” Jain explained. He said India has enough ethanol manufacturing capacity, which is already set up at 1,800 crore litres, while current consumption is around 1,200 crore litres only. Therefore, the capacity was more than the requirement. “Our aim should be maximum self reliance. So we have to try for 85 per cent of ethanol blending...100 per cent replacement (of crude oil) is not possible, but we can try for at least 25-30 per cent blending, which is possible,” he said. Disagreeing the reports of thousands of litres of water is wasted to generate one-litre of ethanol, Jain said, “When it (feedstock) comes to the factory, the conversion rate is five litre of water to a litre of ethanol, not in 1000s, and we are proceeding towards 3.5 litre of water to a litre of ethanol. Engineers are working on that. When you say 1000s, you are adding up from the time of irrigation to rain-fed, which is not correct,” Jain argued. He said 50 per cent of the irrigation of any crop is done through rain waters and rain water harvesting, so people should calculate through real terms. “Don’t you calculate your water intake daily from the number of glasses that you drink? What if you start calculating your body water intake from the water used in your sugar intake, your food preparation or even a bread that you eat? You cannot calculate like that,” Jain quipped.

GEMA refutes allegations of vehicle damage from ethanol-blended fuel
North America
CNBC Economy

North Sea oil and renewables: The UK’s next PM faces a defining energy policy decision

U.K. Prime Minister Keir Starmer's likely successor, Andy Burnham, could face an immediate test in office: whether to expand drilling for North Sea oil or double down on renewables, amid a global energy shock.U.S. President Donald Trump has poured gasoline on the debate, blaming Starmer's resignation this month on his "failed" energy policy.Trump's intervention comes as the Iran war has disrupted oil flows through the critically important Strait of Hormuz, one of the world's most important oil chokepoints.The squeeze in physical supply has intensified the U.K.'s energy security and independence debate, following the shock from Russia's war in Ukraine. Business leaders argue this is why domestic production matters. But the political divide remains.U.K. finance minister Rachel Reeves is understood to privately back new drilling.But Energy Secretary Ed Miliband, who could be in line to replace Reeves as finance minister under a new government, has argued the focus should instead be on clean energy.Two of the U.K.'s biggest trade unions, Unite the Nation and GMB, are campaigning for drilling, over concerns that preventing it would damage jobs in the sector.Burnham, who is set to become prime minister in July if he remains unchallenged by Labour Party colleagues, is under pressure to define his position quickly as markets react. At the center of the debate are the Rosebank and Jackdaw fields in Scottish waters, two major projects that could boost U.K. supply, but test climate goals. That is driving pressure in Scotland, where First Minister John Swinney told CNBC: "There is a changing balance that's got to be struck." "We are going to have to utilize oil and gas for some years to come. If there is uncertainty about the security of supply, or security of supply is undermined because of exorbitant cost of the effects of the conflict in Iran, these are material factors that have got to be borne in mind," he told CNBC. In a move symbolic of the U.K.'s energy transition, the Grangemouth oil refinery — once Scotland's largest — closed in April 2025, with the loss of hundreds of jobs. Swinney said that the refinery had been "a source of production of jet fuel, so we're now importing jet fuel because of a closure of a refinery." "We've now got uncertainty over jet fuel because of the conflict in the Middle East, and that will affect the ability of our economy to function," Swinney added. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

North Sea oil and renewables: The UK’s next PM faces a defining energy policy decision
North America
CNBC Finance

Automakers report mixed U.S. sales results as hybrid vehicles drive market

DETROIT — Second-quarter U.S. vehicle sales are turning into a tale of haves and have nots, as automakers that have hybrid models are outperforming those that don't amid high gas prices and a decline in demand for all-electric vehicles. Global hybrid leader Toyota Motor on Wednesday reported a 1.1% increase in its second-quarter sales, led by a roughly 20% increase in sales of electrified vehicles. Hyundai Motor, up 4% during the last quarter, reported a 67% increase in hybrids during the first half of the year, while Honda Motor reported that record electrified sales helped it notch an 8.4% increase in overall sales during the second quarter. Kia, up about 3%, also reported a 152% increase in hybrid sales during the second quarter. "Hybrids are definitely our growth engine right now," Hyundai and Genesis North America CEO Randy Parker said Wednesday during a call. "Hybrids are really, really taking off right now as consumers, I think, are prioritizing fuel efficiency and lower operating costs due to high gas prices." Gas prices are up more than 20% from the same period last year, according to AAA. Meanwhile, General Motors, which offers a broad EV lineup but only one hybrid, a low-volume Corvette, reported a 4.2% decline in second quarter sales. The juxtaposition of hybrids between GM, the top-selling automaker in the U.S., and No. 2 Toyota caused Cox Automotive last week to note that the Japanese automaker is closing its gap in sales with the Detroit carmaker. "At these rates, and what we're seeing right now in the selling rates, GM may be looking over their shoulder here when we get to the year's end, that Toyota could potentially overtake them as the top selling manufacturer here in the U.S. market," Charlie Chesbrough, senior economist and senior director of industry insights at Cox Automotive, said during a media event. Cox Automotive and J.D. Power expect second-quarter sales to be roughly level compared with a year earlier. Cox forecast industry sales to be off 0.5%, while JDP expected a 0.7% increase in vehicles sold. Automotive data firm Motor Intelligence on Wednesday estimated U.S. industry sales for June were up 7.5% compared to a year ago, leading to a monthly adjusted selling pace of 16.67 million units, which was higher than many forecasters had expected. As of last week, Cox Automotive expected U.S. auto sales to be down 2.9% to 15.8 million vehicles, including a 3.4% decline in retail sales. That included a 16.1 adjusted selling rate forecast for June. Outliers in the second quarter include Chrysler parent Stellantis, which was up 5.9%, and Nissan Motor, up 9.6%. Both offer limited electrified models, including hybrids and/or EVs, but are in the midst of sales-focused turnaround plans.

Automakers report mixed U.S. sales results as hybrid vehicles drive market
Europe
The Guardian

Trump refuses to renew US-Canada-Mexico trade pact he once championed

Shipping containers at the Port of Tacoma in Tacoma, Washington, on 4 March 2025. Photograph: Bloomberg/Getty ImagesView image in fullscreenShipping containers at the Port of Tacoma in Tacoma, Washington, on 4 March 2025. Photograph: Bloomberg/Getty ImagesDonald TrumpTrump refuses to renew US-Canada-Mexico trade pact he once championedTrump and US officials opted to keep USMCA alive on short leash of annual reviews rather than longer term renewal Donald Trump has refused to renew the North American trade pact he once championed as his signature deal, opting instead to keep it alive on a short leash of annual reviews rather than committing to another 16 years. Wednesday was the deadline built into the United States-Mexico-Canada Agreement (USMCA) for the three countries to jointly decide its fate, which is set to expire in 2036. After virtual talks between officials from all three governments, the US trade representative’s office confirmed that Washington had walked away from renewing the deal on its existing terms, pointing to persistent US trade deficits with both neighbors. The refusal does not kill the pact outright, however. USMCA stays in force while negotiations continue, but it will now face a review every year rather than once every six, as originally designed. A senior administration official, briefing reporters on a call announcing the decision, said Trump had “chose not to rubber stamp a USMCA renewal without addressing existing issues”. The official added: “So in other words, the United States did not agree to renew the USMCA in its current form. So, as a result, the USMCA is not renewed.” In a statement, Jamieson Greer, the US trade representative, said the US would “continue to engage with Mexico and Canada to address the Agreement’s shortcomings”. At a press conference on Wednesday, Mexico’s economy minister, Marcelo Ebrard, said his government wants to address the issues raised by the US on foreign dependence. “There is no difference that I can identify ​between Mexico, the United States and Canada that is so big that ​we cannot resolve it,” he said, according to Reuters. Trump has routinely criticized the USMCA as of late, and last month threatened to abandon it. “We don’t need anything that Canada has. We don’t need anything that Mexico has, but they need everything that we have. And they have to treat us better,” he told reporters in the Oval Office. But Trump struck the deal himself in 2020, during his first term, as an updated version of the 1992 North American Free Trade Agreement (Nafta). At the time, the US president even described the USMCA as the “fairest, most balanced, and beneficial trade agreement we have ever signed into law”.

Trump refuses to renew US-Canada-Mexico trade pact he once championed