Business

Indian Rupee Falls to Record Low of 92.94 Against US Dollar Amid Rising Oil Prices and FII Outflows New Delhi, March 20: The Indian rupee weakened further on Thursday, slipping to a fresh all-time low of 92.94 against the US dollar, as elevated crude oil prices and sustained foreign fund outflows weighed heavily on the domestic currency.The rupee depreciated by 30 paise during the session, extending its recent losses amid growing uncertainty linked to the ongoing West Asia crisis and rising demand for the US dollar.Persistent FII Selling Adds Pressure on Rupee Foreign institutional investors have remained consistent sellers in the Indian equity markets, offloading nearly ₹74,000 crore over the past 12 trading sessions. The continued...

US Backs Essar Group’s Mesabi Metallics Project with Up to $10 Billion Financing Support Washington, March 20: The United States has announced financial support of up to $10 billion for Mesabi Metallics, an Essar Group company, for a major mining and manufacturing project in Minnesota, reinforcing efforts to strengthen critical minerals supply chains.The announcement was made by the US Export-Import Bank (EXIM) during the Indo-Pacific Energy Security Ministerial and Business Forum held in Tokyo last week.EXIM Pushes Strategic Supply Chain Investments EXIM stated that its financing initiatives are helping unlock nearly $30 billion in strategic deals aimed at enhancing America’s supply chain resilience in coordination with...

South Korea Forms Task Force to Counter US Trade Probes on Excess Capacity and Forced Labor Seoul, March 20: South Korea’s Ministry of Trade, Industry and Resources on Friday announced the formation of a joint task force with private sector stakeholders to coordinate a response to ongoing trade investigations initiated by the United States.US Launches Section 301 Investigations into Multiple Economies Earlier this month, the Office of the United States Trade Representative (USTR) launched a series of trade inquiries targeting South Korea and other major economies. The investigations focus on what the US describes as unfair trade practices linked to structural excess capacity, production imbalances, and allegations of forced labor...

South Korean Stock Market Today: KOSPI Trims Gains as Tech Stocks Weigh Under Foreign Selling Seoul, March 20: South Korean equities pared early gains on Friday morning, with the benchmark KOSPI index turning volatile as heavyweight technology stocks came under pressure due to sustained foreign selling.The Korea Composite Stock Price Index (KOSPI) was up 26.43 points, or 0.46 percent, at 5,789.65 as of 11:20 a.m., after surrendering part of its earlier advance, according to Yonhap news agency.Foreign Outflows Drag Market Momentum Market direction shifted as foreign investors offloaded shares worth 1.26 trillion won (approximately $842 million). However, the selling pressure was partially offset by domestic participation. Retail...

New Delhi, March 19 ICICI Bank said on Thursday that tax authorities have issued a demand notice of ₹768.6 crore against it for alleged short payment of GST.On March 18, 2026, ICICI Bank received an order under Section 74 of the Maharashtra Goods and Services Tax Act, 2017, from the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate, demanding a Goods and Services Tax (GST) of ₹384,33,53,972 and an equivalent amount of penalty and interest for services provided by the bank to customers maintaining specified minimum balances in their accounts, the bank said in a regulatory filing."While the bank is currently involved in litigation (including a writ petition) on a similar issue raised in past orders/Show...

HDFC Bank Chairman Atanu Chakraborty Resigns Citing "Values and Ethics" Differences New Delhi/Mumbai, March 19 – HDFC Bank’s non-executive chairman Atanu Chakraborty has resigned abruptly, citing differences over "values and ethics," a rationale the bank described as baffling due to the absence of specific instances, despite repeated requests for clarification.Keki Mistry, a seasoned leader within the HDFC Bank Group, has been appointed as interim chairman following Chakraborty’s departure. Mistry noted that while there may have been "relationship issues" between Chakraborty and the executive leadership, no substantive concerns were found behind the resignation. He emphasised that the bank’s governance and operations remain stable...

Gold and Silver Plunge Amid Geopolitical Tensions, Hitting Multi-Week Lows Mumbai, March 19 – Precious metals witnessed a steep decline on Thursday, with both gold and silver falling to multi-week lows despite ongoing geopolitical tensions in the Middle East. Strong selling pressure dominated trading sessions, driving prices sharply lower.According to the India Bullion and Jewellers Association (IBJA), 24-carat gold (999 purity) dropped to ₹1,47,889 per 10 grams, down ₹6,990 from the previous session's ₹1,54,879. Silver also saw a significant correction, with 999 purity silver falling to ₹2,29,873 per kilogram from ₹2,49,907 per kilogram, a drop of ₹20,034 per kg.Over the past week, gold has lost more than ₹12,000, while silver has...

Himachal Pradesh Assembly Approves Rs 40,461.95 Crore Supplementary Budget for 2025-26 Shimla, March 19 – The Himachal Pradesh Legislative Assembly on Thursday approved a supplementary budget of Rs 40,461.95 crore for the financial year 2025-26. Chief Minister Sukhvinder Singh Sukhu presented the supplementary demands in the Assembly, and the proposal was passed through a voice vote.Allocation Under State Schemes Of the total supplementary outlay, Rs 36,374.61 crore has been earmarked for state schemes. Key allocations include:Rs 26,194.95 crore for 'Ways and Means' and overdrafts Rs 4,150.14 crore for power generation and conversion of loans provided to the Electricity Board under the UDAY scheme into equity Rs 818.20 crore for...

Rajputana Stainless Shares Drop Over 7% on Debut Trading New Delhi, March 19 – Shares of Rajputana Stainless Ltd, a manufacturer of long and flat stainless-steel products, fell sharply on Thursday, closing more than 7 per cent below their issue price on their debut trading day.The stock ended at Rs 112.90 on the BSE, down 7.45 per cent from the issue price of Rs 122. It initially opened at Rs 123.95, showing a modest gain of 1.59 per cent, but could not sustain the early momentum.At the NSE, Rajputana Stainless was listed at par with the issue price of Rs 122 and later closed at Rs 113.03, down 7.35 per cent. Following the listing, the company’s market capitalization stood at Rs 943.48 crore.The company’s initial public offer...

India Aims to Boost Sports Equipment Exports to USD 8.1 Billion by 2036, Create 5.4 Million Jobs New Delhi, March 19 – India has the potential to significantly expand its sports equipment exports to USD 8.1 billion and generate around 5.4 million additional jobs by 2036, according to a report released by Niti Aayog on Thursday.The report highlights the opportunity to increase India’s share in global sports goods exports from USD 2 billion to USD 24 billion and equipment exports from USD 275 million (0.5 per cent of global market) to USD 8.1 billion (11 per cent) over the next decade.Titled "Realizing the Export Potential of India's Sports Equipment Manufacturing," the study underscores that India is at a critical juncture, driven by...

BHEL to Invest ₹3,064 Crore in Coal-to-Chemicals Joint Venture, Expands Rail Maintenance Operations New Delhi, March 19 – Engineering major Bharat Heavy Electricals Limited (BHEL) announced on Thursday plans to invest up to ₹3,064.46 crore as equity in Bharat Coal Gasification and Chemicals Ltd. (BCGCL), a joint venture with Coal India Limited, according to an official exchange filing.BHEL’s equity infusion will be implemented over a four-year period, with BHEL holding a 49 per cent stake and Coal India 51 per cent. The joint venture aims to establish a coal-to-ammonium nitrate plant with a production capacity of 2,000 tonnes per day, marking a strategic entry into the chemicals sector.The filing also highlighted that BHEL’s board...

India’s InvITs Expected to Add ₹1 Lakh Crore in Assets in FY26 New Delhi, March 19 – India’s Infrastructure Investment Trusts (InvITs) are projected to see their assets under management (AUM) expand by approximately ₹1 lakh crore in FY26, according to a report released by CareEdge Ratings on Thursday.The report highlighted that the AUM of InvITs has doubled over the past three years, rising from about ₹3 lakh crore in FY22 to nearly ₹6.25 lakh crore by FY25. The combined leverage, measured as total external debt to enterprise value, is expected to remain stable at around 49 per cent in FY26, supported by higher valuations from equity raising and lower interest rates.The number of InvITs has grown from 11 in FY22 to 22 in FY25, with...

India’s Bioeconomy Surges to $195 Billion, Aiming for $300 Billion by 2030 New Delhi, March 19 – India’s bioeconomy has witnessed remarkable growth, expanding to over $195 billion by 2025 from approximately $10 billion in 2014, Union Minister Dr Jitendra Singh stated on Thursday.Speaking at the 14th Foundation Day of the Biotechnology Industry Research Assistance Council (BIRAC), Dr Singh highlighted that the sector has recorded an annual growth rate of around 17-18 per cent in the past year alone.Biotechnology: A Key Pillar of India’s Growth Dr Singh noted that biotechnology is increasingly shaping India’s growth story, driving advancements in healthcare, agriculture, climate solutions, and sustainable manufacturing. He said the...

Silver and Gold Prices Plunge Amid Global Commodity Sell-Off New Delhi, March 19 – Precious metal markets witnessed a sharp decline on Thursday, with silver falling by Rs 17,800 to Rs 2.38 lakh per kilogram and gold dropping by Rs 7,000 to Rs 1.53 lakh per 10 grams in the national capital. The fall comes amid heavy selling in global commodity markets.According to the All India Sarafa Association, silver slumped nearly 7 per cent to Rs 2,38,700 per kg (inclusive of all taxes) from Wednesday’s closing of Rs 2,56,500 per kg. This marks a steep decline of Rs 1,65,800 per kg, or 41 per cent, from its lifetime high of Rs 4,04,500 per kg recorded on January 29.Gold of 99.9 per cent purity also dropped by Rs 7,000, or 4.37 per cent, to Rs...

Stock Market Crash Wipes Out ₹12.87 Lakh Crore in a Day as Sensex Plunges Over 3% Investor Wealth Erosion Deepens Amid West Asia Tensions New Delhi, March 19: Equity investors saw their wealth shrink by ₹12.87 lakh crore on Thursday as Indian stock markets witnessed a sharp sell-off, triggered by a surge in crude oil prices following escalating attacks on energy infrastructure in West Asia.The ongoing geopolitical crisis has significantly impacted market sentiment, with total investor losses exceeding ₹37 lakh crore since tensions intensified on February 28.Sensex Records Sharpest Fall Since June 2024 The benchmark 30-share BSE Sensex plunged 2,496.89 points or 3.26% to close at 74,207.24, marking its steepest single-day decline...

WHO Prepares for Potential Nuclear Incident Amid Escalating US Israel Iran Conflict Health Agency Reviews Radiation and Emergency Protocols as Regional Tensions Rise New Delhi, March 19: The World Health Organization is preparing for the possibility of a nuclear incident in the Middle East as the ongoing conflict involving the United States, Israel, and Iran intensifies, a senior official has said.Hanan Balkhy, WHO Regional Director for the Eastern Mediterranean, stated that the organization is actively reviewing emergency response protocols, including measures to handle radiation exposure, mass casualties, and long term environmental damage.Nuclear Incident Seen as Worst Case Scenario According to a report by Politico, Balkhy...

LPG Refill Bookings Near Pre-War Levels, Supply Concerns Persist Amid West Asia Disruptions New Delhi, March 19: Domestic LPG refill bookings in India are gradually returning to normal levels following a surge triggered by geopolitical tensions in West Asia. However, supply constraints continue to affect commercial consumers such as hotels, even as the government prioritises household demand.Bookings Stabilise After Panic Spike Before the February 28 military strikes by the US and Israel on Iran, over 33 crore domestic LPG consumers were booking an average of around 55 lakh cylinders daily. The escalation and subsequent retaliation by Iran led to the shutdown of the Strait of Hormuz, a key energy transit route used by major Gulf...

India Power Sector to Require $2.2 Trillion Investment Over Two Decades, Says Power Secretary Massive Capital Requirement to Drive Energy Transition and Capacity Expansion New Delhi, March 19: India will need an estimated $2.2 trillion investment in its power sector over the next 20 years, Union Power Secretary Pankaj Agarwal said on Thursday, highlighting the scale of funding required to support the country’s energy transition and future demand.Speaking at the Bharat Electricity Summit 2026, Agarwal outlined India’s ambitious roadmap, which includes achieving 500 GW of renewable energy capacity by 2030 and adding 97 GW of coal-based thermal power capacity by 2034-35.Next Phase of Growth to Focus on Market Design and Innovation...

India Power Capacity Set to Double to 1,121 GW by 2035-36, Clean Energy to Lead Growth New Delhi, March 19: India is preparing for a major expansion in its power generation capacity over the next decade, with a clear tilt towards clean energy, according to a government projection released on Thursday.Installed Power Capacity to More Than Double The Central Electricity Authority (CEA) has projected that India’s total installed power capacity will surge from the current 520 gigawatts (GW) to 1,121 GW by 2035-36. This marks a significant scale-up aimed at meeting the country’s rapidly rising electricity demand.Non-Fossil Fuels to Contribute 70 Percent A key highlight of the projection is the growing dominance of non-fossil fuel...

Sensex, Nifty Crash Over 3% to Near One-Year Lows as Oil Spike and West Asia Tensions Shake Markets Sharp Sell-Off Erases Recent Gains Mumbai, March 19: Benchmark equity indices Sensex and Nifty plunged more than 3 per cent on Thursday, closing near one-year lows as a surge in crude oil prices and weak global cues rattled investor sentiment. The sharp decline followed escalating attacks on energy infrastructure in West Asia, which triggered fears of prolonged supply disruptions.Breaking a three-day rally, the 30-share BSE Sensex tumbled 2,496.89 points or 3.26 per cent, marking its steepest single-day fall since June 2024, to settle at 74,207.24. This is its lowest closing level since April 7, 2025. During intraday trade, the index...