Latest Developments

Asia
The Hindu BusinessLine

Oil, gas tankers cross Hormuz via Oman-Side route after u-turns

Oil and gas shipping along a US-protected corridor in the Strait of Hormuz showed signs of recovering Sunday, a day after a batch of vessels performed unexplained U-turns and detours in the vital energy corridor. Six oil and gas freighters were observed navigating on a route that cleaves close to Oman’s coast. Those are only what’s observable, with many ships known to sail through with their transponders off to avoid digital detection. Western navies continue to say that, while traffic continues, the threat risk is “substantial” and that the center of the strait has been mined. Two other small tankers exited the Persian Gulf by sailing closer to Iran. The oil market is fixated on what’s moving through Hormuz and how, a task that’s become tougher because of ships trying to avoid the attentions of Iran’s military as they come and go. Over Friday and Saturday, at least eight vessels were seen U-turning as they sailed through along the Omani route. Four of them subsequently went on to sail northward toward the Iranian route, and exited the strait. Of the U-turners, at least one fuel tanker appeared to be making a fresh attempt to transit on Sunday, sailing past the tip of Oman’s Musandam peninsula. Another products tanker transited along the same route earlier, openly signaling its intentions, and is now broadcasting a location in the Gulf of Oman. Others are opting to cross in the dark, popping up once clear of the waterway. One Suezmax crude carrier appeared in the Gulf of Oman on Sunday after last broadcasting from within the Persian Gulf on Saturday. There was no immediate explanation for the ships that turned back on Friday and Saturday, though Iran has repeatedly said that vessels should only transit the strait through the route designated and authorized by the Islamic Republic. Naval liaison groups have yet to comment on the abrupt U-turns, although the Joint Maritime Intelligence Center repeated on Sunday that Iranian forces continue to harass shipping. On Saturday, 19 vessels crossed the Strait of Hormuz in either direction, but only one openly signaled its inbound transit along the Omani coast, Kpler data show. That compares with Friday’s count of 13 along the route. This tally includes only observed transits, and figures may change as more dark crossings — made without transponders switched on — are verified. For much of the war, several ships attempting to leave the Persian Gulf through Hormuz have reported warnings by Iranian forces over radio communications, saying that they should not proceed without getting Tehran’s permission. Iran has fired on some of the vessels that sailed on. Tanker companies have been struggling with the stop-start reopening of Hormuz. Their willingness to take on the risk of crossing the narrow waterway is crucial for the normalization of the oil market, still recovering from a historic four-month crisis. 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.

Oil, gas tankers cross Hormuz via Oman-Side route after u-turns
Asia
The Hindu BusinessLine

Asian shares rise on tech, oil slips after OPEC: Markets wrap

Asian shares advanced and US equity-index futures held onto Friday’s gains as technology stocks extended their rebound. Oil edged lower. MSCI’s Asia Pacific Index climbed 0.5 per cent, with more than two shares rising for every one that declined in the gauge. The Kospi Index advanced 2.2 per cent, ahead of this week’s $29 billion US listing for SK Hynix Inc. Elsewhere, equity-index futures for Wall Street gauges held their gains from Friday, when the US markets were shut for a holiday. Futures for the S&P 500 Index rose 0.5 per cent, while those for the Nasdaq 100 climbed 1.4 per cent. Oil slipped as energy flows through the Strait of Hormuz persisted and OPEC+ signalled higher supplies. Brent slipped 0.3 per cent to $71.88 a barrel as shipping through the US-protected corridor in the waterway showed signs of recovering. OPEC+ members also backed another modest rise in collective quotas for next month. Markets entered the second half of the year on a cautious footing as investors weigh the fallout from the Iran war’s energy shock and whether the AI-driven rally can be sustained. Following last week’s recovery from a two-day rout in chipmakers, attention has shifted to earnings season for signs that massive spending on AI infrastructure is translating into profits. “Tech stocks and tech-heavy indices in the US and Asia have entered a period of consolidation ahead of the Q2 earnings season,” said Tony Sycamore, an analyst at IG Markets in Sydney. In other corners of the market, gold gave up its initial gains to trade around $4,175 an ounce. Silver rose 0.4 per cent to about $62.66 an ounce. Meanwhile, Goldman Sachs Group Inc. revised its yen forecast to 165 per dollar in a year’s time from 155 previously. The Japanese currency traded at 161.45 to the greenback in early Asian trading, while the dollar was steady. “The broader macro backdrop of higher-for-longer US yields, low recession risk, lingering fiscal concerns, and only gradual BOJ hikes strongly argues for continued depreciation pressure on the currency,” strategists including Kamakshya Trivedi wrote in a note. In forex, the won is also in focus. The Korean currency was steady after rebounding late Friday from its weakest level against the dollar since 2009 after a person familiar with the matter said the nation’s officials were preparing for currency flows related to SK Hynix’s offering of American depositary receipts. The move to 24-hour trading for the currency is the centerpiece of Seoul’s years-long push to improve foreign investors’ access to local markets and bolster the case for an upgrade to MSCI Inc.’s developed-market index. Treasuries were steady as cash trading resumed following Friday’s holiday. The US bond market faces a test of investor demand for longer-dated maturities this week, with auctions of 10- and 30-year Treasuries highlighting an otherwise light week for economic events.

Asian shares rise on tech, oil slips after OPEC: Markets wrap
Asia-Pacific
The Straits Times

SGX on course for bumper crop of IPOs, yen on a roller coaster

As of late May, there had been five new listings, with four more expected in the coming months. SINGAPORE – Singapore saw a flurry of initial public offering (IPO) activity this week, with several companies lodging listing documents for the local bourse. The rush came amid improving market sentiment, with the Straits Times Index rising more than 1 per cent over the week to close at 5,244.29. If the conditions are right, the Singapore Exchange (SGX) could record 20 to 30 IPOs in 2026, building on the 15 listings in 2025. As of late May, there had been five new listings, with four more expected in the coming months – Foundation Healthcare Holdings (FHH), All-Link Air & Sea, EGP Energy Corporation and AirTrunk. However, the performance of recent SGX IPOs has cast a shadow. About 60 per cent of those listed over the past year have struggled post-debut. For example, co-working space provider JustCo, the most recent addition on May 22, was trading more than 40 per cent below its offering price about a month later. The poor showings may weaken investor confidence and affect demand for future IPOs, prompting would-be listers to either delay their mainboard debut or list elsewhere in the region. It remains to be seen whether these companies can sustain their pre-listing hype. Private healthcare group FHH was reportedly “multiple times oversubscribed” for its IPO, with strong demand from international and cornerstone investors, according to people with knowledge of the deal. The Temasek-backed healthcare company, which operates four medical centres, is looking to raise $242 million from its IPO. Of this, $118 million will come from 10 cornerstone investors, and the rest from 162.6 million shares on offer to the public and international investors at 76 cents per share. The IPO, which opened on July 1, will close at noon on July 6. Trading of the company’s shares is expected to commence on SGX on July 8 at 9am. FHH’s market capitalisation will stand at $1 billion upon listing. Earlier in the week, both electrical infrastructure solutions and service provider EGP Energy and logistics solutions provider All-Link Air & Sea lodged a preliminary prospectus on June 30 to list on the SGX mainboard. Lastly, data centre operator AirTrunk, which is backed by global investment firm Blackstone, was expected to have filed confidentially for an IPO of a real estate investment trust, though the timing was not confirmed, according to people familiar with the matter. Bloomberg reported in April that AirTrunk had sought to raise about US$1.5 billion (S$1.9 billion) from the offering.

SGX on course for bumper crop of IPOs, yen on a roller coaster
Asia
The Hindu BusinessLine

Oberoi Realty records bookings of over ₹8,000 crore in its Gurugram luxury project

Oberoi Realty has registered gross bookings of around ₹8,109 crore at Three Sixty North, its first luxury residential development in the National Capital Region (NCR). The project has recorded bookings for around 13.52 lakh sq. ft. of RERA carpet area (23.10 lakh sq. ft. of saleable area), marking a significant milestone in Oberoi Realty’s expansion into North India, it said in a stock exchange filing. Last Monday, the company launched the first phase of its luxury residential project in Gurugram’s Sector 58 comprising 832 units across six towers. Oberoi Realty is investing ₹6,000 crore in the project that will include 3-4 BHK, duplexes and penthouses measuring 5500-13,000 square feet, with prices ranging from ₹18 crore and above. The total revenue potential of the project in its two phases is around ₹16,000 crore, company Chairman Vikas Oberoi 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.

Oberoi Realty records bookings of over ₹8,000 crore in its Gurugram luxury project
Asia
The Hindu BusinessLine

India’s EV firms raise nearly ₹3,800 crore as investor interest accelerate

India’s automobile sector is attracting fresh capital amid resilient vehicle demand, with companies raising nearly ₹3,800 crore through four major fundraising deals in recent months, according to an Equirus Capital report. The fundraising activity spans original equipment manufacturers (OEMs), electric vehicle startups and mobility operators, reflecting broad-based investor interest across the automotive value chain as companies invest in manufacturing capacity, fleet expansion and balance-sheet strengthening. Craftsman Automation led the fundraising activity, raising around ₹2,000 crore through a Qualified Institutional Placement (QIP), with the proceeds earmarked largely for debt reduction and capacity expansion. Ola Electric Mobility mobilised nearly ₹780 crore through a QIP to strengthen its balance sheet, expand manufacturing and support future growth initiatives. Bengaluru-based EV manufacturer Simple Energy raised around ₹250 crore through a Series B funding round to scale production, while JBM Ecolife Mobility secured approximately ₹750 crore in strategic funding to expand its operational electric bus fleet from around 3,400 buses to nearly 5,000 buses over the next 12 months. Investment activity extended beyond fundraising. Rane (Madras) entered into an agreement to acquire Hindustan Composites’ friction business for around ₹370 crore, while Sona BLW Precision Forgings approved around ₹63 crore of capital expenditure to diversify into the manufacturing of robotics components, highlighting continued investment across the broader mobility ecosystem. The report highlighted continued progress in India’s transition to electric mobility. Policy support for the transition has also continued to strengthen. The Delhi Government notified the Delhi Electric Vehicles Policy 2026, which envisages an investment plan of around ₹15,000 crore to accelerate EV adoption through fiscal incentives and phased electrification targets. According to Equirus, the combination of sustained fundraising, strategic acquisitions, resilient domestic demand and rising EV adoption provides a supportive backdrop for the automobile sector’s medium- to long-term growth, with auto ancillary companies continuing to account for a significant share of overall deal 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.

India’s EV firms raise nearly ₹3,800 crore as investor interest accelerate
Asia
The Hindu BusinessLine

IIFCL mobilises ₹1,848 cr via bonds, strengthens resource base for infra financing

India Infrastructure Finance Company on Sunday said it has raised ₹1,848 crore by issuing non-convertible debentures (NCDs) to fund infra projects in the country. The issue attracted an overwhelming response from investors, attracting bids worth ₹3,048 crore, representing nearly 6 times the base issue size of ₹500 crore, India Infrastructure Finance Company Ltd (IIFCL) said in a statement. Finally, IIFCL decided to retain ₹1,848 crore with a coupon of 7.25 per cent per annum. The bonds have a maturity of 4 years, 11 months and 2 days. The successful issuance reflects the strong confidence of institutional investors in IIFCL's sound financial position, prudent governance practices and its strategic role as the government's dedicated infrastructure financing institution, it said. The Board of IIFCL has approved an ambitious resource mobilisation programme of ₹34,200 crore for 2026-27 to support the growing financing requirements of India's infrastructure sector, it said, adding that the programme envisages a diversified funding strategy comprising domestic bonds, capital market instruments and external commercial borrowings (ECBs). In line with the policy framework of the government and the Reserve Bank of India, IIFCL said it is also evaluating opportunities to raise funds through ECBs. The recent measures announced by the Reserve Bank of India, including the concessional USD-INR swap facility for eligible ECBs, are expected to enhance the attractiveness of overseas borrowings by reducing hedging costs, thereby providing an additional avenue for accessing competitively priced long-term capital, it said. As part of this strategy, it said, IIFCL plans to access international markets to raise about $1.30 billion in the next 2-3 months through External Commercial Borrowings and other debt instruments. The company also expects to raise an additional $1 billion through overseas borrowings, subject to the necessary approvals from the government and other regulatory authorities, it noted. Commenting on the successful fund raise, IIFCL Managing Director Rohit Rishi said the overwhelming response to its first bond issuance of the financial year reflects the confidence of the investor community in the company's financial strength, prudent resource management and developmental mandate. "With an approved resource mobilisation programme of $34,200 crore for 2026-27, we are committed to maintaining a diversified funding mix through domestic and international markets to ensure the availability of long-term, competitively priced resources for financing India's infrastructure growth," he said. The proceeds of the present issue, together with funds proposed to be raised during the year, will support infrastructure projects across transportation, renewable energy, power, urban infrastructure, logistics, digital infrastructure, water and sanitation, social infrastructure, nuclear energy and other priority sectors in line with the government's vision of Viksit Bharat 2047, it added.

IIFCL mobilises ₹1,848 cr via bonds, strengthens resource base for infra financing
Asia
The Hindu BusinessLine

Adani Defence breaks ground for ₹2,500 cr complex for medium- & long-range missile systems in Madhya Pradesh

Adani Defence & Aerospace on Sunday broke ground for a ₹2,500-crore integrated manufacturing ecosystem for medium- and long-range missile systems at Shivpuri in Madhya Pradesh, which the company said will be South Asia’s largest private-sector missile manufacturing complex. The integrated facility will manufacture medium- and long-range missile systems while also producing critical inputs such as composite propellants, TNT and explosive-grade materials under one roof—a first for India’s private sector, according to the company. The project, which is expected to be completed over the next three years, will create around 5,000 direct and indirect jobs while supporting more than 50 MSMEs that will form part of the specialised defence manufacturing supply chain. “We have gathered here today for a landmark occasion – laying the foundation of South Asia’s largest private-sector missile ecosystem. This facility will bring raw materials and mission-ready missiles under one roof—a historic first outside the public sector,” Jeet Adani, Director at Adani Airport Holdings Ltd, said at the groundbreaking ceremony in Madhya Pradesh. Calling Shivpuri the company’s “next giant leap” in defence manufacturing, Jeet Adani said the group is working closely with the Defence Research and Development Organisation (DRDO) and the Indian armed forces to deepen indigenous capabilities and reduce dependence on imported weapon systems. “Shivpuri is the next giant leap in that journey as we bring a full-range, integrated missile ecosystem to manufacture medium- and long-range missile systems, replacing foreign dependency with domestic power. But we are going deeper than just assembly. We are establishing composite propellant manufacturing as well as TNT and explosive-grade material production,” he said. The Shivpuri project expands Adani Defence & Aerospace’s manufacturing footprint, which currently spans facilities in Kanpur, Gwalior and Hyderabad. The Kanpur facility, spread over 500 acres, is being developed as South Asia’s largest integrated ammunition manufacturing complex, producing small-, medium- and large-calibre ammunition for the armed forces, paramilitary forces, police and export markets. The Hyderabad Aerospace Park houses India’s first private-sector final assembly line for military-grade unmanned systems and a private-sector surface-to-air missile (SAM) complex, while the Gwalior facility manufactures a range of small arms for domestic and international markets. Jeet Adani said the Gwalior complex has already delivered 2,000 indigenously manufactured Prahar Light Machine Guns (LMGs) to the Indian Armed Forces, completing the order 11 months ahead of schedule. According to the FY26 annual report of Adani Enterprises Ltd, Adani Defence & Aerospace has expanded its portfolio across small arms, ammunition, unmanned aerial vehicles (UAVs), counter-drone systems, missiles and aircraft services, supported by AI- and machine learning-driven technologies. The company said its Arka MANPADS, SkyStriker and Agnikaa loitering munitions, along with the Drishti-10 UAV, were deployed during Operation Sindoor. Beyond manufacturing, the company has established a defence R&D centre in Delhi focused on artillery systems, unmanned platforms and missile technologies. It has also expanded into aircraft maintenance, repair and overhaul (MRO) and flight training through the acquisitions of Air Works, Indamer Technics and Flight Simulation Technique Centre (FSTC). The event on Sunday was attended by Union Communications Minister Jyotiraditya Scindia, Madhya Pradesh Chief Minister Mohan Yadav, Adani Ports and SEZ Managing Director Karan Adani and senior executives of the Adani Group. 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.

Adani Defence breaks ground for ₹2,500 cr complex for medium- & long-range missile systems in Madhya Pradesh
Asia
The Hindu BusinessLine

Monsoon reloads as depression threatens to drench North-West India next

Massive parcels of brooding thunderclouds storms into Central and North-West India on Sunday afternoon signalling exceptionally heavy rainfall as a causative monsoon depression churned in the Bay of Bengal. | Photo Credit: www.meteologix.com/in The monsoon has shifted into a higher gear with the season’s first depression forming over the north-west Bay of Bengal, promising a prolonged spell of heavy to very heavy rain across Odisha, West Bengal and adjoining Chhattisgarh before spreading its influence deep into Central India, West India and North-West India. On Sunday afternoon, the India Meteorological Department (IMD) located the depression about 50 km south-southeast of Balasore, 60 km north-east of Chandbali, and 60 km south-southwest of Digha, unchanged from morning. Its proximity to the coast may limit further intensification, but not its rain-making power. If anything, the opposite may happen. The system is expected to move slowly, allowing it to draw a steady stream of moisture from the Bay and continuously feed the monsoon trough. That should keep the rain engine running through the week. The IMD expects the depression to cross the north Odisha coast between Chandbali and Digha, close to Balasore, on Monday. Weather models indicate the system may gradually weaken inland before interacting with an approaching western disturbance. The rare east-west coupling is likely to unleash another round of heavy rain over already waterlogged parts of West Madhya Pradesh, Gujarat and the Konkan, including Mumbai, early this week. The pounding is expected to last until Thursday, by when the monsoon is likely to complete its advance over remaining parts of Rajasthan, covering the entire country. The rain revival has already made a dramatic dent in the seasonal shortfall. The rainfall deficit over the monsoon core zone of Central India has shrunk by nearly 17 percentage points in less than a week to 23 per cent below normal, while the all-India deficit has narrowed by 13 percentage points to 27 per cent below normal. The gap is expected to close further before stabilising. Beyond this week, the rain belt is forecast to shift north towards the Himalayan foothills, allowing deficits to build again over parts of Central India as rainfall there tapers off. The IMD said conditions remain favourable for the monsoon to advance into remaining parts of Haryana and Punjab and more areas of Rajasthan, including West Rajasthan, over next three days. Thereafter, rainfall is expected to ease across much of Peninsular India and the west coast, while focus shifts to the North-East, Bihar, Uttar Pradesh, Uttarakhand, Himachal Pradesh and Jammu-Kashmir-Ladakh, leaving Central India with only scattered, incidental showers. 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.

Monsoon reloads as depression threatens to drench North-West India next
Asia-Pacific
The Straits Times

OPEC+ approves further oil output increase as Hormuz exports start to recover

OPEC+ has agreed in principle to increase quotas by 188,000 barrels per day from August. LONDON – OPEC+ has agreed a further increase in output targets from August, the group said in a statement on July 5, adding to global supply at a time when oil prices are falling due to the gradual reopening of the Strait of Hormuz for oil exports. The oil-producing group agreed during an online meeting to increase quotas by 188,000 barrels per day from August, on top of similar increases for June and July. Seven core members of OPEC+, which groups OPEC and allied producers, including Russia, have hiked their output quotas from April to July by almost 800,000 barrels per day. Yet the increase has remained largely on paper because of the US-Israeli war on Iran, which closed the Strait of Hormuz for passage of tankers from some of the most important OPEC+ members, including Saudi Arabia, Kuwait and Iraq. OPEC+ output fell to 33.13 million bpd in May, according to OPEC data, from 42.77 million bpd in February. It began to recover in June thanks to US efforts to help the United Arab Emirates (UAE) and other OPEC+ nations export more oil, but it is still below pre-war levels. Despite persisting supply disruptions, oil prices have returned to pre-war levels, pressured by lower Chinese imports, higher exports from non-Middle East producers, and a record global strategic stock release coordinated by the International Energy Agency. “The group of seven kept unwinding their production cuts as widely expected,” UBS analyst Giovanni Staunovo said. “The near-term focus will remain on how many tankers will manage to cross the Strait of Hormuz and how quickly demand and Chinese crude imports recover.” The memorandum of understanding to end the war has also helped convince traders that supply will ultimately return to normal levels. Brent crude prices traded near US$72 per barrel on July 3, down from recent peaks of more than $120 per barrel and back to levels traded just before the US and Israel attacked Iran on Feb 28.

OPEC+ approves further oil output increase as Hormuz exports start to recover