Business

New Delhi, March 22 — As tensions escalate in the Middle East and global crude oil prices trend upward, the All India Distillers’ Association (AIDA) has proposed increasing ethanol blending in petrol beyond the current 20% level. The industry body says this step could significantly reduce India’s reliance on imported crude oil.In a letter addressed to Union Minister for Road Transport and Highways Nitin Gadkari, AIDA Deputy Director General Bharati Balaji stated that the ethanol sector is ready to surpass the existing E20 benchmark already achieved by the country.Highlighting the ongoing geopolitical instability, she noted that rising oil prices present an opportunity to expand ethanol usage. Increasing the blending ratio beyond...

New Delhi, March 22 — Czech automaker Skoda Auto is targeting up to 12% sales growth in India this year, supported by a series of “ten product actions” and an expanded retail network, a senior company official said.Skoda Auto India, which recently introduced the updated version of its mid-size SUV Skoda Kushaq, is also working toward achieving annual sales of over 1 lakh units in the long term. However, the company does not expect to reach that milestone in 2026.Brand Director Ashish Gupta noted that the automaker sold nearly 72,000 units in 2025 and is now focused on steady growth through product enhancements and wider market reach.

New Delhi, March 22 — Dredging Corporation of India Ltd (DCIL) is aiming to more than double its revenue to ₹3,000 crore over the next five to six years, according to its Managing Director and CEO, Capt S Divakar. The company plans to achieve this growth by expanding into new markets and exploring additional business opportunities.Headquartered in Visakhapatnam, DCIL is one of India’s oldest and leading dredging firms, with nearly five decades of expertise in dredging services, maritime infrastructure development, and inland waterways.Highlighting the company’s growth trajectory, Divakar noted that DCIL’s revenue reached ₹1,148 crore in the 2024–25 financial year, up from ₹550 crore in 2015. “We have consistently expanded over the...

Seoul, March 22 — President Lee Jae Myung on Sunday said he has directed both his office and the Cabinet to bar owners of multiple properties from participating in the formulation of real estate policies, as part of a broader push to curb housing speculation.In a post on X, Lee stated that individuals who own multiple homes, hold high-value properties without residing in them, or possess what he described as “excessive” real estate assets should be excluded from all stages of policymaking — including discussions, drafting, reporting, and approval.Calling housing reform a key national priority, he wrote that “escaping the real estate republic is a central task for the transformation of the Republic of Korea,” adding that there must...

New Delhi, March 22 — The combined market valuation of five of India’s top 10 most-valued companies declined by over ₹1 lakh crore last week, with HDFC Bank registering the sharpest drop.During the week, benchmark indices showed marginal weakness. The BSE Sensex slipped 30.96 points (0.04%), while the NSE Nifty fell 36.6 points (0.15%).Commenting on market trends, Ajit Mishra of Religare Broking Ltd said the week ended on a largely flat note with a negative bias, reflecting investor caution. Gains seen in the early part of the week were wiped out by a sharp decline on Thursday, followed by a volatile final session.Among the laggards were HDFC Bank, ICICI Bank, Tata Consultancy Services, Bajaj Finance, and Hindustan Unilever...

New Delhi, March 22 — Bitcoin and the broader cryptocurrency market extended their decline on Sunday amid escalating tensions in the Middle East, triggered by fresh warnings from U.S. President Donald Trump.Bitcoin dropped to around $68,241 per coin, with analysts cautioning that prices could fall further if geopolitical risks persist. However, a stabilization in the situation could help the cryptocurrency regain momentum and move back above the $70,000 mark.Market volatility intensified sharply after Trump warned that the United States could target Iran’s power plants if the Strait of Hormuz is not reopened within 48 hours. Within an hour of the statement, more than $240 million worth of crypto positions were wiped out.Despite...

New Delhi, March 22 — India’s coal imports declined by 4.2% to 213.10 million tonnes (MT) during the April–January period of the current financial year, with rising seaborne prices expected to keep import volumes subdued in the near term.The drop reflects the country’s continued push toward self-reliance in coal production, supported by rising domestic output, even as global thermal coal prices remain firm due to supply constraints and geopolitical uncertainties.Data compiled by mjunction services ltd—a joint venture between SAIL and Tata Steel—showed that non-coking coal imports fell to 127.80 MT during April–January, compared with 141.18 MT in the same period last year.In contrast, coking coal imports rose to 50.39 MT during the...

New Delhi, March 22 — Indian equity markets are showing “structural resilience” despite strong global macroeconomic pressures and sustained foreign institutional investor (FII) outflows, analysts said.During the week ending March 20, FIIs maintained a risk-off stance, pulling out a net ₹29,718.9 crore from the markets. The outflows, along with a strengthening U.S. dollar index, pushed the Indian rupee to a provisional record low of 93.71.Despite these challenges, the Nifty 50 held firm, closing at 23,114.50, up 0.49% for the week. According to Vinit Bolinjkar of Ventura Securities, this resilience was largely due to strong support from domestic institutional investors (DIIs), who made net purchases of ₹30,269.23 crore.Overall, the...

New Delhi, March 22 — Amid ongoing global supply chain disruptions, a large cargo ship carrying liquefied petroleum gas (LPG) from the U.S. has safely arrived at Mangalore Port.The Pyxis Pioneer, transporting LPG from Texas, successfully docked at the port. Prior to this, another vessel carrying Russian crude oil also reached Mangalore, according to NDTV. The Russian crude vessel was positioned approximately 18 nautical miles from the port, and a single-point mooring system will facilitate transfer to the pipeline for onward movement to MRPL.The arrival of Russian crude followed a temporary general license issued by the U.S., allowing the sale of stranded Russian crude that had been at sea since March 12. The license aims to...

Gandhinagar, March 22: The recent hike in bulk diesel prices has been rolled back for fishermen in Gujarat after the state government took up the issue with the Centre, Fisheries Minister Jitu Vaghani announced.On Friday, the price of premium petrol was raised by Rs 2 per litre, while bulk diesel rates for industrial consumers saw a sharp increase of Rs 22.43 per litre, driven by rising global oil prices amid tensions in West Asia.Responding to concerns from the fisheries sector, the Gujarat government requested the Centre to grant a special exemption and reverse the diesel price hike for fishermen, emphasizing that they should be treated at par with retail consumers.According to an official statement, the Centre, under the...

India and Bhutan Launch UPI-Based Cross-Border Remittance Service to Boost Financial Connectivity India-Bhutan Remittance Initiative Powered by UPI and Postal Network New Delhi, March 21 – India and Bhutan have announced the launch of a cross-border remittance initiative, further extending the global reach of India’s Unified Payments Interface (UPI). The initiative aims to enable efficient and affordable remittance services between the two countries.The service will be facilitated through the postal network by integrating the Universal Postal Union (UPU) PosTransfer system with UPI, creating a seamless digital remittance channel.Enhancing Accessibility and Financial Inclusion According to an official statement, the initiative is...

New Delhi, March 21 Gold prices fell by 5.89% during the week, due to consecutive profit-booking sessions and a stronger dollar.On Friday, MCX gold April futures rose by 0.23%, while MCX silver May futures declined by 1.72%. Currently, gold futures are at ₹1,44,825, while silver futures are at ₹2,27,470 per kg.According to data released by the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold was ₹1,47,218 on Friday, down from ₹1,56,436 seen on Monday.Analysts said that precious metals are expected to enter the upcoming week under pressure, following a sharp correction amid mixed signals from ongoing Middle East geopolitical developments.While safe-haven demand had previously supported the...

India Industrial and Warehousing Inventory Crosses 500 Million Sq Ft Mark: Knight Frank Report Inventory Reaches 549 Million Sq Ft Across Eight Major Markets Mumbai, March 21: India’s industrial and warehousing sector has crossed a significant milestone, with total inventory across eight major markets surpassing 500 million square feet, according to a Knight Frank India report released on Saturday.As of December 31, the total inventory stands at 549 million square feet. This marks a 13 percent increase from 486 million square feet recorded in 2024, reflecting steady expansion in the logistics and industrial real estate segment.Strong Supply Pipeline Supports Future Demand The report highlights that the eight key cities collectively...

India’s Current Account Deficit at Risk if Crude Oil Prices Rise, Says Report External Balance Outlook Hinges on Oil Price Movement New Delhi, March 21: India’s economic position remains stable despite rising fuel prices, but the trajectory of crude oil prices will play a decisive role in shaping the country’s external balance in FY27, according to a report released on Saturday.The report highlighted that any sustained increase in global crude oil prices could significantly impact India’s current account deficit (CAD), underscoring the country’s dependence on energy imports.Rising Oil Prices May Widen Current Account Deficit According to Brickwork Ratings, India’s CAD is currently estimated at 1.3 per cent of GDP. However, the...

Gautam Singhania Recovers After Speedboat Capsize Incident in Maldives Raymond Group MD Sustains Minor Injuries, Undergoing Recovery in Mumbai New Delhi, March 21: Raymond Group Managing Director Gautam Singhania is recovering well after sustaining minor injuries in a speedboat accident near Fulidhoo in the Maldives, his team confirmed on Saturday.Providing a health update, his team stated that he is doing well at present.Speedboat Carrying Seven Passengers Capsizes Near Fulidhoo The incident occurred on Friday when a speedboat carrying seven individuals capsized. The passengers included five Indians, along with one British and one Russian national.According to a statement from Singhania’s spokesperson, he suffered minor injuries...

India’s Pharmaceutical Industry Strengthens Global Position, Eyes $130 Billion Market by 2030 Sector Ranks Third Globally by Volume with Expanding Manufacturing Base New Delhi, March 21: India’s pharmaceutical industry continues to solidify its position as a globally integrated and policy-supported sector, now ranking third in the world by volume and 11th by value, according to an official factsheet released on Saturday.The country’s pharma ecosystem includes more than 3,000 companies and over 10,500 manufacturing units, reflecting its extensive production capacity and scale.Domestic Market Growth and Strong Financial Performance India’s domestic pharmaceutical market, currently valued at $60 billion, is projected to more than...

HDFC Bank Terminates Three Employees Over DIFC Onboarding Lapses After Chairman’s Resignation Action Taken Following Dubai Branch Compliance Issues New Delhi, March 21: Days after the resignation of HDFC Bank Chairman Atanu Chakraborty over ethical concerns, the bank has terminated three employees in connection with lapses in client onboarding at its Dubai International Financial Centre (DIFC) branch.According to sources, the action involves three senior executives and is linked to alleged mis-selling of Credit Suisse’s additional tier-1 (AT-1) bonds.Regulatory Scrutiny and Business Restrictions The issue had already drawn regulatory attention. Following allegations of mis-selling, the Dubai Financial Services Authority barred HDFC...

Elon Musk Found Liable by US Jury for Misleading Twitter Shareholders in 2022 Jury Rules on False Statements Linked to Twitter Deal New Delhi, March 21: A US federal jury in California has found Tesla and SpaceX founder Elon Musk liable for misleading Twitter shareholders in 2022 through statements that impacted the company’s stock price.The verdict centres on Musk’s public remarks during his $44 billion takeover bid for Twitter, now known as X. According to reports, Musk allegedly attempted to renegotiate or withdraw from the deal based on statements that were later deemed false.Claims on Fake Accounts Deemed Misleading Jurors concluded that two out of three statements made by Musk in May 2022 were intentionally misleading. These...

Indian Stock Market Extends Weekly Losses Amid Geopolitical Tensions and FII Outflows Benchmarks End Fourth Straight Week in Red Despite Late Recovery Mumbai, March 21: Indian equity markets closed lower for the fourth consecutive week, weighed down by persistent selling pressure and rising geopolitical tensions in West Asia.The Nifty declined 0.16 percent for the week but managed to recover on the final trading day, gaining 0.49 percent to settle at 23,114. The Sensex also ended Friday’s session higher by 324 points, or 0.44 percent, at 74,532. However, on a weekly basis, the index slipped marginally by 0.04 percent.Early Momentum Fades After Flat Start Both benchmark indices began the week on a subdued note before witnessing a...

Government Pushes PNG Adoption as West Asia Crisis Strains LPG Supply Chain CGD Companies Asked to Prioritise Commercial PNG Connections New Delhi, March 21: As the crisis in West Asia continues to disrupt global supply chains, the government has directed city gas distribution companies to prioritise piped natural gas connections for commercial establishments, including hotels, restaurants, and canteens.City gas distributors such as Indraprastha Gas Ltd, Mahanagar Gas Ltd, GAIL Gas, and BPCL are currently offering incentives to accelerate the shift. The Petroleum and Natural Gas Regulatory Board has instructed these companies to reduce the time between application submission and the start of gas supply, while also undertaking...