Mumbai: Indian markets remained under pressure on Tuesday, with the Nifty ending lower for the sixth straight trading session, as the rebound in oil prices amid the lingering West Asia conflict and persistent volatility around the Closing Auction Session (CAS) kept traders on the toes.

NSE’s Nifty fell 132.75 points, or 0.55%, to close at 24,154.9. The BSE Sensex declined 492.7 points, or 0.6%, to end at 77,235.46.

“Markets remained under pressure as there have been no positive cues from the US-Iran talks, especially with the MOU having expired and crude oil prices moving higher,” said Shrikant Chouhan, head of equity research at Kotak Securities.

Brent crude October futures were trading near the $91-a-barrel mark on Tuesday and have remained in the $85-$90 range over the past week. Chouhan said oil sustaining above the $85 mark is a key concern, as it raises inflationary risks, which is already reflected in the sharp rise in US 10-year and 30-year bond yields. “We believe this could lead to outflows from both emerging and developed equity markets,” he said.

The price adjustments on account of the CAS resulted in the benchmark indices dropping nearly 0.2% in the last 15 minutes before trade close.

Chouhan said the volatility seen during the CAS session is largely due to lower participation.
On Tuesday, FPIs net bought shares worth ₹1,651.5 crore. Domestic institutional investors were buyers to the tune of ₹2,579 crore. The Nifty Midcap 150 fell 0.4%, while the Nifty Smallcap 250 rose 0.2%. Of the total 4,530 stocks on the BSE, 1,890 advanced and 2,426 declined.
In Asia, Japan fell 2.5%, South Korea declined 1.55%, Taiwan dropped 1.2%, while China advanced 0.2% and Hong Kong rose 0.1%. The STOXX 600 index was down 0.5% at the time of going to press.

Read more: Regulatory tailwinds to boost growth for MCX, says HDFC Securities, retains Buy for 18% gains

Technical indicators suggest the indices could move in a band in the near term. “The market’s sentiment has shifted, with the index now consolidating within the 24,000-24,500 range, and this phase of consolidation could continue over the next few trading sessions,” said Dharmesh Shah, head of technical research at ICICI Securities.

Shah said after 1,100-point rally, the Nifty is undergoing a retracement and may find support in the 23,900-24,000 zone before resuming its upward trajectory towards the upper end of the channel at 24,500-24,600. “While Q1 earnings was better than expected, a decline in crude oil prices, a reversal in US 10-year bond yields, or a de-escalation of tensions in West Asia could act as positive catalysts and trigger the market’s next rally,” said Shah.

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Apple’s decision to put iPhones, iPads and Macs on a formal leasing model in the United States looks at first like a consumer-finance story.

For UK SMEs, it raises a much more interesting question: when smartphones are essential work tools that depreciate quickly, is outright ownership still the best way to buy them?

As Business Matters reported when Apple Upgrade launched, Apple has partnered with Klarna to offer 12- and 24-month leases on iPhones and Apple Watches, with longer terms on Macs and iPads. Customers can return the hardware, buy it outright or enter a new lease at the end of the term. The scheme is US-only for now, but the structure is a useful preview of where business-device procurement may be heading.

Why leasing looks attractive to smaller businesses

The obvious appeal is cash flow. Buying 20 premium smartphones in one month creates a visible capital hit; spreading the cost over a predictable term makes budgeting easier and keeps cash available for payroll, marketing or growth. It also aligns the device payment with the period during which staff actually use the hardware.

Klarna’s official announcement says Apple Upgrade lets users trade in an existing device at the start to reduce the monthly cost, then choose whether to return, buy or upgrade at the end. That model removes some of the friction around keeping a fleet current.

But ownership has something leasing hides: residual value

A company-owned phone is not just an expense. Until it is written off, lost or left in a cupboard, it is also a resaleable asset. That matters because recent flagship phones can retain hundreds of pounds of value long after they have been replaced operationally.

For illustration, SellMyPhone’s iPhone 16 Pro comparison showed a leading offer of about £511 for a working device when checked in August 2026. Twenty similar handsets would therefore represent more than £10,000 of gross resale value before any bulk pricing, condition adjustments or business-specific terms are considered. The exact number changes daily, but the principle is important: a fleet has an exit value.

Businesses that own their hardware can recover that value through a structured business phone recycling process rather than simply returning every device to a lessor. That residual value belongs in the total-cost calculation from day one.

Lease versus buy: the total-cost question

The wrong comparison is monthly lease payment versus purchase price. The useful comparison is the total cost of providing a working phone to an employee for two or three years after financing, insurance, repairs, administration and residual value are all included.

Factor	Own the fleet	Lease the fleet
Upfront cash	Higher	Lower
Monthly predictability	Medium	High
Hardware control	High	Subject to lease terms
Residual value	Retained by business	Usually surrendered unless bought out
Upgrade administration	Managed internally	Can be simpler
End-of-life process	Business must manage securely	Return process may be built in
Flexibility to keep devices longer	High	Depends on agreement

For a five-person creative agency, the administrative simplicity of leasing may be worth paying for. For a 200-device field workforce that already has IT asset-management processes, retaining the residual value could materially change the economics. There is no universal answer.

The hidden cost is poor lifecycle management

The biggest mistake is not necessarily choosing the wrong finance model. It is buying phones, replacing them every two or three years, and then failing to close the loop. A £500 device that sits unused for 12 months is not a £500 asset any more. It is a depreciating asset that no employee is using.

That is why SMEs should treat mobile hardware like any other managed business asset. Record the model, storage, condition, assigned employee, purchase date and planned replacement date. When a device leaves service, wipe it securely, obtain a market valuation and make a deliberate decision to redeploy, sell or recycle it.

A leasing trend could change how firms think about phones

Apple Upgrade does not yet give UK SMEs a new procurement option, and it would be premature to assume the US model will be copied here unchanged. What it does do is challenge an old assumption: that buying the handset is automatically the normal way to provide mobile technology.

As subscription and device-as-a-service models spread, finance directors should ask a more disciplined question. Do we want the lowest upfront cost, the simplest replacement cycle, or the best whole-life return from the asset?

Three questions to ask before the next fleet refresh

• What is the true two- or three-year cost per employee after resale value is deducted?
• Who owns the residual value at the end of the agreement?
• Does the business have a reliable process for wiping, collecting and selling redundant devices quickly?

For firms that buy outright, the final question is especially important. A company can use SellMyPhone’s business comparison service to put multiple devices in front of UK recyclers, obtain competing quotes and arrange certified data erasure rather than treating end-of-life hardware as an afterthought.

Apple’s leasing experiment may or may not become the dominant model. But it has made one thing clearer: smartphones are now significant business assets with a financing cost, an operational life and an exit value. SMEs that measure all three will make better procurement decisions than those that focus only on the monthly bill.

Gold prices edged higher in early Asian trade on Wednesday as U.S. Treasury yields eased from recent highs, while market participants awaited the release of the Federal Reserve’s meeting minutes.

FUNDAMENTALS

Spot gold was up 0.2% at $4,342.33 per ounce, as of 0030 GMT after falling nearly 2% on Tuesday. Meanwhile, U.S. gold futures for December delivery ‌edged 0.6% ⁠lower to $4,396.30.
⁠U.S. yields backed off earlier highs, switching directions amid a global bond selloff that saw ​long-term borrowing costs in major economies edge toward their highest levels in decades. [US/]

U.S. ​President Donald Trump said no talks were taking place with Iran and insisted the Strait of Hormuz was open, contradicting Iran’s assertion that the critical ​waterway remained shut to shipping. The receding prospects ⁠of a ‌deal to end the nearly six-month conflict drove up oil ​prices. [O/R]

Rising ​energy prices could bolster the case for higher interest ⁠rates to rein in inflation, despite recent U.S. economic indicators ​showing unexpected employment losses, milder inflation, and weak July ​retail spending.

Despite gold being known as an inflation hedge, higher rates usually weigh on gold prices as they strengthen the dollar and make yield-bearing assets more attractive to investors.
The Fed’s release of minutes from the most recent meeting of its monetary policy-setting Federal Open Market Committee is ‌due at 1800 GMT.Traders are currently pricing in a 65% probability that the U.S. central bank will keep rates ​unchanged and a ​35% chance of ⁠a rate hike in September, according to the CME FedWatch Tool.

Meanwhile, the Bank of England will leave interest rates unchanged at 3.75% for the rest of the year, according to a strong majority of economists polled by Reuters.

Among other metals, spot silver fell 0.5% to $62.99 per ounce. Platinum climbed 0.3% to $1,717.03, while palladium lost 0.3% at $1,286.73.

DATA/EVENTS (GMT)

0600 UK Core CPI YY Jul

0600 UK CPI YY Jul

0600 UK CPI Services MM, YY Jul

0600 EU HICP Final MM, YY Jul

The biopharmaceutical and biotechnology company Symbiotec Pharmalab is set to tap the capital markets with an initial public offering (IPO) worth Rs 1,757 crore. The company has fixed the price band at Rs 938–Rs 988 per share, with the issue opening for subscription on August 24, 2026, and closing on August 27, 2026.

Investors can bid for a minimum of 15 equity shares, with bids thereafter available in multiples of 15 shares. At the upper end of the price band, the minimum investment will be Rs 14,820.

The IPO is proposed to be listed on both the BSE and NSE, with the tentative listing date scheduled for September 1, 2026. The allotment is likely to be finalised on August 28, 2026.

The company is offering eligible employees a Rs 90-per-share discount on bids made through the employee reservation portion.

Valuation Under the Spotlight

Symbiotec Pharmalab’s IPO valuation is likely to attract close attention from investors. Based on diluted earnings per share for fiscal 2026, the price-to-earnings (P/E) ratio stands at 49.37 times at the lower end of the price band and rises to 52.00 times at the upper end.

The company’s weighted average return on net worth for the last three financial years was 10.99%.
With the IPO price band translating to 469 times the face value at the floor price and 494 times at the cap price, the issue is positioned as a premium offering in the pharmaceutical and biotechnology space.

Where Will the IPO Proceeds Go?

The primary objective of the issue is to strengthen the company’s balance sheet. Symbiotec Pharmalab plans to use the proceeds for prepayment and/or repayment, either fully or partially, of certain outstanding borrowings. The remaining funds will be utilised for general corporate purposes.

Symbiotec Pharmalab

Founded in 2002, Symbiotec Pharmalab operates across the biopharmaceutical and biotechnology space, developing and manufacturing active pharmaceutical ingredients (APIs), nutritional ingredients and specialised products for domestic and international markets.

The company’s journey began with laboratory-scale manufacturing of steroidal-hormone APIs in 1995. Over the years, it has expanded into an industrial-scale, backward-integrated manufacturing platform serving the pharmaceutical, nutraceutical and wellness sectors.

Research-driven manufacturing, quality and sustainability form key elements of its business strategy. Its manufacturing operations have also secured approvals and certifications from several international regulatory bodies, including the US FDA, EU-GMP authorities and South Korea’s Ministry of Food and Drug Safety.

As of June 30, 2025, Symbiotec Pharmalab operated two industrial-scale API manufacturing plants. Together, these facilities had a maximum capacity of 584.67 metric tonnes (MT) for chemical synthesis and 300 kilolitres of fermentation capacity.

The combination of backward integration, specialised API capabilities and international regulatory approvals gives the company an established position in a segment where manufacturing quality and regulatory compliance can be critical differentiators.

IPO Management Team

The IPO is being managed by JM Financial, Avendus Capital, Motilal Oswal Investment Advisors and Nomura Financial. MUFG Intime India Pvt. Ltd. is acting as the registrar to the issue.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Travelling abroad with children often involves careful logistics, tight schedules, and strict luggage limits. For families heading to mainland Europe, taking the car on a ferry from England to France removes much of this traditional airport stress.

With regular departures from Kent, the Dover-France ferry routes provide a practical, flexible way to start a holiday, allowing parents to pack exactly what they need while offering children space to move around before the real driving begins.

Packing Without the Weight Restrictions

The most immediate benefit of a self-drive ferry holiday is the freedom to pack heavily. When you take your own vehicle, there are no restrictive weight limits, liquid rules, or expensive baggage fees. Families can easily fit in bulky essentials like pushchairs, travel cots, camping gear, and bicycles. You can also load up the boot with familiar snacks and toys to keep younger children entertained during the longer driving stretches on the continent. Heavy items stay safely locked in the car while you head up to the passenger decks.

Building a Natural Break into the Journey

Long car rides can be taxing for young passengers, but a ferry crossing naturally breaks up the trip. The crossing from Dover to Calais takes around 90 minutes, while the Dover to Dunkirk route takes roughly two hours. Rather than being strapped into a car seat or cramped in an aeroplane row, children can walk around the ship, look out at the sea, and use the onboard play areas.

The ship itself becomes part of the adventure. Instead of sitting in a crowded departure lounge, children can stand on the outer decks watching the White Cliffs of Dover slowly fade into the distance. Inside, family-friendly dining areas mean you can enjoy a hot meal together without the constraints of a fold-down tray table. This early break ensures everyone arrives on the continent fed, rested, and ready for the next stage of the journey.

Taking the Family Dog

For many families, a holiday isn’t complete without the dog. Ferries offer a much simpler route for pet travel compared to flying. Depending on the operator and the route, dogs can either stay securely in your vehicle or travel in dedicated pet lounges. Taking the ferry means your pet stays with you for the journey to the port, experiences a short crossing, and arrives in France ready for a coastal walk. Always check the latest UK and EU pet travel regulations regarding animal health certificates and vaccinations before booking.

Easy Arrival in Calais or Dunkirk

Both Calais and Dunkirk are exceptionally well-equipped for families arriving by car. If you take the ferry to Calais, you have immediate access to the wide sandy beach of Calais Nord, complete with playgrounds and the famous mechanical Dragon of Calais—a guaranteed hit with kids.

If you want an easy win on your first day, the Nausicaá National Sea Centre in Boulogne-sur-Mer is only a thirty-minute drive south of Calais. As one of the largest public aquariums in Europe, it is an ideal first-day activity that requires very little driving. Alternatively, if you opt for Dunkirk, the coastal suburb of Malo-les-Bains offers a gentle, expansive shoreline perfect for a relaxed afternoon building sandcastles.

Keeping the First Driving Day Short

When travelling with younger children, the key to a stress-free start is limiting your mileage on day one. Fortunately, the coastal region of Hauts-de-France is packed with family-friendly campsites, holiday parks, and hotels just a short distance from the ports. Keeping the first drive under an hour allows the designated driver to comfortably acclimatise to driving on the right-hand side of the road, while the kids can quickly transition from the ferry to the swimming pool.

Tips for a Smooth Family Crossing

Planning ahead makes all the difference when travelling with children. Booking your tickets in advance using comparison platforms like Ferryhopper allows you to secure the most convenient sailing times for your family’s routine.

• Pack a Deck Bag: Put everything you need for the crossing—nappies, snacks, tablets, and light jackets—in one small bag to take upstairs. You cannot return to your car during the sailing.
• Time Your Travel: Consider booking a crossing that aligns with lunch or a natural rest period.
• Arrive Early: Leave plenty of time to navigate border control at the Port of Dover so you don’t feel rushed before boarding.

For families, the holiday truly begins the moment you drive onto the ship. By removing the hassle of airport queues and luggage restrictions, the ferry provides a calm and practical gateway to Europe.