Business

Ahmedabad, April 10 A special CBI court here on Friday convicted eight individuals, including three retired officials of Punjab National Bank (PNB), in a 2016 loan fraud case that caused a loss of Rs 1.57 crore to the lender.The court sentenced retired Assistant General Manager Gurinder Singh, retired Chief Manager KGCS Iyer, and retired Senior Manager K E Surendranath to two years of rigorous imprisonment and imposed a fine of Rs 1 lakh on each of them, according to a CBI release.Among the other accused, Sanjay Patel, director of M/s Jalpa Enterprise Pvt Ltd, was sentenced to three years' rigorous imprisonment along with a fine of Rs 50,000. Hitesh Domadiya was also sentenced to three years' rigorous imprisonment with a fine of Rs...

US equities showed notable resilience on Friday, largely buoyed by March consumer inflation data that met market expectations. The broad performance across major indices suggested investor confidence remains steady despite economic metrics.Major US Indices React to Inflation Data At the market's opening bell, the major indices displayed upward momentum. The Nasdaq Composite led the gains, rising by 91.5 points, or 0.40%, settling at 22,913.91.The S&P 500 followed with gains of 14.6 points, marking a 0.21% increase to 6,839.24. Meanwhile, the Dow Jones Industrial Average also climbed, recording a rise of 13.6 points, or 0.03%, reaching 48,199.39.Market Sentiment Following Consumer Inflation Report Investor sentiment appears...

NITI Aayog released landmark reports, "Ease of Doing Research & Development in India" and the "Survey Report on Ease of Doing R&D in India" on April 9, 2026. The documents signal a massive push to build a more efficient, innovation-driven research ecosystem across the country.This comprehensive assessment was the culmination of an extensive, nine-month exercise. It involved gathering crucial insights from over 850 distinguished scientists and researchers nationwide.Key Findings Driving R&D Transformation The reports pinpoint challenges across several thematic areas, offering a suite of actionable recommendations. These suggestions stem from an evidence-driven process incorporating nationwide surveys and multiple stakeholder...

Boost for Textile Sector: 52 New PLI Proposals Greenlit The Indian Government has approved a substantial total of 52 new applications under the third round of the Production Linked Incentive (PLI) Scheme for Textiles. This significant development signals robust governmental support for the nation's textile manufacturing capabilities.The approvals are strategically spread across key sub-sectors, targeting growth in multiple specialized areas. Specifically, five applications are earmarked for MMF Apparel, while nineteen are designated for MMF Fabrics.Strategic Allocation Across Key Textile Verticals The remaining approvals further detail the sectoral focus of the scheme. Eighteen applications have been approved for Technical Textiles...

India and Kuwait Prioritize Diplomacy to Boost Strategic Trade Partnership Union Minister of Commerce and Industry, Shri Piyush Goyal, recently engaged in a crucial virtual interaction with his Kuwaiti counterpart, H.E. Mr. Osama Khaled Boodai. The discussions centered on leveraging mutual opportunities within trade and commerce.Shri Goyal emphasized that robust bilateral relations are fundamental drivers for achieving greater economic cooperation and shared prosperity between the two nations. Strong ties, according to the Minister, are key to unlocking significant joint growth.Commitment to Regional Peace and Supply Security A major focus of the meeting involved stressing the importance of diplomacy over conflict in the region...

The real estate investment trust sector witnessed significant investor enthusiasm this week. PropShare Celestia REIT, the third offering from Property Share Investment Trust, saw its maiden public issue subscribe to 65 percent on its first day of bidding on April 10.The initial public offering (IPO) for PropShare Celestia is for Rs 245 crore and remains open until next week, wrapping up on April 16. Investors are currently valuing the offer between a price band of Rs 10 lakh to Rs 10.5 lakh per unit.Investors showed particular interest in the non-institutional segment. On Friday alone, bidders placed orders for 1,509 units against the total offer size of 2,323 units.Subscriber Interest Spreads Across Investor Segments Performance...

New Delhi, April 10 India will postpone maintenance shutdowns at thermal power plants and operationalize additional capacity to ensure around 10,000 MW of extra supply during peak summer demand, the Ministry of Power said on Friday, as it moves to strengthen short-term electricity availability amid global uncertainty.Power plants are required to take shutdowns annually for maintenance and repair of machinery, but this will be delayed to make electricity available to meet peak demand, said Piyush Singh, Additional Secretary in the Ministry of Power, at a media briefing.This will help augment 10,000 megawatt (MW) of generation, which will more than compensate for the 8,000 MW of generating capacity lost due to disruptions in liquefied...

New Delhi, April 10 Jio-BP, the fuel joint venture of Reliance Industries Ltd and BP Plc, does not plan to immediately raise fuel prices despite a spike in international oil prices, its chief executive Akshay Wadhwa said on Friday.The country's second-largest private fuel retailer has kept retail petrol and diesel rates steady, just like public sector firms, which have not passed on the surge in raw material (crude oil) cost to consumers for fear of spiking inflation."We are in this with the country," Wadhwa said on the sidelines of an industry event here.The war in West Asia has driven international oil prices above USD 100 per barrel, but domestic consumers have been insulated by the oil companies and the government, which cut...

Mumbai, April 10 The conflict in West Asia may impact India's remittance flow, as one-third of the inflows from the diaspora come from Gulf Cooperation Council countries, according to Crisil Ratings on Friday.The current account deficit can be adversely affected due to a reduction in the diaspora's income, it said in a note on the West Asia conflict."A decline in their income can have implications for India's CAD at a time when the trade deficit is already under pressure," the agency said.India is the world's largest beneficiary of remittances from the diaspora, and received over USD 135 billion in inflows during FY25.The country's export growth is likely to see some impact from disruptions to global trade flows due to the West...

New Delhi, April 10 – Artificial intelligence is set to become an integral part of governance and everyday life, but it should be used as a tool to enhance human intelligence rather than replace it, Union Minister of State Dr. Jitendra Singh said on Friday.Addressing VAKTAVYA 2026 here, Singh highlighted the growing importance of emerging technologies and said that AI is no longer optional but inevitable.He emphasized that while AI can significantly aid research, analysis, and decision-making, it should work alongside human intelligence in a "hybrid model" rather than overshadow it.The minister also spoke about India's progress in the energy sector, highlighting the indigenously developed Prototype Fast Breeder Reactor (PFBR) as a...

Robust Electricity Sector Signals Energy Security Ahead of 2031 Targets The Indian electricity sector remains robust, well-diversified, and strongly positioned to meet both short-term and long-term energy demands. Officials highlighted that the current installed capacity, standing at over 531 GW, features a balanced portfolio spanning coal, renewables, hydro, and nuclear sources. Notably, non-fossil sources already account for more than 50% of this substantial capacity.The infrastructure backbone supports this stability, boasting a transmission network of approximately 5 lakh circuit kilometres (ckm). This network provides an inter-regional transfer capability exceeding 120 GW, ensuring reliable power distribution across various...

New Delhi, April 10 The commerce ministry on Friday said it will set up a weekly monitoring mechanism to track export-import trends and sectoral stress indicators, amid concerns that supply chain disruptions, logistical constraints, and rising input costs due to geopolitical tensions could impact industries.The concerns and challenges of the exporting community regarding the rising cost of packaging materials and disruptions in ship movement in international waters, particularly to the West Asia region, were discussed in two separate meetings on March 9 here.The meeting, chaired by Commerce Secretary Rajesh Agrawal, focused on the challenges arising from disruptions in packaging materials and associated inputs.It was observed that...

New Delhi, April 10 – Nandan Reddy, a co-founder of Swiggy, has stepped down from the company, according to a filing with the stock exchange on Friday.The report indicates that Reddy is expected to start his own venture and focus on building a new startup.He played a key role in Swiggy's early days, helping to establish operations along with co-founder and group CEO Sriharsha Majety."Lakshmi Nandan Reddy Obul, Whole-Time Director – Head of Innovation, has resigned, effective April 10, 2026, to pursue other professional interests," the company stated in its filing.Over the years, he held various positions at the company and was most recently leading "Crew," Swiggy's AI-based concierge service.His departure marks another...

Forex Reserves Rebound Sharply to $697 Billion Mark The Reserve Bank of India (RBI) announced that India's foreign exchange reserves rebounded sharply, reaching $697.121 billion for the week ending April 3, 2026. This marked a significant positive turnaround for the country's crucial foreign exchange cushion.This latest figure contrasts sharply with the previous reporting week. For the week ending March 27, the overall reserves had seen a decline of $10.288 billion, settling at $688.058 billion.The RBI's data indicates a period of stabilization after weeks of depletion. Notably, the forex reserves had previously reached an all-time high of $728.494 billion during the week ended February 27 this year.Impact of Geopolitical Stress...

New Delhi, April 10 Mahindra & Mahindra announced on Friday that it has divested its stake in a subsidiary in the industrial manufacturing sector, Erkunt Foundry, to a consortium led by Hisarlar Makina Sanayi.Mahindra Overseas Investment Company (Mauritius) Ltd (MOICML), a wholly-owned subsidiary of the company, along with its wholly-owned subsidiary, Erkunt Traktor Sanayii Anonim Sirketi (Erkunt Traktor), entered into a stock purchase agreement (SPA) with a consortium led by Hisarlar Makina Sanayi on April 10, 2026, Mahindra & Mahindra said in a regulatory filing.Under the SPA, MOICML and Erkunt Traktor have agreed to sell their entire stake, amounting to 99.04 percent of the shareholding in Erkunt Sanayi Anonim Sirketi (Erkunt...

Mumbai, April 10 The Reserve Bank of India (RBI) on Friday announced its plan to reduce the time taken for auctions, strengthen price transparency in the government securities market, and enhance retail participation under its 'Utkarsh 2029' strategy.The central bank said it aims to enhance the competitiveness of markets under its purview and strengthen infrastructure by automating processes, increasing central clearing for improved operational efficiency, reducing risk, and enhancing market access.Utkarsh 2029 is the strategy framework of the RBI for the period between April 2026 and March 2029, to transform institutional purpose into actionable excellence.Under this framework, the central bank also aims to minimize procedural...

Union Minister Dr. Jitendra Singh underscored a major leap in India's energy independence, focusing on the success of the Prototype Fast Breeder Reactor (PFBR). The address at VAKTAVYA 2026 painted a picture of India's commitment to self-reliant energy security through advanced nuclear technology.Advancements in Nuclear Power and Energy Sovereignty The PFBR development was highlighted as a critical achievement for India's energy goals. The minister detailed that the reactor utilizes plutonium with liquid sodium as a coolant. This advanced design promises higher energy output while requiring lower input.This milestone is crucial as it paves the way for developing thorium-based reactors. Such an advancement allows India to effectively...

Vishal Nirmiti, a Pune-based manufacturer of pre-stressed concrete (PSC) sleepers crucial to the railway sector, has cleared a significant hurdle. The company has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its Initial Public Offering (IPO).SEBI issued its formal observations on April 9, referencing the draft papers that the firm had initially filed back in September 2025. This approval signals that Vishal Nirmiti is positioned to launch its public offering for subscription within the next year.Details of Vishal Nirmiti's Proposed IPO Structure The IPO structure reveals a planned raise of Rs 125 crore through the issuance of fresh shares. Additionally, the promoter entity, Vaman...

Rethinking Energy Security in a Volatile Global Order ONGC Chairman and CEO Arun Kumar Singh has issued a stark warning regarding India's energy security posture. Citing the major energy shock triggered by the West Asia conflict, Singh advised a critical reassessment of India's historical dependence on the Middle East for vital resources. He stressed that assumptions about easy and reliable access to these traditional supplies must be replaced with a cautious, pragmatic approach.India historically sourced nearly half of its crude oil imports, 30 per cent of its gas, and 85-90 per cent of its LPG from the Middle East. The recent disruption, which shut down a key Gulf shipping lane, exposed the deep vulnerability inherent in this...

US stock market futures posted modest gains on Friday, April 10, signalling a mixed opening for Wall Street. Investor caution is palpable as markets await crucial outcomes from US-Iran truce talks in Islamabad and upcoming inflation data releases.The futures for all three major indices showed gains ranging between 0.08% and 0.16%. The tech-heavy E-mini Nasdaq-100 Futures led the charge in gains. Separately, the S&P 500 and Dow Jones E-mini futures edged up 0.08% and 0.06%, respectively.Market Sentiment Pivots on Geopolitical Ceasefire The broader market activity saw US stock indices settle in the green on Thursday. This positive sentiment was underpinned by the announcement of a two-week ceasefire between the US and Iran. This...