A Ministry of Finance memo dated June 24 granted a two-year exemption to four Chinese power transmission and distribution companies, allowing them to participate in tenders issued by state-run entities. Previously, only TBEA had received a one-year approval earlier this year, with a minimum 50% local-content condition for reactor-category bids. The policy shift is seen as intensifying competition in India’s T&D equipment market, potentially weighing on order wins and pricing power for local leaders such as GE Vernova T&D, Hitachi Energy India and CG Power. On July 3, the three stocks fell 6.8%–9%, while GE Vernova extended its losing streak to nine straight sessions for a total decline of 17%.

Brent crude remained under pressure near $71 a barrel this week and is set for a fourth straight weekly decline, the longest losing streak since August 2024. Saudi Arabia’s exports have returned to 90% of prewar levels, with most shipments moving through the Strait of Hormuz, while the UAE and Iran have also boosted supplies amid expectations of looser supply tied to a temporary US-Iran arrangement. Citigroup expects Brent to fall to $60–65 a barrel by year-end.

MacRitchie Investments, an investment arm of Temasek, plans to sell a 2.6% stake in PB Fintech, the parent of Policybazaar, through a block deal. The offering involves 1.19 crore shares valued at about ₹1,908 crore. The floor price is set at ₹1,604 per share, a 4.6% discount to the previous close. The transaction has launched, with buyer identities expected to be disclosed later via stock exchange filings.

Gold and silver eased on Thursday but held near one-week highs. On COMEX, gold traded at $4,065.30 an ounce, down 0.42%, while silver was at $60.345, down 0.27%. Markets were focused on the release of US nonfarm payrolls and the unemployment rate, which could shape expectations for a September Fed rate hike currently priced at 64%. A softer ADP private employment reading of +98,000 versus 118,000 expected earlier helped underpin bullion prices.

Brent crude fell below $71 a barrel and WTI dropped under $68 a barrel, marking a third straight day of declines. Average oil flows through the Strait of Hormuz topped 10 million barrels per day, while indirect U.S.-Iran talks in Qatar were reported to be making progress, easing geopolitical risk. Prices have erased the gains logged during the Iran war, with year-to-date increases narrowing to under 20%. Releases from the U.S. Strategic Petroleum Reserve alongside softer demand added to downward pressure.

On July 1, COMEX gold fell 1.13% to $3,993 per ounce, marking a seven-month low, while silver dropped 2.93% to $57.735 per ounce. The market was pressured as the probability of a Federal Reserve rate hike in September rose to 67%, alongside stalled US-Iran talks that reinforced expectations of tighter policy. Investors are awaiting the ADP employment report later in the day and Thursday’s nonfarm payrolls data to better gauge the path of interest rates.

The United States and Iran agreed to pause hostilities, and commercial shipping through the Strait of Hormuz quickly resumed, easing concerns about oil supply disruptions. Brent crude fell below $74 a barrel and WTI slipped below $71, leaving oil prices on track for a quarterly decline. The Dow hit a record high, while the S&P 500 and Nasdaq are up more than 8% and 11.1% in the first half, respectively, pointing to a strong half-year for U.S. equities.

Former NITI Aayog member Ramesh Chand and The Indian Express agriculture editor Harish Damodaran said a June monsoon rainfall shortfall, alongside a strengthening El Nino, poses significant risks to rainfed crops in India. They flagged soybean—more than 95% dependent on rainfall—along with cotton, groundnut, pulses and millets as the most exposed. Rice prices, however, are seen as relatively stable because irrigation coverage is high and buffer stocks are comfortable. They also warned that India’s heavy reliance on edible-oil imports, combined with global weather disruptions, could lift food inflation above 6% in some months, according to The Indian Express.

Shilpa Medicare subsidiary Shilpa Biologicals has partnered with Finland’s Orion to co-develop and exclusively supply an intravenous nivolumab biosimilar for the European market. Shilpa will manufacture the drug at its facility in Dharwad, Karnataka, while Orion will handle registration, marketing and distribution across Europe. The drug recorded about $4.1 billion in sales in Europe in 2025, based on IQVIA/IMS data cited by the company. Shilpa Medicare shares rose more than 5% after the announcement; financial terms were not disclosed, though the deal includes milestone payments and long-term supply revenue.