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    BUSINESS

    HDFC Bank gets RBI approval to raise stake in IndusInd Bank to 9.5 per cent

    HDFC Bank has received RBI approval to raise its stake in IndusInd Bank up to 9.5 per cent. The clearance is subject to compliance with banking, securities and foreign exchange regulations, and bars board representation New Delhi: HDFC Bank has got the Reserve Bank’s nod to hike its stake in another private sector lender, IndusInd Bank, up to 9.5 per cent. “We would like to inform you that the Reserve Bank of India (RBI) vide its letter dated December 15, 2025, has accorded its approval to HDFC Bank (applicant) to acquire ‘aggregate holding’ of up to 9.50 per cent of the paid-up share capital or voting rights in IndusInd Bank,” IndusInd Bank said in a regulatory filing. The RBI approval has been granted with reference to the application made by HDFC Bank, it said. “The approval granted by RBI is subject to compliance with the relevant provisions of the Banking Regulation…
    BUSINESS

    Unemployment rate falls to seven-month low of 4.7 per cent in November

    India’s unemployment rate fell to a seven-month low of 4.7 per cent in November 2025, driven by stronger rural employment and rising female participation, signalling improving labour market conditions despite urban joblessness remaining higher New Delhi: Unemployment Rate (UR) for persons aged 15 years and above declined to a record low of 4.7 per cent in November 2025, compared to 5.2 per cent in the previous month of October 2025. The UR among persons aged 15 and above decreased to 4.7 per cent in November 2025, the lowest level since April 2025, according to the Ministry of Statistics and Programme Implementation (MoSPI). The Ministry further stated that in November 2025, the rural UR fell to a new low of 3.9 per cent, while the urban UR decreased to 6.5 per cent, matching its previous lowest level recorded in April 2025. The joblessness rate was 5.1 per cent in April 2025. According…
    BUSINESS

    India seeks WTO consultations with EU over ferro-alloy import curbs

    India has sought consultations with the European Union at the WTO over safeguard measures imposing import quotas on certain ferro-alloy elements. New Delhi said the curbs would impact Indian exports, even as India and the EU negotiate a free trade agreement New Delhi: India has sought consultations with the European Union under the World Trade Organisation’s (WTO) safeguard agreement over the EU’s decision to impose import quotas on certain ferro-alloy elements, used in the iron and steel industry. According to a communication circulated by the World Trade Organisation (WTO), India has a major trade interest in the export of these elements. The imposition of duties under the safeguard measures over a certain quota will impact exports of these items from India to the EU. The measures will be in place for three years. “As a member having a substantial trade interest in the export of products concerned, India hereby requests consultations with the…
    BUSINESS

    Stock markets decline in early trade dragged by foreign fund outflows, weak global trends

    Indian equities opened lower as Sensex and Nifty fell amid persistent foreign fund outflows, weak global cues and risk-off sentiment. Asian and US markets declined, while select stocks gained. FIIs sold, DIIs supported, limiting deeper downside during early Tuesday trade Mumbai: Benchmark indices Sensex and Nifty declined in early trade on Tuesday as persistent foreign fund outflows and weak global market trends dented investors’ sentiment. The 30-share BSE Sensex declined 363.92 points to 84,849.44 during initial trade. The 50-share NSE Nifty dropped 106.65 points to 25,920.65. From the Sensex firms, Eternal, Axis Bank, HCL Tech, Infosys, Tata Steel, and Bharat Electronics were among the major laggards. However, Bharti Airtel, Asian Paints, Tata Motors Passenger Vehicles, and Titan were among the gainers. In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index, and Hong Kong’s Hang Seng index quoted lower. US markets ended in negative territory on Monday.…
    BUSINESS

    With $600 bn net worth, Musk moves closer to becoming world’s first trillionaire

    Elon Musk has become the first person to cross a $600 billion net worth, driven by rising valuations of SpaceX, Tesla and xAI. The billionaire is now widely seen as moving towards becoming the world’s first trillionaire. New Delhi: Tesla and SpaceX CEO Elon Musk has taken another step towards becoming the world’s first trillionaire, according to reports. With his company SpaceX reportedly launching a tender offer, valuing the firm at $800 billion, Musk’s net worth has surged by $168 billion to an estimated $677 billion, according to reports. Musk is now the first person ever worth $600 billion or more, reports Forbes. SpaceX is aiming for an initial public offering (IPO) next year that may value the firm at around $1.5 trillion. Musk’s 12 per cent stake in electric vehicle maker Tesla is worth $197 billion, excluding stock options. Moreover, Musk’s xAI Holdings is reportedly in talks to raise new…
    BUSINESS

    Equity markets decline in early trade dragged by services, realty stocks, FII outflows

    Sensex and Nifty fell in early trade due to losses in services and  realty stocks and continued FII outflows. Despite strong economic indicators and expected earnings growth, volatility persists amid rupee depreciation and global cues ahead of key US inflation and Fed meetings Mumbai: Equity benchmark indices Sensex and Nifty declined in early trade on Monday weighed down by losses in services and realty stocks and sustained foreign fund outflows. The 30-share BSE Sensex dropped 316.52 points, or 0.37 per cent, to 85,395.85 in the morning trade. The 50-share NSE Nifty declined by 106.70 points, or 0.41 per cent, to 26,079.75. From the Sensex firms, Bajaj Finance, Bharat Electronics Ltd, Axis Bank, Bajaj Finserv, Maruti Suzuki India, Asian Paints, Mahindra & Mahindra, NTPC, ICICI Bank, PowerGrid, Hindustan Unilever and Larsen & Toubro were the laggards. However, Tech Mahindra, Infosys, Eternal, Reliance Industries, Tata Motors Passenger Vehicles, Tata Consultancy Services, Trent, HCL Technologies and…
    BUSINESS

    Rupee falls 16 paise to 90.11 against US dollar in early trade

    The rupee weakened to 90.11 per US dollar amid high crude prices and persistent FPI outflows. Strong corporate dollar demand, RBI’s recent rate cut impact, and anticipation of the Fed’s policy decision added pressure, while India–US trade talks begin December 10 Mumbai: The rupee depreciated 16 paise to 90.11 against the US dollar in early trade on Monday, weighed down by elevated crude oil prices and persistent foreign fund outflows. Forex traders said strong dollar demand from corporates, importers and foreign portfolio investors pressurised the rupee. At the interbank foreign exchange, the rupee opened at 90.07 against the US dollar then dropped to 90.11, down 16 paise from its previous close. On Friday, the rupee settled at 89.95 against the US dollar, after the Reserve Bank of India cut the key policy interest rate for the first time in six months. Forex traders said investors’ focus has now shifted to the Fed’s…
    BUSINESS

    UIDAI to mandate registration for Aadhaar offline verification entities

    UIDAI is set to notify a new rule requiring hotels, event organisers and other entities conducting Aadhaar-based offline verification to register for access to QR code and app-based authentication. The upcoming app aims to enhance privacy, reduce paper use and streamline verification. New Delhi: A new rule to discourage entities like hotels, event organisers, etc, from taking photocopy of Aadhaar cards of customers and storing them in physical form will be published soon, a senior government official said. Such practices are in contravention of the present Aadhaar Act.The Unique Identification Authority of India (UIDAI) CEO Bhuvnesh Kumar told PTI that the authority has approved a new rule mandating registration of entities that seek Aadhaar-based verification like hotels, event organisers, etc, to provide them access to a new technology that will enable them to verify an individual by scanning QR code or connecting with new Aadhaar app in the works, the top…
    BUSINESS

    Coking coal imports rise in Oct on winter restocking, general coal shipments decline

    In October, overall coal imports fell 3.9% due to surplus domestic supply, while coking coal imports rose 12% driven by winter restocking. Government initiatives like the Coking Coal Mission aim to boost domestic production and reduce reliance on imports New Delhi: Coal imports in October saw a mixed trend with general coal shipments declining while coking coal imports rose. The fall in overall coal imports was on account of availability of surplus coal in the domestic market. Coking coal shipments increased 12 per cent to 5.04 million tonnes (MT) during the month over 4.50 MT a year earlier, driven primarily by winter restocking activities by steel mills. Coking coal is a critical raw material used in steel production. Overall coal imports in October dropped 3.9 per cent to 20.97 MT over 21.84 MT in the year-ago period, according to B2B e-commerce platform mjunction services ltd. According to industry experts, steel manufacturers…
    BUSINESS

    Mcap of five of top-10 most-valued firms surges Rs 72,285 cr; TCS, Infosys biggest winners

    Five of India’s top-10 most valued firms, led by TCS and Infosys, added over ₹72,284 crore in market value last week, while Reliance, HDFC Bank, SBI, L&T and LIC saw declines. TCS gained the most, adding nearly Rs 36,000 crore New Delhi: The combined market valuation of five of the top-10 most valued firms surged by Rs 72,284.74 crore last week, with Tata Consultancy Services (TCS) and Infosys emerging as the biggest winners. While Bharti Airtel, TCS, ICICI Bank, Infosys and Bajaj Finance were the gainers, Reliance Industries, HDFC Bank, State Bank of India, Larsen & Toubro, and Life Insurance Corporation of India (LIC) faced erosion from their valuation. Last week, the BSE benchmark eked out a marginal gain of 5.7 points, while the NSE Nifty dipped 16.5 points. TCS added Rs 35,909.52 crore, taking its market valuation to Rs 11,71,862.37 crore. The market capitalisation (mcap) of Infosys jumped Rs 23,404.55…

    BUSINESS

    • Mar- 2025 -
      6 March
      241

      India now home to 191 billionaires

      Combined wealth of Indian billionaires is estimated at $950 billion, ranking the country third globally, behind the US ($5.7 trillion) and Mainland China ($1.34 trillion). Millionaire population up 6 per cent in 2024: Knight Frank New Delhi: Number of Indian high-net-worth individuals (HNWIs), those having assets more than $10 million, rose 6 per cent last year to 85,698, according to Knight Frank. Global property consultant Knight Frank on Wednesday released its ‘The Wealth Report 2025’, which estimated the HNWI population in India at 85,698 in 2024, as against 80,686 in the preceding year. The number is expected to rise to 93,753 by 2028, reflecting India’s expanding wealth landscape, the consultant said. The increasing trend of HNIW population highlights the country’s strong long-term economic growth, increasing…

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    • 6 March
      221

      Ultraviolette launches electric scooter and electric dirt bike in India

      Ultraviolette Shockwave, with raised fenders, rugged-looking suspensions and dual purpose tyres, is a typical dirt bike design. Hyderabad: Ultraviolette Automotive has on Wednesday launched two new vehicles — Tesseract an electric scooter and Shockwave an electric dirtbike. According to reports Tesseract is based on a next-gen platform which is powered by a 20.1 bhp electric motor, with a certified range of 261km on a single charge. The company also claims that the scooter does 0-60 kmph in 2.9 seconds. The Tesseract is being launched at an introductory price of Rs. 1,20,000 (ex-showroom). The actual price of the scooter will be Rs. 1,45,000 (ex-showroom) On the other hand Ultraviolette Shockwave, with raised fenders, rugged-looking suspensions and dual purpose tyres, is a typical…

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    • 6 March
      243

      Editorial: Trump spares none

      Now that Trump has made no exceptions and gone ahead with reciprocal tariff policy, India will have to gear up for the impact India’s hopes of securing a trade deal with America to avoid high tariffs have been dashed with US President Donald Trump announcing the implementation of reciprocal tariffs from April 2, a move that could potentially disrupt the global trade dynamics. While addressing a joint session of the US Congress, a combative Trump spared none in arguing that America has been ‘ripped off for decades by nearly every country on earth’ and asserted that his administration would not ‘let that happen any longer’. Significantly, he clubbed India along with Mexico, China, Brazil and the European Union for pursuing…

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    • 5 March
      236

      Jio Platforms ties up with AMD, Cisco, Nokia to create Open Telecom AI Platform

      The multi-domain intelligence framework will integrate AI and automation into every layer of network operations New Delhi: Jio Platforms has teamed up with proprietary technology companies AMD, Cisco, and Nokia to build an Open Telecom AI Platform that is expected to enhance network security and efficiency while reducing technology costs. The multi-domain intelligence framework will integrate AI and automation into every layer of network operations, a joint statement said on Tuesday. “In collaboration with AMD, Cisco, and Nokia, Jio is advancing the Open Telecom AI Platform to transform networks into self-optimising, customer-aware ecosystems. “This initiative goes beyond automation — it’s about enabling AI-driven, autonomous networks that adapt in real time, enhance user experiences, and create new service and revenue opportunities across…

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    • 5 March
      252

      Government slaps Rs 24,500 crore demand notice on Reliance for gains made from ONGC block

      Consequent upon the Division Bench judgment, the Ministry of Petroleum and Natural Gas has raised a demand of USD 2.81 billion on the PSC contractors namely Reliance Industries Ltd, BP Exploration (Alpha) Ltd and NIKO (NECO) Ltd New Delhi: The government has slapped a USD 2.81 billion (about Rs 24,500 crore) demand notice on Reliance Industries Ltd and its partners, including BP Plc, for gains made from producing and selling natural gas that may have migrated from neighbouring block of state-owned ONGC. This follows the Delhi High Court’s decision on February 14, overturning an international arbitration tribunal ruling that held the duo not responsible for paying any compensation for the gas they produced and sold which had allegedly migrated from adjoining…

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    • 5 March
      193

      Take big steps in manufacturing, PM Narendra Modi tells industry leaders

      Prime Minister Modi says India’s manufacturing sector should take advantage of the growing needs of the world by producing high quality products New Delhi: Prime Minister Narendra Modi on Tuesday asked the industry not to be a “mere spectator” and take advantage of the opportunities available in the global supply chain. Stating that the world is looking to strengthen its economic partnership with India, Modi said India’s manufacturing sector should take advantage of the growing needs of the world by producing high quality products. “Today India provides stable policies and a better business environment. I urge you to take big steps to advance the country’s manufacturing and exports,” he said at a Post-Budget webinar on Regulatory, Investment and Ease of Doing…

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    • 5 March
      223

      China slaps extra tariffs on imports of US farm exports

      Imports of US grown chicken, wheat, corn and cotton will face an extra 15% tariff. The tariff on sorghum, soybeans, pork, beef, seafoods, fruit, vegetables and dairy products will be increased by 10% Beijing: China announced on Tuesday it will impose additional tariffs of up to 15% on imports of key US farm products, including chicken, pork, soy and beef. The tariffs announced by the Commerce Ministry are due to take effect from March 10. They follow US President Donald Trump’s order to raise tariffs on imports of Chinese products to 20% across the board. Those took effect on Tuesday. Imports of US grown chicken, wheat, corn and cotton will face an extra 15% tariff, it said. The tariff on sorghum,…

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    • 5 March
      336

      PM Modi says there is need to develop new modes of credit delivery to fund MSMEs

      Addressing a post-Budget webinar for Micro, Small and Medium Enterprises (MSMEs), the Prime Minister said five lakh first-time women, SC & ST entrepreneurs will be provided loans of up to Rs 2 crore. New Delhi: Prime Minister Narendra Modi on Tuesday said there is a need to develop new modes of credit delivery to ensure access of timely and low-cost funds to over six crore MSMEs across the country. Addressing a post-Budget webinar for Micro, Small and Medium Enterprises (MSMEs), the Prime Minister said five lakh first-time women, SC & ST entrepreneurs will be provided loans of up to Rs 2 crore. “We need to develop new modes for credit delivery, ensuring MSMEs have access to low-cost and timely credit. 5…

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    • 4 March
      228

      Coffee Day Enterprises shares jump 20 per cent, hit upper circuit

      Coffee Day Enterprises Ltd, which is in trouble after the death of founder Chairman VG Siddhartha in July 2019, is the parent company of Coffee Day Group that operates the Cafe Coffee Day chain New Delhi: Shares of Coffee Day Enterprises, which owns the Cafe Coffee Day chain, on Monday jumped 20 per cent to hit its upper circuit limit after the National Company Law Appellate Tribunal (NCLAT) set aside the insolvency proceedings against the company. The stock of Coffee Day Enterprises Ltd (CDEL) zoomed 19.97 per cent each to Rs 25.65 and Rs 25.53 apiece — also its 52-week high — on the BSE and National Stock Exchange (NSE), respectively. In the past four consecutive sessions, the stock has been…

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    • 4 March
      222

      Ola Electric goes for second round of job cuts, to lay off over 1,000 employees this time

      The latest layoffs are happening across various departments, including procurement, fulfilment, customer relations and charging infrastructure, according to report New Delhi: Ola Electric Mobility is reportedly laying off more than 1,000 employees and contract workers in its second round of job cuts within months. The decision came as the company, backed by SoftBank Group Corporation, is working to reduce its growing losses. The latest layoffs are happening across various departments, including procurement, fulfilment, customer relations and charging infrastructure, according to reports on Monday. This is the second round of layoffs in less than five months. In November, the company had laid off around 500 employees. The current layoffs account for more than a quarter of Ola’s total workforce, which stood at 4,000 at…

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