Business

India Defence Exports Hit Record ₹38,424 Crore in FY26, Surge 62.66% Year-on-Year New Delhi, April 2: India’s defence exports climbed to a record high of ₹38,424 crore in the financial year 2025-26, registering a sharp 62.66 percent increase compared to ₹23,622 crore in the previous fiscal, according to an official government statement released on Thursday.DPSUs and Private Sector Drive Export Growth Defence Public Sector Undertakings (DPSUs) accounted for 54.84 percent of total exports, while the private sector contributed 45.16 percent, reflecting a balanced participation across the industry.In value terms, DPSUs exported ₹21,071 crore worth of defence equipment, a significant jump from ₹8,389 crore in the previous financial year...

Sensex, Nifty Fall Nearly 2% as Iran Tensions Spike Oil Prices and Trigger FII Sell-Off Indian Markets Open Deep in Red Amid Global Uncertainty Mumbai, April 2: India’s benchmark equity indices, the Sensex and Nifty, dropped nearly 2 percent in early trading on Thursday, reflecting heightened investor anxiety after fresh geopolitical tensions in West Asia pushed crude oil prices higher and triggered sustained foreign fund outflows.The 30-share BSE Sensex declined by 1,433.72 points, or 1.96 percent, to trade at 71,700.60, while the NSE Nifty fell 445.70 points, or 1.97 percent, to 22,233.70 during the morning session.Broad-Based Selling Across All Sensex Stocks Selling pressure was visible across the board, with all 30 Sensex...

Indian Rupee Surges 1.7% in Biggest Gain in Over 12 Years Amid RBI Crackdown on Speculation New Delhi, April 2: The Indian rupee recorded its sharpest single-day rise in more than 12 years on Thursday, driven by aggressive regulatory action aimed at curbing currency speculation in both domestic and offshore markets.The rupee strengthened by as much as 1.7 percent to 93.25 against the US dollar, marking its biggest gain since September 2013. The surge came as trading resumed after a three-day holiday break, amplifying market reactions to recent policy measures.RBI Tightens Grip on Currency Derivatives Market The rally follows a series of steps by the Reserve Bank of India to restrict speculative trading. The central bank has extended...

Rupee Rebounds 151 Paise from Record Low, Trades at 93.19 Against US Dollar RBI Measures Trigger Sharp Recovery in Early Trade Mumbai, April 2: The Indian rupee staged a strong recovery on Thursday, gaining 151 paise from its record low to trade at 93.19 against the US dollar in early deals. The rebound comes after the Reserve Bank of India introduced measures to restrict banks' net open position in the onshore forward delivery market.At the interbank foreign exchange, the rupee opened at 94.62 and surged to 93.19, marking a gain of 1.6 percent from its previous close.RBI Caps Banks’ Exposure to Stabilize Currency The central bank, through its circular dated March 27, 2026, capped the net open position on the Indian rupee for banks...

Government Waives Customs Duty on Key Petrochemicals Amid West Asia Crisis New Delhi, April 2: The government on Thursday announced a full customs duty exemption on select critical petrochemical products to ensure supply stability and ease cost pressures on industries amid the ongoing West Asia conflict.Duty Exemption Valid Till June 30 The Finance Ministry stated that the exemption will remain in effect until June 30 and is aimed at addressing supply chain disruptions caused by escalating geopolitical tensions in the region.According to the official statement, the move is a temporary and targeted relief measure designed to maintain the steady availability of essential petrochemical inputs, reduce input costs for downstream...

Stock Market Today: Sensex, Nifty Fall Over 1% as West Asia Tensions Weigh on Sentiment Mumbai, April 2: Indian equity markets opened sharply lower on Thursday, with benchmark indices declining more than 1 percent amid escalating tensions in West Asia and cautious global cues.The BSE Sensex opened at 72,262, falling 872 points or 1.19 percent, while the Nifty 50 dropped around 300 points or 1.31 percent to 22,383.40. Both indices extended losses during early trade, reflecting broad-based selling pressure.Broad-Based Selling Across Sectors All major sectoral indices started the session in negative territory. Key sectors including banking, real estate, chemicals, automobiles, metals, and healthcare witnessed notable declines.Among...

South Korean Stocks Sink Over 3% as Trump’s Iran Warning Triggers Global Market Jitters KOSPI Reverses Early Gains Amid Escalating Geopolitical Tensions Seoul, April 2: South Korean equity markets witnessed a sharp sell-off on Thursday morning, with the benchmark Korea Composite Stock Price Index (KOSPI) plunging more than 3 percent after fresh geopolitical tensions rattled investor sentiment.The KOSPI dropped 197.1 points, or 3.6 percent, to 5,281.6 as of 11:20 a.m. The index had initially opened over 1 percent higher, tracking overnight gains on Wall Street, but quickly reversed course following remarks from U.S. President Donald Trump that heightened concerns over the ongoing conflict with Iran.Trump’s Warning Dampens Hopes of...

South Korea Inflation Rises to 2.2% in March Amid Surge in Global Oil Prices Seoul, April 2: South Korea’s consumer price inflation accelerated to 2.2 percent year-on-year in March, exceeding the government’s 2 percent target, as rising global oil prices driven by prolonged Middle East tensions pushed fuel costs higher, according to official data released on Thursday.The latest reading marks the fastest inflation growth since December, when consumer prices had risen 2.3 percent annually, highlighting renewed price pressures in the economy.Fuel Prices Lead Inflation Spike The primary driver behind the increase was a sharp rise in petroleum product prices, which climbed 9.9 percent year-on-year, the steepest jump since October 2022...

Legacy Investments Get Relief as New Income Tax Rules Shield Pre-2017 Foreign Holdings from GAARGovernment Clarifies Tax Treatment for Pre-FY18 Foreign InvestmentsIn a significant move aimed at strengthening investor confidence, the Income Tax Department has clarified that income arising from foreign investments made before April 1, 2017 will not be subjected to the General Anti Avoidance Rule (GAAR). The amendment ensures that tax authorities cannot deny treaty benefits or impose additional taxes on exits linked to such legacy investments, even if tax avoidance was a primary consideration at the time.The clarification comes through amendments to the Income Tax Rules, reinforcing protections for investments made before the start...

Thane Civic Bodies Report Strong Rise in Tax Collections for FY26 Amid Digital Push and Recovery Drives Thane, April 2: Civic bodies across Maharashtra’s Thane district have reported a notable increase in tax collections for the financial year 2025-26, supported by intensified recovery efforts, amnesty schemes, and a growing shift toward digital payment systems, according to officials.Thane Municipal Corporation Sees Digital Surge in Collections The Thane Municipal Corporation (TMC) recorded tax collections of Rs 878.37 crore, marking an increase from Rs 810 crore in the previous year. A significant highlight was the adoption of digital payment modes, with 87.37 percent of taxpayers opting for online transactions.The...

From South Korea to the US, Markets Tumble After Trump Address as Futures and Gold Slide Global financial markets came under pressure following US President Donald Trump’s latest address, triggering a broad selloff across equities from Asia to the United States, while commodities also reflected shifting investor sentiment.Asian Markets Decline Amid Rising Uncertainty Equity markets across Asia moved lower as investors reacted to heightened geopolitical concerns and the absence of clear de-escalation signals surrounding the Iran conflict.South Korea’s Kospi dropped 2.6%, while Japan’s Nikkei 225 declined 1.5%. Hong Kong’s Hang Seng index slipped about 1%, with additional losses recorded across Shanghai, Singapore, Taipei, and Sydney...

Petrol and diesel prices remained unchanged across major Indian cities on April 2, even as global crude oil markets witnessed sharp volatility driven by escalating geopolitical tensions in West Asia. While retail fuel prices stayed stable, commercial fuel segments and LPG rates have seen notable increases, reflecting the impact of rising global energy costs. Fuel Prices in Key Cities on April 2 The latest petrol and diesel prices across major cities are as follows:CityPetrol (Rs/Litre)Diesel (Rs/Litre)Delhi94.7787.67Mumbai103.5490.03Kolkata105.4592.02Chennai100.8492.39Ahmedabad94.4990.16Hyderabad107.4695.70Patna105.7191.49Bengaluru102.9690.99Lucknow95.3488.50Commercial Fuel and LPG Prices See Sharp...

Chandigarh, April 1 Haryana has recorded the highest growth in State GST (SGST) collection among all states in 2025-26, according to a report by the Central Board of Indirect Taxes and Customs (CBIC).The state's post-settlement SGST collection stood at Rs 48,289 crore in FY26, registering a 21.5 per cent growth from Rs 39,743 crore in FY25.This is significantly higher than the national average growth of 5.7 per cent.An official spokesperson on Wednesday said that the total GST collection in Haryana increased by 8.6 per cent in FY26, higher than the national GST growth rate of 6.4 per cent.With this performance, Haryana ranked fifth among all states and Union Territories in terms of gross domestic GST collection.The government...

Mumbai, Apr 1 US tariff orders are likely to moderate India Inc's credit profiles in the second half of FY26, and the West Asia conflict, especially its duration, will play a crucial role in determining how it pans out in the future, rating agencies said on Wednesday.Crisil Ratings, which rates over 7,300 entities, conducted a stress test on the likely impact of the West Asia crisis on Indian companies, which revealed that 23 of the 30 sectors with exposure to the Gulf region will be resilient to the pressure.Its managing director Subodh Rai told reporters that it is very difficult to predict how long the war will last and what the final outcomes will be.This is leading the agency to term the credit quality outlook as "stable" for...

New Delhi, April 1 Indian Farmers Fertiliser Cooperative Ltd (IFFCO) announced on Wednesday that it achieved record profits before tax in the last fiscal year, exceeding the previous high of Rs 4,106 crore in 2022-23.In a statement, IFFCO said that it has achieved "the highest-ever Profit Before Tax (PBT), projected to surpass Rs 4,106 crore, along with robust growth in production and sales across both conventional and nano fertilisers".The company did not disclose the exact PBT figure for the last fiscal year.In the 2024-25 fiscal year, the company's PBT was Rs 3,811 crore. During 2022-23, IFFCO posted a PBT of Rs 4,106 crore.IFFCO also reported a total fertiliser production of 90.62 lakh tonnes during 2025–26, of which urea...

New Delhi, April 1 India's direct tax system entered a new phase on April 1, 2026, as the Income Tax Act, 2025 officially came into effect.The Income Tax Department announced the rollout through a message on X, calling it a step towards a simpler and more user-friendly tax framework aligned with the vision of Viksit Bharat (Developed India).The new law replaces the decades-old Income Tax Act, 1961, marking one of the biggest overhauls in India's direct taxation system.The government has focused on making the language clearer and removing outdated provisions that had made compliance complicated for taxpayers over the years.Officials said that the objective is to reduce confusion, improve transparency, and cut down on unnecessary...

New Delhi, April 1 Avtar Career Creators Ltd announced on Wednesday that it has filed its draft papers with BSE's SME platform to raise funds through an initial public offering.The initial public offering (IPO) involves the issuance of 18.50 lakh equity shares with a face value of Rs 2 each, with no offer-for-sale component, the company said in a statement.The net proceeds from the IPO are proposed to be used to fund the research and development of a proprietary platform for women's career opportunities, the expansion of operations across six cities, marketing and brand awareness, and for general corporate purposes, among others.Avtar Career Creators Ltd is a for-profit social enterprise focused on building people-centric...

New Delhi, Apr 1 Bvishal Oil and Energy, a provider of onshore oilfield services, has filed preliminary papers with the capital markets regulator, Sebi, to raise funds through an initial public offering (IPO).According to the draft red herring prospectus (DRHP) filed on Tuesday, the proposed IPO includes a fresh issue of 1.8 crore shares, along with an offer for sale (OFS) of 77.09 lakh shares.The Gujarat-based company plans to use the proceeds from the fresh issue for capital expenditure and working capital requirements.Of the fresh issue, Rs 120.9 crore will be allocated to acquire machinery and equipment to expand and strengthen operational capabilities, around Rs 45 crore will be used for working capital requirements, and a...

New Delhi, April 1 The CBI registered a new case against industrialist Anil Ambani and Reliance Communications Ltd on Wednesday, alleging that they caused a loss of ₹3,750 crore to the Life Insurance Corporation (LIC) of India, officials said.The CBI has filed the case on charges of conspiracy, fraud, and misappropriation, as well as under the provisions of the Prevention of Corruption Act, based on a complaint from LIC, making it the fourth case against the company and Anil Ambani, they said.The agency alleges that LIC was fraudulently induced to subscribe to Non-Convertible Debentures (NCDs) worth ₹4,500 crore between 2009 and 2012, based on false representations made by Reliance Communications Ltd and its management regarding the...

New Delhi, April 1 The power sector led rating upgrades in the fiscal year 2025-26 due to improved execution and stable operations, said rating agency ICRA on Wednesday.The power sector emerged as one of the key drivers of rating upgrades in FY2026, supported by improved project execution, stable operating performance, and strengthening parent profiles, according to the ICRA statement.The sector witnessed a significant improvement in credit metrics during the year, with its credit ratio rising to 5.2 in FY2026, compared to 3.4 in FY2025 and 2.9 in FY2024, indicating a sustained increase in upgrades relative to downgrades.This improvement reflects easing project risks, stabilization of operations for commissioned assets, and steady...