Business

Supreme Court Urges SEBI to Close Sterling Biotech Case or Face Action New Delhi, April 2 – The Supreme Court has directed the Securities and Exchange Board of India (SEBI) to either conclude its proceedings against Sterling Biotech Limited (SBL) and its promoters, Chetan and Nitin Sandesara, or face a detailed order from the bench. SEBI Order and Deposit Requirement The court, comprising Justices J K Maheshwari and A S Chandurkar, reiterated that all proceedings, including those initiated by SEBI, must be quashed if the Sandesara brothers deposit Rs 5,100 crore in the apex court registry. This order, issued last November, was contingent on the full and final settlement of claims. Timeline of Events The Sandesara brothers agreed to...

New Delhi, April 2 Renewable energy platform Resolven announced on Thursday that it has secured refinancing of ₹450 crore for its 136-MWp operational portfolio across Telangana and Karnataka.The refinancing, undertaken with NIIF Infrastructure Finance Limited (NIIF IFL), will reduce financing costs by over 100 basis points, along with an extension in the loan tenor by 3-5 years, significantly enhancing the company's liquidity profile and balance sheet resilience, Resolven said in a statement."This transaction validates our focus on strengthening the financial position of the business and optimizing portfolio returns for our institutional shareholders," Abhinav Agarwal, Chief Financial Officer, Resolven, said in the statement...

RBI Interest Rate Hike Unlikely Unless Crude Oil Prices Remain Above $100 New Delhi, April 2 – The Reserve Bank of India is unlikely to raise interest rates at its upcoming Monetary Policy Committee meeting next week, according to a report released on Thursday. The report suggests that the RBI’s decision will largely depend on sustained crude oil prices above $100 per barrel.HSBC Forecasts No Rate Hikes with $80 Oil Price HSBC Global Investment Research projects no rate hikes if the average oil price in 2026 is $80 per barrel. The research firm contends that defending the rupee with interest rate hikes could prove costly if the growth drag from higher oil prices intensifies rapidly and becomes non-linear.Policy Meeting Scheduled...

India’s Defence Exports Reach Record ₹38,424 Crore, Marking 62.66% Growth New Delhi, April 2 – India’s annual defence exports reached a record high of ₹38,424 crore in the financial year 2025-26, representing a robust 62.66 per cent growth over the previous fiscal year, Defence Minister Rajnath Singh announced on Thursday.The “significant increase” in defence exports reflects the growing “global confidence” in India’s indigenous defence capabilities, Singh stated in a social media post. He added that the country is “achieving impressive success in defence exports.”India’s defence exports in 2024-25 were ₹23,622 crore, and in 2023-24, they were ₹21,083 crore. This latest figure represents a three-fold increase over the last five...

Mumbai, April 2 – The Indian rupee registered a significant surge on Thursday, posting one of its largest single-day gains in many years, closing at 93.14 (provisional) against the US dollar. The rally, totaling 156 paise, marks a notable reversal after a period of depreciation driven by foreign capital outflows and rising crude oil prices.Currency Fluctuations and RBI Measures Despite the positive movement, the rupee remained under pressure due to continued foreign capital withdrawal, a strengthening US dollar, and escalating geopolitical tensions impacting crude oil prices. The local currency breached the 95-level on Monday, ultimately closing at 94.70 against the dollar on Friday, prompting the Reserve Bank of India (RBI) to...

Mumbai, April 2: Indian equity benchmark indices rebounded from early losses to close higher on Thursday, marking their second consecutive session of gains. The recovery was primarily driven by strength in IT stocks and support from a firmer Indian rupee.The Nifty 50 index edged up by 33.70 points or 0.15 per cent to settle at 22,713.10. The BSE Sensex also closed in positive territory, rising 185.23 points or 0.25 per cent to end at 73,319.55.IT Stocks Drive Market Recovery The upward movement was largely led by IT stocks, which witnessed renewed buying interest during the session. HCLTech and Tech Mahindra emerged among the top performers on the Nifty. Infosys and Tata Consultancy Services also contributed to the gains, supporting...

DGCA Conducts 41 Airline Audits in Q1 2026, Strengthens Aviation Safety Oversight New Delhi, April 2: The Directorate General of Civil Aviation (DGCA) carried out a total of 41 audits between January and March 2026, including 29 special audits and 12 regulatory audits, as part of its ongoing aviation safety oversight, the government informed Parliament on Thursday.Extensive Audits Across Airlines and Operators The audits covered airlines, charter operators, and helicopter services, reflecting a broad safety review across the civil aviation ecosystem. Minister of State for Civil Aviation Murlidhar Mohol, in a written reply in the Lok Sabha, also stated that 65 audits were conducted in 2025, comprising 56 regulatory audits and 9 safety...

Birlasoft Appoints Vikram Puranik as Chief Operating Officer New Delhi, April 2: IT services company Birlasoft on Thursday announced the appointment of Vikram Puranik as its Chief Operating Officer (COO), effective immediately.Leadership Move to Strengthen Global Delivery and Innovation Based in Pune, Puranik will be responsible for enhancing Birlasoft’s global delivery capabilities and advancing its innovation strategy. According to the company, his role will focus on driving operational excellence, improving margins, and accelerating productivity transformation across the organization.Industry Experience Spanning Over Two Decades Puranik brings more than 25 years of industry experience to the role. Prior to joining Birlasoft, he...

India Manufacturing PMI Slows to Four-Year Low in March Amid Rising Costs and Global Uncertainty New Delhi, April 2: India’s manufacturing sector growth moderated sharply in March, with the Purchasing Managers’ Index (PMI) slipping to its lowest level in nearly four years, reflecting mounting cost pressures, global uncertainty, and softer demand conditions.PMI Drops to 53.9, Weakest Since June 2022 The seasonally adjusted HSBC India Manufacturing PMI declined to 53.9 in March, down from 56.9 in February, marking the weakest improvement in overall business conditions since June 2022.A PMI reading above 50 indicates expansion, while a figure below 50 signals contraction.Slower Growth in Orders and Output The report highlighted that...

Coal Production in India Crosses 200 MT Mark in FY 2025-26, Sets New Record New Delhi, April 2: India’s coal sector achieved a historic milestone in FY 2025-26, with captive and commercial mines recording their highest-ever production and dispatch levels, according to the Ministry of Coal.For the first time, combined coal production and dispatch from these mines crossed the 200 Million Tonnes mark, reflecting a significant expansion in operational capacity and efficiency.Record Coal Production and Dispatch Figures As of March 31, 2026, total coal production from captive and commercial mines stood at 210.46 MT, registering a 10.22 percent year-on-year growth compared to 190.95 MT in FY 2024-25.Coal dispatch also witnessed a...

New Delhi, April 2 In a relief to the Delhi Metro Rail Corporation (DMRC), the appellate tribunal, NCLAT, has stated that DMRC is not bound to revive the concession agreement with Pratibha Industries Ltd (PIL) for a multi-level parking at one of its stations.Earlier, on July 30, 2024, the NCLT had approved a resolution plan for PIL by a consortium of Crown Steels and Sunrise Industries. As per the plan, DMRC was required to revive the concession agreement in favor of PIL in full force and effect without any additional liability towards the bidder.After the approval of the plan, the successful bidder approached the NCLT seeking directions against DMRC."Therefore, we direct the Applicant/SRA (successful bidder) as well as DMRC to...

Sensex, Nifty Recover from Sharp Early Losses as IT Stocks Lead Mid-Session Rebound Mumbai, April 2: Benchmark equity indices Sensex and Nifty staged a strong recovery on Thursday, erasing steep early losses during mid-session trading, supported by renewed buying interest in blue-chip IT stocks at lower levels.Markets Reverse Early Slide to End Marginally Higher The 30-share BSE Sensex witnessed significant volatility during the session. It plunged 1,588.51 points in early trade to hit an intraday low of 71,545.81 before rebounding sharply. The index later settled at 73,255.52, registering a gain of 121.2 points or 0.16 per cent.Similarly, the NSE Nifty dropped 496.85 points or 2.19 per cent to touch a day’s low of 22,182.55...

New Delhi, April 2 The Income Tax Department launched a new website called ‘Kar Saathi’ on Thursday, aimed at simplifying and making tax-related processes more user-friendly.The department stated that the platform brings all direct tax information under one roof and is designed to be easier to navigate and faster to use.Announcing the launch on X, Income Tax India shared that the new website will help taxpayers access all information in one place, while introducing ‘Kar Saathi’, an AI-powered companion to guide users through their tax-related queries and processes.“The new Income Tax website is here. It’s simpler to navigate and faster to use,” the department said.“One place to access all Income Tax related information. Meet Kar...

New Delhi, April 2 GIFT Nifty recorded its highest-ever monthly turnover of $129.80 billion in March, surpassing its previous record of $106.22 billion set in October 2025, according to the NSE International Exchange (IX) on Thursday.The exchange also stated that monthly trading volume reached a record high of 2.82 million contracts in March, exceeding the earlier peak of 2.17 million contracts set in April 2025.The March milestone is the latest in a series of records for the India-linked derivatives contract.Earlier in February, GIFT Nifty had logged its highest-ever single-day trading volume of 4,57,989 contracts, with a single-day turnover of $23.48 billion – surpassing the previous single-day record of $22.88 billion set on...

New Delhi, April 2 Ceigall India announced on Thursday that its subsidiary, Ceigall Green Energy MP Ltd, has signed 15 power purchase agreements with Madhya Pradesh Power Management Company to supply electricity from a 130-MW solar capacity under the Surya Mitra Krishi Feeder Yojana.According to the agreements, Ceigall Green Energy MP Ltd will implement, operate, and maintain, and supply power from its solar photovoltaic generating stations for 25 years at a rate of ₹2.85 per unit, the company statement said.The Surya Mitra Krishi Feeder Yojana aims to provide reliable daytime power to the agricultural sector through dedicated solar feeders, while also advancing India's clean energy goals.The project has an estimated EPC...

New Delhi, April 2 The government has slightly exceeded its indirect tax collection target for fiscal 2025-26, an official said on Thursday.Total indirect tax collection, which includes customs, excise, and GST, as per the Revised Estimates (RE), was set at over ₹15.52 lakh crore for FY26. This includes ₹2.58 lakh crore from customs duty, ₹3.38 lakh crore from excise duty, and ₹9.58 lakh crore from the Central Goods and Services Tax (CGST).Without revealing specific figures, the official said that revenue from customs duty was 102% of the RE, while for excise duty, it was 101% of the RE. Central GST collection was also 100.8% of the RE for FY26."Overall, GST plus non-GST collection reached 101.2% of the RE," the official said...

New Delhi, April 2 – India’s primary market has started 2026 on a strong note, with initial public offerings (IPOs) raising $2.5 billion in the first quarter, marking a 7.8 per cent increase year-on-year (YoY) and the highest first-quarter performance since 2018, according to a new report released on Thursday.India remained a key global destination for IPOs, accounting for around 8 per cent of worldwide proceeds during the quarter, according to a report by the London Stock Exchange Group (LSEG).The broader equity capital markets (ECM) showed resilience despite global uncertainties weighing on dealmaking sentiment. Business news subscriptionFollow-on offerings contributed a major share, accounting for 58 per cent of total proceeds...

New Delhi, April 2 – The emerging Australia-Canada-India Technology and Innovation (ACITI) partnership has moved from diplomatic rhetoric to actual implementation, with new trilateral commitments and 13 new Canada-India university agreements scaling cooperation in artificial intelligence, quantum research, and semiconductors, a new report has said.The report from One World Outlook said the three countries bring complementary strengths into the partnership, where India brings scale in engineering talent, digital public infrastructure, and applied deployment.Canada adds foundational AI research and trusted institutions, while Australia contributes deep-tech research capacity."In policy terms, the complementary strengths make ACITI...

New Delhi, April 2 A Rajya Sabha member from the Rashtriya Janata Dal (RJD) raised concerns on Thursday about a significant shortfall in the central government's transfer of collection funds to designated funds, citing a Comptroller and Auditor General (CAG) report that revealed lapses spanning five decades.Raising the issue during Zero Hour, RJD MP A D Singh from Bihar said that the CAG has found that as of FY 2023-24, the government failed to transfer as much as Rs 3.69 lakh crore of collection funds to their intended funds – with the earliest lapses dating back to 1974.Singh highlighted several specific instances. The Oil Industry Development Board, he said, had collected Rs 902.40 crore between 1974-75 and 1991-92, with...

New Delhi, April 2 Gold prices plunged by Rs 6,004 to Rs 1.47 lakh per 10 grams in futures trading on Thursday, amid heightened geopolitical tensions in the Middle East that boosted the US dollar and dampened investor sentiment.Breaking a four-day winning streak, the yellow metal for June delivery plunged by Rs 6,004, or 3.91 percent, to Rs 1,47,704 per 10 grams on the Multi Commodity Exchange.Analysts said that precious metal prices declined as the US dollar rebounded following remarks by President Donald Trump indicating a potential escalation in the ongoing conflict with Iran.Gold prices declined on Thursday, ending a four-day gain, as the US dollar rebounded after President Donald Trump warned that the military campaign in...