Business

Silver prices rallied sharply on Monday, climbing nearly 5 percent in the domestic futures market as renewed global trade tensions strengthened demand for safe haven assets.On the Multi Commodity Exchange, silver futures for March delivery surged by Rs 12,338, or 4.88 percent, to Rs 2,65,282 per kg. The contract recorded trading activity in 6,024 lots, reflecting strong participation from market participants.MCX Silver Futures Extend Gains for Fourth Session The sharp rise in prices marked the fourth consecutive session of gains for silver. Market participants increased exposure to precious metals amid growing global uncertainty.In the international market, Comex silver futures for the March contract advanced by 5.58 percent, or...

₹590 Crore Discrepancy Linked to Collusion at Single Branch Mumbai, February 23: IDFC First Bank Managing Director and Chief Executive V Vaidyanathan on Monday described the ₹590 crore fraud involving Haryana government accounts as a case of collusion between certain bank employees and external parties.Speaking during a specially convened investor and analyst call ahead of market hours, Vaidyanathan clarified that the issue was confined to one branch and one client group. He said the fraudulent activity involved forged physical cheque transactions and stressed that there was no system reporting error.The bank has pegged the discrepancy at ₹590 crore, comprising ₹490 crore identified after reconciliation and an additional ₹100 crore...

Division Bench Sets Aside Single Judge Order, Allows Banks’ Appeals Mumbai, February 23: In a significant development, the Bombay High Court on Monday overturned a single-judge interim order that had stayed proceedings against industrialist Anil Ambani and Reliance Communications Ltd in connection with the classification of their bank accounts as fraudulent.A division bench comprising Chief Justice Shree Chandrashekhar and Justice Gautam Ankhad allowed appeals filed by three public sector banks and audit firm BDO India LLP against the December 2025 interim order. The bench described the earlier order as illegal and perverse, effectively clearing the way for the banks to proceed with their actions.Ambani’s legal team requested a stay...

Mumbai, February 23: Gold and silver prices witnessed a sharp surge on Monday in domestic futures trade, tracking heightened geopolitical tensions and a pronounced weakness in the US dollar.MCX Gold and Silver Futures Record Strong Gains On the Multi Commodity Exchange, MCX gold April futures climbed 1.83 percent on an intra day basis to ₹1,59,749 per 10 grams. MCX silver March futures advanced 5.10 percent to ₹2,65,836 per kg.Earlier in the session, gold had rallied 2 percent, while silver surged as much as 6 percent, reflecting aggressive buying interest in precious metals.Geopolitical Risks Fuel Safe Haven Demand The sharp upswing in bullion prices comes as geopolitical tensions intensify ahead of a 10 day deadline set by US...

The government on Monday announced that total revenue generated from scrap sales under the Swachhta campaign from 2021 to January 2026 has reached ₹4,405.28 crore, reflecting sustained efforts toward administrative efficiency and space optimisation across ministries and departments.₹200 Crore Generated in December–January Period According to the Department of Administrative Reforms and Public Grievances, ₹200.21 crore was earned from scrap disposal during December 2025 and January 2026 alone.In January, 81,322 files were cleared across 5,188 offices as part of the campaign, underscoring the scale of record management and clean-up operations undertaken nationwide.27th Edition of Secretariat Reforms Highlights Governance Push The...

Yogi Adityanath Meets GIC, Temasek and DBS in Singapore to Boost Uttar Pradesh Investment Push Chief Minister Seeks Sovereign Investment in Data Centres, Logistics and Renewable Energy Singapore and Lucknow, February 23: Uttar Pradesh Chief Minister Yogi Adityanath began his Singapore visit on Monday with a series of high-level meetings aimed at attracting sovereign and institutional investments into the state’s priority sectors.During his engagements, the Chief Minister discussed opportunities for sovereign investment participation across data centres, logistics hubs, renewable energy, and industrial infrastructure. He highlighted Uttar Pradesh’s policy framework and fast-track clearance mechanisms designed to support global...

Stock Crashes as Fraudulent Transactions Surface at Chandigarh Branch Mumbai, February 23: Shares of IDFC First Bank tumbled to the 20 per cent lower circuit on Monday after the lender disclosed fraudulent transactions amounting to around ₹590 crore at its Chandigarh branch.The stock fell sharply to an intraday low of ₹66.85, marking a full 20 per cent decline. It had opened nearly 10 per cent lower before extending losses in early trade. At 10:33 am, the shares were trading at ₹70.10, down 16.06 per cent for the day.The steep fall followed the bank’s regulatory filing detailing unauthorized activities allegedly carried out by certain employees.Fraud Confined to Haryana Government-Linked Accounts According to the bank, the matter...

Policy Move Aims to Promote Sustainable Mining Practices New Delhi, February 23: In a significant relief for the mining sector, the government has exempted the recycling of tailings within existing mine leases from the requirement of obtaining fresh environmental clearances.The decision is expected to remove procedural delays and streamline operations for mining companies that process residual waste generated during ore extraction.No Fresh EC Needed for Tailings Processing Within Existing Leases Under the new measure, companies operating within their approved mine lease areas can now recycle and reuse tailings without seeking additional environmental clearance approvals.Tailings refer to the residual waste material left after...

New Delhi, February 23: AU Small Finance Bank has denied any wrongdoing in connection with the alleged fraudulent opening of accounts after the Haryana government de-empaneled it from undertaking government business in the state.In a circular issued by the finance department, the Haryana government stated that both AU Small Finance Bank and IDFC First Bank are de-empaneled for government business in Haryana with immediate effect until further orders.The action follows a disclosure by IDFC First Bank regarding a Rs 590 crore fraud committed by its employees and others in accounts held by the Haryana government with the lender.AU Small Finance Bank Details Account Opening and Transactions Responding to the development in a...

Smartphones Overtake Diesel Fuel as India’s Largest Export Category New Delhi, February 23: Apple’s iPhone has emerged as India’s most valuable export item in 2025, with shipments worth approximately $23 billion from domestic manufacturing facilities, largely destined for the United States, according to industry data.For the first time, smartphones have become India’s top export category, overtaking automotive diesel fuel. During the January to December period, total smartphone exports reached $30.13 billion. Apple accounted for 76 percent of these exports, underscoring the company’s dominant role in India’s electronics export surge.PLI Scheme and China Diversification Drive Export Growth The sharp rise in Apple exports has been...

Mumbai, February 23: The benchmark indices Sensex and Nifty begin the week on a firm footing on Monday, supported by strong buying in banking and services stocks, as positive cues from Asian markets lift investor sentiment.The rally follows a landmark ruling by the US Supreme Court that invalidated the Trump tariffs, terming them illegal, a development that analysts say could reshape global trade dynamics.Sensex Jumps Over 570 Points, Nifty Reclaims 25,750 Mark The 30 share BSE Sensex rises 572.10 points, or 0.69 percent, to 83,386.81 in early trade. The 50 share NSE Nifty advances 190.65 points, or 0.75 percent, to 25,761.90.Banking heavyweights and frontline stocks lead the gains. Among Sensex constituents, Adani Ports, Axis...

Joint Development Agreement Signed in Thane Godrej Properties Ltd has entered into a joint development agreement to build a large housing project on an 18-acre land parcel in Thane, Mumbai, as part of its ongoing expansion strategy.In a regulatory filing on Monday, the Mumbai-based real estate developer confirmed that it has partnered with a landowner to develop the project. The company did not disclose the name of the landowner involved in the agreement.The proposed development will primarily comprise residential units and carries an estimated revenue potential of over ₹7,500 crore.Focus on High-Growth Micro-Markets in MMR The upcoming project will mark the company’s fourth development in Thane, a location that has emerged as one...

The Indian rupee strengthened by 21 paise to 90.73 against the US dollar in early trade on Monday, supported by a sharp decline in global crude oil prices and a weaker dollar amid fresh uncertainty over US tariff measures.At the interbank foreign exchange market, the rupee opened at 90.76 and advanced further to 90.73, marking a recovery of 21 paise from its previous close of 90.94. The domestic currency had fallen 26 paise on Friday.Crude Oil Prices Ease, Supporting the Rupee Global oil benchmark Brent crude declined 1.09 per cent to USD 70.98 per barrel. Lower crude prices typically ease pressure on India’s import bill, offering support to the rupee.The dollar index, which measures the US currency against a basket of six major...

Mumbai, February 23: Indian equity markets opened the week on a firm footing on Monday, supported by encouraging global signals and improved investor sentiment after the United States Supreme Court struck down tariffs imposed by US President Donald Trump.Sensex and Nifty Register Strong Opening Gains As of 9:25 am, the BSE Sensex advanced 563 points, or 0.68 percent, to 83,375. The Nifty 50 climbed 170 points, or 0.67 percent, to 25,741.Broader markets delivered a mixed but positive performance. The Nifty Midcap 100 rose 0.12 percent, while the Nifty Smallcap 100 outperformed with a gain of 0.86 percent.Sectoral Performance: PSU Banks Lead the Rally Most sectoral indices traded in positive territory during early trade. The Nifty...

Mumbai, February 23, 2026 (Monday) – Stallion India Fluorochemicals Limited (NSE: STALLION | BSE: 544342) has received approval for land allotment for its proposed Hydrofluoroolefin (HFO) manufacturing facility at the RIICO Industrial Area in Ukhalliya, District Bhilwara, Rajasthan. The allotment strengthens the company’s Rajasthan expansion roadmap and positions it to build an integrated fluorochemicals manufacturing complex. Land Allotment Details and Expansion Layout The company has been allotted Plot No. SP2-9, measuring approximately 53,369 sq. mtrs, adjacent to its existing plots:Plot SP3-10: ~40,524 sq. mtrs Plot SP3-11: ~28,650 sq. mtrsThis takes the total contiguous landholding in the area to approximately 122,543 sq. mtrs...

Meetings With GIC and DBS Highlight Investment Push Singapore, February 23: Uttar Pradesh Chief Minister Yogi Adityanath held key meetings with leading Singaporean government-linked institutions on Monday, seeking sovereign and institutional investment in high-growth sectors across the state.The Chief Minister arrived in Singapore earlier in the day and engaged with senior representatives of global investment entities to explore long-term partnerships. The discussions centred on attracting sovereign investment participation in Uttar Pradesh across data centres, logistics hubs, renewable energy, and industrial infrastructure.Highlighting the state’s investor-friendly policy framework, he underscored fast-track clearances and...

Declining Ownership Among 20s and 30s New data from South Korea’s auto industry tracker Carisyou shows that new passenger car purchases by people in their 20s and 30s fell to their lowest levels in a decade in 2025.New car registrations among consumers in their 20s totaled 61,962 units, accounting for 5.6 percent of all new cars registered last year. This marks a steady decline from 8.8 percent in 2016, bringing the share to its lowest level in ten years.For those in their 30s, registrations stood at 209,749 units, representing 19 percent of total new car registrations. Over the past decade, this share has dropped by 6.9 percentage points, also reaching a ten-year low.Industry observers attribute the decline primarily to rising...

Shipments Hit Record $43.5 Billion in First 20 Days Seoul, February 23: South Korea’s exports climbed 23.5 percent year on year in the first 20 days of February, powered by robust semiconductor demand, according to data released by the Korea Customs Service.Outbound shipments reached $43.5 billion during the February 1 to 20 period, compared to $35.2 billion recorded in the same period last year. The latest figure marks the highest level ever for this timeframe, reflecting the sustained momentum in the country’s export-driven economy.The surge was largely attributed to a sharp rise in semiconductor exports amid strong demand linked to artificial intelligence applications.Semiconductor Exports More Than Double Exports of...

Seoul, February 23: South Korea has reaffirmed its commitment to maintaining stable trade relations with the United States, with the government pledging continued “amicable” consultations to safeguard favorable export conditions secured under the bilateral tariff agreement between the two nations.Kim Jung-kwan, South Korea’s Minister of Trade, Industry and Resources, said the government will prioritize national interest while ensuring that the balance of benefits achieved through the Korea US tariff agreement remains intact.Government to Maintain Close Communication with Washington Speaking at a meeting with local business representatives, Kim emphasized that Seoul will pursue close communication and constructive engagement with...

Chandigarh, February 22 The Haryana government has de-empaneled IDFC First Bank and AU Small Finance Bank for government business with immediate effect, according to an official circular.No government funds will be parked, deposited, invested, or transacted through these institutions, it said."IDFC First Bank and AU Small Finance Bank are hereby de-empaneled for government business in Haryana with immediate effect, pending further orders," according to a circular issued by the Finance Department.IDFC First Bank disclosed on Sunday that its employees and others had committed a fraud of Rs 590 crore involving accounts held by the Haryana government with the private sector lender.In a regulatory filing made in the early hours, IDFC...