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Asia

Indian Equities End Higher on Friday as Banking Stocks Lift Sentiment

Indian benchmark indices closed higher on Friday, supported by gains in heavyweight banking stocks.The BSE Sensex rose 231.99 points, or 0.3%, to close at 75,415.35, while the NSE Nifty 50 gained 64.60 points, or also 0.3%, to settle at 23,719.30.Investor sentiment remained mixed as Brent crude oil prices climbed more than 2% to trade above $105 per barrel amid continued uncertainty over a potential U.S.-Iran agreement.Meanwhile, the Indian rupee extended its recovery against the U.S. dollar, strengthening to 95.7 after touching a record low of 96.96 earlier in the month. Market participants continued to track intervention measures by the Reserve Bank of India aimed at stabilizing the currency.In earnings news, Minda Corp. (NSE:MINDACORP, BOM:538962) surged nearly 8% after fiscal fourth-quarter consolidated profit rose sharply to 1.25 billion rupees from 520.3 million rupees a year earlier.Sun Pharmaceutical Industries (NSE:SUNPHARMA, BOM:524715) declined over 2% despite reporting a higher fiscal fourth-quarter consolidated net profit of 27.1 billion rupees, compared with 21.5 billion rupees a year ago.Suzlon Energy (NSE:SUZLON, BOM:532667) gained nearly 2% after receiving a repeat 195 MW order from Sunsure Energy for a project in Karnataka, the company said in an exchange filing on Friday.

^BSENifty 50BOM:524715BOM:532667BOM:538962NSE:MINDACORPNSE:SUNPHARMANSE:SUZLON
International

Market Chatter: RBI Not Keen on Interest Rate Hike to Help Weak Indian Rupee

The Reserve Bank of India is not in favor of raising the interest rates to take the weakening Indian rupee, according to a Reuters report on Friday, quoting sources.The central bank is reinforcing that inflation will guide its policy on interest rates, rather than currency. It could adopt other measures, including dollar deposit schemes for non-resident Indians and tax changes for debt investors, the report said."There doesn't seem to be an urgent need for the central bank to jump into rate hikes," said one of the sources cited in the ​report.India's rupee ​has fallen nearly 6% to a record low of nearly 96.96 rupees per dollar on Thursday, since the Iran war began late in February.The RBI's Monetary Policy Commission, which will next meet on June 5 to decide on the interest rates, held consultations with economists on Thursday, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indian Equities End Flat on Wednesday as Profit Booking Erases Early Gains

Indian benchmark indices closed largely unchanged on Thursday after surrendering most of their early advances, as profit booking at higher levels capped gains despite positive opening momentum.The BSE Sensex fell 135.03 points, or 0.2%, to close at 75,183.36, while the NSE Nifty 50 slipped 4.30 points, or 0.02%, to settle at 23,654.70.Markets opened sharply higher and extended gains in early trade, supported by heavyweight stocks. However, sentiment turned cautious through the session amid persistent foreign fund outflows and continued weakness in the Indian rupee.In economic data news, the HSBC Flash India Composite Output Index eased to 58.1 in May from 58.2 in April, reflecting a moderation in growth across manufacturing and services activity.In corporate developments, JSW Cement (NSE:JSWCEMENT, BOM:544480) surged nearly 6% after fiscal fourth-quarter consolidated profit climbed to 3.71 billion rupees from 342.2 million rupees a year earlier.Adani Ports and Special Economic Zone (NSE:ADANIPORTS, BOM:532921) gained over 1% after agreeing to acquire Jaypee Fertilizers & Industries for 15 billion rupees as part of the resolution process for Jaiprakash Associates (NSE:JPASSOCIAT, BOM:532532).

^BSENifty 50BOM:532532BOM:532921BOM:544480NSE:ADANIPORTSNSE:JPASSOCIATNSE:JSWCEMENT
India Private-Sector Extends Robust Expansion in May: PMI Report
US Markets

India Private-Sector Extends Robust Expansion in May: PMI Report

Despite Middle East turmoils, rising crude prices and tempered exports, India's private-sector sustained a robust expansion in May, in both its factory and service sectors, reported S&P Global on Thursday.India's flash composite purchasing managers index (PMI), a combination of the nation's manufacturing and service sectors, logged at 58.1 in May, off marginally from 58.2 in April, but still striking well above the 50-mark that separates growth from contraction, reported S&P Global, citing its monthly survey.Although some new business orders waned modestly, the May PMI results "signaled another marked expansion in private sector activity," said S&P Global. India's composite PMI has registered in positive territory since the end of the pandemic era, in 2022.India's flash manufacturing PMI declined to 54.3 in May from 54.7 in April, while the flash manufacturing PMI output index slipped to 56.6 from 56.9.While both manufacturing PMIs pointed to expansion, the May results were among the weakest sector reports in nearly four years, said S&P Global.In contrast, India's flash PMI for services posted at 58.9 in May, inching up from 58.8 in April and indicating a "pick up in growth" in that sector, added the business research outfit.India's private sector managers did report rising cost of operation in May, and felt unable at times to boost prices to compensate, due to competitive pressures."Survey participants reported higher (input) prices for energy, food, fuel, gas, iron, leather, oil, plastics, rubber, steel and transportation," said S&P Global. "Although Indian companies tried to cover increases in cost burdens by lifting selling prices, they did so with a greater degree of caution."India's sales in global markets were higher, but decelerating in May. "There was a notably softer expansion in new export ordersacross India's private sector economy in May, the weakest in19 months," said S&P Global.Despite challenges, "business confidence remained strongly positive in May, with the overall level of positive sentiment remaining above its long-run average despite retreating to a three-month low," added S&P Global.The flash India PMI was compiled by S&P Global from surveys received from 400 manufacturers and 400 service providers from May 8 through May 18.

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International

India's Private Sector Growth Slips in May

India's private sector growth lost its momentum slightly in May on weaker increases in total new orders, international sales, employment, and business activity.The HSBC Flash India Composite Output Index, which comprises indices for the manufacturing and service sectors, slipped to 58.1 in May from 58.2 in the preceding month, according to HSBC Flash PMI data released on Thursday.The seasonally adjusted index, which tracks month-on-month output across manufacturing and services, remained comfortably above the 50.0 threshold, indicating expansion."After retreating in April, input price inflation ticked higher, but firms limited the pass-through of additional cost burdens to clients by lifting output charges to a lesser extent," S&P said, adding that service providers outperformed manufacturers and experienced softer inflationary pressures.As per the data, the pace of expansion by manufacturers was the second-weakest in close to four years, weighed down by competitive pressures, challenging demand conditions, disruptions to travel, and the ongoing war in the Middle East.Cost pressures intensified, with input prices rising at the sharpest rate since July 2022.Growth in export orders saw the weakest growth in 19 months in May.The HSBC Flash India Manufacturing PMI was down to 54.3 in May from 54.7 in April, its second weakest improvement in the health of the sector in close to four years.The HSBC Flash India Services PMI Business Activity Index also rose marginally to 58.9 in May compared with 58.8 in April.

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Asia

Indian Equities Edge Higher on Wednesday Amid Oil, Currency Concerns

Indian benchmark indices closed modestly higher on Wednesday, although markets remained range-bound for a fourth consecutive session as elevated crude oil prices and currency weakness continued to limit investor appetite.The BSE Sensex gained 117.54 points, or 0.2%, to close at 75,318.39, while the NSE Nifty 50 rose 41.00 points, or also 0.2%, to settle at 23,659.00.Investor sentiment stayed cautious amid a lack of progress in U.S.-Iran negotiations, which kept concerns over global oil supply and energy prices in focus. The continued weakness in the Indian rupee also added to market uncertainty.In corporate developments, Tata Communications (NSE:TATACOMM, BOM:500483) surged 8% after appointing Ganesh Lakshminarayanan as managing director and chief executive officer, effective Wednesday.JSW Energy (NSE:JSWENERGY, BOM:533148) rose nearly 1% after reporting increase in fiscal fourth-quarter consolidated profit to 22.4 billion rupees from 19.5 billion rupees a year earlier. Revenue from operations increased to 189.0 billion rupees from 117.5 billion rupees.

^BSENifty 50BOM:500483BOM:533148NSE:JSWENERGYNSE:TATACOMM
International

Fitch Sees Manageable Risk in APAC Insurer Private Credit Exposure

Fitch Ratings says private credit exposure among major rated Asia-Pacific insurers remains broadly contained, with allocations still below 5% of total assets or around 10% of equity capital, including contractual service margin, in 2025.While positions have climbed over the past two to three years, Fitch said the shift has not materially altered overall portfolio risk profiles.The agency noted insurers are relying on tighter safeguards, including diversification across managers, borrowers, sectors and regions, alongside conservative sector choices and limits on leverage. Portfolios are mainly focused on senior secured and asset-backed loans, with regular checks on valuations, credit changes and recoveries due to the illiquid nature of the asset class.Fitch added that regulatory reforms and accounting changes, including risk-based capital frameworks and IFRS 17 and IFRS 9, have supported the allocation trend by improving capital efficiency.

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Asia

Market Chatter: India Poised to Send Oil Tankers to Secure Energy Supply Through Hormuz

India is said to be getting ready to send ships through the Strait of Hormuz to pick up energy suppliers in the Middle East, according to a Bloomberg report on Wednesday quoting sources.This will be the first time the Asian nation has done so since the start of the Iranian crisis, the report said.The sources said plans for the shipments are ready, and ships will begin trying to cross the strait as soon as the government approves. The volumes involved or the timing of the shipments were not disclosed.State-owned Shipping Corp. of India (NSE:SCI, BOM:523598) is prepared to return to the Persian Gulf after receiving approval from the Indian Navy and receiving business from oil refiners, the report said.The report further added that it was not clear if India had a go-ahead for the shipments from Iran or the U.S., which are separately blockading the strait and surrounding waters amid the war.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSENifty 50BOM:523598NSE:SCI
International

Market Chatter: Indian Airlines Seek Delay in Aviation Fuel Price Hike

Major Indian airlines have asked state-run oil refiners to halt jet fuel price increases for domestic flights until the Middle East conflict eases, Bloomberg News reported Wednesday, citing people familiar with the matter.The proposal was floated by domestic airlines, including Air India, IndiGo (NSE:INDIGO, BOM:539448), and SpiceJet (BOM:500285), the report said.They reportedly warned the government that raising fuel prices could lead to flight suspensions and broader business disruptions.State-owned refiners, including Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547) are currently considering the proposal, according to the report.India's Ministry of Petroleum and Natural Gas has joined the discussions and may intervene directly, as it did in Aprl and May, the report added.Aviation fuel in India is deregulated and is fixed by the country's main oil marketing companies, which revise the prices each month.However, in April, to lessen the impact of the surge in global oil prices, the Indian government capped the most recent jet fuel price hike to 25% and asked the oil companies to keep them constant in May, Bloomberg added.A decision on the airlines' proposal is expected before June 1, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSENifty 50BOM:500104BOM:500285BOM:500547BOM:530965BOM:539448NSE:BPCLNSE:HINDPETRONSE:INDIGONSE:IOC
International

Market Chatter: India Mulls $1 Billion Incentives to Boost Adoption of Electric Trucks, Buses Amid Soaring Fuel Prices

India is evaluating incentives worth over $1 billion to incentivize the adoption of electric buses and trucks by the private sector, Bloomberg News reported Wednesday, citing people familiar with the matter.The schemes targeted at the privately-owned commercial vehicle fleets will be rolled out over the next 10 years, with a large focus on inter-city bus operators, the report said.Industry stakeholders are expected to have meetings with the Prime Minister's Office this month to work on the proposals. The sources cited in the report said the final budget allocation, vehicles eligible for incentives, and subsidy structure are still being worked out.India imports nearly 90% of its crude oil needs, making it vulnerable to recent geopolitical tensions, Bloomberg said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indian Equities End Lower on Tuesday as Global Uncertainty Weigh on Sentiment

Indian benchmark indices closed in the negative territory on Tuesday as investors stayed cautious amid mixed global cues and renewed uncertainty around geopolitical tensions in the Middle East.The BSE Sensex fell 114.19 points, or 0.2%, to close at 75,200.85, while the NSE Nifty 50 declined 31.95 points, or 0.1%, to settle at 23,618.00.Market sentiment remained subdued as concerns over the U.S.-Iran conflict, elevated crude oil prices, and persistent weakness in the Indian rupee continued to pressure risk appetite.In earnings news, RITES (NSE:RITES, BOM:541556) slipped over 1% after reporting a marginal decline in fiscal fourth-quarter consolidated profit to 1.30 billion rupees from 1.33 billion rupees a year earlier.Eureka Forbes (NSE:EUREKAFORB, BOM:543482) also declined over 1% despite posting a higher quarterly profit of 510.3 million rupees compared to 495 million rupees last year.In other corporate developments, Bharat Forge (NSE:BHARATFORG, BOM:500493) ended lower by around 2% after its aerospace division signed an MoU with the Andhra Pradesh government to establish a marine gas turbine repair, overhaul, and development facility in Visakhapatnam.

^BSENifty 50BOM:500493BOM:541556BOM:543482NSE:BHARATFORGNSE:EUREKAFORBNSE:RITES
International

Market Chatter: India Mulls Raising Import Duty on Vegetable Oils

India is said to be looking at raising import duties on vegetable oils at the request of the domestic players, according to a Bloomberg report on Tuesday, citing sources.India is a major importer of vegetable oil, as it imports about 60% of its edible oil needs, the report said.The government is now evaluating whether higher taxes would help local farmers to get higher prices for their crops, said the sources cited in the report, adding that no decision on the matter has been taken yet.The discussion comes amid a series of measures being taken by the Indian government to restrict foreign exchange outflows to protect the weakening rupee and forex reserves.Prime Minister Narendra Modi recently requested citizens to restrict their purchase of imported goods such as vegetable oils, fertilizers, gold, and crude oil, to conserve foreign exchange.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Indian Equities End Marginally Higher on Monday as Tech Buying Pares Early Losses

Indian benchmark indices closed slightly higher on Monday after a late-session recovery led by strong gains in technology stocks.The BSE Sensex rose 77.05 points, or 0.1%, to close at 75,315.04, while the NSE Nifty 50 added 6.45 points, or 0.03%, to settle at 23,649.95.Market sentiment remained cautious as the Indian rupee weakened to another record low of 96.39 against the U.S. dollar. Elevated crude oil prices and continuing uncertainty surrounding the Middle East conflict also kept investors on edge.In corporate developments, JSW Energy (NSE:JSWENERGY, BOM:533148) gained nearly 3% after the company sold 25 million shares of JSW Steel (NSE:JSWSTEEL, BOM:500228) for 31.5 billion rupees through a bulk deal on the National Stock Exchange.Zydus Wellness (NSE:ZYDUSWELL, BOM:531335) fell over 1% after fiscal fourth-quarter consolidated net profit declined to 1.62 billion rupees from 1.72 billion rupees a year earlier. Earnings per share slipped to 5.09 rupees, while revenue from operations increased to 14.8 billion rupees from 9.13 billion rupees.

^BSENifty 50BOM:500228BOM:531335BOM:533148NSE:JSWENERGYNSE:JSWSTEELNSE:ZYDUSWELL
International

Asia Week Ahead: Central Bank Moves, Inflation Data, Trade Numbers and GDP Reports

For this week in Asia, the economic calendar features a busy slate of macro releases across the region.The week begins with a slew of closely watched indicators from China, including industrial production and unemployment data.On Tuesday, markets turn to Japan's first-quarter GDP estimates and Malaysia's April inflation print.Wednesday features policy decisions in Indonesia and China, along with trade data from Taiwan.Thursday brings Japan's latest trade figures and Australia's closely watched labor market report. On Friday, Japan returns to the spotlight with its April inflation print.Here's what to watch in the week ahead.MONDAY, May 18The week kicked off with a flurry of macro releases from China.Industrial production: A 4.1% year-over-year expansion was recorded in April, sharply slowing from the 5.7% growth in March and way below expectations of a 5.9% rise.Retail sales: Growth decelerated to 0.2% year on year in April, versus 1.7% a month prior.Unemployment: The rate eased to 5.2% in April from 5.4% a month earlier.Meanwhile, prices of new residential properties in China's first-tier cities grew 0.1% month on month in April, decelerating from the 0.2% expansion in March.Chinese investments in real estate development fell 13.7% year on year to 2.397 trillion yuan between January and April.Outside China, Thailand reported that its gross domestic product grew at a faster rate of 2.8% in the first quarter of 2026 from 2.5% in the last three months of 2025.In Singapore, April trade showed a 24.5% year on year rise in non-oil domestic exports, extending the 15.3% increase in the previous month.Elsewhere, New Zealand's services sector showed a modest improvement in April but remained in contraction, with persistent cost pressures and global shipping disruptions continuing to weigh on sentiment, according to BusinessNZ.The BusinessNZ Performance of Services Index rose to 48.9 in April from 46.2 in March. A reading below the 50-point mark points to contraction.TUESDAY, May 19Markets will turn their attention to Japan's preliminary first-quarter GDP.Economists at ING said they expect the economy to grow at a similar rate as the previous quarter's 0.3% on a seasonally adjusted basis. "The war's impact on GDP should be minimal in 1Q26," the bank said in a preview.Meanwhile, Malaysia will disclose its April inflation print, with Trading Economics expecting prices to rise at a faster pace than the 1.7% year over year growth seen in March. According to the data platform, Malaysia's CPI could rise at a rate of 2.7%.In Australia, the Reserve Bank of Australia's meeting minutes will add color to the central bank's recent decision to increase the official cash rate by 25 basis points to 4.35%.CommBank said the minutes may provide more details on the board's discussion and how members were assessing the impact of the conflict around Iran.A consumer confidence report, due for release the same day, will capture sentiment over the most recent RBA rate hike and the ongoing conflict in the Middle East.Lastly, Hong Kong will report April unemployment stats on the same day.WEDNESDAY, May 20Bank Indonesia will meet for its monetary policy meeting and could raise rates by 25 basis points to 5% amid a depreciation of the local currency and a shift in expectations for Federal Reserve rate cuts, which bodes unfavorably for the Indonesian rupiah, ING forecasted.China will similarly set its one-year and five-year loan prime rates, with markets expecting no change in the prevailing rates of 3% and 3.5%, respectively.Trade data from Taiwan and Malaysia will be due.Taiwan is once again expected to show a "strong reading" when it releases April export orders data, with growth topping 54% year on year, ING said in a preview.The island nation started the year "quite strongly" amid external demand for its main high-tech products, which is expected to continue, according to the note.Meanwhile, Malaysia's trade surplus is expected to narrow to 10.5 billion ringgit from 24.6 billion ringgit in the month prior, Trading Economics forecasted.The Reuters Tankan Index for May, a key gauge of Japanese business confidence, will be due the same day.THURSDAY, May 21Japan will release several economic indicators on Thursday, including April trade data and March machinery orders.The country is expected to report a trade deficit of 29.7 billion yen for the month, reversing from a surplus of 667 billion yen in March, according to a Trading Economics consensus.New Zealand will similarly report its April trade balance, with analysts forecasting a trade surplus of around NZ$840 million, according to a Trading Economics consensus.Neighboring Australia will report labor data for April. Westpac expects unemployment to remain at 4.3%.Elsewhere, Hong Kong will report April inflation data while Macau will disclose first-quarter retail sales stats. In South Korea, the April producer price inflation data will be due.On the activity front, S&P Global will release flash purchasing managers' index reports covering May manufacturing, services, and composite activity in India, Australia and Japan.FRIDAY, May 22Japan's April inflation print will capture headlines on Friday, giving markets a look into how the energy shock from the Middle East conflict is impacting the economy.Economists at ING said energy effects may have a limited impact on growth but a greater impact on inflation, which is expected to clock in at 1.8% year on year in April -- up from 1.5% in March."Higher energy costs are expected to increase overall inflation. The impact, though, will likely be still less significant than that observed in other Asian and developed countries," ING said in a note.Inflation data will also be due in Macau.Meanwhile, Taiwan could see a marginal drop in its unemployment when it releases April labor stats. According to Trading Economics, Taiwan's jobless rate could go down to 3.3% from 3.35%.New Zealand is expected to see a "muted" rise in real retail sales when reporting its Q1 data, Westpac said in a preview. The bank expects a rise of 0.2% for the first three months of the year, versus the 0.9% growth recorded in the previous quarter. "The latter part of March saw fuel prices rising sharply, and that has been a drag on spending," Westpac said.Lastly, South Korea will release a report capturing consumer confidence for May. ING said it expects consumer sentiment to deteriorate further amid inflation hikes and energy headwinds.

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Asia

India Tightens Silver Import Rules to Ease Pressure on Forex Reserves

India on Saturday tightened restrictions on imports of most silver products as the government seeks to curb its import bill and support the weakening rupee.Under a May 16 notification issued by the Directorate General of Foreign Trade, several silver product categories were shifted from the "free" to the "restricted" import category.Imports of silver bars containing 99.9% or more silver by weight, along with other categories of silver bars, will be subject to regulations set by the Reserve Bank of India.The Indian government has been urging citizens to cut down on the purchase of precious metals such as gold and silver, which are mainly imported into the country. This is aimed at easing the pressure on foreign exchange reserves amid surging oil prices due to the Middle East crisis.

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International

India Raises Export Duty on Petrol; Cuts Duties on Diesel, Aviation Fuel

India raised its export duty on petrol and reduced the duties on diesel and aviation ​fuel, according to an official government notification on Friday.The Government of India implemented a Special Additional Excise Duty of 3 Indian rupees per liter on the export of petrol, following the recent increase in retail fuel prices.The duty on diesel has been cut to 16.5 rupees per ⁠liter, while export duties on aviation fuel have been cut to 16 rupees per liter.Despite these changes for exported fuels, the excise duty rates for petrol and diesel meant for domestic consumption remain unchanged.Recently, Indian oil marketing companies raised petrol and diesel prices for the first time in four years by about 3 Indian rupees per liter, amid the ongoing geopolitical crisis in the Middle East and volatility in the global crude oil markets.

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Asia

Indian Equities End Lower on Wednesday as Profit Booking, Weak Rupee Weigh on Sentiment

Indian benchmark indices closed lower on Friday, ending a two-day winning streak, as profit booking intensified amid weak global cues, higher crude oil prices, and continued pressure on the rupee.The BSE Sensex fell 160.73 points, or 0.2%, to close at 75,237.99, while the NSE Nifty 50 declined 46.10 points, or 0.2%, to settle at 23,643.50.Market sentiment stayed subdued as investors tracked a sharp rise in crude oil prices and the rupee's slide to a fresh record low of over 96 rupees against the U.S. dollar. Persistent foreign outflows added to pressure on the domestic currency.In corporate developments, Indobell Insulations (BOM:544334) secured a 13.9 million rupee domestic contract from Bharat Heavy Electricals (NSE:BHEL, BOM:500103) for thermal insulation work, scheduled for completion by July 2027.Lupin (NSE:LUPIN, BOM:500257) announced the launch of Atharv Ability in New Delhi, a neuro-rehabilitation center focused on multidisciplinary treatment for neurological disorders, as per a stock exchange filing.Separately, Indian billionaire Gautam Adani and Sagar Adani reached a settlement with the U.S. Securities and Exchange Commission in a civil case, agreeing to pay civil penalties of $6 million and $12 million, respectively, without admitting or denying the allegations.

^BSENifty 50BOM:500103BOM:500257BOM:544334NSE:BHELNSE:LUPIN
International

Fitch Sees Uneven Impact on APAC Finance Firms, Developed Markets More Resilient

Fitch Ratings said non-bank financial institutions in Asia-Pacific face uneven but broadly manageable risks from an energy shock linked to the US-Iran war, with developed markets expected to show greater resilience than emerging peers.The agency noted that higher fuel prices, imported inflation, softer demand and tighter funding conditions would weigh on finance and leasing companies, particularly in emerging markets. It added that currency weakness could further raise inflation and constrain monetary easing.Fitch warned that Vietnam and Thailand are more vulnerable due to faster fuel price transmission, riskier unsecured lending in Vietnam, and Thailand's already weak economic backdrop. India and Indonesia may also see higher funding costs as currency depreciation and inflation expectations push up interest rates, Fitch said.In contrast, China's leasing and asset management firms are expected to remain relatively stable, supported by controlled risk appetite and policy backing, despite property sector weakness.Developed Asia finance companies are seen as more resilient due to deeper funding markets and AI-related growth support, although SME exposure remains a key risk in some markets such as Taiwan, the agency said.

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International

Market Chatter: Indian Fuel Retailers Raise Petrol, Diesel Prices Amid Global Volatility

Amid the ongoing geopolitical crisis in the Middle East and volatility in the global crude oil markets, Indian oil marketing companies have raised petrol and diesel prices for the first time in four years by about 3 Indian rupees per litre, according to a Reuters report on Friday quoting fuel retailers.Fuel prices in India are market-linked, allowing retailers to adjust prices as needed without government intervention.State-run Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) and Bharat Petroleum Corporation (NSE:HINDPETRO, BOM:500104), together control overe 90% of the country's over 103,000 fuel stations.They usually fix the rates of diesel and petrol in line with each other, and have not raised gasoline and diesel prices since April 2022.Public sector refiners have been losing nearly 10 billion rupees per day on fuel sales as retail prices failed to keep pace with rising import costs over recent months, Bloomberg News reported separately on the same day, citing industry estimates.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSENifty 50BOM:500104BOM:500547BOM:530965NSE:BPCLNSE:HINDPETRONSE:IOC
Asia

Indian Equities Rebound on Thursday as Pharma, Metal Stocks Drive Rally

Indian benchmark indices closed sharply higher on Thursday, led by strong buying in pharma and metal shares, while a recovery in financial stocks further supported sentiment.The BSE Sensex rose 789.74 points, or 1.1%, to close at 75,398.72, while the NSE Nifty 50 gained 277.00 points, or 1.2%, to settle at 23,689.60.Markets recovered after recent losses as investors reacted positively to encouraging signals from the Trump-Xi summit, which raised hopes of stronger economic cooperation. However, sentiment remained cautious as tensions in West Asia persisted.In macroeconomic news, India's wholesale price inflation accelerated to 8.3% in April from 3.88% in March, driven by higher prices of fuel, metals, and manufactured products, according to government data released on Thursday.In corporate developments, Hindustan Aeronautics (NSE:HAL, BOM:541154) booked an increase in consolidated profit in fiscal Q4 to 42.0 billion rupees from 39.8 billion rupees a year earlier, according to a Thursday filing. Revenue from operations increased to 139.4 billion rupees from 137.0 billion rupees.Meanwhile, HFCL (NSE:HFCL, BOM:500183) received board approval to set up a defense manufacturing facility in Andhra Pradesh, India, with an initial investment of 2.30 billion rupees.

^BSENifty 50BOM:500183BOM:541154NSE:HALNSE:HFCL

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