Business news updates: LIC appoints new CIO; India-US trade talks resume

Promoter group entities of Bajaj Finserv are planning to dilute part stake of 1.58 percent via the block deal route and raise around Rs 4,750 crore, multiple industry sources in the know told Moneycontrol. The promoter group currently holds 60.64 per cent stake in Bajaj Finserv. (Read more)

The next round of talks between India and the United States for an interim or ‘mini deal’ began in New Delhi on June 5 – a day when the fresh 50 percent tariffs on steel and aluminium announced by US President Donald Trump kicked in.

"The last round of talks happened in Washington until May 22 and in just two weeks, the situation has become far more complex. There is a lot of uncertainty now. But India has to find pathways which are good for the country," said an official from the commerce ministry who is privy to the talks. (Read more)

Life Insurance Corporation of India (LIC) on June 5 announced that the company's current executive director Ramakrishnan Chander has taken charge as its Chief Investment Officer, effective from today.

Chander will succeed Ratnakar Patnaik as the CIO of LIC. This comes after Patnaik took charge as the managing director (MD) of the company, with effect from June 1. (Read more)

Elon Musk’s Starlink is set to receive its Global Mobile Personal Communication by Satellite (GMPCS) license from the Department of Telecommunications (DoT) within weeks, having fulfilled all security compliance requirements outlined in its letter of intent (LoI), sources said.

“Starlink was given time till June 7 to meet compliance after the LoI was issued last month on May 7. They had already submitted the necessary security-related requirements to meet the new license conditions, and had given undertakings on other guidelines…they will get the license within this month,” a senior official told Moneycontrol. (Read more)

Silver futures with July expiry on the Multi Commodity Exchange (MCX) jumped nearly 3 percent to hit an all-time high of Rs 1.04 lakh per kilogram. Silver's spot price on the MCX stood at Rs 1.01 lakh per kilogram.

The rise in the silver prices comes on the back of ongoing global geopolitical tensions. "The escalation of geo-political tensions between Russia-Ukraine is leading investors to place their bets on precious metals like gold and silver," said Prathamesh Mallya from Angel One.

India is actively exploring alternatives and response strategies following China’s halt in the supply of rare earth magnets, a move that has triggered concerns across key government departments and industry circles, CNBC-Tv18 report says. According to sources, the Prime Minister’s Office (PMO), along with the Ministries of Heavy Industries (MHI), External Affairs (MEA), and Commerce, are assessing the impact of the export restrictions imposed by Beijing on April 4, 2025. Notably, no Indian company has secured approvals to import rare earth magnets since the restrictions came into effect, prompting the government to consider sending an industry delegation to Beijing for high-level discussions with Chinese commerce officials.

The Bureau of Indian Standards (BIS) is planning to sue e-commerce sellers Amazon and Walmart-owned Flipkart and seek compensation from the platforms for allegedly selling non-BIS certified goods on their platforms, said people with direct knowledge of the matter. The development comes after BIS raided the warehouses of Amazon and Flipkart in March this year, when it seized goods that the government body described as non-certified. (Read More)

Dassault Aviation and Tata Advanced Systems Limited have signed four Production Transfer Agreements to manufacture the Rafale fighter aircraft fuselage in India, "marking a significant step forward in strengthening the country’s aerospace manufacturing capabilities and supporting global supply chains", the French planemaker said on June 5. (Read More)

Sebi is considering ways to increase the number of accredited investors in India, with measures that may include easier registration and more investment opportunities. As more and more accredited investors join the system, Sebi may be comfortable in allowing new products with lighter touch regulations. (Read More)

As the world economy battles the tariff-induced volatility, top official at the International Monetary Fund has flagged the perils of trade war for the emerging economies. In an interview to the Financial Times, IMF First Deputy Managing Director Gita Gopinath said that in comparison to the coronavirus pandemic, trade war is bigger concern for the emerging markets. Talking about the bleak future outlook, Gopinath said that several emerging markets are potentially at risk of registering significant capital outflows in case the “relative economic prospects and global risk sentiment deteriorate.” (Read More)

The Central government is expected to propose a transition to a three-tier GST structure at the upcoming GST Council meeting, likely to be held in late June or July. As part of this plan, the Centre may recommend scrapping the 12% GST slab to simplify the tax framework while ensuring revenue neutrality is maintained. With monthly GST collections consistently crossing ₹2 lakh crore, the government feels confident in initiating such rationalisation measures. However, the Group of Ministers (GoM) on rate rationalisation has not yet officially suggested any rate cuts. Any final decision on restructuring GST rates will be taken collectively by the GST Council, which includes representatives from both the Centre and state governments.

Despite a strong rebound since mid-April, Indian markets have underperformed their emerging market peers so far in 2025, marking the first such instance in six years, as they are pressured by elevated valuations and concerns over a slowing economy. So far this year, the MSCI India index has risen just 2.33 percent, compared to a robust 9 percent gain in the MSCI Emerging Markets index. This divergence marks India’s first relative underperformance since 2020. (Read More)

The government has allowed manufacturers of semiconductors and electronic components to set up factories on smaller land parcels in special economic zones (SEZs), as part of a broader effort to give a boost to production in India at a time when global trade uncertainties put supply chains at a risk. The Special Economic Zones (Amendment) Rules, 2025, notified by the government on June 3, also give greater autonomy to manufacturers to move or sell finished goods. (Read More)

• Citigroup Inc. will cut its technology employee workforce in China by about 3,500 as part of its global simplification efforts, while reiterating its commitment to the world’s second largest economy.
• The reductions at its Shanghai and Dalian solution centers are expected to be completed by the start of the fourth quarter, the bank said in a statement. Some positions will be relocated to other centers to support Citi’s global network. The firm declined to provide staffing numbers at the Chinese locations. - Bloomberg

• Challenge ahead is to institutionalize mechanism that govern the collection and use of alternate data responsibly, says Nageswaran
• AI & ML models are at the core of alternate data collection, says Nageswaran
• Internet of Things have opened possibilities of decentralised data generation, says Nageswaran
• Technologies are tools and not substitute for judgement, says Nageswaran

• V Anantha Nageswaran is speaking at MoSPI's 'National Workshop on Alternate Data Sources and Frontier Technologies for Policy Making'
• The pace, complexity, granularity required in policy making today requires collection of data through alternate sources, says Chief Economic Adviser Nageswaran
• Satellite data can help policy makers detect better monitoring of agricultural output, says CEA
• Online job postings help in analysing labour demand, consumption, says CEA
• There is a need for intelligent integration of conventional data with alternate data sources, says CEA

China’s restrictions on rare-earth exports have disrupted some auto parts production in Europe, according to a report by Nikkei on Thursday. Since April, only 25% of export applications have been approved, an industry group revealed.

Apple’s grip over App Store payments loosened further on Wednesday. According to a report by Reuters, the US Court of Appeals for the Ninth Circuit denied the tech giant’s emergency application to halt sweeping changes to its App Store policies. The ruling, stemming from Apple’s long-running legal feud with Epic Games, clears the path for developers to bypass Apple’s in-app payment system — and its hefty 15–30% commission. (Read More)

The Reserve Bank of India (RBI) is considering a regulatory overhaul that could allow foreign financial institutions to hold a larger stake in Indian banks, CNBC-TV18 says. Currently, such investors can own up to 15%, with RBI approval required for any holding above 5%. The central bank, after reaching internal agreement, may soon invite public feedback on the matter. Notably, RBI has already permitted entities like Fairfax and SMBC to exceed the 15% cap on a case-by-case basis. However, the ongoing review is unlikely to cover the issuance of bank licences to private sector manufacturing firms.

All eyes will be on Reserve Bank of India (RBI) governor Sanjay Malhotra on June 6 as he will announce the monetary policy, after the conclusion of the three-day Monetary Policy Committee (MPC) meeting. The central bank has reduced the repo rate by 25 basis points (bps) twice this year, in February and April, to boost growth, thus bringing the current repo rate to 6 percent. (Read More)

• India’s central bank will likely cut interest rates for the third straight meeting to boost growth, with market watchers focused on the extent of easing in this cycle.
• The Reserve Bank of India will lower the benchmark repurchase rate by 25 basis points to 5.75%, according to all but one of the 34 economists surveyed by Bloomberg. The central bank is also expected to maintain its ‘accommodative’ stance, signaling a more supportive outlook for the economy amid global headwinds.
• India’s 6.5% expansion in the fiscal year through March 2025 marked a notable slowdown from the 8% average seen in recent years. Shifting trade dynamics amid US President Donald Trump’s sweeping tariffs are further clouding economic prospects, giving the central bank enough reasons to lower borrowing costs.  - Bloomberg

Ganga Bath Fittings is looking to raise Rs 32.65 crore through a fresh issue of 6.66 million equity shares, with no offer for sale (OFS) component included. The three-day bidding process will conclude on Friday, June 6, 2025. The basis of share allotment is expected to be finalised on Monday, June 9, 2025. The company’s shares are likely to be listed on the NSE SME platform on Wednesday, June 11, 2025.

Founded in September 2014, 3B Films specialises in the production and supply of CPP and CPE films, catering to the diverse requirements of the flexible packaging sector and advanced thermoforming applications. Its product range features an extensive selection of CPP films tailored for multiple industries, such as food and beverages, apparel, floriculture, and other consumer goods. The company has also broadened its international footprint by exporting to markets including Dubai, Nepal, Sri Lanka, and various African countries.

The company has set the price band at Rs50 per equity share. Retail investors can apply for a minimum of one lot, which includes 3,000 shares, amounting to an investment of Rs1,50,000. For high-net-worth individuals (HNIs), the minimum bid is two lots, or 6,000 shares, requiring an investment of Rs3,00,000.

• Step 1: Visit the BSE Allotment Status Page
  Go to bseindia.com/investors/appli_check.aspx
• Step 2: Select Issue Type
  Choose ‘Equity’ from the drop-down menu under Issue Type.
• Step 3: Choose the IPO
  Select ‘3B Films’ from the list of available companies.
• Step 4: Enter Your Details
  Provide either your Application Number or PAN in the designated field.
• Step 5: Complete the Captcha
  Tick the checkbox for ‘I’m not a robot’ to verify you're a genuine user.
• Step 6: Submit and View Status
  Click on the ‘Search’ button. Your 3B Films IPO allotment status will be displayed on the screen.

• Step 1: Go to the Registrar’s Website
  Visit the official website of the IPO registrar using the direct weblink provided for IPO allotment status.
• Step 2: Choose the IPO
  From the dropdown menu labeled “Select Company,” choose ‘3B Films IPO’.
• Step 3: Enter Your Details
  Select one of the following identification options:
• PAN (Permanent Account Number)
  Application Number
  Demat Account Number
  Enter the required details correctly in the respective field.
• Step 4: Submit Your Request
  Click on the ‘Submit’ button.
• Step 5: View Allotment Status
  Your 3B Films IPO allotment details will be displayed on your screen—either on your computer or mobile device.

The initial public offering (IPO) of 3B Films, a manufacturer of cast polypropylene (CPP) and cast polyethylene (CPE) films, saw a fair response from investors. The Rs33.75 crore SME IPO was subscribed 1.80 times overall, with the retail category receiving 2.75 times subscription. The issue opened on Friday, May 30, and closed on Tuesday, June 3. The share allotment was finalised on June 4, and successful applicants can expect the shares to be credited to their demat accounts today, June 5.

Good morning and welcome to Moneycontrol. Today, we are tracking the latest from IPO segment, Trump tariffs and other big breaking business news. Check out key financial updates as they happen.