Business

Mega Boost for India's Energy Security: Cabinet Approves Massive Hike in Investment for HPCL's Rajasthan Refinery Cabinet Approves Significant Revision in Investment for HPCL Rajasthan Refinery The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has greenlit a substantial revision to the project economics of HPCL Rajasthan Refinery Limited (HRRL). The approval elevates the project cost from Rs.43,129 Crore to Rs.79,459 Crore.Furthermore, the Cabinet has approved an additional equity investment of Rs.8,962 Crore from Hindustan Petroleum Corporation Limited (HPCL). This increment brings HPCL’s total equity investment stake to Rs.19,600 Crore.Petrochemical Capacity and Strategic Market Impact of...

Govt Cabinet Unveils Fertilizer Subsidy Hike for Kharif Season, Ensuring Cheaper Inputs for Farmers The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, greenlit the Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the upcoming Kharif Season 2026. This move aims to keep essential farming inputs highly affordable for the nation's agricultural backbone.The approval covers the period from April 1, 2026, to September 30, 2026. This policy intervention is crucial for ensuring consistent and low-cost access to fertilizers across the farming communities.Budgetary Implications and Subsidy Increase for 2026 The tentative budgetary requirement for the Kharif season of 2026 has been set at...

Mumbai, April 8 Reserve Bank Governor Sanjay Malhotra announced on Wednesday that the monetary authority will be introducing a new framework for non-bank lenders in the wake of uncertainty surrounding Tata Sons' listing issue."We are coming up with a new framework for NBFCs. We should be doing so very soon," Malhotra told reporters at the customary post-policy review press conference.On a specific question about Tata Sons, Malhotra said the new framework will categorize non-banking finance companies.However, he did not elaborate further on the matter, which has been intensely tracked because the RBI is likely to decide whether Tata Sons, the holding company of the conglomerate ranging from salt to software, will continue to be...

New Delhi, April 8: Global semiconductor revenue is projected to exceed $1.3 trillion in 2026, marking the fastest growth in over two decades, according to a report released on Wednesday.The report by research firm Gartner said the industry is expected to register a 64 per cent growth in 2026 amid strong demand from artificial intelligence (AI) processing, data centre infrastructure, and rising memory prices."Amid high demand for AI processing, data centre networking and power, and memory price inflation, the semiconductor industry is projected to achieve a third consecutive year of double-digit growth in 2026," said Rajeev Rajput, Senior Principal Analyst at Gartner.The report further highlighted that total semiconductor revenue...

New Delhi, April 8 – The Gujarat International Finance Tec-City (GIFT City) announced on Wednesday that its fund management ecosystem has grown significantly over the past five years, with capital commitments surging 60-fold from less than $0.5 billion in March 2020 to $32.13 billion as of December 2025.The number of Fund Management Entities (FMEs) operating in the International Financial Services Centre has increased from 8 in March 2020 to 202 currently, representing a 25-fold growth.Funds based in GIFT City have raised $17.34 billion, with nearly $17 billion already deployed.It highlighted the ecosystem attracting significant commitments and enabling actual investment activity at scale.The number of fund schemes has grown...

Robust Growth Propels Steel Sector as India Becomes Net Exporter The Indian steel industry concluded the financial year 2025-26 with a robust performance. The sector successfully consolidated its standing as the world's second-largest producer despite facing global uncertainties and fluctuating price pressures.Strong domestic demand, coupled with expanding infrastructure activity, fueled impressive gains across production, consumption, and export metrics for the period.Key Drivers Fueling Production Surge in FY 2025-26 Crude steel output demonstrated a significant upward trend in 2025-26. Production grew by over 10.7% year-on-year, reaching approximately 168.4 million tonnes during the April to March period.Domestic consumption...

NITI Aayog convened a critical national consultation meeting to overhaul India's research ecosystem. The discussions focused intently on creating robust institutional structures and processes. The goal remains accelerating the translation of generated knowledge into viable technologies and market-ready products.The meeting, chaired by Dr. V.K. Saraswat, Member (S&T), NITI Aayog, brought together key stakeholders. Attendees included directors and CEOs from major Research Parks, Innovation Hubs, and S&T Clusters nationwide.Addressing the Academia-Industry Gap in Indian Innovation Dr. V. K. Saraswat initiated the dialogue by highlighting a significant gap. This divide exists between India's academia and its industrial sector. He...

Mumbai, April 8 The rupee appreciated by 47 paise to close at 92.59 (provisional) against the US dollar on Wednesday after US President Donald Trump announced the suspension of military strikes against Iran for two weeks, and the Reserve Bank kept the key benchmark rate unchanged with a neutral stance.Forex traders said investor sentiment got a boost after Governor Sanjay Malhotra assured that the steps taken on forex do not constitute a structural change.Moreover, confidence was exuded in the health of the banking system, notwithstanding recent developments in some private banks. Malhotra said the banking sector regulator did not come across any governance or conduct-related issues during the supervisory inspection of HDFC Bank...

New Delhi, April 8 NOCIL Ltd announced on Wednesday that it has commissioned a new manufacturing facility for Pilnox TDQ/TMQ rubber anti-degradants in Dahej, Gujarat, as part of a ₹250 crore investment program to expand its portfolio of rubber chemicals.The plant, located within the Dahej Petroleum, Chemical and Petrochemical Investment Region (PCPIR), will produce chemicals used to improve tyre durability, performance, and safety, as well as for non-tyre applications.In a statement, NOCIL said that the facility's location provides access to raw materials, port connectivity, and integrated infrastructure, supporting both domestic supply and export markets."As supply chains evolve, building strong domestic capabilities is a...

SBI Mutual Fund, India's largest Asset Management Company, has announced a partial divestment of its stake in Sansera Engineering. The move comes despite the auto ancillary firm's remarkable market performance, following a massive surge that has seen the stock gain 110% over the past year.The fund house sold 21,421 shares of Sansera Engineering through an open market transaction on April 2. This transaction represents a minor reduction of the fund's holding, bringing its ownership stake down to 4.2152%.SBI Mutual Fund Divests Stake in Sansera Engineering The regulatory filing confirmed the sale of 21,421 shares, which accounted for 0.0344% of the company's paid-up capital. Following the divestment, SBI Mutual Fund's stake stands at...

Om Power Transmission’s Initial Public Offering (IPO) kicks off its subscription process tomorrow, April 9. The market is keenly watching the transmission infrastructure play as the company aims to raise ₹ 150 crore. Priced within the ₹ 166 to ₹ 175 band, the offering combines fresh issues with promoter shares, setting the stage for investor focus on its sector performance.The grey market premium (GMP) currently stands at +1.5, suggesting strong early investor appetite. Based on this premium and the upper end of the price band, early estimates point toward a listing price near ₹ 176.5 per share.Disclaimer: Grey market premium is an unofficial indicator and is not regulated. It should not be construed as investment advice or a...

Mumbai, April 8 Superb Realty announced on Wednesday that it has partnered with deep-tech firm Praan to deploy AI-powered air purifier systems across over 1 million sq ft of real estate projects in Mumbai.The rollout will begin at Superb Altura, the company's commercial development, and will subsequently extend to its upcoming residential and mixed-use projects in the city, the company said in a statement.The partnership comes at a time when indoor environmental quality is emerging as a measurable determinant of asset value, occupier productivity, and long-term health outcomes, alongside traditional real estate metrics such as location and design, Shilpin Tater, Managing Director, Superb Realty, said.Angad Daryani, Founder, Praan...

New Delhi, April 8 ClayCo announced on Wednesday that it has raised ₹34.59 crore through its Series A funding round.The startup will use the funds to accelerate product development, expand into new categories, and strengthen its working capital, ClayCo said in a statement.The funding round was led by Twenty-Nine Capital Partners Ventures, with participation from ICMG Global Ventures II Pte. Ltd., Singapore.ClayCo, which operates in the domestic beauty market, reported revenue of ₹72 crore in FY2025-26, achieving a 14-fold growth in just two fiscal years.Its limited SKU (stock keeping unit) range is priced between ₹600 and ₹1,300, and has built a loyal consumer base who seek efficacy, sensoriality, and international formulation...

New Delhi, April 8 The country's private debt market is gaining momentum, with venture debt deployments reaching USD 1.3 billion and growth credit at USD 1.68 billion in 2025, signaling a structural shift in startup financing, according to a report released by Stride Ventures on Wednesday.Private debt is increasingly moving beyond its traditional role of extending runway to support expansion, acquisitions, and capital structuring, it added.According to Stride Ventures' Global Private Debt Report 2026, venture debt deployments reached about USD 1.3 billion across nearly 187 startups in 2025, reflecting growing institutional acceptance of non-dilutive capital.Activity remained concentrated in major startup hubs, with Delhi-NCR...

New Delhi, April 8 Kanodia Group's real estate firm, KREEVA, will invest around Rs 400 crore to develop a housing project in Gurugram as part of its expansion plan.In a statement, the company said it has entered into a joint development agreement with a landowner to build this 3-acre project on Southern Peripheral Road in Gurugram.KREEVA will construct 200 housing units with a total built-up area of 5.5 lakh sq ft.The investment is estimated to be between Rs 350 and 400 crore.Gautam Kanodia, Founder of KREEVA and Kanodia Group, stated that demand remains strong in the Delhi-NCR region.In October 2024, Shapoorji Pallonji Real Estate (SPRE) formed a joint venture with KREEVA to develop a residential project, spanning 1.75 acres...

Gold and silver prices witnessed a significant rally on Wednesday, April 8. This sharp upward movement followed the announcement of a de-escalation in the US-Iran conflict. The immediate market reaction saw precious metals jump substantially, sending global spot rates climbing.Analyzing the Surge in Gold and Silver Prices Today On the domestic front, MCX gold prices opened with a notable gap-up at ₹1,53,550 per 10 gm. By the end of the day, it climbed to an intraday peak of ₹1,53,944 per 10 gm, marking an early morning gain of around 2.50%.Silver prices saw an even more dramatic surge on the Mumbai Commodity Exchange (MCX). MCX silver rose by 6%, surging over ₹13,000 to touch ₹2,44,770 per kg during the April 8 trading session...

The National Stock Exchange (NSE) is reportedly preparing for a significant uptick in Initial Public Offering (IPO) activity. Sources indicate that the exchange is gearing up to streamline and process a wave of listings.This institutional focus suggests a potential boom period for new capital raising within the Indian equity market. Market participants are keenly awaiting concrete timelines regarding these upcoming filings.Timeline and Regulatory Focus for IPO Listings NSE sources suggest that the formal IPO filing process is set to kick into high gear. The exchange has specifically targeted the window of June to July for the submission of these crucial filings.This proactive approach from NSE could signal increased liquidity and...

The Department of Telecommunications (DoT) has revised the timeline for the Adjusted Gross Revenue (AGR) reassessment of Vodafone Idea. Sources report that the completion of this crucial review is now anticipated by June. This extension comes after the telco received government relief regarding its existing dues and liabilities.The reassessment, which was initially targeted for completion by March 31, has been extended due to ongoing reviews. Specifically, the department is continuing its review of the Spectrum Usage Charge (SUC). This revised timeline follows an internal reassessment of the licence fees conducted by the Controller of Communication Accounts.Impact of Supreme Court Verdict on Vodafone Idea’s Dues The government...

Mumbai, April 8 Reserve Bank Governor Sanjay Malhotra expressed confidence on Wednesday that interest rates will remain low in the medium to long term, given the benign inflationary conditions.Addressing the media at a post-monetary policy conference, Malhotra said the Indian economy is very strong, resilient, and robust."We are in a neutral state...the possibility of either outcome cannot be ruled out, that low rates (would) continue for a long time," he said.Despite shocks, he said, the RBI is projecting a GDP growth of 6.9 per cent for the current financial year."Structurally, in the long term, macroeconomic fundamentals, because of various measures taken by the government, the RBI, and various institutions, remain very...

New Delhi, April 8 BMW Group India reported its highest-ever Q1 car sales, with a 17 per cent increase, selling 4,567 cars during the quarter. This growth was driven by strong demand for luxury electric vehicles, long-wheelbase models, and sports activity vehicles, the German luxury carmaker said on Wednesday.The electric vehicle trend continued in Q1, with 1,185 BMW and MINI EVs sold, achieving an 83 per cent year-on-year growth. Every fourth car sold by BMW Group India today is an EV. The company holds the largest market share of over 70 per cent in the luxury electric segment in India. EV penetration into total sales stood at 26 per cent in Q1.BMW Group has the widest range of EVs in the luxury segment, including six electric...