Business

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overhauls in India's direct taxation system.The government has focused on making the language clearer and removing outdated provisions that had made compliance complicated for taxpayers over the years.Officials said that the objective is to reduce confusion, improve transparency,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...

Chandigarh, April 1 Punjab Industries Minister Sanjeev Arora said on Wednesday that the steel manufacturing company, Jogindra Group, will invest Rs 1,100 crore in its expansion plans in the state.Arora claimed that this investment reflects the growing confidence of the industry in Punjab's progressive policies and business-friendly environment.The minister said the expansion includes an investment of Rs 700 crore in the steel sector, primarily through Jogindra Castings and Vardhman Adarsh, along with an investment of Rs 400 crore in renewable energy through Jogindra Green India."The Jogindra Group's turnover is projected to increase from Rs 3,000 crore to Rs 5,000 crore, while the number of employees will rise from 1,800 to 3,000...

New Delhi, April 1 – The Central Board of Direct Taxes (CBDT) has amended income tax rules to provide clarity on the applicability of the General Anti-Avoidance Rules (GAAR), in a move aimed at reducing ambiguity around tax avoidance provisions.In its notification, the CBDT stated that GAAR will not apply to income arising from the transfer of investments made before April 1, 2017. The amendment will come into effect from April 1, 2026.The clarification is expected to provide certainty to investors, particularly in relation to legacy investments, by clearly defining the scope of GAAR provisions.This development follows a recent ruling by the Supreme Court against Mauritius-based Tiger Global International, where the apex court...

New Delhi, April 1 Crude oil prices fell by more than 3 percent to Rs 9,265 per barrel in futures trading on Wednesday as investors booked profits after US President Donald Trump said the military could end its offensive against Iran in two to three weeks.On the Multi Commodity Exchange (MCX), crude oil for the April delivery decreased by Rs 302, or 3.16 percent, to Rs 9,265 per barrel.Similarly, the May contract also declined by Rs 320, or 3.56 percent, to Rs 8,661 per barrel, reflecting broad-based weakness across near-term contracts.Analysts said crude prices faced selling pressure during the session as markets turned cautious.Crude oil prices faced selling pressure on Wednesday session as cautious sentiment emerged despite...

New Delhi, April 1 GST revenues grew by about 9% in March, reaching the pre-tax cut level of over Rs 2 lakh crore, the third highest monthly collection in the 2025-26 fiscal, driven by revenue from both imports and domestic sales and purchases, according to government data released on Wednesday.Gross domestic revenues rose by 5.9% to over Rs 1.46 lakh crore, while revenues from imports increased by 17.8% to Rs 53,861 crore during the month.The gross Goods and Services Tax (GST) collection in March 2025 was Rs 1.83 lakh crore.March 2026 saw the third-highest collection in the 2025-26 fiscal (April-March), with April 2025 recording the highest-ever GST revenues at over Rs 2.36 lakh crore, followed by May's collection at over Rs 2.01...

New Delhi, April 1 The cement industry is expected to grow by 7-8 per cent in the current fiscal year, supported by sustained demand from the housing and infrastructure sectors, a report by rating agency ICRA said.However, profitability will remain under pressure due to rising input costs and geopolitical tensions affecting fuel and freight.In 2025-26 up to February, the cement industry posted a 9.2 per cent year-on-year increase in volumes, it added.According to ICRA, the cement industry witnessed healthy expansion in profits in the previous fiscal, following an 11-17 per cent expansion in OPBIDTA/MT (operating profits per unit of sales volumes) to Rs 900-950 per MT (metric tonnes)."The operating environment is now expected to...

Mumbai, April 1 Amid the West Asia conflict, domestic rating agency Crisil on Wednesday estimated that banks' credit growth would moderate marginally in FY27 and delinquencies would rise.The banking system is expected to report a 13 per cent credit growth in 2026-27, a marginal dip compared to the 14 per cent projected for FY26, it said.The agency also said that the gross non-performing assets in the banking system have reached their lowest point and may rise by up to 0.20 per cent to 2.5 per cent by March 2027.Its chief rating officer Krishnan Sitaraman pointed out that loans to micro, small and medium enterprises, especially those having exposure to West Asia either as a market or as a source of raw material, are the key...

New Delhi, April 1: Digital payment services experienced disruptions across India on Wednesday, leaving many users unable to complete transactions through UPI platforms.According to outage tracking platform Downdetector, complaints surged sharply during the day, indicating a widespread issue.The impact was significant on State Bank of India, which saw over 500 outage reports, while UCO Bank recorded around 40 complaints.Overall, UPI-related downtime reports also crossed 40, with numbers continuing to rise as more users reported issues.The disruption was not limited to a single region, with users from cities like New Delhi, Mumbai, Bengaluru, Jaipur, and Pune reporting failed transactions and payment errors.In the case of SBI...

New Delhi, April 1 India's data center segment will continue to attract interest from investors and may see an investment commitment of more than USD 54 billion this calendar year, according to CBRE.Real estate consultant CBRE released a report titled 'India Alternate Sectors Outlook 2026', stating that India's total data center stock across major cities is projected to increase by 30 per cent year-on-year in 2026 with an estimated 500 MW of new supply addition. Stock portfolio managementIn 2025, the total data center capacity in the country reached the 1,700 MW mark, driven by a record 440 MW of new supply addition.The report highlighted that the asset class witnessed investment commitments of USD 56.4 billion in 2025 alone...

New Delhi, April 1 Silver prices ended a three-day winning streak and fell by Rs 1,854 to Rs 2.39 lakh per kilogram in futures trading on Wednesday, tracking weak global trends amid geopolitical tensions in the ongoing conflict in West Asia.On the Multi Commodity Exchange, the white metal for the May delivery declined by Rs 1,854, or 0.77 per cent, to Rs 2,39,038 per kilogram.In the international market, silver futures for the May contract slipped by nearly 1 per cent at USD 74.25 per ounce."Silver fell to around USD 74 per ounce on the first trading day of April, extending its sharp monthly sell-off of more than 20 per cent in March. This marked the steepest decline since September 2011, and silver now trades nearly 40 per cent...

Mumbai, April 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"...

New Delhi, April 1 Mahagun Group, a real estate firm, has raised ₹225 crore from CSL Finance Ltd to complete its ongoing projects.In a statement on Wednesday, the company announced that it had secured ₹225 crore in funding from CSL Finance. This will strengthen the company's financial position and provide fresh momentum to accelerate project execution across its portfolio.Amit Jain, Director, Mahagun Group, said, "Securing fresh funding alongside the successful completion of our previous debt marks an important step in strengthening our financial foundation. We remain focused on accelerating execution and delivering on our commitments."Mahagun Group has completed 20 residential and commercial projects across the Delhi-NCR market.

New Delhi, April 1 SNVA Traveltech Ltd, which operates the online travel platform Travomint, has filed preliminary documents with the markets regulator, Sebi, through a confidential route for an Initial Public Offering (IPO). Market research toolsIn a public notice on Wednesday, the Noida-based firm said it has filed "the pre-filed draft red herring prospectus with Sebi and the stock exchanges on March 30 in relation to the offer."The company has opted for the confidential pre-filing route, which allows it to engage with the Securities and Exchange Board of India (Sebi) for initial feedback on its draft document without it being publicly disclosed.This route has been increasingly favored by companies seeking more flexibility in...

Ahmedabad, April 1 – Adani Airport Holdings partnered with Blinkit on Wednesday to bring app-based quick commerce delivery inside Mumbai Airport, allowing passengers to order essentials directly within the terminal.The service is currently available at Terminal 2 of Chhatrapati Shivaji Maharaj International Airport for domestic departures, aiming to make travel more convenient for passengers.With this new offering, travellers can now order essential items such as chargers, snacks, books, and personal care products through the Blinkit app and receive them within minutes inside the airport.Deliveries can be made across boarding gates, lounges, food courts, and select partner outlets.The service is handled by trained on-site staff...

New Delhi, April 1 – The Central Board of Indirect Taxes and Customs (CBIC) introduced a special, one-time relief measure on Wednesday for eligible units in Special Economic Zones (SEZs) to facilitate the sale of manufactured goods to the Domestic Tariff Area (DTA) at concessional rates.This move is in line with the Union Budget 2026-27 announcement, which addresses the concerns faced by manufacturing units in SEZs due to ongoing global trade disruptions, according to an official statement.The Union Budget announcement is being implemented through an exemption notification issued under Section 25 of the Customs Act, 1962, for manufactured goods cleared by SEZ units to DTA, and will be in effect from April 1, 2026, until March 31...