Business

New Delhi, April 2 The government has announced measures to help exporters mitigate the impact of the West Asia crisis, and more decisions are being considered, Commerce and Industry Minister Piyush Goyal said on Thursday.The US-Israel attack launched on Iran in February has disrupted shipping in international waters. It has also increased air freight and insurance costs for traders.To assist exporters, the government has announced certain measures through a relief package, and "more decisions are being considered at different levels and ministries," he told reporters here.As part of the relief measures, the government is looking at providing some freight subsidies.Last month, the government launched a Rs 497 crore RELIEF...

New Delhi, April 2 Shares of Sai Parenteral, a diversified pharmaceutical formulation company, closed on Thursday with a premium of nearly 4 per cent against the issue price of Rs 392.The stock made its market debut at Rs 405, up 3.32 per cent from the issue price on the BSE. During the day, it rose 6.17 per cent to hit an intra-day high of Rs 416.20. Later, it ended at Rs 406.40, up 3.67 per cent on the exchange.On the NSE, shares of Sai Parenteral started trading at Rs 400, up 2.04 per cent. In the intra-day session, it appreciated 6.12 per cent to hit a high of Rs 416. Finally, it settled at Rs 405 apiece, up 3.32 per cent on the exchange.At the end of the session, the company's market valuation stood at Rs 1,795.44 crore on...

New Delhi, April 2 Transactions through the Unified Payments Interface (UPI) reached a record high of 22.64 billion in terms of volume in March."UPI achieves 22.64 billion transaction count in March'26! Thank you, India, for embracing digital payments and driving this revolution forward. Let's continue the journey of transforming the way we transact!," the Department of Financial Services said in a post on X.In terms of volume, 22.64 billion transactions were conducted during the month, compared to 18.3 billion a year ago, representing a 24% growth.The UPI transaction in terms of volume was 20.39 billion recorded in February.UPI combines ease of use with strong security while following the RBI's two-factor authentication rule...

Mumbai, April 2 Asset management firm Franklin Templeton has witnessed higher Systematic Investment Plan (SIP) flows in March compared to February, despite the negative impact on investor sentiment due to the West Asia conflict, a top company official said on Thursday.While there is widespread concern about how long the conflict will last and the subsequent recovery, the company is taking advantage of the dip in share prices to buy shares, rather than preferring to hold cash across its schemes, Franklin Templeton Asset Management India president Avinash Satwalekar told reporters here.SIP flows for the industry are expected to decline further in March from February's ₹29,845 crore, as this has been the historical experience where any...

New Delhi, April 2 The reimposed windfall export taxes on diesel and aviation turbine fuel (ATF) will not apply to Reliance Industries Ltd's SEZ refinery due to court rulings, a senior official said on Thursday.Effective from March 26, the government revised fuel levies, reintroducing export duties of ₹21.50 per litre on diesel and ₹29.50 per litre on ATF, while keeping petrol exports exempt. This move coincided with a ₹10 per litre cut in excise duty on petrol and diesel.Initially, it was unclear whether exports from Reliance's special economic zone (SEZ) refinery—one of the largest contributors to India's refined product exports—would retain exemptions similar to those under the 2022 windfall tax regime."According to court...

New Delhi, April 2 – The Indian domestic automotive metal forming market is projected to nearly double to $90-95 billion by FY30, growing at around 12% annually, as global supply chain realignments drive value concentration toward process-led manufacturers, a report has said.According to Avendus Capital analysis, India's auto component industry – including casting, forging, stamping, and machining – reached a size of $80 billion in FY25 and turned into a net exporter during the year, with exports reaching approximately $23 billion.This transition reflects not just scale expansion but also a structural upgrade in manufacturing complexity, quality standards, and global integration, it said.The report also highlighted a deeper shift...

New Delhi, April 2 Commerce and Industry Minister Piyush Goyal said on Thursday that India is seeking preferential market access for its products in the US and asserted that the country's relations with America are "very robust" with a deep strategic partnership across technology, defence, trade, and investment.He said that India's trade agreement with the US is "the best" compared to its competitor countries."Our relations are very robust. We have a deep strategic partnership on several aspects, including technology, defence, trade, and investment, and our approach is that India should get preferential market access," Goyal told reporters here.He said that the country is in a "very favorable position" to promote trade with the...

New Delhi, April 2 The government on Thursday exempted the import of critical petrochemical products from customs duty for three months until June 30, providing relief to sectors such as pharmaceuticals, chemicals, and textiles, and ensuring supply stability amid the ongoing West Asia crisis.This "temporary and targeted relief" will cost the exchequer approximately Rs 1,800 crore, but will help ensure price stability, continuity in production and supply chain, CBIC Member (Tax Policy), Sanjay Mangal told reporters at a press briefing.In a statement, the finance ministry said, in light of the ongoing conflict in West Asia and the consequent disruptions in global supply chains, the government has decided to provide full customs duty...

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...