Business

Indian IT Sector at a Critical Inflection Point Amid AI Disruption Mumbai, February 24: Amid rising concerns over job security and the long term relevance of India’s nearly USD 300 billion IT services sector, HCLTech Managing Director and Chief Executive Officer C Vijayakumar said the ongoing shift driven by artificial intelligence will be painful, but not fatal for the industry.Speaking at the Nasscom NTLF event in Mumbai, Vijayakumar stressed that the current transformation is fundamentally different from previous technology cycles because it directly impacts people and roles across the ecosystem.AI Transition Involves People, Making It More Complex According to Vijayakumar, the AI led transition is unlike earlier shifts such as...

India E Commerce Market Growth Outlook India’s e commerce market, currently valued between 120 billion dollars and 140 billion dollars, is projected to expand to 280 billion dollars to 300 billion dollars by 2030, according to a report released by Boston Consulting Group on Tuesday.Despite its rapid rise, e commerce still accounts for only 7 to 8 per cent of total consumer spending in India. The findings highlight significant headroom for expansion as digital adoption deepens across geographies and demographics.Offline Retail Remains Resilient Even as digital commerce accelerates, offline retail continues to show strong momentum. The report noted that traditional retail has grown at an annual rate of 13 to 14 per cent over the past...

New Delhi, February 24: Financial disclosures filed by PhonePe in its Draft Red Herring Prospectus show a marked improvement in revenue growth, profitability metrics and cash generation over the last three fiscal years, underscoring a shift in the company’s financial trajectory within India’s fintech ecosystem.Revenue from Operations Jumps at 56.25% CAGR According to the DRHP, PhonePe’s revenue from operations rose sharply from ₹29,142.87 million in FY23 to ₹71,148.58 million in FY25. This translates into a compound annual growth rate of 56.25 percent over the three-year period.The expansion in revenue has been driven by stronger monetization across multiple verticals, including merchant payments, lending and insurance distribution...

Uniform Tariff Could Benefit Select Asia-Pacific Economies New Delhi, February 24: A proposed uniform 15 percent tariff announced by US President Donald Trump could alter the trade equation for several Asia-Pacific economies, according to Moody’s Analytics.In a statement issued on Tuesday, Moody’s Analytics said that a flat 15 percent tariff would benefit some countries in the Asia-Pacific region that had previously faced significantly higher country-specific levies. Economies such as China and several Southeast Asian nations stand to gain relative relief under a uniform structure.However, the impact would be limited for countries like Japan, South Korea, and Taiwan, where the base tariff rate is already set at 15 percent. For these...

Jharkhand Budget 2026-27: ₹1.58 Lakh Crore Outlay Tabled in Assembly State Government Increases Budget Size for FY27 Ranchi, February 24: The Jharkhand government on Tuesday presented a ₹1.58 lakh crore budget for the financial year 2026-27 in the state assembly, marking an increase over the previous fiscal’s allocation.Finance Minister Radhakrishna Kishore tabled the budget in the House, outlining the government’s financial roadmap for the upcoming year."I have presented a budget of ₹1.58 lakh crore for the 2026-27 financial year before the House," Kishore said while introducing the proposal.Higher Allocation Compared to 2025-26 The latest outlay reflects a rise from the ₹1.45 lakh crore budget presented for 2025-26 by the...

Leadership Restructuring at Suzlon to Accelerate Business Transformation New Delhi, February 24: Renewable energy solutions provider Suzlon Energy Ltd on Tuesday announced the appointment of Ajay Kapur as Group Chief Executive Officer, marking a significant leadership transition aligned with its Suzlon 2.0 vision.As part of the restructuring, the company has also elevated J P Chalasani to the newly constituted Group Executive Council, reinforcing its strategic leadership framework.Group Executive Council Formed to Guide Strategic Direction In a statement, Suzlon said it has established a Group Executive Council to provide strategic direction and oversee the next phase of transformation and scale across its businesses. Ajay Kapur...

New Delhi, February 24: The Union Cabinet is expected to approve a Joint Declaration of Intent with Germany for cooperation in the critical minerals sector at its meeting on Tuesday. A similar agreement with Canada is also likely to receive clearance, according to sources.The decisions are set to be taken at a Cabinet meeting chaired by Prime Minister Narendra Modi, as India moves to deepen strategic partnerships in response to intensifying global competition for critical mineral resources.Focus on Exploration, Sustainable Mining and Technology Transfer The proposed agreement with Germany will center on joint exploration initiatives, sustainable mining practices, strengthening supply chain resilience, and facilitating technology...

Bullion Prices Ease After Previous Session Gains Mumbai, February 24: Gold and silver prices declined on Tuesday as a stronger US dollar and profit booking after sharp gains in the previous session pressured the precious metals market.Investor sentiment remained cautious amid uncertainty over tariffs and ongoing US Iran peace talks, which helped limit the downside even as global cues turned negative.On the domestic front, MCX gold April futures slipped 0.58 percent to Rs 1,60,664 per 10 grams around 10:50 am. MCX silver March futures also declined 0.33 percent to Rs 2,64,450 per kg.Comex Gold and Silver Retreat from Recent Highs In the international market, gold futures for April delivery on Comex fell 1.1 percent to $5,170.70 per...

US Defence Secretary Pete Hegseth Holds Tense Meeting With Anthropic CEO Mumbai, February 24: US Defence Secretary Pete Hegseth reportedly summoned Dario Amodei, CEO of Anthropic, to the Pentagon for what has been described as a high stakes and tense meeting over the military use of the company’s Claude artificial intelligence model.According to a report by Axios citing an anonymous senior defence official, the interaction was not friendly. The discussion centered on restrictions embedded within Anthropic’s technology, which the Defence Secretary has reportedly urged AI firms to reconsider.$200 Million Pilot Contract and Safeguard Dispute Claude is currently the only AI system deployed within classified defence networks under a $200...

Boeing 737 Operating SG121 Turns Back Minutes After Takeoff New Delhi, February 24: A SpiceJet flight bound for Leh returned safely to Delhi Airport on Tuesday shortly after takeoff after the crew detected a technical issue onboard.The aircraft, a Boeing 737 operating as flight SG121 from Delhi to Leh, was carrying around 150 passengers when it turned back within minutes of departure as a precautionary measure.Safe Landing and Normal Disembarkation In an official statement, a SpiceJet spokesperson confirmed that the flight returned to Delhi after experiencing a technical issue.“The aircraft landed safely in Delhi, and all passengers were disembarked normally. There was no fire warning in the cockpit,” the spokesperson said.All...

Mumbai, February 24: Indian equity benchmarks opened sharply lower on Tuesday, with the Sensex and Nifty falling nearly 1 percent in early trade as a broad sell-off in information technology stocks weighed on market sentiment. Rising crude oil prices and renewed global trade concerns further added to the pressure.IT Stocks Drag Markets Lower The 30-share BSE Sensex declined 813.13 points, or 0.97 percent, to 82,481.53 in early trading. The 50-share NSE Nifty slipped 230.15 points, or 0.89 percent, to 25,482.85.Technology counters led the losses amid growing fears over potential disruption from artificial intelligence. Eternal recorded the steepest fall among Sensex constituents, dropping 3.82 percent. Other major laggards included...

India’s commercial vehicle sector began the calendar year on a strong footing, with wholesale volumes recording a sharp year on year expansion in January, reflecting the impact of GST rationalisation and improving freight demand.January CV Wholesale Volumes Jump 27% YoY Indian commercial vehicle wholesale volumes rose 27 per cent year on year to 99,544 units in January, compared with 97,682 units in December 2025, marking a sequential growth of 1.9 per cent.The strong annual growth was primarily attributed to the reduction in the Goods and Services Tax rate from 28 per cent to 18 per cent, effective September 22, 2025. The rate cut, coupled with higher freight activity in the goods segment, provided a meaningful boost to dispatches...

SpiceJet Flight SG121 Returns to Delhi After Engine Issue A SpiceJet aircraft operating from the national capital to Leh returned to Delhi on Tuesday morning after experiencing a technical problem mid flight.The Boeing 737 aircraft, operating as flight SG121 from Delhi to Leh, had around 150 passengers on board at the time of the incident.Aircraft Lands Safely in National Capital According to a statement issued by the airline, the Delhi to Leh flight returned to its origin following a technical issue.“The aircraft landed safely in Delhi, and all passengers were disembarked normally,” a SpiceJet spokesperson confirmed.Sources indicated that the aircraft encountered an engine related problem, prompting the return as a...

Indian Rupee Falls 7 Paise Amid Stronger Dollar and Weak Equity Opening Mumbai, February 24: The Indian rupee weakened by 7 paise to 90.96 against the US dollar in early trade on Tuesday, pressured by a rise in global crude oil prices and a firmer US dollar.At the interbank foreign exchange market, the rupee opened at 90.91 per dollar before sliding further to 90.96, marking a decline from its previous close of 90.89. On Monday, the domestic currency had gained 5 paise to settle at 90.89 against the greenback.Crude Oil Surge and Dollar Strength Weigh on Rupee The dollar index, which tracks the US dollar against a basket of six major currencies, was trading 0.11 percent higher at 97.81. The strengthening of the dollar added pressure...

Business Survey Index Climbs Above 100 for First Time in 47 Months Seoul, February 24: South Korea’s business sentiment has turned positive for March, marking its first rebound in four years, supported by strong exports of semiconductors and automobiles.The Business Survey Index for the country’s top 600 companies by sales stood at 102.7 for March, according to a monthly survey conducted by the Federation of Korean Industries. A reading above 100 indicates that optimists outnumber pessimists, while a figure below 100 signals the opposite.The index had remained below the 100 benchmark for 47 consecutive months through February, underscoring the prolonged weakness in corporate sentiment before the current turnaround.Manufacturing...

Indian Equity Markets Open Lower Amid Global Weakness Mumbai, February 24: Indian equity benchmarks open sharply lower on Tuesday morning, reversing gains from the previous session as a global technology sell-off weighs on investor sentiment.By 9:26 am, the Sensex drops 577 points or 0.69 per cent to 82,717, while the Nifty 50 slips 161 points or 0.63 per cent to 25,552. The decline comes in line with overnight weakness in US equities, where technology stocks face pressure amid disruptions linked to artificial intelligence developments.Broader Markets Mirror Benchmark Weakness The weakness is not limited to frontline indices. Broader markets also trade in the red:Nifty Midcap 100 declines 0.55 per cent Nifty Smallcap 100 falls...

Adani Power Secures 558 MW Supply Contract from TNPDCL, Strengthens Long-Term Revenue Visibility Moxie Power Wins Five-Year Power Supply Order in Tamil Nadu Ahmedabad, February 24: Adani Power on Tuesday announced that its subsidiary, Moxie Power Generation Ltd, has received a Letter of Award from Tamil Nadu Power Distribution Corporation for the supply of 558 MW net power over a five-year period.The power will be supplied at a tariff of ₹5.910 per unit, with deliveries scheduled to commence from April 1, 2026. Moxie Power emerged as the lowest bidder in a competitive bidding process.Tuticorin Plant to Anchor Supply Moxie Power operates a 1,200 MW power plant comprising two units of 600 MW each in Tuticorin, Tamil Nadu. Both units...

Strong Domestic Demand Keeps Growth Momentum Intact New Delhi, February 24: India’s gross domestic product growth for the third quarter of FY26 is projected to be in the range of 8 to 8.1 percent, according to a report released by SBI Research on Tuesday. The report highlights that the domestic economy has sustained strong growth momentum despite ongoing global headwinds.High-frequency indicators for the October to December 2025 quarter suggest resilient economic activity across sectors. The data points to continued strength in both consumption and demand trends, supporting a robust expansion trajectory.Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor at State Bank of India, noted that rural consumption remains firm, backed by...

New Delhi, February 23: Students receiving scholarships under the Ministry of Labour and Employment’s welfare scheme will soon be eligible to avail merit-based scholarships from any central or state government agency, marking a significant policy shift aimed at strengthening educational access for children of informal workers.The reform, announced in an official statement on Monday, is designed to enhance equity, remove unintended exclusions, and bring greater clarity to the scheme’s guidelines. The move reinforces the government’s broader commitment to inclusive social security and long-term human capital development.Key Change in Labour Welfare Scheme Education Component The Ministry administers the Labour Welfare Scheme under its...

New Delhi, February 23: With the Holi festival approaching, the Food Safety and Standards Authority of India has directed state food commissioners to ramp up surveillance and take strict enforcement action against adulteration in milk products and edible oils.Surge in Festive Demand Raises Adulteration Risks In a communication to state authorities, FSSAI noted that the demand for sweets, snacks, edible oils, and milk-based products such as ghee, khoa, and paneer typically witnesses a sharp rise during Holi.The regulator said that this spike in consumption creates economic incentives for adulteration, increasing the risk of unsafe and substandard food products entering the market.Focus on Milk, Sweets, Namkeen and Edible Oils FSSAI...