Business

DeepSeek AI Chatbot Experiences Historic Seven-Hour Outage New Delhi – China’s DeepSeek AI chatbot experienced its most significant operational disruption to date, with the platform unavailable for over seven hours overnight.Outage Details Downdetector, a platform tracking service outages, reported initial user issues on Sunday evening. DeepSeek’s official status page confirmed the problem at 9:35 pm. The platform initially marked the issue as resolved at 11:38 am on Monday, but further disruptions occurred, with full resolution achieved at 10:33 am the following day.DeepSeek’s Operational History According to DeepSeek’s status page, the platform has maintained a near 99 per cent operational record since its R1 model was unveiled in...

Kotak Mahindra Prime Appoints Suraj Rajappan as MD & CEO Leadership Transition at Kotak Mahindra Prime Limited New Delhi, March 30 – Kotak Mahindra Prime Limited (KMPL) announced the appointment of Suraj Rajappan as Managing Director & Chief Executive Officer, effective June 1, 2026, subject to member approval. The Board of Directors made the decision on Monday.Shahrukh Todiwala, the current MD and CEO, will retire on May 31, 2026, after more than three decades with the Kotak Group.Suraj Rajappan began his career with KMPL and brings 24 years of experience to the role, encompassing various functions within the company. KMPL is a subsidiary of Kotak Mahindra Bank Limited.Ashok Vaswani, MD and CEO, Kotak Mahindra Bank, stated, “We...

Electronics Component Manufacturing Scheme Sees Boost with Rs 7,104 Crore Investment New Delhi, March 30 – The government has approved 29 new applications under the electronics component manufacturing scheme, representing a significant investment of Rs 7,104 crore, according to a senior official from the Ministry of Electronics and IT (Meity).Secretary of the Ministry, S Krishnan, announced that this latest investment proposal is projected to generate up to 14,246 new jobs within the sector. The approved projects are expected to result in the production of electronic components valued at Rs 84,515 crore.To date, Meity has approved a total of 75 applications under the scheme.

IndiGo Launches Daily Kolkata-Shanghai Route New Connectivity Between India and China New Delhi, March 30 – IndiGo, India’s largest airline, announced the launch of a daily non-stop service between Kolkata and Shanghai, bolstering air connectivity between India and China.The new route, operated using Airbus A320neo aircraft, marks a significant milestone in IndiGo’s international expansion. It follows the recent resumption of flights from Kolkata and Delhi to Guangzhou.IndiGo stated that the Kolkata-Shanghai service expands travel options for both business and leisure passengers, catering to growing demand for trade and tourism between the two countries. Passengers from cities including Delhi, Mumbai, Bengaluru, Hyderabad, Chennai...

India Temporarily Reopens PDS Kerosene Supply in 21 States Amid Energy Crisis New Delhi, March 30 – The central government has authorized the temporary allocation of public distribution system (PDS) kerosene in 21 states and Union Territories, including regions previously designated as kerosene-free, to address household cooking and lighting needs due to global energy supply pressures.The move follows a month-long conflict in West Asia, which has disrupted energy supply chains, particularly the supply of cooking gas LPG. India imports 60 per cent of its cooking gas requirements, with 85-90 per cent originating from Gulf countries. The conflict has halted these supplies, leading to the curtailment of supplies to commercial users like...

Call Money Rates Surge to 7% Amid Year-End Liquidity Pressure Mumbai, March 30 – Call money rates climbed to 7 per cent on Monday, driven by increased borrowing by banks to meet heightened liquidity requirements ahead of the fiscal year-end. Market participants cited balance sheet adjustments and regulatory demands as key factors contributing to tighter liquidity conditions within the banking system.Market Dynamics and Rate Movements The call money rate, representing the interest charged on overnight funds, saw rates open at 6.85 per cent and subsequently reach 7 per cent according to the Clearing Corporation of India (CCIL). Simultaneously, the Tri-party repo rate experienced a rise, opening at 5.60 per cent and peaking at 6.99 per...

IndiGo Launches Daily Shanghai-Kolkata Flights, Boosting India-China Connectivity Beijing, March 30 – IndiGo airline launched its daily flight service between Shanghai and Kolkata on Monday, marking a significant step in bolstering air connectivity between India and China.New Route Established The IndiGo 6E flight was inaugurated by Pratik Mathur, the Indian Consul General in Shanghai. Speaking to IndiGo management, Mathur highlighted the positive momentum in air connectivity and the resurgence of economic links between the two nations. The Indian Consulate in Shanghai shared details of the event on X.Kolkata Becomes Second Indian City Linked to Shanghai Kolkata is now the second Indian city, following New Delhi, to be directly...

India Seeks Inclusive, Economically Sustainable Electric Mobility Transition New Delhi, March 30 – India’s transition to electric mobility must be inclusive and economically sustainable, with a focus on affordability and scalability across both urban and rural markets, Union Minister HD Kumaraswamy said on Monday.The minister spoke at the launch of the Light Electric-Vehicle Acceleration Forum (LEAF), an industry-led platform designed to advance the EV charging ecosystem. Kumaraswamy emphasized that the focus must shift beyond simply adding more charging points.“What we need now is reliability, ease of access, and, most importantly, interoperability,” Kumaraswamy stated. “We must ensure that India’s transition to electric vehicles...

Indian Chief Executives See Slowest Pay Growth Since Pandemic Median Executive Compensation Rises 5% in FY26 New Delhi, March 30 – The median compensation for professional chief executives in India rose 5 per cent year-on-year to approximately ₹10.5 crore in fiscal year 2026, marking the slowest pace of growth since the COVID-19 pandemic period, according to a new report from Deloitte India.Stock Market Performance Impacts Executive Pay The muted rise in executive compensation was primarily due to subdued performance in the equity market, which reduced the value of stock-linked compensation—a significant component of executive pay. Deloitte India found that nearly one-third of CEO pay is linked to stock awards, leading to a notable...

New Mangalore Port Berth 9 Redevelopment Approved for Public-Private Partnership New Delhi, March 30 – The government has approved the New Mangalore Port Authority’s (NMPA) proposal for the redevelopment of Berth No. 9 for handling liquid bulk cargo on a Public-Private Partnership (PPP) basis under the DBFOT model. The approval was conveyed on March 25, 2026, according to the Minister of Ports, Shipping and Waterways.The project, valued at ₹438.29 crore, will be undertaken by a private concessionaire selected through an open competitive bidding process using a single-stage, two-envelope system. The construction period is slated for two years, with a concession period of 30 years, inclusive of construction.The redevelopment will...

Gold and Silver Prices Plunge Amid Inflation Concerns Domestic Market Reaction On Monday, March 30, gold and silver prices experienced a significant decline in the Indian market, aligning with global trends. On the Multi Commodity Exchange (MCX), gold contracts for June 5 delivery opened 0.27 per cent lower at Rs 1,46,850 per 10 grams. The precious metal experienced a sharp decline during the session, falling as much as Rs 3,043, or 2.06 per cent, to hit an intraday low of Rs 1,44,212 per 10 grams. Silver futures (May 5) also came under pressure, declining as much as 0.96 per cent to Rs 2,25,763 per kg, compared to the previous close of Rs 2,27,954. International Market Trends Globally, gold prices were influenced by a surge in energy...

Rupee Recovers Amid RBI Intervention, Market Volatility Mumbai, March 30 – The Indian rupee rebounded sharply on Monday, gaining 128 paise against the US dollar, recovering from an all-time low of 93.57. The recovery followed a decision by the Reserve Bank of India (RBI) to cap net open positions (NOP-INR) for banks at USD 100 million.The rupee opened at 93.62 and subsequently climbed to 93.57 against the dollar, marking a significant gain from Friday’s close of 94.85. Friday’s decline saw the rupee fall by 89 paise.According to CR Forex Advisors Managing Director Amit Pabari, the rupee’s recovery was largely driven by banks adjusting their positions in response to the RBI’s directive, leading to dollar sales in the market. “This...

Indian Rupee Gains as RBI Imposes Position Limits New Delhi, March 30 – The Indian rupee opened higher on Monday, reaching $93.59 against the US dollar, a gain of 1.3 per cent. The rupee’s rise was attributed to restrictions imposed by the Reserve Bank of India (RBI) on onshore position limits.RBI Caps Net Open Positions The Reserve Bank of India (RBI) has instructed banks to limit their net open positions in rupees in the foreign exchange market. The central bank mandated that commercial banks must implement a daily cap of $100 million on their end-of-day open positions in the onshore rupee by April 10. The RBI has indicated it may adjust these limits based on evolving market conditions. Estimates suggest the magnitude of these...

Domestic Indices Decline Sharply Amid Geopolitical Tensions Mumbai, March 30 – Domestic benchmark indices opened sharply lower on Monday, with the Sensex declining by over 1.38 per cent and the Nifty slipping by approximately 1 per cent. The market downturn was fueled by escalating tensions in West Asia, now in its fifth week.Market Overview The Sensex opened at 72,565, down over 1,000 points, while the Nifty commenced trading at 22,549, experiencing a decline of 267 points. All sectoral indices were trading in the red, reflecting widespread selling pressure. Public sector banks and chemical companies led the losses, falling by nearly 3-4 per cent each, with real estate, automobiles, and financial services indices also declining by up...

KOSPI Slides Sharply Amid Foreign Selling and Tech Stock Weakness Seoul, March 30: South Korean equities witnessed a steep decline on Monday, with the benchmark Korea Composite Stock Price Index (KOSPI) dropping 3.98 percent amid heightened geopolitical tensions and heavy selling in large-cap technology stocks.The KOSPI fell 216.2 points to 5,222.67 as of 11:20 a.m. Seoul time. The index had opened nearly 5 percent lower and remained under sustained pressure during early trade, primarily due to strong foreign outflows.Middle East Conflict Fuels Oil Supply Concerns Market sentiment weakened significantly as the ongoing conflict involving Iran intensified, raising concerns over global oil supply disruptions. The war, which began in...

Piyush Goyal Pushes for Balanced WTO at MC14, Holds Key Bilateral Talks with EU, Canada, UK India Calls for Inclusive and Responsive WTO Framework Commerce and Industry Minister Piyush Goyal has underscored the need for a balanced and responsive World Trade Organization that addresses the priorities of all member nations, particularly developing countries and Least Developed Countries.Speaking during engagements at the 14th WTO Ministerial Conference held in Yaounde, Cameroon, Goyal highlighted the importance of ensuring that global trade systems remain inclusive and equitable.Discussions with WTO Director-General Goyal held discussions with WTO Director-General Dr. Ngozi Okonjo-Iweala, acknowledging her efforts in building...

Government Reintroduces PDS Kerosene for 60 Days to Ease LPG Pressure Emergency Allocation Announced for States and Union Territories New Delhi, March 30: The central government has announced an ad-hoc allocation of Public Distribution System (PDS) kerosene to states and union territories for household use. The move is part of a 60-day emergency measure aimed at reducing pressure on Liquefied Petroleum Gas (LPG) supplies.Kerosene to Support Cooking and Lighting Needs According to an official order, the allocated kerosene will be used for essential household purposes, including cooking and lighting. The temporary provision is intended to support families that may be facing constraints in accessing LPG.PDS Kerosene Reintroduced in 21...

India Aviation Sector Faces Aircraft Supply Bottleneck as Delivery Delays Stretch Up to 15 Years 1,700 Aircraft Orders Pending Amid Global Supply Chain Disruptions India’s rapidly expanding aviation sector is facing a significant hurdle in the procurement of new aircraft, with deliveries expected to be delayed by as much as 15 years due to ongoing global supply chain disruptions, Civil Aviation Minister K Rammohan Naidu said on March 30.Speaking at Bhavnagar airport in Gujarat, the minister highlighted that nearly 1,700 aircraft orders placed by Indian airlines are currently pending, even as demand for air travel continues to rise across the country.Aircraft Shortage Emerges as Key Constraint Post COVID-19 Naidu pointed out that...

Banks Remain Closed in Bengaluru Today All public and private sector banks in Bengaluru are closed on March 30 on account of Mahavir Jayanti, as per the Reserve Bank of India calendar.Banks including SBI, PNB, HDFC Bank, ICICI Bank and Axis Bank are not operational for in-branch services across Karnataka today due to the festival.Is There a Bank Holiday Today? Yes, Karnataka is observing a bank holiday today, March 30, for Mahavir Jayanti.Bank holidays in India are determined by the RBI and vary by state depending on regional festivals and observances. While some holidays are nationwide, others apply only to specific states.Notably, March 30 is not a bank holiday in all states, but it is applicable in Karnataka.RBI Bank...

New Delhi, March 29 Commerce and Industry Minister Piyush Goyal will visit Canada in May amidst ongoing negotiations for a free trade agreement between the two countries.On March 2, the two countries launched negotiations for a comprehensive economic partnership agreement (CEPA).The issue of Goyal's visit came up during his meeting with Maninder Sidhu, Minister of International Trade of Canada, on the sidelines of the 14th ministerial conference of the World Trade Organisation (WTO) in Yaounde, Cameroon.The bilateral discussion focused on expediting the recently launched India-Canada CEPA negotiations. "(Maninder) Sidhu extended a warm welcome to Goyal for his upcoming visit to Canada in May 2026, leading a major Indian business...