July 03, 2026

 

TOP NEWS

 

Ujjivan Small Finance Bank | The bank said its total deposits rose 25.1% year-on-year to ₹48,307 crore from ₹38,619 crore in the June quarter of the financial year 2026-27, supported by a 37.8% increase in current account and savings account (CASA) deposits to ₹12,930 crore. Total deposits grow 25.1% to Rs 48,307 crore Vs Rs 38,619 crore CASA deposits increase 37.8% to Rs 12,930 crore Vs Rs 9,381 crore. Gross loan book surges 28.9% to Rs 42,903 crore Vs Rs 33,287 crore. Gross NPA falls to 2.17% Vs 2.52%. Disbursements soar 41.5% to Rs 9,252 crore Vs Rs 6,539 crore.

 

Bank of India's Q1 FY27 provisional business update indicates a global business of ₹17.56 lakh crore, reflecting a 16.58% year-on-year (YoY) growth. Key metrics as of June 30, 2026, include Global Deposits: Grew by 14.92% YoY to ₹9.58 lakh crore. Domestic deposits stood at ₹8.25 lakh crore, up 16.17% YoY. Global Advances: Increased by 18.64% YoY to ₹7.97 lakh crore. Domestic gross advances rose 19.12% YoY to ₹6.73 lakh crore

 

Hindustan Zinc: In the first quarter, a company within the Vedanta group, experienced a marginal increase in mined metal production by 1%. Conversely, refined lead production fell by 2%. In comparison to the previous year, the company's refined metal production increased by 4% to 2,60,000 tonne during the April-June period. The firm reported that it had achieved the "best-ever first-quarter mined metal production" of 2,68,000 tonne in a filing to BSE, primarily due to improved grades. The company's refined zinc production increased to 2,13,000 tones, while refined lead production decreased by 2% to 47,000 tones. The company's refined metal production remained consistent throughout the quarter, as a result of the debottlenecking at Chanderiya and Dariba, as well as the commissioning of the 160 ktpa roaster at Debari which released capacity.

 

Marico: As per the business update, consolidated revenues have been growing early twenties with international business posts mid-teens constant currency growth. Parachute coconut oil records double-digit volume growth, the highest in several quarters. Expects strong operating profit growth driven by softening in copra prices. Copra prices are currently 45% from peak levels, gross margin to improve sequentially.

 

HCL Technologies Limited: The company announced the signing of a strategic partnership with a Europe-headquartered Fortune Global 50 company to establish an AI-driven operating model for transforming and managing the client's Global Digital Workplace and Enterprise Networks. The agreement will run from July 2026 to December 2031, with an option to extend for an additional five years. The contract is valued at approximately USD 1.14 billion during the initial term and represents entirely new business for HCLTech.

 

Titagarh Rail systems: entered into a Strategic Collaboration Agreement with TuTr Hyperloop Private Limited, a technology company specializing in Hyperloop propulsion and advanced mobility technologies. The collaboration aims to develop first-of-its-kind Hyperloop technology-enabled freight transportation solutions from India.

 

Adani Enterprises: Adani Enterprises and International Resources Holding (IRH), an IHC Group company through 2PointZero, will form a 50:50 joint venture to develop an $11.5 billion integrated greenfield aluminum project in Odisha. The project comprises a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminum smelter, and a 1 MMTPA downstream manufacturing park. The greenfield project will be developed in two phases, with investments of Rs 66,000 crore and Rs 44,000 crore, respectively. Additionally, the company opened its QIP issue on July 2 with a floor price of Rs 3,034.68 per share.

 

 

MACRO WRAP

  • China’s private sector services PMI fell to 54.1 in June, down 0.3 percentage point from May and remaining in expansion for a 42nd month. New export orders accelerated sharply, the fastest gain so far this year.. Input-cost inflation eased and selling prices returned to expansion after two months of slight contraction. Employment rose for a second month, with hiring intentions strengthening. Overall, June shows a modest cooling from May’s peak, but underlying activity remains solid. Vietnam June exports YoY +28.1% vs +18.0% prior, Vietnam imports rose 45.2% YoY in June, up from 33.8% previously. Positive for metal mining and industrial sector.
  • The latest non-farm payrolls print was around half the consensus expectation. The figures challenged the narrative that the Fed remains on track to hike the fed funds rate in the second half of this year. The front end of the US Treasury curve shifted lower by about 4bp, and the market is now pricing in around one fed funds rate hike before the end of the year, down from one and a half previously, the DXY lost 0.5%, its worst daily result since the end of April, dipping to 100.87. The Japanese yen appreciated almost 1% to 161.08.
  • In the commodity space, oil prices held broadly steady following declines over the prior couple of days. The levels of $68.7 for the WTI August contract and $71.6 for the, . Reports suggested that crude exports from Saudi Arabia are picking up quickly and may already be around 90% of pre-conflict levels.
  • US nonfarm payrolls disappointed expectations in June, with only 57k jobs created in the month and April-May payrolls revised down by a combined 74k. The three-month average is now 111k, down from a revised 164k in May. Gains in professional and business services, social assistance, and health care were offset by a 61K drop in leisure and hospitality, while other sectors were flat. April–May payrolls were revised down by 74K. Unemployment rate fell to 4.2% in June 2026 from 4.3%, largely because the labour force shrank. Average hourly earnings growth remains benign for policy at 0.3%mth, 3.5%y. Positive for Gold.
  • US jobless claims dipped by 1,000 in the last full week of June to below the 220,000 forecasts, a five‑week low, while continuing claims rose by 2,000 to 1,814,000, a three‑month high but still low by historical standards. Federal employee claims inched up to 44.
  • US factory orders fell 1.3% in May 2026 after a 5.3% April surge, less than the expected 1.8% drop. A 4.5% decline in durable goods, driven by a 14% fall in transportation equipment and a 51.8% plunge in nondefense aircraft orders, led the decrease. Ex‑transportation, orders rose 1.9%, with gains in fabricated metals, machinery, and computers/electronics, while nondurable goods orders rose 2.2%.
  • Australia’s services PMI was revised up to 50.5 in June 2026 from 49.9 and 48.7 in May, signalling marginal expansion.

The Dow Jones Industrial Average climbed 1.1% to a record high of 52,900, while S&P 500 closed virtually flat at 7,483 as a semiconductor rout offset broad market gains. Nasdaq 100 fell 1.6%, dragged by the Philadelphia Semiconductor Index, which shed 5.4%. Tesla was the standout decliner, closing down 7.5% in its worst session in nearly a year. Apple surged 4.8%, while Meta fell 4.5% and Nvidia slipped 2.3%. Genuine Parts rose 12.9%, the largest single-stock gain in the S&P 500. US markets are closed Friday for the Independence Day holiday.

OTHER NEWS

 

Tata Steel's management projected €400-500 million EBITDA from its Netherlands businesses in FY27 and €800 million-€1 billion in the future, announced in its AGM. Since its takeover, the Dutch business has been self-funded and paid out €1 billion in dividends, management said. The corporation has emphasised profitability despite stricter environmental rules in the region.

 

HCL Technologies Limited: The company announced the signing of a strategic partnership with a Europe-headquartered Fortune Global 50 company to establish an AI-driven operating model for transforming and managing the client's Global Digital Workplace and Enterprise Networks. The agreement will run from July 2026 to December 2031, with an option to extend for an additional five years. The contract is valued at approximately USD 1.14 billion during the initial term and represents entirely new business for HCLTech.