FPIs Outperform, Semaglutide 90% Off

Foreign portfolio investors (FPIs) posted a 7.7% rupee‑denominated return in 2025, beating mutual funds’ 4.4% gain, even though they withdrew a record $27 billion from Indian equities. Their edge came from a portfolio tilted toward large‑cap Nifty stocks, which outperformed mid‑ and small‑cap indexes.

Following Novo Nordisk's semaglutide patent expiry, at least 15 Indian manufacturers released generic versions within two days, pushing prices down as much as 90%. The rapid launch showcases India's pharmaceutical manufacturing clout and could reshape global diabetes drug pricing.

Tesla and Figure AI are building humanoid robots that need real-world human movement data. Indian freelancers, paid per task, record everyday chores to teach the robots how people act, highlighting a new gig economy and raising questions about consent and value capture.

SEBI’s interim order says Rajesh Exports overstated nearly all its revenue, about ₹15.15 trillion, or 99.8% of reported sales, from FY21 to FY25, with major gaps between consolidated figures and the audited statements of its Swiss subsidiary Valcambi. The regulator also barred promoter Rajesh Mehta from trading the company’s shares pending further action.

The USTR announced additional tariffs of at least 10%, rising to 12.5% for India and 59 other economies that failed to enforce forced‑labour import bans. Exemptions cover items like beef, coffee and certain fruits, with a comment period open until July 6 and hearings slated for July 7.

Apple has agreed to furnish the Competition Commission of India with financial data on its Indian business, a key step in a CCI investigation accusing the firm of abusing its App Store dominance. The move brings the case closer to a possible penalty, which Apple says could reach billions.

India is weighing a major cut to the withholding tax on foreign investors in its bond market, a move recommended by the RBI and under review by the finance ministry. The policy aims to align with global norms, attract inflows and halt the rupee’s slide, lifting bond yields.

IIFL Finance secured $500 million in its first dollar‑denominated social bond, tightening the coupon to 7.6% from 7.9% after investor demand topped $1.7 billion. The funds will expand credit to over 5 million unbanked Indians, marking a major milestone for the nascent Indian social‑bond market.

Kotak Alternate Asset Managers closed its 14th real estate fund at $1 billion, anchored by a $675 million commitment from ADIA’s subsidiary and a first‑time pledge from Korea’s National Pension Service. The fund will finance residential and commercial projects across key Indian cities, highlighting growing foreign interest in India’s real‑estate market.

Gold rose about 0.7% to near $4,465 an ounce after Israel and Lebanon announced a conditional ceasefire, prompting dip‑buyers back into the market. While the ceasefire eases short‑term pressure on yields and the dollar, lingering inflation risks and possible Fed rate hikes keep gold from a broader rally.