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On a standalone basis, the company’s first quarter net profit grew 32% YoY to ₹3,450 crore. Revenue grew 26% to ₹34,143 crore.
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Putting an end to months of speculation, U.S. President Donald Trump on Wednesday (July 30, 2025) announced that imports from India will attract 25% tariffs from August 1, “plus a penalty”, citing India’s purchases of energy and military equipment from Russia, its high tariffs, and its “strenuous and obnoxious” non-monetary barriers to trade.

India and the U.S. have been negotiating a potential Bilateral Trade Agreement (BTA) since February, when a joint statement by Prime Minister Narendra Modi and Mr. Trump stated that such a deal would be concluded by fall 2025.

No mini-deal

Apart from that comprehensive deal, negotiators from the two countries have also been trying to work out a “mini-deal” that would walk back the retaliatory tariffs that Mr. Trump announced for India and a number of other countries.

This mini-deal, however, has not yet been finalised. Statements by U.S. Trade Representative Jamieson Greer on Monday (July 28, 2025) also indicated that negotiations with India may extend beyond the August 1 deadline set by Mr. Trump. The U.S. President’s statement on Wednesday (July 30, 2025), however, seems to confirm that such a mini-deal will not materialise.

The Hindu has reached out to the Ministry of Commerce and Industry for a comment or response and this report will be updated as and when it is received.

‘Strenuous and obnoxious’

“Remember, while India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world, and they have the most strenuous and obnoxious non-monetary trade barriers of any country,” Mr. Trump wrote on the social media platform Truth Social.

“Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST [sic],” he added.

This tariff rate is marginally lower than the earlier 26% tariff that Mr. Trump had threatened to levy on imports from India. The additional “penalty” is now the unknown factor, however, as Mr. Trump did not specify what form it will take.

Retaliatory tariffs

In early April, the U.S. President had imposed retaliatory ‘Liberation Day’ tariffs on imports from most countries in the world, arguing that these countries imposed much higher tariffs on U.S. goods than the U.S. did on imports from them. Thereafter, he announced a 90-day pause, so as to work out bilateral trade deals with several of these countries.

At the end of the 90-day pause in July, Mr. Trump further extended this window to August 1. During this period, he issued letters to at least 14 countries stating the tariffs that would be imposed on imports from them.

Making deals with Trump

Over the last month, he has also concluded deals with the United Kingdom (U.K.), Indonesia, the Philippines, Japan, and the European Union. The deal with the U.K. will see British car exports to the U.S. attract a 10% tariff, down from the earlier 27.5% and a removal of tariffs on aerospace exports to the U.S.

Indonesia’s exports to the U.S. will now attract a 19% tariff under its deal with the U.S., the same as will be charged on U.S. imports from the Philippines. Japan negotiated lower tariffs of 15% for its exports to the U.S., the same as the European Union.

Stand up to the U.S.: Congress

The Congress party took aim at Mr. Modi over the 25% tariff announced by Mr. Trump.

“President Trump has slapped a tariff of 25% plus penalty on imports from India,” said Congress communications secretary and Rajya Sabha MP Jairam Ramesh, in a post on X. “All that taarif between him and Howdy Modi has meant little.”

Mr. Ramesh also highlighted the U.S. President’s repeated claims of stopping Operation Sindoor, his special lunch for the Pakistan Army Chief, and U.S. support for financial packages to Pakistan from the International Monetary Fund (IMF) and the World Bank, saying the Prime Minister apparently hoped his silence on all of these issues would ensure that India would get special treatment at the hands of Mr. Trump.

“Clearly that has NOT happened,” Mr. Ramesh added. “He should take inspiration from Indira Gandhi and stand up to the US President.”

Published – July 30, 2025 07:07 pm IST

The rupee depreciated 52 paise to close at 87.43 (provisional) against the U.S. dollar on Wednesday (July 30, 2025), on uncertainty over an India-U.S. trade deal after U.S. President Donald Trump hinted at tariff rates of around 20-25% ahead of the deadline of August 1, 2025.

Forex traders said month-end dollar demand from importers and sustained foreign fund outflows weighed on the local unit.

At the interbank foreign exchange, the domestic unit opened at 87.10 against the greenback and touched an intraday low of 87.05 against the greenback.

At the end of Wednesday’s (July 30, 2025) trading session, the local unit settled at 87.43 (provisional), down 52 paise over its previous closing price.

On Tuesday (July 29, 2025), the rupee declined to an over four-month low and closed 21 paise weaker at 86.91 against the US dollar.

“Indian rupee tanked sharply on uncertainty over India-US trade deal after US President Donald Trump hinted at tariff rates of around 20-25% ahead of the deadline of August 1,” Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said.

Mr. Choudhary further said, “We expect the rupee to slide further amid uncertainty over the trade deal between India and the US. Rising global oil prices and foreign outflows may also keep the rupee under the leash.”

Moreover, investors remained on the sidelines ahead of the US Federal Reserve and Bank of Japan’s monetary policy decision this week.

“Traders may take cues from Q2, 2025 GDP, ADP non-farm employment and pending home sales data from the U.S. Investors may remain cautious ahead of the US FOMC meeting and Bank of Japan’s monetary policy decision,” Mr. Choudhary said, adding that the USD-INR spot price is expected to trade in the range of 87-87.90.

In the domestic equity market, the 30-share BSE Sensex advanced 143.91 points, or 0.18%, to close at 81,481.86, while the Nifty rose 33.95 points, or 0.14%, to settle at 24,855.05.

Foreign institutional investors (FIIs) offloaded equities worth ₹4,636.60 crore on a net basis on Tuesday (July 29, 2025), according to exchange data.

According to traders, the lingering trade deal between India and the U.S. may continue to weigh on the rupee. If the discussions fail or get delayed, Indian exporters could face fresh pressure — adding to the rupee’s challenges.

However, if a deal is reached, it could offer a much-needed breather.

Meanwhile, U.S. President Donald Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country. Asked if the deal with India has been finalised, he said, “No, it’s not.”

He was also asked about reports that India is preparing to face higher US tariffs at 20-25%, to which he replied, “I think so”.

U.S. team will visit India on August 25 for the next round of negotiations for the proposed bilateral trade agreement between the two countries.

Though the team is coming at the end of next month, both sides remain engaged to iron out differences for an interim trade deal before August 1, which marks the end of the suspension period of tariffs imposed by US President Donald Trump on dozens of countries, including India.

The prospects for an interim deal may look dim, as U.S. Trade Representative Jamieson Greer has said more negotiations will be needed with India on a trade pact. However, officials are not ruling out the possibility of a last-minute breakthrough.

Indian exporters may face an additional duty of 16 per cent — on top of the existing 10%, if the August 1 deadline is not extended further or an interim deal is not reached between the two countries.

Published – July 30, 2025 04:56 pm IST

Benchmark stock indices Sensex and Nifty ended higher on Wednesday (July 30, 2025), driven by heavy buying in infrastructure major Larsen & Toubro.

Rising for the second day, the 30-share BSE Sensex climbed 143.91 points or 0.18%, to settle at 81,481.86. During the day, the barometer moved in a tight range and rose by 281.01 points or 0.34%, to hit a high of 81,618.96.

The 50-share NSE Nifty went up by 33.95 points or 0.14%, to 24,855.05.

U.S. trade deal uncertainty and foreign fund outflows restricted the market rally to a large extent, analysts said.

Among Sensex firms, Larsen & Toubro jumped 4.87% after the infrastructure major reported a 29.8% rise in consolidated net profit at ₹3,617.19 crore during the June quarter, driven by strong overseas order growth.

Sun Pharma, NTPC, Maruti, Bharti Airtel, Trent and Axis Bank were also among the gainers.

However, Tata Motors, Power Grid, Eternal, Bajaj Finserv and Hindustan Unilever were among the laggards.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,636.60 crore on Tuesday (July 29, 2025), according to exchange data.

U.S. President Donald Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country.

Mr. Trump spoke to reporters on Tuesday (July 29, 2025) on Air Force One on his way back to Washington from Scotland and was asked about the trade deal with India.

“No, it’s not,” Mr. Trump said when asked if the deal with India is finalised.

He was also asked about reports that India is preparing to face higher US tariffs between 20-25%, to which he replied, “I think so. Markets traded in a tight range and ended marginally higher amid mixed cues. After a flat start, the Nifty oscillated within a narrow band throughout the session and finally settled at 24,855.05.”

“Sentiment remained subdued due to lingering uncertainty over the trade deal, following the latest statement from the US President about potential tariffs on India, amid delays in finalising the agreement ahead of the August 1 deadline,” Ajit Mishra – SVP, Research, Religare Broking Limited, said.

In Asian markets, Japan’s Nikkei 225 index and Hong Kong’s Hang Seng settled lower, while South Korea’s Kospi and Shanghai’s SSE Composite index ended in positive territory.

European markets were quoting on a mixed note. The US markets ended lower on Tuesday (July 29, 2025).

Global oil benchmark Brent crude declined 0.44% to $72.19 a barrel.

On Tuesday (July 29, 2025), the Sensex jumped 446.93 points or 0.55%, to settle at 81,337.95. The Nifty climbed 140.20 points or 0.57%, to 24,821.10.

Published – July 30, 2025 04:34 pm IST

Stablecoin excitement has gripped Hong Kong as the city prepares to launch a licensing system for the less volatile type of cryptocurrency, but authorities warn against overplaying its future role in financial systems.

The digital units have been touted as a cheaper, easier way to carry out monetary transactions, and their popularity is soaring, with more than US$270 billion in circulation worldwide.

Unlike the heady highs and lows of bitcoin, the value of most stablecoins is kept steady by being linked to an existing national currency, mainly the dollar, or a commodity like gold.

Stablecoins are useful internationally because they enable fast, low-cost cross-border payments, handy in markets where hard currency is limited, such as Argentina and Nigeria.

The tokens, bought and sold on digital exchanges, are also used as a safe way for crypto investors to station their profits, instead of converting to cash.

“The size of the stablecoin market has reached a level where the cash flows have geopolitical implications,” said Paul Brody, global blockchain leader at consulting firm EY.

More than 99% of stablecoin assets are in U.S. dollars, so for other countries “if you’re not a player, you could find yourself frozen out”, Brody told AFP.

The U.S. House of Representatives this month passed an act codifying stablecoin use, which Senator Bill Hagerty said will “ensure the dominance of the U.S. dollar”.

Hong Kong’s own stablecoin regulations come in on Friday, part of a push to position itself as an Asian crypto hub as U.S. President Donald Trump’s support for the sector fuels a global resurgence.

“The opportunities are massive,” said Rita Liu, whose payment company is developing a Hong Kong dollar-denominated stablecoin in a government-run trial.

“There’s a wave of legitimising the digital asset industry… Hong Kong is trying to be at the forefront of that wave,” said Liu, chief executive of RD Technologies.

Crypto trading has been banned since 2021 in mainland China, which sees it as a “bit too close to gambling”, Brody said.

He and others think stablecoins could prove more acceptable to Beijing, which has experimented with its own “e-yuan” central bank digital currency.

Officials may first want to see how things go in the semi-autonomous territory of Hong Kong.

So far, “a few dozen institutions” have expressed interest in issuing stablecoins or requested more information, Hong Kong Monetary Authority head Eddie Yue said last week.

But he called for the public to “rein in the euphoria” over the new bill, as “in the initial stage, we will at most grant a handful of stablecoin issuer licences”.

“Some discussion on stablecoins may be overly idealistic,” Yue warned, especially around their “potential to disrupt the mainstream financial system”.

The hype can inflate companies’ stock prices, he added, a point echoed by Lily King of crypto company Cobo.

“Some applications may be influenced by public relations strategies, as stablecoin-related news often drives market sentiment,” she said.

RD’s Liu, a former senior manager at Chinese payment platform Alipay, feels that “some of it is fake hype, and some is real”, fuelled by “people’s hope in this industry”.

Stablecoins account for about seven percent of the global cryptocurrency market capitalisation, according to CoinGecko.

If they eventually become “a mainstay of the plumbing” in finance, Hong Kong could enjoy something of a “first-mover advantage”, said Jonas Goltermann at Capital Economics.

Japan and Singapore already regulate stablecoins, while South Korea is exploring the possibility.

While stablecoin issuers usually assure buyers their currency is backed up by real-world reserves, they are not risk-free, and sometimes deviate from their pegged value due to market fluctuations, tech issues or problems with the underlying assets.

There is also the risk that stablecoins will become “more of a niche product” if banks work out how to make their own programmable money, Goltermann said.

“It makes sense for Hong Kong to try anything; it’s kind of on a declining path, for reasons that are not to do with technology. It’s mostly about the politics, and its relationship with China,” he told AFP.

“It’s not like stablecoins are a silver bullet that can fix that. But that doesn’t mean it can’t help.”

Published – July 30, 2025 11:10 am IST

 At the interbank foreign exchange market, the rupee opened on a negative note and touched an early low of 87.15 against the American currency on July 30, 025, registering a fall of 24 paise over its previous close. File
| Photo Credit: REUTERS

Representative image
| Photo Credit: Reuters

File picture of U.S. President Donald Trump and Prime Minister Narendra Modi at the White House in Washington, D.C., U.S., on February 13, 2025
| Photo Credit: Reuters