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Tata Motors, India, will increase the price of commercial vehicles by as much as 2.5% starting in July
Tata Motors, an Indian automaker, announced on Thursday that it will increase prices across its entire range of 'commercial vehicles' by up to 2.5%. This is the second price hike in just three months due to rising costs from Middle East war. The increase aims to partially offset the impact of rising input costs and commodity prices, according to the Tata commercial vehicle division. The company cited higher input costs as a reason for raising the prices of its commercial vehicles. In recent months, automakers in India raised their prices to offset the cost of raw materials, such as steel and other commodities. Tata Motors Passenger Cars announced last week that it will increase the prices of its cars, SUVs and electric vehicles by as much as 1.5% from July 1, marking their second price hike in just four months. Hyundai Motor India and Maruti Suzuki both increased vehicle prices on June 1,?by as much as 30,000 rupees ($314.42).
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India's biggest-ever IPOs before NSE and Reliance Jio offerings
The National Stock Exchange of India filed draft papers to?along-delayed listing? that will be one of the two mega initial public offerings in India this year. Alongside billionaire Mukesh?Ambani's Reliance Jio. NSE's IPO will likely?be worth $3.3 billion based on a?pricing of its shares in the private market, and it comes?after...years of regulatory delay. As part of this issue, existing investors will sell 6% equity in the company. This will be an offer-for sale with no new equity raised. Ambani’s AI-to Telecoms arm Reliance Jio Platforms, is also preparing for an IPO that could be the largest ever in India. Sources said in January the IPO's value could reach $4 billion. However, final figures will be determined later. Jefferies, an investment bank, estimated Reliance Jio at $180 billion in November. Here are the five largest Indian IPOs ever before NSE or Jio Platforms. HYUNDAI MOTOR INDIANA In October 2024, Hyundai, India's 4th largest passenger vehicle?maker and the third largest automaker in the world, raised $2.95 billion in India's biggest-ever IPO. The South Korean parent company of the manufacturer sold a 17.5% share in a pure "offer-for-sale" where existing shareholders sell shares without raising any new capital. Jio Platforms will likely follow a similar strategy, where major investors are expected to reduce their stakes. LIFE INSURANCE COMPANY OF INDIA The government made a profit of 205 billion rupees by selling a stake of 3.5% in India's biggest insurer and largest domestic financial investor. This is far less than its original target, which was up to 12 billion dollars. The shares fell nearly 8% in their debut. PAYTM Paytm's, India’s fintech company, raised 183 billion Indian Rupees (about $13 billion) in November 2021 through a combination of a new share issue and a sale. SoftBank Vision Fund and Ant?Group both reduced their stakes to 16% from 28%. Paytm's debut was the worst in Indian IPO history, with a drop of more than 27%. TATA CAPITAL Tata Group Financial Services raised 155 billion Indian Rupees (approximately $155 billion) in October 2025. Tata Sons and IFC were among the companies selling alongside a new issue. This was the biggest IPO ever by a nonbanking financial firm in India. The shares were listed at a small premium of 1.23%. LG ELECTRONICS INDIA In October 2025, South Korean parent LG Electronics sold a 15% stake of its Indian unit, which makes refrigerators, washing machine, air conditioners, and televisions. The sale was a pure offering for sale, with 116 billion Indian rupees as the result. The IPO attracted bids of 4.4 trillion rupees, a 54-fold increase over the previous IPO. LG shares soared by 50% in their first trading day, making the unit more valuable than its parent company based in Seoul. $1 = 94.3800 Indian Rupees (Reporting and editing by Aditya K. Kalra, Kate Mayberry, and Kevin Buckland in Mumbai)
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RPT-Aramco is lining up asset sales to raise tens and tens billions, according to sources.
Sources say that Aramco invited banks to bid for Project Yellowstone last month. One source estimated that the sulphur stake sale could generate up to $7 billion. Sources said that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and ?Yousef Saba DUBAI, 17 June - Saudi Aramco, the world's largest crude exporter, is "considering" the sale of its sulphur business, according to three sources familiar with the matter. This strategy extends a strategy that taps into its infrastructure assets in order to raise tens and tens billions of dollars. Aramco is the crown jewel of world's biggest crude exporter. It has been looking for outside capital in order to fund the kingdoms ambitious diversification program amid mounting financial pressure. Exclusively reported last year, the oil giant was actively looking to sell assets, improve efficiencies and reduce costs. According to sources and calculations, the total value of assets that could be used for fundraising from its vast infrastructure empire is estimated at around $50 billion. Sources say that Aramco invited banks last month to pitch for the sulphur project, internally known as Project Yellowstone. One source added that the deal could raise $7 billion. Aramco, Aramco is the largest energy company in the world. They declined to comment. Sulphur is produced when raw gas is stripped off hydrogen sulphide in order to export it. Aramco's trading arm sells sulphur, and describes itself as one of the biggest exporters in the Gulf and Red Sea regions on its website. Three people confirmed that the assets for a potential sale are centered around sulphur export and storage terminals. Aramco, according to one source, is still deciding which assets will be included in the deal and it won't be announced before next year. Other Assets for Sale Aramco, which is owned by the Saudi government, the sovereign wealth fund, and other related entities to the company, is the largest source of revenue for the Kingdom through dividends and royalty payments. The $100 billion Jafurah project is the company's main goal to become a global player in natural gas. It signed an $11billion lease-and-leaseback agreement with Global Infrastructure Partners, a consortium headed by BlackRock. Two sources say Aramco has also been weighing up a deal that involves its oil export terminals. One source estimates the assets to be worth as much as $25 billion. Aramco is waiting for "regional tensions" to ease before launching this process, which will likely happen in the second half year. Aramco’s real estate portfolio, including its campus headquarters, is also being considered, according to one of three sources. A fourth source indicated that the property was valued at around $10 billion. Two people have said that it could raise $500 million by selling water infrastructure assets linked to crude oil operations. One source and another person said that the UAE-based Metito Utilities and Miahona, a water and wastewater infrastructure company, are interested. Metito refused to comment on Aramco's assets, but stated that it evaluates "opportunities" across all of its markets. Miahona didn't immediately respond to an inquiry for comment. Four sources requested anonymity as the discussions are private. Aramco had been reported to be working on selling gas-fired plants worth at least four billion dollars.
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The stakes are high for the morning bid in Europe.
Ankur Banerjee gives us a look at what the future holds for European and global markets Kevin Warsh, Federal Reserve chairman, held his first press conference. He revealed an ambitious review that had broad implications and he was tacitly hawkish in his tone by highlighting the central bank's determination to bring inflation under control. Nine of the Fed’s 19 policymakers expect at least one hike in interest rates by the year 2026. Warsh did not provide a rate prediction of his own. He said that markets should price assets according to their own interpretation of the data, and not second-guess central bank officials' interpretations. He said that if the Fed took this approach, it would avoid a situation where "all the markets do is reflect back what we have said." The markets have priced in an increase of the Fed's rate by October. This has boosted the yields on U.S. Treasury bonds and the dollar. The Fed's sweeping review could change the way the central bank communicates and makes decisions. A short policy statement, similar to the format used by the former Fed chairman Alan Greenspan, heralded the dawn of a new age. Markets may need time to adjust to an increasingly less transparent Fed. Investors scrutinize every word that policymakers say, and a central banking institution who keeps its cards to itself could end up fueling the volatility it hoped to avoid. Bank of England will likely hold its rates at 3.75 percent on Thursday, as it evaluates the impact of a tentative truce in the Iran War on inflation. The dollar's strength has cast a long shadow across the currency markets. This has left the yen on a knife edge, as fears of intervention have resurfaced following a fresh barrage from Tokyo. When asked about the decline of the yen, Chief Cabinet Secretary Minoru Kihara said at a regular press conference: "We're ready to respond as necessary to currency movements." The yen has been stuck around 160 per dollar for days. Even this week's Bank of Japan rate hike offered little relief, as speculative net shorts reached their highest level since July 2024. The following are key developments that may influence the markets on Thursday. UK Labour and Wage Data for April - BoE policy decision - Euro zone April current account data
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Gold increases by over 1% on US-Iran interim agreement
Gold rose more than 1% on Thursday, recovering losses from the previous session, as oil prices dropped following an interim agreement between the U.S. and Iran, which dampened inflation expectations. As of 0242 GMT spot gold rose 1.4% to $4,316.42 an ounce after falling 1.7% on Tuesday. U.S. Gold Futures for August Delivery fell 1% to $4336.70. The reason for this short unwinding was also the 'positive news' coming out of the Middle East which caused oil prices fall, said Kelvin Wong, senior market analyst at OANDA. On Wednesday, the United States and Iran published their interim agreement. The?U.S. Donald Trump has threatened to resume attacks on Iran and kill Iranian officials, if they fail to honor their commitments. The 14-point agreement extends a ceasefire that was announced in April for another 60 days, allowing both sides to negotiate an end to the conflict. After Trump's statement that he would resume his bombing campaign against Iran if its leaders "don't behave", oil prices dropped, reversing the gains made on Tuesday. The rise in oil prices has sparked inflation fears and raised expectations for higher interest rates. Gold tends to lose its appeal when interest rates are high because it doesn't yield any interest. Wong stated that "I expect gold to remain muted to the upside due to the fact that the market has now repriced the possibility of the Federal Reserve kicking off an interest-rate-hike cycle." Nine out of 19 U.S. policymakers believe that they will have to?raise the policy rates this year. This is according to projections made on Wednesday, after the Fed announced their decision to keep the policy rates in the current range of 3.50% to 3.75%. CME FedWatch Tool shows that traders now expect a U.S. rate hike of 85% in December. This is up from 61% before the Fed's decision. Silver spot rose by 1.8%, to $69.18 an ounce. Platinum gained 1.2%, to $1,757.53, while palladium rose 1.3%, to $1,329.99. (Reporting and editing by Subhranshu sahu, Sherry Jacob Phillips, and Noel John from Bengaluru)
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Fans in the US and Canada boo water breaks during World Cup matches
Fans booed loudly during the hydration breaks at World Cup Group L matches Wednesday, expressing their dislike for this innovation. First in Dallas Stadium when England played Croatia and then in Toronto when Ghana faced Panama. FIFA's three-minute mandatory hydration breaks, one per half, were introduced at the World Cup for the first time to help players cope with the heat and humid conditions of North America. Critics say the breaks disrupt the flow of the match, while others think they are a cynical way to divide the game into four halves and give broadcasters the opportunity to air more adverts. England fans announced on social media that they would protest at the match. The boos began from both groups of supporters when referee Clement Turpin whistled to signal the break. In Toronto, the hydration breaks were also met with a cold reception by fans for the other Group L game of the day. Fans booed as players from Ghana and Panama walked towards their respective benches in a steady downpour. Thomas Christiansen, Panama's coach, said that a break is needed to correct mistakes after the team's 1-0 defeat to Ghana. "It was not very hot but we must accept that television advertisers are paying for these things." The crowd booed when the first half-time break began in Tuesday's match between Norway and Iraq at Boston Stadium. It was a mild temperature of 23 degrees Celsius (73.4?Fahrenheit) during the match. Iraq was holding the 'Norwegians to a 0-0 draw and playing well at the time of?the first break but then conceded a 4-1 loss four minutes after resumed play. (Reporting and editing by Ken Ferris, Ed Osmond, and Karolos Grohmann; additional reporting by Frank Pingue and Nicole Fernandes, and Karolos Grhmann).
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Michaela Onyenwere, Sonia Citron shoot Mystics past Sun
Sonia Citron scored 26 points, 12 rebounds, and Michaela Onyenwere a season high 22?points as the Washington Mystics defeated the Connecticut Sun 88-81 on Wednesday at Uncasville in Conn. Citron made all 12 attempts at free-throws and 7 of 13 shots. Onyenwere, who had scored 17 points in three consecutive performances, followed that up by making 8 of 12 shots on the floor - including four from 3 point range. She hadn't scored as many points since July 7, 2023, when she had a 24-point explosion. Lauren Betts scored 13 points with?seven rebound in her first appearance for the Mystics, who were shorthanded (6-7, 3-3) in the Commissioner's Cup. They overcame Shakira Austin's (knee pain) and Kiki iriafen's (right ankle sprain) absences. Aneesah?Morrow of Connecticut came off the bench and produced 11 points with 10 rebounds, her ninth double-double for the season. Leila Lacan scored 11 points as well for the Sun (2-14, 0-6). They made only 4 of 20 3-point shots (20.0%), extending their losing streak to six consecutive games, which is a season low. Betts' free throws gave Washington a 61-50 lead, but Connecticut stepped up their game and tied the score at 70-70 on Lacan’s layup. There was 5:46 left to play. The Mystics recovered their composure. Citron, who had just scored a layup against the Sun and made a 3-pointer attempt by Onyenwere, went on his own 7-1 run to take Washington to a 86-75 advantage with 1:29 left. Diamond Miller's 3-pointer brought Connecticut to within 86-81, with just 35.2 seconds left. But the Sun couldn't get any closer. Kennedy Burke's 3-pointer brought Connecticut to within two points at 50-48 after the teams had?swapped their lead eight times during the first half. Washington's Cassandre prosper answered from beyond the arc in the next possession. Onyenwere then added another 3-pointer, helping to extend the lead to 60-53. Onyenwere scored 8 of Washington's 12 first points in the game. Her highlight was a 3-pointer that she drained on a contested shot to give her team an 18-14 advantage at the end the first quarter. The Mystics increased their lead to 34-27 after Georgia Amoore assisted Citron in his driving layup. She then made a 3-pointer during the Mystics' next possession. Field Level Media
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Oil prices fall as US and Iran reach peace agreement, but Asian stocks remain steady
Investors assessed the progress made in ending the Middle East war after the U.S. president and Iran's president signed an interim peace agreement, but uncertainties still lingered. The text of the agreement was released by both countries. It had circulated widely prior to its publication. The agreement extends the ceasefire that was announced in April for another 60 days, allowing both sides to negotiate an end to hostilities. Donald Trump, the U.S. president, has threatened to resume his attacks on Iran and to kill Iranian officials who fail to honor their commitments. Kyle Rodda is a senior analyst for Capital.com. He said that "major geopolitical risks persist?and will remain a major market driver." MSCI's broadest?Asia-Pacific share index outside Japan was flat. Japan's Nikkei average soared to a new record high, breaking the 71,000 mark for the first-time, thanks to?solid gains from semiconductor and AI related shares. South Korean shares also gained 0.9%. The S&P500 e-minis (U.S. stock?futures), which are the S&P 500 futures, rose 0.81% to 7,484.8. After earlier touching 2.63%, the benchmark yield on 10-year Japanese government bonds rose by 2 basis points to 2,620%. It is poised to close at its highest level since June 16. Prices of oil fell. U.S. crude dropped?1.25%, to $75.83 per barrel. Brent crude was down 1.4% at $78.41. All three major Wall Street indexes dropped overnight by close to or over 1%. Traders bet on the Federal Reserve raising interest rates next after the new Fed chair Kevin Warsh emphasized the need to curb inflation, and other policymakers predicted rising interest rates in the second half of the year. The Dow Jones Industrial Average dropped 507.12 points or 0.98% to 51,492.55, while the S&P 500 fell 91.25 or 1.21% to 7,420.10, and the Nasdaq Composite declined 354.69 or 1.34% to 26,021.66. The yield on 10-year Treasury bills rose to 4.471% from its U.S. closing of?4.463% Wednesday. The 2-year yield rose to 4.1759%, compared with a U.S. closing rate of 4.163%. As with the Fed, the Bank of England will meet on Thursday. No change is expected in interest rates, but the focus will be on the tone of the policymakers' comments. The dollar rose by 0.01% to 160.65 yen after hitting 160.79 overnight. This is the highest level since July 2024. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.03%, reaching 100.32. The euro rose?0.1% to $1.1511. Recent drops in oil prices are easing concerns about a slowdown in the economy, particularly in energy-importing Europe. The International Energy Agency stated on Wednesday that the oil market will move into a significant surplus in 2027, after recovering from the Strait of Hormuz closure. Spot gold is currently trading at $4,309.75 an ounce. Bitcoin gained 0.16%, reaching $64,464.75. Ethereum rose by 0.37% to reach $1,752.54. (Reporting and editing by Jamie Freed; Satoshi Sugiyama)
The ROI-Iron Ore Industry Sees A Bright Future, But Green Steel Fades: Russell
Metals such as lithium, copper and rare earth elements, which are associated with the energy transition, have been the most consistently bullish commodities in recent years.
Iron ore miners want to add their product?to the list.
Steel demand in South and Southeast Asia is expected to remain robust and will more than offset the decline in production in China and Western Europe.
This was the consensus opinion at this week's industry meeting in Singapore.
The optimism of iron ore miners was not shared by those who advocated decarbonising the steel industry. They realised that green steel would be extremely expensive and shifted away from it.
The governments lack the will and ability to regulate, legislate and encourage a shift from using coal to make steel to renewable energy sources.
A LOOMING SUPPLY GLOBAL GAP
Iron ore prices are soaring due to the expectation that India's steel production will rise from 168 million metric tonnes a year at present to 400 million metric tonnes by 2035.
According to commodity analysts Kpler, India will be a net exporter in 2025, with 28.62 millions tons of exports against 13.87 million tonnes of imports.
India would have to import more steel if it doubles its production of steel in the next ten years. Its domestic industry is unable to produce enough ore that has a high iron content for economic viability.
It is also hoped that Southeast Asian nations such as Vietnam and Thailand, which are industrialising, will increase their steel production capacity. These countries will be heavily dependent on iron ore imported from other countries.
Bold Baatar, Rio Tinto's Chief Commercial Officer, told the Singapore Iron Ore and Steel Forum there was a supply gap of up to 650 million tonnes of iron ore by 2035.
This figure includes new mines, such as the 120-million-ton-per-year Simandou Project in Guinea that is currently in the process to start up.
Rio expects the rate of new mine development to be slower than the amount of tons lost as old mines are retired.
The fact that the majority of new steel capacity in Asia is being produced using the traditional blast-furnace-basic oxygen-furnace (BF-BOF method) is another factor which supports miners like Rio, the world's biggest producer of iron ore.
This method, which relies on metallurgical coke, is not only cost-effective but also highly pollution as it uses a proven technology.
The steel industry accounts for about 8 percent of the global carbon emissions. Decarbonisation is therefore vital if we are to achieve our climate goals of zero net emissions by 2050.
While steelmakers and miners are eager to decarbonise their operations, they are actually only aiming for the low-hanging fruits with plans to improve efficiencies and use high-grade iron ore.
GREEN SHOOTS FADE
To reduce emissions, it is necessary to switch from coal to hydrogen and use renewable electricity.
Green steel production has received very little investment.
Zhong Shaoliang (deputy secretary general of World Steel Association) told the Singapore Green Steel Forum on Wednesday that only 20 billion dollars have been invested to support green steel production.
The majority of the green steel produced in Europe will be 70.8 millions tons by 2030.
The planned green steel output represents less than 4%, given that the global steel production will be close to 2 billion tons per year by 2030.
There is currently no global standard of green steel. Carbon taxes, such as those in Europe's Carbon Border Adjustment mechanism are not widespread enough to encourage a significant shift towards green steel.
According to data from the World Steel Association, the current cost to?produce steel using the BFBOF method is $400 per ton.
The cost of a ton can be increased by between $500 to $850, depending on where the production takes place.
Only by regulating in favor of green steel can governments close the gap. They could do this by either taxing or subsidising production methods that are less carbon intensive.
There is little evidence that this is happening in Asia - the world's largest producer of steel, and engine of future growth.
You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X.
These are the views of the columnist, who is also an author. (Editing by Jan Harvey).
(source: Reuters)