Business

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...

New Delhi, March 30 The state-run Indian Renewable Energy Development Agency (IREDA) announced on Monday that it has entered into a financing agreement with Sumitomo Mitsui Banking Corporation (SMBC) to raise External Commercial Borrowing (ECB) amounting to JPY 28 billion.This includes a greenshoe option of JPY 12 billion.The proceeds will be used to support sustainable financing initiatives, the company said in a statement.According to the statement, the five-year unsecured facility is expected to further strengthen IREDA's resource base while enhancing its presence in international financial markets.The facility is positioned as a cost-efficient and resilient funding source, particularly in the context of evolving global...

New Delhi, March 30 – Industry leaders on Monday welcomed the government’s strong focus on design capabilities and quality standards under the Electronics Component Manufacturing Scheme (ECMS), calling it crucial for scaling India's ambitions in the electronics sector.Participants at an event organized by the India Cellular and Electronics Association (ICEA) to mark the fourth tranche of ECMS approvals said that the ECMS scheme reflects India's transition from policy intent to on-the-ground execution.ICEA Chairman Pankaj Mohindroo said that the increased funding under ECMS demonstrates the government's commitment to building a robust electronics ecosystem.He added that reopening the scheme in a measured manner would help deepen...

New Delhi, March 30 Five companies, including Acme Cleantec and NTPC Renewable Energy, signed a 10-year binding agreement on Monday to supply 6.7 lakh tonnes of green ammonia to fertilizer companies like IFFCO and Coromandel International.This development is significant amid the West Asia crisis, when energy imports to the country are hampered due to conflict.Acme Cleantec signed a 10-year binding Green Ammonia Purchase Agreement (GAPA) with the Solar Energy Corporation of India (SECI) for a capacity of 3,70,000 tonnes per annum (TPA) of green ammonia, an official statement said.Acme Cleantech will supply one lakh tonnes of green ammonia each to Indian Farmers Fertilisers Cooperative Ltd's (IFFCO) Paradeep, Odisha (at a price of...

New Delhi, March 30 Akasa Air announced on Monday that it has taken delivery of six Boeing 737 MAX 8-200 aircraft in the first quarter of this year, bringing the airline's total fleet size to 37.The airline, which began operations in August 2022, has placed orders for 226 Boeing 737 MAX aircraft, and the remaining 189 aircraft are expected to join the fleet over the next six years."The first leg of the delivery flight for the 36th aircraft commenced from Seattle, USA to Keflavik, Iceland, and concluded with the final leg from Cairo, Egypt, to Bengaluru, India."The Boeing 737 MAX 8-200 aircraft, bearing registration number VT-YBJ, arrived at Kempegowda International Airport in Bengaluru on March 30, 2026. The 37th aircraft (Boeing...

New Delhi, March 30 The government on Monday provided an additional 30 days to the gems and jewelry sector to meet certain obligations, in order to help them cope with the ongoing crisis in West Asia.The region is a key export destination for the sector. West Asia accounts for approximately 30% of India's total gems and jewelry, which amounted to USD 26.2 billion during April-February of this fiscal year.The measure is intended to support exporters by easing compliance requirements and addressing operational difficulties that have arisen during this period.A joint attack launched by the US and Israel on Iran last month has impacted the movement of air and ship consignments in the Middle East."Facilitative provisions for the gems...

New Delhi, March 30 The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed an appeal by state-owned trading firm MMTC, challenging the one-time settlement (OTS) between National Spot Exchange Ltd (NSEL), backed by 63 Moons, and traders.The Mumbai bench of the National Company Law Tribunal (NCLT) had on November 28, 2025, approved a Rs 1,950-crore settlement scheme between NSEL, along with its promoter 63 Moons, and traders who had outstanding dues amounting to nearly Rs 4,300 crore.MMTC challenged the scheme before the NCLAT, arguing that it was "detrimental to the public interest" and contrary to public policy.During the hearing, the NCLAT pointed out that the NCLT order of November 11, 2025, had already been...

Mumbai, March 30 The net sales growth of select non-government, non-financial (NGNF) public limited companies edged up to 7.8 per cent during 2024-25 from 6.3 per cent in the previous year, the RBI said on Monday.The sales growth of the manufacturing and services sector increased to 6.3 per cent and 10.1 per cent, respectively, during 2024-25 from 5 per cent and 7.4 per cent growth recorded in the previous fiscal, according to data on the finances of NGNF public limited companies.The Reserve Bank has released the data relating to the financial performance of NGNF public limited companies during 2024-25 based on audited annual accounts of select 7,992 companies, which reported in the Indian Accounting Standards (Ind-AS) format for...

New Delhi, March 30 As many as 19 ships carrying LPG, crude oil, and LNG destined for India are currently stranded in the Strait of Hormuz due to the escalating conflict in West Asia.At an inter-ministerial briefing on the fallout of developments in West Asia, Rajesh Kumar Sinha, Special Secretary in the Ministry of Ports, Shipping, and Waterways, said that 10 foreign-flagged vessels carrying energy cargo for India are currently stranded.These include 3 LPG vessels, 4 crude oil tankers, and 3 liquefied natural gas (LNG) carriers.In addition, there are Indian-flagged vessels, including 3 LPG tankers, 1 LNG carrier, and 4 crude oil tankers. One empty tanker is being filled with LPG.These vessels were among the 500-odd ships that...

Mumbai, March 30 – The Reserve Bank of India (RBI) injected ₹84,582 crore into the banking system on Monday to enhance liquidity through two variable rate repo (VRR) auctions.According to an RBI statement, the central bank injected ₹50,001 crore through the first three-day VRR auction early in the day at a cut-off rate of 5.34 per cent and a weighted average rate of 5.44 per cent.The RBI injected another ₹34,581 crore at a cut-off rate of 5.26 per cent and a weighted average rate of 5.30 per cent during a later auction of the day.In the first auction, the central bank received bids of ₹57,287 crore, against the notified amount of ₹50,000 crore, and accepted bids worth ₹50,001 crore. However, for the second auction, the bids...

New Delhi, March 30 Gaming and sports media firm Nazara Technologies announced on Monday that its board has approved a proposal to raise ₹500 crore through a preferential issue of warrants.The funds raised through this instrument will primarily support strategic acquisitions, including the recently announced deals for Bluetile and BestPlay, and accelerate growth across the company's existing business verticals.The company will issue up to 1.92 crore (1,92,31,000) warrants at ₹260 apiece, which includes a premium of ₹258. The move is subject to shareholder and regulatory approvals, the company said in a regulatory filing.Each warrant is convertible into one fully paid-up equity share of face value of ₹2 within a period of 18 months...

New Delhi, March 30 – Union Minister Ashwini Vaishnaw suggested on Monday the establishment of a Centre of Excellence at Gati Shakti Vishwavidyalaya (GSV) to focus on high-precision manufacturing technologies needed in the aviation, railway, and marine sectors.He said such initiatives can make students more industry-ready and boost employment opportunities.The proposal came during the signing of a Memorandum of Understanding (MoU) between Gati Shakti Vishwavidyalaya and the Directorate General of Civil Aviation (DGCA).The agreement aims to strengthen India’s fast-growing maintenance, repair, and overhaul (MRO) sector by improving training and building a skilled workforce.Speaking at the event, Vaishnaw said that sectors like...