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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

    • May- 2025 -
      12 May
      341

      Indian economy likely to grow at 6.5 per cent in FY26: CII president

      CII president asserted that the country must pursue bilateral trade pacts with key trading partners to protect national interests in the backdrop of increasing trade barriers New Delhi: India’s GDP is projected to grow at 6.5 per cent in the current fiscal and the country’s economy is resilient enough to overcome the short-term impact of geopolitical issues, CII president Sanjiv Puri has said. In an interview with PTI, he asserted that the country must pursue bilateral trade pacts with key trading partners to protect national interests in the backdrop of increasing trade barriers. Highlighting that the private investment is picking up across various sectors like energy, transportation, metals, chemicals and hospitality, Puri said the current geopolitical uncertainties could lead to “some…

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    • 12 May
      305

      Trade talks: USTR Jamieson Greer plans to visit South Korea this week

      Greer is scheduled to arrive in South Korea on Thursday for a two-day stay to attend the Asia-Pacific Economic Cooperation (APEC) trade ministers meeting, which will be held on the southern resort island of Jeju Seoul: US Trade Representative (USTR) Jamieson Greer plans to visit South Korea this week for talks on the US new tariff scheme and other bilateral trade issues, officials said on Sunday. Greer is scheduled to arrive in South Korea on Thursday for a two-day stay to attend the Asia-Pacific Economic Cooperation (APEC) trade ministers meeting, which will be held on the southern resort island of Jeju, according to government officials, reports Yonhap news agency. On the sidelines of the meeting, Greer is expected to have high-level…

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    • 10 May
      247

      No impact of India-Pak tensions on Basmati trade, says rice exporters body

      All India Rice Exporters Association president Satish Goel said the recent increase in prices of the commodity was owing to higher demand and not due to the ongoing India-Pakistan tensions New Delhi: All India Rice Exporters Association (AIREA) president Satish Goel on Friday ruled out any impact on Basmati trade, stressing that the recent increase in prices of the commodity is owing to higher demand and not due to the ongoing India-Pakistan tensions. The export price of Basmati rice varieties — 1509 and 1718 — have inched up slightly since March due to rise in demand and not due to supply disruptions caused due to ongoing military escalations between the two nations, he said. “Not due to ongoing India-Pakistan tensions, the Basmati prices…

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    • 10 May
      254

      Indian Overseas Bank clarifies about rumours of ATM closures as ‘false’, ‘unfounded’

      “Indian Overseas Bank assures the public that all our ATMs are fully operational. The rumours circulating about ATM closures are false and unfounded”, the bank said Chennai: Public sector Indian Overseas Bank on Friday clarified that all its ATM networks were fully operational and dismissed rumours about their closure as “false” and “unfounded”. “We encourage our customers to continue using ATM services as usual and to rely only on verified communication channels for updates,” the city-headquartered bank said on Friday. “Indian Overseas Bank assures the public that all our ATMs are fully operational. The rumours circulating about ATM closures are false and unfounded”, the bank said in a press release. For any other information, Indian Overseas Bank appealed to its customers…

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    • 10 May
      273

      SBI to sell 13 per cent stake in Yes Bank to Japanese SMBC for Rs 8,889 cr

      The executive committee of the central board (ECCB) of the bank in the meeting has accorded approval to divest 413.44 crore shares or equivalent to 13.19 per cent stake in Yes Bank, for a consideration of Rs 8,888.97 crore, SBI said New Delhi: State Bank of India (SBI) on Friday said its board has given approval for a 13.19 per cent stake sale in private lender Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for a consideration of Rs 8,889 crore. The executive committee of the central board (ECCB) of the bank in the meeting has accorded approval to divest 413.44 crore shares or equivalent to 13.19 per cent stake in Yes Bank, for a consideration of Rs 8,888.97 crore,…

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    • 10 May
      275

      No shortage of fuel, Indian oil companies assure public

      State-owned IOC, BPCL and HPCL in separate statements said India has ample fuel stocks available and there is no need for panic buying New Delhi: India has ample stocks of petrol, diesel and cooking gas LPG, and there is no need for panic buying, oil companies assured the public on Friday. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) in separate statements assured of enough stock availability and smooth operations. They made the statements after social media was flooded with posts and videos showing people queuing at petrol pumps to stock fuel as tensions between India and Pakistan escalated. “Indian Oil has ample fuel stocks across the country and our supply lines are operating…

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    • 10 May
      250

      Swiggy’s March quarter net loss nearly doubles to Rs 1,081 cr

      Total expenses shot up to Rs 5,609.6 crore during the the March quarter of FY25, as against Rs 3,668 crore in the corresponding period of the previous year New Delhi: Food delivery and quick commerce platform Swiggy on Friday reported widening of consolidated net loss during the March quarter to Rs 1,081.18 crore due to significant investments in quick commerce. The company reported a net loss of Rs 554.77 crore on a consolidated basis in the year-ago period.Swiggy’s revenue from operations rose to Rs 4,410 crore during the January-March period, as against Rs 3,045.5 crore a year earlier, a regulatory filing showed. However, its total expenses shot up to Rs 5,609.6 crore during the quarter under review, as against Rs 3,668 crore…

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    • 9 May
      213

      Reliance withdraws ‘Operation Sindoor’ trademark application, says it was filed inadvertently

      The Mukesh Ambani-run firm was the first to apply for a patent on May 7 and was followed by three more — a Mumbai resident, a retired Indian Air Force officer and a Delhi-based lawyer New Delhi: Reliance Industries Ltd has withdrawn its trademark application for the term ‘Operation Sindoor’ — the codename for India’s military strikes in Pakistan — stating that it was inadvertently filed by a junior employee without authorisation. In a statement, Reliance said it has no intention of “trademarking Operation Sindoor, a phrase which is now a part of the national consciousness as an evocative symbol of Indian bravery”. “Jio Studios, a unit of Reliance Industries, has withdrawn its trademark application, which was filed inadvertently by a junior…

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    • 9 May
      246

      LG Electronics begins work on Rs 5,000-crore plant in Andhra Pradesh

      The South Korean giant’s investment in Andhra Pradesh is the largest single stage electronics investment in South India. Production at the home appliance factory is expected to begin at the end of next year Sri City (Andhra Pradesh): LG Electronics on Thursday began the construction work on its Rs 5,000-crore home appliance factory here, its third plant in India, as part of a broader push to strengthen its presence in one of the world’s fastest-growing consumer markets. The South Korean giant’s investment in the rising industrial corridor in Andhra Pradesh is the largest single stage electronics investment in South India. Slated for completion by the end of 2026, the plant spread across 1 million square metres will roll out 8,00,000 refrigerators, 8,50,000 washing…

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    • 8 May
      274

      India’s services sector growth improves slightly in April

      The seasonally adjusted HSBC India Services PMI Business Activity Index reached 58.7 in April, up from 58.5 in March, indicating a sharp and stronger expansion in service sector output New Delhi: India’s service sector activity accelerated slightly in April, largely driven by a quicker increase in new order inflows, which also underpinned a faster expansion in employment, a monthly survey said on Tuesday. The seasonally adjusted HSBC India Services PMI Business Activity Index reached 58.7 in April, up from 58.5 in March, indicating a sharp and stronger expansion in service sector output. The headline figure was above its long-run average of 54.2. In the Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion, while a score below 50…

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