Business

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...

Sensex, Nifty Close Higher as PSU Banks, Auto Stocks Lead Rally After US Tariff Ruling Mumbai, February 23: Benchmark equity indices ended Monday’s session in positive territory, supported by strong buying in PSU banks, auto and financial stocks after the US Supreme Court struck down the Trump administration’s sweeping tariff measures.Sensex Jumps Nearly 480 Points, Nifty Above 25,700 The 30 share BSE Sensex climbed 479.95 points, or 0.58 percent, to close at 83,294.66. During the trading session, the index surged as much as 671.44 points, or 0.81 percent, to touch an intraday high of 83,486.15.The 50 share NSE Nifty advanced 141.75 points, or 0.55 percent, to settle at 25,713. In intraday trade, it rose 200.2 points, or 0.78...

Government Gives Investors More Time for CBM and DSF-IV Bids New Delhi, February 23: The government has extended the bid submission deadlines for the Special Coal Bed Methane Bid Round and the fourth round of Discovered Small Fields, offering investors additional time to align proposals with recent changes in oil and gas regulations.According to the Directorate General of Hydrocarbons, bids for 13 coal-bed methane blocks will now close on March 3. The blocks are located across Jharkhand and West Bengal with one block each, Maharashtra, Madhya Pradesh, Chhattisgarh and Odisha with two blocks each, and Telangana with three blocks.Alongside the CBM round, nine contract areas under DSF-IV are also open for bidding, with the revised...

RIL Charts New Growth Path with Massive AI and Digital Ecosystem Push New Delhi, February 23: Reliance Industries Ltd is preparing for another transformative phase in its nearly 48 year journey as a publicly listed company, with a proposed investment of $110 billion in artificial intelligence, related energy infrastructure, and the broader digital ecosystem over the next seven years.According to a report by Morgan Stanley, the scale of this proposed AI investment is comparable to the capital deployment Reliance undertook between 2014 and 2021 in telecom and consumer businesses. The move signals a significant shift in the company’s capital allocation strategy, continuing its decade-wise evolution of business models.₹10 Lakh Crore AI...

New Delhi, February 23: India and France have signed an amending protocol to their Double Taxation Avoidance Convention, introducing significant changes to capital gains taxation, dividend tax rates, and the scope of treaty benefits. The revised agreement is aimed at bringing greater certainty in taxation and aligning the framework with evolving international standards.The protocol was signed during the recent visit of French President Emmanuel Macron to India. It was formalized by Ravi Agrawal, Chairperson of the Central Board of Direct Taxes, and Thierry Mathou, Ambassador of France to India, on behalf of their respective governments.Capital Gains to Be Taxed Based on Company Residency A key amendment provides full taxing rights...

Mumbai, February 23: Indian stock markets extended their upward momentum on Monday, supported by strong buying interest in public sector banks and healthcare stocks. Positive global cues further lifted investor sentiment after the US Supreme Court ruled against reciprocal tariffs announced by US President Donald Trump.Nifty and Sensex End Higher for Second Straight Session The benchmark Nifty 50 advanced 141.75 points, or 0.55 percent, to close at 25,713. Meanwhile, the BSE Sensex gained 479.95 points, or 0.58 percent, to settle at 83,294.66.Markets ended on a positive note for the second consecutive session, reflecting resilience in domestic equities despite lingering concerns over global trade developments.Technical Outlook: Key...

Mumbai, February 23: The Indian rupee strengthened by 7 paise to settle at 90.87 against the US dollar on Monday, supported by a sharp decline in global crude oil prices and a softer US dollar amid renewed global trade-related uncertainties.Despite the gains, persistent foreign fund outflows and geopolitical concerns capped further appreciation in the local currency, according to forex traders.Rupee Trades in Narrow Range During Session At the interbank foreign exchange market, the rupee opened at 90.76 and moved within a range of 90.67 to 90.89 against the greenback during the session. It eventually settled at 90.87 on a provisional basis, marking a recovery from Friday’s close of 90.94, when the currency had plunged 26 paise...

US Supreme Court Ruling Reshapes Tariff Landscape New Delhi, February 23: Indian exports to the United States will be subject to an additional 10 percent tariff for 150 days starting February 24, following a ruling by the US Supreme Court that invalidated President Donald Trump’s earlier tariff measures.The decision comes after the court ruled last week that the sweeping tariffs imposed under the International Emergency Economic Powers Act of 1977 were illegal, stating that the president had exceeded his authority.In response to the ruling, President Trump announced a 10 percent tariff on imports from all countries, including India, effective February 24 for a period of 150 days. However, within hours of this announcement, he also...

12-Storey Campus to House Over 7,000 Employees Across Key Business Functions New Delhi, February 23: Amazon on Monday announced the opening of its second largest office in Asia, located in Bengaluru, further deepening its long term commitment to India.The newly inaugurated 12 storey campus spans 1.1 million square feet and will accommodate more than 7,000 employees. The facility will support teams across e commerce, operations, payments, technology, and seller services in India, the company said in a statement.Karnataka Government Welcomes Expansion Karnataka’s Minister for Large and Medium Industries and Infrastructure Development, MB Patil, inaugurated the campus and said Amazon’s continued investment reflects India’s growing role...

AI and Big Data Strengthen Power Sector Capabilities, Says CAG K Sanjay Murthy New Delhi, February 23: The Comptroller and Auditor General of India, K Sanjay Murthy, said on Monday that the increasing use of artificial intelligence and big data analytics is enhancing the power sector’s ability to address its inherent complexities.Speaking at the National Conference on the Power Sector in the national capital, Murthy noted that advancements in technology are playing a pivotal role in the ongoing transformation of the sector. He emphasized that the adoption of Artificial Intelligence and data-driven analytics is strengthening decision-making and operational management across generation, transmission, and distribution.Power Generation...