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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

    • Oct- 2025 -
      31 October
      256

      Amazon to lay off 14,000 corporate employees amid AI spending surge

      Amazon will slash 14,000 corporate roles as it increases spending on artificial intelligence. The move, announced by Senior VP Beth Galetti, is aimed at reducing bureaucracy and realigning resources to support the company’s biggest technology priorities Seattle: Amazon will cut about 14,000 corporate jobs as the online retail giant ramps up spending on artificial intelligence. “The reductions we’re sharing today are a continuation of this work to get even stronger by further reducing bureaucracy, removing layers, and shifting resources to ensure we’re investing in our biggest bets and what matters most to our customers’ current and future needs,” Beth Galetti, Senior Vice President of People Experience and Technology at Amazon said in message to employees Tuesday. Included in the letter was…

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    • 30 October
      113

      Amazon laying off about 30,000 corporate employees, starting Tuesday: Report

      Amazon is reportedly set to lay off around 30,000 corporate employees starting Tuesday, marking its largest workforce reduction since the pandemic. The cuts, part of CEO Andy Jassy’s cost-cutting drive, will affect multiple divisions, including AWS, HR, and devices. New Delhi: E-commerce giant Amazon is reportedly laying off about 30,000 corporate employees, starting Tuesday, that will impact several divisions at the company. Although the company was yet to respond, reports surfaced, claiming that Amazon aims to pare expenses and compensate for over-hiring during the peak demand in the Covid-19 pandemic. According to Reuters, affected Amazon employees were likely to be notified via emails starting Tuesday morning (US time). The company employs more than 1.54 million people globally, including warehouse staff. Amazon…

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    • 30 October
      107

      Asian shares gain Japan’s Nikkei tops 50,000 level, as Trump seeks trade deals

      Asian stocks surged as trade deal hopes lifted sentiment during President Trump’s Asia tour, with Japan’s Nikkei 225 topping 50,000 for the first time. Growing optimism over US-China negotiations, strong corporate earnings and easing inflation concerns boosted markets across the region Bangkok: Asian shares rallied and US futures jumped Monday, with Japan’s benchmark Nikkei 225 topping 50,000 for the first time. Work on trade deals that might alleviate friction between the US, China and other major trading partners contributed to upbeat sentiment as US President Donald Trump visited Malaysia for a summit of Southeast Asian nations where he reached preliminary trade agreements with Malaysia, Thailand, Cambodia and Vietnam. A trade deal between the United States and China was drawing closer, officials…

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    • 30 October
      96

      Rupee falls 12 paise to 87.95 against US dollar amid rising crude prices

      The rupee slipped 12 paise to 87.95 against the US dollar on Monday, weighed down by higher crude oil prices amid optimism over a US-China trade deal. Forex reserves rose by USD 4.5 billion to USD 702.28 billion, RBI data showed. Mumbai: The rupee depreciated 12 paise to 87.95 against the US dollar in early trade on Monday, weighed down by rising crude oil prices supported by optimism over a potential US-China deal. Forex traders said the rally in crude oil prices was driven by the potential US-China trade deal, which supports expectation for a stronger global oil demand. At the interbank foreign exchange market, the rupee opened at 87.87, and slipped to 87.95 against the greenback, registering a fall of 12 paise…

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    • 30 October
      110

      IndiGo resumes Kolkata–Guangzhou direct flights after five-year gap

      IndiGo has resumed direct flights between Kolkata and Guangzhou, marking the return of air connectivity between India and China after over five years. The daily service, operated by an Airbus A320, will be followed by Delhi–Guangzhou flights starting November 10. New Delhi: IndiGo on Monday said it has restarted flights between Kolkata and Guangzhou, marking the resumption of direct air services between India and China after a gap of more than five years. The first flight, operated with an Airbus A320 aircraft, took off from Kolkata at around 10 pm (IST) on Sunday and the return flight landed at about 7.50 am (IST). It will be a daily service between the two cities. IndiGo CEO Pieter Elbers said it is the…

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    • 29 October
      123

      Piyush Goyal to visit Brussels as India–EU trade talks reach decisive stage

      Commerce and Industry Minister Piyush Goyal will visit Brussels on October 27–28 to meet EU Trade Commissioner Maros Sefcovic. The visit aims to accelerate India–EU FTA talks and provide political direction for a comprehensive and balanced trade deal New Delhi: As the ongoing India–EU Free Trade Agreement (FTA) negotiations enter a crucial stage, Commerce and Industry Minister Piyush Goyal is set to visit Brussels, Belgium, on October 27-28, the government said on Sunday. Minister Goyal will hold high-level discussions with Maros Sefcovic, Executive Vice-President and European Commissioner for Trade of the European Union. Both sides have intensified efforts to conclude a comprehensive, balanced, and mutually beneficial trade agreement at the earliest. It reflects India’s steadfast commitment to deepening engagement with the…

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    • 29 October
      97

      RBI proposes banks finance corporate acquisitions with stricter safeguard

      The Reserve Bank of India has proposed allowing banks to finance Indian companies for domestic or overseas acquisitions. The draft sets eligibility criteria, financing limits, and safeguards, aiming to promote strategic investments while ensuring responsible lending practices Mumbai: The Reserve Bank of India (RBI) has proposed to permit banks to extend loans to Indian companies for acquiring full or controlling stakes in domestic or overseas firms as part of strategic investments aimed at creating long-term value. Only listed companies with a satisfactory net worth and a profitable track record over the last three years will be eligible for such financing under the draft norms. Up to 70 per cent of the acquisition cost may be financed by banks, with the remaining…

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    • 29 October
      89

      Reliance, Meta launch Rs 855 crore joint venture for enterprise AI in India

      Reliance Industries and Meta have formed a Rs 855 crore joint venture, Reliance Enterprise Intelligence Limited, to market and distribute enterprise AI services in India. The partnership offers cloud and hybrid AI solutions for industries including IT, finance, sales, and marketing Mumbai: Reliance Industries on Saturday announced that its subsidiary, Reliance Intelligence Ltd, has established a joint venture with US tech giant Meta’s subsidiary to market and distribute enterprise AI in India. A new company, namely Reliance Enterprise Intelligence Limited (REIL), has been formed as a joint venture with Facebook Overseas, Inc., according to an exchange filing. The Mukesh Ambani and Mark Zuckerberg-led companies have committed an initial combined investment of around Rs 855 crore in the unit, aimed at “developing,…

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    • 29 October
      99

      LIC defends Adani investments, cites independent decision-making

      LIC clarified that its investments in Adani group companies were made independently, following board-approved policies and detailed due diligence. The insurer denied any involvement of the government, emphasizing diversified investments across top Indian firms and robust fund management practices New Delhi: Life Insurance Corporation of India (LIC) on Saturday said its investments in Adani group companies have been made independently and in accordance with its board-approved policies, following detailed due diligence. “Department of Financial Services (in the Union Finance Ministry) or any other body does not have any role in such (investment) decisions,” LIC said in a statement posted on X. India’s largest insurer has, over the years, made investment decisions across companies based on fundamentals and detailed due diligence. Its…

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    • 28 October
      171

      Facebook takes 30% stake in Reliance AI venture; joint investment Rs 855 crore

      Facebook Overseas will hold a 30% stake in Reliance Enterprise Intelligence Ltd, Reliance Industries’ new AI venture. The joint venture, aimed at developing and marketing enterprise AI services, will see an initial investment of Rs 855 crore by both partners. New Delhi: Meta Platforms, Inc’s Facebook Overseas will hold 30 per cent interest in the AI venture floated by billionaire Mukesh Ambani’s Reliance Industries, according to a regulatory filing.Reliance will hold 70 per cent in Reliance Enterprise Intelligence Ltd, the company said in the filing. Reliance Intelligence, a wholly-owned subsidiary of Reliance Industries Ltd, and Facebook will jointly invest an initial Rs 855 crore in the venture. In the filing, the company said Reliance Intelligence Ltd on October 24, 2025 incorporated…

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