Daily Market News Update — 06th-07th July 2026

Midnight News Update: 06-07 Jul 2026

During the previous week, SEBI approved the IPOs of Manipal Health Enterprises and Rentomojo. Both these companies had filed their DRHP in March this year. Manipal Health is backed by Ranjan Pai and Temasek of Singapore. Manipal Health is planning a fresh issue and an offer for sale (OFS) worth ₹8,000 crore, wherein existing shareholders will sell 4.32 crore shares. It is also planning to raise about ₹1,600 crore via pre-IPO. Rentomojo is backed by Accel, GMO and others; and its IPO will comprise of ₹150 crore fresh issue and an offer for sale (OFS) of 2.8 crore shares.

Government of India launched an OFS to sell 5.04% stake in Cochin Shipyards at a floor price of ₹1,400 per share. The base offer will be 2.52%, with a greenshoe option for another 2.52%. While the OFS will open for non-retail bidders on 07-July, it will open for retail bidding on 08-July. This year, the government does expect tax revenues to be flat amid tax cuts and pressure on nominal GDP growth. To make up for the shortfall, RBI has declared a hefty dividend and the government is also focusing on boosting inflows from disinvestments and infrastructure monetization.

With the OPEC increasing supplies for the fifth month in a row, the fears of a surplus glut of oil is already having an impact on prices. From a high of $120/bbl, Brent Crude has already fallen to $72/bbl in the last couple of months. In its Sunday meet, the OPEC Plus decided to increase the combined output of crude by 1,88,000 bpd from August this year. In terms of distribution, Saudi Arabia and Russia will increase their output by 62,000 bpd each, raising Saudi Arabia output to 10.4 million bpd and Russia’s output to 9.88 million bpd. Next OPEC Plus meet is on 02-August.

There is apparently another major churn likely to happen in the boards of Tata Trusts. Darius Khambatta is likely to opt out when his term ends in November 2026. Khambatta will be the third close confidante of Ratan Tata who is moving out, after Mehli Mistry and Pramit Jhaveri. Darius Khambatta is currently on the boards of Sir Rata Tata Trust and Sir Dorabji Tata Trust. Noel Tata has been trying to align the new boards across all the trusts to his thinking. Directors like Venu Srinivasan and Vijay Singh are also facing questions over their non-Parsi background.

In a note on cement stocks, Axis Securities has underlined that Ambuja Cements, Ultratech, and Dalmia Bharat may offer attractive valuations after the recent correction. Many of the cement stocks had corrected in the last few months as they had faced a sharp spike in costs. For cement companies, freight, fuel, and packaging are key cost items. All these items had been impacted by the turmoil in the Middle East. However, with the supply chains normalizing gradually and demand for cement still very robust, Axis looks at these stocks as an attractive price point.

According to a CRISIL report, gold loans have emerged as the largest securitized asset class in the June 2026 quarter, moving ahead of vehicle loans. Nearly 98% of securitization of gold receivables were done by the NBFCs. In securitization, a lender sells a pool of like assets to investors to raise funds and free up locked-in capital. In the June quarter, total securitization spiked 22% yoy to ₹60,000 crore. In Q1FY27, while gold loans accounted for 31% of the total securitization volumes, vehicle loans were 26%. NBFCs have relied on securitization route to monetize portfolios.

Indian retail car sales were up 28.63% yoy at 4,10,853 units for the month of June 2026 as per data put out by the Federation of Automotive Dealers Association (FADA). Unlike the SIAM data, which is based on wholesale dispatches, the FADA data is based on actual vehicle registration on e-Vahan and is a better barometer of vehicle sales. Apart from robust growth of 28.63% in PVs, the month of June also saw tractors grow 25.31%, two-wheelers 21.22%, CVs 16.88%, and 3-wheelers 16.21%; resulting in overall sales growth of 21.83%. CNG, Hybrid EVs saw 40.35% growth.

Indian banks, that were heavily relying on certificates of deposit (CD) to bridge funding gaps, seem to be reducing their dependence on the CD market. This is largely on account of cheaper forex funding window available to banks through the FCNR(B) route, where the currency risk is being fully borne by the RBI. This is also allowing banks to strengthen their balance sheets with more durable sources of funding. Banks expect this shift out of CDs to persist till September, when the FCNR(B) special window officially closes. FCNR(B) is likely to garner $50-$70 billion.