Manipal's $1.2B IPO, NSE's ₹30K crore filing, EU trade deal in sight

Temasek-backed Manipal Health Enterprises filed a draft prospectus for an up‑to‑$1.17 billion IPO, mixing an $852 million fresh issue with a $319 million offer‑for‑sale by existing investors. The deal could lift the chain’s valuation to roughly $10 billion, making it India’s first billion‑dollar healthcare listing amid volatile markets.

The National Stock Exchange lodged its draft red herring prospectus, proposing a pure offer‑for‑sale that could raise up to ₹30,000 crore by off‑loading about 6 % of its equity. State Bank of India tops the list of sellers with 24.75 million shares, while NSE itself receives no proceeds. The filing clears a key regulatory hurdle for what could be India’s biggest listing.

Ursula von der Leyen announced the EU will formally sign its landmark free‑trade agreement with India before the calendar closes. The pact will slash tariffs on 96.6% of goods, potentially doubling EU exports to India by 2032 and saving European firms about €4 billion in duties.

Total liabilities of 28 states rose to ₹90.51 trillion in FY 2024‑25, with public debt tripling since 2015‑16. The CAG report flags 18 states exceeding the 3% fiscal‑deficit limit, underscoring mounting borrowing pressures and fiscal stress.

Satellite and IMD data reveal the southwest monsoon has delivered only 19.2 mm of rain versus a 53.7 mm norm between June 4‑15, a 64% deficit. The shortfall threatens kharif crops, pushes food inflation higher, and could curb rural demand, tightening India’s economic outlook.

In his debut press conference, Fed Chair Kevin Warsh dropped all forward‑guidance language from the FOMC statement and left rates unchanged. He announced five independent task forces to overhaul the Fed’s communication, data use, balance‑sheet, productivity‑jobs outlook, and inflation framework, with recommendations due by year‑end.

From July 15 the India‑UK free trade agreement lifts tariffs on 99 % of Indian exports and slashes UK duties on whisky, whisky and cars. The breakthrough on a steel quota deadlock clears the path for Indian textile, footwear and gem exporters and adds a social security pact that stops double taxation of transient workers.

Karnataka HC ruled ED's arrest of Gameskraft co‑founders illegal, ordering their immediate release and noting the agency skipped required summons under PMLA. The judgment signals tighter judicial scrutiny of money‑laundering probes and warns the ED that future arrests must meet statutory safeguards.

The Ministry of Heavy Industries unveiled a Rs 12,000 crore Production‑Linked Incentive to build domestic capacity for key battery components, cathodes, anodes, electrolyzers, copper foil and separators. The scheme aims to curb reliance on imports and jump‑start India’s advanced‑chemistry‑cell ecosystem, positioning the country for the EV transition.

The RBI removed interest rate ceilings on fresh three- to five-year FCNR(B) deposits and NRE deposits of three years plus, effective until Sept 30, 2026. Banks can now offer rates up to 8% to lure foreign funds and improve liquidity. The shift should boost forex inflows and support the rupee.

The Federal Reserve, under new Chair Kevin Warsh, left policy rates unchanged but its dot‑plot revealed a possible 25‑basis‑point hike as early as 2026. The move signals a more hawkish stance despite rising global inflation pressures, implying tighter financing conditions for borrowers over the next decade.

Reliance Jio Infocomm is expected to submit its draft red‑herring prospectus for a $4 billion listing within days, just ahead of Mukesh Ambani’s annual general meeting speech. If filed, it would become India’s largest ever IPO, but market sentiment remains shaky after geopolitical turmoil.