Business

Mumbai, April 7 The rupee depreciated by 17 paise to 93.07 against the US dollar in early trade on Tuesday, weighed down by continued withdrawal of foreign capital, a strong dollar, and higher crude oil prices amid a volatile geopolitical situation.Forex traders said the USD/INR pair remains vulnerable to any escalation in the US-Iran conflict, which in turn would push crude oil prices further.At the interbank foreign exchange market, the rupee opened at 93.05 against the US dollar, then lost ground to trade at 93.07, registering a fall of 17 paise from its previous close.On Monday, the rupee gained 28 paise to close at 92.90 against the US dollar, following measures by the Reserve Bank to curb speculative activity and dampen...

On World Health Day, Prime Minister Shri Narendra Modi acknowledged and expressed deep gratitude to all individuals who dedicate themselves to the service of others and work toward a healthier planet. Reaffirming the national dedication to fostering a healthier society, Shri Modi called for sustained collective efforts aimed at strengthening healthcare systems and prioritizing the well-being of every citizen.The Prime Minister extended his best wishes for the good health of all citizens, urging everyone to take every possible measure to maintain personal fitness. In this context, he shared a Sanskrit Subhashitam detailing the benefits derived from physical exercise.Through a post on X, the Prime Minister stated, "On World Health...

Mumbai, April 7 – The Indian stock markets on Tuesday experienced sharp losses in the early trading session, with equity benchmarks declining by 1 per cent each amid uncertainty over a possible resolution to the West Asia conflict, ahead of a deadline set by US President Donald Trump to reopen the Strait of Hormuz.The Sensex opened 372 points or 0.50 per cent lower at 73,734, while the Nifty began the session at 22,838.Later in the early trading, the 30-scrip basket declined as much as 1.11 per cent or 824.44 points, hitting an intraday low of 73,282, while the 50-share index plummeted by 1 per cent or 248.95 points to 22,719.30, an intraday low amid selling pressure in all sectors.Sector-wise, financial, auto, real estate, and...

Seoul, April 7 Samsung Electronics estimated its first-quarter operating profit to have exceeded 50 trillion won ($33.1 billion) for the first time, driven by strong demand for premium memory chips from the artificial intelligence (AI) industry.The South Korean tech giant projected an operating profit of 57.2 trillion won for the January-March period, surging from 6.61 trillion won a year earlier, according to earnings guidance released by Samsung Electronics.The operating profit was 36.7 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.Samsung Electronics' operating profit for all of 2025 was 43.6 trillion won.In the fourth quarter of 2025, Samsung...

Seoul, April 7 – LG Electronics estimated on Tuesday that its first-quarter operating profit would increase by 33 percent compared to the same period last year, driven by strong performance in its core home appliance business.Operating profit for the January-March period reached 1.67 trillion won (US$1.1 billion), compared to 1.25 trillion won a year earlier, the company said in a regulatory filing.Sales rose 4.4 percent to 23.73 trillion won, marking a record high for a first quarter.Net profit data was not available. The company will release its final earnings report later this month.In the fourth quarter, LG Electronics posted an operating loss of 109 billion won, mainly due to weak market demand and one-off costs related to...

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 –...