Business

High-Level Delegation Engages with SEBI Leadership in Mumbai Mumbai, February 24: A high-level delegation led by Luxembourg Finance Minister Gilles Roth met with Securities and Exchange Board of India Chairman Tuhin Kanta Pandey to discuss matters of mutual interest and deepen cooperation between the financial sectors of the two countries.The meeting, held in Mumbai on Tuesday, was attended by senior officials from both sides. SEBI shared details of the interaction in a post on X, confirming that the discussions centered on strengthening regulatory engagement and collaboration.Senior Luxembourg Officials Participate in Discussions The visiting delegation comprised Christian Biever, Ambassador of the Grand Duchy of Luxembourg to...

Noel Tata Seeks Key Assurances Before Backing N Chandrasekaran’s Reappointment at Tata Sons In a significant development within the Tata Group, Noel Tata is believed to have sought firm commitments on three critical conditions before extending his support for the reappointment of N Chandrasekaran as Chairman of Tata Sons for another five-year term, sources told.The move comes amid renewed discussions around leadership continuity at the holding company of the diversified conglomerate.No Listing of Tata Sons According to sources, Noel Tata insisted that Tata Sons should not be listed, reinforcing a preference to maintain its closely-held ownership structure.The question of a potential listing has been debated in recent years...

KEC International Secures ₹1,002 Crore Orders, Strengthens T&D Order Book Fresh Orders Across Transmission, Substations and Cables Segments New Delhi, February 24: KEC International, a flagship company of RPG Group, announced on Tuesday that it has secured new orders worth ₹1,002 crore across multiple business verticals, further reinforcing its position in the infrastructure EPC space.The newly won contracts span transmission and distribution, along with cables and conductors, adding significant momentum to the company’s order inflows for the year.Transmission and Distribution Business Drives Order Wins The company’s Transmission and Distribution business has secured a composite order in India covering 220/132 kV transmission lines...

Bengaluru-Based Startup Targets Enterprise Expansion and Go-To-Market Partnerships Mumbai, February 24: Kris@Work, a Bengaluru-based startup, on Tuesday announced that it has secured $3 million in seed funding to accelerate its expansion plans, strengthen business partnerships, and deepen enterprise adoption of its AI-native Go-To-Market execution platform.The seed funding round was led by Infoedge Ventures, with participation from JN Capital & Growth Advisory and several angel investors, the company said in a statement.AI-Native GTM Execution Platform Gains Cross-Industry Adoption Kris@Work operates an AI-native Go-To-Market execution platform designed to address complex GTM processes and fragmented technology stacks. The platform...

New Delhi, February 24: State-owned Canara Bank on Tuesday announced plans to tap the Tier 2 bond market with a ₹5,000 crore fundraising initiative aimed at strengthening its capital base and supporting future growth.Tier 2 Bond Issue Scheduled on NSE Platform The proposed bond issue is scheduled for February 26 and will be conducted on the Electronic Bidding Platform of the National Stock Exchange, according to a statement issued by the bank.Canara Bank intends to raise funds through Basel III-compliant Tier 2 bonds, reinforcing its capital structure in line with regulatory norms.Structure of the ₹5,000 Crore Fundraising Plan The fundraising plan comprises:Base Issue: ₹2,000 crore Green Shoe Option: Up to ₹3,000 croreThe...

Comprehensive Transport Solutions Planned for Seamless Passenger Connectivity Noida, February 24: Noida International Airport announced on Tuesday that it has selected Mann Fleet Partners Limited as its mobility services partner to deliver comprehensive ground transportation solutions for passengers.The airport said the partnership is aimed at ensuring seamless and efficient connectivity to and from the upcoming airport through an integrated range of transport services.Under the agreement, Mann Fleet Partners Limited will provide car rental services, premium pick-up and drop-off facilities at arrival and departure curbs to reduce walking distances, and operate, manage, and maintain bus shuttle services within the airport campus...

IDFC First Bank Pays ₹583 Crore to Haryana Government After ₹590 Crore Fraud at Chandigarh Branch Bank Clears Principal and Interest Amid Ongoing Investigation New Delhi, February 24: IDFC First Bank has paid ₹583 crore to the relevant departments of the Haryana government, covering 100 percent of the principal and interest claimed in connection with a recently disclosed fraud case.In a regulatory filing on Tuesday, the private sector lender confirmed that despite the ongoing investigation, it has settled the full amount owed. The net payout of ₹583 crore includes both the principal and applicable interest.The bank stated that it remains committed to cooperating with Haryana government departments and law enforcement agencies to...

The Indian aviation industry is expected to see a significant reduction in losses in FY2026 to 2027, even as the sector continues to face operational and cost-related pressures, according to ICRA. The ratings agency has maintained a stable outlook on the domestic aviation industry, supported by improving operating conditions and steady passenger growth.Losses to Decline to ₹11,000 to 12,000 Crore in FY27 ICRA estimates that Indian airlines will report a net loss of ₹17,000 to 18,000 crore in FY2025 to 2026, sharply higher than the estimated ₹5,500 crore loss in FY2024 to 2025.However, losses are projected to narrow to ₹11,000 to 12,000 crore in FY2026 to 2027. The improvement is expected to be driven by growth in domestic air...

New Delhi, February 24: Gold prices advanced in the national capital on Tuesday, climbing Rs 400 to Rs 1,63,200 per 10 grams, as sustained buying by dealers and a weaker rupee supported domestic rates, according to local market traders.The precious metal of 99.9 percent purity had closed at Rs 1,62,800 per 10 grams on Monday. The fresh uptick reflects firm demand from local jewelers and dealers, who continued to accumulate the yellow metal despite softness in global markets.Domestic Demand Counters Global Weakness Traders indicated that rising demand in the domestic market helped gold prices move higher even as international prices declined. The weakening rupee further added to the upward pressure, making gold more expensive in the...

India and Israel Launch First Round of FTA Negotiations in New Delhi New Delhi, February 24: India and Israel have formally begun the first round of negotiations for a proposed Free Trade Agreement, marking a renewed push to deepen commercial engagement and boost investment flows between the two countries.The four day talks, which conclude on February 26, follow the signing of the Terms of Reference in November last year, setting the framework for structured negotiations.FTA Talks Resume After Earlier Stalemate The fresh negotiations come after earlier attempts to finalize a similar agreement stalled. Eight rounds of discussions were previously held, with the last round taking place in October 2021. Both sides have now restarted...

IMF Backs Macroeconomic Stabilization Amid Social Strain New Delhi, February 24: Even as the International Monetary Fund has praised Pakistan for stabilizing its economy under its ongoing support program, new data shows that poverty and income inequality have sharply worsened, raising concerns about the social cost of recent reforms.According to a report by Dawn, while key macroeconomic indicators such as the fiscal balance and the current account have improved, millions of citizens are facing increasing hardship. The divergence highlights a widening gap between economic stabilization on paper and the lived reality of households across the country.Fiscal Discipline Improves but Structural Challenges Persist After a prolonged period...

Mumbai, February 24: Marriott International has delivered its strongest expansion year in South Asia in 2025, signing a record 102 hotel agreements and adding more than 12,000 rooms across the region. India accounted for 99 of these deals, underscoring its central role in the company’s regional growth strategy.The global hospitality major also reported double digit growth in Revenue Per Available Room, reinforcing South Asia’s growing importance within Marriott’s global portfolio.Double Digit RevPAR Growth Strengthens Performance RevPAR for the South Asia comparable portfolio rose 10 percent year over year, driven primarily by growth in Average Daily Rate. The company attributed the increase to sustained pricing power, premium...

Mumbai, February 24: The Indian economy is now defined by high, stable, and accelerating growth supported by predictable economic outcomes, according to Poonam Gupta, Deputy Governor of the Reserve Bank of India.Delivering the 14th Foundation Day Lecture at the Centre for Development Studies on February 20, Gupta said India’s strong macroeconomic stability, policy consistency, and diversified demand base are placing the country on a steadily improving growth path.India Outperforms Emerging Market Peers Gupta highlighted that India’s performance stands in contrast to many other emerging and developing economies that lack one or more of the enabling factors supporting sustained growth.She noted that over the past four and a half...

Board Puts Re-Appointment on Hold Until 2027 Term Nears End Mumbai, February 24: The board of Tata Sons has deferred a decision on the re-appointment of Natarajan Chandrasekaran for a third term as Chairman, according to sources. The development signals potential differences within the holding company of the diversified Tata Group.At a board meeting held in Mumbai on Tuesday, no resolution was passed on extending Chandrasekaran’s tenure beyond his current term, which concludes in February 2027. No official statement was issued after the meeting.Concerns Raised by Noel Tata Over Group Performance and Listing Plans Sources indicated that Noel Tata, Chairman of Tata Trusts, raised concerns regarding losses in certain group companies...

India GDP Growth Seen Near 8.1% in Q3 FY26 Under Revised Base Year 2022-23 New Delhi, February 24: India’s economy is projected to expand by close to 8.1 per cent in the September to December quarter of FY26, according to a report released on Tuesday under the revised GDP series with 2022-23 as the new base year.The growth estimate comes amid methodological changes and ahead of the release of the second advance estimates by the National Statistics Office on February 27.Q3 FY26 Growth Outlook Signals Resilience The country recorded an 8 per cent growth rate in the first half of the ongoing financial year ending March 2026. Earlier, the first advance estimate by the National Statistics Office had pegged real GDP growth at 7.4 per cent...

The initial public offering of Gaudium IVF and Women Health closed on Tuesday with an overall subscription of 7.27 times, reflecting robust investor participation across categories on the final day of bidding.The ₹165 crore IPO attracted bids for 10,63,50,489 shares against 1,46,20,340 shares on offer, as per NSE data.Strong Demand from Retail and Non Institutional Investors The Non Institutional Investors segment recorded the highest response, subscribing 14.05 times their allotted quota. Retail individual investors followed with a subscription of 7.60 times.The portion reserved for Qualified Institutional Buyers was subscribed 1.62 times.With this public issue, Gaudium IVF becomes the first company in the fertility care sector...

New Delhi, February 24: Alembic Pharmaceuticals on Tuesday announced that it has received final approval from the US Food and Drug Administration to market its generic version of Efinaconazole Topical Solution 10 percent in the United States.The approval marks a significant regulatory milestone for the company as it strengthens its presence in the US generics market.USFDA Grants Final Approval for ANDA Alembic Pharmaceuticals confirmed that the US health regulator has granted final approval to its abbreviated new drug application for Efinaconazole Topical Solution 10 percent.The approved product is therapeutically equivalent to Jublia Topical Solution 10 percent marketed by Bausch Health Americas Inc. The approval enables Alembic...

New Delhi, February 24: Zendesk on Tuesday announced the launch of a new innovation hub in Pune, marking a strategic expansion of its presence in India and strengthening its global product development operations.The newly established Zendesk Pune Innovation Hub is positioned as a core growth center within the company’s worldwide footprint. According to the company, the hub will scale in both size and strategic importance as part of its broader global operations.Pune Positioned as Global Growth Center The Pune facility forms a key pillar of Zendesk’s strategy to tap into emerging talent pools and enhance collaboration across international teams. By anchoring one of its global growth centers in India, the company aims to integrate...

PNGS Reva Diamond Jewellery IPO Subscribed 59% on Day 1; QIB Portion Nearly Fully Booked New Delhi, February 24: The initial public offering of PNGS Reva Diamond Jewellery was subscribed 59 per cent on the first day of bidding on Tuesday, reflecting steady investor participation across categories.PNGS Reva IPO Subscription Status on Day 1 The Rs 380 crore IPO received bids for 33,83,488 shares against 57,06,235 shares on offer, according to NSE data.The Qualified Institutional Buyers portion was subscribed 92 per cent, indicating strong interest from institutional investors. The Retail Individual Investors segment saw 37 per cent subscription, while the Non Institutional Investors category was subscribed 7 per cent on the opening...

New Delhi, February 24: The IT services sector is entering a transformative phase as artificial intelligence reshapes traditional business models, with brokerage firm Jefferies warning of deeper structural changes ahead.According to the latest Jefferies report, AI-driven disruption is set to shrink the conventional managed services business while increasing the share of advisory and implementation engagements. The brokerage cautioned that this transition could heighten revenue cyclicality and demand significant changes in talent strategy and operating models.AI Impact Not Over, Price Targets Cut by Up to 33% Jefferies said the AI impact is far from over and has reduced price targets by as much as 33 percent for certain companies...