Business

Banking Companies to Deduct TDS Only Above Threshold, Clarifies Income Tax Department Definition Under New Income Tax Act, 2025 Aligned With Banking Regulation Act New Delhi, March 30: The Income Tax Department on Monday clarified that banking companies governed by the Banking Regulation Act, 1949, will deduct Tax Deducted at Source on interest income only when it exceeds the prescribed threshold limits.The clarification comes under Section 402 of the Income Tax Act, 2025, where the term "banking company" has been defined as a company to which the provisions of the Banking Regulation Act, 1949 apply.TDS Threshold Remains Unchanged for Depositors Under existing income tax provisions, TDS is applicable on interest income from bank or...

NCLAT Restricts Insolvency Proceedings Against Vatika to Gurgaon Project ‘Aspirations’ Appellate Tribunal Modifies NCLT Order, Limits CIRP Scope New Delhi, March 30: In a partial relief to NCR-based real estate firm Vatika, the National Company Law Appellate Tribunal (NCLAT) has restricted the Corporate Insolvency Resolution Process (CIRP) against the company to a single Gurgaon-based project, ‘Project Aspirations’.Modifying an earlier order by the National Company Law Tribunal (NCLT), the appellate tribunal clarified that the insolvency proceedings cannot extend to all projects of the corporate debtor.CIRP Valid but Limited to Specific Project The NCLAT upheld the initiation of insolvency proceedings, stating that the debt and...

Flipkart Appoints Smita Ojha and Amit Sharma as Vice Presidents to Strengthen Technology Leadership Strategic Hires Aimed at Scaling Core Technology and Driving AI-Native Growth New Delhi, March 30: E-commerce major Flipkart on Monday announced the appointment of Smita Ojha as Vice President of Engineering and Amit Sharma as Vice President of Program Management, as part of its efforts to strengthen leadership across its technology and execution functions.The company said the appointments are focused on scaling its core technology infrastructure and creating long-term value.Smita Ojha to Lead Central Platforms Group Within OneTech Smita Ojha will head the Central Platforms Group within Flipkart’s OneTech organisation. She joins the...

Hyundai VENUE, Kia Seltos Secure 5-Star BNCAP Safety Ratings in India SUVs from Hyundai and Kia Achieve Top Crash Test Scores New Delhi, March 30: South Korean automakers Hyundai and Kia on Monday announced that their popular SUVs, the Hyundai VENUE and Kia Seltos, have secured 5-star safety ratings under India’s Bharat New Car Assessment Programme (BNCAP).Hyundai VENUE and VENUE N Line Earn High Adult Safety Score The all-new Hyundai VENUE and VENUE N Line achieved a 5-star safety rating, with an adult occupant protection score of 31.147, according to Hyundai Motor India Ltd (HMIL).Commenting on the development, HMIL Managing Director and CEO Tarun Garg said the recognition reinforces the company’s commitment to delivering globally...

RBI Injects ₹84,582 Crore into Banking System Through Liquidity Infusion Mumbai, March 30 – The Reserve Bank of India (RBI) provided ₹84,582 crore of short-term liquidity to the banking system on Monday through two variable rate repo (VRR) auctions.Two VRR Auctions Conducted The central bank initially injected ₹50,001 crore through the first VRR auction, held early in the day. The cut-off rate for this auction was 5.34 percent, with a weighted average rate of 5.44 percent, according to the RBI’s release.A second VRR auction was conducted later in the day, injecting another ₹34,581 crore. This auction utilized a cut-off rate of 5.26 percent and a weighted average rate of 5.30 percent.Auction Results The first auction received bids...

Bank Credit to Industry Grows at 13.5% in Latest Fortnight Mumbai, March 30 – Bank credit to the Indian industry witnessed a significant acceleration, growing at a rate of 13.5 per cent during the fortnight ending February 28, 2026, according to data released by the Reserve Bank of India (RBI) on Monday. This represents a notable increase compared to the 7.5 per cent growth observed in the year-ago period.Sectoral Credit Growth Highlights The robust growth is primarily attributed to increased lending in several key sectors, including ‘infrastructure’, ‘all engineering’, ‘chemicals and chemical products’, ‘petroleum, coal products and nuclear fuels’, and ‘textiles’.The RBI’s data, collected from 41 select scheduled commercial banks...

Noida International Airport Ready for Commercial Operations Project Completion and Regulatory Approvals Secured New Delhi, March 30 – Tata Projects announced on Monday that the Noida International Airport is now fully ready for commercial operations, following the securing of all necessary regulatory approvals.The statement highlighted the successful completion of the airport’s construction phase, with Tata Projects serving as the engineering, procurement, and construction (EPC) contractor.“With regulatory approvals secured, Noida International Airport is now ready for commercial operations, further solidifying Tata Projects’ position as a leading EPC company delivering complex, large-scale infrastructure that supports India’s...

Sensex and Nifty Plunge as Fiscal Year Concludes Mumbai, March 30 – The Sensex and Nifty benchmark indices experienced a significant decline on Monday, marking the end of the 2025-26 fiscal year. The downturn was driven by ongoing geopolitical tensions in West Asia and rising crude oil prices, negatively impacting investor sentiment.The 30-share BSE Sensex closed at 71,947.55, down 1,635.67 points or 2.22%. During the day, the index fell by 1,809.09 points or 2.45%, closing at 71,774.13. The 50-share NSE Nifty plummeted 488.20 points or 2.14%, closing at 22,331.40.A total of 3,563 stocks declined, while 876 advanced and 154 remained unchanged on the BSE.Over the past two trading sessions, the BSE benchmark lost 3,325.9 points, or...

Shares of CMPDIL Decline Over 10% on Listing Initial Trading and Price Decline Shares of Central Mine Planning & Design Institute Ltd (CMPDIL), a subsidiary of state-owned Coal India, experienced a significant discount on its debut trading session on Monday. The stock commenced trading at ₹162.80, representing a 5.34 percent decrease from the ₹172 issue price on the BSE. Throughout the day, the price continued to decline, reaching a low of ₹152.30, a drop of 11.45 percent. The stock ultimately closed at ₹154.05, reflecting a 10.43 percent discount to the issue price.NSE Listing and Closing Price At the National Stock Exchange (NSE), CMPDIL listed at ₹160, marking a 6.97 percent discount to the issue price. The stock closed at...

Property Share Investment Trust IPO Opens April 10, Targeting Rs 244.65 Crore IPO Details Property Share Investment Trust, the country’s first registered Small and Medium Real Estate Investment Trust (SM REIT), announced the IPO of PropShare Celestia on Monday. The IPO is scheduled to open on April 10 and conclude on April 16. The price band for the units is Rs 10 lakh to Rs 10.50 lakh per unit.Funding and Asset Acquisition The public issue comprises only a fresh issuance of units. The proceeds from the IPO will be used to acquire seven floors in Venus Stratum, a Grade A+ mixed-use commercial building located in Nehru Nagar, Ahmedabad.Property Overview Project Celestia, the underlying asset, has a super built-up area of 2,07,838...

India’s WTO Position Reflected in Ministerial Conference Outcomes, Says Goyal India’s Growing Influence in Global Trade Discussions New Delhi, March 30 – Union Commerce and Industry Minister Piyush Goyal stated on Monday that India’s stance at the recently concluded World Trade Organization (WTO) Ministerial Conference (MC14) in Cameroon was “not only heard but also reflected” in the final outcomes, highlighting the country’s increasing influence in shaping global trade discussions.Concluding a four-day visit to Cameroon, where he participated in the WTO Ministerial Conference, Minister Goyal noted that the global trade landscape has undergone significant changes since the last meeting held in Africa a decade ago. He emphasized that...

Centre’s Fiscal Deficit Reaches Rs 12.52 Lakh Crore at End of February New Delhi, March 30 – The Centre’s fiscal deficit reached Rs 12.52 lakh crore at the end of February, representing 80.4 per cent of the annual budget target for 2025-26, according to government data released on Monday. This figure compares to 85.8 per cent for the same period in the previous fiscal year. Fiscal Deficit Details The central government estimates a fiscal deficit of 4.4 per cent of GDP, translating to Rs 15.58 lakh crore, for the 2025-26 financial year. Revenue and Expenditure Figures The Controller General of Accounts (CGA) reported total receipts for the Centre at Rs 27.91 lakh crore, or 82 per cent of the budget target by the end of February 2026...

India’s Industrial Production Rises 5.2 Percent in February New Delhi – India’s industrial production recorded a growth of 5.2 percent in February 2026, driven primarily by an increase in manufacturing output, according to official data released on Monday.Factory output expanded by 2.7 percent in February 2026, as reported by the National Statistics Office. The NSO revised the industrial production growth for January 2026 to 5.1 percent from a provisional estimate of 4.8 percent released earlier this month.Manufacturing sector output growth accelerated to 6 percent in February 2026, compared to 2.8 percent in the year-ago month. Mining production growth improved to 3.1 percent, up from 1.6 percent a year ago. Power generation growth...

China’s Industrial Growth Driven by Provincial Rivalry, Not Central Planning New Delhi, March 30 – China’s industrial growth is primarily fueled by institutionalized competition among provinces, cities, and firms, with the central government acting as a referee and disciplinarian rather than a direct planner, according to a new report.The Globe and Mail described China’s industrial policy as “authoritarianism,” characterizing it as “behaves less like central planning than a state-enabled pressure cooker.” The report highlighted a system where the central government steers, rewards, and occasionally reining in excesses.Special economic zones (SEZs) like Shenzhen served as experimental grounds for these competitive models. Successful...

Maruti Suzuki Launches ‘Quickstop’ Initiative for Automotive Services Expanding Service Accessibility with New Locations New Delhi, March 30 – Maruti Suzuki India Ltd. launched a new initiative on Monday, offering automotive services at high-traffic locations. These include corporate campuses, airport zones, and fleet hubs.The ‘Quickstop’ program aims to provide convenient access to Maruti Suzuki’s services for customers. A pilot phase has been initiated with 10 facilities established across Delhi-NCR, Chennai, Hyderabad, Bengaluru, Kolkata, Bagdogra, Calicut, and Surat, as announced in a company statement.“As workdays are becoming increasingly busy and personal time is becoming more valuable, we recognize a growing need to make...

India’s Industrial Production Rises 5.2 Percent in February New Delhi, March 30 – India’s industrial production experienced a growth of 5.2 percent in February, driven primarily by gains in the manufacturing sector, according to official data released on Monday.Factory Output Increases Factory output, measured by the Index of Industrial Production (IIP), rose by 2.7 percent in February 2025, as reported in an official statement.Revision of January Data The National Statistics Office (NSO) revised the industrial production growth for January 2025 to 5.1 percent, an increase from the earlier provisional estimate of 4.8 percent.Manufacturing Sector Leads Growth The NSO data indicated that the manufacturing sector’s output growth...

BHEL Secures ₹13,500 Crore Order for Telangana Thermal Power Plant NTPC Awards Main Plant Package to BHEL New Delhi, March 30 – State-owned Bharat Heavy Electricals Limited (BHEL) announced today that it has secured a contract worth ₹13,500 crore from NTPC Limited for the main plant package of the 2,400 MW Telangana Stage-II thermal power plant.According to a regulatory filing, BHEL emerged as the successful bidder for the project in October 2024. On March 29, 2026, BHEL received a Notification of Award (NOA) from NTPC for the 3x800 MW Telangana Stage-II project (Main Plant Package).The scope of the order encompasses the design, engineering, manufacturing, supply, erection, commissioning, and testing of the main plant package. This...

Government Takes Measures to Address West Asia Crisis New Delhi, March 30 – The government is implementing a series of measures to mitigate external risks, support the balance of payments, and maintain macroeconomic stability in response to the ongoing West Asia crisis, according to Minister of State for Finance Pankaj Chaudhary.Strategic Group Formation and Monitoring Seven new empowered groups have been constituted to address key areas including supply chains, petrol-diesel, fertilisers, gas, and inflation. An Inter-Ministerial Group on supply chain resilience has also been operationalized to monitor the situation and coordinate facilitation measures related to exports and imports.Assessing Economic Impact Responding to questions...

Bacancy Systems Secures ₹40 Crore Series A Funding New Delhi, March 30 – Bacancy Systems, a Gujarat-based startup specializing in embedded electronics and power systems, has secured ₹40 crore in a Series A funding round. The investment was led by private equity investment firm Sabre Partners and growth equity fund Greenstone Capital. Both investors have acquired minority stakes in the company through primary investments, as announced in a company statement. The fresh capital will be strategically deployed to scale up manufacturing capabilities, accelerate product development, deepen research and development (R&D) efforts, and facilitate expansion into international markets. Founded in 2021, Bacancy Systems focuses on hardware, firmware...

NABARD Projects Rs 3,723.49 Crore in Priority-Sector Credit for Arunachal Pradesh ITANAGAR, March 30 – The National Bank for Agriculture and Rural Development (NABARD) has released the State Focus Paper (SFP) 2026-27 for Arunachal Pradesh, projecting a potential of Rs 3,723.49 crore in priority-sector credit. Key Credit Potential Breakdown The SFP outlines credit potential estimates across several key sectors, aiming to support inclusive growth in the state. The projected figures are as follows:SectorEstimated Credit Potential (Rs Crore)Agriculture and Allied Activities1,071.17MSME Sector2,519.42Other Priority Sectors132.90Total3,723.49Strategic Focus The SFP for 2026-27 highlights the need for systematic investment...