Business

New Delhi, March 31 The securities regulator, Sebi, has barred Elitecon International Ltd, its promoter and managing director Vipin Sharma, and four others from accessing the securities market, alleging manipulative activities and misleading disclosures.In an interim order passed on Monday, Sebi directed the seizure of alleged unlawful gains of about Rs 51.26 crore from Sharma and four other entities.Additionally, the Securities and Exchange Board of India (Sebi) said it will conduct a detailed investigation into the case and appoint a forensic auditor.The action followed an investigation into trading in the shares of Elitecon International, where the regulator found prima facie evidence that the company and its insiders misled...

New Delhi, March 31 Magnum Ice Cream Netherlands has completed the acquisition of a 61.9 per cent majority stake in Kwality Wall's (India) Ltd (KWIL), resulting in a change in the promoter classification."On March 30, 2026, the Incoming Promoter acquired the Sale Shares from the Outgoing Promoters in accordance with the SPA and other applicable laws," KWIL said in a regulatory filing.Pursuant to this transaction, the Incoming Promoter has acquired control over the company and is classified as a "promoter" of the company in accordance with the Listing Regulations, it added.Meanwhile, the outgoing promoters have been reclassified from the "promoter" category to the public category.This acquisition is done as per the Share Purchase...

New Delhi, March 31 Gujarat Victory Forgings Ltd has filed draft papers with the capital markets regulator, Sebi, to raise funds through an initial public offering (IPO).The proposed IPO involves the issuance of up to 65 lakh equity shares and an offer for sale of up to 1.32 crore equity shares by a promoter, according to the draft red herring prospectus (DRHP) filed on Monday.Under the OFS, promoter Vijendrakumar Bishamber Gupta will offload shares.The Vadodara-based company plans to use the proceeds from the fresh issue for capital expenditure for expanding its existing Unit III in Vadodara, including increasing the manufacturing capacity of copper cathodes, paying off debt, and for general corporate purposes.Gujarat Victory...

New Delhi, March 31 – The Reserve Bank of India (RBI) has deferred the implementation of its revised capital market exposure framework by three months, changing the effective date to July 1, 2026, from the earlier April 1 deadline.The decision comes after feedback from banks, capital market intermediaries (CMIs), and industry bodies, which highlighted operational and interpretational challenges in implementing the new norms.The central bank had initially issued the amendment directions on February 13, 2026, following public consultation.The RBI has also issued targeted clarifications across areas such as acquisition finance, loans against financial assets, and credit exposure to CMIs.Under the revised framework, the scope of...

Seoul, March 31 – The Ministry of Trade, Industry and Resources announced on Tuesday that it has allocated 924.1 billion won ($609 million) in a supplementary budget to address the Middle East crisis amid disruptions in energy and industrial supply chains.The announcement came after the Cabinet, chaired by President Lee Jae Myung, approved a government bill for a 26.2 trillion-won supplementary budget aimed at addressing difficulties stemming from the escalating conflict in the Middle East and revamping the local economy. If passed by the National Assembly, the bill will provide cash handouts totaling 4.8 trillion won to the bottom 70 percent of income earners.The ministry plans to spend 664.2 billion won on stabilizing supplies of...

New Delhi, March 31 As India approaches the new fiscal year FY27, the country’s direct tax system is set for a major overhaul from April 1, 2026, with the new Income Tax Act, 2025, coming into force – replacing the six-decade-old 1961 legislation and introducing changes in compliance, terminology, and taxation.A major reform under the new framework is the replacement of the 'Financial Year' (FY) and 'Assessment Year' (AY) with a single 'tax year', which could simplify the filing process and improve clarity for taxpayers.Moreover, the deadlines for filing income tax returns have also been revised, while the July 31 deadline remains unchanged for salaried individuals, non-audit cases such as self-employed taxpayers and professionals...

New Delhi, March 31 – The government announced on Tuesday that it had released over ₹1,500 crore as grants from the 15th Finance Commission to strengthen local governance in rural areas in six states.The Centre had sanctioned and released both tied and untied grants during the fiscal year 2025–26 to Panchayati Raj Institutions (PRIs)/Rural Local Bodies (RLBs) in Telangana, Rajasthan, Maharashtra, Uttarakhand, Mizoram, and Meghalaya, to further empower grassroots governance and enable locally-driven development based on need.For Telangana, ₹247.94 crore was released as the first installment of untied grants for the financial year 2025-26. These funds are for the 12,600 Gram Panchayats (GPs) in the state.Similarly, for Uttarakhand...

Petrol, Diesel Prices on March 31: Check Fuel Rates in Your City Today Crude Oil Rally Fails to Impact Domestic Fuel Prices Petrol and diesel prices across major Indian cities remained largely unchanged on Tuesday, March 31, even as global crude oil markets witnessed sharp volatility amid escalating geopolitical tensions.Crude oil prices have surged significantly since the United States and Israel launched attacks on Iran on February 28, leading to a disruption of trade through the Strait of Hormuz. The benchmark Brent crude has risen more than 50 percent during this period, touching $116 on Monday.Despite the global supply crunch and rising energy prices, India has managed to maintain stable retail fuel prices so far.Middle East...

IMF Warns Middle East Conflict Could Trigger Global Inflation and Slow Growth Energy Shock and Economic Uncertainty Intensify Amid Ongoing Conflict New Delhi, March 31: The International Monetary Fund (IMF) has cautioned that the ongoing conflict involving the United States, Israel, and Iran could significantly impact the global economy, leading to higher inflation and slower economic growth worldwide.In a recent blog post, the IMF highlighted that the crisis is disrupting lives and livelihoods not only in the Middle East but also across global markets. The institution noted that while the shock is global in nature, its impact is uneven, with energy-importing and low-income nations facing the greatest risks.Energy Importers Face...

Stock Market Holiday Today: BSE, NSE Shut on March 31 for Mahavir Jayanti Trading Halt Across Equity and Commodity Markets Mumbai, March 31: The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) remain closed on Tuesday on account of Shri Mahavir Jayanti, pausing equity market activity for the day.Apart from this holiday, stock exchanges are scheduled to observe 11 more official holidays in 2026, excluding weekends.MCX Partial Closure, NCDEX Shut for Full Day In the commodity segment, the Multi Commodity Exchange of India (MCX) is closed during the morning session from 9 am to 5 pm due to the festival. Trading on MCX will resume in the evening session from 5 pm to 11:30 pm.Meanwhile, the National Commodity and...

South Korea Launches Crude Oil Swap System to Counter Supply Risks Amid Strait of Hormuz Disruptions Government Introduces Temporary Oil Swap Mechanism Seoul, March 31: South Korea’s government has introduced a crude oil swap system with private refiners starting Tuesday, aiming to stabilize supply chains and mitigate disruptions caused by geopolitical tensions impacting global oil routes.The initiative, announced by the Ministry of Trade, Industry and Resources, will remain in operation for two months. Under this arrangement, the government will lend a portion of its crude oil reserves, largely sourced from the Middle East, to domestic oil refiners. These companies will later replenish the reserves using alternative crude supplies...

Sathya Agencies Files DRHP with SEBI to Raise ₹600 Crore via IPO IPO Structure Includes Fresh Issue and Promoter OFS New Delhi, March 31: Consumer electronics retailer Sathya Agencies Ltd has filed its draft red herring prospectus with the Securities and Exchange Board of India to raise ₹600 crore through an initial public offering.The proposed IPO consists of a fresh issue of equity shares worth ₹300 crore and an offer for sale of ₹300 crore by promoters, taking the total issue size to ₹600 crore.Promoters to Offload ₹300 Crore Worth of Shares As part of the offer for sale, promoters Johnson Asaria, J John Sathya, and Charles Packiaraj will each sell equity shares valued at ₹100 crore.Utilisation of IPO Proceeds The company plans...

South Korean Stocks Slide as Middle East Tensions Trigger Foreign Selling, Oil Prices Surge KOSPI Falls Nearly 2 Percent Amid Global Uncertainty Seoul, March 31: South Korean equities traded lower on Tuesday morning as escalating tensions in the Middle East and rising crude oil prices weighed heavily on investor sentiment, triggering significant foreign selling.The benchmark Korea Composite Stock Price Index (KOSPI) dropped 89.14 points, or 1.69 percent, to 5,188.16 as of 11:20 a.m. The index had opened nearly 3 percent lower and remained under sustained pressure, although it managed to recover part of its early losses during intraday trading.Middle East Conflict Drives Oil Price Spike Investor concerns intensified after U.S...

Shimla, March 30 The Himachal Pradesh Assembly passed the budget for 2026-27 and the related Appropriation Bill 2026 on Monday, authorizing the government to spend ₹58,830.30 crore from the consolidated fund.The revenue deficit in the budget presented by Chief Minister Sukhvinder Singh Sukhu on March 21 was estimated at ₹6,577 crore, while the fiscal deficit was pegged at ₹9,698 crore, which was 3.49 per cent of Gross State Domestic Product (GSDP) and within permissible limits.Of every ₹100, ₹8 would be spent on committed liabilities such as salaries, pensions, interest, and loan repayments, while only ₹20 would be spent on development activities.In view of the state's grim financial situation and the discontinuation of revenue...

New Delhi, March 30 The Reserve Bank should use foreign exchange reserves to stabilize the rupee, which has been affected by the ongoing crisis in the Middle East, according to a research report by SBI on Monday.The rupee breached the 95/USD mark on Monday and closed 7 paise higher at 94.78 (provisional) against the US currency after the escalation of the Iran war jolted global markets, fueling volatility and risk-off sentiment in the rupee.The research report from the State Bank of India's economic research department said that India has adequate foreign exchange reserves of more than 10 months of imports. These figures are significantly comfortable, regardless of any scenario."The USD 700 billion plus external reserves, we...

New Delhi, March 30 The government has appointed Aparna Sinha as an ex-officio member of the Insolvency and Bankruptcy Board of India (IBBI), according to an official notification.Sinha, who is currently serving as an Adviser (FSRL) in the Department of Economic Affairs, Ministry of Finance, will represent the ministry on the board."The central government hereby appoints Ms. Aparna Sinha, Adviser (FSRL), Department of Economic Affairs, Ministry of Finance, as an ex-officio member of the Insolvency and Bankruptcy Board of India to represent the Ministry of Finance on the said board," the Ministry of Corporate Affairs (MCA) said in a notification dated March 24.The IBBI is the statutory body responsible for overseeing the...

Mumbai, March 30 The reasons for his resignation were the mis-selling of AT-1 bonds, which led to criticism from regulators, and the under-performance of HDFC Bank, the country's largest private sector lender, according to former chairman Atanu Chakraborty on Monday.He said that personal differences with the management were "exaggerated" and were not the primary reason for his resignation earlier this month, emphasizing that "discrepancies" in values and ethics led him to leave the board.In an interview with CNBC TV-18, Chakraborty lamented that the bank's management viewed the mis-selling of the AT-1 bonds as a "technical issue," and that action was taken eight years later, after regulators in Dubai and India had raised the issue...

New Delhi, March 30 The Enforcement Directorate said on Monday that it has returned assets worth more than Rs 15,000 crore to a special committee appointed by the Supreme Court, so that investors allegedly cheated in a Ponzi scheme by Chandigarh-based PACL (Pearls Group) can recover their dues.The alleged fraud is estimated to be worth Rs 48,000 crore.A special court under the Prevention of Money Laundering Act (PMLA) has ordered the return of 455 immovable properties, with an approximate current market value of Rs 15,582 crore, to the Justice Lodha Committee, the federal agency said in a statement.Returning or restoring assets to the affected entities or victims of fraud, such as cheated banks, depositors, and homebuyers, is a...

Mumbai, March 30 The rupee breached the 95/USD mark on Monday before regaining some ground to settle at 94.70 against the US dollar, up 15 paise, after the escalation of the Iran war jolted global markets, fueling rupee volatility and risk-off sentiment.Forex traders said the USD/INR pair witnessed high volatility and swung 165 paise during intra-day trade as the West Asia crisis entered its 31st day, keeping energy markets nervous.At the interbank foreign exchange, the rupee opened at 93.62 and then gained further ground to 93.57 against the US dollar, registering a gain of 128 paise from its previous close, after the Reserve Bank brought down the net open position that banks can keep overnight at USD 100 million.Through its...

New Delhi, March 30 The Enforcement Directorate said on Monday that it has attached land parcels and other immovable assets worth more than Rs 270 crore as part of its money laundering investigation against Rajendra Lodha, former director of the Maharashtra-based realty company Lodha Developers.A provisional order was issued on March 26 under the Prevention of Money Laundering Act (PMLA) to attach these assets. The value of these properties is Rs 271.48 crore, the ED said in a statement.The assets include land parcels located in Panvel and Shahapur talukas of Maharashtra, it added.Lodha was arrested by the ED in February and he is currently lodged in jail under judicial custody.The ED's money laundering case stems from a Mumbai...