Israel-Iran war: Tel Aviv shares snaps five-days gaining streak amid Middle East tensions, falls less than 1%
On Sunday, Israeli stocks surged to all-time highs following U.S. airstrikes on Iran's nuclear facilities, which investors believe will delay Tehran's ability to develop nuclear weapons in the near future.
The broad Tel Aviv 125 index closed up by 1.8 per cent, pushing its weekly gains to nearly 8 per cent, while the benchmark TA-35 (.TA35) rose by 1.5 per cent.
Following Israeli strikes on Iran, stocks climbed throughout all five sessions last week, rising about 6 per cent, as Israel targeted Iranian nuclear and military sites ahead of the unexpected U.S. attacks on Saturday.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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Mint
44 minutes ago
- Mint
VIP Industries promoters sell 32% stake to Multiples PE and others for ₹1,764 crore
MUMBAI : Promoters of listed luggage and travel accessories maker VIP Industries have sold around 32% stake in the company to a consortium of Multiples Alternatives, Mithun Sancheti and others, the company announced on stock exchanges on Sunday. The share sale purchase will trigger an open offer and is likely to help the buyers mop up more stake in the company. Mint first reported that Multiples PE was in talks with VIP Promoters for a share purchase on 23 June. As per the share purchase agreement entered between the buyers and the sellers, Dilip Piramal and family, the promoters of VIP Industries have sold around 45,446,305 equity shares, constituting approximately 32% of the total paid-up share capital of the company, the company disclosures to stock exchanges show. Also read | PE firms 360 One, Multiples eye stake in VIP Industries The buyers include Multiples PE Fund IV, Multiples Gift Fund IV, Samvibhag Securities Pvt Ltd, and individual investors Mithun Padam Sacheti and Siddhartha Sacheti, the filings show. As per the share purchase agreement, pursuant to the conditions, the buyers will take control of the company and the selling promoter will have the right to nominate one person on the board. Dilip Piramal and family also have a 'tag along clause' in case of future sale of the company by these buyers. Valuation not disclosed The company did not disclose the valuation at which the shares have been sold or the open offer will be priced. A person with direct knowledge of the development said that the shares have been sold at ₹388 apiece, or ₹1764.1 crore. The company's shares closed at ₹456.00 a share, up ₹7.20 or 1.60% on Friday. The sale price essentially means a discount of around 15% to Friday's close. According to the data available with the exchanges, the promoters own a little over 50% of VIP Industries, the owner of luggage brands such as VIP, Carlton and Skybags. The market value of VIP Industries is around ₹ 6,476.10 crore, valuing the promoters' stake at about ₹3238.5 crore as on Friday's close on NSE. Also read | VIP promoter revives stake sale talks The stake sale is part of ongoing efforts by the promoter family to exit the business. Last year, the company was in advanced talks with global private equity firm Advent International to sell a controlling stake, Mint had reported. The deal did not go through due to various reasons, including valuation mismatch. The promoters then appointed homegrown investment bank Arpwood to help with the sale. Mint was first to report the company's renewed stake sale plans on 28 March. VIP Industries, a brand synonymous with the aspiring Indian travellers of the 90s, is much larger than its domestic rivals, except Safari Industries. Rising incomes, an expanding travel infrastructure, and online bookings have fuelled a surge in travel among Indians, resulting in heightened demand for luggage. Lucrative opportunity VIP Industries, which holds a substantial market share in this rapidly growing sector, offers a lucrative opportunity for PE firms to tap the burgeoning demand for travel-related products from India's increasingly mobile middle class. Over the years, VIP has grown organically and inorganically too. It acquired the London-based Carlton in 2004 and merged with Aristocrat Luggage Ltd in 2007. It has been selling luggage under these brands since then. With new startups emerging in the space to challenge the incumbents, the Indian travel and luggage space is heating up. Earlier this year Mint reported on how new-age direct to consumer brands such as Mokobara, Assembly, Nasher Miles, Icon and Uppercase have secured funding from risk investors and are looking to disrupt the space. Also read | VIP Industries needs premiumization to pack a punch India's organized luggage market is led by companies such as VIP Industries, Samsonite and Safari. The organized sector accounts for about 40% of India's ₹15,000-crore luggage industry, according to a report by global analytics firm Crisil last year, and it is mainly this segment that has boomed post-pandemic. VIP has close to 44% market share in the organized luggage category, according to an ICICI Securities analyst report last year.
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First Post
an hour ago
- First Post
Critics slam Israeli proposal to relocate Gazans to 'humanitarian city'
Last Monday, Defence Minister Israel Katz presented the idea during a press meeting. It anticipates creating a restricted zone in southern Gaza from scratch during a prospective 60-day cease-fire in Israel's war with Hamas, which is presently being negotiated in Qatar read more An Israeli proposal to relocate Gazans to a so-called 'humanitarian city' has sparked outrage, with opponents describing it as an expensive diversion at best and, at worst, a dangerous step towards pushing Palestinians off their land. Last Monday, Defence Minister Israel Katz presented the idea during a press meeting. It anticipates creating a restricted zone in southern Gaza from scratch during a prospective 60-day cease-fire in Israel's war with Hamas, which is presently being negotiated in Qatar. STORY CONTINUES BELOW THIS AD According to Katz, the territory would initially shelter about 600,000 displaced persons from southern Gaza and feature four humanitarian distribution facilities administered by foreign agencies. The entire civilian population of Gaza, more than two million people, would eventually be moved there. Critics have questioned the plan's viability and ethics, with Israel's opposition leader highlighting its exorbitant cost and one expert pointing to a lack of infrastructure in the region required to handle that many people. The proposed facility has been characterised as a 'concentration camp' by the UN agency for Palestinian refugees, while the UK's minister for the Middle East and North Africa is 'appalled' by the concept. 'Palestinian territory must not be reduced,' said Hamish Falconer on X. 'Civilians must be able to return to their communities.' 'Extremist delusions' Nearly 21 months of war have devastated much of the Gaza Strip, displacing most of its population, creating dire shortages of food and other essentials, and killing 58,026 people, most of them civilians, according to the territory's health ministry. The October 7, 2023 Hamas attack on Israel that sparked the war led to 1,219 deaths, also mostly civilians, according to an AFP tally based on official figures New arrivals to the proposed facility would undergo security screening to ensure they are not affiliated with Hamas, and once admitted, they would not be permitted to leave. STORY CONTINUES BELOW THIS AD The Israeli military would provide security 'from a distance', Katz has said. However, the criticism of the plan reportedly extends even to Israel's own security establishment. Local media reported that army chief Eyal Zamir lambasted the proposal at a cabinet meeting, arguing it would divert focus from the military's two core objectives: defeating Hamas and securing the return of hostages taken on October 7. The broadcaster Channel 12 reported that unnamed security officials viewed the plan as little more than a 'gigantic tent city', and warned it could pave the way for a return to Israeli military rule in Gaza. Such a move aligns with the long-standing goals of far-right Israeli ministers Bezalel Smotrich and Itamar Ben Gvir, key coalition partners of Prime Minister Benjamin Netanyahu. Both Smotrich and Ben Gvir advocate the re-establishment of Jewish settlements in Gaza, from which Israel unilaterally withdrew in 2005, and have repeatedly called for the voluntary expatriation of Palestinians from Gaza. STORY CONTINUES BELOW THIS AD The projected expense of the initiative – estimated between 10 and 20 billion shekels ($3–6 billion) – has further fuelled domestic outrage as the cost of nearly two years of war mounts. 'That money is not coming back,' opposition leader Yair Lapid said on X on Sunday. 'Netanyahu is letting Smotrich and Ben Gvir run wild with extremist delusions just to preserve his coalition. Instead of plundering the middle class's money, end the war and bring back the hostages.' 'Fantasies' The Palestinian Authority was scathing in appraisal of the proposed facility, with its foreign ministry saying: 'The humanitarian city has nothing to do with humanity.' That view was echoed by UNRWA, the UN agency for Palestinian refugees, which said the 'plan would de-facto create massive concentration camps at the border with Egypt'. A Palestinian official with knowledge of the ongoing ceasefire talks in Qatar told AFP that Hamas rejected plans to concentrate Palestinians in a small part of the south, viewing it as 'preparation for forcibly displacing them to Egypt or other countries'. STORY CONTINUES BELOW THIS AD Amnesty International, which has accused Israel of genocide, warned that relocating Gazans within the territory or 'deporting them outside against their will would amount to the war crime of unlawful transfer'. On Friday, 16 Israeli scholars of international law sent a letter to Katz and Zamir also warning the scheme could amount to a war crime. Michael Milshtein, an Israeli former military intelligence officer, called the plan one of many 'fantasies' floated by Israel's leadership amid mounting public frustration with the war's trajectory and lack of a political solution. He also noted there was no existing infrastructure in the proposed zone, raising questions about provision of electricity and water. 'There is only sand and fields, nothing,' said Milshtein, who heads the Palestinian studies programme at Tel Aviv University. 'Nobody tells the Israeli public what is the price and what are the consequences of reoccupying Gaza, from the economic, political and security points of view,' he told AFP. STORY CONTINUES BELOW THIS AD 'I really think that if people understand that the purpose of the war is the reoccupation of Gaza, there is going to be a lot of social unrest in Israel.'
Hindustan Times
an hour ago
- Hindustan Times
Gaza civil defence says Israeli strikes kill 43 as truce talks deadlocked
Gaza's civil defence agency said Israeli air strikes on Sunday killed more than 40 Palestinians, including at a market and a water distribution point, as talks for a ceasefire between Israel and Hamas stalled. Each side accused the other of blocking attempts to secure an agreement at the indirect talks in Doha.(AFP) Delegations from Israel and the Palestinian militant group have now spent a week trying to agree on a temporary truce to halt 21 months of devastating fighting in the Gaza Strip. But on Saturday, each side accused the other of blocking attempts to secure an agreement at the indirect talks in the Qatari capital, Doha. On the ground, civil defence agency spokesman Mahmud Bassal said at least 43 people were killed in the latest Israeli strikes, including 11 when a market in Gaza City was hit. Elsewhere, eight children were among the 10 victims of a drone strike at a water point in the Nuseirat refugee camp, in central Gaza, Bassal said. Israel's military blamed a technical problem for that strike, saying it had been targeting a member of Hamas ally Islamic Jihad. "As a result of a technical error with the munition, the munition fell dozens of meters from the target," a statement read. "The incident is under review." Reports of casualties were being examined, it added. Khaled Rayyan told AFP he was woken by the sound of two large explosions after a house was hit in Nuseirat. "Our neighbour and his children were under the rubble," he said. Another resident, Mahmud al-Shami, called on the negotiators to secure an end to the war. "What happened to us has never happened in the entire history of humanity," he said. "Enough." - 150 targets in 24 hours - The Israeli military, which has recently intensified operations across Gaza, said in a statement that in the past 24 hours, the air force "struck more than 150 terror targets throughout the Gaza Strip". It released aerial footage of what it said were fighter jet strikes attacking Hamas targets around Beit Hanoun, in northern Gaza, showing explosions on the ground and thick smoke in the sky. Media restrictions in Gaza and difficulties accessing many areas mean AFP is unable to independently verify tolls and details provided by the civil defence agency and other parties. The war was sparked by Hamas's October 7, 2023 attack on Israel, which led to 1,219 deaths, most of them civilians, according to an AFP tally based on official figures. Of the 251 people taken hostage by militants that day, 49 are still held in Gaza, including 27, the Israeli military says, are dead. Hamas-run Gaza's health ministry says that at least 58,026 Palestinians, most of them civilians, have been killed in Israel's retaliatory campaign. The UN considers those figures reliable. UN agencies on Saturday warned that fuel shortages had reached "critical levels", threatening to worsen conditions for Gaza's more than two million people. On Sunday, the Handala -- a former Norwegian trawler loaded with medical supplies, food and children's equipment -- set off from Sicily. The pro-Palestinian activists on board hope to reach Gaza, despite Israel having recently detained and deported people aboard a previous vessel, the Madleen, including Swedish climate activist Greta Thunberg. - Forced displacement fears - Talks to seal a 60-day ceasefire and hostage release were in the balance on Saturday after Israel and Hamas accused each other of trying to block a deal. Hamas wants the complete withdrawal of Israeli forces from Gaza, but a Palestinian source with knowledge of the talks said Israel had presented plans to maintain troops in more than 40 per cent of the territory. The source said Israel wanted to force hundreds of thousands of Palestinians into the south of Gaza "in preparation for forcibly displacing them to Egypt or other countries". A senior Israeli official said Israel had demonstrated an openness "to flexibility in the negotiations, while Hamas remains intransigent, clinging to positions that prevent the mediators from advancing an agreement". Prime Minister Benjamin Netanyahu has said he is prepared to enter talks for a more lasting end to hostilities once a temporary truce is agreed, but only if Hamas disarms. Thousands of people gathered in Israel's coastal hub of Tel Aviv on Saturday to call for the release of the hostages. "The window of opportunity... is open now and it won't be for long," said former captive Eli Sharabi.
