Business

India PMI Data March 2026: Growth Slows Amid Middle East Tensions and Rising Cost Pressures Composite PMI Signals Moderation in Private Sector Output New Delhi, March 24: India’s private sector growth lost momentum in March as manufacturing and services activity moderated amid geopolitical tensions and rising cost pressures, according to HSBC’s Flash India PMI data released on Tuesday.The Composite PMI Output Index, which tracks month on month changes across manufacturing and services, stood at 56.5 in March. While the index remained in expansion territory, it indicated a slowdown in the pace of growth compared to previous months.Weak Domestic Demand Weighs on New Orders The data highlighted a notable softening in domestic demand...

Himachal Pradesh Debt Hits Record Rs 41,173 Crore in FY26 Amid Rising Fiscal Pressure Government Borrowings Surge While Debt Liability Continues Upward Trend Shimla, March 24: The Himachal Pradesh government raised loans worth Rs 41,173 crore in the financial year 2025-26, marking its highest-ever borrowing, according to revised budget estimates. During the same period, the state repaid loans amounting to Rs 32,004 crore.For the upcoming financial year 2026-27, the budget has made a provision of Rs 11,965 crore for fresh borrowings, indicating continued reliance on debt to manage fiscal requirements.Debt Burden Crosses Rs 1 Lakh Crore Mark The state's total debt liability stood at Rs 1,03,994 crore in 2025-26 and is projected to...

HDFC Bank Appoints External Law Firms to Review Atanu Chakraborty’s Resignation Board Moves to Strengthen Governance Oversight Mumbai, March 24: HDFC Bank has announced that its Board has approved the appointment of external law firms, both domestic and international, to review the resignation letter of former part-time Chairman and Independent Director Atanu Chakraborty.The decision was taken during a Board meeting held on March 23. According to an exchange filing, the appointed law firms have been tasked with examining Chakraborty’s resignation letter and submitting their findings within a reasonable timeframe.The bank described the move as a proactive step aimed at reinforcing transparency and strengthening corporate governance...

Suzlon Secures 100 MW Wind Energy Project from GAIL, Expands PSU Portfolio in FY26 Project to Support GAIL’s Petrochemical Plant in Maharashtra New Delhi, March 24: Suzlon Group on Tuesday announced that it has secured a 100 MW wind energy project from Gas Authority of India Ltd (GAIL), marking another significant addition to its order book in the public sector segment.The power generated from the project will be used to support the decarbonization of GAIL’s upcoming petrochemical plant located in Nandurbar, Maharashtra.Fourth PSU Order for Suzlon in FY26 This order represents Suzlon’s fourth project win from a Public Sector Undertaking in the financial year 2025 to 2026, underlining its growing presence and execution strength in...

India Tightens Surveillance on Unauthorized Sale of GLP-1 Weight Loss Drugs Government Cracks Down on Unregulated Distribution Channels New Delhi, March 24: The government has stepped up regulatory surveillance following growing concerns over the emergence of multiple generic variants of GLP-1-based weight loss drugs in the Indian market. Authorities are targeting the unauthorized sale and promotion of these drugs across the pharmaceutical supply chain.According to the Health Ministry, the Drugs Controller of India has intensified monitoring efforts to ensure ethical practices in the distribution and use of GLP-1 weight loss medications.Concerns Over Online and Retail Availability Regulators have flagged the increasing availability...

Sensex, Nifty Rebound Sharply in Early Trade as Global Markets Rally on Iran De-escalation Signals Indian Equity Markets Open Strong After Previous Session Losses Mumbai, March 24: Benchmark equity indices Sensex and Nifty staged a sharp rebound in early trading on Tuesday, tracking a broad-based rally in global markets after the United States signaled a temporary pause in strikes targeting Iranian energy infrastructure.The 30-share BSE Sensex surged 1,516 points to 74,212.47 in early trade, while the NSE Nifty climbed 386.95 points to 22,899.60, recovering from steep losses recorded in the previous session.Key Gainers and Laggards on Sensex Among Sensex constituents, InterGlobe Aviation, Asian Paints, Eternal, Adani Ports, Trent...

Crude Oil Prices Surge Over 4% Amid Renewed Middle East Tensions New Delhi, March 24: Global crude oil prices surged more than 4 percent in early trade on Tuesday, as market sentiment turned volatile despite a temporary pause in US military action against Iran’s energy infrastructure.Brent and WTI Extend Gains in Early Trade Brent crude climbed to around $104 per barrel, marking an increase of about 4 percent. Meanwhile, US West Texas Intermediate (WTI) rose 4.39 percent to $92 as of 9:30 am.The latest spike follows a sharp correction in the previous session, when oil prices had dropped over 10 percent after US President Donald Trump announced a five-day pause on planned strikes and संकेत progress in discussions with Iranian...

Rupee Falls 20 Paise to 93.73 Against US Dollar Amid Strong Greenback and Oil Price Concerns Currency Weakens in Early Trade on Global Cues Mumbai, March 24: The Indian rupee declined by 20 paise to trade at 93.73 against the US dollar in early trading on Tuesday, pressured by a stronger greenback and elevated global crude oil prices despite ongoing geopolitical developments.At the interbank foreign exchange market, the domestic currency opened at 93.66 before slipping further to 93.73, compared to its previous close.Iran US Developments Add to Market Uncertainty Market sentiment remained cautious after US President Donald Trump stated that negotiations were underway with Iran. He said the United States was in talks with a...

Indian Rupee Opens Higher Against US Dollar After Temporary Easing of Geopolitical Tensions Rupee Recovers From Record Low Amid Pause in US Strikes on Iran New Delhi, March 24: The Indian rupee opened stronger against the US dollar on Tuesday, recovering from its previous session’s record low after the United States announced a temporary pause in strikes on Iranian power and energy infrastructure.The domestic currency was trading at ₹93.64 per dollar in early trade, compared to its record closing level of ₹93.98 in the previous session.Market Reacts Cautiously to Temporary De-escalation Market sentiment saw a mild improvement after US President Donald Trump confirmed a five-day pause in military action, stating that the United...

Indian Stock Market Opens Strong as Sensex Surges Over 1,500 Points Amid Easing Middle East Tensions Benchmark Indices Rally in Early Trade Mumbai, March 24: Indian equity markets opened sharply higher on Tuesday, driven by optimism around easing geopolitical tensions in the Middle East. The upbeat sentiment followed remarks by US President Donald Trump indicating a possible delay in military action against Iran.The BSE Sensex climbed as much as 1,516 points, or 2 percent, to touch an intraday high of 74,212. The NSE Nifty also posted strong gains, opening at 22,878, up 365.80 points or 1.62 percent.Broad-Based Buying Across Sectors Market gains were widespread, with all sectoral indices trading in positive territory. Consumer...

KOSPI Trims Gains Despite Easing US-Iran Tensions; Won Rebounds Sharply Seoul Stocks Pare Early Surge Amid Foreign Selling Pressure Seoul stocks gave up a portion of their early gains on Tuesday morning, even as easing military tensions between the United States and Iran lifted global sentiment.The benchmark Korea Composite Stock Price Index (KOSPI) rose 45.02 points, or 0.83 percent, to 5,450.77 as of 11:20 a.m. However, the index had surged more than 4 percent at the opening bell before trimming gains, as foreign investors turned sellers in the broader market.Global Cues Support Sentiment After US Delays Iran Strikes Overnight, major U.S. stock indexes ended higher after U.S. President Donald Trump indicated plans to postpone...

NeuEN Wins Contract to Supply 10KTPA Green Hydrogen to Numaligarh Refinery BPCL and Sembcorp Joint Venture to Build Green Hydrogen Facility in Assam New Delhi, March 24: NeuEN Green Energy Pvt. Ltd, a 50:50 joint venture between Bharat Petroleum Corporation Limited and Sembcorp Green Hydrogen India Private Ltd, has secured a contract to supply 10,000 tonnes per annum of green hydrogen to Numaligarh Refinery Ltd.Under the agreement, NeuEN will develop a green hydrogen production facility at NRL’s refinery in Assam. The project will be backed by a long-term offtake arrangement, ensuring sustained supply and operational stability, according to a company statement.Commercial Operations Targeted for 2028 The green hydrogen project is...

South Korea Enforces Five-Day Vehicle Restrictions Amid Oil Supply Concerns Government Tightens Energy Measures as Middle East Tensions Persist Seoul, March 24: South Korea will strictly enforce a mandatory five-day vehicle restriction system across the public sector as it prepares for potential disruptions in oil supply linked to ongoing tensions in the Middle East, the Ministry of Climate, Energy and Environment said on Tuesday.Monitoring and Penalties to Ensure Compliance Beginning Wednesday, authorities will intensify monitoring of compliance with the five-day driving restriction system. Under this rule, vehicles are divided into five groups based on license plate numbers, with each group barred from operating on a designated...

Gold Prices Extend Losing Streak to 10 Days Amid Ongoing Iran War Uncertainty Bullion Decline Deepens Despite Temporary Pause in US Strike Plans Gold prices continued their downward trajectory for the tenth consecutive session as uncertainty surrounding the Iran conflict weighed heavily on investor sentiment. The precious metal has now declined nearly 17 percent since the onset of the war in late February, marking one of its sharpest corrections after a prolonged rally.In the latest trading session, bullion dropped as much as 1.8 percent after briefly rising close to 1 percent earlier in the day. The volatile movement reflected broader market trends, with gold tracking equity performance and moving inversely to oil prices.Mixed...

Bhopal, March 23 – The Madhya Pradesh government on Monday allocated 9 per cent of commercial gas to hotels and restaurants and 7 per cent to dhabas and street food vendors, amidst the West Asia crisis, officials said.The move came after the Indore-Bhopal chapter of the National Restaurant Association of India (NRAI) met with Additional Chief Secretary of the Food and Civil Supplies Department, Rashmi Arun Shami, a day earlier, they added.During the meeting, the delegation led by NRAI MP president Abhishek Baheti, urged immediate availability of commercial gas, citing the restaurant and hospitality sector's dependence on it, Dharmendra Sharma, president of the Confederation of All India Traders (CAIT) MP, told

New Delhi, March 23 Power solutions provider Powerica Ltd raised Rs 329.40 crore from anchor investors on Monday, a day before its initial public offering (IPO) opens for subscription.Shares were allocated to several institutional investors, including SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Quant MF, Bandhan MF, and insurance companies such as Kotak Life, Edelweiss Life, and Reliance Nippon Life, according to a circular uploaded on the BSE website.According to the circular, the company finalized the allocation of 83,39,239 equity shares to anchor investors at Rs 395 per share. The total allocation amounts to approximately Rs 329.40 crore.Powerica's maiden public offering of Rs 1,100 crore will open for subscription on...

New Delhi, March 23 The government on Monday restored full benefits under the RoDTEP scheme to exporters until March 31 amidst the ongoing West Asia crisis disrupting global trade.Last month, the government halved the rate of duty benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme. The exporting community expressed disappointment and had sought reconsideration of the decision."The RoDTEP rates and value caps as specified…as applicable on February 22, 2026, are hereby restored with effect from February 23, 2026, to March 31, 2026, for all eligible export products," the Directorate General of Foreign Trade (DGFT) said in a notification.The Remission of Duties and Taxes on Exported Products (RoDTEP)...

Mumbai, March 23 According to the Reserve Bank of India's bulletin released on Monday, foreign banks have experienced a higher transmission of monetary easing in both fresh and outstanding deposit and lending rates compared to their domestic counterparts.The data in the bulletin showed that foreign banks saw a 1.06 per cent monetary transmission on outstanding deposits between February 2025 and January 2026, compared to 0.43 per cent for domestic private banks and 0.41 per cent for public sector banks.For fresh deposits, foreign banks saw a 1.10 per cent monetary transmission, compared to 0.87 per cent and 0.88 per cent for private banks and public sector banks, respectively, according to the bulletin.On the lending side, foreign...

New Delhi, March 23 The Coal India board gave the go-ahead on Monday for divesting up to 25 per cent of its stake in the subsidiary, South Eastern Coalfields Ltd (SECL), through an Offer for Sale (OFS), along with a fresh issuance of up to 10 per cent equity through an initial public offer or other market routes.The decision was made at the CIL board meeting held on Monday.The proposed divestment and fresh issue, totaling up to 35 per cent of SECL's post-issue paid-up equity capital, will be executed in one or more tranches in the domestic market."Further, the CIL Board, at its meeting held on 23.03.2026, has, inter alia, accorded in-principle approval for the divestment of up to 25 per cent of equity shares held by Coal India...

Mumbai, March 23 – The Securities and Exchange Board of India (SEBI) on Monday adopted a disclosure framework requiring top officials to disclose their assets and recuse themselves from related decision-making, almost two years after allegations surfaced against former chief Madhabi Puri Buch.The SEBI board on Monday approved several recommendations of a high-level committee on "conflict of interest," which was formed immediately after current chairman Tuhin Kanta Pandey took office.Buch, whose term ended in early 2025, faced allegations of potential conflicts of interest and non-disclosure during her tenure, making her the first market regulator chief to face such allegations while in office. Pandey, her successor, appointed the...