Business

FY26 Revenue Growth Accelerates to 6.1 Percent Mumbai, February 24: The Indian technology industry is projected to reach USD 315 billion in revenue in FY26, reflecting a growth rate of 6.1 percent, according to industry body Nasscom.The growth marks a marginal acceleration compared to FY25, when revenues rose by 5.9 percent. Nasscom also revised its FY25 revenue estimate upward to USD 297 billion from the earlier projection of USD 282.6 billion.Despite prevailing challenges, the industry is expected to sustain steady momentum into FY26, supported by expanding digital adoption and emerging technology demand.Tech Sector Remains a Net Job Creator Nasscom President Rajesh Nambiar stated that the Indian tech industry continues to...

₹556 Crore, Including Interest, Returned Within 24 Hours Chandigarh, February 24: Haryana Chief Minister Nayab Singh Saini informed the Assembly on Tuesday that the entire amount involved in the fraud linked to state government accounts at the IDFC First Bank branch in Chandigarh has been fully recovered and credited back to the government.Addressing the House, the Chief Minister stated that a total of ₹556 crore, including ₹22 crore as interest, was returned to the government account within 24 hours.He also revealed that the involvement of four to five employees of the bank’s Chandigarh branch has come to light.“No one, whether a bank employee, a private individual, or a government official, will be spared in this case,” Saini...

Zinc Prices Gain Rs 2.80 in March Contracts New Delhi, February 24: Zinc prices moved higher in futures trading on Tuesday, with the March contract rising by Rs 2.80 to settle at Rs 329 per kg on the Multi Commodity Exchange.The uptick reflects a measured recovery in zinc futures, even as traders maintained a cautious stance due to the absence of fresh market-moving triggers.MCX Zinc Futures See Moderate Activity On the Multi Commodity Exchange, zinc contracts for March delivery advanced Rs 2.80, marking a gain of 0.86 percent to reach Rs 329 per kg. The contract recorded a trading volume of 3,728 lots during the session.The movement in zinc futures indicates selective participation, with traders showing interest at lower price...

Crude Oil Prices Gain Rs 50 in March Contracts New Delhi, February 24: Crude oil prices advanced in futures trading on Tuesday, climbing by Rs 50 to settle at Rs 6,095 per barrel as market participants increased their positions amid firm demand in the physical market.On the Multi Commodity Exchange, crude oil contracts for March delivery rose by Rs 50, marking a 0.83 percent increase. The contracts were traded in 15,375 lots, reflecting heightened participation in the derivatives segment.Strong Spot Demand Lifts Futures Activity Market activity indicated that traders expanded their exposure in crude oil futures, supporting the upward movement in prices. Increased positioning in response to robust spot demand contributed to keeping...

New Delhi, February 24: Copper futures moved higher on Tuesday, supported by firm demand in the spot market and active participation from traders.Copper March Contracts Gain on MCX On the Multi Commodity Exchange, copper contracts for March delivery rose by Rs 5.45, or 0.46 percent, to trade at Rs 1,202.70 per kilogram. The contract recorded a trading volume of 13,539 lots during the session, reflecting steady market activity.Increased Spot Demand Lifts Copper Prices Market participants attributed the upward movement in copper futures to stronger spot demand, which provided support to prices. Analysts said increased speculation by traders also contributed to the gains, leading to fresh buying interest in the contract.The rise in...

New Delhi, February 24: Silver prices in India witnessed a marginal uptick in futures trading on Tuesday, supported by rising global uncertainties linked to fresh tariff threats from US President Donald Trump.On the Multi Commodity Exchange, silver contracts for March delivery climbed Rs 252, or 0.09 percent, to trade at Rs 2,65,585 per kilogram. The contract recorded a trading volume of 6,002 lots during the session.Comex Silver Gains Over 1.5 Percent In the international market, Comex silver futures rose sharply by USD 1.3, or 1.52 percent, reaching USD 87.8 per ounce. The rally in overseas prices lent support to domestic silver futures.Trump Tariff Threats Lift Bullion Sentiment Silver prices strengthened after US President...

New Delhi, February 24: India’s tourism sector is poised for a major expansion as the Union Budget 2026-27 outlines a comprehensive set of measures aimed at strengthening institutional capacity, improving service quality, and enhancing destination competitiveness across the country.According to an official fact sheet released on Tuesday, tourism has been identified as a strategic growth driver due to its strong multiplier effect and its ability to generate widespread employment across hospitality, transport, handicrafts, and allied services.Tourism’s Contribution to GDP and Employment Data from the India Tourism Data Compendium 2025 highlights the sector’s significant economic footprint. Tourism contributes 5.22 percent to India’s...

Jharkhand Budget 2026-27: ₹1.58 Lakh Crore Outlay, Mahila Khushhali Yojna Announced for Women Farmers Jharkhand Government Presents ₹1.58 Lakh Crore Budget 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 from the ₹1.45 lakh crore outlay announced for 2025-26.Finance Minister Radhakrishna Kishore tabled a total budget of ₹1,58,560 crore, outlining the government’s focus on inclusive growth across sectors.“I have placed before the House a budget of ₹1,58,560 crore for the 2026-27 financial year,” the minister said during the presentation.Focus on Inclusive Growth: Poor, Farmers, Tribal Communities and Women...

Bombay High Court Lifts Stay on Fraud Classification of Anil Ambani’s Bank Accounts Division Bench Quashes Single Bench Order, Backs RBI Master Directions Mumbai, February 24: The Bombay High Court has lifted the interim stay that had restrained three public sector banks from classifying industrialist Anil Ambani and Reliance Communications Ltd as fraudulent borrowers under the Master Directions issued by the Reserve Bank of India.A division bench comprising Chief Justice Shree Chandrashekhar and Justice Gautam Ankhad on Monday set aside the December 2025 order of a single bench, which had stayed action initiated by Indian Overseas Bank, IDBI Bank, and Bank of Baroda. The bench described the earlier order as perverse, illegal, and...

Grants of £100,000 to £200,000 Announced for Green and Digital Solutions New Delhi, February 24: The Global System for Mobile Communications Association on Tuesday announced the launch of a new Innovation Fund aimed at accelerating the green transition in low and middle income countries. The fund will offer grants ranging from £100,000 to £200,000 to support small and growing enterprises that leverage mobile and digital technologies to drive sustainable development.The initiative targets enterprises operating across Africa, Central and South America, and South and Southeast Asia, with a focus on scaling practical and commercially viable solutions.Focus on Clean Energy, Circular Economy and Climate Action According to the...

Capacity Expansion to Ease Pressure on Metro Hubs New Delhi, February 24: India’s alternative airports, developed to reduce congestion at major metropolitan hubs, are projected to achieve a combined annual passenger handling capacity of around 40 million by the end of 2026, according to a report released on Tuesday by Crisil Ratings.The report highlights that these airports will play a pivotal role in accommodating rising air travel demand as older airports in key metropolitan regions operate close to their design limits.Capacity to Rise to 45–50 Million by FY30 Over the next four financial years, further expansion at these alternative airports is expected to raise total annual capacity to between 45 million and 50 million...

Gold Futures Decline on MCX Amid Profit Booking Gold prices eased in futures trade on Tuesday, reflecting cautious investor sentiment amid renewed global trade uncertainties triggered by fresh tariff measures in the United States.On the Multi Commodity Exchange, gold contracts for April delivery fell by Rs 496, or 0.31 per cent, to Rs 1,61,102 per 10 grams. The contract recorded a business turnover of 7,587 lots during the session.The decline pulled gold prices to around Rs 1.61 lakh per 10 grams, as traders booked profits following recent gains.Comex Gold Falls Below USD 5,200 Per Ounce In the international market, Comex gold futures for the April contract dropped by USD 28.16, or 0.54 per cent, to USD 5,197.44 per ounce. The...

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...