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ED started searches at four Vedanta Ltd. locations for alleged foreign exchange violations under FEMA. A Vedanta spokesperson said the company was "extending full cooperation to the authorities." The agency is examining foreign exchange transactions, including a brand fee refund. Vedanta, a major natural resources firm, is undergoing a demerger.
GIFT City aims to create one lakh jobs by 2030. The financial hub is expanding its talent pipeline through university partnerships and skilling programmes. MD Sanjay Kaul said, "Yes, minimum one lakh -- 100,000." The focus is on globally deployable talent, not just jobs. Many technically qualified students in Gujarat need targeted upskilling.
Gold jumped $65 to $4,571 and silver gained $2.1 to $77.35 on June 2. Precious metals rebounded as oil prices fell and the dollar weakened. Analysts said metals drew support from easing inflation fears. Kotak Securities said, "Markets are now focused on Friday's US nonfarm payrolls report."
Indian markets ended higher Tuesday after a volatile session, with late IT stock buying lifting sentiment. Sensex gained 382 points, Nifty closed above 23,480. Investors tracked monsoon progress and inflation. "Investor focus has shifted to key macro factors," said Vinod Nair. Many stocks saw high turnover.
smallcase launched mutual fund model portfolios to simplify investing. The platform now offers over 30 portfolios across categories, combining direct mutual funds. Founder Vasanth Kamath said, "Mutual fund smallcases help investors move from choosing individual funds to managed investment strategies." This move aims to help investors navigate the crowded mutual fund universe.
Lahori hopes to reach Rs 2,000 crore revenue in three years. The company is expanding its bottling network nationwide, aiming for 25-30 contract manufacturers. Current production is one crore bottles daily, but demand is higher. Munjal said, "Every year's revenue has effectively been a function of what we could produce."
Central excise collections in April rose to ₹447 crore, the highest in three years, despite a ₹10/litre fuel duty cut. This happened as petrol consumption increased over 6% and diesel rose around 1%. The article noted, "some refunds may have been deferred, benefiting Central excise collections." Fertilizer subsidies also surged.
smallcase launched mutual fund model portfolios, expanding beyond stocks and ETFs. The new offering provides professionally managed portfolios of direct mutual funds across asset classes. This helps investors simplify fund selection and monitoring. Vasanth Kamath said, "Mutual fund smallcases help investors move from choosing individual funds to managed investment strategies." Over 30 portfolios are available.
OYO's parent company, Prism, got SEBI approval for its Rs 6,650 crore IPO. The company filed papers in December 2025, using a confidential route. Prism is now expected to file an updated draft prospectus in early July. This move comes as OYO expands in India, the US, and Europe, focusing on self-operated hotels and premium brands.
The West Asia conflict will likely shrink MSME margins by 50-100 bps in FY27, Crisil said. Many small businesses face a dual challenge: production cuts and margin compression. MSMEs got hit hard, with revenue growth moderating to 7.5-8.5 per cent. The report noted, "MSMEs face a dual challenge this time round."
Godrej Industries group has started a wealth management business, Godrej Wealth, aiming for ₹1 lakh crore assets in five years. Pirojsha Godrej said wealth management and financial services will be the fastest-growing business. The group will invest ₹500 crore in this new venture, which will cater to clients with ₹2 crore and above investable assets.
Haryana will create 20 lakh metric tonnes of new grain storage capacity this year. Chief Minister Nayab Singh Saini directed officers to protect farmers' produce from damage. The state aims to minimize post-harvest losses, as currently "4 to 5 per cent of the state's food grains are lost every year." This initiative uses a Public-Private Partnership model.