Business

$16.9 Billion Publicly Funded BharatNet to Expand Rural Broadband Nationwide New Delhi, February 23: The amended BharatNet programme, a $16.9 billion initiative equivalent to ₹1,39,000 crore in public funding, is set to bring optical fibre and broadband connectivity to every village across the country, including those in Andhra Pradesh, Communications Minister Jyotiraditya Scindia said on Monday.Describing the initiative as a transformative step, Scindia said the programme aims to democratize technology for every citizen. He noted that technology has enabled talent, ambition, and aspiration to reach the global stage, and the expanded BharatNet will extend similar opportunities to rural India.MoC Signed to Accelerate Amended...

New Delhi, February 23: Finance Minister Nirmala Sitharaman on Monday said it is too early to assess the impact of the latest tariff changes announced by the United States, adding that the commerce ministry is currently reviewing the developments.Her remarks come after a series of swift policy moves by US President Donald Trump that have altered the global trade landscape over the weekend.US Tariff Changes Trigger Fresh Trade Uncertainty On Friday, the US Supreme Court ruled against the sweeping import tariffs imposed by the Trump administration on several trade partners. Following the ruling, President Trump imposed a 10 percent tariff on all countries, including India, effective February 24 for a period of 150 days.A day later...

Balrampur Bioyug Wins Green Bioplastic Supply Contract New Delhi, February 23: Leading sugar manufacturer Balrampur Chini Mills Ltd has secured its first large institutional order for green bioplastic products from the Lucknow Cantonment Board, marking a key milestone in its diversification into sustainable materials.The order has been awarded to the company’s PLA division, Balrampur Bioyug, and includes the supply of compostable garbage bags in two sizes, 300 ml PLA bottles, 3D printed PLA compostable pens, and PLA folders. All products are manufactured from renewable, bio based Poly Lactic Acid, a 100 percent compostable material designed to leave no microplastics behind while maintaining a low carbon footprint.PLA Plant in Uttar...

India is set to account for nearly 40 percent of the total Grade A office supply across the Asia Pacific region in 2026, reinforcing its growing dominance in the commercial real estate sector, according to a report released by CBRE South Asia Pvt. Ltd. on Monday.APAC Office Supply to Reach 61.3 Million Sq. Ft. in 2026 The Grade A office supply in the Asia Pacific region is projected to reach a record 61.3 million square feet in 2026. This represents a 10.8 percent increase from 55.3 million square feet expected in 2025.India and mainland China together are likely to contribute more than 75 percent of the total new supply, underscoring the concentration of commercial development in these two major markets.Bengaluru Leads APAC in...

Corporate India is projected to offer an average salary increase of 9.1 per cent in 2026, with Global Capability Centres emerging as the top paymasters, according to the latest “Future of Pay” report by EY India released on Monday.The report signals sustained optimism in compensation trends, even as companies recalibrate talent strategies amid evolving business demands.GCCs to Offer Highest Salary Increments at 10.4% Global Capability Centres, or GCCs, are expected to lead the salary growth cycle with projected increments of 10.4 per cent in 2026. The higher payouts are being driven by strong global demand for digital and technology capabilities, positioning GCCs as key drivers of compensation growth.In comparison, the financial...

Strategic Push to Transform Vizhinjam into a Maritime and Logistics Hub Thiruvananthapuram, February 23: The Kerala government on Monday signed memoranda of understanding with three central public sector companies to implement a ₹2,000 crore logistics master plan at the Vizhinjam International Seaport, marking a major step in strengthening the state’s maritime infrastructure.The agreements were signed at the Legislative Assembly Building in the presence of Chief Minister Pinarayi Vijayan, according to a release from the Chief Minister’s Office.The initiative is positioned as a strategic shift aimed at transforming the port into a comprehensive economic development hub. While the port operates under a Public-Private Partnership...

RBI Assures Stability Amid IDFC First Bank Fraud Case New Delhi, February 23: The Reserve Bank of India has confirmed that it is closely monitoring developments surrounding the ₹590 crore fraud reported by IDFC First Bank, with Governor Sanjay Malhotra stating that there is no systemic issue arising from the incident.Speaking to reporters after the customary post-budget address by Finance Minister Nirmala Sitharaman to the Central Board of Directors of the Reserve Bank of India, Malhotra said, “We are monitoring the situation; there is no systemic issue.”₹590 Crore Fraud Confined to Specific Government Accounts On Sunday, IDFC First Bank disclosed that certain employees and others at a particular branch in Chandigarh had committed a...

The initial public offering of Gaudium IVF and Women Health was fully subscribed on the second day of bidding on Monday, reflecting strong interest from retail and non-institutional investors.According to data available with the NSE at 12:30 hours, the IPO received bids for 2,85,63,948 shares against 1,46,20,340 shares on offer, translating into an overall subscription of 1.95 times.Retail, NII Segments Drive Subscription Momentum The retail individual investors segment was subscribed 2.81 times, while non-institutional investors bid 2.56 times their allotted portion. In contrast, the qualified institutional buyers segment saw limited participation, with just 1 per cent subscription.Earlier, the company had raised ₹49.5 crore from...

Gold Prices Rally Nearly 2% in Domestic Futures Trade New Delhi, February 23: Gold prices surged sharply in futures trading on Monday, tracking strong international trends as renewed global trade concerns pushed investors toward safe haven assets.On the Multi Commodity Exchange, gold futures for April delivery climbed ₹2,946, or 1.88 percent, to ₹1,59,822 per 10 grams. The contract witnessed a trading volume of 7,515 lots, reflecting active participation amid heightened volatility in global markets.The rally comes at a time when geopolitical and trade uncertainties are influencing commodity markets, leading to increased buying interest in bullion.International Gold Prices Mirror Uptrend The domestic surge followed a strong move in...

India’s luxury housing market has entered a new phase in 2025, with Gurugram emerging as the country’s fastest-growing ultra-premium residential hub, according to the latest High-End Luxury Housing Report released on Monday.The report, published by India Sotheby's International Realty and CRE Matrix, shows a sharp acceleration in high-value home sales in the city, marking a significant turning point in its property cycle.Rs 24,120 Crore in Ultra-Premium Transactions Gurugram recorded a transaction value of Rs 24,120 crore in homes priced at Rs 10 crore and above during calendar year 2025.A total of 1,494 ultra-luxury homes were sold in this price bracket, the highest ever recorded in a single year in the city. The scale of...

MCX Crude Oil Prices Decline 1.25% in March Contract New Delhi, February 23: Crude oil prices declined sharply in futures trade on Monday, tracking weak global benchmarks and subdued demand trends.On the Multi Commodity Exchange, crude oil futures for March delivery dropped by ₹76, or 1.25 percent, to ₹5,981 per barrel. The contract recorded a business turnover of 14,454 lots during the session, reflecting active participation despite the price decline.Weak Spot Demand Triggers Profit Booking Market participants attributed the fall in crude oil futures to offloading of positions amid weak demand in the spot market. The selling pressure weighed on prices as traders adjusted their exposure in response to softer consumption trends...

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...