Business

New Delhi, March 31: In a significant boost to India's push for self-reliance in defense manufacturing, the Ministry of Defence signed a major capital acquisition contract with Bharat Electronics Limited on Tuesday for the procurement of two advanced Mountain Radars for the Indian Air Force.The deal, valued at approximately ₹1,950 crore, was formalized in the national capital in the presence of senior officials from both sides."To strengthen India's indigenous defense capabilities under 'Aatmanirbhar Bharat' and 'Make-in-India', the Ministry of Defence (MoD) has inked a major capital acquisition contract with Bharat Electronics Limited (BEL) for the procurement of two Mountain Radars, including associated equipment and required...

New Delhi, March 31 Zetwerk Manufacturing has filed preliminary documents with the market regulator, Sebi, through a confidential channel for an initial public offering (IPO) to raise between ₹4,000 crore and ₹5,000 crore.The proposed offering is expected to include a fresh issuance of equity shares and an offer for sale (OFS) by existing shareholders, with details on the size and valuation to be finalized through the book-building process, according to people familiar with the development.The manufacturing marketplace counts investors such as Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, and Lightspeed among its backers.In a public notice on Tuesday, Zetwerk said it has filed "the pre-filed draft red herring...

New Delhi, March 31: The government stated on Tuesday that a target of 4.15 crore houses had been allocated under Phases I and II of the Pradhan Mantri Awaas Yojana–Gramin, with 3.90 crore houses sanctioned and 2.99 crore completed.A cumulative fund transfer of Rs 4,03,886 crore has been made to ensure timely resources for construction and beneficiary support across states. The scheme is on track to reach a cumulative target of 4.95 crore houses by 2029, an official statement said.The beneficiary-led scheme has been strengthened through geo-tagging of houses with time and date-stamped photographs. This digital record allows real-time monitoring of progress and ensures that houses are built according to guidelines.Furthermore...

New Delhi, March 31 – India’s alternative investment industry is poised for significant expansion, with total assets under management (AUM) expected to reach around $276 billion by 2030, up from $152 billion in December 2025, according to a new report released on Tuesday.The CareEdge Ratings report highlighted that this momentum is likely to continue, driven by increasing domestic wealth, improved financial awareness, and a supportive regulatory environment.The report noted that India is on track to become the world's third-largest economy by 2028, making it an attractive destination for both domestic and global investors.Between 2025 and 2030, the alternative investment industry is expected to grow at a compound annual growth...

New Delhi, March 31 Texmaco Rail & Engineering Ltd announced on Tuesday that it had secured a contract worth over ₹421 crore from JSW Group companies for the supply of freight wagon rakes.The order also reflects the growing participation of private players in rail logistics, driven by Indian Railways' policy initiatives to improve freight movement efficiency and reduce logistics costs.The wagons are designed to support high-capacity container transport and are expected to improve logistics efficiency across industrial supply chains, particularly for the movement of containerized cargo."This order from JSW Group companies further strengthens Texmaco's long-standing role in supporting India's expanding private freight wagon...

Dubai, March 31 Dubai has introduced a series of economic measures, including incentives worth AED 1 billion, for the next three to six months to help businesses and individuals overcome financial difficulties.The Executive Council of Dubai, in a meeting chaired by Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has approved a series of initiatives and strategies, empowering individuals and society, promoting trade and investment, enhancing measures for assessing economic performance, and safeguarding the workforce.This move comes at a time when countries around the world are facing supply chain challenges due to disruptions in international trade triggered by the ongoing war in West Asia involving the US, Israel, and...

New Delhi, March 31 – Gold loans have emerged as the leading segment in India's retail credit market, accounting for 36 per cent of loan volumes and approximately 40 per cent by value, driven by rising gold prices and increasing consumer preference for secured borrowing, a report said on Tuesday.The TransUnion CIBIL report showed that this surge has been supported by a sharp increase in ticket sizes, with the average gold loan amount rising significantly over the past two years to around Rs 1.9 lakh in the December 2025 quarter.The report also noted that the consumer market indicator (CMI) – a major gauge of credit market health – rose to 102 in the December 2025 quarter, up from 97 a year ago and 100 in the preceding September...

New Delhi, March 31: India's demand for mobile data continues to grow rapidly, with the average monthly consumption per user exceeding 31 GB in 2025 – representing a compound annual growth rate of 18 per cent over the past five years, according to a new report released on Tuesday.The latest edition of the Mobile Broadband Index, released by Nokia, highlighted how the increasing adoption of 5G and the growing use of data-intensive applications are driving this growth across the country.The report noted that Indians are consuming more data than ever before, fueled by services such as 4K video streaming, cloud gaming, and AI-based applications.Total mobile data traffic in India crossed 27 exabytes per month in 2025. Of this, 5G alone...

Cosmic PV Power Files for ₹640 Crore IPO Solar module manufacturer Cosmic PV Power Ltd has submitted draft papers to the Securities and Exchange Board of India (Sebi) to raise ₹640 crore through an Initial Public Offering (IPO).IPO Composition and Proceeds The IPO includes a fresh issue of equity shares worth up to ₹540 crore and an Offer For Sale (OFS) of shares valued up to ₹100 crore by existing shareholders. The total issue size is ₹640 crore. The company intends to use the proceeds from the fresh issue to establish a greenfield manufacturing facility in Narmadapuram, Madhya Pradesh, and for general corporate purposes.Company Overview and Growth Cosmic PV Power is engaged in the manufacturing of solar photovoltaic (PV) modules...

Finolex Cables Stock Plummets Despite Strong Financial Performance Mumbai, March 31 – Shares of Finolex Cables Limited have experienced a significant decline in value, falling by 15.14 per cent over the last month, despite reporting one of its strongest financial performances in recent times.Recent Stock Performance The stock has faced pressure across multiple timeframes. Over the past week, shares decreased by Rs 33.10, representing a 4.09 per cent decline. In the last two weeks, the drop widened to Rs 69.05, translating to an 8.17 per cent decrease. Over the past month, the stock has fallen by Rs 138.45, resulting in a 15.14 per cent decline.On a year-to-date (YTD) basis, the decline is relatively limited at 1.34 per cent, though...

Seoul, March 31 – The South Korean currency plummeted sharply to a 17-year low against the US dollar on Tuesday, as the escalating Middle East conflict fueled fears of further disruptions to global oil supplies and broader economic impacts.The won was quoted at 1,530.1 won per dollar, down 14.4 won from the previous session, extending its losing streak to a fifth consecutive day, according to the Yonhap news agency.The level on Tuesday marked the lowest since March 9, 2009, on a closing basis, when the won hit 1,549 as the country grappled with the global financial crisis."We are closely monitoring the market, as foreign investors have been selling local stocks heavily," Yoon Kyung-soo, director general of the Bank of Korea's...

New Delhi, March 31 The government has cancelled the auction of 11 critical and strategic mineral blocks which were put up for sale in the sixth round due to poor investor response and a lack of qualified bidders.This development comes as a setback to the government's efforts to increase domestic exploration and production of critical minerals amid global supply chain disruptions.In a notice announcing the cancellation, the mines ministry said that the auction process for 5 mineral blocks was cancelled as no bids were received.The notice further stated that the auction process for the remaining five mineral blocks was also cancelled as there were fewer than three technically qualified bidders.Additionally, the auction process...

New Delhi, March 31 – AI, cybersecurity, digital, and data skills emerged as India’s most critical capabilities for students, employees, recruiters, CXOs, and academia over the next three to five years, according to a report released on Tuesday.Mid-career professionals with 6–15 years of experience in India's talent pipeline were the most constrained talent pool, according to 38 per cent of recruiters, even though 46 per cent of employers actively recruit from this segment, the report from NIIT Limited in partnership with YouGov stated.Early-career professionals demonstrated higher confidence than students in cybersecurity basics (64 versus 57), cloud tools (66 versus 56), and data analysis (67 versus 56), while senior management...

New Delhi, March 31 – Major tech giant Google on Tuesday opened applications for the 2026 cohort of its "startups accelerator" in India, a three-month, equity-free program aimed at supporting AI-focused startups in the country.The accelerator is targeting Indian startups working in emerging areas such as Agentic AI, Multimodal AI, Physical AI, and Sovereign AI, as the ecosystem shifts from experimental use cases to large-scale, workflow-driven deployments, according to Google India.The tech firm said that the program is open to AI-first startups from Seed to Series A stages that are building solutions for India-specific challenges or developing specialized models for global industrial applications.Under the 2026 cohort, startups...

New Delhi, March 31 – The recent surge in global oil prices is testing Pakistan's fragile macroeconomic stability, and the International Monetary Fund's (IMF) tolerance of Islamabad's decision to shield domestic fuel prices signals a shift in approach, a new report has said.The report from Dawn, however, cautioned that the government's decision to protect the population from rising fuel costs is politically understandable but economically unsustainable.The West Asian conflict has injected a new variable – uncertainty – into the IMF's support for Pakistan, complicating fiscal planning.Consequently, "the IMF programme is no longer merely a framework for stabilisation but has become a stress test of resilience," the report said.The...

New Delhi, March 31 India's real GDP growth for the next fiscal could decline by around 1 percentage point, while retail inflation could rise by about 1.5 percentage points from their baseline estimates if the Middle East conflict persists through the next fiscal, an EY report said.The EY Economy Watch report said that several sectors, including employment-intensive sectors like textiles, paints, chemicals, fertilizers, cement, and tires, could be directly affected. Any reduction in employment or incomes in these sectors may further dampen aggregate demand. As a result, both supply and demand conditions may be adversely affected by global oil market disturbances.It said that the Indian economy, which imports nearly 90 per cent of...

Mumbai, March 31 – The Securities and Exchange Board of India (SEBI) has initiated regulatory action against Elitecon International Ltd after finding prima facie evidence of a "pump and dump" scheme in the company's shares.The capital markets regulator observed that the stock surged more than 60 times within a short period before witnessing a sharp decline, a pattern it said was indicative of manipulative trading.Furthermore, the price rally was allegedly supported by coordinated trades and fund transfers involving promoters and connected entities.SEBI also flagged abnormal financial growth, noting that the company's revenue jumped nearly 686 times over a two-year period.A sharp spike was recorded in the September 2025 quarter...

Colombo, March 31 Sri Lanka has decided to increase electricity prices, effective April 1, the power authorities said.The Chairman of the Public Utilities Commission of Sri Lanka (PUCSL), KPL Chandralal, said on Monday that the state-owned electricity entity, the Ceylon Electricity Board (CEB), had requested a hike of over 13.5 per cent across different usage blocks, based on the units consumed."However, considering the difficulties faced by all sectors – households and industries – the increase will be limited to 8.5 per cent," Chandralal said.The tariff revision proposal submitted by the CEB was analyzed by the PUCSL, and after public consultations, the commission decided to increase the tariffs, he said.This tariff increase...

New Delhi, March 31 – India’s Gram Panchayats have made cumulative payments of over ₹3 lakh crore through the eGramSwaraj platform. The AI-powered 'SabhaSaar' meeting tool is now available in 23 Indian languages, the government said on Tuesday.Payments through eGramSwaraj are made directly to vendors and service providers in real time, ensuring complete digital traceability. The platform is integrated with the Public Financial Management System, and it streamlines planning, accounting, and expenditure at the Panchayat level.The system replaced cash-based and paper-driven processes with a fast, accountable, and fraud-resistant system.The government described these achievements as two significant milestones in advancing digital and...

New Delhi, March 31 The new income tax law and other budgetary provisions, including a higher Securities Transaction Tax (STT) on F&O trading and a lower TCS on overseas tour packages and LRS remittances for medical and educational purposes, will come into effect from April 1.Also, the Budget announcement of a 20-year tax holiday up to 2047 for any foreign company that procures data centre services in India, and new safe harbour provisions with a higher threshold for software companies, will come into effect from Wednesday, with the beginning of the 2026-27 fiscal year.The Income-tax Act, 2025, will replace the Income-tax Act, 1961, effective from April 1, 2026. The new Act aims to present the same tax policy in a more logical...