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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 -
      5 October
      149

      US Senators question TCS on H-1B hires and American layoffs

      US Senators have asked TCS to explain its US hiring practices, including H-1B recruitment, wage parity, and American layoffs. The company must respond by October 10 amid an ongoing EEOC investigation and growing scrutiny of H-1B visa practices New Delhi: US Senators have asked India’s largest IT firm, TCS, to furnish details about its hiring practices in the US, whether the company has displaced any Americans with H-1B workers, as well as wage parity between H-1B hires and its local US staff. In a recent letter to Tata Consultancy Services (TCS) CEO K Krithivasan, Senate Judiciary Committee Chairman Charles Grassley and ranking member Richard Durbin noted that the company has announced plans to lay off over 12,000 employees worldwide, including American…

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    • 5 October
      114

      India a ‘stabilising force’ in global economy, says Nirmala Sitharaman

      Finance Minister Nirmala Sitharaman said India has emerged as a stabilising force in the global economy, resilient against trade, energy, and financial shocks. Speaking at Kautilya Economic Conclave 2025, she warned of global uncertainties, shifting alliances, and structural transformations in world order New Delhi: Finance Minister Nirmala Sitharaman on Friday stated that the world is facing “profound imbalances” in trade and energy security, and is undergoing a structural transformation, with India standing out as a “stabilising force” that can withstand external shocks. Sitharaman said geopolitical conflicts are intensifying, and sanctions and tariffs are reshaping global supply chains. India must continue to remain vigilant, and there is no room for complacency, she said, speaking at Kautilya Economic Conclave 2025. “Wars and strategic rivalries are…

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    • 5 October
      157

      TCS forced around 2,500 employees to resign, says IT employees’ body

      Company, however, refutes allegation; says only a limited number of employees have been affected at its Pune office New Delhi: India’s largest IT firm Tata Consultancy Services has allegedly forced around 2,500 employees in Pune to resign from their jobs, the IT employees’ body NITES said in a letter to Maharashtra Chief Minister on Wednesday. However, TCS said, only a limited number of employees have been affected by its recent initiative to realign skills in its organisation. Nascent Information Technology Employees Senate (NITES) president Harpreet Singh Saluja, in a letter to Maharashtra Chief Minister Devendra Fadnavis, sought timely intervention to protect the interests of the affected employees. Saluja said based on NITES representation, the Union Labour Ministry has directed the Maharashtra labour secretary…

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    • 3 October
      123

      RBI may allow lenders to lock phones on EMI default

      Governor Sanjay Malhotra said the central bank is examining a proposal to allow lenders to remotely lock mobile phones bought on credit in case of default in EMI payments; rules out any charge on UPI transactions Mumbai: Reserve Bank Governor Sanjay Malhotra on Wednesday said there is no proposal to levy any charge on UPI transactions. The Governor also said the central bank is examining a proposal to allow lenders to remotely lock mobile phones bought on credit in case of default in EMI payments. While responding to a question whether there is a proposal to levy charges on UPI transactions, which have gone up significantly, Malhotra said there was no proposal. “Is there going to be charges on UPI? Well, there is…

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    • 3 October
      135

      RBI keeps interest rates unchanged amid uncertainty over Trump’s tariffs

      The Reserve Bank of India kept the repo rate unchanged at 5.5% for the second consecutive time, citing tariff uncertainties. Governor Sanjay Malhotra highlighted risks to growth despite easing retail inflation, which fell to a six-year low in August  Mumbai: The Reserve Bank of India (RBI) on Wednesday kept its policy interest rate unchanged at 5.5 per cent for the second consecutive time, citing concerns over tariff uncertainties. Announcing the fourth bi-monthly monetary policy of the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) unanimously decided to keep the short-term lending rate or repo rate unchanged at 5.5 per cent with a neutral stance. While GST rate rationalisation will have a sobering impact on consumption and growth,…

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    • 3 October
      129

      Banks get more flexibility in small business and gold-based loans: RBI

      The Reserve Bank of India has eased norms for small business loans and working capital lending to jewellers, allowing banks to adjust spreads more frequently and expand credit access. Feedback on these measures is open until October 20 New Delhi: The Reserve Bank of India (RBI) issued new guidelines for small business loans, increasing the lending flexibility for banks, in adjusting the additional interest or spread charged over the loan term. The RBI has also eased lending restrictions for businesses that depend on gold as a raw material. “Banks are generally prohibited from lending for the purchase of gold or silver in any form, or lending against the security of primary gold or silver. However, a carve-out has been allowed for…

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    • 3 October
      102

      Gold hits record Rs 1.17 lakh per 10g on US shutdown fears, Fed rate cut bets

      Gold surged to a record Rs 1.17 lakh per 10 grams on the MCX, tracking global gains as investors sought safe-haven assets amid looming US government shutdown risks, fresh tariffs, and expectations of Federal Reserve rate cuts. Silver also hit lifetime highs New Delhi: Gold prices on Tuesday soared Rs 1,217 to hit a fresh record high of Rs 1,17,561 per 10 grams in the domestic futures market, tracking sharp gains in the overseas market, as investors weighed the risk of a looming US government shutdown alongside expectations of further interest rate cuts by the Federal Reserve. On the MCX, the yellow metal futures for December delivery extended its gains for the fourth straight session by rallying Rs 1,217 or 1.04…

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    • 2 October
      327

      Gold hits record high, set for best monthly gain in 14 years

      Gold surged to a record Rs 1,15,450 per 10 grams on Tuesday, on track for its strongest monthly gain since 2011. Safe-haven demand, US government shutdown fears, and expectations of Federal Reserve rate cuts fueled the yellow metal’s rally. Mumbai: The price of gold reached a record high on Tuesday, on track for its largest monthly surge in 14 years amid concerns over a potential US government shutdown and rising expectations for further Federal Reserve rate cuts. The price of yellow metal has risen 11.4 per cent so far in September, on track for its best month since August 2011 when it rose 15 per cent boosted by safe haven demand. The price of 24-carat gold (10 gram) rose to a…

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    • 2 October
      257

      Hatchbacks will continue to exist despite ‘SUVisation’ of auto industry: FADA president

      Despite the global shift towards SUVs, hatchbacks will remain relevant in India’s auto market. FADA believes GST cuts and affordability will boost small car sales, while competition keeps the segment alive, even as SUVs dominate evolving consumer preferences New Delhi: Amid the ongoing debate over whether entry-level small cars will stage a comeback in the GST 2.0 era, hatchbacks will maintain their market relevance despite the global trend of “SUVisation” across the auto industry, according to the automotive dealers’ body Federation of Automobile Dealers Associations. While the country’s largest carmaker Maruti Suzuki India, which enjoys a dominant position in the small car segment, expects about 10 per cent growth in the segment after the GST rate reduction, its rival Hyundai Motor…

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    • 2 October
      284

      Starbucks to close stores, lay off 900 workers

      The Seattle coffee giant will notify employees whose positions are being eliminated on September 26 New York: Starbucks is laying off around 900 non-retail employees and closing some US and Canadian stores as it focuses more of its resources on a turnaround. The Seattle coffee giant will notify employees whose positions are being eliminated early Friday and said that it plans to close an undetermined number of stores in North America in the coming days. A review of Starbucks locations revealed that many are falling short of financial performance targets or are failing to create the environment customers expect, according to a letter sent by Starbucks CEO Brian Niccol on Thursday. “Each year, we open and close coffee houses for a variety of…

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