BILKUL BAZAAR— The Daily News Wrap
- Bilkul Bazaar
- 9:00 PM | 07 Sept – 08 Sept 2026
National Business News Highlights
1. Sensex, Nifty fall as West Asia tensions push crude towards $100
Indian equities extended their decline on Tuesday. The Sensex fell 0.73% to 75,577.58, while the Nifty dropped 0.61% to 23,635.10, as rising crude prices and geopolitical tensions weighed on sentiment.
2. RBI steps up intervention to support the rupee
The RBI is believed to have continued intervening in the forex market as the rupee weakened to around ₹94.68 per dollar. Rising oil prices are adding pressure to India’s import bill and currency.
3. Indian banks carry significant unhedged foreign-exchange exposure
Indian banks have left a substantial portion of the FX risk on overseas deposits unhedged. The deposits exceed $127 billion, making currency movements an important risk if the rupee weakens further.
4. Indian companies seek $7.7 billion in overseas borrowing
Companies filed proposals to raise around $7.70 billion through external commercial borrowings in July, up 27% from the previous month. Easier RBI policy has made overseas borrowing more attractive.
5. AlphaGrep raises ₹200 crore through bonds
High-frequency trading firm AlphaGrep raised ₹200 crore through one-year non-convertible debentures at 10.5%. The fundraising comes after RBI restrictions on bank financing for proprietary trading firms.
6. Steel prices set for another increase
Indian steel prices could rise by another ₹3,500 per tonne as coking-coal costs increase and post-monsoon demand from infrastructure and automobiles strengthens. Domestic HRC prices have already reached a four-year high.
7. India’s August fuel demand falls to two-year low
Petroleum consumption fell 6.3% month-on-month to 18.61 million tonnes in August, the lowest level since September 2024. Consumption was also 2.8% lower than a year earlier.
8. Kanohar Electricals’ ₹1,055-crore IPO opens
Transformer manufacturer Kanohar Electricals opened its ₹1,055.7-crore IPO today. The issue attracted considerable investor attention, with the grey-market premium indicating strong listing expectations.
9. Swiggy swaps Lynk for stake in Udaan
Swiggy is selling its retail distribution platform Lynk Logistics to B2B e-commerce company Udaan in a share-swap transaction. Swiggy will receive an equity stake in Udaan as part of the deal.
10. Western Dedicated Freight Corridor gets major operational push
The completion and commissioning of key sections of the Western Dedicated Freight Corridor is expected to improve cargo movement between industrial centres and JNPT, with Maharashtra estimating that improved logistics could bring logistics costs closer to 7% of GDP.
International Business News Highlights
1. Canada launches fresh tariff retaliation against the US
Canada has imposed retaliatory tariffs worth about C$27.6 billion (around US$20 billion) on American goods, escalating trade tensions between the two neighbours.
2. Gulf markets remain cautious as oil approaches $100
Gulf markets posted modest gains despite escalating US-Iran tensions and attacks affecting Saudi energy infrastructure. Brent crude climbed towards $99 a barrel, keeping energy markets on edge.
3. Japan’s surging yen rattles the global carry trade
The yen has climbed sharply as markets anticipate a Bank of Japan rate hike. The move is forcing investors to unwind carry trades — a market estimated to involve yen borrowing of around ¥360 trillion ($2.35 trillion).
4. Holtec Nuclear targets $10.2-billion valuation in US IPO
US nuclear technology company Holtec Nuclear is seeking to raise up to $900 million in its IPO at a valuation of as much as $10.2 billion, highlighting renewed investor interest in nuclear power amid rising electricity demand.
5. Sandoz shifts strategy towards biosimilars
Swiss pharmaceutical company Sandoz plans to make biosimilars the majority of its sales as it seeks to more than double group revenue by 2035, moving beyond its traditional generic-drug focus.
Quote of the Day
“The purpose of business is to create a customer.”
— Peter Drucker
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