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Bloomberg Quint
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Oil Prices Hold Advance As US Trade Deal With Vietnam Lifts Sentiment
- Oil prices stabilized after a significant gain, following US President Donald Trump's announcement of a trade agreement with Vietnam, raising hopes for additional deals before the July 9 deadline.
- Brent hovered near $69 per barrel after a 3% surge, while West Texas Intermediate stood above $67. This recent deal with Vietnam marks the third trade agreement, alongside those with the UK and China, as countries rush to secure agreements with the US.
- Market focus has shifted back to trade discussions and tariffs impacting oil demand, as well as the upcoming OPEC+ meeting expected to result in increased supply quotas. US crude stockpiles saw their first weekly rise since May, while inventories in Cushing, Oklahoma, fell to their lowest seasonal level since 2014.
- Notable market indicators, such as a prevailing heat wave in the US and the driving season, point to demand strength. Brent's prompt spread was at $1.20 a barrel in backwardation, reflecting improved market conditions despite recent geopolitical tensions.
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Bloomberg Quint
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JM Financial: Here's Why This Analyst Projects Rs 1,000-Crore Profit In FY26
- JM Financial Ltd. is projected to achieve a net profit of Rs 1,000 crore in FY26, driven by a shift to less cyclical business sectors.
- The company is moving away from its traditional wholesale lending operations and focusing on more stable growth areas like wealth management, asset management, and affordable housing finance.
- Analyst Digant Haria anticipates write-backs and reduced credit losses, aided by the company's exit from certain lending portfolios. This strategic shift is expected to boost profitability.
- JM Financial is returning to its core strength in deal-making while adjusting its lending strategy to shorter-duration loans, emphasizing fee income over interest income.
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Bloomberg Quint
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Stock Market Today: All You Need To Know Going Into Trade On July 3
- GIFT Nifty trades higher, indicating positive start for NSE benchmark later in the morning.
- US stock futures steady after S&P 500, Nasdaq hit record highs boosted by trade deal.
- Indian markets closed lower, with Nifty ending 88 points down, FPIs net sellers.
- Global market updates, oil prices firm on US-Vietnam deal, metal prices boosted.
- Stocks in news: Nykaa stake sale, financial reports, management changes, M&As, and more.
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Pymnts
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Tailor Raises $22 Million for Headless ERP Platform for Retailers
- Tailor raised $22 million in a Series A funding round to support its headless ERP platform for retail businesses.
- The funding will aid Tailor in U.S. expansion, product development, partnerships, and customer success in Japan, empowering companies to customize workflows and integrate with SaaS tools.
- Tailor's headless ERP system separates the data and logic layer from the user interface, allowing for customizable workflows, integration with SaaS tools, and programmatic access to business logic and operational data.
- Businesses are transitioning to cloud-based ERP systems for cost-efficiency, real-time data access, scalability, and accessibility, driven by reduced integration costs and technical complexity, particularly benefiting small and medium-sized enterprises.
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Medium
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Introduction to Venture Capital- 2
- Venture capitalists seek investments with asymmetric upside, employing a power law portfolio strategy.
- Time constraints lead VCs to drive liquidity, aiming for successful fund returns.
- Financial incentives for VCs include management fees, carried interest, and capital contributions.
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Bloomberg Quint
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TikTok Cuts More Workers From US E-Commerce Division
- TikTok is laying off more workers from its US e-commerce division, TikTok Shop, marking the third round of layoffs for the team since April.
- The adjustments are part of efforts to ensure long-term success as the division fell short of internal sales targets over the past year, with the latest changes including job cuts and replacing US-hired staff with managers connected to China.
- Despite the changes, TikTok Shop has been a fast-growing business for the social media app, expanding to new countries in Europe last year.
- TikTok's future in the US remains uncertain due to national security concerns, with ByteDance facing pressure to divest TikTok to avoid a ban, which has led to ongoing discussions and deadlines for the potential sale of the app.
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Bloomberg Quint
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Hope US Can Complete Major Pending Defence Sales To India: US Defence Secretary
- US expresses hope to complete major pending defence sales to India.
- US and India acknowledge security concerns in Indo-Pacific region, aim to counter threats together.
- Discussion on strengthening defence partnership, increasing shared industrial cooperation, and signing new 10-year Framework.
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Bloomberg Quint
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NMDC Iron Ore Output Jumps 31%, Sales 14% In April-June Quarter
- NMDC reported a 31% increase in iron ore production to 11.99 million tonnes in the April-June quarter of 2025-26.
- Sales also rose by 14% to 11.51 million tonnes in the same quarter compared to the previous year.
- In June, NMDC achieved a 5% growth in iron ore production with 3.57 million tonnes and record sales of 3.58 million tonnes.
- NMDC Chairman and Managing Director expressed confidence in achieving annual targets and leading India’s mining and steel sector with resilience and innovation.
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Bloomberg Quint
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HDB Financial Services: HDFC Bank Offloads Stake Worth Rs 9,814 Crore Via OFS In Maiden Offer
- HDFC Bank offloaded 13.5 crore shares in HDB Financial's IPO, raising Rs 9,814 crore through the offer-for-sale route.
- This divestment reduced HDFC Bank's stake in HDB Financial to 74%.
- HDB Financial Services made a strong debut on the market, listing at Rs 835, a premium of nearly 13% over its IPO price.
- The IPO, which was subscribed close to 17 times, is one of the most successful by a non-banking financial company; HDB's offering is now India's fifth-largest IPO ever.
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Bloomberg Quint
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RBI Directs Banks, Other Lenders Not To Levy Pre-Payment Charges On Business Loans To Individuals, MSEs
- The RBI has directed banks and lenders not to levy pre-payment charges on floating-rate loans taken by individuals and micro and small enterprises (MSEs) for business purposes, starting from Jan. 1, 2026.
- This directive aims to ensure easy and affordable financing for MSEs and individuals. The RBI observed varied practices among regulated entities regarding pre-payment charges on MSE loans, leading to customer grievances.
- The Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025 specify that pre-payment charges cannot be imposed on business loans for individuals and MSEs. Different categories of banks and institutions have specific guidelines on pre-payment charges.
- The rules apply regardless of the source of funds used for pre-payment, without any minimum lock-in period. Norms regarding pre-payment charges will be clearly disclosed in the sanction letter and loan agreement.
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Bloomberg Quint
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Armani’s Annual Revenue Hit By Slowdown In Luxury Industry
- Armani Group reported a 5% drop in sales in 2024, with net consolidated revenue of €2.3 billion ($2.7 billion) due to macro-economic uncertainty and slowing demand in China.
- Cash holdings slumped by about 40% to €570 million as Armani renovated flagship stores.
- Asia Pacific revenue fell to 19%, reflecting the China slowdown, while Europe accounted for almost half of Armani's revenue and the US represented about 22%.
- Giorgio Armani expressed confidence that market difficulties and international tensions will ease. The company made record investments of €332 million in 2024, including renovations in key locations like New York and Milan.
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TechCrunch
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Terra CO2 cements $124M Series B to slash concrete’s carbon footprint
- Terra CO2, based in Golden, Colorado, secured a $124.5 million Series B funding to develop and market its low-carbon cement alternative.
- The startup aims to address the environmental impact of traditional cement production, which contributes to about 8% of all carbon pollution.
- Terra CO2 creates a supplementary cementitious material (SCM) by melting silicate-containing rocks into glassy powders, offering an eco-friendly alternative to Portland cement.
- The funding will be used to construct a large facility near Dallas capable of producing 240,000 tons of SCM annually; investors in the Series B round include Bill Gates' Breakthrough Energy Ventures and Al Gore's Just Climate.
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Bloomberg Quint
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Infosys Employee Arrested In Bengaluru For Filming Colleague In Women's Washroom
- A 30-year-old Infosys employee was arrested for filming a female colleague in the women's washroom at the company's Electronic City campus.
- The accused, identified as Swapnil Nagesh Mali, was caught by HR personnel and handed over to the police.
- The incident occurred when the woman noticed Mali filming her in an adjacent cubicle while using the washroom.
- The accused was arrested, and a case was registered under relevant sections of the Information Technology Act and Section 77 (Voyeurism) of the Bharatiya Nyaya Sanhita.
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Bloomberg Quint
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Life Insurers To Spend Rs 450 Crore On Three Year Awareness Campaign To Boost Penetration
- Life insurance companies plan to spend Rs 450 crore on a three-year multimedia awareness campaign to boost penetration.
- The campaign, themed 'Sabse Pehle Life Insurance', aims to address the decline in insurance penetration over the past few years.
- Only about 36 crore out of 140 crore people in India currently have insurance cover, showing a significant gap in coverage.
- The campaign initially focuses on term, child, and savings plans to educate the public about the importance of insurance.
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Bloomberg Quint
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Mahanagar Gas Starts Facility Where Customers Can Text Their Meter Readings And Generate Bills
- Mahanagar Gas has introduced a new facility where domestic customers can send their meter readings via WhatsApp for bill generation.
- Customers can now send a photo of their PNG meter displaying the reading and meter number to MGL's official WhatsApp account to ensure accurate and timely billing.
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