11:11 | US imposes 10% tariff on India; Nvidia inks $1.5 billion AI chip deal, Infosys slips after Q1

Good morning!

India woke up to a 10% US tariff as part of President Donald Trump's trade action targeting 60 economies over forced-labour imports. While the levy is lower than the 12.5% initially proposed, it comes as global markets are already grappling with higher oil prices and fresh geopolitical uncertainty.

Meanwhile, the rupee has opened weaker as Brent crude continues its climb, while Infosys is under pressure after its first-quarter results triggered multiple analyst downgrades and price target cuts.

In the AI race, Nvidia has struck a $1.5 billion deal with Amkor Technology to expand advanced chip packaging capacity in the US, underscoring the industry's relentless push to build AI infrastructure.

Beyond business, Sonam Wangchuk has ended his 26-day fast after the Centre assured talks on his key demand; all eyes are now on PM Modi's cabinet meeting.

US imposes 10% tariff on India, lower than proposed 12.5% levy

India will face a 10% US tariff under President Donald Trump’s new trade action against 60 economies over forced-labour imports, lower than the 12.5% levy initially proposed by Washington. India and 16 other countries, including Canada, Bangladesh, and Pakistan, are in the 10% tariff bracket.

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Rupee under pressure: How Brent crude's surge is affecting the currency

The Indian rupee opened 6 paise lower at 96.63 against the US dollar

on Friday (July 24), compared with its previous close of 96.57, as a sharp rise in global crude oil prices weighed on sentiment.

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Nvidia, Amkor ink $1.5 billion chip packaging deal

Amkor Technology said on Thursday it had entered a multi-year agreement with Nvidia worth $1.5 billion to expand advanced semiconductor packaging and test capacity in the US, as the chip industry races to build out AI infrastructure.

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Venezuela quakes caused $19.6 billion in damage, World Bank report shows

Two earthquakes that rocked Venezuela on June 24 caused $19.6 billion in direct physical damage, but the cost of rebuilding could be twice that much or more, the World Bank said in an early assessment released on Thursday.

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HDFC Bank took 3 years to shed builder loan baggage

Country’s largest private sector lender — HDFC Bank — has pared down the non-retail loan book it has inherited from its erstwhile parent HDFC Ltd completely, according to sources with direct knowledge of the matter.

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Infosys shares fall 2% after multiple downgrades, price target cuts after Q1 results

Shares of Infosys Ltd., the Bengaluru-based technology services provider, fell as much as 2% in reaction to their first quarter results that were reported after market hours on Thursday. The results have resulted in multiple downgrades for the company.

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Meesho shares fall 4% despite 50% revenue growth, losses narrower in Q1

Meesho shares will be in focus on Friday, July 24, after the value commerce platform reported a strong operational performance for the June quarter, with robust revenue growth, improving profitability and expanding margins.

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Gold, silver prices today: Why bullion is struggling despite geopolitical tensions

Gold prices edged lower in early trade on Friday (July 24) after witnessing a sharp decline in the previous session, as investors continued to weigh the impact of surging crude oil prices, rising US Treasury yields and growing expectations that the US Federal Reserve could keep interest rates higher for longer.

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Sonam Wangchuk breaks 26-day fast; Centre assures talks on key demand

Activist Sonam Wangchuk ended his 26-day hunger strike on Thursday, July 23, which he had undertaken in support of protests seeking the resignation of Education Minister Dharmendra Pradhan over the NEET-UG paper leak controversy.

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Monsoon floods: 22,000 evacuated in Gujarat, Assam toll rises to 47, Jhelum crosses alert mark

Flooding intensified across parts of Gujarat, Assam and Jammu and Kashmir on Thursday, July 23, forcing mass evacuations, disrupting transport and pushing rivers above critical levels as authorities prepared for more rain. Assam reported six more deaths, raising this year’s flood toll to 47.

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What is Rouse Avenue Court and why was it chosen for fast-track NEET paper leak cases

The Centre has set up a fast-track court at Delhi's Rouse Avenue Court to exclusively hear examination paper leak cases under the Public Examinations Act, 2024, aiming to speed up trials.

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