Business

Mumbai, April 6 The RBI said on Monday that it has cancelled the license of The Shirpur Merchants' Co-operative Bank because the lender does not have adequate capital and earning prospects.Consequently, the bank ceases to carry on banking business, effective April 6, 2026, the Reserve Bank said in a statement.The Commissioner for Cooperation, Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator.Upon liquidation, every depositor would be entitled to receive deposit insurance claim amount of their deposits up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).The RBI said that according to the data submitted by the...

Mumbai, April 6 – Tesla announced on Monday the launch of its first in-mall electric vehicle charging station in India at the Nexus Seawoods Mall in Navi Mumbai.The new facility, located in the mall's B1 parking area, features a total of eight chargers, including four V4 Superchargers offering fast DC charging at speeds up to 250 kW, and four Destination Chargers providing AC charging at 11 kW.The setup is designed to cater to the varying charging needs of Tesla users, offering both quick top-ups and longer-duration charging options.With this addition, Tesla is strengthening its presence in India's growing electric mobility ecosystem.The company said it is focusing on locations where customers typically spend time, such as malls...

New Delhi, April 6 – The government announced on Monday that the country had achieved its highest-ever annual wind capacity addition of 6.05 GW in FY26, surpassing the 5.5 GW capacity addition achieved in FY 2016-17.This represents an increase of nearly 46% over the capacity added in FY25, marking a significant acceleration in India's onshore wind deployment trajectory."With this addition, India's cumulative installed wind power capacity has crossed 56 GW. This milestone reflects renewed momentum in the sector driven by improved policy clarity, transmission readiness, competitive tariff discovery, and a strong project pipeline," the Ministry of New and Renewable Energy said in a statement.India's wind energy sector has grown...

Sensex, Nifty Rebound Sharply on Ceasefire Hopes and Cooling Crude Prices Mumbai, April 6: Benchmark equity indices Sensex and Nifty staged a strong recovery on Monday, reversing early losses as easing crude oil prices and reports of potential ceasefire efforts in West Asia lifted investor sentiment.The rally was supported by strong buying in banking and IT stocks, along with gains in the rupee, which helped stabilize market mood during a volatile trading session.Markets Recover After Intraday Volatility The 30-share BSE Sensex climbed 787.30 points or 1.07% to close at 74,106.85. During the session, the index surged as much as 887.91 points or 1.21% to touch 74,207.46.The NSE Nifty 50 also advanced 255.15 points or 1.12% to...

Mumbai, April 6 The rupee gained 14 paise to close at 93.04 (provisional) against the US dollar on Monday, following Reserve Bank initiatives aimed at curbing speculative activity and dampening volatility in the rupee.Forex traders said that while the RBI measures are rupee-positive, continued withdrawal of foreign capital, a strengthening dollar, and rising 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 trade, gained momentum to touch a high of 92.79 against the greenback...

New Delhi, April 6 The government said on Monday that there is no "unusual volatility" in the prices of essential commodities due to the West Asia crisis, and that it is continuously monitoring the rates in wholesale and retail markets across the country.The Centre said it has sufficient stocks of wheat and rice to meet the requirements of the public distribution system (PDS) and also any emergencies. It has also asked states to crack down on hoarding and black marketing of essential food items.Addressing an inter-ministerial briefing on recent developments in West Asia, Anupam Mishra, Additional Secretary in the Department of Consumer Affairs, said that the department is "closely monitoring the food security situation in the...

Mumbai, April 6 – Indian equity markets ended higher for the third consecutive session, driven by optimism surrounding a potential de-escalation in tensions between the US and Iran, which lifted investor sentiment across sectors.The benchmark Nifty rose by 1.12 per cent, or 255 points, to close at 22,968.25, while the Sensex gained 787 points, or 1.07 per cent, to settle at 74,106.85.From a technical perspective, experts noted that Nifty is approaching the immediate resistance level near 23,000, which continues to act as a key hurdle."A sustained move above this level could open the path for further gains towards 23,200," an analyst stated."On the downside, immediate support is now located in the 22,800–22,750 zone, which...

New Delhi, April 6 JSW MG Motor India reported a 66 per cent increase in its electric vehicle sales to 62,591 units in FY26, compared to 37,730 units in FY25, on Monday.In March, the company registered sales of 6,528 units of EVs, up 19 per cent year-on-year, JSW MG Motor India said in a statement.MG Windsor drove this strong momentum, registering a 20 per cent y-o-y growth in March, it said, adding that "MG Windsor continues to be India's number one selling EV".The company said that 70 per cent of the total Windsor sales come from non-metro cities, highlighting its strong appeal and suitability for smaller cities, while also signaling a significant shift in traditional car-buying patterns towards electrification.

New Delhi, April 6 Valura.ai, an AI-native global investment platform, announced on Monday the onboarding of over 1,000 wealth advisors across India ahead of its official launch, with a combined assets under management (AUM) pipeline exceeding Rs 3,000 crore over the next 12-18 months.The platform provides access to over one lakh global securities, with client assets held in local custody within the IFSC at GIFT City under IFSCA regulation, rather than being routed through offshore brokers.The onboarded network includes independent financial advisors (IFAs), registered investment advisors (RIAs), mutual fund distributors, and chartered accountants.The pre-launch response signals strong demand for a credible global investing...

New Delhi, April 6 – The Unified Payments Interface (UPI) processed 228.5 billion transactions in 2025, marking a 33 per cent year-on-year increase, while the total transaction value reached Rs. 299.74 trillion, a report said on Monday.The Worldline report stated that UPI's growth was broad-based, with both person-to-person (P2P) and person-to-merchant (P2M) transactions rising, with the latter recording a 34 per cent growth to 143.82 billion transactions.The overall average transaction value for UPI fell by 9 per cent to Rs. 1,314, while the average transaction value for merchant payments dropped to Rs. 592, reflecting the digitization of small-value purchases."The reduction in transaction value signals the shift of previously...

New Delhi, April 6 – Saudi Arabia increased the price of its flagship crude on Monday, with state-owned Saudi Aramco setting the official selling price for its Arab Light crude for May shipments at a record premium of $19.50 per barrel over the regional benchmark for Asian buyers.This steep increase comes amid severe disruptions to energy flows through the Strait of Hormuz, according to reports.The move follows heightened tensions related to the ongoing conflict involving the US, Israel, and Iran, which has significantly impacted oil shipments from the Persian Gulf.Reports indicate that Iran's near-closure of the key shipping route has effectively choked a major portion of global crude supplies, triggering sharp volatility in...

New Delhi, April 6 – The Securities and Exchange Board of India (SEBI) Chairman, Tuhin Kanta Pandey, stated on Monday that escalating tensions in the Middle East are disrupting global energy flows, putting pressure on oil and gas supplies, and triggering sharp price volatility.In his address at the 19th CII Corporate Governance Summit, he cautioned that the ongoing conflict could have far-reaching implications for the global economy.Pandey said that the current crisis adds to a series of shocks that businesses and regulators have faced in recent years, including the Covid-19 pandemic and rapid technological disruptions such as artificial intelligence (AI), which have tested institutional resilience.Highlighting regulatory...

New Delhi, April 6: India's economic growth is expected to remain robust despite rising global uncertainties, with GDP projected to expand at 6.7 per cent in FY27, a new report said on Monday.While ongoing geopolitical tensions in West Asia may present some challenges, data compiled by CareEdge Ratings suggests that India's macroeconomic fundamentals are strong enough to support steady growth.The analysis highlighted that the impact of the West Asia conflict on India will primarily be felt through higher crude oil prices, which influence inflation, fiscal balance, and external accounts.In its base case scenario, assuming average crude oil prices of around $90 per barrel, growth may moderate slightly from earlier projections of 7.2...

New Delhi, April 6 Crude oil prices rose by Rs 91 to Rs 9,284 per barrel in futures trading on Monday, remaining near record levels, after US President Donald Trump warned of military strikes on Iran's power plants and other infrastructure if the Strait of Hormuz is not reopened.On the Multi Commodity Exchange, crude oil for May delivery increased by Rs 91, or 1 per cent, to Rs 9,284 per barrel. Oil prices hit a record of Rs 9,407 per barrel on March 23, 2026.The rise in crude oil prices came amid intensifying geopolitical tensions after President Trump increased pressure on Tehran while the Strait of Hormuz remained closed for the sixth consecutive week, disrupting global energy flows, said Kaveri More, Commodity Analyst at Choice...

New Delhi, April 6 – India’s fish production has more than doubled over 10 years, reaching 197.75 lakh tonnes in 2024-25 from 95.79 lakh tonnes in 2013-14, according to a fact sheet released by the Central government on Monday, making it the second largest producer of marine products in the world.Collectively, fisheries-related schemes implemented since 2014-15 have generated an estimated 74.66 lakh direct and indirect employment opportunities, underscoring the sector’s expanding role in inclusive and sustainable economic growth, the official statement said.Meanwhile, seafood exports have significantly increased, reaching Rs 62,408 crore in FY 2024-25. Frozen shrimp remains the dominant export commodity, with the US and China...

New Delhi, April 6 Crystal Crop Protection Ltd launched a hybrid fodder seed targeting dairy farmers ahead of the monsoon season, as India's livestock sector struggles with a persistent shortage of high-quality feed.The company stated that the 'Dairy Green' seed delivers high biomass yield, elevated crude protein content, and strong palatability, making it a cost-reduction tool for dairy farmers seeking to improve milk production."Dairy Green represents our best effort – a seed that consistently delivers more nutrition per acre, enabling dairy farmers to achieve higher milk yields while reducing their feed costs," said Satyender Singh, Chief Executive Officer, Seeds, at Crystal Crop Protection, in a statement.Singh stated that...

New Delhi, April 6 The Confederation of All India Traders (CAIT) urged the government on Monday to implement measures to support credit and liquidity, particularly for micro, small, and medium enterprises (MSMEs), due to concerns about the ongoing crisis in West Asia and its impact on India's trade and industry.The association called for an extension and relaxation of loan repayment terms for MSMEs and small traders, as well as the launch of a special Credit Guarantee Scheme to provide liquidity support.Furthermore, it requested interest subvention for severely affected sectors, close monitoring and stabilization of fuel and raw material prices and freight, insurance support, and faster refunds for exporters, according to an...

Gurugram, April 6 The Haryana Real Estate Regulatory Authority (HRERA) has ordered builder Chintels India Pvt Ltd to pay over ₹4 crore in compensation to a homebuyer who had filed a complaint regarding construction defects in her flat.The complaint was filed by Delhi resident Aruna Garg, who had purchased a 4 BHK flat in Tower C of the project located in Sector 109, an official said on Monday.She paid approximately ₹1.8 crore, more than the agreed price, and took possession in October 2019. However, soon after, problems began to appear in the flat, including broken tiles, uneven floors, and cracks in the balcony and common areas. Despite complaints, the developer did not fix these issues.The situation escalated on February 10...

New Delhi, April 6: Elevated global crude oil prices above $90 per barrel could begin to significantly weigh on the earnings of Nifty companies, a report has said.According to Bernstein analysts' estimates, for every $10 per barrel increase beyond $90, Nifty earnings may decline by 2-3 per cent, with the impact worsening sharply at higher price levels. While crude has a limited direct linkage to the index, its broader macro impact, including inflation, currency depreciation, and policy responses, becomes more pronounced at elevated levels, it noted.Bernstein said within the $60-$90 per barrel range, the effect on earnings remains gradual, with long-term earnings growth potentially slowing from 10-11 per cent to around 7 per cent...

New Delhi, April 6 Food delivery and e-commerce platform Magicpin announced the launch of its AI Assistant, "Vera," for restaurants and retailers on Monday, to provide real-time insights into order volume for operational planning.During the pre-launch trial phase, over 100,000 restaurants and retailers have already been onboarded onto "Vera," Magicpin stated.The launch was expedited due to a severe LPG crisis affecting food delivery partner restaurants across India, during which Magicpin provided real-time, AI-enabled support through Vera, it added.Anshoo Sharma, CEO and Co-founder at Magicpin, said, "Vera acts as a growth engine that not only manages a merchant's digital presence but also drives real business outcomes. Early...