Iran is holding funeral prayers in Qom for slain Supreme Leader Ayatollah Ali Khamenei and members of his family, as an oil tanker was set on fire after being struck by an unknown projectile in the Strait of Hormuz. The UK’s maritime agency said the tanker was hit off Oman’s coast and that no casualties have been reported. The report also listed city-wise Indian gold rates, including 24-carat gold at Rs 14,526 per 10g in Mumbai, and said geopolitical tensions have lifted safe-haven demand for the metal.

Samsung Electronics reported operating profit jumping 19-fold to 89.4 trillion won, with revenue more than doubling, yet its shares fell 8.7% as South Korea’s Kospi dropped 7.6%. Analysts said the market is undergoing its first real stress test of the AI trade, with strong results intensifying doubts over AI-chip valuations and whether capex can deliver adequate returns. In Japan, Kioxia slid 10.7% and the Nikkei 225 fell 1.8%, underscoring broad selling pressure across AI hardware.

IREN Ltd (NASDAQ: IREN) shares jumped 13.11% to close at $43.91 following a Freedom Capital upgrade to "Buy" and reports linking the data center operator to Anthropic's massive 1.4-gigawatt Australian infrastructure tender. This explosive rally snapped a brutal nine-day losing streak as the company continues its high-margin pivot from Bitcoin mining to AI cloud services.

Titan Company reported a strong Q1 FY27 business update filed on July 6, 2026, with consumer business revenue up 41% year-on-year and jewellery revenue rising 39%. Caratlane grew 42%, while watches and eyecare increased 23%. International business revenue jumped 128% on the consolidation of Damas Jewellery. The stock climbed 3.66% to ₹4,648.60, setting a 52-week high.

ADNOC Distribution said it has signed a definitive agreement to acquire 100% of Shell Downstream South Africa (SDSA) for an implied enterprise value of about $1 billion, including 580 fuel stations and wholesale fuel, aviation and lubricants operations. The deal is expected to close in 2027 and is projected to lift earnings per share by 6% in the first full year after completion, with an IRR above the company’s hurdle rate. After completion, a 28% stake in SDSA is expected to be sold to a local empowerment partner and an employee stock option plan. ADNOC Distribution is listed on the Abu Dhabi Securities Exchange under the symbol ADNOCDIST.

India and Indonesia held high-level talks in Jakarta and said they would expand cooperation in defence, critical minerals and maritime infrastructure. Indonesia plans to induct India’s Astra air-to-air missiles and expand its BrahMos missile inventory, while India is set to supply additional missile batteries. India will invest in manufacturing facilities in Indonesia covering steel, nickel and rare earth permanent magnets, and the two sides are also working on joint development of Sabang port overlooking the Strait of Malacca.

RITES Ltd. said it has won a $35.82 million order from Volantis Asset Finance (Ply) Ltd. to supply and commission 4,000 HP Cape Gauge diesel-electric locomotives, to be executed within 20 months. The deal marks the company’s first major international business breakthrough in two years, alongside expectations that turnkey work will contribute 10% to 15% in financial year 2027 and an overseas order book of more than ₹2,100 crore. Shares rose 8.1% to ₹233.76, making the stock the top gainer on the Nifty 500 index.

India’s fertiliser stock stood at 163.65 lt as of July 2, covering 43% of Kharif-season demand. The government said natural gas supplies to urea plants have been restored to 100%, allowing factories to run at full capacity. It also said 15 imported fertiliser vessels have safely crossed the Strait of Hormuz, with five more in the pipeline. Officials said diversified imports, higher domestic output and adequate stocking are being used to keep supplies stable.