Indian shares set for higher open on trade, earnings optimism
The Gift Nifty futures were trading at 25,558.5 points, as of 7:35 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open above Wednesday's close of 25,476.1.
Asian markets inched higher at the open, chiming with overnight gains on Wall Street after U.S. President Donald Trump issued final tariff notices to seven minor trading partners.
Investors await further developments as the Trump administration moves closer to a deal with its largest trading partner, the European Union. Earlier this week, the U.S. President also indicated that a deal with India was near.
Both the Nifty and Sensex indexes have remained stable so far this week.
"It appears that markets are in wait-and-watch mode, seeking clarity from U.S. trade tariff developments and the start of the corporate earnings season, the key near-term directional triggers," said Rajesh Bhosale, analyst at Angel One.
As investors await an India-U.S. trade deal, focus is shifting to domestic earnings and structural growth drivers such as a likely rebound in urban demand and rising infrastructure-led spending, two analysts said.
Tata Consultancy Services (TCS.NS), opens new tab, India's top information technology company, is scheduled to report its June-quarter results after market hours on Thursday.
** Ambuja Cements (ABUJ.NS), opens new tab says its subsidiary ACC (ACC.NS), opens new tab commissions a grinding unit in Jharkhand with a capacity of 1.5 million tons per annum, increasing the total installed cement capacity to 104.45 MTPA
** Emcure Pharmaceuticals (EMCU.NS), opens new tab says U.S. drug regulator concludes pre-approval inspection at its oncology manufacturing facility in Gujarat with zero observations
** IDBI Bank (IDBI.NS), opens new tab will be in focus after Reuters reported that the Indian government will complete its stake sale in the lender by October, citing government sources.
** Enviro Infra Engineers (ENVI.NS), opens new tab, in a joint venture, receives an order worth 3.95 billion rupees from Maharashtra Industrial Development Corporation
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Reuters
3 hours ago
- Reuters
China's Chery denies allegations of fraudulent subsidy declarations
SHANGHAI, July 12 (Reuters) - China's Chery ( denied that it improperly claimed government subsidies for eco-friendly vehicles, according to a statement the automaker posted on Saturday. An audit by the Ministry of Industry and Information Technology disqualified declarations by Chery and BYD for a combined $53 million in government subsidies for thousands of eco-friendly vehicles sold in the five years to 2020, accounting for nearly 60% of such improper claims. Chery said it had previously consulted the authorities about the challenges of missing receipts because the cars were sold more than five years ago but the government still advised Chery to declare the cars. "Our company has truthfully reported to the authorities our failure to collect certificates for end sales; there's no fraudulent act," Chery said in the statement.
Times
4 hours ago
- Times
The world's third-largest budget airline lands in the UK
IndiGo is an airline in a hurry, according to its chief executive, Pieter Elbers. I'll say — the airline is the third-largest low-cost carrier in the world, flying to more than 130 destinations from India, and much like that country is on a ferocious growth trajectory. It has an order book of more than 900 planes — the fattest in the world, with one plane a week scheduled to be delivered until the end of the decade. And you thought that IndiGo was just the sixth colour of the rainbow? Even if you haven't heard of the airline before now, chances are you'll be familiar with its name soon. This week it launched its first long-haul European flight, between Manchester and Mumbai, India's financial capital. I was at Manchester airport to wave off the inaugural flight and to talk to Elbers about his plans for the world's fastest-growing airline. IndiGo is the latest carrier to try the mid/long-haul low-cost model, although when we meet Elbers is keen to stress that it is not a bargain airline such as Ryanair; rather, it's a more ambitious version of Norse (formed after the demise of Norwegian Air), which has a slim selection of less expensive routes from Europe to the US and South Africa. Elsewhere, the ultra-low-cost European carrier Wizz is flying from London to Saudi Arabia (seven hours, with food, baggage allowance and reclining seats costing extra); while the Malaysian-based AirAsia announced this month that it was eyeing cheap flights connecting the Gulf to Europe, including Gatwick. After the Mumbai-Manchester route, a further 'four to five' European destinations are planned this year, including Amsterdam (launched on July 2), Copenhagen and London in the winter (although Elbers won't be drawn on which airport, my rupee is on Gatwick). • 23 of the best places to visit in India IndiGo 6E032 was the first direct flight from Manchester to India in more than a decade. For the crew, it was their first time working on a nine-hour flight — it is 4,500 miles between the two cities, compared with the 700-odd miles between Mumbai and Delhi that the airline plies about 20 times a day. The three-times-a-week Manchester-Mumbai route, as well as IndiGo services to other European destinations, will be flown by six Boeing 787 Dreamliners leased from Norse until the first of its 60 Airbus A350s are delivered in 2027. 'We didn't want to wait for the A350s to arrive,' Elbers says. See? In a hurry. 'When I joined IndiGo in 2022 the ambition was to make it into a global aviation giant,' Elbers says, adding that it is a great opportunity to connect more Indian cities to destinations around the world. At first he focused on routes to cities in the Caucasus region (Almaty, Tashkent, Tbilisi), then east Africa (Kenya) and southeast Asia (Bali). But Europe — where he was previously based, running KLM — was always in his sights. So what can passengers expect on board? Although IndiGo started as a low-cost carrier and still follows that model for its domestic flights, the long-haul experience is probably best described as having a souped-up budget. In economy there are 282 seats in a 3-3-3 configuration; in the premium 'Stretch' cabin, which is more like premium economy (note: no flatbeds), it's roomier, with seats laid out as 2-3-2. A baggage allowance and meal service is included in the airline's ticket prices, as they are for its low-cost domestic flights in India; alcoholic drinks are also included for Stretch passengers. There will be a focus on Indian products, including with the catering. • Read more on air travel It's cheap too. For example, on July 2, a one-way ticket from Manchester to Mumbai costs £288 in economy or £674 in Stretch, with the economy fare equating to about 6p a mile. A one-way fare for London to Mumbai with British Airways on the same date, including only cabin baggage, is £532. Elbers is not bothered by labels when I ask whether IndiGo is a budget or hybrid carrier. 'It's not relevant,' he says. 'What's important is that we don't have the complexity that the legacy carriers have, where you have to pay for each step along the way. IndiGo is a comprehensive, straightforward proposition.' Air safety was brought into sharp focus on July 12 when Air India flight 171 from Ahmedabad to Gatwick crashed shortly after take-off, killing 260 people, with the cause yet to be determined, and it's fair to say that there is now a degree of nervousness about Indian carriers. Elbers won't be drawn into talking about the impact of the crash on IndiGo's operations, although the carrier is providing direct links at a time when Air India has cancelled a number of its UK routes. 'There is a lot of focus and attention on what happened — rightfully so,' he says. 'The Indian regulator has announced a set of additional steps to be taken, some specifically on aircraft. It's important to wait for the outcome of the investigation.' • Read more on Mumbai Elbers is similarly stoic about the uncertain geopolitical situation in the Middle East and the Tetris puzzle of airspace closures that stretch from Europe to Asia. 'As an operator you have to deal with it,' he says. 'When it comes to current airspace closures, for example for Indian carriers to not fly over Pakistan we have suspended two of our flights to central Asia, while flights from northern India to the Gulf are now 20 minutes longer.' He adds that if airspace closures persist, IndiGo 'will adjust the network or adjust the prices'. IndiGo's expansion mirrors that of the country whose flag it bears — India is the world's largest country in terms of population, as well as the fourth biggest economy, after China, the US and Germany. But despite rapid growth, tourism is sluggish, not helped by a complicated visa system — the latest figures show that in 2023 it had 9.5 million overseas visitors (Vatican City, the world's smallest country, has about six million a year). However, with increased connectivity comes an opportunity for European travellers to explore India beyond the gateways of Delhi and Mumbai and visit thrilling cities such as Hyderabad, Bangalore and Calcutta, as well as the beaches beyond Goa and national parks other than Ranthambore in Rajasthan, if the red tape surrounding the visa process can be addressed. Elbers is confident that the process will eventually get easier. 'India is still unexplored,' he says. 'The variety and beauty of the country is unmatched but relatively unknown.' Closer to home there is little doubt about the impact that this new direct service to India will have on Manchester and the wider region in the north of England. Chris Woodroofe, the managing director of Manchester airport, says that the flights 'will make a massive difference' to the fortunes of the area, while Vishakha Yaduvanshi, the Indian consul general in Manchester, says that they will 'deepen ties between the UK and India'. Back to Terminal 2 departures at Manchester, and at the ten check-in desks in row F the mood is buoyant — the inaugural Mumbai-Manchester service has touched down 25 minutes early. Passengers inch past balloon displays in the blue and silver IndiGo livery and families, couples and a few stray backpackers are handed mango sweets to celebrate. Almost three hours later, at 12.37pm, I watch as Flight 6E032 heads down the runway and banks right to begin its journey back to Mumbai. With IndiGo's aggressive ambitions, I doubt it'll be long before I'm on board too.
The Guardian
4 hours ago
- The Guardian
Spreadsheets and day trips to Egypt: how gen Z is ‘soft saving' for the future
As holiday season kicks into gear, a casual glance at gen Z social media might suggest this generation is adopting an expensive lifestyle filled with fine dining and travel. But behind those Phuket photos lies a meticulous spreadsheet. Rather than aggressively stockpiling for retirement, gen Z is embracing a 'soft saving' approach, according to research: prioritizing memorable experiences now while saving extra cash for the future. A significant number of gen Zers are frequent travelers, averaging three leisure trips a year, according to Morning Consult, despite 60% earning less than $50,000 annually. How are they fitting travel into their budget? The answer appears to be an unusually focused attitude to how they spend money. 'I don't want to miss out on opportunities when I am young, but I also don't want to go into debt,' said Sofia Qistina, 22, who stressed that she prefers to spend more on experience than material items. 'Being financially aware is the best thing possible, because then you're able to see where you can stretch your budget and where you can't.' More than other generations, a majority of gen Z splurges intentionally, according to a recent McKinsey report. Many young consumers open dedicated travel or experience funds alongside their retirement savings, and use on loyalty programs such as credit card points to lower trip expenses. 'When I was 20 and younger, I would spend exorbitantly on many luxury things just 'cause I thought they were cool and I was always on a high. But I lost a lot of opportunities and comfort,' said Qistina, who is now studying abroad and working as a freelance social media marketer in Sydney, Australia. 'I realized that way of living was toxic and not sustainable. So now, everything is overly calculated and I am very intentional with how I spend my money.' Andy Reed, a financial behavior expert at Vanguard, said when people spend on experiences, they typically derive more pleasure than when they spend on things. 'But it's also true that gen Zers are also saving more than their predecessors,' he added, noting that 'baggage' including a higher cost of living, the Covid-19 recession and student debt has helped shape their financial habits and anxieties. Qistina, for example, attends parties, eats her way through Sydney, and travels with friends to cities such as Dubai and Paris. She splits her income between a high-yield savings account and a 'wants' fund for traveling and social engagements. Booking her travel is no mean feat: before buying tickets, she said she compares thousands of flights, airlines, locations and dates to ensure she is getting the best value for money. A new generation of tourists is now prioritizing the value of a trip ahead of its financial cost, according to Heather Leisman, president of EF Ultimate Break, a travel agency for 18-to-35-year-olds. 'Gen Z looks at value,' she said. 'For them it's not a price tag. 'Affordability is a concern of theirs, but it's also how they budget. We are seeing people booking shorter trips than before and they're deal-seeking, meaning they are traveling in off-peak seasons or to more affordable places like Thailand or Portugal.' Qistina said: 'We don't realize that the day-to-day things that we do – like always eating out or that coffee from an overpriced cafe – adds up, and that's why we think we're not able to do all those big things like traveling.' Kevin Droniak, 28, does not eat at Michelin-starred restaurants or grab a $7 matcha. He lives in a cramped New York apartment, fitted with just the essentials. He saves both for retirement, and has been doing do since he was 20, but also a day trip to Egypt. 'It's very fulfilling to land somewhere and experience it, get a taste of it, and then go back home immediately,' he said after a one-night visit to Colombia. 'It's ticking off bucket list items, and it's a memory I'll have forever.' Some of Droniak's day-trip locations include Iceland, Italy, France and the UK. The trips can range from about $200 to nearly $1,000. He began this 'addiction' to balance his responsibilities, such as helping his 95-year-old grandmother, while seeing the world. 'Everyone works so hard and you don't get that much time off, which can prevent you from being able to travel. But you really don't need a week off to experience something new,' he said. Droniak budgets these trips to be less than $1,000, meaning flights should be about $500 and the location should have cheap transport options, like subways or inexpensive taxis. He eats at a 'basic local restaurant' to keep the food bill in check. 'I fly back-of-the-plane economy and when I am there I always look for free activities, like going to the beach or hiking,' Droniak said. 'It's good to be financially aware and at the same time I also want to live life while I am young, which means spending money for these trips.' He deems travel to be a need, rather than a want. 'Traveling is my therapy, and I see it as an investment on my mental health,' he said. 'These trips get me out of routines that can put me down in the dumps and being in somewhere new gives my brain a serotonin boost.' But many gen Zers are balancing this serotonin boost with a secure future, too. They are making 'some very good financial choices', said Reed. Droniak saves at least $20,000 a year for retirement, and Qistina makes sure to put away a significant sum every quarter. Both opened retirement accounts due to financial anxieties and pressure from older family members, who advise them to prepare for the future. 'Gen Zers, in particular, plan to spend rather than spontaneous spending,' Reed said. 'As long as you cover the bases like rent and food, you can splurge, which can lead to a lot of experiences with emotional value.' Qistina sees financial success as financial freedom: the luxury of not living paycheck to paycheck, and having the means to fulfill her whims on a dime. 'If I'm able to say, I'm going to Paris in three days because I kind of want a croissant, not comparing flights, and just having that flexibility – that is financial success,' she said. 'I truly believe I will get there, too, because I'm pacing myself.'
