Business

New Delhi, April 6 India's services sector growth momentum slowed to the softest pace in 14 months in March, mirroring the slowdown in new business intakes, a monthly survey said on Monday.The seasonally adjusted HSBC India Services PMI Business Activity Index fell from 58.1 in February to 57.5 in March, amid the weakest increases in new business and activity since January 2025.In the Purchasing Managers' Index (PMI) parlance, a reading above 50 means expansion, while a score below 50 denotes contraction."India's services sector remained in expansion in March, but growth momentum eased for a second consecutive month. Demand remained resilient, driven by new export orders, which rose to the greatest extent since mid-2024. As such...

New Delhi, April 6 Foreign firms leased a record 9.1 million sq ft of office space last quarter across India's top 9 cities to set up Global Capability Centres (GCCs), according to CBRE.Real estate consultant CBRE on Monday released its office market data for the January-March period, which showed that demand for office space remained strong, driven by leasing for the establishment of GCCs.According to the data, the total gross leasing of office spaces rose by 5 per cent across the top 9 cities to 20.7 million square feet in January-March from 19.7 million square feet in the year-ago period.The nine cities are – Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune, Kolkata, Ahmedabad, and Kochi.The leasing of space for GCCs...

New Delhi, April 6 – State-run oil marketing company, Indian Oil Corporation Ltd (IOCL), announced on Monday that commercial LPG supply has recovered to around 70 per cent of pre-crisis levels, despite ongoing geopolitical disruptions.The PSU firm further noted that it continues to work towards maintaining reliable and efficient energy access, aiming to support both households and businesses during this period of uncertainty.Meanwhile, the Ministry of Petroleum and Natural Gas has said that online LPG bookings have surged to 95 per cent, while no instances of stock depletion have been reported at distributorships.According to the government, over 51 lakh domestic cylinders were delivered on April 4 alone.To streamline...

New Delhi, April 6: Global capability centers (GCCs) leasing in India reached a record 9.1 million square feet in the January-March period this year – the highest quarterly GCC absorption on record, a report showed on Monday.This comes against the backdrop of the country's overall office sector registering a gross absorption of 20.7 million sq ft – the highest level recorded for any quarter, according to the report by CBRE South Asia Pvt Ltd.Compared to 19.7 million sq ft in Q1 2025, overall leasing was up 5 per cent this year, underscoring the structural resilience of the office sector as occupiers' appetite continues to hold steady."The record GCC leasing activity is a definitive signal of India's position as the global...

New Delhi, April 6 Retail sales of vehicles across categories in India in 2025-26 grew by 13.3 per cent to 2,96,71,064 units, a record, compared to 2,61,87,255 units in the previous fiscal, with GST 2.0 helping overcome a subdued start to the year, the Federation of Automobile Dealers Associations said on Monday.Passenger vehicle (PV) retail sales rose to 47,05,056 units in FY26, up 13 per cent from 41,63,927 units in FY25, the Federation of Automobile Dealers Association (FADA) said in a statement, adding that it is cautiously optimistic but watchful of the potential impact of the West Asia conflict on vehicle demand in India.Similarly, two-wheeler (2W) sales also grew by 13.4 per cent to 2,14,20,386 in 2025-26 compared to...

Singapore/New Delhi, April 6 IT services firm Wipro has secured an eight-year transformation deal with Singapore-based food and agri-business major Olam Group, which is expected to exceed USD 1 billion (about Rs 9,314 crore) in contract value.As part of the broader engagement, Wipro said it will acquire Olam Group's IT and digital services business, Mindsprint Pte. Ltd., for USD 375 million (about Rs 3,494 crore)."Wipro has secured a multi-year strategic transformation deal with Olam Group, a leading USD 50+ Billion Food and Agri-business headquartered in Singapore, employing nearly 40,000 people, and majority-owned by Temasek Holdings. This 8-year deal with Olam Group is expected to exceed USD 1 billion in contract value, with a...

New Delhi, April 6 – The Indian auto retail industry is projected to register positive growth in the first quarter of this fiscal year (Q1 FY27), despite geopolitical uncertainty, driven by the wedding season in the northern region, the rabi harvest, and the continued affordability benefits from GST 2.0, a new report said on Monday.Looking at the April-June period, the retail outlook remains cautiously positive, according to the Federation of Automobile Dealers Associations (FADA)."Our survey shows that 49.81 per cent of dealers expect growth, with 40.52 per cent expecting flat performance, and 9.67 per cent anticipating a decline – this distribution reflects awareness of near-term headwinds, even as underlying structural demand...

New Delhi, April 6 – The Reserve Bank of India’s three-day Monetary Policy Committee (MPC) meeting began on Monday, with analysts widely expecting the central bank to keep the repo rate unchanged amid heightened uncertainty due to the West Asia conflict.The meeting, scheduled from April 6 to April 8, comes at a time when rising crude oil prices and global geopolitical tensions have clouded the inflation outlook.While the RBI is likely to maintain the status quo in the upcoming policy, experts said the central bank's commentary on inflation, growth, and future rate trajectory will be closely watched."We do not expect any immediate liquidity or currency management measures, as the RBI has been acting as and when required," said...

Mumbai, April 6 The rupee gained 33 paise to 92.85 against the US dollar in early trade on Monday, following the RBI's tightened rules to curb speculative positions, capping banks’ net open positions at USD 100 million, even as global developments continued to act as a risk.Forex traders said the domestic unit continued to reel under pressure due to unabated withdrawal of foreign capital, a strengthening dollar, and rising crude oil prices amid a volatile geopolitical situation.At the interbank foreign exchange, the local unit opened at 93.13, then gained further ground to touch 92.85 against the greenback, up 33 paise from its previous close.On Thursday, the rupee logged one of its steepest single-day gains in many years and...

Mumbai, April 6 – Domestic equity markets opened on a mildly positive note on Monday, even as caution over a possible escalation in the Iran war capped gains after US President Donald Trump warned of “hell” if Tehran fails to meet his Tuesday deadline to reopen the Strait of Hormuz.However, the early gains were short-lived. The 30-share Sensex declined by 150 points or 0.21 per cent to 73,168. Similarly, Nifty was trading at 22,670, down 42 points or 0.19 per cent in early trade, amid selling pressure in stocks such as IndiGo, Kotak Mahindra Bank, Tata Steel, Sun Pharma, Eternal, Bajaj Finance, M&M, JSW Steel, and Dr Reddy’s, which fell up to 2 per cent. Nifty 50 analysisEarlier, Nifty had opened at 22,780, rising 67 points or 0.30...

New Delhi, April 6 Bank of Maharashtra (BoM) on Monday said it has registered a total credit growth of 22 per cent to Rs 2.92 lakh crore in the fourth quarter ended March 2026.The outstanding credit was Rs 2.40 lakh crore at the end of the January-March quarter of the previous fiscal, BoM said in a regulatory filing.The total credit also includes Rs 1.12 lakh crore corporate credit, along with Rs 1.79 lakh crore in retail advances during the quarter, it said.The Pune-headquartered public sector lender reported a 14 per cent increase in total deposits to Rs 3.50 lakh crore in the reporting quarter, compared to Rs 3.07 lakh crore at the end of the fourth quarter of the previous financial year.As a result, the bank's total business...

New Delhi, April 6 – The Indian auto retail industry achieved a record high of 2,96,71,064 units in FY26, with a broad-based growth of 13.30 per cent (year-on-year), according to data released by the Federation of Automobile Dealers Associations (FADA) on Monday. This saw five of the six vehicle categories set new annual records.This represents the domestic auto industry approaching the 3-million mark in a financial year, a milestone that would have seemed distant just two years ago."What makes this year particularly significant is that the growth was structurally sound, underpinned by improving affordability, widening mobility demand across urban and rural India, and a diversifying powertrain mix," said FADA President C.S...

South Korea Targets 20% Renewable Energy by 2030 Amid Global Energy Concerns Seoul, April 6 – In a major push to reduce its heavy reliance on energy imports and meet the surging power demand driven by advanced industries, South Korea has set ambitious goals for its energy sector. The Ministry of Climate, Energy and Environment announced a national plan aiming to generate at least 20% of the country’s total power from renewable sources by the year 2030.Ambitious Renewable Energy Expansion Plan The government's new plan, detailed during a recent Cabinet meeting, targets expanding renewable energy generation to a massive 100 gigawatts (GW) by 2030. To achieve this significant milestone, the focus will be placed strategically on...

AI Optimism Lifts Korean Stocks as Won Weakness Concerns Rise Amid $110 Oil Crisis Seoul, April 6 – South Korean stocks posted a strong rally on Monday morning, fueled by optimistic expectations surrounding Samsung Electronics’ first-quarter earnings guidance this week and heightened excitement within the artificial intelligence (AI) industry. However, this bullish market performance was set against a backdrop of significant currency pressure and global energy volatility.Semiconductors Lead Market Surge The momentum was evident on the benchmark Korea Composite Stock Price Index (KOSPI), which rose 116 points, or 2.16 percent, to 5,493.3 as of 11:20 am local time, according to Yonhap news agency.Investor focus remains sharply on...

This week marks a pivotal moment for the banking industry as the Reserve Bank of India’s (RBI) monetary policy committee (MPC) commences its three-day meeting starting April 6. The macro environment now presents a stark contrast to the anticipated period of strong growth and easing inflation previously projected.The Global Uncertainty: War and Oil Disruptions The MPC is grappling with a highly complex external situation. The trajectory, which once suggested a comfortable phase of growth and moderating inflation, has been thrown into uncertainty following the US and Israel attacks on Iran beginning February 28. This war has deeply affected most of West Asia, the region rich in oil and gas, and shows little sign of breakthrough.The...

The Reserve Bank of India (RBI) monetary policy committee (MPC) is anticipated to maintain steady interest rates at 5.25 percent during the April review. However, the key focus is shifting toward understanding the inflationary impacts stemming from the conflict in West Asia, according to a Moneycontrol poll that surveyed economists, FX strategists, and heads of treasuries.Global Energy Shock Fuels Inflationary Concerns The war in West Asia has created significant economic instability, prominently demonstrated by Brent crude prices staying elevated above $100 per barrel. This volatility is exacerbated by the potential indefinite closure of the Strait of Hormuz, a critical shipping route through which India imports at least 40 percent...

Gold, Silver Prices Today April 6: Check Latest Rates in Mumbai, Delhi, Chennai, Kolkata, Bengaluru Gold and silver prices remained largely steady on Monday, April 6, even as global cues turned cautious amid rising geopolitical tensions in West Asia. Investors continue to track developments in the ongoing US-Iran conflict along with key macroeconomic indicators, keeping bullion prices range-bound.Gold and Silver Trend Amid Global Developments In the international market, gold prices moved lower after US President Donald Trump intensified threats targeting Iran’s power infrastructure, while Tehran showed limited willingness to comply with US demands to end the conflict.Spot gold declined 0.8% to $4,637.60 per ounce, while silver...

New Delhi, April 5 In their collective commitment to support oil market stability amid the West Asia crisis, the eight OPEC+ countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — decided on Sunday to implement a production adjustment of 206,000 barrels per day in May – from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023.The countries met virtually on Sunday to review global market conditions and outlook.“This adjustment will be implemented in May 2026. The 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner,” OPEC said in a statement.The countries will continue to closely monitor...

New Delhi, April 5 The country's gold imports rose by 28.73 per cent to USD 69 billion during April-February of the 2025-26 fiscal, due to the high prices of the precious metal, according to data from the Ministry of Commerce.Gold imports stood at USD 53.52 billion during April-February of the 2024-25 fiscal.The increase in gold imports pushed the country's trade deficit (the difference between imports and exports) to USD 310.60 billion over the 11 months of the last fiscal, compared to USD 261.80 billion during April-February of the 2024-25 fiscal, according to the data.The price of the yellow metal is currently around Rs 1,51,500 per 10 grams (including all taxes) in the national capital.Switzerland is the largest source of...

New Delhi, April 5 – The European Union, through its Generalized Scheme of Preferences Plus (GSP+), granted Pakistan duty-free access to its lucrative markets in January 2014 in exchange for its commitment to uphold international human rights, labor, environmental, and governance standards.However, Pakistan’s garment factories are brazenly violating this promise by exploiting workers’ rights and preventing the formation of labor unions, which prevents them from even raising these issues with the owners, according to a report in Greece’s digital news portal, NewsBomb.The GSP+ arrangement has seen Pakistan’s export economy flourish, with over 7 billion euros of the country’s 8.3 billion euros in EU imports being tariff-free in 2024...