Business

UAE Assures Priority Crude Oil Supply to South Korea Amid Middle East Tensions South Korea Secures 24 Million Barrels of Oil from UAE Seoul, March 18: The United Arab Emirates has assured South Korea of priority access to crude oil supplies, as concerns over global energy stability intensify due to the ongoing conflict involving the United States, Israel, and Iran.Kang Hoon-sik, chief of staff to President Lee Jae Myung, confirmed that South Korea has secured a total of 24 million barrels of crude oil from the UAE. The announcement followed his recent visit to the Gulf nation, where energy cooperation was a key focus.UAE Commits ‘Top Priority’ Status to South Korea According to Kang, the UAE has explicitly committed to placing South...

Maharashtra Hospitality Sector Seeks License Fee Relief Amid LPG Shortage Crisis HRAWI Urges Extension and Staggered Payment Option for Annual License Fee New Delhi, March 18: A leading industry body representing hotel and restaurant owners has approached the Maharashtra government, seeking urgent relief in the payment of annual license fees as a severe shortage of commercial LPG continues to disrupt operations across the hospitality sector.The Hotel and Restaurant Association (Western India) (HRAWI) has submitted a formal representation to Deputy Chief Minister and State Excise Minister Sunetra Ajit Pawar, requesting an extension of the license fee payment deadline from March 31 to April 30.Industry Pushes for Quarterly Payment...

Rupee Slips to 92.43 Against US Dollar in Early Trade Amid FII Outflows and Stronger Dollar Forex Market Update: Rupee Edges Lower in Opening Session Mumbai, March 18: The Indian rupee weakened marginally by 3 paise to 92.43 against the US dollar in early trade on Wednesday, pressured by sustained foreign institutional investor outflows and a firmer US dollar amid the ongoing Middle East conflict.At the interbank foreign exchange market, the rupee opened at 92.42 and slipped slightly to 92.43, compared to its previous closing level.Recent Trend: Rupee Near Record Lows The domestic currency has been under pressure in recent sessions. On Tuesday, the rupee touched an intraday low of 92.47 before settling at a record closing low of...

Stock Market Today: Sensex and Nifty Extend Gains for Third Straight Session Amid Recovery Benchmark Indices Open Higher After Recent Correction Mumbai, March 18: Equity benchmark indices opened on a positive note on Wednesday, extending their gains for the third consecutive session as markets continued to recover from last week’s sharp correction triggered by the West Asia conflict.The BSE Sensex began the session at 76,367, rising 296 points or 0.39 percent. The NSE Nifty also opened higher at 23,632, up nearly 50 points or 0.22 percent.Broader Markets Show Strength Led by Smallcaps The broader market witnessed notable buying interest, particularly in smallcap stocks. The Nifty Smallcap 50 climbed 0.51 percent, while the Nifty...

South Korea Auto Exports Drop 20.8% in February Amid Fewer Working Days Export Decline Linked to Lunar New Year Slowdown Seoul, March 18: South Korea’s automobile exports declined sharply by 20.8 percent year-on-year in February, primarily due to a reduced number of working days during the Lunar New Year holiday, according to data released by the Ministry of Trade, Industry and Resources on Wednesday.The total value of vehicle exports stood at $4.8 billion for the month, reflecting the impact of holiday-related production and shipment disruptions.Mixed Performance Across Vehicle Segments Despite the overall decline, hybrid vehicle exports recorded strong growth. Shipments of hybrid cars surged 23.5 percent year-on-year to $1.21...

India, EU Strengthen EV Charging Collaboration to Boost Sustainable Mobility India-EU Workshop Focuses on Interoperable and Future-Ready EV Ecosystems New Delhi, March 18: Policymakers and industry stakeholders from India and the European Union are intensifying collaboration in research, innovation, standards, and testing to accelerate the transition toward sustainable and connected mobility systems, according to an official statement.The growing partnership is being driven under the India-EU Trade and Technology Council (TTC), with a strong emphasis on green and clean energy technologies. These efforts are contributing to the development of sustainable mobility solutions, resilient innovation ecosystems, and future-ready industrial...

Government Mandates 60% Free Seat Allocation on Flights to Boost Passenger Convenience New DGCA Guidelines Aim to Improve Transparency and Fair Access in Air Travel New Delhi, March 18: In a major step to enhance passenger convenience and streamline airline practices, the Ministry of Civil Aviation on Wednesday directed that at least 60 per cent of seats on any flight must be allocated free of charge. The move is aimed at ensuring fair access to seating while improving the overall ease of air travel.The directive, issued through the Directorate General of Civil Aviation, focuses on strengthening transparency, passenger rights, and uniformity across airlines operating in India.Passengers on Same PNR to Be Seated Together As part of...

430 Ceramic Factories Halt Operations Amid Fuel Shortage Morbi, March 18 In a significant disruption to India’s ceramic manufacturing sector, around 430 ceramic units in Morbi, Gujarat, have decided to suspend operations for at least three weeks due to a severe gas supply shortage triggered by the ongoing conflict in West Asia.Gas Crisis Forces Widespread Factory Closures Morbi, widely known as the “ceramic city” and the world’s second-largest hub for ceramic tile production, has been facing mounting operational challenges. Out of approximately 670 factories in the region, nearly 450 units have already ceased operations, with several others nearing shutdown as fuel availability continues to tighten.The ceramic manufacturing process...

RBL Bank Named Collecting Bank for XED Executive Development IPO at GIFT City IPO Marks First Public Offering from IFSC at GIFT City RBL Bank on Tuesday announced its appointment as one of the collecting banks for the proposed Initial Public Offering of XED Executive Development Ltd. The offering is notable as the first public issue to be launched from India’s International Financial Services Centre at GIFT City.The USD 12 million issue is structured as a 100 percent book-built offering. It opened for subscription on March 16 and is scheduled to close on March 24, 2026. The company expects the listing to take place on NSE IFSC and India INX.RBL Bank to Handle Subscription Funds In its role as a designated collecting bank, RBL Bank...

Sai Parenteral’s IPO Price Band Set at ₹372 to ₹392 per Share, Targets ₹285 Crore Fresh Issue Company Files RHP with SEBI and Stock Exchanges Sai Parenteral’s Ltd, a diversified pharmaceutical formulation company, has announced the price band for its upcoming Initial Public Offering, setting it at ₹372 to ₹392 per equity share.The Hyderabad-based company has filed its Red Herring Prospectus with the Securities and Exchange Board of India along with the National Stock Exchange and the Bombay Stock Exchange for the proposed public issue.IPO Structure and Listing Plans The IPO comprises a fresh issue of up to ₹285 crore and an offer for sale of nearly 32 lakh equity shares.The company plans to list its equity shares on both the NSE...

Innovision Ltd IPO Subscribed 3.32 Times on Final Day After Price Band Revision Strong Institutional Demand Lifts Subscription Despite Slow Start New Delhi, March 17 The initial public offering of manpower and toll plaza management services provider Innovision Ltd closed with an overall subscription of 3.32 times on the final day of bidding on Tuesday, supported by strong demand from institutional and non-institutional investors.According to NSE data, the IPO received bids for 2,12,70,519 shares against 63,99,943 shares on offer.QIBs and NIIs Drive Momentum, Retail Participation Remains Muted The Qualified Institutional Buyers segment recorded robust demand, subscribing 13.75 times the allotted portion. The non-institutional...

DrinkPrime Raises $2.2 Million to Expand IoT Water Purifier Business, Moe Puppy Secures ₹2 Crore Pre-Seed Funding DrinkPrime Funding to Drive Expansion and Technology Enhancement DrinkPrime, an IoT-enabled water purifier subscription platform, has raised $2.2 million, approximately ₹20 crore, in a funding round led by Mirabilis Investment Trust and Artha Continuum Fund.The Bengaluru-based company plans to deploy the fresh capital toward geographic expansion, strengthening its technology platform, and scaling overall operations.A significant portion of the investment will be directed at enhancing IoT and data-driven capabilities. These improvements aim to boost device monitoring systems, enable predictive servicing, and elevate...

GSP Crop Science IPO Subscribed 96% on Day 2, NII Portion Sees Strong Demand IPO Subscription Status on Day 2 The initial public offering of GSP Crop Science Ltd has been subscribed 96 percent on the second day of bidding on March 17, reflecting steady investor participation across categories.According to NSE data, the IPO received bids for 86,04,622 shares against the total offer size of 89,47,367 shares.Strong Interest from Non-Institutional Investors Investor demand remained uneven across segments, with non-institutional investors leading the momentum. The NII category was subscribed 2.33 times, indicating strong participation from high-net-worth individuals.The Qualified Institutional Buyers segment also crossed full...

Rupee Hits All-Time Low of 92.40 Against US Dollar Amid Oil Surge and FII Outflows Indian Currency Extends Losses as Global Pressures Mount Mumbai, March 17: The Indian rupee weakened further on Tuesday, slipping 12 paise to close at a record low of 92.40 against the US dollar, as rising crude oil prices and sustained foreign fund outflows weighed heavily on the domestic currency.The rupee opened at 92.35 in the interbank foreign exchange market and fell to an intraday low of 92.47 before settling at its weakest-ever closing level of 92.40. This marks a decline from Monday’s close of 92.28, where the currency had already hovered near record lows despite a marginal 2 paise gain.Crude Oil Rally and West Asia Tensions Pressure Rupee...

Crude Oil Prices Rebound 3% in Futures Trade Amid West Asia Supply Concerns Oil Futures Recover After Sharp Decline in Previous Session Crude oil prices rebounded sharply in futures trading on Tuesday, March 17, rising by ₹261 to ₹8,981 per barrel on the Multi Commodity Exchange (MCX), supported by firm global cues and persistent uncertainty over supply disruptions linked to the ongoing conflict in West Asia.The March contract recorded a 3% gain with a trading turnover of 12,183 lots. This recovery follows a steep decline in the previous session, where prices had dropped by ₹332, or nearly 4%, to settle at ₹8,720 per barrel.April Contract Gains Momentum on MCX The April crude oil contract also moved higher, advancing by ₹305, or...

Parliamentary Panel Urges Review of EPS-95 Pension, Seeks Increase Beyond Rs 1,000 Minimum Committee Flags Inadequacy of Current Pension Amid Rising Living Costs New Delhi, March 17: A parliamentary panel has called for an urgent and comprehensive review of the Rs 1,000 minimum monthly pension under the Employees' Pension Scheme, 1995, highlighting the need to raise it to a more realistic and dignified level.The recommendation comes against the backdrop of persistent demands from pensioners seeking a minimum monthly pension of Rs 7,500, which they argue is still insufficient to meet basic living expenses.Pensioners Stage Protest, Demand Higher Minimum Pension Pensioners under the Employees' Pension Scheme 1995, administered by the...

India’s Economic Fundamentals Strong as Exports Hold Steady, Says Piyush Goyal Services Growth and Stable Exports Support External Position New Delhi, March 17: Union Minister Piyush Goyal on Tuesday said that India’s economic fundamentals remain robust, supported by steady export performance and multiple strengths in the external sector.Addressing the Lok Sabha, Goyal noted that India is entering a new phase in global trade engagement, which is expected to strengthen its international presence and deliver long-term economic gains.He highlighted that services exports have been witnessing consistent monthly growth, while merchandise exports have remained flat up to February, indicating stability rather than decline.March Export...

Nifty Next 50 Leads February Gains as Midcaps Outperform on Annual Basis Strong Monthly Performance Driven by Broader Market Indices New Delhi, March 17: The Nifty Next 50 index emerged as the top performer in February, rising 2.76 per cent during the month and delivering a robust 22.16 per cent return over the past year, according to a report released by Motilal Oswal Mutual Fund on Tuesday.The broader market also showed resilience, with the Midcap 150 index posting a one-year gain of 23.08 per cent, while the Nifty Smallcap 250 advanced 14.71 per cent over the same period.On a monthly basis, mid-cap and small-cap indices recorded gains of 1.66 per cent and 0.75 per cent, respectively, indicating continued investor interest beyond...

Parliamentary Panel Pushes ‘Golden Share’ Model to Retain Strategic Control in PSUs Committee Recommends Legal Framework as Government Considers Stake Reduction Below 51 Percent New Delhi, March 17: A parliamentary panel on Tuesday urged the Department of Investment and Public Asset Management (DIPAM) to establish a clear legal strategy to safeguard strategic control in public sector undertakings (PSUs), even if government shareholding falls below 51 percent.The panel proposed exploring mechanisms such as a “golden share” or indirect control model, which would allow the government to retain decisive influence in key PSUs while reducing its equity stake. At present, maintaining PSU status requires the government to hold at least 51...

Silver Prices Rebound Nearly 1% to ₹2.58 Lakh/kg, Snap Four-Day Losing Streak Safe-Haven Demand Drives Silver Futures Higher Amid West Asia Tensions New Delhi, March 17: Silver prices rebounded in futures trading on Tuesday, rising by ₹2,168 to ₹2.58 lakh per kilogram, marking the end of a four-day losing streak. The recovery was supported by renewed safe-haven demand as geopolitical tensions in West Asia continued to influence global markets.On the Multi Commodity Exchange (MCX), silver contracts for May delivery climbed ₹2,168, or nearly 1%, to ₹2,58,700 per kg, with a trading volume of 5,995 lots.Intraday Volatility Pushes Silver to ₹2.62 Lakh/kg High Silver witnessed sharp intraday volatility during the session. Prices surged as...