Business

South Korean Stocks Plunge Over 5% as Strait of Hormuz Tensions Trigger Market Shock KOSPI Sees Sharp Selloff Amid Rising Geopolitical Risks Seoul, March 23: South Korean equities witnessed a steep decline on Monday morning, with the benchmark Korea Composite Stock Price Index (KOSPI) falling sharply as escalating tensions in the Middle East unsettled investors.The KOSPI dropped 293.84 points, or 5.08 percent, to 5,487.36 as of 11:20 a.m., reflecting widespread selling across sectors. The index remained firmly in negative territory throughout the session.Circuit Breaker Triggered as Volatility Surges The sharp downturn prompted the Korea Exchange (KRX) to activate a circuit breaker, temporarily halting program trading for five...

CoinDCX Co-Founders Arrested in ₹71.6 Lakh Fraud Case in Thane FIR Filed Over Alleged Crypto Investment Scam Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of ₹71.6 lakh, officials confirmed on Monday.The arrests follow the registration of a First Information Report at the Mumbra police station on March 16. The case names co-founders Sumit Gupta and Neeraj Khandelwal, along with others, under charges of cheating, criminal breach of trust, and fraud.Investor Alleges Losses After Promise of High Returns According to police officials, a 42-year-old insurance advisor filed the complaint, alleging he was defrauded between August 2022 and March this year.The...

Bank Open to Re-Examining Decisions Amid Leadership Exit HDFC Bank has indicated its willingness to conduct a fresh review of its internal processes and past decisions following the resignation of former chairman Atanu Chakraborty, with Managing Director and CEO Sashidhar Jagdishan emphasizing a transparent and decisive approach.Jagdishan stated that the bank will convene multiple board meetings to reassess earlier decisions, identify gaps, and take corrective action where required. He underscored that the institution remains committed to a thorough and independent review process."We will convene multiple board meetings, re-examine decisions taken over time and see where we need to improve," he said, adding that the bank would act...

Maharashtra Increases PNG Supply to Commercial Establishments by 20% Amid Gas Disruptions Relief for Restaurants and Eateries as Supply Allocation Rises Mumbai, March 23: The Maharashtra government has increased the supply of Piped Natural Gas (PNG) to commercial establishments by 20 per cent, offering relief to restaurants and eateries affected by recent supply disruptions.State Food and Civil Supplies Minister Chhagan Bhujbal announced that the enhanced allocation will come into effect from March 23 and remain in place until further notice.Commercial PNG Supply Now Raised to 50% With the latest revision, the total PNG supply allocation to the commercial sector has been increased to 50 per cent. The move is aimed at easing...

Gold and Silver Prices Outlook: Precious Metals Seen Stabilizing After Sharp Weekly Decline New Delhi, March 22: Precious metal prices are expected to stabilize in the coming week with a mild upward bias following a steep correction, although strong headwinds from elevated interest rates and a firm US dollar may limit any significant upside, analysts said.Market Focus Shifts to Global Economic Data Investors are set to track key macroeconomic indicators, including provisional manufacturing and services PMI data from the United States, the United Kingdom, and Japan. Additional cues will come from consumer sentiment figures and weekly unemployment claims.Oil price movements will also remain a critical factor influencing sentiment in...

CoinDCX Founders Arrested in Mumbai Over Alleged Crypto Fraud Case FIR Filed After Investor Alleges Rs 71 Lakh Scam Mumbai, March 22: CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal have been arrested following the registration of a First Information Report at a Mumbai police station in connection with an alleged cryptocurrency fraud case.The action comes after a complainant alleged that he was cheated of Rs 71 lakh in a crypto-related scam, prompting authorities to initiate an investigation. Prior to the arrests, reports indicated that both founders had been summoned for questioning by the police.CoinDCX Denies Allegations, Calls FIR “False” Responding to the developments, CoinDCX has strongly denied any involvement in the...

L&T Urges Continued Government Capex Despite Rising Import Bills Amid Middle East Tensions Mumbai, March 22: Larsen & Toubro (L&T) has called on the government to maintain its capital expenditure momentum despite mounting concerns over rising import bills triggered by elevated commodity prices following the Middle East conflict.A senior company official indicated that sustaining infrastructure spending may require the government to increase borrowing or temporarily widen the fiscal deficit.Government May Need to Borrow More to Sustain Growth Deputy Managing Director Subramanian Sarma said that higher oil and gas prices are likely to push up the import bill, creating fiscal pressure.“The import bill will increase due to rising oil...

Telangana Government Begins ₹9,000 Crore Rythu Bharosa Disbursement for 70 Lakh Farmers Hyderabad, March 22: Telangana Chief Minister Revanth Reddy on Sunday announced the rollout of ₹9,000 crore under the Rythu Bharosa investment support scheme, with funds set to be distributed to around 70 lakh farmers in a phased manner over the next 45 days.Speaking at a public rally after inaugurating an oil palm processing factory in Narmeta village of Siddipet district, the Chief Minister outlined the disbursement schedule and highlighted the government’s focus on strengthening farmer welfare.Phased Release Plan for Rythu Bharosa Funds Revanth Reddy stated that the financial assistance will be released in three installments to ensure timely...

Government Speeds Up Gas Distribution Reforms, Boosts LPG Supply Amid Global Uncertainty New Delhi, March 22: The government has stepped up efforts to streamline gas distribution and ease supply pressures by accelerating city gas project approvals and increasing commercial LPG allocations, even as global geopolitical challenges persist.Fast-Track Approval for City Gas Projects In a move aimed at expanding piped natural gas infrastructure, the Petroleum and Explosives Safety Organisation has directed its offices to process City Gas Distribution applications within 10 days. The initiative is expected to speed up the rollout of piped natural gas networks across urban regions.Commercial LPG users in major cities have also been advised...

Government Engages Employee Bodies to Address Service Issues, Focus on Promotions and Reforms New Delhi, March 22: Union Minister Dr Jitendra Singh on Sunday said the government is actively addressing service-related concerns of employees through structured dialogue and administrative reforms, highlighting that continuous engagement with staff representatives remains essential for improving efficiency and career progression.Key Meeting with Employee Representatives Chairing a meeting with delegations from major employee bodies, including the Government Employees National Confederation and the Central Secretariat Group-C Employees' Association, the minister reviewed a wide range of issues. Discussions focused on cadre restructuring...

Tata Capital Faces ₹413 Crore Tax Demand for FY18, Plans Legal Challenge Reassessment Order Issued by Tax Authorities Tata Capital has received a reassessment order from tax authorities demanding ₹413.18 crore for the financial year 2017-18, according to a regulatory filing. The order was issued by the Deputy Commissioner of Income Tax, Mumbai, under the Income-tax Act and was uploaded on March 20, 2026.The demand pertains to Tata Capital Financial Services Ltd (TCFSL), which has since been merged with Tata Capital effective April 1, 2023.Breakdown of Tax Demand and Key Issues The total demand includes ₹209.52 crore in tax and ₹202.72 crore in interest. Tata Capital stated that the demand primarily arises due to an alleged short...

L&T Middle East Projects Largely Unaffected Amid Ongoing Conflict, Flags Supply Chain Risks Mumbai, March 22: Engineering, procurement and construction major Larsen & Toubro (L&T) has reported minimal disruption to its operations in the Middle East despite the ongoing conflict, with nearly 95 percent of its projects continuing as usual.Majority of Projects Continue Operations The company, which derives over 35 percent of its revenue from the Middle East, stated that only a small portion of its projects has been impacted. Subramanian Sarma, Deputy Managing Director of L&T, confirmed that work has been suspended in 5 out of nearly 100 projects due to risk-related decisions or customer advisories.“There has been no disruption in 95...

Vedanta Challenges NCLT Approval of Adani’s ₹14,535 Crore Bid for Jaiprakash Associates New Delhi, March 22: The Vedanta Group has moved the National Company Law Appellate Tribunal (NCLAT), contesting the National Company Law Tribunal’s approval of Adani Enterprises Ltd’s ₹14,535 crore resolution plan to acquire Jaiprakash Associates Ltd (JAL).Appeal Filed Against NCLT Order The appeal follows the March 17 order by the Allahabad bench of the NCLT, which approved Adani Enterprises’ bid under the corporate insolvency resolution process. Jaiprakash Associates had earlier disclosed in a regulatory filing that the tribunal had orally pronounced its approval of the resolution plan.Vedanta, led by Anil Agarwal, was among the bidders for...

Godrej Properties and Lodha Developers Acquire Over 25 Land Parcels, Signal Strong Housing Demand in India Real Estate Majors Expand Land Bank with Rs 1 Lakh Crore Revenue Potential New Delhi, March 22 Godrej Properties Ltd and Lodha Developers Ltd are reinforcing their confidence in India’s housing market by aggressively expanding their land banks. Together, the two real estate developers have acquired more than 25 land parcels so far this fiscal year, targeting residential projects with a combined revenue potential exceeding Rs 1 lakh crore.Lodha Developers Focuses on Key Urban Markets According to its investor presentation, Lodha Developers has acquired 11 land parcels during the first nine months of the fiscal year. These...

Trenzet Infra Files DRHP with SEBI for IPO, Plans Fresh Issue and OFS New Delhi, March 22: Railway-focused EPC company Trenzet Infra Ltd has filed its draft red herring prospectus with the Securities and Exchange Board of India to raise funds through an initial public offering.IPO Structure and Fundraising Plan The proposed IPO comprises a fresh issue of 1.05 crore equity shares along with an offer for sale of 18 lakh shares by existing promoters. The draft papers were filed on Friday, outlining the company’s intent to tap capital markets for growth and expansion.Utilisation of IPO Proceeds Trenzet Infra plans to deploy the proceeds from the fresh issue towards:Meeting working capital requirements Purchase of construction vehicles...

India’s Rare Earth Potential Gains Strategic Focus Amid Global Supply Chain Shifts New Delhi, March 22: India is emerging as a potential counterweight in the global rare earth supply chain, leveraging its vast reserves and technological capabilities at a time when geopolitical tensions are reshaping access to critical minerals.China’s Dominance Drives Global Urgency The global race for rare earth elements has moved to the forefront of geopolitical strategy. China currently dominates the sector, accounting for nearly 90 percent of rare earth separation and processing, along with 93 percent of global magnet manufacturing, according to an article published by the Australian Institute of International Affairs.This concentration of...

Government May Explore OFS Route to Raise Public Shareholding in IDBI Bank New Delhi, March 22: The government is considering selling a stake in IDBI Bank through the Offer-for-Sale (OFS) route to increase public shareholding, following an unsuccessful attempt to divest its stake in the LIC-controlled lender, according to sources.Low Public Float Seen as Key Constraint At present, IDBI Bank’s public shareholding stands at just 5.29 percent, which limits effective price discovery and fair market valuation. The majority of shares remain concentrated with Life Insurance Corporation of India (LIC) and the Government of India.LIC holds a controlling stake of 49.24 percent, while the government owns 45.48 percent in the bank.OFS Likely...

New Delhi, March 22: The Securities and Exchange Board of India (SEBI) is set to hold its board meeting on Monday, with a broad agenda covering foreign portfolio investor (FPI) settlement norms, regulatory reforms for market intermediaries, and measures to enhance transparency within the regulator.Proposal to Ease FPI Fund Settlement Norms A key focus of the meeting will be a proposal to allow FPIs to net funds for same-day cash market trades. Currently, FPIs are required to settle transactions on a gross basis, meaning each purchase must be funded independently of any sale, even if both occur on the same day.The proposed “netting of funds” mechanism would enable FPIs to offset purchase obligations using proceeds from same-day...

India to Launch Seventh Tranche of Critical Mineral Auctions on March 23 New Delhi, March 22: The government is set to launch the seventh tranche of auctions for critical and strategic mineral blocks on March 23, as part of its ongoing efforts to strengthen mineral security and support clean energy ambitions, the Ministry of Mines announced on Sunday.Union Minister G. Kishan Reddy will lead the launch, with Minister of State for Coal and Mines Satish Chandra Dubey also present at the event.Focus on Critical Minerals for Clean Energy and Technology Critical minerals are increasingly central to economic growth and the transition toward clean energy and advanced technologies. Global demand for key resources such as lithium, graphite...

West Asia Conflict Disrupts Indian Supply Chains, CII Flags Shipment Delays and Raw Material Shortages New Delhi, March 22: Indian companies are witnessing supply chain disruptions, including shipment delays and shortages of key raw materials, due to the ongoing conflict in West Asia, the Confederation of Indian Industry (CII) said on Sunday.Maritime Disruptions and Supply Chain Pressure Intensify CII Director General Chandrajit Banerjee stated that businesses are already facing downstream impacts as the conflict affects critical maritime routes and tightens global trade flows.He said companies are encountering delays in shipments, constraints in energy inputs, and emerging shortages of essential raw materials and intermediates...