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GoM On GST Revenue Analysis Discuss Tax Leakages, Plan Crackdown On Rs 2 Lakh Crore ITC Frauds

The Group of Ministers (GoM) on GST revenue analysis discussed sector-specific tax leakages and measures to curb over Rs 2 lakh crore input tax credit frauds.
The GoM identified Input Tax Credit fraud as a major issue under goods and services tax and suggested various measures to prevent it.
State-wise revenue trends and actionable strategies for improved GST collection were reviewed during the meeting chaired by Goa Chief Minister Pramod Sawant.
The GoM will submit its report to the GST Council after further meetings, focusing on enhancing revenue, preventing frauds, and improving coordination between central and state tax administrations.

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Bloomberg Quint

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ReNew Global Promoters, Masdar Hike Offer Price For Public Shares; Valuation Hits $3.2 Billion

ReNew Global Energy and Masdar have increased the offer price for ReNew's public shares to USD 8 per share, raising the company's valuation to $3.2 billion.
The revised offer is backed by a consortium of investors including Masdar, CPP Investments, ADIA, and ReNew's founder and CEO.
The Special Committee of ReNew, led by Manoj Singh, is evaluating the offer in consultation with financial and legal advisors.
The offer represents a premium of 26.2% over the share price on December 10, 2024, with discussions ongoing and a final decision pending.

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Bloomberg Quint

337

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Jane Street Trades Head For Long-Drawn SEBI Investigation

The Securities and Exchange Board of India (SEBI) has initiated a lengthy investigation into the trades of Jane Street, focusing on instances of index manipulation.
SEBI's interim order examined 18 major instances of Bank Nifty index manipulation and three instances involving the Nifty index on expiry days.
The investigation's complete duration is uncertain due to the vast amount of trade data to be analyzed, with expectations that it could extend until the end of the calendar year.
SEBI will issue a show-cause notice to Jane Street after analyzing the data, allowing the US hedge fund to present its perspective before a confirmatory order is given.

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Bloomberg Quint

380

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Senco Gold Q1 Update: Revenue Rises 28%

Senco Gold Ltd. reports a 28% growth in total revenue in the first quarter, with a 35% increase in diamond jewellery sales.
Despite rising gold prices, the company experienced a 24% rise in retail growth, attributed to strong demand during Akshaya Tritiya and regional festivals.
The company launched nine new showrooms in West Bengal, Uttar Pradesh, and Maharashtra, and plans to focus on inventory optimization and accelerating sales of diamond and lightweight jewellery lines in the upcoming quarter.
With no major festivals or wedding demand expected in the second quarter, the company anticipates weakened demand, but is preparing for potential demand linked to price volatility in gold and upcoming festivals like Raksha Bandhan and Onam.

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Bloomberg Quint

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FPIs Stay Net Sellers For Fifth Day

Foreign portfolio investors (FPIs) remained net sellers of Indian equities for the fifth consecutive day, offloading shares worth Rs 760.1 crore.
In contrast, domestic institutional investors also turned net sellers and sold equities worth Rs 1,028.8 crore, following two sessions of buying.
In July, FPIs have sold shares worth Rs 1,421 crore, contributing to the total of Rs 79,322 crore net sold equities in 2025 so far.
Benchmark indices witnessed a rise on Friday but posted a weekly decline, with the Nifty 50 and Sensex ending the week over 0.75% lower.

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Bloomberg Quint

428

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Trade Deals Not Bound By Deadlines, Says Piyush Goyal Amid India-US BTA Talks

Union Commerce Minister Piyush Goyal stated that trade agreements are 'not bound by deadlines' during India-US talks for a bilateral trade pact.
Goyal emphasized that trade deals should be a 'win-win' scenario, prioritizing India's national interests over imposed deadlines.
Indian negotiators have returned from the US, with ongoing talks focusing on sectors like leathers, toys, and footwear for preference in the trade agreement.
The interim deal is expected to cover goods only, with substance taking precedence over speed, and exemptions for sectoral tariffs like steel and auto components are unlikely in the initial arrangement.

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Bloomberg Quint

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SEBI's Rs 4,844-Crore Order Against Jane Street Might Have A Rs 15,000-Crore G-Sec Guarantee

SEBI has ordered Jane Street Group to impound Rs 4,843.57 crore in alleged unlawful gains from trading in Indian index options.
Jane Street Group's margin deposits of Rs 15,000 crore in G-Secs could be used to recover the illegal gains if necessary.
The order restricts Jane Street entities in India from trading or participating in any market-related activity, with funds to be deposited in an escrow account under SEBI's control.
Jane Street disputes the findings of SEBI's interim order and plans to engage further with the regulator.

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Bloomberg Quint

476

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Tata Steel Gets Rs 1,903-Crore Demand For Mineral-Dispatch 'Shortfall'

Tata Steel has received a demand letter of Rs 1,903 crore for a shortfall in supply of minerals from the Sukinda Chromite block.
The demand is based on the revised assessment of the shortfall, indicating violations of rules and appropriation of performance security.
Tata Steel's management refutes the allegations and plans to pursue legal remedies against the State's demands.
In a separate incident, Tata Steel was issued a notice regarding irregular availing of input tax credit worth Rs 890.5 crore.

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SiliconCanals

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Leiden-based Currentt secures €1.7M for the nationwide rollout of its cyber-secure and energy management system

Leiden-based Currentt secures €1.7M in funding for the nationwide rollout of its energy management system, the Currentt Navigator, aimed at addressing grid congestion, phase-out of net metering, and cyber risks in the energy sector.
The investment from a group of investors and entrepreneurs with expertise across the energy value chain supports Currentt's goal of enabling businesses and households to manage energy locally and securely.
Currentt, founded in 2024, aims to solve the Dutch electricity grid congestion problem, affecting businesses and consumers, by maximizing local use of sustainable electricity through the Currentt Navigator system.
The Currentt Navigator coordinates energy generation, consumption, and storage by controlling devices, providing local control, cost reduction, cybersecurity, and stability while supporting the transition to sustainable energy.

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Bloomberg Quint

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Stock Market Highlights: Nifty, Sensex Log Nearly 1% Weekly Decline; Realty Top Dragger

The NSE Nifty 50 and BSE Sensex closed higher on Friday but logged nearly a 1% weekly decline overall.
Notably, the Nifty Realty sector was the worst-performing sector with a drop of over 2% for the week.
Nifty Pharma and PSU Bank indices posted gains, while Nifty Midcap 150 and Smallcap 250 indices recorded consecutive gains.
Top gainers in the Nifty included Bajaj Finance Ltd., Infosys Ltd., and Dr. Reddy's Laboratories Ltd., while Trent Ltd., Tata Steel Ltd., Eicher Motors Ltd., and Tech Mahindra Ltd. were among the biggest losers.

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Bloomberg Quint

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IDBI Bank Q1 Updates: Net Advances Jump 9%, Deposits Up 7%

IDBI Bank reported an 8% year-on-year growth in total business for Q1 FY2026, reaching Rs 5.08 lakh crore.
Total deposits rose by 7% to Rs 2.96 lakh crore, while net advances increased by 9% to Rs 2.12 lakh crore.
Current account-savings account deposits at IDBI Bank fell 2% to Rs 1.33 lakh crore.
The government is finalizing its disinvestment in IDBI Bank, aiming to conclude the stake sale by March 2026, with financial bids likely to be invited in September.

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Bloomberg Quint

221

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Hazoor Multi Projects Bags Rs 913-Crore Solar Power Project Contract From Apollo Green

Hazoor Multi Projects has secured a Rs 913 crore contract from Apollo Green Energy Ltd. for a solar power project to be located in Gujarat State Electricity Corp.'s Renewable Energy Solar Park in Khavda.
The project entails Hazoor Multi Projects to handle the engineering, procurement, and construction of a 200 MW grid-connected solar PV power project with a deadline for execution set at March 2026.
Additionally, Hazoor Multi Projects will oversee the design, engineering, supply, construction, erection, testing, and commissioning aspects of the solar power project.
While shares of Hazoor Multi Projects closed 1.28% higher on the NSE, the stock has experienced declines over the past year, falling 16.05% in the last 12 months and 23.39% on a year-to-date basis.

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Bloomberg Quint

160

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17 Apple Devices (And A Wildcard) Likely To Arrive In 2025: iPhone 17, M5 Macs, iPads, Watch Ultra 3, More

Apple is expected to launch over 15 new devices in 2025, including the iPhone 17 series, M5 Macs, iPads, Watch Ultra 3, and more.
The iPhone 17 lineup is anticipated to offer various models with upgraded features like larger displays, advanced cameras, faster charging, and improved processors.
Other expected launches include the M5 MacBook Pro, M5 iPad Pro, Mac Pro with M3 Ultra chipset, Watch Ultra 3 with new features, AirPods Pro 3, Apple TV 4K, and many more devices.
Apple may introduce a wildcard device, the Pro Display XDR 2, alongside other updates such as the Studio Display 2 and AirTag 2 with enhanced functionalities.

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Bloomberg Quint

142

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Bank of India Q1 Updates: Domestic Advances Up 11% To Rs 5.64 Lakh Crore

Bank of India's domestic advances increased by 11% to Rs 5.64 lakh crore in the first quarter of the current financial year.
BOI's global business grew by 10% to Rs 15 lakh crore, with a 12% rise in global gross advances to Rs 6.7 lakh crore.
The bank's total domestic deposits grew by 9.6% year-on-year to Rs 7.1 lakh crore.
Bank of India's board approved the issuance of long-term infrastructure bonds to raise funds up to Rs 20,000 crore, and the bank recently lowered its repo rate by 50 basis points.

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Bloomberg Quint

393

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Mid-Range Smartphone Moto G96 5G Launching July 9 — Check Specs, Camera, Battery, Colours, Price In India

Motorola is set to unveil the mid-range smartphone Moto G96 5G on July 9 with confirmed specifications including a Qualcomm Snapdragon 7s Gen 2 processor and Android 15 OS.
The Moto G96 5G will feature a dual rear camera setup with a 50MP main camera, 8MP ultrawide, and a 32MP selfie shooter, along with Moto AI enhancements.
The phone will have a 6.67-inch pOLED display with a refresh rate of up to 144Hz, 5500mAh battery with 33W fast charging, IP68 rating, and Corning Glass 5 protection.
The Moto G96 5G will come in four Pantone-certified colors and is expected to start at around Rs 22,000 in India.

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