Disproportionate focus on retail asset quality, through a downcycle in policy rates, would lead to tepid credit growth for banks that would struggle to expand core profitability-or net interest margin (NIM)-through FY26, Fitch Ratings said on Tuesday. “We expect slower-to-stable loan growth in FY25 and FY26, after 2 consecutive years of mid-teen growth,” Fitch Ratings said in a report. “We don’t expect growth to pressure solvency as banks calibrate growth and risk, driven by secured retail, and supported by opportunistic SME and corporate lending.” Hence, collateral-backed loans are expected to be at the vanguard of retail loan expansion, potentially presaging…

India has phased out about five gigawatts of gas-fired power capacity that became inoperable after being left idle for years, according to people familiar with the matter. Some of the plants had sold off machinery, while others had become so rusty they were no longer fit to use, the people said. They asked not to be named as they are not authorized to speak to the media. India’s gas power industry has struggled for years, largely thanks to high prices which made plants uncompetitive, complicating the government’s goal to more than double the share of the fuel in the energy…

National Company Law Appellate Tribunal (NCLAT) on Monday upheld NCLT’s order admitting Future Ideas Company Limited (FICL), part of the Future Group, into insolvency over dues of ₹122.83 crore. National Company Law Tribunal (NCLT), Mumbai, admitted FICL into insolvency last month in an insolvency petition filed by Axis Trustee Services, representing Franklin Templeton Asset Management (India) Pvt Ltd as its debenture trustee. A debenture trustee is a body representing the interests of debenture holders while holding debentures for them. The debt arose from non-convertible debentures issued by FICL in 2018, according to terms agreed under Debenture Trust-cum-Mortgage Deed (DTMD).

Gen Z consumers in India are shaping a new kind of digital commerce. Their habits blend smart deal-hunting, digital fluency, and strong cultural preferences. According to the first quarter findings of the ET Snapchat Gen Z Index, young shoppers are deliberate, brand-aware, and intentional in their purchase decisions — favouring value, purpose, and authenticity over hype. The ET Snapchat Gen Z Index was mapped to record changes over a 3-month period. Deals over dripThis generation doesn’t shop on impulse. According to the study, powered by Kantar, 84% of Gen Z respondents said they research deals and offers before buying, across…

MUMBAI: Non-banking financial companies (NBFCs) are increasingly looking overseas for funds as domestic banks have been slow in passing on the benefits of the recent 50 basis points (bps) repo rate cut, according to experts. Many banks have only marginally reduced their marginal cost of funds-based lending rate (MCLR) by 5-10 bps, prompting NBFCs to tap into external commercial borrowings (ECBs), which are 20-30 bps cheaper than domestic loans. “As long as the Mumbai Interbank Forward Offer Rate (MIFOR) conditions are favourable, I think it will be conducive for NBFCs to raise dollar funding,” said Anudeep Ganguli, chief treasury officer,…

Large cement companies have reported a volume growth in the March 2025 quarter and expect enhanced performance in FY26 on better sales realisation and stable demand. Leading listed cement firms like UltraTech, Ambuja Cements, ACC, Shree Cements, and Dalmia Bharat have retained around 7 to 7.5 per cent growth for the cement industry in FY26, following government spending on infrastructure projects and rural recovery. However, they are cautious about the geopolitical tensions and changing trade landscape. In the March quarter, cement makers reported gains in volumes, ranging from 3.5 to 10 per cent and an enhanced capacity utilisation on a…

Mumbai: Fewer wedding dates, subdued consumer sentiments and increased competition from newer players wiped off nearly $2 billion from Vedant Fashions’ market capitalisation over the past five months. The company behind Manyavar and Mohey said competition in India’s ethnic segment is at a level never seen before and is not sustainable with the number of stores trebling over the past two-three years. The biggest ethnic wear brand posted 2% revenue growth last fiscal, while same store sales growth fell 4% in FY25 as well as the quarter ended March. “We have certainly witnessed competition in the last two decades of…

Kempegowda International Airport Bengaluru has reported a record profit for the first time since its inception, signifying a robust financial turnaround, according to the BIAL sources. The Bangalore International Airport Authority (BIAL) held its board meeting on May 16, presided over by its Chairperson and Chief Secretary to the Government of Karnataka, Shalini Rajneesh, a press statement said. “The meeting marked a historic milestone as Kempegowda International Airport Bengaluru (BLR Airport) reported a record profit for the first time since its inception, signifying a robust financial turnaround and a testament to the airport’s strategic growth, sustainability initiatives, and operational excellence,”…

Mumbai: Bharti Airtel, which recently called off talks to merge its direct-to-home (DTH) business with Tata Play, said the decline of the DTH business in the country has more to do with regulatory imbalances than with technology. During the company’s Q4 earnings call, vice-chairman and MD Gopal Vittal said different distribution systems-like cable TV, DTH, and broadband-are governed by different regulations, despite serving the same set of consumers, with DTH facing stringent rules such as cross-holding restrictions and pricing caps. “The DTH industry is going through its moment of reckoning-not just due to legitimate technological disruption, like IPTV and broadband-enabled…

Alcoholic beverage maker’s body CIABC on Friday said any import duty cuts in future trade deals on wine could hurt the domestic makers, as concessional tariffs on imported spirit from the EU, US, Australia and New Zealand may flood the Indian market. The Confederation of Indian Alcoholic Beverage Companies (CIABC) also suggested the government to impose a minimum import price clause to prevent inbound shipments of low-cost and low-quality bottled spirits, bulk and bottled wines. It added that the duty reduction agreed by India on Scotch whisky under the free trade agreement with the UK may impact the domestic premium…

New Delhi: KKR-backed Serentica Renewables, BlackRock and Sembcorp are leading the race to acquire Statkraft’s Indian arm that the Norwegian state-owned company put on the block, according to people aware of the matter. The three players submitted non-binding offers in the range of $1.2-$1.5 billion each in the last week of April, according to those in the know. They have bid for the entire company, giving them an edge in the bidding process. Statkraft has offered the option to potential acquirers to bid for parts of its India business. Statkraft is selling a 2-gigawatt portfolio of operational and under-construction renewable…

For the first time in the Indian real estate market, a one-of-a-kind property festival— The Great Property Sell Fest—is set to unfold from 16 to 18 May 2025 across Gurugram, Noida, and Panipat. Organised in association with The Times of India, this pioneering event is all set to redefine how property is bought and sold in India. Bringing the bold concept of ‘You Sell, We Buy’ to life, the festival offers property owners a unique opportunity to sell their assets—be it high-rise or low-rise units, commercial spaces, retail outlets, office spaces, plots, or food courts—all under one roof, and at…

The Rs 3,706 crore HCL-Foxconn outsourced semiconductor assembly and test (OSAT) joint venture, which received Cabinet approval on Wednesday, has been hailed as a crucial step toward strengthening the domestic smartphone manufacturing ecosystem. The facility, which will be built in Jewar in Uttar Pradesh and produce display driver chips, will provide an impetus to India’s localisation efforts, especially in the booming smartphone manufacturing ecosystem, experts said. The venture marks the sixth semiconductor unit under the India Semiconductor Mission (ISM), and the first such unit in Uttar Pradesh. The plant, which is going to be set up near Jewar airport in…

India’s Kalyan Jewellers is targeting revenue growth of more than 25% this financial year as the gold and diamond retailer quickens store openings amid a rising preference for lower-carat jewellery, its executive director said on Tuesday. Record high gold prices have not deterred the wealthy from investing in gold and buying ornaments in the second-largest gold buying country but the middle class is switching to lower-carat and lightweight jewellery. Consumers are favouring chains over independent jewellers, shopping frequently, and spending more on gifts, Kalyan Jewellers’ Executive Director Ramesh Kalyanaraman said in an interview. “The advantage of Kalyan today is we…

Mumbai: L&T Energy Green Tech has won a bid to build a 10,000 tonnes per annum green hydrogen plant at Indian Oil Corporation’s (IOCL) Panipat refinery in Haryana, according to sources aware of the development. L&T Energy Green Tech, a wholly owned subsidiary of EPC major Larsen and Toubro, took the lead over NTPC Renewable Energy and Renew E Fuels, which were the L2 and L3 bidders, respectively. L&T Energy Green Tech will supply green hydrogen at ₹397 ($4.67) per kg with 18% GST (goods and services tax). NTPC’s bid value was ₹398 per kg ($4.68) with GST, and Renew…

Pharma major Lupin Ltd on Tuesday said it has launched the generic version of Tolvaptan tablets used to slow kidney function decline in the US market, following the recent approval received from the country’s health regulator. The company has launched Tolvaptan tablets of strengths 15 mg, 30 mg, 45 mg, 60 mg, and 90 mg in the US, after receiving the approval from the US Food and Drug Administration (USFDA). “Lupin holds the exclusive first-to-file status for this product and will have 180-day generic drug exclusivity,” Lupin said in a statement. Tolvaptan tablets are bioequivalent to Jynarque Tablets, 15 mg,…

Britannia managing director and vice chairman Varun Berry on Monday said demand recovery is unlikely to follow a sharp “hockey stick” trend but improve gradually and continue till next year. He said the revival process has begun already.Speaking at an analysts’ call to discuss quarterly earnings, Berry noted that this fiscal year should be a “test” of both revenue and volume growth for the biscuit and dairy product maker. “So, we are hoping that we will be able to grow revenue and volumes,” he said. “Obviously, there will be a delta because we have taken a pretty high price increase…

New Delhi: BluPine Energy has closed the Rs 376 crore debt funding for its 100 MW solar power project in Tharad, Gujarat. The project is being undertaken by wholly owned subsidiary Solarcraft Power India 5, the company said. “The financing documents have been executed for the Rs 376 crore project finance green loan secured from Standard Chartered, marking the financial closure of the project,” it said. This project is slated for commissioning in the first half of 2026, as per the Power Purchase Agreement (PPA) terms. Once operational, it will contribute significantly to Gujarat’s renewable energy targets and support India’s…

Mumbai: Zee Entertainment Enterprises plans to allocate 40% of its free cash flow (FCF) toward growth capital for regional content, music, digital platforms, and international expansion, as part of its latest strategic roadmap shared with investors.In its investor presentation, Zee said it will also set aside 25-30% of net profit for dividends. It will also direct 5% of growth capital for research and development in content creation. For FY25, ZEEL reported a net profit of ₹679 crore and a normalised FCF of ₹882 crore, or 1.3 times its profit. Cash and cash equivalents stood at ₹2,400 crore as of March…

New Delhi: Realty developer Trinity has awarded a construction contract worth Rs 510 crore to BL Kashyap and Sons Ltd for the development of its luxury residential project, Sky Palazzo Residences, in Sector 88B, Gurugram.“Residential group housing has been a core area of expertise for BL Kashyap, and we take pride in contributing to the development of high-quality living spaces in key urban markets. NCR remains one of our most strategic regions, offering immense potential for infrastructure-led growth,” said Vineet Kashyap, Managing Director of BL Kashyap and Sons Ltd. “This collaboration with BL Kashyap strengthens our commitment to delivering premium…

Lucknow: Uttar Pradesh has introduced the standard Bye-Law 2025 to simplify and increase transparency in property transfer taxes across its urban local bodies. Announced by Uttar Pradesh Minister A.K. Sharma, this uniform regulation aims to make property transfer more affordable statewide, replacing inconsistent fees with a standardized system based on property area or value. The key improvements include an online application process for ownership changes, with a 45-day resolution target for undisputed cases. Clear, defined fee structures based on property area (for legal heir/will transfers) or value (for other transfers) will provide predictability for citizens, according to a press statement.…

KVN Property Holdings LLP, a newly established, institutionally backed real estate platform founded by seasoned industry leader Venkat K. Narayana, has entered a landmark joint venture with the Puravankara Group. The collaboration aims to develop a 24.59-acre land parcel in North Bengaluru, with a projected Gross Development Value (GDV) of over ₹3,300 crore. This makes it one of the most notable residential development transactions in the region in recent times.The strategically located parcel offers a potential saleable area of approximately 3.48 million sq. ft. It lies in one of Bengaluru’s most dynamic micro-markets, with proximity to Kempegowda International Airport and…

Mumbai: The escalating tension between India and Pakistan is emerging as a big risk event for insurers and reinsurers, with ripple effects across sports, aviation, marine, and travel segments. With 18 matches remaining, insurers fear that a complete cancellation of the ongoing Indian Premier League (IPL) could trigger claims. While it is an undeclared war scenario, reinsurers may cancel aviation policies, deny claims or withdraw treaties particularly in high-risk zones. The London reinsurance market, where most Indian aviation and marine risks are underwritten, is closely monitoring developments and may issue cancellation notices if the standoff worsens, sources said. Amid the…

World Trade Center’s Association (WTCA), which gives license to operate WTC across the globe, has been granted a temporary injunction by the Delhi High Court, restraining former licensee WTC Noida Development Company Pvt. Ltd. and its related entities from the Bhalla Group of Companies from further use of any of the WTCA’s registered trade marks.Earlier, WTCA had terminated 13 licences held by WTC Noida and Spire Techpark Ltd following the investigation by Directorate of Enforcement (ED) against WTC Group and promoter Ashish Bhalla. “We are gratified that the High Court of Delhi recognized that the Bhalla Group of Companies was…

Amazon India group entities have picked up over 1.14 lakh sq. ft. of office space in Mumbai’s central suburb Vikhroli through a long-term lease of five years across four agreements, with a combined starting monthly rent of over Rs 1.73 croreThe license term for all agreements commences from January 1, 2025, with a 5% annual rent escalation. The lock-in period is set at 48 months for the licensees, and for the entire lease duration in the case of the licensor. The agreements were registered on April 30, showed the documents accessed through CRE Matrix. Among these, the largest lease is…

The Air India group on Wednesday announced that the airline will provide full refunds on cancellations and a one-time waiver on rescheduling for defence personnel holding defence fare tickets booked on Air India and Air India Express flights with travel dates up to May 31, 2025.“Air India group is grateful for the selfless service and dedication of our military and defence personnel. In the prevailing situation, for those personnel holding defence fares who are booked on Air India and Air India Express flights till 31 May 2025, we are offering full refunds on cancellation and a one-time waiver on rescheduling…

Mumbai: Non-bank lenders are planning to raise their concerns with the Reserve Bank of India over the changes proposed to co-lending rules. The proposed model suggests that both banks and non-bank financial companies (NBFCs) disburse loans together, replacing the current practice where NBFCs assign loans to banks.NBFCs are looking to write to the RBI through their lobby group, Finance Industry Development Council, where industry insiders said they would likely argue that under the proposed structure, they would be required to hold loans for longer periods, increasing their risk and straining liquidity. The RBI early last month published the draft rules…

New Delhi: The Union Cabinet chaired by the Prime Minister Narendra Modi, on Wednesday approved expansion of academic and infrastructure capacity of five new Indian Institute of technologies (IlTs) which had been established in Andhra Pradesh , Kerala, Chhattisgarh, Jammu & Kashmir and Karnataka.These institutions are IIT Tirupati, IIT Palakkad, IIT Bhilai, IIT Jammu, HT Dharwad. According to the release issued by the Cabinet, the total costs for these projects are Rs11,828.79 crore over a period of four years from 2025-26 to 2028-29. The Cabinet has also approved creation of 130 faculty posts (at the level of Professor i.e. Level…

Fino Payments Bank has started preparing to relaunch itself as a small finance bank, creating the necessary organisational depth for the change in status, as it expects the Reserve Bank of India (RBI) would approve its licence upgradation request. Transitioning into a small finance bank would help Fino deepen its engagement with partner merchants and account holders and address the challenges the payments bank space is facing.Survival of payments banks will be difficult in the current payments ecosystem with UPI (unified payments interface) taking over as the preferred payment gateway across customer segments, Fino Payments Bank MD Rishi Gupta said…

Amid speculations, Yes Bank on Tuesday said that discussions with Sumitomo Mitsui Banking Corp. (SMBC) over stake buy are currently preliminary, adding that it routinely explores opportunities aimed at enhancing shareholder value. The Economic Times in its May 6 edition had reported that SMBC is in advanced talks with the private lender to buy a significant stake in Yes Bank, following months of negotiations. The move is expected to trigger an open offer for an additional 26% of the bank, the sixth-largest private lender by assets. “Such discussions are preliminary and do not warrant a disclosure under Regulation 30 of…

Cash withdrawals from automated teller machines (ATM) have continued to rise, with some states seeing as much as 8% growth in ATM usage, said a report by cash management and logistics firm CMS Info Systems. Average cash dispensed per ATM by CMS, which accounts for about 42% of the cash dispensation market, has gone up from ₹1.02 crore in FY17 to ₹1.30 crore in FY25. Bihar, Delhi, UP and Himachal Pradesh witnessed the highest growth in cash dispensed through ATMs, the report said.Consumer durables, multi-brand outlets and FMCG have witnessed the highest consumption growth in terms of average cash-led purchase…

Union Minister Satish Chandra Dubey on Monday commended Bharat Coking Coal Limited (BCCL), a Coal India arm, for achieving a record output of 3.39 million tonne (mt) in April. Dubey, the minister of state for coal and mines, emphasised the need to formulate a comprehensive strategy to meet the ambitious 46 mt production target for the financial year 2025-26. Coal India Ltd aims at achieving a total production of 875 mt. Dubey chaired a review meeting and lauded BCCL for its performance in community development, environmental protection and its collaboration with the Council of Scientific and Industrial Research (CSIR). He…

Mumbai: Creditors of Bhushan Power & Steel (BPSL), including Deutsche Bank, State Bank of India and Punjab National Bank, may have to return ₹19,350 crore to JSW Steel within two months, after the Supreme Court scrapped its acquisition of BPSL.This is because the resolution plan included a provision that requires the money to be returned within two months if the top court were to rule against the transaction. JSW Steel had acquired BPSL under a corporate insolvency resolution plan valued at ₹19,350 crore, including 50% recovery for operational creditors up to a cap of ₹350 crore in 2021. JSW Steel…

Panaji: BITS Pillani’s Goa campus is in the process of revamping the curriculum and is offering an option to students to appear for exams later if they are under stress, officials said on Sunday. The development comes after three cases of student suicide at the institution’s Goa campus in five months. The institute has also initiated an internal review of the support system available to students on campus. A 20-year-old student was found hanging in his hostel room earlier this week. “We are revamping the existing curriculum, and a separate committee has been constituted to streamline the academic content. Students…

India is no longer merely a consumer of content—it is fast emerging as a global creative powerhouse, driven by a deep talent pool, a rich cultural legacy, rapid technological adoption, and expanding infrastructure, according to the EY report titled “A Studio Called India.”India’s role in global media infrastructure is also expanding, according to the report, with more than 1,580 Global Capability Centers (GCCs), including close to 50 in M&E. The report was released at the World Audio Visual and Entertainment Summit (WAVES) 2025. The growth of Media Capability Centers (MCCs) is enabling specialised services like content localisation, compliance, immersive production,…

In a significant move reflecting escalating regional tensions, India has officially barred Pakistani-flagged ships from entering any of its ports. According to an official directive issued on Saturday, “a ship bearing the flag of Pakistan shall not be allowed to visit any Indian port.” Additionally, Indian-flagged vessels are prohibited from docking at any ports in Pakistan. The government stated that the order has been enacted to “ensure the safety of Indian assets, cargo, and related infrastructure, in public interest and for the interest of Indian shipping.” More to come.

Growth of listed companies alone doesn’t capture the full picture of consumption trends, said Marico MD Saugata Gupta, noting that consumer demand in the country largely remained stable in the March quarter, helped by a pickup in rural areas.“Commentary for unlisted players, including Indian subsidiaries of multinational corporations, D2C players and regional brands, indicates a slightly better performance, underscoring broader demand resilience,” Gupta said at Marico’s earnings call post March quarter results. “Data of some of the D2C and unlisted players does not get captured and the growth could be a tad higher,” he said. Over the past week, top…

Bhubaneswar: In a bid to strengthen aviation infrastructure in the state, the Odisha government has decided to establish a Greenfield airport at the port town of Paradip, expedite the development of the Shree Jagannath International Airport in Puri and construct heliports in 14 districts. These decisions were taken during an ‘Aviation and Network Construction Management’ meeting chaired by Chief Minister Mohan Charan Majhi here on Thursday. In addition to discussions on expediting the proposed Shree Jagannath International Airport (SJIA) in Puri and the upgrade of Rourkela Airport, the meeting resolved to proceed with the establishment of a Greenfield airport at…

Artificial Intelligence (AI) is not a threat to human creativity but a powerful ally—this was the unifying message across all three sessions on the opening day of the World Audio Visual and Entertainment Summit (WAVES) 2025 in Mumbai.Tech leaders from around the globe gathered to explore how AI is revolutionising media, storytelling, and digital production, while firmly positioning India at the forefront of this creative-tech transformation. Opening the day, Adobe Chairman and CEO Shantanu Narayen delivered a keynote on “Design, Media and Creativity in the Age of AI”. He traced the evolution of the digital landscape—from the early days of…

JSW Steel, India’s largest steelmaker by capacity, has hit a roadblock in sourcing coking coal from Mongolia due to unresponsive suppliers and transport bottlenecks, three sources familiar with the matter said. The company had aimed to import 2,500 metric tons from Mongolia, while the Steel Authority of India was looking to bring in 75,000 metric tons. India, the world’s second-largest producer of crude steel, meets 85% of its coking coal requirements through imports, with Australia supplying more than half of those shipments. Steel demand has skyrocketed in the country driven by rapid economic growth and increasing infrastructure spending. In a…

Mumbai: RPG Group-owned CEAT Ltd has earmarked ₹950-1,000 crore as capital expenditure for this fiscal year, mainly to expand manufacturing capacity across its key product segments including truck and bus radials (TBR), off-highway tyres (OHT), and two-wheeler tyres.Speaking to ET, Arnab Banerjee, managing director at CEAT said the investment will support ongoing projects such as capacity expansion at its Ambarnath, Mumbai factory, where output is being increased to 150 tonnes per day from 105. CEAT is also focusing on strengthening its presence in the growing OHT market. It plans to launch more than 20 new products this quarter. “The capex…

IndusInd Bank on Wednesday said its board has appointed a ‘committee of executives’ to oversee the operations of the bank following resignation of CEO Sumant Kathpalia. Kathpalia resigned from services of the bank with effect from April 29, 2025, taking moral responsibility of accounting lapses in the derivatives portfolio having financial implication of Rs 1,960 crore. “The Board has constituted such “Committee of Executives” to oversee the operations of the bank, under the oversight and guidance of the Oversight Committee of the Board till a new MD&CEO…assumes charge or a period of 3 months,” IndusInd Bank said in a regulatory…

Sumant Kathpalia joins an inglorious list of private sector bank CEOs who had to resign in controversial circumstances due to mismanagement, corporate governance issues and regulatory problems. In the past five years, the CEOs of Yes Bank, the fourth largest private sector bank back then, and RBL Bank exited. The first instance was in March 2020, while the next was in December 2021. More recently, Bandhan Bank and Tamilnad Mercantile Bank (TMB) have seen CEO exits. Following is the list of private sector bank CEOs who had to quit under a regulatory glare.Rana Kapoor Kapoor had to leave the bank…

Indian refiners have been boosting US oil purchases before trade talks between the two nations next month.Around 11.2 million barrels of crude are set to arrive in India from the US in June, the highest volume since last August, according to provisional data from analytics firm Kpler Ltd. That comes after a drop in prices in the West Texas Intermediate benchmark as the result of lower demand because of a refinery overhaul in Singapore, along with reduced appetite in China — the world’s biggest oil importer. “WTI has to discount significantly more than usual to incentivize the rest of Asia…

New Delhi: The Centre should implement safeguard duties and provide incentives to attract speciality chemicals supply chains to India, said a PwC-Assocham report. While the domestic industry is poised for significant growth, the sector faces numerous challenges pertaining to increasing commoditisation, which impacts profit margins, it said. According to the report titled ‘Indian chemical industry: Enablers to make India a growth hub for chemicals’, released this month, the reciprocal tariffs by the US have introduced new complexities, impacting cost structures and global competitiveness of Indian chemical exports. “These tariffs may create a ripple effect, exacerbating supply chain disruptions and increasing…

The Supreme Court on Monday issued a notice to the Centre, Netflix, Amazon Prime, Ullu, ALTT, X (formerly Twitter), Facebook, Instagram, YouTube, and others in response to a PIL seeking directions for the government to take appropriate steps to prohibit the streaming of obscene content on OTT and social media platforms. The top court told the centre to do something about it while hearing the plea. (More to come)

India has a great opportunity to become a global transit hub due to the country’s favourable geographic position, said Paul Griffiths, CEO of Dubai Airports.“India is perfectly well placed geographically to be a global hub because it has got the whole of Asia, it has got Australia, Europe, Middle East. In fact, if you look at the geo-centricity of the world’s population, I think you will probably find it is probably around the position of India on the globe,” Griffiths, who became the airport’s first CEO in 2007, said in an interview with ET. But India, Griffiths said, will have…

KPG Spices is looking to double its turnover to Rs 100 crore this fiscal on the back of new product launches and network expansion, according to a top company official. A spice brand owned by Marvel King Ltd, which offers a full range of ground spices, achieved a revenue of Rs 50 crore in the financial year ended March this year. The company has set a target of Rs 100 crore in revenue for the 2025-26 financial year, Marvel King Ltd Managing Director Gourav Jain said. To achieve the target, the company has launched a range of whole spices in…

Mumbai: The Directorate General of Civil Aviation (DGCA) on Saturday asked airlines to factor in the longer international flying times and potential technical stops required due to the closure of Pakistan’s airspace and communicate the information to passengers. The aviation regulator also asked them to ensure adequate food and medical supplies on board.Indian airlines have revised their international schedules after Pakistan closed its airspace to Indian carriers on April 24 amid increased tensions between the two countries after the Pahalgam terror attack. IndiGo has suspended its services to Almaty from April 27 to May 7 and Tashkent from April 28…

India is encouraging companies to acquire iron ore, coking coal, and other key raw material assets overseas, Steel Secretary Sandeep Poundrik said on Saturday, as the country ramps up its steelmaking capacity to meet rising demand. “We are encouraging our companies to acquire assets abroad, right from iron ore to coking coal to even limestone and dolomite,” Poundrik said at an industry event in Mumbai. “Raw material securitisation is the most important aspect of steelmaking.” India, the world’s second-largest producer of crude steel, aims to boost its overall steelmaking capacity to 300 million tons by 2030, up from about 200…

New Delhi: The Asian Development Bank (ADB) committed $5 billion in loans, grants, and other assistance to India in 2024, supplemented by $2.2 billion in cofinancing, to bolster the nation’s efforts in tackling key developmental challenges. The bank’s support focused on critical sectors including healthcare, education, and infrastructure development across various states. To address pressing healthcare needs, the ADB provided a significant $500 million loan to the Maharashtra government. In Meghalaya, the ADB extended its support to improve access to quality education and skills training, particularly targeting disadvantaged youth. A $64 million loan signed in 2024 is facilitating infrastructure upgrades…

India’s is trying to ensure a “level playing field” for domestic steel mills against importing countries, a government official said on Friday. “The government is trying to see cheap imports don’t happen,” Steel Secretary Sandeep Poundrik said.

Bengalis are known for their love for travel and contribute to around 25-30% to Kashmir’s tourism. However, the terror attack in Pahalgam has led to a barrage of cancellations (almost 85%), claim Travel Agents’ Federation of India (TAFI) and tour operators in Bengal. The terror attack has sent shockwaves across Bengal’s tourism sector as far as Kashmir is concerned, which has been a major tourist attraction in the last few years. Experts believe that the number of international tourists visiting India will also be impacted as two foreigners were killed in Kashmir’s Baisaran Valley. TAFI estimates that the total percentage…

Prime Minister Narendra Modi on Thursday called the industry to “speed up” iron ore mining at unused greenfield mines to increase steel production in the country. The steel industry has to come together, and build a “resilient, revolutionary and steel-strong India”, Modi said. Speaking at the India Steel 2025 event virtually, PM Modi also asked the industry players to strengthen global partnerships and secure supply chains, noting that raw material is a challenge for the industry and the country is still dependent on imports. He said the country also needs to explore alternatives like coal gasification and better utilisation of…

Mumbai: Airlines are mounting additional flights besides waiving off ticket cancellation and rescheduling fees, with the government also asking them to keep airfares moderate to handle the exodus of tourists from Kashmir after Tuesday’s deadly terror attack. “As per the early observations, flight cancellations jumped by 7 times, and a drop in future bookings by around 40%,” said Manjari Singhal, chief growth and business officer at Cleartrip. IndiGo, Air India and SpiceJet launched seven extra flights each from Srinagar to Delhi and Mumbai as of Wednesday. Also, sector regulator Directorate General of Civil Aviation (DGCA) asked airlines to waive cancellation…

Tesla sees India’s 100% import tariffs on cars making customers anxious, and the carmaker is still assessing when to enter the “very hot” market even as those concerns linger, its chief financial officer said on Tuesday. Tesla has long wanted to sell in the world’s third-largest car market, but high tariffs, which its chief Elon Musk has said are among the steepest in the world, have been a deterrent. Even so, Tesla has in recent weeks finalised some showroom space in India and posted more than two dozen jobs, signalling it is getting closer to a launch. Commercially available custom…

Power Finance Corporation has filed a complaint with the Economic Offences Wing concerning the alleged issuance of falsified documents by Gensol Engineering on delays in debt servicing. CARE Ratings and ICRA had downgraded the company’s long-term loans to default following “ongoing delays in servicing of term loan obligations” along with pending over dues and special mention account (SMA’) classification of the loan. “Regarding communications from credit rating agencies CARE and ICRA on the falsified documents, PFC clarified that it did not issue the letters they referred to,” the lender said in a statement. PFC is pursuing further actions in the…

Demand for shared office space is growing in tier-II cities as companies increasingly adopt a hub-and-spoke model by setting up satellite offices away from metros to tap into regional talent, cut cost and build a distributed workforce. Flexible office space providers such as WeWork, Smartworks, Awfis, 315 Work Avenue and BHIVE are aggressively scaling up their presence in cities like Jaipur, Kochi, Pune, Coimbatore, Indore and Vadodara to cater to this demand, which is growing faster than supply. According to experts, while metros continue to grow rapidly, the next wave of co-working expansion will be led by tier-II cities, fuelled…

New Delhi: India could add 6-7 GW of wind energy capacity in the current financial year, higher than last year’s capacity addition of 4.15 GW, according to Wind Independent Power Producers Association (WIPPA). The wind sector has sailed through a turbulent phase and the pace of capacity addition has picked up in the last two years. However, according to Central Electricity Authority, India is projected to have around 122 GW of wind capacity by 2032. With current installed capacity of projects marginally over 50 GW, it means an addition of around 10 GW is needed every year on an average.…

A steep hike in gold prices has prompted Indian consumers to exchange old jewellery for new ones, with the World Gold Council (WGC) stating that 40–45% of purchases now involve some form of exchange. “Gold’s steep climb and ongoing volatility are keeping many consumers on the sidelines, with demand for jewellery continuing to be limited to need-based purchases, particularly for weddings. There has been a noticeable shift in consumer behaviour in response to soaring prices, with more buyers opting to trade in old jewellery for new: anecdotal reports suggest that 40–45% of purchases now involve some form of exchange,” the…

Mumbai: The common empanelment process mandated by the Insurance Regulatory and Development Authority of India (Irdai) in January has kickstarted with the General Insurance Council, along with insurers, reaching out to more than 600 eye hospitals and 150 general hospitals across the country, according to officials. The general insurers have reached out to eye hospitals for bringing them on board for empanelment. “With simpler, procedure-based treatments like cataract and LASIK, eye hospitals are being onboarded separately for the rollout,” said a source. The target is to onboard 4,000-5,000 general hospitals in the next two to three months. The phased rollout,…

Delhi-bound flyers may face delays over the next two weeks during peak morning and evening hours, as IGIA’s main runway closure limits arrivals to 32 per hour during easterly winds, fewer than the scheduled landings. To prevent “extra” flights from taking off for Delhi only to hover here due to congestion; report low fuel; divert to nearby alternate airports & then wait there to fly to IGIA, the air traffic flow management (ATFM) system in place when easterlies are blowing asks planes to remain on ground in the origin cities only. Delhi air traffic control’s ATFM unit asks them to…

The City and Industrial Development Corporation (CIDCO) on Saturday reviewed the progress of the upcoming Navi Mumbai International Airport ahead of its inauguration, which is expected to take place in June, a release said. Chaired by CIDCO vice chairman and managing director Vijay Singh and attended by all stakeholders including Adani Airport Holdings Ltd’s Director Jeet Adani along with the company’s other senior executives, the meeting focused on the operational readiness of the airport as it moves closer to its inaugural phase of operations, it said. Aviation safety regulator Directorate General of Civil aviation has already issued the mandatory Airport…

The Delhi High Court has restrained authorities from taking any coercive action against Le Meridien hotel at Janpath which has applied to renew its eating house and lodging licences. The high court directed the Joint Commissioner of Police (Licensing) to process the application of C J International Ltd, which runs the Hotel Le Meridien, for renewal of the ‘Eating House Licence’ and ‘Lodging Licence’ without insisting on a health trade licence. The health trade licence of the petitioner was cancelled in 2017 and when it challenged the authorities’ decision, the high court stayed the cancellation order which is still in…

Mumbai: The box-office share of Hollywood films in India fell to just 8% in 2024-its lowest in a decade-down from a peak of 15% in 2019 and 11% in 2014, a report by media and entertainment research firm Ormax Media said. This signals a potential downturn for Hollywood studios in what was widely seen as a key growth market steered by a notable shift in viewing preferences amid increasing competition from other industries and rise of streaming platforms, industry experts said. Traditional Hollywood narratives no longer generate the same level of enthusiasm among an evolving Indian viewer base that now…

In a significant move towards reforming commercial pilot training in India, the Directorate General of Civil Aviation (DGCA) is considering removing the current eligibility requirement that mandates Class 12 students to have studied physics and mathematics in order to pursue a Commercial Pilot License (CPL). According to a report by Saurabh Sinha in The Times of India, the proposal could open doors for students from arts and commerce streams to enter the aviation field, with medical fitness criteria remaining as it is for all. Currently, since the mid-1990s, only students from science and mathematics backgrounds have been eligible for CPL…

New Delhi: Banks are set to enhance scrutiny and oversight of loans exceeding ₹250 crore, with a renewed focus on strengthening post-sanction follow-up processes, said executives familiar with the developments. As part of the ongoing reform agenda, state-run banks will renew the engagement of Agencies for Specialised Monitoring (ASMs) in consortium lending cases, involving large or specialised credit exposures. The next phase will involve capacity building and a comprehensive review to assess the effectiveness of the ASM framework, the executives said. “This will further strengthen the existing risk management processes and ensure strict monitoring of post-loan sanctions,” said one of…

Realty firm Prestige Estates Projects Ltd sales bookings rose 48 per cent to nearly Rs 7,000 crore in January-March quarter, but pre-sales declined 19 per cent to over Rs 17,000 crore in the last fiscal. Prestige Estates attributed the fall in annual sales bookings numbers to lower launches of housing projects due to a lack of approvals from development authorities. As a result, the company has failed to achieve the annual sales bookings guidance of Rs 24,000 crore. In a regulatory filing, Bengaluru-based Prestige Estates shared its operational performance for the fourth quarter of the last fiscal and the full…

New Delhi: The Indian Railways has readied a new private wagon scheme aimed at addressing transport requirements of the oil and gas sector. As per the plan, the wagons will be procured by the Railway Board on behalf of oil companies and deployed for their use, said officials. The bogie tank wagons for petroleum products (BTPN) are specifically designed for transport of bulk petroleum products. “This new scheme is aimed at encouraging the petroleum industry to invest in railway infrastructure,” said a senior official, who did not wish to be identified. The official said public sector oil marketing companies and…

The government plans to take up 50 airport development projects, including new airports, in the next five years as holistic efforts are being made to boost the country’s aviation ecosystem. Currently, there are 159 operational airports in the country and the number has doubled compared to 74 in 2014. Civil Aviation Secretary Vumlunmang Vualnam on Wednesday said efforts are being made in a holistic manner to develop the aviation ecosystem, including supporting airlines and scaling up flying training organisations. In five years, the plan is to have 50 airport development projects. This will include new airports as well as significantly…

The upcoming 125-km Rishikesh-Karanprayag rail line in Uttarakhand has achieved remarkable progress in tunnel boring work, making it one of the fastest in the world, Rail Vikas Nigam Ltd (RVNL) Chairman and Managing Director Pradeep Gaur said on Tuesday. Gaur told PTI that the 9.69-m diameter Cabrera tunnel in Spain was built by a Double Shield tunnel boring machine (TBM) at an average rate of 423 metres per month while the 14.58-km tunnel between Devprayag and Janasu has just been completed by Single Shield TBM at an average rate of 413 metres per month, becoming the second fastest in the…

Passenger vehicle sales in India reached an all-time high of 4.3 million units in the financial year 2024-25, according to data released by the Society of Indian Automobile Manufacturers (SIAM). This marks a 2 per cent increase compared to the previous year, Utility Vehicles (UVs) remained the key growth driver in the passenger vehicle segment. Their share in overall sales rose to 65 per cent in FY 2024-25, up from around 60 per cent in the previous year. SIAM said, “Passenger Vehicles (PV) posted its highest ever sales in FY 2024-25 of 4.3 million units, with a growth of 2…

Mumbai: Directors of State Bank of India board have okayed a restructuring package for Vizag’s Rashtriya Ispat Nigam (RINL), paving the way for similar moves by other government lenders and marking a milestone in the company’s turnaround initiatives. The restructuring plan envisages lower margin money for the company and a reduction in interest rates on loans to the government steel company. Banks are now comfortable with the company’s repayment capabilities after a capital infusion by the central government last year and are likely to extend relief in the form of lower rates, bankers said. “The government has done its bit…

More than three years after Russia’s invasion of Ukraine, Europe’s energy security is fragile. U.S. liquefied natural gas helped to plug the Russian supply gap in Europe during the 2022-2023 energy crisis. But now that President Donald Trump has rocked relationships with Europe established after World War Two, and turned to energy as a bargaining chip in trade negotiations, businesses are wary that reliance on the United States has become another vulnerability. Against this backdrop, executives at major EU firms have begun to say what would have been unthinkable a year ago: that importing some Russian gas, including from Russian…

New Delhi: Indian Railways’ operating ratio – a key parameter to assess financial performance – improved marginally to 98.32% in 2024-25 from 98.43% in the previous financial year. It implies that the Railway Board spent ₹98.32 to earn ₹100 during the year ending March 31, 2025. Total expenditure stood at ₹2.63 lakh crore, up from ₹2.52 lakh crore in 2023-24. Total receipts (earnings) amounted to ₹2.65 lakh crore during 2024-25, up from ₹2.56 lakh crore a year ago. The railways registered gains across passenger, goods and sundry revenue categories. Earnings from passengers stood 6.4% higher year-on-year at ₹75,239 crore. Income…

Real estate firm Macrotech Developers acquired 10 land parcels last fiscal to develop housing projects with a total sales value of nearly Rs 24,000 crore, as it seeks to expand business amid strong demand. Listed entity Macrotech Developers, which sells properties under Lodha brand, had given a guidance for 2024-25 that it would be acquiring land parcels having a revenue potential of Rs 21,000 crore. To expand its business, the company acquires land parcels outright as well as forms partnerships with landowners to develop housing projects. In its latest operational update, Macrotech Developers said it has acquired two new land…

First, it was pineapple on the pizza. Now, pistachio? After the pista-stuffed chocolate slab from Dubai went viral, the green nut seems to be everywhere—it is in gelatos and lattes, in mousse cakes and even in the nutty pesto on a pizza. “Pistachio has finally gone from being a supporting act to stealing the show,” says Akshat Agarwal, head chef of Mumbai-based catering company Sage & Saffron, which has a pistachio gelato and a pistachio baklava cheesecake on its menu. “Pistachio offers a creamy, earthy richness that is distinct yet versatile. And that green hue? It makes everything look elegant…

India’s top policy think tank body NITI Aayog has envisions the country’s automotive component production growing to USD 145 billion by 2030, with exports tripling from USD 20 billion to USD 60 billion. “NITI Aayog’s vision for India’s automotive sector by 2030 is ambitious yet achievable. The report envisions the country’s automotive component production growing to USD 145 billion, with exports tripling from USD 20 billion to USD 60 billion,” the think tank body added in a release. NITI Aayog has released an insightful report titled “Automotive Industry: Powering India’s Participation in Global Value Chains”. This report offers an extensive…

In a historic development, the UN’s shipping body International Maritime Organization (IMO) adopted the first legally binding international regulatory framework to reduce greenhouse gas (GHG) emissions from international shipping. The policy framework, which includes technical and economic measures, was finalised over a week of negotiations in London. It aims to deliver on the goal of ensuring an equitable transition to net zero emissions in international shipping by or around 2050. This goal was agreed to by countries as part of the 2023 Revised IMO Strategy. The decision, after two years of intense negotiations, was adopted not by consensus as is…

Imperial College London is looking to open its Imperial Global hub in India next month. Ranked the second best in the world and top in the UK in the latest QS World University rankings, Imperial College London will establish its proposed Indian hub in Bengaluru to strengthen scientific, education and innovation partnerships between India and the UK. The proposed hub, Imperial Global India, will build on longstanding links between the university and partners in India. To be established as a liaison office, it will focus on strengthening and co-creating new research partnerships between Imperial College and leading universities and institutes…

State-run NBCC has generated over Rs 7,000 crore from the bulk sale of residential units through three auctions part of Amrapali projects, a senior executive said. After the Uttar Pradesh government allowed NBCC to develop additional flats in the project, it estimated to generate an additional Rs 14,000 crore, which would have helped timely completion of stuck projects. Initially, it planned for retail sale but later auctioned the units in bulk to Manson, Happy Valley Infra and Gaurs group to generate quick fund. “With this sale, we will be able to clear the dues of banks who had funded the…

New Delhi: The Indian electronics industry is upbeat at the pausing of Trump tariffs and the fact that China now has to pay 125% duties to US exports. The industry feels the pause by the US creates a huge opportunity for India to accelerate efforts in attracting electronics manufacturing investments, particularly from companies seeking to diversify their production bases beyond China. The US President Donald Trump has paused the reciprocal tariffs on more than 75 countries, barring China for 90 days. These countries will be paying a much lower 10% duty on US exports for the time being. However, China…

Radisson Hotel Group on Wednesday said it has signed five new properties in multiple cities, including Lucknow and Rajkot (Gujarat). With the signing of five new hotels, Radisson Hotel Group has crossed the 200 hotels mark in India, the global hospitality group said in a statement. The group has signed two properties in Lucknow (Uttar Pradesh), one each in Rajkot, Bangalore and Shirdi. Currently, the group has 128 operational hotels (14,209 keys) and 77 properties (8,619 keys) under development. “India is one of our key markets in Asia where we will further amplify our growth and create more possibilities and…

The Reserve Bank of India (RBI) on Wednesday proposed new regulations for lending against gold jewellery as collateral that will apply to all banks and financial institutions, a move that may change how gold loans are given. These loans, which are given against gold jewellery and ornaments, are popular among people for both personal use and small business needs. Currently, different types of lenders like banks and non-banking financial companies (NBFCs) follow slightly different rules when it comes to giving gold loans. The RBI now wants to ‘harmonize’ the rules for all types of lenders, may be in a bid…

VVIP Infratech Limited announced that it has secured government contracts worth Rs 414 crores for two infrastructure projects in Uttarakhand and Uttar Pradesh. The projects include a Rs 175.80 crore sewerage network in Rishikesh under the Ganga Rejuvenation Mission and a Rs 238.36 crore power distribution initiative across key districts in Uttar Pradesh under the Revamped Distribution Sector Scheme (RDSS). “These contracts validate our commitment to nation-building through reliable infrastructure delivery,” said a company spokesperson. “By focusing on transparent, milestone-driven projects under flagship programs like Jal Jeevan Mission and RDSS, we’re creating long-term value for all stakeholders while contributing to…

In a world where downtime is not an option, TMEIC India is redefining uninterruptible power supply (UPS) solutions to keep industries running—seamlessly, efficiently, and reliably.From data centres and hospitals to manufacturing and semiconductors, TMEIC’s next-generation UPS systems deliver about 98% efficiency, ensuring power stability even in the most critical applications. Engineered with modular scalability, cutting-edge technology, and precision-driven, defect-free design, the company supplies products that integrate Japanese technology with the competitiveness of ‘Made-in-India’ manufacturing, backed by a state-of-the-art facility in Tumakuru, Bengaluru.With a strong commitment to R&D, innovation, and sustainability, TMEIC is not just solving today’s power challenges—it is shaping…

InterGlobe Enterprises and French hospitality chain Accor are in talks with homegrown budget hotel brand Treebo for a master franchise partnership in a bid to rapidly scale up their presence in the growing mid-market segment in the country, multiple people familiar with the developments told ET. “InterGlobe and Accor want to target the mid-market segment, and are aiming to get to 100 hotels in the country in the next five years,” a person familiar with the matter said. A second person added that the companies want to target budget travellers in Tier II and III markets. InterGlobe and Accor currently…

Air India long languished under government ownership while cash-rich Middle Eastern rivals siphoned off travelers. Now the airline is trying to even the score with cheaper fares, fresh cabins and lounges as well as shorter layover times. The multi-year turnaround program will initially focus on the airline’s 27 Boeing Co. 787-8 Dreamliners that are more than 10 years old in some cases, with Air India seeking to complete a refit in early 2027. A second stage, involving older Boeing 777 widebodies, will start late next year, though that step is proving more complex because of issues with seat suppliers, Chief…

The Delhi Metro Rail Corporation (DMRC) is set to introduce the country’s first metro corridor designed for operations with three-coach trains on the upcoming Lajpat Nagar-Saket G Block route, officials said on Sunday. A part of Phase-IV of the Delhi Metro project, the corridor will span eight kilometer and be the second-smallest in the network, the DMRC said in a statement. The line aims to enhance last-mile connectivity and ensure seamless interchange with existing corridors, it said. Unlike other metro lines that operate with four, six or eight coaches, the new corridor will use 3-coach trains, developed specifically for short-distance…

BMW Group India is unfazed by the prospect of Tesla entering the electric vehicle market here and feels it will help grow the segment, according to its Managing Director and CEO Vikram Pawah. The group, which sold a total of 1,249 units of electric cars in India across two brands — BMW and MINI — has already sold 646 units in the first quarter of 2025 and is keeping its forecast of 15 per cent of its total sales in India coming from EVs, Pawah told PTI in an interview. “I think the market should grow. Anytime there’s more competition,…

New Delhi: Unburdened by responsibilities and bolstered by retirement benefits or long-standing savings, a growing tribe of affluent Indians aged 50 and above is swapping armchairs for adrenaline. From marathons in Antarctica to wildlife trails in Africa and cruises to the edge of the world, senior citizens and semi-retirees are embracing immersive, high-octane experiences once thought the domain of the young and restless. “Seniors today are healthier, wealthier, and more active than previous generations,” said Shefali Jain Mishra, founder of Kare Voyage, a boutique travel firm catering exclusively to older adults. Many of these extraordinary places were never on their…

Apple has no immediate plans to raise retail prices of its products—including the flagship iPhone—in India or elsewhere, despite the imposition of reciprocal tariffs by the Trump administration, top sources told The Times of India. According to a report by TOI’s Pankaj Doval, quoting sources, the tech giant had already shipped an “unusually high” number of products from its factories in India and China to the United States to build up inventory. This stockpiling took place even though it was a “relatively lean period,” enabling Apple to stay ahead of the new tariff regime. “Factories in India and China and…

Tata Steel on Friday said it has received an order for reassessing taxable income for financial year 2018-19 and increasing the taxable amount by over Rs 25,000 crore, and the company has moved the Bombay High Court against the reassessment. Tata steel said in a stock exchange filing that the assessment order came on March 31 this year, following a show cause notice issued on March 13 by the Assessing Officer, Office of the Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai. The March 13 notice had sought further documents related to the waiver of Rs 25,185.51 crore in FY19…

Subprime loans in India are teetering on the edge of a fresh crisis, with surveys showing signs of distress among 68% of borrowers. Those who have provided the capital for a multiyear 2,100% expansion will have to stomach losses. The $45 billion industry will probably muddle through its latest difficulties, though analysts want the central bank to come up with more robust supervision. It’s hard to disagree with that assessment. True financial inclusion has to mean more than a bubble — followed by a bust. The share of loans overdue for between 91 and 180 days has jumped to 3.3%,…

Anil Agarwal-led Vedanta Ltd on Thursday reported record production figures across key business verticals for the fourth quarter and fiscal year ending March 31, 2025, the company said in a regulatory filing. Vedanta achieved historic highs in aluminium and zinc production while also recording strong growth in iron ore, steel, oil and gas, and power sales. Annual aluminium production saw a 2% increase year-on-year, reaching 2,421 kt, while fourth-quarter output grew 1%. Alumina production saw a 9% annual rise, supported by expansion projects, though quarterly output was impacted by temporary supply chain disruptions, the company said. While Zinc India achieved…

Mumbai: In director Billy Wilder’s classic noir film Sunset Boulevard (1950), the character Norma Desmond, played so sensitively by Gloria Swanson, says: “I am big. It’s the pictures that got small.” Going by the performance of Hindi films, which rely more on stardom than scripts, it is clear that the audience is sending across an unambiguous message to the moviemakers: The pictures are bigger than the stars. The box-office performance of actor Salman Khan’s recent film Sikandar seems to underline this view. Made on an estimated budget of more than Rs250 crore, the film’s opening day collection was Rs 26…

Fortis Healthcare has purchased the Fortis trademark previously owned by the company’s erstwhile promoters, brothers Malvinder and Shivinder Singh, in an auction process for Rs. 200 crore, as per a stock exchange disclosure. The IHH Healthcare – promoted Fortis Healthcare informed stock exchanges that the Delhi high court has approved the purchase of the trademarks which were the subject of a litigation involving the Singh’s and Japan’s Daiichi Sankyo. Daiichi Sankyo had purchased the Singh’s pharmaceutical company Ranbaxy Laboratories in 2008. The Japanese drug maker later claimed the Singh’s had concealed critical information about Ranbaxy when they sold the company…

Packaged water brand Aquapeya, which had raised Rs 70 lakh from reality show Shark Tank’s judges Namita Thapar and Ritesh Agarwal this January, has now been directed by the Bombay High Court in an interim order to stop manufacturing and selling the brand, after Bisleri International dragged it to court. The development comes a month after Bisleri, which leads the packaged water category in India, filed a suit in the Bombay High Court against Natvits Beverages which makes Aquapeya. The matter came to light after an episode on Shark Tank’s Season 4 was aired on January 20.ET has seen a…

The global trade war and the ensuing tariff hike by the US, rating agencies believe, could lead to supply chain disruptions and have a negative impact on inflation, potentially impacting bank profits by up to 25 basis points in FY26 amid a likely scramble for deposits. One basis point is a hundredth of a percentage point. Agencies expect India’s GDP growth for FY26 to be between 6.5% to 7%. According to the rating agency ICRA, global uncertainties have intensified, driven by geopolitical conflicts disrupting supply chains and trade, industrial policies, including tariff disputes, creating investment and trade uncertainties, along with…

Mid-size motorcycle maker Royal Enfield on Tuesday reported a 34 per cent jump in total sales at 1,01,021 units in March, as compared to 75,551 units in the same month last year. Domestic sales were at 88,050 units last month, as against 66,044 units in March 2024, up 33 per cent, Royal Enfield said in a statement. Exports grew by 36 per cent at 12,971 units, as compared to 9,507 units in the year-ago month. In the fiscal 2024-25, the company said it posted its highest-ever annual sales crossing the 10 lakh units mark. The company’s total sales in FY25…

U.S. President Donald Trump’s threat to impose secondary tariffs of 25% to 50% on buyers of Russian crude oil is just crazy and bold enough to perhaps achieve his stated aim of a ceasefire in Ukraine. What matters now is the reaction of the other three key players to this latest move by the mercurial and inconsistent U.S. leader. Do Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and Chinese President Xi Jinping believe that Trump will actually follow through, and if he does what will it mean for their energy situation? India and China are effectively the only…

Jayatri Biswas, a 33-year-old owner of an ice-cream brand from Kolkata, has long been a musical theatre enthusiast. Last year, she flew to Mumbai to watch Mamma Mia! at the Nita Mukesh Ambani Cultural Centre (NMACC). This year, she nearly missed The Phantom of the Opera, but managed to book a last-minute ticket before the show wraps up on Sunday. “When I heard that NMACC was going to be putting on The Phantom of the Opera, I knew I had to watch it at any cost!” Biswas said. She isn’t alone. Be it Broadwaystyle musicals, operas, fine arts, or literature…

Shivalik Small Finance Bank has started exploring M&A opportunities to expand the secured portfolio in its balance sheet, seeking to de-risk its overall book amid evident stress in loan assets that do not have collateral backing. Shivalik, the only small finance bank to have transformed from an urban cooperative bank, is looking to acquire a non-banking finance company (NBFC) with focus on secured business. three people familiar with the development said. Secured advances include collateralized assets, like a home-loan financed house that can be used as a security when instalments go unpaid. The bank has identified two-three prospective merger candidates,…

A Chennai-bound flight from Jaipur, before the scheduled landing, experienced a tyre burst on Sunday morning and authorities facilitated an emergency landing for the aircraft, airport officials said. All the passengers and the crew are safe and they deplaned safely upon landing, they said. Before landing, the pilot detected the tyre-burst and alerted authorities, and they acted as per norms for landing under such circumstances. “Upon visual inspection of the aircraft, wheel no 2 was found damaged with trye pieces coming out from the tyre-left interior…” according to officials.

Chikhli: Union Minister for Renewable Energy Pralhad Joshi and Gujarat Chief Minister Bhupendra Patel on Saturday inaugurated a 5.4 GW solar cell manufacturing plant in Gujarat’s Chikhli. India is emerging as a global hub for clean energy and next-generation technologies. The new facility in Gujarat, set up by Waaree Energies, will produce high-efficiency solar cells, reinforcing India’s position as a leader in clean energy production worldwide. A state-of-the-art AI-equipped control room was also inaugurated at the Chikhli facility. It will significantly boost efficiency and streamline operations. “From being nowhere 10 years ago, India is now the 3rd largest producer of…

The Centre has asked the auto parts industry for data on exports to the US, specifically on the number of companies involved and volume of products shipped to the nation, to assess the impact of President Donald Trump’s move to levy 25% tariff on imports of cars and components. Industry stakeholders, meanwhile, have requested the government to seek details from their US counterparts of the specific parts and vehicles that will be published in Annex I of the Federal Register-the US government’s daily journal-in the coming days to get clarity on the new tariffs. Trump Wednesday said the 25% tariff…

In a relief for flyer airport tariff regulator Airport Economic Regulatory Authority (AERA) hasn’t allowed Delhi Airport to increase charges on domestic departing passengers from Rs 129 for the period of 2024-2029. The GMR group-owned airport had sought higher User Development Fee (UDF) ranging from from Rs405 to Rs 610 depending on peak hours and non-peak hours. UDF is a fee levied by operators to recover the expense they have incurred upgrading infrastructure at airports. A Parliamentary Affairs Committee had earlier expressed their dissatisfaction over “arbitrary” rise in user development fees (UDF) and ticket prices, arguing that the existing framework…

New Delhi: India is formulating a framework to bring together the country’s public and private sector steelmakers to jointly seek raw materials, technology and export opportunities globally, a move that will equip the industry with better bargaining power during deal discussions. The proposed international comprehensive cooperation framework, being spearheaded by the steel ministry, can help both the public and private sectors with sourcing coking coal and seeking technology transfer at competitive terms, union steel secretary Sandeep Poundrik told ET. He said the ministry is also readying the third leg of the production-linked incentive (PLI) scheme for specialty steel. The partnership…

Adani Energy Solution Ltd, the electricity transmission unit of the billionaire Gautam Adani-run conglomerate, on Thursday announced the acquisition of intra-state transmission project Mahan Transmission Ltd. In a stock exchange filing, the company said it has “executed Share Purchase Agreement (SPA) with REC Power Development and Consultancy Limited (RECPDCL) for acquiring 100 per cent equity shares of Mahan Transmission Limited (MTL)”. MTL is a Rs 2,200-crore intra-state transmission project. The project scope includes establishment of 2,800 Mega Volt-Amperes (MVA) of substations capacity and 740 circuit kilometers (ckm) of transmission line, taking AESL’s transmission network to 26,668 ckm and 89,986 MVA…

US President Donald Trump’s decision to impose a 25% tariff on all auto imports has sent shockwaves across the global automobile industry—and Indian auto companies are not spared from the ripple effects. While India’s direct vehicle exports to the US are minimal, the impact will be felt through global supply chains. During early trading hours, most of the auto stocks tumbled—Tata Motors fell over 5%, Eicher Motors lost nearly 2%, Hyundai slipped nearly 1.7%, Samvardhana Motherson plummeted almost 6.4%, Sona BLW dropped over 4.4%, and Balkrishna Industries shed 3.4% (as of 9:30 am). Also Read: Most carmakers & consumers stand…

A parliamentary panel has recommended a new Artificial Intelligence (AI)-driven “stringent” airfare pricing regulation mechanism for monitoring airfares, saying the current regulatory framework under the DGCA “lacks” the capacity to proactively regulate them. The Department-Related Parliamentary Standing Committee on Transport, Tourism and Culture in its 375th report “Demands for Grants (2025-26) Of Ministry of Civil Aviation” also recommended that the DGCA be empowered with quasi-judicial authority to impose temporary price caps or penalties on airlines engaging in “exploitative” practices. The panel, headed by JD(U) MP Sanjay Kumar Jha, in its report, has also recommended developing a mobile application, “Airfare Vigil,”…

Mumbai: Private lenders, which together largely make up the financial sector’s nearly 40% Nifty weighting and are the traditional favourites with overseas investors, could be the biggest beneficiaries of eased loan limit and borrower category norms on priority loans-without having to dilute underwriting standards or rely heavily on tradable certificates. Experts also believe the proposed increase in loan and asset classification limits will make it easier for all categories of banks, including private lenders, to achieve the disbursement targets, while potentially boosting margins. Private lenders usually fell short of achieving the targets set for them. “A majority of changes are…

Resolving a longstanding landlord-tenant dispute between Hongkong & Shanghai Banking Corp and the MSEB Holding Co, the Supreme Court has refused to interfere with a Bombay High Court order that directed eviction of the latter from the two floors of the bank’s building in Mumbai. The apex court, however, gave MSEB and Maharashtra State Distribution Co time till December 31 to vacate the premises and give its peaceful possession to the bank. A Bench led Justice Dipankar Datta while dismissing the appeal gave liberty to MSEB to vacate and give possession of the premises to Hongkong & Shanghai Banking Corp…

US President Donald Trump has announced a 25% tariff on oil and gas imports from any country purchasing Venezuelan crude, a move that could have significant implications for India’s energy sector. The decision, set to take effect from April 2, is part of Trump’s broader strategy of using tariffs as a tool to exert economic and diplomatic pressure. While the measure targets Venezuela, it is expected to have a ripple effect on countries that rely on its crude, including India, China, Spain, and Italy. Announcing the tariffs on Truth Social, Trump accused Venezuela of being “very hostile to the United…

MUMBAI – Reserve Bank of India (RBI) on Monday enhanced the limit on housing loans that are eligible for calculating bank’s priority sector lending targets. The central bank issued revised norms on priority sector lending, which will come into effect from April 1. “The enhanced coverage of the revised guidelines is expected to facilitate better targeting of bank credit to the priority sectors of the economy,” the RBI said. However, the overall priority sector lending target remains unchanged at 40%. This means banks have to lend at least 40% of their total loans to these vulnerable segments in an attempt…

The Directorate General of Civil Aviation (DGCA) has instructed Indian airlines to provide passengers with a link to their rights along with their air tickets, according to The Times of India report. With air travel increasing significantly—especially among first-time flyers—DGCA chief Faiz Ahmed Kidwai emphasized the importance of informing passengers about their entitlements in cases of service deficiencies, flight delays (due to airline-controlled factors), cancellations, denied boarding, and baggage issues. IndiGo has reportedly assured the regulator that it will implement this directive by Tuesday i.e. March 2025. “All airlines must actively communicate passenger-centric regulations and rights,” a DGCA official was…

The Standing Committee on Communications and Information Technology has issued a series of recommendations to the Ministry of Information and Broadcasting (MIB) to strengthen regulations concerning films and audio-visual content that glorify alcohol, drugs, and violence. In its Demands for Grants 2025-26 report, the committee has expressed concerns about the impact of songs and clips that glorify alcohol, drugs, and violence on vulnerable audiences, particularly children and young adults. In light of these concerns, the committee has recommended the formulation of a comprehensive policy framework to strengthen existing guidelines and ensure strict compliance with court directives regarding content that promotes…

Around 35 companies have shown interest in the second round of the PLI scheme for specialty steel, with commitment of Rs 25,200 crore investment, according to the Ministry of Commerce and Industry. The Ministry of Steel is in the process of selection and signing MoUs with these companies, as per the commerce ministry. The ministry said that an incentive of Rs 3,600 crore is estimated to be disbursed to these projects. The Ministry of Steel estimates that an incentive of Rs 2,000 crore will be disbursed by the end of the scheme tenure, as per the ministry’s release. Centre has…

Kotak Mahindra Bank on Saturday announced the appointment of Bhavnish Lathia as its new Chief Technology Officer (CTO), effective immediately. This key appointment comes as part of the bank’s strategic focus on strengthening its leadership and advancing its technology-driven transformation, said the bank in a press release. Ashok Vaswani, Managing Director and CEO of Kotak Mahindra Bank, praised Lathia’s contributions to the bank’s technology initiatives over the past three years. “Bhavnish has been instrumental in driving our technology initiatives for the last three years, building a world-class team of engineers to help drive our technology agenda,” said Vaswani. “The rapid…

Bengaluru: The Indian gems and jewellery industry, which contributes about 10% to the country’s merchandise exports, is preparing for potential US tariffs by expanding into alternative markets like Latin America, Vietnam, and Saudi Arabia. Industry leaders told ET that they are visiting these markets, seeking opportunities to mitigate the impact and sustain export growth. “We are still very optimistic and confident that the Indian government will protect the industry, and there might not be any tariffs. But if they do come, it is going to significantly impact the industry; nearly half of our business in the US, our largest export…

Telecom equipment sales have reached Rs 78,672 crore under the production linked incentive (PLI) scheme, of which exports contributed Rs 14,963 crore till January 31, 2025, the government has informed Parliament. As part of the scheme, companies have invested Rs 4,081 crore and generated employment for 26,351 individuals as on January 31, 2025, Pemmasani Chandra Sekhar, Minister of state for communications and rural development, said in a written reply in the Rajya Sabha yesterday. The Department of Telecommunications (DoT) had notified the PLI scheme on February 24, 2021, to boost domestic manufacturing of telecom and networking products in India with…

Private lender IndusInd Bank has said that its board of directors have decided to appoint an independent professional firm to conduct a comprehensive investigation to identify the root cause of the discrepancies found in the derivatives portfolio. The independent firm will also assess the correctness and impact of the accounting treatment of the derivatives contract. The firm will also identify any lapses and establish accountability for the discrepancies. The appointment of this firm is over and above the probe PwC is conducting in the banks derivatives portfolio. On 10th March 2025, IndusInd Bank had disclosed that discrepancies of nearly Rs…

Bajaj Finance’s long-standing managing director (MD) Rajeev Jain has been appointed as the vice chairman of flagship lending arm of the Bajaj Group. He will take charge as the vice chairman in the capacity as an executive director for three years starting April 1, a day after completing his existing term as the managing director, the company said in a regulatory filing on Thursday. Jain will be replaced by Anup Kumar Saha, currently the deputy managing director of the non-banking finance company. Saha has been redesignated as the MD for three years starting April 1, 2025. The appointments were approved…

Prudential Plc is partnering with HCL Group’s Vama Sundari Investments to launch a standalone health insurance business in India, in order to tap into the country’s expanding healthcare market and rising demand for coverage. The UK-based insurer will own 70% of the venture via its subsidiary Prudential Group Holdings Ltd., while Vama will hold the remaining 30%, the companies said in a statement Thursday. The joint venture will be led by Amar Joshi as CEO, pending regulatory approval. Recently, Galaxy and Narayana Health are the latest entrants in the health insurance sector taking the total number of standalone health insurers…

Health and Family Welfare Minister JP Nadda said the government is following a comprehensive health policy that includes use of artificial intelligence in detecting tuberculosis and sickle cell disease, use of modern methods even in rural areas to treat cancer, and teleconsultation for mental health treatment. While the goal is to spend 2.5% of GDP on health, the government is at present spending 1.84%, he emphasized. Replying to a debate on the working of the Health and Family Welfare Ministry in the Rajya Sabha on Wednesday, Nadda said though health is a state subject and hence the states are responsible…

The Indian renewable energy (RE) sector may soon face regulatory pressures taking cues from Europe and China to combat emerging challenges such as grid disturbances, subsidy-driven incentives, and negative energy prices, according to a report by JM Financial. The report refers to the situations arising in Western countries, including China, which is a major player in international renewable energy. “As the share of RE in the supply mix in India increases, we expect domestic policies to be influenced by global experiences in the next 3-4 years,” the report added. The renewable energy (RE) sector has seen rapid growth, driven by…

Hero Motors Ltd on Tuesday said it has entered into a joint venture pact with SchmiedeTechnik Plettenberg, Germany to manufacture forged powertrain components in India for global markets. The joint venture’s manufacturing facility is proposed to be established at Hero Industrial Park in Ludhiana, home to other key automotive and EV manufacturing units such as HMC HIVE, HYM, and Spur Technologies, Hero Motors Ltd (HML), a group firm of Hero Motors Company (HMC), said in a statement. “With our strong R&D and manufacturing capabilities, this partnership with STP (SchmiedeTechnik Plettenberg) will enable us to capture a significant share of the…

Mahindra & Mahindra Ltd. has announced the launch of the XUV700 Ebony Limited Edition at Rs 19.64 Lakh (ex-showroom). The Mahindra XUV700 Ebony Edition has a Stealth black exterior accentuated by brushed silver skid plates. It offers black-on-black grille inserts and blacked-out ORVMs along with the R18 black alloy wheels. Inside, it has black leatherette upholstery, blacked-out trims, and silver accents along the center console and door panels. A complementary light grey roof liner underscores the dual-tone theme and dark-chrome air vents. Mahindra first launched the SUV in 2021. According to the company, it has sold 250,000 units in just…

The Department of Telecommunications (DoT) has partnered with the Meta-backed WhatsApp platform to extend the US social media giant’s safety campaign against online scams and spam in India, christened `Scam Se Bacho’. As part of the collaboration, DoT and WhatsApp will work together to educate citizens on identifying and reporting suspected fraud communications in an effort to enhance digital safety and awareness. “As India advances on its path of digital transformation, ensuring safety and security of our citizens remains a top priority. Our partnership with Meta strengthens this commitment to protect our people from fraudulent communications and cyber threats,” Union…

AirPods will be the second product after the iPhone that Apple will be exporting from India, with shipments of two models starting from April in small quantities, with a ramp up expected in the next 3-4 months, industry executives aware of the matter told ET. Apple’s contract manufacturer Foxconn is assembling AirPods at its new Hyderabad facility. Foxconn had announced an investment of $400 million to set up the factory in August 2023. “Apple is making small quantities of the base AirPods models — AirPods 4 and AirPods 4 (with Active Noise Cancellation) for exports to markets like the United…

New Delhi: Air India Express will operate 40 weekly flights from Hindon Airport, directly connecting five key destinations–Bengaluru, Chennai, Goa, Jammu, and Kolkata. This is aimed at strengthening connectivity in the National Capital Region (NCR). Rammohan Naidu, Union Minister for Civil Aviation, inaugurated Air India Express’s services from Hindon Airport in Ghaziabad. The maiden flight on the Kolkata-Hindon route landed at 09:30 hrs, while the first departure from Hindon to Goa took off at 10:40 hrs. As part of the celebrations, the Union Minister presented the inaugural flight’s first guest with a commemorative boarding pass. With operations from both Indira…

The rise of quick commerce has caused a significant decline in the sale of food, beverages and confectionery in urban centers, as 52 per cent of physical store retailers reported experiencing the drop, according to a report by global consulting firm PwC. The report says that beyond food, personal care (47 per cent) and household cleaning (33 per cent) are also experiencing significant sales reductions. This suggests that quick-delivery models are more disruptive for consumables that consumers frequently purchase in-store. Quick commerce, also known as q-commerce or on-demand delivery, is a type of e-commerce that can deliver orders in 10…

A special court here has declined to take cognisance of the CBI’s supplementary chargesheet naming businessmen Vinod Goenka and Shahid Balwa as accused in the DHFL-Yes Bank fraud case, noting that allegations against them are not made out. The prosecution has claimed that between April and June 2018, Yes Bank invested about Rs 4,727 crore in the non-convertible debentures and Masala Bonds of Dewan Housing Finance Limited (DHFL) and sanctioned a Rs 750-crore term loan to a group company of the realtor. In return, Yes Bank’s then-managing director and chief executive officer Rana Kapoor allegedly received kickbacks of Rs 600…

Last week, a banker and his art curator partner were inconspicuously absent from their workplaces. They had embarked on a journey through Uttar Pradesh’s vibrant Holi circuit that started with the exuberant Lathmar Holi in Barsana on March 8 and will culminate in the traditional Huranga festivities at Baldev’s Dauji Temple on Saturday. They are emblematic of a new generation of travellers stepping out of the cosy confines of their homes to experience festivals of all hues and colours – seeking immersion, adventure and a deeper connection with cultural traditions. Indians are increasingly planning trips around festivals, both within the…

The Tripura government on Friday inked a pact with the Indian Hotels Company Ltd (IHCL) to turn the Pushpabanta Palace, a royal property, into a world-class five-star hotel, Chief Minister Manik Saha said. “The government has been in consultation with the IHCL, a Taj group-owned entity to set up a world-class five-star hotel at the Pushpabanta Palace,” he said at a press conference. “This is indeed a historic day for the state as the pact was signed on the auspicious occasion of the Holi, the festival of colours,” he said. Industries and Commerce Minister Santana Chakama and Tourism Minister Sushanta…

Indian FMCG companies are grappling with a shortage of salesmen. Companies selling daily essentials are finding recruiting the famed ‘feet on the street’ difficult in the face of intimidating sales targets amid a slowdown and more attractive gig workforce opportunities, executives said. This comes at a time when companies are looking to hire incremental sales force and direct distribution roles to penetrate newer tier-2 and tier-3 markets and the hinterland in expectation of demand recovery in the new fiscal. “It is progressively getting harder to find salesmen across FMCG. These are hard jobs, you’ve to pound the pavement and get…

Starlink’s tie-ups with Jio and Bharti support the view that satcom services will complement the telcos’ existing offerings and ease concerns over satellite services posing a competitive threat to existing telecom firms, a Citi report has said. The same argument, when extended, also implies that any concerns on Indus Towers are perhaps overdone, it said. “The tie-ups support our view of satcom being complementary to the telcos’ existing offerings, which should lift concerns of LEO satellite services presenting a competitive threat to incumbent telcos,” according to the brokerage report. “By extension, this also implies that any concerns on Indus are…

From bitter foes to fast friends in just a few months. The distribution deals struck by Elon Musk-owned SpaceX with Reliance Jio and Bharti Airtel have come as a surprise to industry watchers given the spirited antagonism between the two camps previously. Industry executives and experts said the rapprochement stems from a combination of factors, led by Donald Trump becoming US President and Musk emerging as an influential figure in the presidency. Indian telcos also came around to the view that satellite communications were a complementary layer to their services and that co-opting rather than competing with the moneyed Musk…

The National Company Law Tribunal (NCLT) on Wednesday gave additional eight days to all parties to complete procedural issues for the ownership transfer of debt-ridden Reliance Capital (RCAP) to IndusInd International Holdings Ltd (IIHL). The Mumbai-bench of NCLT heard the matter and a joint status update was given by the committee of creditors, administrator, and IIHL on the progress of the implementation of the resolution plan. The NCLT advised all parties to ensure completion of the implementation process by March 20, while granting the extension and posted the matter for further hearing on March 25, 2025. The procedural documentation and…

Reliance Jio has announced a partnership with Elon Musk’s SpaceX to offer Starlink satellite internet services in India. The deal, however, hinges on government approval before SpaceX can begin operations in the country. Under the agreement, Jio will make Starlink equipment available in its retail stores and online platforms while also providing installation support. This collaboration comes after a previous clash between the two companies over spectrum allocation for satellite services. While Jio pushed for an auction, the Indian government sided with Musk’s preference for administrative allocation, in line with global practices. Jio’s announcement comes just a day after Bharti…

Inland Waterways Authority of India (IWAI) and Delhi government arms signed an agreement to develop a four kilometre portion of the Yamuna river for cruise tourism. An official statement said the stretch of river between Sonia Vihar and Jagatpur will be focused on eco-friendly cruise operations. “Electric-solar hybrid boats, designed to carry 20-30 passengers at a time, will be used as river cruise vessels on this stretch,” the statement said. The project is expected to promote waterway based short distance navigation and recreational activities. The section of Yamuna from Jagatpur in Delhi to the confluence of Ganges river at Prayagraj…

Apple Inc. is preparing one of the most dramatic software overhauls in the company’s history, aiming to transform the interface of the iPhone, iPad and Mac for a new generation of users. The revamp — due later this year — will fundamentally change the look of the operating systems and make Apple’s various software platforms more consistent, according to people familiar with the effort. That includes updating the style of icons, menus, apps, windows and system buttons. As part of the push, the company is working to simplify the way users navigate and control their devices, said the people, who…

The Parliamentary Standing Committee on Railways has proposed expanding indigenous manufacturing of Shinkansen technology components under the Make-in-India initiative. An official statement said this will support the long-term sustainability of high-speed rail operations. The committee also observed that net earnings of the national transporter have remained marginal for the last three years. Commenting on India’s bullet train development, the standing committee observed that Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project was estimated to cost Rs 1,08,000 crores. “An expenditure of Rs 71,116 crores has been incurred so far on project as of January 2025 and the overall physical progress stands at 48.55%,”…

Sun Pharmaceuticals on Monday announced that it is set to acquire Checkpoint Therapeutics, an immunotherapy and targeted oncology company, for $355 million. The transaction is expected to be completed in the second calendar quarter of 2025. Checkpoint is a Nasdaq-listed commercial-stage company focused on developing novel treatments for patients with solid tumor cancers. The company has the license from the U.S. Food & Drug Administration (FDA) for UNLOXCYT (cosibelimab-ipdl) for the treatment of adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or curative radiation. Dilip Shanghvi, Chairman & Managing…

An IndiGo Airbus A321 aircraft’s tail touched the runway during landing at Chennai airport on Saturday, March 8, the airline said in a statement. “The aircraft is grounded and will be back in operations post necessary repairs and clearance,” the statement said. “At IndiGo, the safety of our customers, crew, and aircraft is our top priority. We operate with the highest standards of safety. We regret any inconvenience caused to our customers due to subsequent cancellations due to this grounding,” the statement added. A tail strike occurs when the tail or empennage of an aircraft hits the ground or any…

When McDonald’s came to India, they had to whip up the McAloo Tikki and add it to their arsenal. For Domino’s to succeed in the country, they had to bake Chicken Tikka and Keema Paratha pizzas. The Indianisation of flavours has been de rigueur when it comes to food and beverages in the country. Now it is the turn of the craft beer market to go through a distinct phase of Indianisation. Mango, pepper, coconut and even chai are being experimented with as flavours in craft beers. With nearly 70 microbreweries pouring pints of innovation across the country, India’s craft…

Addressing the ET Awards 2024, IT and Railways Minister Ashwini Vaishnaw stated that India is poised to navigate global challenges effectively, even as tensions rise over tariff impositions by US President Donald Trump. Out of al the geopolitical shifts, India will come out in better conditions. The reason is the pragmatism with which we are approaching this. We are looking by seeing what is good for the country,” said Ashwini Vaishnaw. “In the first 60 years of independence we did about 20,000 kms of railway tracks and in the last 10 years we have done 45,000 kms. In the last…

Indian actor and entrepreneur Ajay Devgn is making a bold move into AI-driven media with the launch of Prismix, a pioneering generative AI company focused on storytelling. Building on the success of NY VFXWaala and his partnership with Goodbye Kansas Studios, Devgn is now set to transform content creation with cutting-edge AI technology. Prismix aims to empower filmmakers, brands, and creators by providing high-quality, scalable, and visually compelling narratives through AI-driven innovation. Ajay Devgn will lead Prismix as Chairman, working alongside an experienced leadership team, including Danish Devgn as Co-Founder & Chief Business Officer, Vatsal Sheth as Co-Founder & Chief…

The Supreme Court on Friday said the cases related to real estate major Amrapali Group couldn’t go on indefinitely and asked for a report on compliance of its directions on the matter. A bench of Justices Bela M Trivedi and Satish Chandra Sharma said the court was looking forward to “windup the proceedings” pending since 2017 as there was “substantial” compliance. The bench sought the stand of the homebuyers and the Greater Noida authority on the status report filed by the court receiver who said the National Buildings Construction Corporation (NBCC) had completed around 25,000 flats in the stalled housing…

Nissan directors are due to gather on March 11 to discuss potential successors for CEO Makoto Uchida, whose position is seen as increasingly untenable given the Japanese automaker’s weak performance, three people familiar with the matter said. Candidates being considered include Chief Financial Officer Jeremie Papin and Chief Planning Officer Ivan Espinosa, one of the people and a fourth person said, but neither are seen as a certainty, especially considering their association with current management missteps. The next CEO could be installed as a temporary or transition leader, an option that would give the board more time to find a…

Hyderabad-based Apollo Health & Lifestyle Limited (AHLL) has acquired a controlling stake in Lucknow-based Care Diagnostics for an undisclosed sum in an all cash deal. A subsidiary of Apollo Hospitals Enterprise, Apollo Health & Lifestyle runs Apollo Clinics and Apollo Diagnostics, among others, in India and the Middle East. “It is a significant controlling stake leading to a strategic partnership between the two,” said people briefed on the transaction. Advay Capital Advisors advised the Care promoters on the transaction. This transaction involves the sale of a majority stake, structured with a path to a full 100% acquisition. The collaboration positions…

The negative sentiment around volatile domestic stock markets is rippling out and has started hurting sales of consumer goods that recently showed some green shoots of recovery. Sales of two-wheelers, luxury cars, smartphones, refrigerators, television sets and premium apparel are showing the effects, with several manufacturers posting slower sales in February, from the previous month. Many Indians have moved savings to investments in stocks and mutual funds over the last couple of years, said Jyoti Malhotra, managing director at Volvo Car India. “Stock markets are currently showing a lot of volatility, affecting everybody. When you see your investments in the…

The Railway Board has decided that all departmental promotion examinations will now be through centralised examinations. According to officials aware of the development, only Computer Based Tests (CBT) will be undertaken and all zonal railways will have to make a calendar for the examinations. The Railway Recruitment Board (RRB) will be empowered to conduct these exams as well. “A high-level meeting has taken the decision to switch to centralised exams for promotions,” a senior official told ET while adding that question papers will be in highly encrypted form (256-bit encryption). These steps have been taken after the Central Bureau of…

ChrysCapital has restarted discussions to acquire pan-India bakery chain Theobroma Foods at a significantly lower price than the original valuation ask of Rs 3,000 crore ($344 million) from the founding family and other shareholders, said people with knowledge of the matter. A formal agreement is expected in a month. Talks were stalled for about a month and a half due to Theobroma’s poor financial results but resumed recently, with the valuation pegged at about Rs 1,800 crore ($206 million), they said, adding that it was down from the `2,400-2,500 crore that most suitors were offering late last year. According to…

India’s cultural identity has long been anchored by the Bollywood film industry, a dynamic fusion of drama, music, and narrative. Even though it is now unquestionably famous throughout the world, getting there wasn’t always easy. The Hinduja family is notable for their revolutionary achievements as one of the pioneers who brought Indian cinema to the international scene. From hosting filmmakers for audiences around the globe to organising events with movie legends, the Hinduja family has been harnessing the power of film in unifying cultures and continents. Bringing Bollywood to Cannes Spotlight Wire Cannes, famous as a platform for showcasing the…

Rows of small factories line the streets of a dusty suburb in Bengaluru, where workers weld and cast Indian-made steel into everything from car parts to kitchen sinks. Here, U.S. President Trump’s announcement to impose high trade tariffs on steel imports has some unexpected supporters. Many industry workers and experts expect that the result of tariffs will be that cheap steel gets dumped in places like India. That’s because the announced 25% tariff will make it too expensive for many companies in countries like China and South Korea to keep exporting to the U.S. For B. Praveen of Sun Techpro…

Credit monitoring by women has gone up by 42 % in 2024 who have also managed to improve their credit score according to a report by credit bureau Transunion Cibil. At the same time credit penetration has also increased with more women borrowers coming from semi urban and rural areas and from the age group below 30 years, it said. 27 million women borrowers in India were actively monitoring their credit in December 2024, 42% higher than the approximately 19 million women who were doing so in December 2023 according the report titled “From Borrowers to Builders: Women’s Role in…

A unit of billionaire Mukesh Ambani-led Reliance Industries Ltd. risks being penalized after failing to set up a battery cell plant that formed part of Indian Prime Minister Narendra Modi’s push to cut import dependence, according to people familiar with the matter. Reliance New Energy Ltd., among companies that won a bid for battery cell manufacturing in 2022 under an Indian government plan to reward local production, is liable to pay fines of as much as 1.25 billion rupees ($14.3 million) for missing a deadline, said the people who asked not to be identified because the deliberations are private. Rajesh…

State-owned Coal India Limited on Sunday said that non-power sector (NPS) consumers will not have to pay the coal value worth ten days of supply as financial coverage for the dry fuel received via rail transport. “With the waiver of financial coverage, CIL takes an important step towards reducing transactional complexities and fostering an environment that encourages smooth and efficient business operations,” the PSU said in a statement. The latest decision is one more step in Coal India Ltd’s ongoing efforts to streamline operations under the broader ease of doing business initiative, the company said. “This also helps to reduce…

In a landmark move to strengthen regional connectivity, the Civilian Aviation Ministry launched its aircraft BOEING-737 flight from Kolkata to Goa via Hindon on Saturday. The project was inaugurated by Union Civil Aviation Minister Kinjarapu Rammohan Naidu at Hindon, showcasing exemplary civilian-military coordination. Hindon Airport is located in Ghaziabad, Uttar Pradesh. Due to its strategic location, dual-use capabilities, military infrastructure and capacity to handle diverse air traffic, it is a crucial asset for the nation. The introduction of flights from Hindon will go a long way in decongesting air traffic in NCR. This flight under the UDAN (Ude Desh Ka…

Air India Express on Saturday launched direct flights from Hindon airport in Uttar Pradesh, with the inaugural flight departing for Goa. In a release, the airline said it will operate 40 weekly flights from Hindon, directly connecting Bengaluru, Chennai, Goa, Jammu and Kolkata. Air India Express is the first airline to operate from the two airports in the national capital region — Hindon (HDO) and Indira Gandhi International Airport (DEL). “Hindon serves a vast catchment area covering Eastern and Northern geography of the Delhi NCR, besides Ghaziabad and western parts of UP,” Air India Express Managing Director Aloke Singh said.…

The global cellular internet of things (IoT) module shipments grew by 10% year-on-year in 2024, as the demand from China and India helped the market rebound from a downturn seen in 2023, according to a Counterpoint Research report released on Friday. “China played a pivotal role in the market’s resurgence with a robust 21% year-on-year growth, primarily driven by the significant expansion in POS (point-of-sale), particularly soundbox, as well as automotive and asset-tracking applications,” said principal analyst Tina Lu. Lu said the India market grew by 31% year-on-year, emerging as the only country outside China to register growth. India’s performance…

New Delhi: The government is looking at addressing challenges related to lack of returns on 5G investments and at the same time need for expanding telecom infrastructure arising out of increase in data usage, a senior official said on Friday. During a panel discussion at ICRIER Prosus Centre for Internet and Digital Economy event, telecom secretary Neeraj Mittal said that the median data speed in India has increased from about 99-100 megabit per second (mbps) in September to 151 mbps and on an average an individual consumes about 29 gigabytes of data every month. He said that most people are…

New Delhi: India has started exporting electronic components to China and Vietnam for the first time for manufacturing Apple products like MacBooks, AirPods, Watch, Pencil and iPhones-a role reversal of sorts that also marks a key milestone in the US technology major’s efforts to diversify supply chain.Apple suppliers Motherson Group, Jabil, Aequs and Tata Electronics are making mechanics, including enclosures, for all its products barring iPads in India and exporting them to the assembling locations to be utilised in making the final products, people aware of the details told ET. “In its bid to deepen domestic value addition and build…

The 97th edition of the Academy Awards will be streamed live in India on JioHotstar, the streamer announced on Thursday. The 2025 Oscars, which will also air live on Star Movies, will be held at the Dolby Theatre at Ovation Hollywood on March 3 in Los Angeles. “Audiences across the country can witness the entertainment industry’s most prestigious night unfold in real time, celebrating the finest achievements in global cinema. The ceremony will also be available after the live broadcast on JioHotstar,” a press release said. Comedian, writer and former late-night host Conan O’Brien will be the host of the…

Kolkata: Non-performing assets in the microfinance sector surged to an all-time high of ₹50,000 crore, or 13% of the gross loans, at the end of December last year, even as the RBI reduced the need for higher capital allocation against risky unsecured assets.Moreover, the portfolio at risk that may turn NPA rose to 3.2% of the total loans from 1% a year back, reflecting a severe deterioration in overall credit discipline. “We remain cautious on the microfinance segment. While the slippages may get elevated for another quarter, our customer base is showing early signs of stability which should start reflecting…

The proposed tariff hike at the Delhi airport will result in a 1.5 to 2 per cent increase in domestic airfares for passengers, according to a top official. The Delhi International Airport Ltd (DIAL), which is operating the Indira Gandhi International Airport (IGIA) in the national capital, has proposed different user fees for economy and business class passengers as well as for peak and off-peak hours. The airport has an annual passenger handling capacity of around 109 million. DIAL CEO Videh Kumar Jaipuriar on Wednesday said the Yield Per Passenger (YPP) will rise to Rs 370 once the higher tariffs…

Amrut’s expedition in Indian single malt whisky space is riding high on India’s growing wealth and premiumisation drive as the distiller has launched the country’s oldest & rarest single malt while the company celebrates its 75th anniversary, priced at more than Rs 10 lakh.Amrut, renowned for its single malt whisky and even considered a pioneer in this space to take desi single malt whisky to more Indians and the world, has launched Expedition, which is the oldest single malt ever produced in the country. This expression has undergone an unprecedented 15-year maturation period, a milestone never before seen in Indian…

UltraTech Cement, India’s top cement maker by capacity, will spend 18 billion rupees ($206 million) to start up a wires and cables business, deepening its foothold in the construction materials business, the company said on Tuesday. The wires and cables business will be part of UltraTech’s building products division, which includes waterproofing products, TMT steel bars, plywood, sanitary ware, hand tools as well as electrical components such as switchboards. The investment, to be spread over two years, will involve UltraTech building a plant by December 2026 with the aim of capturing demand in a sector that, the Aditya Birla group…

Mumbai: The Tata and Bharti groups are finalising a merger between their loss-making direct-to-home (DTH) businesses, Tata Play and Airtel Digital TV, respectively, said people with knowledge of the matter. This comes as Indian consumers are cutting the cord and migrating to digital platforms for video consumption and live streaming.The merger will take place through a share swap and help bump up Airtel’s non-mobile revenues through convergence. Airtel will hold more than 50% in the combined entity, said the people cited. Tata Play, India’s largest DTH provider, was originally Tata Sky and began as a joint venture with Rupert Murdoch’s…

A division bench (DB) of the Delhi High Court on Monday set aside its single judge’s order that restrained Adyar Gate Hotels from using the name and mark ‘Dakshin’ in any form for its standalone restaurant in Chennai. The mark allegedly infringed upon ITC Ltd’s established brand and goodwill associated with the ‘Dakshin’ name.The DB comprising justices Navin Chawla and Shailender Kaur allowed Adyar Gate Hotels to only use the ‘Dakshin’ mark on the existing outlet, and not expand its use till Justice Amit Bansal heard the matter on March 18. It noted that Adyar Gate Hotels had been using…

New Delhi: Demand for residential properties remains “very strong” across major cities but the euphoria seen in the last few years is mellowing down a little bit, said Pirojsha Godrej, executive chairperson of Godrej Properties. Godrej Properties is one of the leading real estate developers in the country. It became the largest listed realty firm in 2024 in terms of sales bookings or pre-sales by selling more than ‘28,000 crore worth of properties. In an interview with PTI, Godrej noted that there is no demand slowdown in the housing market, as reflected from the company’s pre-sales numbers. “Am I seeing…

Mumbai: State Bank of India Chairman C S Setty on Sunday said the largest Indian lender is targeting to be Net-Zero by 2055. The bank will be celebrating its centenary year of existence then, he said. Setty made the remarks after flagging off the “SBI Green Marathon Season 5” event in the financial capital, according to a statement. Over 10,000 runners participated in the 5km, 10km and 21 km categories of the event held here. There will be similar events in Vizag, Lucknow, Chandigarh, Ahmedabad, Pune, Guwahati, Bhubaneswar, and Patna. Running legends Vinod Kumar Sharma, Barun Kumar, Vishak Krishnaswamy, Ashish…

Mumbai: As growth in established electric vehicle (EV) markets slows, global giants are turning their attention to India, where the sector is still in the early stages of evolution. To capitalise on this opportunity, manufacturers are adopting premium positioning and expanding into assembly of completely knocked down (CKD) vehicles.The competitive landscape is shaping up as a two-tier system—mass market and premium. While companies such as Tata Motors, JSW MG Motor and others focus on the price-sensitive segments, international brands are aiming for premium positioning. Chinese giant BYD, number one in global EV sales, has made significant inroads into India with…

New Delhi: Energy management and automation major Schneider Electric on Saturday announced plans to open three more manufacturing plants in India. Speaking at the inaugural session of Elecrama 2025, Schneider Electric CEO Olivier Blum said that the company plans to make regular investments in India. The company currently has 31 manufacturing plants in the country. The three new plants will come up at Kolkata, Hyderabad and Ahmednagar, he said at the event organised by industry body IEEMA in Greater Noida. “India’s focus on digitalization, sustainability, energy transition, and infrastructure modernization presents unparalleled opportunities for growth,” Blum said. “We are leveraging…

India’s electronics exports has become the fastest growing of the country’s top 10 segments and has for the first time breached the Rs 2.5 lakh crore mark in just 10 months of the current fiscal.The exports numbers achieved by the electronics sector till January in the current fiscal have already eclipsed last year’s Rs 2.41 lakh crore, as per analysis of data put out by the commerce ministry. Smartphone exports, particularly from iPhone maker-Apple, have been the driver of the surge in electronics exports. Smartphones, which is now the dominant category in electronics exports, have increased their contribution to 60%…

In its recently released Diamond Facts Report, the Natural Diamond Council has said that laboratory-grown diamond (LGD) prices have dropped significantly, with a 1.5-carat stone declining 83% since 2015. Natural diamonds, with prices influenced by rarity, have shown a long-term annual growth rate of 3% since 1970 and a 2% yearly increase in rough diamond prices since 2007, despite market fluctuation The report said that the majority of its manufacturing partners in India are adopting renewable energy and implementing sustainable practices throughout their operations. Efforts include using solar and wind energy, achieving Net Zero goals, reforestation projects, and investments in…

The road to faster adoption of electric vehicles in India will pass through the railways — not the romantic train travel that stirred the imagination of writers for over a century and continues to inspire Bollywood, but efficient high-speed journeys.If linking trains to EVs seems odd, that’s only because the complementary nature of the two modes of transport has gone unexplored. That’s changing. A recent study of 328 cities in China shows that there may indeed be a connection.The research covers the period from 2010 to 2023. Those were crucial years, both for China’s world-beating EV penetration — 48% currently,…

The total number of operational electric vehicles (EVs) in India is likely to cross the 28 million-mark by 2030 fuelled by increasing demand and incentives, the India Energy Storage Alliance (IESA) said in a report. India continues to make significant and sustained inroads in its decarbonization journey, with rapid increase in sales of EVs, supported by demand and supply incentives, growing consumer demand, and a focus on developing charging infrastructure, IESA said in a statement. The outlook for electric vehicle sales continues to be positive, driven by increasing environmental awareness, customer interest, advancements in battery technology, and readily available and…

Mumbai: Google Pay, one of the leading Unified Interface Payments (UPI) platforms, has introduced a convenience fee for bill payments, such as those for electricity and cooking gas, charging customers who have hitherto been using the avenue for free when making low-value transactions. To be sure, the charges apply to payments made with credit and debit cards, with fees ranging from 0.5% to 1% of the transaction value, plus the applicable goods and services tax (GST).This follows Google Pay’s earlier decision to introduce a ₹3 convenience fee for mobile recharges over a year ago. In one instance that ET reviewed,…

The Supreme Court has quashed the Rs 1.86 billion tax demand imposed on the Patanjali Foods Limited, the company informed in an exchange filing. The move came as part of a Special Leave Petition (SLP) filed by the Principal Commissioner of Income Tax, Central 4, challenging an earlier order from the Bombay High Court. “We are pleased to inform our stakeholders that the Hon’ble Supreme Court has ruled in our favor, quashing the ₹1.86 billion demand. This decision reaffirms our position, and we are confident in the ongoing stability and compliance of our operations,” said a statement from Patanjali Foods.…

ET Intelligence Group: Aggregate provisioning toward nonperforming assets (NPAs) for a sample of 29 banks increased sharply by 20% year-on-year in the December quarter to Rs 23,298 crore, driven by a near doubling in such provisions by private sector lenders, pointing to what could possibly emerge as an area of concern. On the other hand, provisioning by public sector banks was at a record low amid falling credit costs. Provisioning at PSBs down 18.6% The uptick was largely on account of higher provisioning for the retail loan category, including unsecured loans. Banks tend to be aggressive when provisioning for this…

The Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, inaugurated the Inland Waterways Terminal (IWT) at Jogighopa in Assam. The first shipment, comprising 110 metric tonnes of coal and stone chips, was sent to Bangladesh via a ship.To mark the occasion, the Union Minister flagged off the ship MV Trishul, accompanied by barges Ajay and Dikshu, carrying the 110 metric tonnes of coal and stone chips to Bangladesh. The foundation stone for the terminal was laid by Prime Minister Narendra Modi in February 2021. The terminal holds strategic significance due to its location 91 km from Gelephu in Bhutan,…

Titan Co, the watch and jewellery unit of Tata group, is said to be in talks with Qatar-based Mannai Corp to acquire a significant stake in Damas Jewellery, a prominent retailer in West Asia. Discussions are focused on valuation, estimated at ₹4,500 crore (about $518 million), with no consensus yet, said people with knowledge of the matter.This marks the second attempt at a deal between Titan and Damas. A previous round of negotiations, held a few years ago, floundered over valuation. The renewed talks indicate Titan’s continued interest in expanding its footprint in the West Asian jewellery market, aligning with…

Whirlpool Corp expects its recent decision to reduce stake from 51% to a minority 20% in Whirlpool India will help the cash rich Indian entity to independently make investment decisions which will accelerate growth, its chief finance officer James Peters told analysts in its recent earnings call.At the same time, Whirlpool India wants to outsource its support functions like human resources, finance, information technology, logistics and supply chain, and administration to a third-party company whereby its 100-odd employees will move to third-party payrolls, as per two industry executives. This will allow Whirlpool India to focus its resources on product development,…

MUMBAI: Global research firm Kantar said it found the start of a turnaround in the fast-moving consumer goods (FMCG) sector in urban markets after demand for daily groceries and essentials in cities increased 5.3% year-on-year in the December quarter compared with 4.3% in the July-September period.Sales volume in rural markets rose 3.9% on-year, unchanged from the previous quarter. The overall volumes increased 4.6% in December quarter from 4.1% in July- September. Volume indicates the number of products consumers put in their shopping basket. Kantar monitors both branded and unorganised products, including unpackaged voluminous commodities, unlike NielsenIQ, which tracks retail sales,…

NEW DELHI: Prime Minister Narendra Modi on Sunday said he is optimistic that the textile sector will achieve the Rs 9 lakh crore annual exports target ahead of the 2030 deadline.This assumes significance in view of the General Budget 2025 announcement of a five-year Cotton Mission to increase cotton productivity especially of extra-long staple varieties. It allocated Rs 500 crore for the National Cotton Technology Mission. Speaking at the Bharat Tex 2025, Modi said, “We are currently ranked as the 6th largest exporter of textiles and apparel in the world, with textile exports valued at approximately Rs 3 lakh crore.…

Mumbai: The self-shifting convenience of automatic is increasingly drawing the attention of Indian car buyers, but the price, often inflated by the premium features these vehicles come bundled with, is making many to settle for manual variant. Most passenger vehicle models currently sold in India are available in automatic variants, with a price gap upwards of ₹1 lakh compared with their manual versions. Most of these automatic vehicles are packaged as premium offerings by their manufacturers, and come with features like sunroofs, LED lamps and alloy wheels that many buyers say they would happily trade for a lower price. “It’s…