Business

US Defence Secretary Pete Hegseth Holds Tense Meeting With Anthropic CEO Mumbai, February 24: US Defence Secretary Pete Hegseth reportedly summoned Dario Amodei, CEO of Anthropic, to the Pentagon for what has been described as a high stakes and tense meeting over the military use of the company’s Claude artificial intelligence model.According to a report by Axios citing an anonymous senior defence official, the interaction was not friendly. The discussion centered on restrictions embedded within Anthropic’s technology, which the Defence Secretary has reportedly urged AI firms to reconsider.$200 Million Pilot Contract and Safeguard Dispute Claude is currently the only AI system deployed within classified defence networks under a $200...

Boeing 737 Operating SG121 Turns Back Minutes After Takeoff New Delhi, February 24: A SpiceJet flight bound for Leh returned safely to Delhi Airport on Tuesday shortly after takeoff after the crew detected a technical issue onboard.The aircraft, a Boeing 737 operating as flight SG121 from Delhi to Leh, was carrying around 150 passengers when it turned back within minutes of departure as a precautionary measure.Safe Landing and Normal Disembarkation In an official statement, a SpiceJet spokesperson confirmed that the flight returned to Delhi after experiencing a technical issue.“The aircraft landed safely in Delhi, and all passengers were disembarked normally. There was no fire warning in the cockpit,” the spokesperson said.All...

Mumbai, February 24: Indian equity benchmarks opened sharply lower on Tuesday, with the Sensex and Nifty falling nearly 1 percent in early trade as a broad sell-off in information technology stocks weighed on market sentiment. Rising crude oil prices and renewed global trade concerns further added to the pressure.IT Stocks Drag Markets Lower The 30-share BSE Sensex declined 813.13 points, or 0.97 percent, to 82,481.53 in early trading. The 50-share NSE Nifty slipped 230.15 points, or 0.89 percent, to 25,482.85.Technology counters led the losses amid growing fears over potential disruption from artificial intelligence. Eternal recorded the steepest fall among Sensex constituents, dropping 3.82 percent. Other major laggards included...

India’s commercial vehicle sector began the calendar year on a strong footing, with wholesale volumes recording a sharp year on year expansion in January, reflecting the impact of GST rationalisation and improving freight demand.January CV Wholesale Volumes Jump 27% YoY Indian commercial vehicle wholesale volumes rose 27 per cent year on year to 99,544 units in January, compared with 97,682 units in December 2025, marking a sequential growth of 1.9 per cent.The strong annual growth was primarily attributed to the reduction in the Goods and Services Tax rate from 28 per cent to 18 per cent, effective September 22, 2025. The rate cut, coupled with higher freight activity in the goods segment, provided a meaningful boost to dispatches...

SpiceJet Flight SG121 Returns to Delhi After Engine Issue A SpiceJet aircraft operating from the national capital to Leh returned to Delhi on Tuesday morning after experiencing a technical problem mid flight.The Boeing 737 aircraft, operating as flight SG121 from Delhi to Leh, had around 150 passengers on board at the time of the incident.Aircraft Lands Safely in National Capital According to a statement issued by the airline, the Delhi to Leh flight returned to its origin following a technical issue.“The aircraft landed safely in Delhi, and all passengers were disembarked normally,” a SpiceJet spokesperson confirmed.Sources indicated that the aircraft encountered an engine related problem, prompting the return as a...

Indian Rupee Falls 7 Paise Amid Stronger Dollar and Weak Equity Opening Mumbai, February 24: The Indian rupee weakened by 7 paise to 90.96 against the US dollar in early trade on Tuesday, pressured by a rise in global crude oil prices and a firmer US dollar.At the interbank foreign exchange market, the rupee opened at 90.91 per dollar before sliding further to 90.96, marking a decline from its previous close of 90.89. On Monday, the domestic currency had gained 5 paise to settle at 90.89 against the greenback.Crude Oil Surge and Dollar Strength Weigh on Rupee The dollar index, which tracks the US dollar against a basket of six major currencies, was trading 0.11 percent higher at 97.81. The strengthening of the dollar added pressure...

Business Survey Index Climbs Above 100 for First Time in 47 Months Seoul, February 24: South Korea’s business sentiment has turned positive for March, marking its first rebound in four years, supported by strong exports of semiconductors and automobiles.The Business Survey Index for the country’s top 600 companies by sales stood at 102.7 for March, according to a monthly survey conducted by the Federation of Korean Industries. A reading above 100 indicates that optimists outnumber pessimists, while a figure below 100 signals the opposite.The index had remained below the 100 benchmark for 47 consecutive months through February, underscoring the prolonged weakness in corporate sentiment before the current turnaround.Manufacturing...

Indian Equity Markets Open Lower Amid Global Weakness Mumbai, February 24: Indian equity benchmarks open sharply lower on Tuesday morning, reversing gains from the previous session as a global technology sell-off weighs on investor sentiment.By 9:26 am, the Sensex drops 577 points or 0.69 per cent to 82,717, while the Nifty 50 slips 161 points or 0.63 per cent to 25,552. The decline comes in line with overnight weakness in US equities, where technology stocks face pressure amid disruptions linked to artificial intelligence developments.Broader Markets Mirror Benchmark Weakness The weakness is not limited to frontline indices. Broader markets also trade in the red:Nifty Midcap 100 declines 0.55 per cent Nifty Smallcap 100 falls...

Adani Power Secures 558 MW Supply Contract from TNPDCL, Strengthens Long-Term Revenue Visibility Moxie Power Wins Five-Year Power Supply Order in Tamil Nadu Ahmedabad, February 24: Adani Power on Tuesday announced that its subsidiary, Moxie Power Generation Ltd, has received a Letter of Award from Tamil Nadu Power Distribution Corporation for the supply of 558 MW net power over a five-year period.The power will be supplied at a tariff of ₹5.910 per unit, with deliveries scheduled to commence from April 1, 2026. Moxie Power emerged as the lowest bidder in a competitive bidding process.Tuticorin Plant to Anchor Supply Moxie Power operates a 1,200 MW power plant comprising two units of 600 MW each in Tuticorin, Tamil Nadu. Both units...

Strong Domestic Demand Keeps Growth Momentum Intact New Delhi, February 24: India’s gross domestic product growth for the third quarter of FY26 is projected to be in the range of 8 to 8.1 percent, according to a report released by SBI Research on Tuesday. The report highlights that the domestic economy has sustained strong growth momentum despite ongoing global headwinds.High-frequency indicators for the October to December 2025 quarter suggest resilient economic activity across sectors. The data points to continued strength in both consumption and demand trends, supporting a robust expansion trajectory.Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor at State Bank of India, noted that rural consumption remains firm, backed by...

New Delhi, February 23: Students receiving scholarships under the Ministry of Labour and Employment’s welfare scheme will soon be eligible to avail merit-based scholarships from any central or state government agency, marking a significant policy shift aimed at strengthening educational access for children of informal workers.The reform, announced in an official statement on Monday, is designed to enhance equity, remove unintended exclusions, and bring greater clarity to the scheme’s guidelines. The move reinforces the government’s broader commitment to inclusive social security and long-term human capital development.Key Change in Labour Welfare Scheme Education Component The Ministry administers the Labour Welfare Scheme under its...

New Delhi, February 23: With the Holi festival approaching, the Food Safety and Standards Authority of India has directed state food commissioners to ramp up surveillance and take strict enforcement action against adulteration in milk products and edible oils.Surge in Festive Demand Raises Adulteration Risks In a communication to state authorities, FSSAI noted that the demand for sweets, snacks, edible oils, and milk-based products such as ghee, khoa, and paneer typically witnesses a sharp rise during Holi.The regulator said that this spike in consumption creates economic incentives for adulteration, increasing the risk of unsafe and substandard food products entering the market.Focus on Milk, Sweets, Namkeen and Edible Oils FSSAI...

New Delhi, February 23: Nearly 70 per cent of jobs in India are now based outside major metropolitan areas, with Tier-3 cities emerging as the largest employment hubs, according to a new report released on Monday by staffing firm Quess Corp.The study highlights a significant decentralization of employment, with Tier-3 cities accounting for 40 per cent of total jobs and Tier-2 cities contributing 29 per cent. In comparison, Tier-1 metropolitan cities account for 31 per cent of employment.Tier-3 and Tier-2 Cities Drive Workforce Expansion The report indicates that employment growth is increasingly concentrated in rapidly expanding urban centers such as Coimbatore, Indore, Surat, Vadodara, Noida, and Lucknow. These cities are...

New Delhi, February 23HFCL Ltd has joined a research consortium funded by the Department of Telecommunications and led by Indian Institute of Technology Delhi to advance hollow core fiber technology for next generation communication networks.The initiative focuses on developing cutting edge hollow core fiber solutions that can power future ready telecom and digital infrastructure, including 6G and quantum communication systems.Focus on Hollow Core Fiber Technology Hollow core fiber is a new class of optical fiber designed to significantly reduce latency and energy consumption compared to conventional fiber. Unlike traditional optical fibers that guide light through solid glass cores, hollow core fiber enables light to travel...

Bright Smiles, Bright Futures Program to Strengthen Preventive Oral Care in Schools Chandigarh, February 23: Colgate-Palmolive (India) Limited has partnered with the Haryana government to roll out a large-scale oral health education initiative aimed at benefiting 57 million school children across the state.The initiative will be implemented under the company’s flagship Bright Smiles, Bright Futures (BSBF) program, which currently reaches more than 10 million children annually across different states in India.Focus on Preventive Oral Hygiene and Structured Learning Haryana Chief Minister Nayab Singh Saini stated that the collaboration is expected to promote preventive oral hygiene practices among students and contribute to their...

DGFT Caps RoDTEP Rates at 50% With Immediate Effect New Delhi, February 23: The government has reduced the rate of duty benefits under the Remission of Duties and Taxes on Exported Products scheme, commonly known as RoDTEP, by half with immediate effect. The move has triggered concern across the exporting community, which has urged authorities to review the decision.In a notification issued on Monday, the Directorate General of Foreign Trade announced that RoDTEP benefits will now be restricted to 50 per cent of the notified rates and value caps. The revised rates come into force immediately.Refunds under the RoDTEP scheme currently range from 0.3 per cent to 3.9 per cent. With the latest revision, exporters will receive only half...

New Delhi, February 23: Union Commerce and Industry Minister Piyush Goyal on Monday underscored that quality must become the defining pillar of India’s manufacturing and export ecosystem if the country is to achieve its long-term economic aspirations.Addressing the first National Quality Conclave virtually, organized by the Department for Promotion of Industry and Internal Trade in partnership with the Quality Council of India, the minister called for a unified national commitment to excellence across sectors.“Zero Defect, Zero Effect” to Guide India’s Growth in Amrit Kaal Goyal emphasized that Prime Minister Narendra Modi’s vision of “zero defect, zero effect” should steer India’s economic journey during the Amrit Kaal and support...

Finance Minister Flags Regulatory Gaps and Customer Harm Finance Minister Nirmala Sitharaman on Monday sharply criticized banks for mis-selling financial products, particularly insurance, and urged them to concentrate on their core banking functions.Nirmala Sitharaman said banks are devoting excessive time to selling insurance products that customers may not require, highlighting how such practices have fallen between regulatory jurisdictions.“Banks should concentrate on their core business. My main concern has always been that you are spending more time on selling insurance when it is not required, and conveniently, it fell between the RBI and Irdai,” she told reporters after her customary post-Budget address to the Central Board...

New Delhi, February 23Drug maker Lupin on Monday announced that it has received approval from the European Commission for its biosimilar Ranluspec, used in the treatment of several serious eye conditions.The approval follows a recent positive opinion from the Committee for Medicinal Products for Human Use, clearing the way for commercialization across the European Union.Ranluspec Approved for Multiple Retinal Conditions Ranluspec is a biosimilar version of ranibizumab and is indicated for the treatment of:Neovascular or wet age-related macular degeneration Macular edema following retinal vein occlusion Diabetic macular edema Proliferative diabetic retinopathy Choroidal neovascularizationThe approval strengthens Lupin’s...

Strategic Alliance to Strengthen Data Residency and Regulatory Compliance Mumbai, February 23: Larsen & Toubro-Vyoma, the digital infrastructure and sovereign cloud business of the L&T Group, has entered into a strategic partnership with Lexlegis.ai to deploy its Legal AI platform on a sovereign cloud infrastructure in India.The collaboration aims to combine L&T-Vyoma’s sovereign, AI-ready cloud environment with Lexlegis.ai’s legal intelligence capabilities, creating a secure and compliant technology solution for enterprises and institutions that manage sensitive legal and regulatory data.Legal AI to Be Hosted on Sovereign Cloud Lexlegis.ai is a legal intelligence platform built on judgment-led artificial intelligence, offering...