India-US Trade Talks Stall: Tariff Deadline Looms

• The Indian stock market extended its winning streak for a third consecutive session on Thursday, June 26, with the benchmark indices reflecting strong investor confidence. The ongoing stability of the Middle East ceasefire eased concerns around potential supply chain disruptions, supporting the positive sentiment.

• While Foreign Institutional Investors (FIIs) trimmed their exposure amid a narrowing yield gap between US and Indian 10-year bonds, Domestic Institutional Investors (DIIs) emerged as net buyers, buoyed by improved liquidity and a pickup in domestic consumption.

• Broader market gains were led by key sectors such as banking and auto, as easing inflation worries further lifted sentiment.

• On the global front, India is expected to seek an extension of the exemption window from Trump’s reciprocal tariffs, set to take effect from July 9. Reports suggest New Delhi and Washington are negotiating a mini trade deal as part of a scaled-down Bilateral Trade Agreement, likely to be concluded by September.

HDFC Bank +1.89%

• Shares gained 2 percent, contributing to a new all-time high for the Bank Nifty. Analysts attributed the rally to the Reserve Bank of India's decision to ease project finance norms, making lending more accessible for infrastructure and industrial projects.

• Unlike the draft guidelines that suggested provisioning of up to 5 percent during the construction phase, the final regulations are notably more relaxed, offering relief to lenders.

Timex Group India (5.00%)

• Shares of Timex Group India hit the 5% lower circuit after its promoter, Timex Group Luxury Watches BV, announced plans to divest a 15% stake through an Offer for Sale (OFS).

• The sale includes a base issue of 7.5% of the total equity, amounting to 75.71 lakh shares, along with an additional 7.5% under a green shoe option, bringing the total potential sale to 1.51 crore shares.

• India, U.S. trade talks face roadblocks ahead of tariff deadline. (ET)

• All banks need to swiftly pass on 50-bps rate cut to customers, says the RBI. (ET)

• RBI rate cuts still possible despite neutral stance, says MPC member. (BS)

• Education loans financier Credila Financial Services files IPO papers to raise ₹5,000 crore ($581Mn). (MC)

• Pine Labs files for IPO, eyes ₹2,600 crore ($302Mn) fresh fundraise. (YS)

• PV modules maker Rayzon Solar files draft papers for ₹1,500 crore ($174Mn) IPO. (MC)

• Kalpataru IPO subscribed 2.26x on Day 3 of bidding. (MC)

• Ellenbarrie Industrial Gases IPO garners 22 times subscription on Day 3. (MC)

• Globe Civil Projects IPO closes with 86x subscription; NII portion booked 143x. (MC)

• HDB Financial IPO gets fully subscribed on Day 2; NII portion booked 2x. (MC)

• Sambhv Steel Tubes IPO gets fully subscribed on Day 2; NII portion booked 3x. (MC)

• Indogulf Cropsciences IPO subscribed 40% on Day 1, led by retail, NII investors. (MC)

This week’s mainboard IPO schedule

• Kalpataru

  • Offering Period: 24 June - 26 June, 2025

  • Listing Date: 01 July, 2025

  • Issue Price: 387 - 414

  • Lot Size: 36

• Ellenbarrie Industrial Gases

  • Offering Period: 24 June - 26 June, 2025

  • Listing Date: 01 July, 2025

  • Issue Price: 380 - 400

  • Lot Size: 37

• Globe Civil Projects

  • Offering Period: 24 June - 26 June, 2025

  • Listing Date: 01 July, 2025

  • Issue Price: 67-71

  • Lot Size: 211

• HDB Financial Services

  • Offering Period: 25 June - 27 June, 2025

  • Listing Date: 02 July, 2025

  • Issue Price: 700 - 740

  • Lot Size: 20

• Sambhv Steel Tubes

  • Offering Period: 25 June - 27 June, 2025

  • Listing Date: 02 July, 2025

  • Issue Price:

  • Lot Size:

• Indogulf Cropsciences

  • Offering Period: 26 June - 30 June, 2025

  • Listing Date: 03 July, 2025

  • Issue Price: 105 - 111

  • Lot Size: 135

M&A / Investments

• PB Fintech cofounders dump shares worth ₹920 crore ($107Mn). (UP)

• Societe Generale offloads ArisInfra shares worth ₹19 crore ($2.2Mn) shortly after listing. (Inc42)

• GMR Hyderabad International Airport acquires 70% stake in Logistics Park. (ET)

Debt

• Signature Global plans to raise ₹875 crore ($101Mn) via NCDs to fuel expansion. (BL)

VC