Business

Seoul, April 7 – Downside risks to the South Korean economy are increasing amid the prolonged conflict in the Middle East, as rising global oil prices and supply chain disruptions could have broader negative impacts on prices, consumption, and exports, a state-run think tank said on Tuesday."The economy, which had shown a gradual recovery, is now facing heightened downside risks due to surging oil prices and growing global supply chain uncertainties stemming from the conflict in the Middle East," the Korea Development Institute (KDI) said in its monthly economic assessment.The KDI first raised the possibility of downside risks from the geopolitical crisis early last month and has now issued a more explicit warning, reports Yonhap...

New Delhi, April 7 – Multiple reports on Tuesday said that Air India Chief Executive Officer (CEO) Campbell Wilson has resigned before the end of his term. The airline had not yet issued an official statement on this development.Wilson is currently serving his notice period, according to reports.The Tata Group airline has not made any public statement yet. A query sent to the airline was not immediately answered.It is also unclear if the company has found a replacement. The board had been looking for a new CEO to replace Wilson since last year.The Tata Group started looking for a new Chief Executive Officer to head Air India as the airline is going through a turbulent phase following the Ahmedabad plane crash and has not been...

New Delhi, April 6 Several companies, including Vedanta and Hindustan Zinc Limited, are likely to participate in a pre-bid conference for the Rs 7,280-crore scheme to promote the manufacturing of sintered rare earth permanent magnets, announced by the Heavy Industries Ministry on Tuesday, sources said.The government had invited bids on March 20 to set up manufacturing facilities for 6,000 metric tonnes per annum (MTPA) of magnets under the scheme.The heavy industries ministry had issued a request for proposal (RFP) to select beneficiaries for establishing integrated sintered NdFeB rare earth permanent magnet manufacturing units.The pre-bid conference will be held on April 7, while the bidding deadline is May 28. Technical bids...

Mumbai, April 6 Internet service provider Tata Play Fiber has partnered with IBM to build an AI-ready enterprise data lakehouse, using the global tech major's Watsonx platform.This will unify 25 disparate data sources into a single, scalable environment to enable advanced analytics, strengthen customer retention, and unlock new cross-sell and upsell opportunities, according to a statement.*Neo Alternative Asset Managers enters real estate investingNeo Alternative Asset Managers announced on Monday that it is entering the real estate investment market.The company has partnered with Kaushik Desai, Vinit Prabhugaonkar, and Vimal Jangla, former senior leadership from Walton Street India, for this venture, according to a statement...

New Delhi, April 6 The National Company Law Appellate Tribunal has ordered the completion of the insolvency proceedings for Future Lifestyle Fashion within three months.While rejecting an appeal filed by an operational creditor, a two-member bench has asked the Resolution Professional and the National Company Law Tribunal (NCLT) to complete the proceedings, preferably within three months.The appellate insolvency tribunal observed that the Resolution Professional still has possession of the leased property and cannot be released, hence dismissed it."However, we request the Resolution Professional/the NCLT to conclude the proceedings as expeditiously as possible, preferably within three months from today," said a two-member National...

New Delhi, April 6 The size of the textiles market has increased from ₹4.89 lakh crore in 2010 to ₹14.95 lakh crore in 2024, representing a compound annual growth rate (CAGR) of 8.3 per cent, according to a Textile Ministry survey unveiled on Monday.The report, titled "Domestic Demand of Textiles – Market for Textiles and Clothing: National Household Survey 2024," released by Textiles Minister Giriraj Singh, estimates the domestic demand for textiles and apparel (T&A) in the household sector.Products made from synthetic fibers (MMF) and blended fiber-based products account for 52.2 per cent, followed by 41.2 per cent by cotton-based products.On the other hand, silk and wool-based fiber-based products contribute 5.2 per cent and...

New Delhi, April 6: Salary increases across Indian companies are expected to remain largely stable in 2026, with an average increase of 9.1 per cent, slightly higher than the 9 per cent increase recorded in 2025, a new report said on Monday.The "Deloitte India Talent Outlook 2026" report by Deloitte, based on a survey conducted earlier this year across multiple sectors, indicated that companies are now settling into a steady pattern of annual pay increases after the sharp fluctuations seen during and after the pandemic.The report suggested that organizations are becoming more cautious in their compensation strategies, focusing on productivity and targeted skill development rather than aggressive salary hikes.Experts noted that the...

Mumbai, April 6 The rupee gained 28 paise to close at 92.90 against the US dollar on Monday, following measures taken by the Reserve Bank to curb speculative activity and dampen volatility in the Indian currency.Forex traders said that while the RBI's measures are positive for the rupee, continued withdrawal of foreign capital, a strong dollar, and higher crude oil prices amid a volatile geopolitical situation continue to put pressure on the rupee.The RBI tightened its rules to curb speculative positions and capped banks' net open positions at USD 100 million.At the interbank foreign exchange, the rupee opened at 93.13 against the US dollar and, in intraday trading, gained momentum to touch a high of 92.79 against the greenback...

Mumbai, April 6 The Reserve Bank of India (RBI) on Monday proposed that banking correspondents should be classified into two categories based on their assignments and suggested uniformity in fixing their wages.In the draft norms on branch authorisation released on Monday, the central bank proposed defining three types of delivery points – bank branches, Business Correspondent-Banking Outlet (BC-BO), and Business Correspondent-Banking Touchpoint (BC-BT).It also proposes to bring uniformity in the BC ecosystem with respect to the payment of commission or remuneration they get.Banking correspondents are assigned in remote areas to perform retail banking operations, expanding the reach of banks and helping in financial inclusion.At...

New Delhi, April 6 – Moody’s Ratings maintained India’s sovereign credit rating at Baa3 with a stable outlook on Monday.In its latest report, the agency said India’s stable outlook reflects improving fiscal indicators since the pandemic and relatively resilient economic growth compared to other countries.It also noted that continued investments in infrastructure, digitalization, and financial sector reforms have supported a steady recovery.However, Moody’s warned that rising geopolitical tensions could slow down growth and push inflation higher.It expects India’s GDP growth to moderate to around 6 per cent in FY27, compared to an estimated 7.3 per cent in FY26, as external pressures weigh on the economy.The agency also flagged...

Mumbai, April 6 Japanese automaker Nissan Motor has strengthened its presence in Maharashtra with the opening of three customer service centers in the financial capital, including two showrooms and one service and spare parts support facility, the company said on Monday.The facilities include two modern sales showrooms, each spanning 2,000 sq ft in Ghatkopar and 2,100 sq ft in Malad, with a display capacity of four cars each, and a fully equipped service workshop in Kandivli, spread across 7,000 sq ft that can service up to 300 cars per month, offering service and spare parts support, Nissan Motor India Pvt Ltd said.This expansion aligns with Nissan's ongoing efforts to enhance its reach and deliver seamless sales and service...

Chandigarh, April 6 The Punjab government has finalized an annual action plan of ₹1,388 crore to implement various projects of the agriculture department in 2026-27, Agriculture Minister Gurmeet Singh Khudian said on Monday.Chairing a meeting to review projects here, Khudian said the action plan, which has already been submitted to the Union Ministry of Agriculture and Farmers Welfare for approval, places special emphasis on crop residue management, water conservation, diversification, and natural farming.The largest single allocation of ₹600 crore has been earmarked under the crop residue management (CRM) scheme to address the issue of farm fires, Khudian said, adding that "our goal is to provide farmers with in-situ and ex-situ...

Mumbai, April 6 Steelbird Hi-Tech India, a helmet manufacturer, announced on Monday that it aims to achieve revenue of ₹1,000 crore this fiscal year, as it plans to launch 12 new models across various categories, including mid and premium segments.However, the company's long-term target remains to achieve 25 million helmets annually and a turnover of ₹2,500 crore by FY33, Steelbird said.The company is estimated to have generated revenue of ₹869 crore in the recently concluded fiscal, driven by strong market demand, aggressive retail expansion, and continuous investments in manufacturing capabilities, Steelbird Hi-Tech said."Looking ahead, Steelbird has set an ambitious roadmap. It aims to achieve a topline of ₹1,000 crore in FY...

Mumbai, April 6 The Reserve Bank on Monday said that the investment limit for foreign portfolio investors in government securities through the general route will remain unchanged at 6 per cent of the outstanding stock of securities for 2026-27.Also, the allocation of incremental changes in the G-Sec limit (in absolute terms) over the two sub-categories – General and Long-term – has been retained at 50:50 for 2026-27, it said in a circular on limits for investment in debt and sale of credit default swaps by foreign portfolio investors (FPIs)."The limits for FPI investment in Government Securities (G-Secs), State Government Securities (SGSs) and corporate bonds shall remain unchanged at 6 per cent, 2 per cent and 15 per cent...

New Delhi, April 6 The government has set a base construction period of 12 months for highway projects valued up to ₹300 crore and 18 months for road construction projects costing between ₹301 and ₹500 crore.The Ministry of Road Transport and Highways (MoRTH) said on Monday that the base construction period for National Highways projects in plain and rolling terrain should be based on the total civil cost, as there was a need to revise the existing guidelines based on scientific analysis.Similarly, for the highway project with a total civil cost of ₹501-₹1,500 crore, the base construction period should be 24 months.The ministry said that the base construction period should be extended, considering the criticality of the project –...

New Delhi, April 6 Natural gas supplies to fertilizer plants have been increased to about 90 per cent of their requirement after oil companies procured liquefied natural gas (LNG) from the spot market as part of a broader set of measures to manage fuel availability amid disruptions linked to the Strait of Hormuz situation, officials said.With the war in West Asia disrupting energy flows from the Gulf nations, the government initially restricted gas supply to fertilizer (urea) plants to about 60 per cent of the requirement. It was scaled up to 75-80 per cent through alternative arrangements.Gas supply has been raised to 90 per cent of their six-month average consumption from April 6 using spot procurement, Sujata Sharma, Joint...

New Delhi, April 6 – Indian Railways has approved multiple projects worth ₹1,364.45 crore to strengthen safety, signaling, and communication infrastructure across its network, an official statement said on Monday.The sanctioned works include the provision of Kavach on locomotives, the expansion of the optical fiber cable network, and the replacement of panel interlocking with electronic interlocking systems across various railway zones, according to the Railways Ministry.The indigenously-developed Kavach system protects trains against signal passing at danger (SPAD), excessive speed, and collisions. By providing this additional safety layer, it plays a vital role in operations across high-speed and high-density rail networks.The...

New Delhi, April 6 Two more Indian-flagged LPG tankers have safely crossed the war-affected Strait of Hormuz and are headed for Indian ports, even as 16 other vessels remain stranded in the Persian Gulf, officials said Monday.The LPG vessel Green Sanvi, carrying 46,650 tonnes of LPG, is scheduled to reach an Indian port on April 7, while Green Asha, with 15,500 tonnes of cargo, is scheduled to reach the Indian coast on April 9, said Mukesh Mangal, Additional Secretary in the Ministry of Ports, Shipping & Waterways, at a news briefing."Indian maritime operations remain safe and uninterrupted amid the West Asia crisis. 16 Indian-flagged vessels with 433 seafarers are in the region; two LPG carriers, Green Sanvi and Green Asha, have...

New Delhi, April 6 India has achieved a record annual addition of 6.05 GW in wind energy capacity in 2025-26, taking the cumulative installed capacity to over 56 GW, the Ministry of New and Renewable Energy said on Monday.According to a ministry statement, India achieved its highest-ever annual wind capacity addition of 6.05 GW during FY26, surpassing the landmark of 5.5 GW capacity addition in FY 2016-17.With this addition, India's cumulative installed wind power capacity has crossed 56 GW, the ministry said.This milestone reflects renewed momentum in the sector, driven by improved policy clarity, transmission readiness, competitive tariff discovery, and a strong project pipeline.This significant achievement is the result of...

New Delhi, April 6 Shares of Reliance Industries fell for the second consecutive day on Monday, with the company's stock dropping over 3 per cent on the stock exchanges.The benchmark stock declined by 3.41 per cent, closing at Rs 1,304.75 on the BSE. Throughout the day, it dropped by 4.50 per cent to Rs 1,290.At the NSE, the stock declined by 3.39 per cent, closing at Rs 1,304.70.Over two trading days, the stock has lost 4.68 per cent, wiping out approximately Rs 86,743.14 crore from its market valuation. The company's market valuation has fallen below the Rs 18 lakh crore mark to Rs 17,65,649.37 crore."Energy-linked stocks, including Reliance Industries, faced pressure as crude oil prices surged above the USD 110 mark amid...