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Adani Group's Haifa Port Unaffected By Iranian Missile Strikes, Operations Normal: Sources

Adani Group's Haifa Port in Israel remained unharmed by Iranian ballistic missile attacks, with operations continuing unaffected, according to sources.
Late Saturday, Iran targeted Haifa port and a nearby oil refinery in response to Israeli attacks on Iranian targets earlier.
There were reports of shrapnel falling at the chemical terminal in the port and at the oil refinery, but no injuries were reported.
Adani's Haifa port, responsible for handling over 30% of Israel's imports, was not impacted by the missile strikes.
Cargo operations at the port, owned by Adani Ports, were reported normal with eight ships present during the attack.
Despite damage near the port area, there was no official confirmation of significant impact on the port's operations.
The Adani Group did not offer immediate comments on the incident, while Israeli government authorities were not immediately available for comments.
The ongoing conflict between Israel and Iran has escalated, with reciprocal strikes targeting military infrastructure.
Iran's retaliatory strikes on Israel have raised concerns about broader assaults on Iran's energy industry.
Some Iranian missiles bypassed Israeli air defenses, hitting buildings in central Israel, indicating ongoing tensions in the region.
The situation remains fluid as both countries continue to exchange attacks, keeping the Middle East on edge.
The Haifa port, although crucial, represents a small fraction of Adani Ports' total cargo volume and revenue.
The incident underscores the vulnerability of key maritime infrastructure amidst escalating regional conflicts.
Despite potential risks, operations at Adani's Haifa port continue normally, highlighting resilience in the face of geopolitical challenges.
The situation serves as a reminder of the delicate balance maintained by key players in global maritime trade amidst political tensions.
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Bloomberg Quint

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BCCI Reduces Daily Allowances For Staff, Streamlines Travel Policy

The BCCI has reduced the daily allowances for staff and streamlined the travel policy.
The incidental allowance component has been removed, and employees will now receive a flat Rs 10,000 per day for their time on the road.
Previously, employees were paid Rs 15,000 per diem for short-term travel and Rs 10,000 for long travel, along with a one-time incidental allowance of Rs 7500.
After tax deduction at source, the per day allowance comes to Rs 6500.
BCCI staff including finance, operations, and media department had not been paid their daily allowances for IPL and WPL, but with the revised policy, their dues are expected to be cleared soon.
Employees traveling for the entire 70-day IPL would be eligible for a total allowance of Rs 7 lakh.
Foreign travel allowances for BCCI employees are around $300 per day, while honorary office-bearers receive USD 1000 daily on foreign tours.
Honorary office-bearers also receive Rs 40000 for a one-day meeting in India and Rs 30000 per day for multi-day domestic work trips.

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Bloomberg Quint

407

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Iron Bridge On Indrayani River Collapses In Pune district

An iron bridge over the Indrayani river in Pune district of Maharashtra collapsed on Sunday afternoon, leading to concerns about people being swept away by the river.
Three persons were rescued near Kundamala area in Maval tehsil following the collapse, with one person believed to have been swept away.
NDRF teams are engaged in rescue operations at the site to manage the aftermath of the bridge collapse.

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Bloomberg Quint

140

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Monsoon To Advance In Some Parts Of Bengal Next Week

The Indian Meteorological Department (IMD) forecast heavy rain in West Bengal next week due to the advancement of the southwest monsoon and moisture incursion from the Bay of Bengal.
IMD predicted heavy to very heavy rainfall in South 24 Parganas and Purba Medinipur on June 17, with moderate to heavy rain in other districts until June 19.
Kolkata is expected to receive heavy rain on June 17 and June 18.
North Bengal districts like Alipurduar and Jalpaiguri are likely to experience heavy to very heavy rain, while other districts may see moderate rainfall.
Squally weather with high wind speeds is expected over the West Bengal-Odisha coasts from June 17 to June 18.
The sea condition is forecasted to be rough during this period, with fishermen advised not to venture into the sea along and off the West Bengal-Odisha coasts.
Sagar Island on the Bay of Bengal received 76.8 mm rainfall, and the Darjeeling hills received 36.2 mm rainfall in the past 24 hours.

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Bloomberg Quint

239

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Tata Steel’s Green Push: Expanding Recycling-Based Production For Sustainable Future

Tata Steel aims to have 10-15 million tonnes of production through recycling route in the next 10-15 years.
In fiscal 2025, Tata Steel produced 30.92 million tonnes of steel out of its total capacity of 35 million tonnes.
The company plans to scale up its steelmaking capacity to 40 million tonnes by 2030 in India.
Tata Steel in the UK is transitioning towards scrap-based electric arc furnace manufacturing from blast furnace steel making route.
Tata Steel has set up a recycling plant near Delhi and a 0.75-million tonne recycling-based steelmaking unit in Ludhiana.
Tata Steel intends to cease blast furnace operations in Europe by 2035 and switch to alternate greener process routes.
Tata Steel owns a steel manufacturing plant in the Netherlands that produced 6.75 MTPA of liquid steel in fiscal 2025.
The company has over 26 million tonnes of steel capacity in India and 1.7 million tonnes in Thailand.

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Bloomberg Quint

185

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S Jaishankar Urged To Facilitate Safe Evacuation Of J-K Students From Iran

Jammu and Kashmir Pradesh Congress Committee urged External Affairs Minister S Jaishankar to facilitate safe evacuation of students from Jammu and Kashmir studying in Iran amid escalating tensions.
JKPCC president Tariq Hameed Karra emphasized the need for urgent action to ensure the safety and swift return of the students.
The opposition People's Democratic Party encouraged stranded students to contact the Indian embassy in Tehran for assistance.
PDP leader Iltija Mufti provided Indian Embassy contact numbers for students in Iran and asked for tweets mentioning the party if they face difficulties reaching out.
Hundreds of students from Jammu and Kashmir, particularly in medical fields, are currently studying in various universities in Iran.

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Bloomberg Quint

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DLF To Invest Rs 5,500 Crore To Build New Luxury Housing In Gurugram

DLF Ltd. is set to invest approximately Rs 5,500 crore in constructing a luxury housing project in Gurugram, as part of its strategy to achieve high sales bookings amidst increased demand.
The upcoming 18-acre project 'DLF Privana North' in Sector 76/77 Gurugram will consist of over 1,150 apartments, with an estimated development cost of Rs 5,500 crore, forming part of the 116-acre township 'DLF Privana'.
DLF had a successful run with its previous projects in the same township, selling out 'DLF Privana West' and 'DLF Privana South' for a combined sum of around Rs 12,800 crore.
In the last fiscal year, DLF achieved record sales bookings of Rs 21,223 crore, marking a 44% increase from the previous year, and aims to sustain this performance by launching housing properties worth over Rs 17,000 crore this fiscal year.
The company's MD, Ashok Tyagi, anticipates sales bookings in the range of Rs 20,000-22,000 crore for the current fiscal year, similar to the previous year's performance.
DLF's net profit surged to Rs 4,366.82 crore in the 2024-25 fiscal from Rs 2,723.53 crore in the preceding year, with total income increasing to Rs 8,995.89 crore from Rs 6,958.34 crore.

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Bloomberg Quint

402

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Egypt Leads Mideast Stock Losses As Israel-Iran Conflict Worsens

Egypt's main stock index experienced significant losses following concerns over a halt in Israeli gas production, leading to fears of fuel shortages.
Middle Eastern markets, including Israel and Iran, dropped amid escalating conflict, with investors worried about broader implications.
Israel's stock index rebounded after initial losses, driven by a surge in defense supplier Elbit Systems Ltd.
Saudi Arabia's markets were somewhat cushioned by gains in Aramco due to higher oil prices.
The ongoing conflict between Israel and Iran has disrupted hopes for peace and heightened demand for safe-haven assets like gold and the dollar.
Egypt's EGX 30 Index fell sharply initially, with all 31 listed stocks declining, and the local currency weakening.
Israel suspended gas supply to Egypt from its largest natural gas field, impacting both countries.
Saudi Arabia saw most of its stocks decline, though gains in Aramco mitigated some losses.
Concerns about oil supply chains and prices persist, with WTI crude futures rising significantly.
Deutsche Bank AG's George Saravelos warned of oil prices potentially exceeding $120 per barrel if Iranian oil supply is disrupted.
The conflict's impact extended to regions beyond Egypt and Israel, with markets in Kuwait and Qatar also retreating.
Market performance in the Middle East has been challenging this year, influenced by oil price volatility, geopolitical uncertainty, and fiscal issues.
The conflict between Israel and Iran has escalated into open warfare, affecting longstanding enmity between the two nations.
The cancellation of nuclear talks between Iran and the US has added further complexity to the situation.
The instability in the region has dashed hopes for peace and stability, resulting in a shift in investment sentiment.
The rise in oil prices following the conflict reflects concerns about potential disruptions to global oil supply chains.

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Bloomberg Quint

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Trade Setup For June 16: Nifty Eyes 24,400 Support As Geopolitical Risks Loom

The Nifty 50 closed lower last week amidst geopolitical concerns but managed to recover to near 24,718.60.
Technical analysts suggest that the Nifty is currently supported around the 24,400–24,450 range with upside barriers at 24,825 and 25,000.
A bearish candle on the weekly chart indicates profit booking near the 78.6% retracement zone of 25,200, with a potential breakdown below 24,400 accelerating the correction.
The broader consolidation range for the Nifty is between 24,400 and 25,200, with 25,000 acting as a crucial short-term barrier.
The Nifty faces a negative short-term trend with possibilities of further selloff if it breaches 24,500, while a bounce could push it towards 25,100.
Market recap: Nifty 50 and BSE Sensex closed the week in red with Nifty falling 0.68% to 24,718.60 and Sensex dropping 0.70% to 81,118.
During the week, both indices declined over 1% with Nifty losing nearly 500 points from its weekly high, breaking a two-day winning streak.
Currency update: The Indian rupee ended at 86.09 against the US dollar, weakening due to global and domestic macroeconomic pressures.

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Bloomberg Quint

244

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Trump, Putin Discuss Middle East Tensions In Hour-Long Call

Russian President Vladimir Putin and US President Donald Trump discussed the escalating crisis between Israel and Iran in an hour-long phone call.
Trump mentioned that Putin called to wish him a happy 79th birthday.
Putin condemned Israel's military operation against Iran and expressed concern over potential escalation in the region.
In the call, Trump mentioned a possible return to negotiations on Iran's nuclear program.
Talks between Iran and the US scheduled for Sunday in Oman have been canceled.
The discussion between Putin and Trump included concerns over the war between Ukraine and Russia.
The White House and Oman's foreign minister confirmed the cancelation of the Iran-US talks.
The call between the two leaders lasted about an hour.

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Bloomberg Quint

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Israeli, Saudi Stocks Fall As Middle East Conflict Worsens

Israeli stocks fell as Prime Minister Benjamin Netanyahu's government began airstrikes against Iran.
Saudi Arabia's equity benchmark also declined amid concerns of a wider conflict in the region.
The Tel Aviv Stock Exchange 35 Index dropped 1.5% on Sunday, following a 1.5% decline last week.
The Tadawul All Share Index in Saudi Arabia slid 2.5%, while Egypt's EGX 30 Index sank 7.7%, the most in over a year.
The selloff occurred as Israel and Iran engaged in attacks for a third day, impacting markets and currencies.
On Friday, the shekel experienced its largest drop in 11 months, and oil prices rose by 7% due to the escalating conflict.
The situation led to investors flocking to traditional safe-haven assets like gold and the dollar.
The markets were closed on Friday amid the intensifying hostilities between Israel and Iran.

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Bloomberg Quint

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Grainspan Invests Rs 520 Crore On Grain-Based Ethanol Plants

Grainspan Nutrients invested Rs 520 crore to set up two grain-based ethanol plants in Ahmedabad as part of the Union Food Ministry's interest subsidy scheme.
The two plants use maize and rice as feedstock with a total capacity of 350 kilolitres per day.
The first plant with a capacity of 110 kilolitres per day became operational in May 2023 and the second plant with 240 kilolitres per day capacity was commissioned recently.
Grainspan supplies green fuel for blending with petrol to Oil Marketing Companies.
India sees immense growth potential in ethanol production, catering to domestic demand and exports.
Grainspan's diversification into ethanol led to an increased turnover of Rs 760 crore.
The company supplied 8 crore liters of ethanol in the 2024-25 Ethanol Supply Year to OMCs.
The article discusses the increase in ethanol blending levels and the government's target of achieving 20% blending by 2025-26.
India's total ethanol-making capacity has significantly increased over the years with various interest subsidy schemes promoting production.
The ethanol production capacity in India has risen to 1,810 crore liters, including grain-based capacity, showing a fourfold increase since 2013.

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Bloomberg Quint

198

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Nepal Begins Exporting 40 MW Of Electricity To Bangladesh Through Indian Grid

Nepal has started exporting 40 megawatts of electricity to Bangladesh through an Indian transmission line.
The trilateral agreement between Nepal, India, and Bangladesh was signed on Oct. 3, 2024, to facilitate this electricity export.
The electricity export to Bangladesh commenced from Saturday midnight according to a Nepalese official.
Under the agreement, Nepal will export 40 MW of electricity to Bangladesh from June 15 to Nov. 15 this year.
The electricity will be transmitted to Bangladesh through India's 400-kV Muzaffarpur-Baharampur-Bheramara transmission line.
In the initial phase last year, Nepal exported electricity to Bangladesh as a token to implement the agreement.
Under the bilateral agreement, Nepal will charge 6.4 US cents per unit of electricity exported to Bangladesh.
Bangladesh has agreed to import electricity from Nepal for the next five years.

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Medium

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An Analytical Outlook on the Venture Capital Landscape in MENA 2025: Market Forces Decoupling and…

MENA experienced a surge in investment activity in 2024 but is also witnessing a decline in new startup formations, leading to an imbalance between active investors and startups.
The 2025 market shows a barbell structure in terms of stage distribution, with a notable increase in Seed stage startups and modest growth in Series B startups.
However, only 20% of companies in MENA labeled as startups are eligible for venture capital investment, indicating a predominance of non-scalable SMEs in deal flow.
The UAE is home to 44% of all VC-eligible startups in the region, making it a significant base for fundable startups.
48% of new founders in MENA demonstrate a clearer understanding of scalable startups versus traditional SMEs, indicating an improvement in startup culture.
MENA-based AI startups have grown by 30% annually, largely due to legacy tech companies rebranding themselves as AI startups by incorporating generative AI features.
AI startups are concentrated in the UAE (45%) and Saudi Arabia (34%), with Egypt serving as a net exporter.
The MENA venture capital market faces a challenge due to the disconnect between tech founders and investors, necessitating a reassessment by sovereign wealth funds and policymakers.
Encouraging tech entrepreneurship as a career path and leveraging AI to expedite prototype development are seen as crucial for sustaining innovation in the region.
This shift could potentially blur the lines between Seed and Series A stages, with accelerators and incubators playing a pivotal role in training AI-powered founders.

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Bloomberg Quint

271

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Hero FinCorp IPO: Undertakes Pre-IPO Placement Valuing The Company At Rs 23,174 crore

Hero FinCorp, the non-banking financial services division of Hero MotoCorp, raised Rs 260 crore in a pre-IPO placement.
The pre-IPO placement valued the company at Rs 23,174 crore.
Shares were allotted to 12 investors at Rs 1,400 apiece on June 13.
The fresh issue size reduced to Rs 1,840 crore from Rs 2,100 crore post the fundraise.
The total IPO size now stands at Rs 3,408 crore, including a Rs 1,568 crore stake sale by existing investors.
Yahoo-owner Apollo Management, Apis Partners, Link Investment Trust, and Otter Ltd. are among the sellers in the Offer For Sale (OFS).
The IPO proceeds will be utilized to enhance the company's capital for future lending activities.
Hero FinCorp serves retail and MSME customers with a focus on vehicle, personal, and mortgage loans.
As of March 2024, the company's assets under management were Rs 51,820.8 crore.
The firm operates under the 'Hero' brand and has a significant customer base.
Hero FinCorp received SEBI's approval for the IPO in late May.
The company benefits from the reputation and track record of its parent company, Hero MotoCorp.
The IPO prospectus will include details of the pre-IPO placement.
The company's diversified financial products cater to retail and MSME segments.
The IPO aims to meet the company's future funding needs for lending activities.

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