Wall Street Live: S&P 500, Nasdaq, Dow Jones extend gains after Canada removes tax on US tech firms
US stock indices gained on Monday, after Canada rescinded a tax on American tech firms in a move to boost trade talk prospects with the US.
On Sunday, Canada removed the tax after US President Donald Trump on Friday abruptly called off trade talks with the neighbouring nation.
About 10 minutes into trading, the S&P 500 climbed 0.3% to 6,188.95, while the Nasdaq Composite added 0.3% at 20,328.90. The Dow Jones Industrial Average advanced 0.4% to 43,988.18.
Moderna shares jumped 4.8% after announcing positive results from a phase three clinical trial for a vaccine for seasonal influenza.
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Economic Times
22 minutes ago
- Economic Times
Waaree Energies shares jump over 8% in 2 days. Here's why
Waaree Energies shares: The deal, finalized on June 27, will be carried out via a one-time international supply agreement. According to a stock exchange filing on Friday, Waaree Solar Americas will supply 270 MW of modules in 2025, with the remaining 270 MW slated for delivery between 2027 and 2028. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Waaree Energies shares price target Shares of Waaree Energies gained 8.4% in the last two trading sessions after its U.S.-based subsidiary secured a 540 megawatt (MW) solar module supply contract from a major American developer of utility-scale solar and energy storage deal, finalized on June 27, will be executed through a one-time international supply arrangement. Waaree Solar Americas will deliver 270 MW of modules in 2025, with the remaining 270 MW scheduled for 2027–2028, the company disclosed in a stock exchange filing on latest deal adds to Waaree's recent string of international wins. In the past few weeks, the company has secured two other large U.S. orders, one for 586 MW and another for 599 MW of solar modules. The flurry of contracts comes as Waaree looks to ramp up its presence in the North American company is also doubling its manufacturing capacity at its Brookshire, Texas, facility to 3.2 gigawatts (GW) by the end of a statement issued earlier last week, Waaree reaffirmed its compliance with U.S. trade regulations, including Foreign Entity of Concern (FEOC) rules, and disclosed that its order book now stands at 25 GW through in early trade today, the stock rose 2% to Rs 3,199.10, but later slipped to Rs 3,092, down 1.5% as of 11:04 to Trendlyne, the stock has an average target price of Rs 2,602, suggesting a potential downside of around 16%. Four analysts currently hold a 'Sell' rating on the the bearish outlook, Waaree Energies shows bullish technical momentum. The stock is trading above all key moving averages (5-day to 150-day SMAs), and the Relative Strength Index (RSI) stands at 65.1—indicating strong momentum but not yet in overbought shares have gained 11% in the past two weeks and 30% over the last three months. The company's current market capitalisation stands at Rs 89,056 crore.
Time of India
23 minutes ago
- Time of India
India was ready to get a new hill station near Mumbai. But, it is now a ghost town
In a country where cities often grow haphazardly and urban planning struggles to keep up, this one stood out—an entirely private city built from the ground up. While most Indian cities are overcrowded and cluttered, sharing roads with stray animals and a mix of vehicles, this was a vision lifted from Europe: inspired by an Italian coastal town, with waterfronts, open promenades, vibrant hill-side homes circling a lake, and even an American town manager overseeing it all. Lavasa , the city being built near Pune and a three-hour drive from Mumbai , looked back as well as ahead: it was touted as India's first new hill station since the end of British colonial rule, as well as a modern city to live, play and work. It was to have the exclusivity of the hill stations the British built in India to escape the heat and dust, and it was also supposed to nod to all the modern urban ideas. Lavasa, once a utopian dream, stalled by environmental hurdles and debt, is now seeing hope after entering bankruptcy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Uttar Pradesh Mosquito-Free Nights: Residents Share Unexpected Secret Mosquito Eliminator Read More Undo Takeover bids Lavasa has received six takeover bids-ranging from ₹500 crore to ₹850 crore-as creditors try to sell the debt-laden entity for a second time to recover their dues. The Welspun Group , through a subsidiary, placed the highest bid of ₹850 crore, including ₹150 crore of process costs, documents accessed by ET showed. ALSO READ: Welspun bids the most for Lavasa Corporation; Lodha Developers, Jindal Steel and Power Group in fray, too Live Events Other bidders include Pune-based developers Ashdan and Pride Purple, Macrotech Developers (now Lodha Developers), DB Corp subsidiary Valor, Jindal Steel and Power Group, and Mumbai-based Yogayatan Group. Details accessed by ET show that Ashdan and Pride Purple have placed a combined bid aggregating to ₹843 crore. The payment timelines for the bids are five to nine years. To be sure, most of the bids are conditional to the project receiving environmental clearance from the Maharashtra government-the primary reason it slipped into distress. Another person in the know said conditional bids are unacceptable under the National Company Law Tribunal's debt resolution process. "The committee of creditors (CoC) will have to meet and seek an alternative," the person said. The NCLT had in July 2023 approved a resolution proposal from Darwin Platform Infrastructure (DPIL) submitted in December 2021, offering total payout of ₹1,814 crore to lenders over eight years and promising to deliver fully constructed houses to 837 homebuyers. However, Mumbai bench of NCLT called off the resolution plan after a full year of hearing in September last year, noting that DPIL failed to make the ₹100-crore upfront payment without any justifiable reasons. Tribunal allowed revival of resolution process and let CoC to exclude the period from July 13, 2021, to January 3, 2022, from resolution process. A dream project Lavasa was the dream project of Ajit Gulabchand, the scion to one of India's leading business empires, the Walchand Group , and the chairman of Hindustan Construction Company (HCC) which has built heavy infrastructure projects such as dams, tunnels and bridges. Lavasa was to be built around Warasgaon lake in the Mulshi Valley near Pune in the Western Ghats. He had bought land in the hills from local developers who had planned to build tourist cottages. Lavasa was to cover 100 sq km when fully built with a population of three lakh and would have five towns built on seven hills. Gulabchand envisioned a private hill city unlike anything India had seen, driven by a bold idea no one had attempted before. The very name, 'Lavasa', meant nothing but was intended to evoke a feeling of luxury, warmth and peace. Deceptively vague, the name would sound like an Italian word to Europeans but a local language word to Indians. This feat was achieved by an American branding firm which invented the name. The city too was a pure invention — cut off from any Indian contexts, a city for the rich where they can feel as if they are in Europe, and yet located in India, not far from bustling and chaotic Pune and Mumbai, the very antithesis of what Lavasa was to be. Lavasa was reportedly modelled after a picturesque Italian fishing village, Portofino. A street in Lavasa was also named Portofino. It had tie-ups with Sir Nick Faldo for a golf course, Manchester City Football Club for a football academy and Sir Steve Redgrave for a rowing academy. It has an Apollo hospital, a school, run by Christel House, a global nonprofit which runs schools around the world, and Ecole Hoteliere Lavasa, a hospitality management school with Swiss partnership. Lavasa was to have no water tanks atop houses, a typical Indian urban sight, because it has a centralised water supply, and you could drink water right off the tap. The city was envisioned on the principles of New Urbanism, a city of open and green spaces where everything is within walking distance. A private city, Lavasa was to be run by The Lavasa Corporation without any state interference except for policing and taxes. It also got itself a top American city administrator, Scot Wrighton, to manage it. He had told Forbes in 2010 about his challenge of convincing local people living in the vicinity of Lavasa to not let their cattle roam the town. The least expensive apartments in Lavasa sold for between $17,000 and $36,000, the Guardian had reported in 2015, which made it a city for the super rich. However, Gulabchand had promised to also build low-priced homes for young professionals as well as those with cheap rents which workers could afford. He had also said that Lavasa would eventually be run in public-private partnership with the government. How Lavsa hit into roadblock Lavasa, only one-fifth complete and preparing for an IPO, hit a major setback when then Environment Minister Jairam Ramesh declared it illegal for lacking proper environmental clearances. The government said HCC had bypassed regulations, while the company claimed the issues were exaggerated. The project also faced criticism over alleged land grabs from local tribals at undervalued prices. In 2012, observing that the project nods were given without environmental and cabinet approvals, the Comptroller & Auditor General (CAG) had rapped the Maharashtra government for "total lack of transparency" in the selection of the Lavasa hill station project. "We have brought out total lack of transparency in selection of the project proponent. Granting of SPA (special planning authority) status to Lavasa Corporation Limited (LCL) without any control by the Government left scope for irregularities, perceived conflict of interest and violation of environmental laws," it said. Though the government was required to supervise the activities of LCL, they did not do so, CAG said in its report for the year ended March 31, 2011. Lavasa project also ran into controversy for its alleged links to the family of NCP chief Sharad Pawar. In 2022, while declining to interfere with permissions given for development of Lavasa in 2002, the Bombay High Court referred to the "influence and clout" used by Sharad Pawar and his family in the project. It also said Ajit Pawar was found to be "remiss in his duty" as irrigation minister and ex-officio chairman of Maharashtra Krishna Valley Development Corporation. Though the court upheld the validity of an amendment to the Bombay Tenancy and Agricultural Land Act, 2005 after permissions were given for purchase of lands by Lavasa Corporation. Ajit Pawar chaired the meeting where an ex-post facto sanction was given to construct weirs on the backwaters of Varasgaon-Morse dam which would supply water to Lavasa. Pawar's daughter Supriya Sule was a shareholder in Lavasa, and she represented Baramati constituency in which 18 villages were included in 2009 in Lavasa City. The government order halted all construction work at Lavasa for a year. Though later the government allowed it to go ahead by paying penalties and ensuring full compliance to regulations, the debt had started weighing on Lavasa as it struggled to pay interest on it. Lavasa, which was to be an idyllic European escape from India's harsh urban reality, had turned into a ghost town. With just one-fifth built before stalling, Lavasa stands mostly abandoned—its decaying structures a reminder that borrowed visions often falter on local soil.
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Business Standard
43 minutes ago
- Business Standard
India to seal interim trade deal with US this week as tariff deadline nears
India is on track to finalise an interim trade deal with the United States as soon as this week to avoid US President Donald Trump's reciprocal tariffs, the Financial Times reported. The interim deal with the US would be among the first with a major US trading partner, and would mark an initial step towards a comprehensive bilateral deal between the US and India. The two countries have signalled their intent to finalise the first tranche of the full agreement by autumn. This comes at a time when the deadline for the Trump tariff nears its end. The 90-day pause was announced on April 9, days after Trump announced sweeping tariffs on more than 100 countries, including India. The US imposed a 26 per cent tariff rate on Indian made goods, as compared to its 52 per cent tariff rate on US-made goods. On Monday (local time), White House Press Secretary Karoline Leavitt confirmed that a deal between India and the US is to be finalised soon. Reiterating Trump's stance, Leavitt said, 'You'll hear from the President and his team, his trade team, very soon, when it comes to India.' Earlier on June 26, Trump confirmed a 'very big deal' with India coming soon. This was after he signed a trade deal with China. Speaking at an event, Trump said, 'Everybody wants to make a deal and have a part of it. Remember a few months ago, the press was saying, 'You really have anybody of any interest? Well, we just signed with China yesterday. We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India, in the China deal, we are starting to open up China.' According to the Financial Times report, the deal is expected to spare its agricultural markets, including dairy and wheat, from the US tariffs. Citing an Indian government official, the report stated that there is 'a lot of sensitivity' over its agricultural markets. To bring down its trade surplus with the US, India agreed to import more natural gas from the US. The trade surplus for the financial year 2024-2025 stood at $41.2 billion. The two sides have also agreed to reduce tariffs on thousands of items. The report also stated that India has managed to shield its dairy sector from foreign competition, including talks with the European Union. India's dairy sector employs over 80 million people. Concerns have been flagged over foreign dairy products, which may come from cows that were raised on feed containing cattle products.
