Business

Hyderabad, February 23: Olectra Greentech Ltd on Monday announced that it has received a Letter of Intent from Telangana State Road Transport Corporation for the supply of 1,085 electric buses under the PM E-DRIVE initiative. The order has been awarded through Evey Trans Pvt Ltd.The deployment of these electric buses in Hyderabad is expected to further strengthen the city’s clean, efficient and sustainable public transport ecosystem.Major Boost for Electric Mobility in Hyderabad The large-scale procurement marks a significant step in expanding electric public transportation in Telangana’s capital. The buses will operate across Hyderabad, reinforcing the state’s push towards greener mobility solutions under the PM E-DRIVE programme...

Coaching Institute Accused of Misrepresenting UPSC Civil Services Results New Delhi, February 23: The Central Consumer Protection Authority has imposed a penalty of ₹15 lakh on Delhi based Vajirao and Reddy Institute for publishing misleading advertisements related to the UPSC Civil Services Examination 2023 results.The action follows findings that the institute claimed credit for candidates who cleared the examination, even though many of them had enrolled only for mock interview sessions and not for comprehensive preparation across all stages.Claims of 645 Selections Under Scrutiny Shortly after the UPSC CSE 2023 results were declared on April 16, 2024, the institute stated on its official website that it had secured over 645...

Gold Imports Rise to USD 50 Billion in April to December New Delhi, February 23: Finance Minister Nirmala Sitharaman on Monday said that the recent surge in gold prices is largely driven by significant purchases by central banks across the world. She added that while India’s gold imports are being closely monitored by the government and the Reserve Bank of India, they have not reached alarming levels.During the April to December period last year, India’s gold imports in value terms rose by around USD 1 billion on an annual basis, touching USD 50 billion. The country remains a net importer of gold to meet domestic demand, both for investment and jewellery purposes.Sudden January Spike Under Analysis Reserve Bank of India Governor...

Torrent Group Expands into Healthcare Diagnostics with Reference-Led Model New Delhi, February 23: Torrent Group on Monday announced its formal entry into the diagnostics sector, marking a significant diversification move by the Gujarat-based conglomerate.The group has commenced operations of what it describes as the country’s largest National Reference Laboratory in Navi Mumbai. The launch signals the beginning of its diagnostic services business, structured around a reference-led operational model.1 Lakh Sq Ft National Reference Laboratory Operational in Navi Mumbai The newly inaugurated National Reference Laboratory spans over 1 lakh square feet and is designed to support 15 diagnostic disciplines. It offers more than 3,500 test...

New Delhi, February 23Auto component major Samvardhana Motherson International has commissioned a new manufacturing facility in Sanand, Gujarat, dedicated to producing exterior lighting systems for the automotive segment.The newly operational plant has been established as a joint venture with Marelli and will exclusively manufacture advanced exterior lighting systems, marking a strategic expansion of the group’s automotive component portfolio.Joint Venture with Marelli to Strengthen Automotive Capabilities The Sanand facility represents a focused investment aimed at enhancing the company’s technological and production capabilities in the fast-evolving automotive lighting space.“This strategic investment strengthens our ability...

Mumbai, February 23: Bharti Airtel on Monday announced plans to invest ₹20,000 crore over the next few years to scale up its digital lending operations through its Non Banking Financial Company subsidiary, Airtel Money Limited.The capital infusion signals a major push by the telecom major into India’s rapidly expanding financial services sector, as it seeks to address the country’s widening credit gap through technology driven lending.Investment Structure and Capital Allocation Under the proposed ₹20,000 crore investment plan, Bharti Airtel will contribute 70 per cent of the total capital. The remaining 30 per cent will be infused by the promoter group through Bharti Enterprises Limited.The phased investment is aimed at...

Mumbai, February 23: The Securities and Exchange Board of India has announced a comprehensive review of the regulatory framework governing Portfolio Management Services. SEBI Chairman Tuhin Kanta Pandey said the regulator will reassess the SEBI Portfolio Managers Regulations, 2020 to ensure they remain relevant and aligned with evolving market conditions.Speaking at an event at the National Institute of Securities Market near Mumbai, Pandey stated that the objective is to keep the framework effective, adaptable, and responsive to changing dynamics in the capital markets.SEBI PMS Regulations 2020 Under Review Pandey indicated that certain aspects of the six-year-old regulations require rationalisation. The proposed review follows...

Jyoti Structures Advances Power Infrastructure with 400 kV Line Energization in Ahmedabad New Delhi, February 23: Engineering firm Jyoti Structures has successfully energized key 400 kV transmission lines in Ahmedabad, marking a significant milestone in its ongoing power infrastructure project.According to the company, the transmission line connecting Torrent Power Grid Limited Pirana to Power Grid Corporation of India Limited Ahmedabad Circuit 1 was energized at 17:15:45 hours on February 19, 2026.Later the same day, the line from Power Grid Corporation of India Limited Pirana to Power Grid Corporation of India Limited Ahmedabad was energized at 19:20 hours.The company described the energization of these sections as a major step...

Managed Investments Industry Set to More Than Double by 2030 India’s managed investments industry is projected to expand sharply over the next five years, with assets under management expected to touch Rs 455 lakh crore by March 2030, according to a report released by Crisil Intelligence on Monday.The report estimates that total assets across mutual funds and alternative investment funds stood at Rs 212 lakh crore as of March 2025. This represented nearly 64 per cent of India’s GDP at the time.By March 2030, the industry’s asset base is projected to account for nearly 73 per cent of the country’s projected GDP, reflecting a structural deepening of capital markets and a steady financialization of household savings.Managed Funds...

REIT Expands Mumbai Metropolitan Region Presence with Strategic Mall Investment New Delhi, February 23: Real estate investment trust Nexus Select Trust has announced plans to acquire a 50 percent stake in the upcoming Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region, for ₹434 crore, marking a significant step in its expansion strategy.In a regulatory filing on Monday, the Blackstone-sponsored REIT confirmed that it has entered into an agreement for the development project, which is currently under construction.Details of the Transaction Under the agreement, Nexus Select Trust will acquire a 50 percent equity stake in Garden City Malls Pvt Ltd, a wholly owned subsidiary of M/s. Runwal Residency Pvt Ltd...

New Delhi, February 23: The government has announced financial support for micro and small exporters to help them secure international approvals and meet regulatory requirements such as Europe’s REACH and CBAM norms. The move is aimed at strengthening India’s export competitiveness and helping businesses navigate non tariff barriers in global markets.Commerce and Industry Minister Piyush Goyal said that under the ₹25,060 crore Export Promotion Mission, the government will fund a significant portion of compliance and certification expenses incurred by exporters.Financial Support Under TRACE Measure The assistance will be extended through the Trade Regulations, Accreditation and Compliance Enablement initiative, also known as TRACE...

New Delhi, February 23: India’s apparel exports recorded a moderate growth of 1.6 percent during April to January of the 2025-26 financial year, navigating global headwinds and persistent supply chain disruptions, according to the Apparel Export Promotion Council on Monday.The performance reflects resilience in the ready-made garment sector amid geopolitical uncertainties and shifting global demand patterns.Key Markets Show Encouraging Growth AEPC Chairman A Sakthivel said exports to several major destinations posted encouraging gains during the period under review.Among the key markets, Italy led with a 16 percent rise in apparel imports from India. Saudi Arabia followed with growth of 18.5 percent, while the UAE recorded an...

New Delhi, February 23: Hindustan Zinc Ltd on Monday signed a memorandum of understanding with Tripura Group to establish a new manufacturing unit at its flagship Zinc Industrial Park in Rajasthan.The agreement marks a significant step in the company’s plan to build India’s first integrated downstream industrial hub centered on zinc-based value chains. The proposed unit will operate within the Zinc Industrial Park, reinforcing the company’s strategy to expand its downstream ecosystem and strengthen domestic manufacturing capabilities.Assured Raw Material Supply and Long-Term Off-Take Commitment Under the terms of the MoU, Hindustan Zinc will provide assured raw material linkage to Tripura Group’s upcoming facility. The arrangement...

India Calls for Trust, Reliability and Innovation in Redesigned Global Pharma Supply Chains Mumbai, February 23: Union Minister J P Nadda on Monday called upon India’s domestic pharmaceutical industry to take a leadership role in the evolving global supply chain by focusing not only on scale but also on quality, reliability and innovation.Addressing the 11th edition of the Global Pharmaceutical Quality Summit virtually, the Minister for Health and Family Welfare and Chemicals and Fertilizers emphasized that as global supply chains undergo restructuring, India must position itself as a trusted anchor.“As global supply chains are redesigned, India must anchor them, not only with scale, but also with quality, reliability, and...

Major Infrastructure and Clean Energy Push at V.O. Chidambaranar Port Tuticorin, Tamil Nadu, February 23: Union Minister Sarbananda Sonowal has launched projects worth Rs 1,500 crore at V.O. Chidambaranar Port, aimed at upgrading port infrastructure, accelerating clean energy adoption, and deploying advanced digital technologies.The investment is expected to strengthen the port’s position as a major transshipment hub in Tamil Nadu, enhancing both regional and international sea connectivity.Projects Worth Over Rs 160 Crore Inaugurated During his visit to Tuticorin to review port operations, the Minister inaugurated projects valued at more than Rs 160 crore. These include:VOC Maritime Heritage Museum highlighting the port’s...

State-owned NBCC is exploring the possibility of undertaking a major infrastructure development project in Seychelles, including housing and allied facilities, on a 139-acre island.High-Level Delegation Visits NBCC Headquarters According to a company statement issued on Monday, Vice-President of the Republic of Seychelles Sebastien Pillay visited NBCC’s headquarters in New Delhi, leading a high-level delegation.The visiting delegation held detailed discussions with NBCC Chairman and Managing Director K P Mahadevaswamy and other senior officials regarding potential projects in Seychelles.During the meeting, NBCC made comprehensive presentations outlining proposed infrastructure development across approximately 139 acres of the...

Nithin Kamath has highlighted a lesser-known but crucial cost component in stock market transactions: Depository Participant or DP charges. While brokerage fees are often discussed, DP charges typically go unnoticed, even though they directly affect the net returns from stock sales.What Triggers a DP Charge? When an investor sells shares, those shares are debited from the demat account and delivered to the clearing corporation for settlement. This debit process attracts a DP charge.At Zerodha, the DP charge is ₹13.5 plus GST per transaction. This includes a ₹3.5 depository fee. The charge is applied when shares are sold and delivered for settlement.Flat Fee vs Percentage Based DP Charges Kamath pointed out that most brokers levy a...

Rupnagar, Punjab: Aam Aadmi Party leader Raghav Chadha has announced the allocation of ₹1 crore from his MPLAD fund for the construction of an indoor sports facility in Village Nurpur Bedi in Rupnagar district, marking a significant infrastructure push in one of the region’s key rural population centres.The announcement comes as Nurpur Bedi, a central hub for 135 surrounding villages in the Ropar region, prepares to receive its first indoor sports facility. Until now, the entire block did not have a single such facility.Foundation Stone Laid with Local MLA Chadha, along with local MLA Shri Dinesh Chadha, laid the foundation stone and participated in the groundbreaking ceremony for the project. The move follows demands raised by the...

Artificial intelligence is rapidly emerging as a core pillar of rural transformation in India, with the government positioning AI as integrated public infrastructure to accelerate inclusive development across sectors.In a statement issued on Monday, the government said AI is being institutionalized to enhance human capacity rather than replace it. The approach combines strategic vision, governance safeguards, digital public infrastructure, multilingual platforms, and sectoral integration spanning agriculture, healthcare, education, skills development, and local governance.From Pilot Projects to System-Wide AI Implementation The government noted that the India-AI Impact Summit 2026 marked a decisive transition from experimental pilot...

New Delhi, February 23: The International Federation of Consulting Engineers, widely known as FIDIC, has urged Prime Minister Narendra Modi to ensure strict implementation of amended General Financial Rules that prioritize quality assurance over the lowest bid in government contract awards.Call to Implement Quality-Cum-Cost-Based Selection in Public Procurement In a statement issued on Monday, FIDIC said the revised General Financial Rules permit the adoption of Quality-Cum-Cost-Based Selection, or QCBS, for awarding government contracts, including infrastructure projects and procurement of goods.Under the amended provisions, it is no longer mandatory to award contracts solely on the basis of the least cost offered. Authorities are...