Business

Mumbai, March 25 – A special court in Mumbai has denied bail to Pune businessman Amit Thepade in a ₹117-crore money laundering case. The court’s ruling emphasizes the seriousness of economic offenses and their potential threat to the country’s financial health.Key Developments in the Case The special PMLA court judge, R B Rote, rejected Thepade’s bail plea on March 20, citing a “formidable case” against him based on statements recorded under the Prevention of Money Laundering Act (PMLA). The court noted “sufficient material” connecting Thepade to the offense.Amit Thepade, director and promoter of Galaxy Construction and Contractors Pvt Ltd (GCCPL) and Mitsom Enterprises Pvt Ltd (MEPL), was arrested by the Enforcement Directorate...

New Delhi, March 24 Hindustan Power announced on Tuesday that it has received a letter of intent for the exploration of the Padhar Platinum Group Elements (PGE) block in Madhya Pradesh.The Letter of Intent follows the forward e-auction conducted by the Union Ministry of Mines, in which a group company was declared the preferred bidder.Hindustan Power stated, "Its group firm has been awarded a Letter of Intent (LoI) for the exploration of the Padhar Platinum Group Elements (PGE) block in Madhya Pradesh, thus marking the group's entry into India's critical mineral sector.Critical minerals such as platinum group elements are becoming increasingly important for technologies related to clean energy, advanced mobility, and high-value...

Chandigarh, March 24 The Haryana Cabinet on Tuesday approved significant amendments to the Industrial Licensing Policy-2015 to rationalize regulatory provisions, reduce the financial burden on developers, and promote planned industrial development across the state.The amendments have been introduced in response to long-standing industry demands, including representations from stakeholders, such as the National Real Estate Development Council (NAREDCO), and are aimed at bringing clarity, consistency, and parity with decisions taken in other sectoral policies, such as the Textile Policy, an official statement said.A key decision of the Cabinet relates to the rationalization of External Development Charges (EDC) in agricultural zones...

New Delhi, March 24 French multinational BNP Paribas bought 6.9 lakh shares of Adani Green Energy from Morgan Stanley for nearly Rs 56 crore through open market transactions on Tuesday.According to BSE block deal data, BNP Paribas, through its affiliate BNP Paribas Financial Markets, purchased 6,90,000 shares at an average price of Rs 808.3 per share, bringing the transaction value to Rs 55.78 crore.Meanwhile, US-based Morgan Stanley, through its arm Morgan Stanley Asia (Singapore) Pte, also sold the same number of shares at the same price, as per the data.Shares of Adani Green Energy rose by 2.76 per cent to close at Rs 839.30 per share on the BSE.

New Delhi, March 24 Electromechanical solutions provider Vivid Electromech secured over Rs 37 crore from anchor investors on Tuesday, a day before its initial public offering (IPO) opens for subscription on the NSE Emerge.Shares were allocated to nine entities, including Motilal Oswal Finvest, Mukul Agrawal's Sanshi Fund - I, India Max Investment, and Rajasthan Global Securities, according to the release.The company finalized the allocation of 6,68,880 shares to anchor investors at Rs 555 per share. The total allocation amounts to approximately Rs 37.12 crore.Vivid Electromech's maiden public offering of Rs 130.54 crore will open for subscription on March 25 and conclude on March 30.The price band has been fixed at Rs 528-555...

New Delhi, March 24 The government on Tuesday extended the validity of licenses issued for the import of gold with quota-based duty concessions under a free trade agreement with the UAE until June 3, amidst the West Asian crisis.Under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), India has granted quota-based duty concessions on gold imports under the Tariff Rate Quota (TRQ)."In view of the prevailing geopolitical developments affecting global trade and logistics, and with a view to facilitating importers, the Director General of Foreign Trade hereby extends the validity of TRQ Authorizations issued in the financial year 2025-26, for import of Gold… issued under the India-UAE CEPA, from the existing validity of...

Mumbai, March 24 India's media and entertainment sector is estimated to grow at a compounded annual rate of 7 per cent, reaching a market size of Rs 3.3 lakh crore by 2028, according to a report released on Tuesday.The industry grew by 9 per cent year-on-year, reaching a size of Rs 2.78 lakh crore by the end of 2025, according to the Ficci-EY M&E report.Digital media emerged as the largest segment of the media and entertainment industry in 2025, exceeding Rs 1 lakh crore, with digital advertising alone contributing Rs 94,700 crore due to a 26 per cent growth.The overall advertising industry grew by 13.5 per cent, reaching Rs 1.5 lakh crore, or 0.41 per cent of the Indian GDP, according to the report.The live events segment saw a...

New Delhi, March 24 The Delhi government has allocated ₹62.6 crore for the construction and modernization of veterinary hospitals, along with plans to set up 10 new gaushalas (cow shelters).While presenting the 2026-27 Budget on Tuesday, Chief Minister Rekha Gupta said that the government's approach extends beyond human welfare and several measures have been proposed for the care and protection of animals in the national capital.She said that the veterinary hospitals will be equipped with modern equipment, surgical facilities, and vaccination services to improve treatment and care for animals.In addition, designated spaces, referred to as "Dog Homes", will be identified across the city where residents can feed and care for stray...

New Delhi, March 24 The Japan International Cooperation Agency (JICA) signed four loan projects on Tuesday, including a project to promote sustainable horticulture in Punjab and the Mumbai Metro Line, totaling ₹16,420 crore.The loan agreement was signed with the Government of India to provide Official Development Assistance (ODA) loans for four key projects, JICA said in a statement.The loan agreement was signed in New Delhi between Alok Tiwari, Joint Secretary, Department of Economic Affairs, Ministry of Finance, and Takeuchi Takuro, Chief Representative of JICA India Office.The four projects include a project to strengthen tertiary healthcare delivery, the medical education system, and the nursing education system in Maharashtra...

New Delhi, March 24 Exports supported under the RoDTEP scheme are estimated to have grown at over 20% CAGR between 2023-24 and 2025-26, despite global headwinds such as weak demand, freight volatility, rising protectionism, and geopolitical uncertainties, an official said on Tuesday.At the same time, RoDTEP has broadened inclusion within the export ecosystem, the official said.Support for the MSME sector has increased from around 68% in 2021-22 to about 75% in 2025-26, with smaller firms dominating the beneficiary base across key sectors and gaining a vital cushion against cost pressures and margin compression, the official said.The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme was introduced from January 1...

Mumbai, March 24 American bank JP Morgan has appointed HSBC Group veteran Rahul Badhwar as its senior country officer for India.Sjoerd Leenart, JP Morgan's chief executive for Asia Pacific, made the announcement about Badhwar's appointment.Badhwar replaces Kaustubh Kulkarni, the senior country officer who resigned in September to join rival Citigroup."India is a critical market for our Asia Pacific franchise, and Rahul will play a central role in driving and executing our growth strategy across the country," the internal memo reviewed byBadhwar's responsibilities will include providing the firm's entire range of services to clients, strengthening governance and controls, and supporting the talent base and community, as per the...

New Delhi, March 24 – Union Road Transport and Highways Minister Nitin Gadkari said on Tuesday that toll collection in India is expected to see a significant increase in the coming years, driven by rising road projects, increasing vehicle numbers, and a shift to advanced digital systems.Speaking at an event, Gadkari said the government expects annual toll revenue to rise to about Rs 3.5–4 trillion in the near future, compared to the current Rs 80,000–85,000 crore.He explained that as the economy grows, the automobile sector also expands, leading to higher traffic on highways and, in turn, increased toll collection."This will also benefit investors in road infrastructure," he added.The minister highlighted that India is moving...

New Delhi, March 24 The government said on Tuesday that India has adequate stocks of petrol, diesel, and LPG, and that all refineries are operating at full capacity despite disruptions linked to the Strait of Hormuz situation.In an update on fuel availability, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said that petrol pumps across the country remain fully functional, although panic buying triggered by rumors led to unusually high sales in some areas.She urged citizens not to engage in hoarding and to rely on official information.Sharma said that domestic LPG production has been stepped up, with no reported shortages at distribution centers, even as supply remains under pressure due to the...

Jaipur, March 24 The cooperative sector will play a crucial role in realizing Prime Minister Narendra Modi's vision of a developed India by 2047, said Minister of State for Cooperation, Gautam Kumar Dak, on Tuesday.Addressing an award event of the National Cooperative Development Corporation, the minister said that the state government is prioritizing the cooperative sector and working to extend its benefits to a larger population.Dak stated that Chief Minister Bhajanlal Sharma is prioritizing the cooperative sector, noting that around 9 lakh new members were added during a membership drive held in October.According to an official statement, he said that the cooperative movement is also contributing towards the goals of...

New Delhi, March 24 – More than 74.52 million new jobs were created in India's unorganized sector during January–December 2025, which represents an increase of 6.18 per cent compared to the 12-month period from October 2023–September 2024, according to the Annual Survey of Unincorporated Sector Enterprises (ASUSE) released on Tuesday.The estimated number of establishments increased to 7.92 crore during January–December 2025 from 7.34 crore in ASUSE 2023–24 (October 2023–September 2024), reflecting a growth of about 7.97 per cent during the period, the data released by the Ministry of Statistics showed.Gross Value Added (GVA) also grew by 10.87 per cent (at current prices) during this period. This growth has been primarily driven by...

Mumbai, March 24 The rupee fell by 23 paise to close at 93.76 against the US dollar on Tuesday as a stronger dollar against major currencies and high global crude prices spooked investors.Further outflows of foreign funds amid uncertainty over the West Asia crisis also weighed on the local currency, forex traders said.At the interbank foreign exchange, the local currency opened at 93.66 against the dollar and remained volatile throughout the session. It eventually settled at 93.76, down 23 paise from its previous close.The rupee breached the 94-level against the US dollar for the first time on Monday, before closing flat at 93.53."Persistent outflows of foreign funds continue to put pressure on the INR. A strong US dollar is...

New Delhi, March 24 The CEO of Chinese mobile device maker OnePlus India, Robin Liu, has stepped down, the company said on Tuesday.The development comes as the company works to recover from the ongoing decline in shipments."We thank Robin for his contributions to OnePlus India. He is moving on to pursue his personal passions, and we wish him the very best for his future endeavors. OnePlus India operations continue with a local strategy and business continuity ensured," the company said.Under Liu, OnePlus recorded a 32 per cent decline in shipments in 2025, according to Cybermedia Research. IDC estimates a 38.8 per cent decline in the company's shipments in 2025 on a year-over-year basis.The smartphone market looks challenging in...

Thane, March 24 A court in the Thane district granted bail to two co-founders of cryptocurrency exchange CoinDCX, Sumit Gupta and Neeraj Khandelwal, who were arrested in an alleged case of cheating involving Rs 71.60 lakh, stating that there was no prima facie evidence against them.Magistrate Nilesh Rathod, while granting their bail, ordered their release after they furnished a surety of Rs 50,000 each.Gupta and Khandelwal's legal team argued before the court that they were victims of mistaken identity and fraudulent impersonation.The co-founders, against whom the alleged cheating case was registered at the Mumbra police station in the Thane district, were arrested from Bengaluru last Saturday (March 21). Following their arrest...

Ahmedabad, March 24 The Gujarat government said on Tuesday that there was an adequate supply of petrol and diesel in the state, and that it was also ensuring a better supply of commercial LPG, especially in areas where PNG networks are not available.The government's clarification came as people were seen queuing up at petrol pumps in large numbers to fill petrol or diesel in their vehicles amid rumors about a shortage of petroleum products due to the ongoing crisis in West Asia.Speaking to reporters, Additional Chief Secretary of the Gujarat Food and Civil Supplies Department, Mona Khandhar, said, "The central government has ensured an adequate supply of petrol and diesel in Gujarat. There is also a sufficient stock available. There...

New Delhi, March 24 – Delhi Chief Minister Rekha Gupta presented a ₹1.037 trillion budget for fiscal year 2027, announcing several welfare schemes, including free diagnostic tests for newborn babies, free bicycles for 1.3 lakh girl students, laptops for meritorious students, and a new semiconductor policy, in addition to an "emergency operation center" for disaster management.Presenting the budget for the second time in the Delhi Assembly, Gupta, who also holds the finance portfolio, called it a "Green Budget," highlighting that 21% of the total appropriations are allocated to environmental protection initiatives.For the next financial year, the government has earmarked ₹260 crore to provide a free LPG cylinder each on Holi and...