India has expressed confidence in securing its crude oil supplies even if Russian oil imports are sanctioned. Petroleum Minister Hardeep Singh Puri has said he is not worried at all about the emerging situation.
Speaking at an event in Delhi, the minister also highlighted the diversification of supply sources, with India going from about 27 countries it used to buy oil from to around 40 countries now.
These comments come just days after US President Donald Trump threatened to impose a 100 per cent secondary tariff on countries buying oil from Russia if a Ukraine peace deal is not reached within 50 days. Separately, NATO Secretary General Mark Rutte warned that countries such as India and China could be hit very hard by sanctions if they continue to do business with Russia. HDFC Bank mulls bonus issue
India’s largest lender, HDFC Bank, is mulling a plan to issue bonus shares to its shareholders. The bank’s board is expected to discuss the plan on the nineteenth of July. If approved, it will be the first time in the bank’s thirty-year history that it issues bonus shares.
A bonus issue is when a company distributes additional shares to its existing shareholders for free, as a reward. HDFC Bank’s board is also scheduled to consider a special interim dividend for the current financial year.
A long wait has finally ended with Elon Musk’s Tesla officially driving into India. The American EV giant has launched its India operations from Mumbai’s Bandra Kurla Complex, where it has opened a 4,000-square-foot experience centre.
Tesla has also begun taking bookings for two variants of its Model Y. The lower variant is priced at ₹61 lakh on-road, while the higher variant comes in at over ₹69 lakh. Deliveries are expected to begin in the last quarter of the year.
DLF enters Mumbai, again
Realty major DLF has re-entered the city after over a decade. The Gurugram-headquartered company has launched a premium residential project in Andheri, called The WestPark. In its first phase, the company plans to sell a mix of 3 BHK and larger apartments, with starting prices at over four crore rupees.
DLF had its first tryst with the city in 2005, when it bought a prime land parcel in Lower Parel, offering the highest bid at the time. However, post the 2008 economic crisis, the company changed its plan and sold the plot.
Perplexity Pro for Airtel users
Telecom major Airtel has partnered with AI start-up Perplexity to offer the Perplexity Pro annual subscription free to all its consumers. While Perplexity has a free plan for general users, the Pro version, with enhanced capabilities, costs around ₹17,000 per year. But with this deal, it will be free for all Airtel users.
The world’s largest cryptocurrency hit a fresh all-time high this week, smashing past the $120,000-dollar mark. It’s now up about 30% this year. So, what’s fuelling the rally? A mix of factors. Big investors and institutions are doubling down on crypto. The launch of Bitcoin ETFs has made it far easier for people to enter the market.
In the US, lawmakers are also considering crypto-friendly legislation. Add to that US President Donald Trump’s pro-crypto stance, which has given the industry a major confidence boost.
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Dalal Street closes in the red
In the absence of any major market-moving cues, Dalal Street traded sideways and ended with minor cuts. The Sensex was down around a per cent for the week, slipping below 82,000. The Nifty also dropped to around 25,000.
