Whalesbook
Indian equity markets closed flat on June 10, 2026, as buying in banking and FMCG stocks balanced profit-booking pressure. Deccan Gold Mines captured investor interest after finalizing a strategic tungsten mining deal in Spain, while Eternal, the parent company of Zomato, received a GST demand notice from Andhra Pradesh authorities.
What Happened
Indian stock markets ended on a mixed note on June 10, 2026, as benchmark indices struggled to maintain early gains. While banking and FMCG sectors saw buying interest, profit-booking in metal and other heavyweight stocks capped the upside. The market remained influenced by mixed global cues, with investors tracking geopolitical developments and awaiting upcoming U.S. inflation data.
Deccan Gold Mines Expands Into Critical Minerals
Deccan Gold Mines attracted market attention following an official announcement regarding its expansion into the European mining sector. The company has entered into a definitive agreement to acquire a 51% stake in Spain-based Logrosan Minera S.L. This strategic move, valued at approximately EUR 1.76 million (roughly ₹15.84 crore), marks a transition for the company beyond its traditional gold exploration roots in India.
The investment allows Deccan Gold Mines to secure a position in the critical minerals supply chain, specifically targeting tungsten. Tungsten is widely used in high-tech industries, including defense, electronics, and aerospace. The earn-in agreement, expected to be completed by March 2027, also provides the company an option to further increase its stake to 75% and potentially 95%, depending on project milestones and additional investment. Investors may monitor this as a move to diversify the company's asset portfolio and reduce reliance on single-commodity exploration.
GST Demand Notice for Eternal
Eternal, the parent company of food delivery and quick-commerce platform Zomato, faces regulatory attention following a Goods and Services Tax (GST) demand order. The company informed exchanges that it received an order from the Deputy Commissioner (ST), State Special Circle-I, Andhra Pradesh, for the period of April 2023 to March 2024.
The total demand amounts to approximately ₹9.63 crore, comprising a tax demand of ₹6.49 crore, interest of ₹2.50 crore, and a penalty of ₹64.87 lakh. In its filing, the company maintained that it has a strong case on merit and intends to contest the order before the appropriate authorities. For investors, the key focus is the company's financial discipline and how such tax disputes are resolved, though the company noted it does not expect a significant financial impact from this specific order.
Market Context and Sector Trends
Market performance on June 10 reflected a cautious sentiment. While private banks and FMCG stocks supported the indices, metal and energy shares faced downward pressure. Domestic institutional investors continued to act as a support system, helping to absorb the selling pressure from foreign institutional investors. The broader market remains sensitive to global macroeconomic factors, including energy prices and geopolitical developments that could influence investor appetite.
What Investors Should Track
Investors may monitor the progress of the Logrosan project, specifically the exploration milestones and capital deployment in Spain, as these will determine the long-term value of Deccan Gold Mines' new investment. Regarding the GST demand notice for Eternal, the focus will remain on any future disclosures regarding the appeal process and the final outcome of the regulatory dispute. More broadly, market participants will likely watch for further updates on U.S. inflation data and geopolitical stability, which are expected to continue driving short-term volatility in Indian equity markets.