ET NEWS

Mumbai: India's equity indices declined nearly 0.5% on Friday, snapping their three-day winning streak as investor sentiment was dampened by the US revocation of sanctions relief for India at Iran's Chabahar port. Still, they ended the week 0.8% higher, extending gains to the third straight week.The NSE Nifty closed at 25,327.05, down 0.4% or 96.55 points, while the BSE Sensex ended 0.5% lower at 82,626.23, a loss of 387.73 points."Investors booked profits today after the upmove in the past couple of weeks and the revocation of sanctions relief for India at Iran's Chabahar port by the US also induced some caution," said U R Bhat, co-founder & director, Alphaniti.The tariff negotiations are expected to be finalised by the end of November, which implies that gains cannot be sustained on the news of negotiations alone, he added. HCL Technologies emerged as the top loser on Friday, falling 1.6%. ICICI Bank and Trent declined over 1% each. The Bank Nifty and the Nifty IT index slipped 0.5% each. The Nifty FMCG and Auto indices slid 0.4%, while the Nifty PSU Bank index gained 1.3%."As the market has not seen any sharp movements recently, the decline in the market today is anticipated to be a pause in the up move," said Rajesh Palviya, head of Technical and Derivatives, Axis Securities. "Some profit booking is also likely as Nifty jumped over 3% in September so far and some sector rotation could also be at play."The Nifty Midcap 150 rose marginally, while the Smallcap 250 index edged 0.1% higher on Friday. Out of the 4,316 shares traded on the BSE, 2,037 advanced and 2,111 declined. Over the past week, the midcap and smallcap indices gained 1.6% and 2.1% respectively.Palviya noted that the put-call ratio is at comfortable levels below 1 and market breadth has also improved, indicating investor confidence. 124009100"Nifty is expected to be around 25,750-26,000 levels next month during the peak festive season," said Palviya. "On the downside, the benchmark is likely to hold above key support levels of 25,200 in case of minor bouts of volatility."India's Volatility Index jumped 3.5% in early trade but cooled off to close 0.8% higher at 9.97 on Friday, indicating low risk perception among traders. The index had hit a record low of 9.89 on Friday. Foreign portfolio investors (FPIs) bought shares worth a net ₹390.7 crore on Friday. Domestic institutional investors also bought shares worth ₹2,105.2 crore.Bhat said foreign investors are not expected to remain aggressive sellers but could continue their selling spree as tariff-related uncertainty weighs on global sentiment."Nifty is likely to oscillate in a tight range of around 1% or thereabouts on either side until a tariff settlement has been reached between India and the US," said Bhat. "Investors can buy on declines but keep 15-20% in cash as a settlement will be reached and the economy is reasonably buoyant on the domestic front." Elsewhere in Asia, Taiwan declined 0.7% and Japan fell 0.6%. South Korea and China slid 0.5% and 0.3% respectively, while Indonesia advanced 0.5%. Hong Kong ended flat.

Mumbai : Treasury gains, which helped offset the impact of muted credit growth and boosted bank earnings in the three months to June, could well slow significantly in the second quarter amid rising yields and due to the absence of open market operations (OMO), analysts said.The 10-year yield, which softened to as much as 6.25% last quarter, rose to 6.60% in the second quarter. Treasury yields are inversely related to bond prices. So, hardening of yields adversely affects bank's bond investment earnings.Additionally, the Reserve Bank of India (RBI) did not conduct any open market operations (OMO) in the second quarter. In the first quarter, the ₹2.4 lakh crore OMO purchases helped banks book profits in their bond portfolio."Treasury gains in Q2 are expected to be lower than Q1 for two reasons - higher yields and absence of OMOs. Yields moved adversely in Q2, and Q1 also had OMOs. When there is an OMO with a large buyer like the central bank, banks profit from selling their bonds. Hence, the quantum of treasury gains would surely be lower than Q1," said Anil Gupta, senior vice president, ICRA.When the RBI conducts an OMO purchase, it buys government bonds, pushing their prices up and yields down. Banks that already hold these bonds can then sell them at higher prices, booking treasury profits."Stock position of profits has gone down in the balance sheet and hence the profits that would be booked will also be lower," Gupta said.124009035Bumper 1Q GainsIn Q1, treasury gains for Axis Bank increased 245%, while ICICI Bank saw an increase of 103%. Bandhan Bank and Bank of Maharashtra saw a year on year increase of 696% and 305% respectively. HDFC Bank saw a 242% increase in its net trading book, while SBIs book grew 144%."This quarter there would be pressure and maybe some mark-to-market losses in treasury books, but it is difficult to access the quantum. We will get to see which institution has a smart treasury team when Q2 results are announced," said a treasury head at a mid-sized bank. Banks are also able to shift some securities from the held to maturity (HTM) book to their available for sale (AFS) book in Q1 and the fall in yields, along with OMOs helped banks book profits in Q1"Banks have the option to shift from AFS to HTM in Q1 which helps them book profits. This option is not available in Q2, and they miss out on additional gains. said Asutosh Mishra, lead BFSI analyst at Ashika Stock Broking. "Losses are difficult to predict but the gains would be muted," he said.

Following staycations and workations (work from anywhere) that changed the way hotels get business after the Covid pandemic, the concept of 'eatcations' is reshaping the way travellers plan their getaways, and food is increasingly becoming the centrepiece of the holiday package, hoteliers said.CGH Earth said it has collaborated with Tamil scholars to create specialised cuisine from the Sangam era for Aatrupaduthal, the new al fresco dining space at the heritage hotel chain's Mantra Koodam property in Kumbakonam, Tamil Nadu. In keeping with the culinary traditions of the Sangam era, ingredients such as modern-day spices and additives not historically available have been deliberately excluded at the restaurant. The chain plans to add 100 rooms to its portfolio for the next two to three years, with the growth coming from its small hotels (less than 10 rooms) under the Saha vertical, and incorporating local culinary experiences will be key to its expansion, managing director Michael Dominic said."The menus would be centred on the local cuisine. We started in Kerala, but we can't be Kerala-centric when it comes to cuisine. Each location has to have its own regional cuisine and the best way to showcase local culture is through culinary experiences," he added. Curated menus and thematic dining experiences are now a decisive factor in choosing where to stay, said Kunal Shanker, general manager, Novotel Mumbai Juhu Beach. "Guests are seeking more than just good food. They want a story on their plate, whether it's a coastal trail that takes them through the Konkan, a Pan-Asian tasting menu that explores five countries in five courses, or a festive thali that celebrates India's culinary diversity," said Shanker."We are curating thematic dining chapters like Wok Around Asia and Coastal Conversations-A Seafood Trail. These experiences are designed to connect travellers with culture, nostalgia and storytelling through food," he said. "Hotels that innovate in this space are seeing higher engagement and repeat bookings, as dining becomes part of the destination's identity." Hotels are also becoming more open to incorporating external culinary experiences. Vikas Nagar, hotel manager at Pilibhit House, IHCL SeleQtions, said this year, the property is planning to introduce local food walks and market experiences, where guests can explore Haridwar's bazaars and taste local specialties from 'iconic' eateries such as Mohan ji Poori Wale and Mathura Walo ki Pracheen Dukaan. "At Pilibhit House, we've observed that dining experiences are often the highlight of guest feedback and can significantly influence repeat visits and referrals," said Nagar.Food and beverage is emerging as a key driver of guest engagement, with dining experiences increasingly shaping holiday choices, said Yasin Shaikh, director of revenue and marketing at Radisson Resort and Spa Lonavala."This has led us to curate immersive experiences across our portfolio, ranging from regional feasts, and live cooking sessions to rooftop dining, international street food concepts, and themed brunches with music and entertainment," said Shaikh.

In a sweeping move that could reshape the US immigration landscape, President Donald Trump has signed a proclamation imposing a $100,000 fee on H-1B visas. The administration argues the measure will ensure only “extraordinarily skilled” individuals enter the country, while discouraging companies from using foreign professionals to replace American workers. Commerce Secretary Howard Lutnick framed the decision as a corrective step, saying past employment-based visa policies admitted people earning below-average salaries, often dependent on government assistance. The new regime, he said, will filter out the “bottom quartile” and raise over $100 billion for the US Treasury. The Republican President added that these funds will help reduce national debt and taxes. Why this matters for Indians For India, the decision lands like a thunderclap. Roughly 71% of H-1B visa holders are Indian and most of them employed in the technology sector. Firms such as Infosys, Wipro, Cognizant, and Tata Consultancy Services have long relied on the program to place Indian engineers and developers in US projects. With visas valid for three years and renewable up to six, the new cost structure could make it prohibitively expensive for companies to retain Indian professionals, particularly during the decades-long wait many face for Green Cards.Moreover, this matters beyond individual careers. India’s $250-billion IT services industry has been built on its ability to send talent abroad, especially to the US. If firms balk at paying $100,000 annually per employee, opportunities for Indian professionals could shrink sharply, undermining India’s competitive edge in the global tech economy. It may also force Indian companies to rethink their business models, potentially redirecting jobs back home or to cheaper overseas markets. Tech industry reactionsAs such, the US technology sector, a heavy user of H-1B visas, has been thrown into uncertainty. While Trump insists that “big tech loves the idea,” investors reacted nervously.Reuters reported that shares of IT services companies, including US-listed Indian firms, dropped between 2% and 5% following the announcement. Critics told the news agency that the measure discourages talent mobility and innovation. Supporters, however, argue that it will prevent wage suppression and compel companies to invest in training American graduates instead."Information technology (IT) firms in particular have prominently manipulated the H-1B system, significantly harming American workers in computer-related fields," read a White House memo on the matter. The 'Gold Card' alternative Alongside the H-1B overhaul, Trump unveiled a new visa pathway dubbed the “Gold Card.” This option offers expedited Green Card access for individuals of “extraordinary ability” willing to pay $1 million personally—or $2 million if sponsored by a corporation—into the US Treasury. President Trump hailed the scheme as a magnet for elite talent that could simultaneously boost government revenues. Immigration crackdown continues The $100,000 H-1B fee marks the boldest step yet in the Trump administration’s broader campaign to curtail immigration. From travel bans to bond requirements for tourist visas, the White House has repeatedly emphasised tightening entry. Experts, however, have questioned the legality of imposing fees far beyond the cost of processing applications, suggesting the measure may face challenges in court.

Senior IPS officers Praveer Ranjan and Praveen Kumar were on Friday appointed as the chiefs of the Central Industrial Security Force (CISF) and the lndo-Tibetan Border Police (ITBP), respectively, officials said.Ranjan, a 1993-batch Indian Police Service (IPS) officer of AGMUT (Arunachal Pradesh, Goa, Mizoram, and Union Territories) cadre, is currently serving as the Special Director General of CISF.The Appointments Committee of the Cabinet approved his appointment as Director General, CISF, for a period up to July 31, 2029, the date of his superannuation, an order issued by the Ministry of Personnel said.He will succeed incumbent chief Rajwinder Singh Bhatti, who is scheduled to superannuate at the end of this month.Praveen Kumar, Special Director, Intelligence Bureau, has been appointed as the Director General, ITBP, for a period up to September 30, 2030, the date of his superannuation.Kumar is a 1993-batch West Bengal cadre IPS officer. He will take over the charge of the border guarding force from incumbent Rahul Rasgotra, who is due to superannuate on September 30.While the CISF guards the country’s critical infrastructure, including airports, nuclear installations and space establishments, among others, ITBP is entrusted with guarding the Sino-India border.

Ganesh Consumer Products has raised about Rs 122 crore from anchor investors ahead of its IPO that opens on September 22. The FMCG company, best known for its wheat-based flour and packaged consumer products in eastern India, allocated shares at the upper end of the price band, Rs 322 per share, to a clutch of domestic and global funds.According to the allocation document, marquee investors such as Ashish Kacholia-backed Bengal Finance, Subhkam Ventures cornered the largest slice of the anchor round. Each picked up 5.89 lakh shares. Together, the two entities account for more than 31% of the anchor proceeds.Global institutions also marked their presence. Samsung India Small and Mid Cap Focus Securities Master Investment Trust (Equity) subscribed for 3.53 lakh shares, while Samsung India Securities Master Investment picked up 2.35 lakh shares.Other overseas investors such as LC Pharos Multi Strategy Fund, Citigroup Global Markets Mauritius, and Singularity Equity Fund I also participated.Domestic mutual funds and alternative investment vehicles rounded up the list. PGIM India Equity Growth Opportunities Fund Series II, Sanshi Fund I, Saint Capital Fund, Rajasthan Global Securities, and Dovetail India Fund Class 6 Shares together absorbed significant chunks of the offering.IPO detailsThe Rs 409 crore IPO of Ganesh Consumer comprises a fresh issue of Rs 130 crore and an offer-for-sale (OFS) of Rs 278.8 crore.The price band is fixed at Rs 306–322 per share with a minimum lot size of 46 shares, requiring a retail investment of Rs 14,812 at the upper end. The issue closes on September 24, with allotments scheduled for September 25 and listing expected on September 29.The Kolkata-headquartered company has carved a niche in the eastern Indian market with its packaged atta, maida, sooji, and an expanding portfolio of spices and ethnic foods. Proceeds from the fresh issue will be used to repay debt and to fund a new manufacturing facility in Darjeeling, West Bengal.