Top headlines: RBI Governor on rate hike in June; metal stocks bleed

Business Standard brings you the top headlines on Monday

Nifty Metal bleeds 7% after govt hikes export duty on steel products

Shares in Indian steel and iron ore groups including Tata Steel and JSW Steel slid on Monday at the steepest pace since early 2020 after the government imposed heavy export taxes on the sector, while carmakers rose on lower input costs.

India imposed an export tax of 15% on eight steel products late on Saturday at a time steelmakers are looking to make up for tepid local demand by increasing market share in Europe, whose supplies have been hit by Russia's invasion of Ukraine.

It also boosted export taxes on iron ore and concentrates to 50% from 30% currently, and imposed a hefty 45% tax on iron ore pellets, further adding to costs for steelmakers. Read more

Expectation of rate hike in June 'a no-brainer', says RBI Governor

RBI Governor Shaktikanta Das on Monday hinted at another interest rate hike in early June to bring down stubbornly high inflation rate which has remained above the tolerance level for the past four months.

"Expectation of rate hike, it's a no-brainer. There will be some hike but how much I will not be able to tell now... to say that 5.15 (per cent) may not be very accurate," Das said in an interview with CNBC-TV18. Read more

Adani-Holcim deal: Open offers for Ambuja Cements and ACC from July 6

The open offers for the shareholders of Ambuja Cements and ACC will begin from July 6 and close on July 19, as per a tentative schedule published by the Adani family today. With an investment of $4 billion (Rs 31,139 crore), together these two open offers might constitute the biggest open offer in corporate Indian history.

The mandatory open offer for the companies was made by a Mauritius based company owned by the Adani family after they acquired a 63 per cent stake in Ambuja and 4.5 per cent in ACC from Swiss cement major, Holcim for $6.5 billion. Ambuja owns a 50 per cent stake in ACC. The entire acquisition will cost the Adani family around $10.5 billion (Rs 81,000 crore). The entire open offer exercise will be over by the first week of August, as per notices issued by both companies. Read more

Gyanvapi case: Court reserves order, verdict to be pronounced tomorrow

A district court here reserved its order for Tuesday on which petition is to be heard first in the Gyanvapi-Shringar Gauri temple case transferred to it by the Supreme Court.

The court of District Judge A K Vishvesh heard arguments from both the Hindu and Muslim sides.

A fresh plea seeking permission to worship the "Shivling" claimed to have been found on the mosque premises during a videography survey ordered by a lower court was also filed. Read more