Business

Mumbai, April 2 The rupee logged one of its steepest single-day gains in many years and closed 152 paise higher at 93.18 against the US dollar on Thursday after the Reserve Bank stepped in with a slew of measures to restrict banks from onshore forward markets.The domestic unit, however, remained under pressure due to the unabated withdrawal of foreign capital, a strengthening dollar, and rising crude oil prices amid a volatile geopolitical situation, forex analysts said.At the interbank foreign exchange, the rupee opened at 94.62 and registered a sharp single-day surge of 188 paise to touch an intra-day high of 92.82 against the greenback. At the end of the session, the rupee was quoted at 93.18 against the dollar, higher by 152...

Mumbai, April 2 The Reserve Bank on Thursday allowed both residents and non-residents to exchange Indian rupee notes at foreign exchange counters in departure halls at international airports, beyond the immigration or customs desk.Previously, such foreign exchange counters were only allowed to buy Indian rupee from non-residents and sell foreign currency to them."Following a review, it has been decided to allow residents (along with non-residents) to exchange Indian rupee notes at foreign exchange counters in the departure halls of international airports located in the duty-free or security hold area, beyond the immigration or customs desk," the Reserve Bank of India (RBI) said in a circular.The Master Direction on Money Changing...

New Delhi, April 2 The infrastructure sector is set to play a central role in sustaining the country's long-term economic growth and achieving the goal of 'Developed India' by 2047, said Rohit Rishi, Managing Director of India Infrastructure Finance Company Ltd (IIFCL), on Thursday.Addressing a meeting of stakeholders here, Rishi highlighted India's resilience in the face of global uncertainties and emphasized the central role of infrastructure in sustaining long-term economic growth.He emphasized the expanding opportunities across transport, urban infrastructure, and clean energy, supported by a strong policy push and a robust pipeline of projects."IIFCL remains committed to supporting India's infrastructure journey by enabling...

New Delhi, April 2 – The Centre has announced a series of relief measures aimed at protecting the Indian industry and consumers from the adverse economic impact of the Iran war, which has disrupted supply chains and affected exports.The Finance Ministry has outlined steps including cuts in customs duties on key raw materials, export incentives, controls on fuel prices, and financial support mechanisms, with a focus on ensuring stability in key sectors.The government has allowed Special Economic Zone (SEZ) units to sell goods in the domestic market at concessional customs duty rates. Previously, such sales attracted full import-equivalent duties, which have now been reduced to approximately 5 to 12.5 per cent to support manufacturing...

New Delhi, April 2 Shares of Basmati rice exporter Amir Chand Jagdish Kumar (Exports) were listed at a discount of more than 17 per cent against the issue price of Rs 212 on Thursday.The stock began trading at Rs 195, down 8.02 per cent on the BSE. Later, it extended its losses by plunging 17.22 per cent to close at Rs 175.50 per share – also its lower circuit limit.On the NSE, it started trading at Rs 200, down 5.66 per cent. Later, the stock slumped 15.09 per cent to settle at Rs 180, also its lower circuit level.At the end of the market session, the company's market capitalization stood at Rs 1,863.93 crore on the NSE.In terms of volume on the exchanges, 3.37 crore equity shares of Amir Chand Jagdish Kumar (Exports) were...

Shimla, April 2 There has been no increase in the prices of petrol and diesel in the state, and the Legislative Assembly has only made provisions to allow for a price increase of up to Rs 5 in the future, if needed, Chief Minister Sukhvinder Singh Sukhu said on Thursday.The Himachal assembly passed the HP Value Added Tax (Amendment) Bill 2006 on March 23, seeking to levy a "cess" on petrol and high-speed diesel up to five rupees per litre for "orphans and widows."Speaking to the media, he said that the entry toll rates for larger vehicles have been reduced, and the entry tax for passenger vehicles entering from other states has been lowered from Rs 130 to Rs 100.Providing relief to the transport sector, the Chief Minister...

Jammu, April 2 The money of depositors in the Jammu and Kashmir State Cooperative Agriculture and Rural Development Bank is safe, Cooperative Minister Javid Ahmad Dar said on Thursday, noting that the process to appoint a liquidator is underway following an alleged embezzlement of Rs 181 crore.The assurance was given by the minister in the Legislative Assembly after BJP legislators rose from their seats during Zero Hour, pressing for a government statement on the issue, which Speaker Abdul Rahim Rather described as “very serious”.“We have already initiated the process to appoint a liquidator. The matter involves various technicalities and pertains to around Rs 181 crore, so it cannot be resolved overnight. I want to assure account...

New Delhi, April 2 Shares of Powerica, a provider of power solutions, closed over 2 per cent lower on Thursday compared to the issue price of Rs 395 in its debut trade.The stock listed at Rs 366, falling 7.34 per cent from the issue price on the NSE. During the day, it reached a high of Rs 397 and a low of Rs 365.10. The stock later closed at Rs 385 per share, down 2.53 per cent.On the BSE, it debuted at Rs 375, down 5.06 per cent. The stock settled at Rs 390, down 1.27 per cent.At the end of the market session, the company's market capitalization stood at Rs 4,935.52 crore on the BSE.In terms of volume on the exchanges, 1.61 crore equity shares of Powerica Ltd were traded on the NSE, while 3.02 lakh shares were traded on the...

New Delhi, April 2 The Reserve Bank of India (RBI) issued an order on February 20 this year under Section 15 of the Foreign Exchange Management Act (FEMA), 1999, in the case involving Rs 4.1 crore against Vikram Mundlur, which has resulted in the termination of adjudication proceedings against him for violations of the provisions of FEMA, 1999.The order was passed by the RBI after the Enforcement Directorate (ED) issued a "no objection" statement, as stated in an official statement released on Thursday.Accordingly, based on the "no objection" issued by the ED, the RBI has issued a compounding order dated February 20, 2026, for a one-time payment of Rs 3,60,495."This has resulted in the termination of adjudication proceedings...

New Delhi, April 2 Silver prices plummeted by Rs 9,000 to Rs 2.37 lakh per kilogram in the national capital on Thursday, while gold declined by Rs 3,500 to Rs 1.51 lakh per 10 grams amid a bearish sentiment in the domestic market.According to the All India Sarafa Association, the white metal depreciated by Rs 9,000, or 3.66 per cent, to Rs 2,37,000 (inclusive of all taxes) from Thursday's closing level of Rs 2,46,000 per kg.Gold of 99.9 per cent purity also declined by Rs 3,500, or 2.26 per cent, to Rs 1,51,500 per 10 grams (inclusive of all taxes)."Precious metals declined on Thursday after US President Donald Trump's much-anticipated address provided limited clarity on resolving the conflict in West Asia," said Saumil Gandhi...

New Delhi, April 2 India's small business credit ecosystem maintained stable momentum in the December 2025 quarter, with total credit exposure rising 14.9 per cent year-on-year to ₹47.8 lakh crore, a report showed on Thursday.The joint analysis by CRIF and SIDBI highlighted that sole proprietors continued to dominate the small business lending space, accounting for nearly 80 per cent of the total outstanding portfolio.Specifically, sole proprietors accounted for 62.5 per cent of active loans and 73 per cent of total borrowers.Overall origination value grew 13.3 per cent year-on-year between December 2024 and December 2025, with sole proprietor originations rising 15 per cent, supported by higher participation by women borrowers...

New Delhi, April 2 India's largest iron ore producer and miner, NMDC, achieved a production of 53.15 million tonnes (MT) of iron ore in the fiscal year 2026, becoming the first company in India's mining history to surpass the 50 MT annual production mark, the government said on Thursday.The company produced 5.35 MT and sold 5.90 MT of iron ore in March 2026, marking exceptional growth of 51 per cent and 40 per cent, respectively, over the previous year, according to an official statement.The total production during the fiscal year grew by 21 per cent year-on-year, reaching 50.23 MT, with a 13 per cent increase, marking its best performance since inception.This achievement symbolizes the growing strength of India's mineral sector...

New Delhi, Apr 2 UGRO Capital, a data-tech lender focused on MSMEs, has said that members of the Patni family and their associates have collectively increased their stake in the company to over 5 per cent.Zodiac Wealth Advisors LLP, the Patni group’s investment vehicle, along with 22 other entities comprising individual family members, trusts, and holding vehicles, collectively holds 79,52,860 shares, or 5.02 per cent of UGRO Capital’s paid-up equity, the company said in a regulatory filing.The acquisition, made entirely through open market purchases using own funds, crossed the 5 per cent threshold on February 9, 2026, it said.It further said that the "persons acting in concert" (PAC) Group comprises public shareholders with no...

New Delhi, April 2: China's official economic growth figures are inaccurate, and the country's economy is facing a major threat due to its growing bad debt and a rapidly aging population, a new report has said.The Japanese news site, Nippon.com, cited estimates from the US think tank, Rhodium Group, which suggests that China's true economic growth is closer to 2.5–3.0 per cent, rather than the Chinese government's official GDP growth figures of 5 per cent for 2025.It also cited some observers who believe that the country is currently experiencing essentially zero growth."Two major obstacles stand in the way of China's economic future: massive amounts of bad debt stemming from a bursting bubble, and an inverted population pyramid...

New Delhi, April 2 State-owned CIL has reported its first sales growth in six months for March, reflecting a build-up of coal stocks before peak summer demand amid gas shortages due to the West Asia conflict.Coal India (CIL) accounts for over 80 per cent of domestic coal production.The coal sales by CIL increased by 0.7 per cent to 69.5 million tonnes (MT) in March, according to provisional data from the coal giant.Coal sales declined by 1.5 per cent in February, 4.7 per cent in January, 5.2 per cent in December, 0.3 per cent in November, 5.9 per cent in October, and 1.1 per cent in September, CIL said.In August, coal sales grew by 7.6 per cent, it added.The PSU contributes to 75 per cent of total coal-based power generation...

New Delhi, April 2 The government has directed oil refineries to divert a portion of the feedstock normally used for producing cooking gas (LPG) to industries affected by the ongoing petrochemical shortage, which spans sectors from packaging to condom manufacturing.The Ministry of Petroleum and Natural Gas, on April 1, directed refineries to allocate a portion of propylene to the petrochemical industry, which has been severely affected, as most feedstock has been diverted for cooking gas (LPG) production.At an inter-ministerial briefing on the fallout of developments in West Asia, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said following the disruption in India's LPG supplies from the Middle East...

Mumbai, April 2 Mahindra & Mahindra announced on Friday that it will increase the prices of its non-electric SUVs and commercial vehicles by up to 2.5 per cent from April 6.The company attributed the latest price increase to a combination of rising costs."Mahindra & Mahindra announces an increase in prices of up to 2.5 per cent for its ICE (internal combustion engine) SUV and CV range, with an average increase of 1.6 per cent across the portfolio," the company said in a statement.This price increase will be effective from April 6, it said.For the recently introduced XUV700, the price increase is expected to take effect after the first 40,000 price-protected bookings are delivered, the company said.Various automakers, including...

New Delhi, April 2 State-owned CIL subsidiaries Bharat Coking Coal Ltd (BCCL), Central Coalfields Ltd (CCL), Western Coalfields Ltd (WCL), and Mahanadi Coalfields Ltd (MCL) reported a decline in coal production in the recently concluded 2025-26 financial year.This decline in production comes at a time when there is a sharp increase in the country's reliance on coal, triggered by the West Asia crisis, which has tightened global gas and LNG supplies and pushed up the prices of imported coal.BCCL's production dropped by 12.3 per cent, CCL by 6.1, WCL by 8.8 per cent, and MCL by 3 per cent, according to provisional data from Coal India Ltd (CIL).South Eastern Coalfields Ltd (SECL) and Northern Coalfields Ltd (NCL) are the two Coal...

New Delhi, April 2 In a significant regulatory move, the Securities and Exchange Board of India on Thursday proposed bringing back open market share buybacks through stock exchanges, following recent changes in the tax framework.In a consultation paper, the market regulator suggested that companies should once again be allowed to repurchase their shares directly from the secondary market as an additional option under existing buyback rules.This method had been discontinued earlier due to tax-related concerns.SEBI said the recent amendments in the Income Tax Act have removed the earlier imbalance in taxation.Under the revised rules, buyback proceeds will now be taxed as capital gains in the hands of shareholders.This aligns the...

New Delhi, April 2 India has secured the "best" US deal among competitors, and the country is in a "sweet spot" with the trade pact, Commerce and Industry Minister Piyush Goyal said on Thursday.Speaking to the media at the 14th Ministerial Conference of the World Trade Organization (WTO), held recently in Cameroon, the minister said India should receive "preferential market access" in the bilateral trade pact with the United States.Preferential market access refers to exemptions from tariffs on specific product lines.India finalized the interim trade deal with the US on February 2, which sharply lowered the tariffs levied on the country from 50 per cent to 18 per cent.The tariffs were later ruled "illegal" by the nine-judge US...