Shares of private lender South Indian Bank tumbled nearly 10 per cent on Wednesday after the lender announced that it had received the Reserve Bank of India’s (RBI) approval for the appointment of Mahesh Muralidhar Pai as its Managing Director and Chief Executive Officer (MD & CEO).

The private banking stock declined as much as 9.86 per cent to Rs 43.02 on the BSE. At around 12:05 pm, it was trading at Rs 44.23, down more than 7 per cent.

In a regulatory filing, the private sector lender said the RBI has approved the appointment of Pai as MD and CEO for a period of three years with effect from October 1.

The bank said the proposal for Pai’s appointment will be placed before its Board of Directors at the meeting scheduled for July 16.

In addition, the appointment will require shareholders’ approval in accordance with the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations.

Pai (50) is currently serving as Chief General Manager at Canara Bank, where he heads digital banking and innovation, according to the exchange filing.

With nearly three decades of banking experience, he has worked across governance, strategy, treasury, foreign exchange, retail banking, agriculture and MSME credit. He has also led several strategic initiatives at Canara Bank, including the establishment of its gold loan vertical, and has previously headed one of the bank’s largest zones.

Moreover, he serves as a Director on the boards of Karnataka State Financial Corporation and Canara Bank Securities Ltd, the filing added.

According to BSE data, the stock has touched a 52-week high of Rs 49.90 and a 52-week low of Rs 28.13.

Ahmedabad, July 7: Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises Ltd, has earned London Metal Exchange (LME) certification for ‘Adani Copper,’ according to a statement issued by the company on Tuesday.

“Approval by the world centre for the trading of industrial metals validates KCL’s manufacturing excellence and responsible sourcing practices against strict global benchmarks, enabling Adani Copper cathodes to be delivered with warrants eligible for issuance against LME Copper futures contracts from July 10, 2026,” the statement said.

For the Adani Group, LME’s listing of Adani Copper as a Good Delivery brand for ‘Copper Grade A’ contracts places the brand alongside the world’s leading copper brands, conferring international recognition and market credibility on the Group’s entry into the metals sector and its emergence as a globally competitive producer of refined copper.

“Copper is the backbone of the global energy transition. Achieving LME brand status places Adani among the world’s leading copper producers and strengthens India’s role in building a resilient, responsible supply chain for this vital metal. Kutch Copper’s world-class infrastructure and ESG standards make this recognition both timely and well-deserved. It will enhance the global acceptance of Adani Copper. Apart from reinforcing India’s growing stature in the international metals industry, the registration is a landmark step towards self-reliance in refined copper,” Adani Enterprises’ CEO, Natural Resources, and Kutch Copper Ltd Managing Director Dr Vinay Prakash said.

An LME-brand certification is a rigorous process involving superior quality assurances — covering chemical composition, shape and weight — alongside strict responsible sourcing protocols. The LME listing enables Adani Copper cathodes to be placed on warrant in LME-approved warehouses, strengthening financing flexibility as LME-listed metal is recognised as a highly liquid asset that can be used as collateral. For the LME, the addition of Adani Copper broadens the exchange’s deliverable base with high-quality cathode from a major new production hub, deepening the liquidity and geographic diversity of the global copper market.

The $1.2 billion Kutch Copper facility with production capacity of 0.5 million tonnes — one of the world’s largest single-location custom copper smelting complexes, designed with state-of-the-art technology, advanced process automation, and sustainability-led design principles embedded across operations — strengthens domestic supply, reduces the nation’s dependence on imported copper, and advances India’s ‘Aatmanirbhar Bharat’ ambitions in a metal central to electrification, renewable energy and the energy transition, the Adani Group statement added.

Mumbai, July 7: Indian equity benchmark indices traded higher on Tuesday amid positive global cues and crude oil prices hovering around the $70-a-barrel mark.

Sensex jumped as much as 0.27 per cent or over 200 points to hit an intraday high of 78,504 in early trade, while Nifty was trading around 60 points or 0.23 per cent higher at 24,488.

Sectorally, IT, banking and financial stocks led the gains. Nifty IT rose 1.28 per cent, followed by Nifty PSU Bank which gained 0.45 per cent.

In contrast, Nifty Metal was the worst performer, falling 0.86 per cent, followed by Nifty Media, which declined 0.38 per cent. Nifty Chemicals and Nifty FMCG slipped up to 0.30 per cent.

Among the Nifty stocks, Trent was the biggest loser, plunging 8.81 per cent, followed by Bharat Electronics (BEL) and Larsen & Toubro (L&T), which declined about 1 per cent each. Meanwhile, InterGlobe Aviation (IndiGo) fell 0.88 per cent, while Coal India slipped 0.84 per cent.

According to market experts, there are distinct signs of an uptrend in the market.

They noted that two factors weighing on Indian markets — the crude price hike and sustained FPI selling — are now behind us and have reversed. Crude prices are back to their pre-war levels, while FPIs have turned buyers. Although FPI buying is not yet a strong trend, the fact that foreign investors have stopped selling and turned buyers marks a significant shift that is likely to be sustained, supported by strong fundamentals.

Technically, the Nifty’s breakout above its 200-day exponential moving average (EMA) for the first time since February has strengthened the market’s bullish structure, according to analysts.

They expect the 24,600 level to act as the immediate resistance, with a sustained move above it potentially paving the way towards 24,800, while the 24,400-24,300 zone is likely to provide near-term support.

International benchmark Brent crude rose about 1 per cent to $72.77 a barrel. Similarly, US West Texas Intermediate (WTI) crude gained 1.12 per cent to $69.32 a barrel.