Business Standard - April 22, 2025

In this issue

April 22, 2025

Sensex, Nifty score biggest 5-session win in over 4 yrs

The Indian equity benchmarks powered ahead on Monday, notching up their strongest five-day rally in four years.

2 mins

Gensol fraud: Lenders may approach EOW

The Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC), two public sector non-banking financial companies (NBFCs) that extended loans to Ahmedabad-based Gensol Engineering Ltd (GEL), are likely to approach the Economic Offences Wing (EOW) of the Delhi Police to report alleged forgery by the firm of their official letters, according to people familiar with the matter.

2 mins

BTA on track: Modi, Vance hail progress

Both sides discuss energy, defence, strategic tech ties

2 mins

JSW breaks ground for 1,600 Mw power plant in West Bengal

The $24 billion JSW Group on Monday kicked off a 1,600 megawatt (Mw) power plant at Salboni in Paschim Medinipur district of West Bengal — a project that had been waiting in the wings for more than a decade and a half.

1 min

We're building a newsroom that's not afraid to play with technology

The ₹1,100 crore India Today Group, including the ₹990 crore TV Today Network, has been using artificial intelligence (AI) in its newsrooms for over two years now. Vanita Kohli-Khandekar spoke with vice-chairperson KALLI PURIE at her office in Noida. Edited excerpts:

3 mins

Tractor sales may hit record high in FY26 on monsoon, MSP hike

Expected above-normal monsoon, increased minimum support prices (MSPs) for key crops, and rising replacement and construction demand are likely to drive domestic tractor sales to a record high of approximately 9,75,000 units in the financial year 2025-26 (FY26), marking a 3-5 per cent year-on-year growth.

1 min

IT firms bank on AI, GenAI to reduce costs

For Indian information technology (IT) services companies, artificial intelligence (AI) and generative AI (GenAI) have yet to secure large deals.

2 mins

Consumer firms offer incentives to distributors

Consumer companies are giving incentives to the supply chain at a time when there is a push for growth in urban markets, which are affected, while rural sales have been up for the past few months.

1 min

M&M Rejigs Leadership After Logistics CEO Quits

In a major shake-up, Mahindra and Mahindra (M&M) on Monday announced a slew of appointments in its top management across businesses after the company's logistics business head Ram Swaminathan decided to resign from the post.

1 min

Gensol stock hits lower circuit again

Downtrend

1 min

'Closed loop' model likely to pose refund issues for customers

Pocket Pinch

1 min

The little-known BluSmart founder

As the Jaggi brothers — Anmol Singh Jaggi and Puneet Singh Jaggi — find themselves at the heart of the financial mismanagement in the Gensol-BluSmart saga, attention on the third BluSmart co-founder, Punit K Goyal, has taken a notably different turn.

3 mins

Sitharaman rules out fiscal slippage

FM says FY25 target of 4.8% will be met; debt-to-GDP brought down to 57.4%

2 mins

12% Safeguard Duty on Imports of Some Steel Products Kick In

The Ministry of Finance on Monday announced the imposition of a 12 per cent provisional safeguard duty on certain steel products to protect the domestic industry from injury caused by a recent spike in imports of such products.

1 min

Fresh formal hiring falls 10% in Feb

The number of monthly fresh formal hirings declined for the third straight month in February, signalling further deterioration in the formal labour markets.

1 min

Steel: Strategic backbone of India's industrial growth, economic transformation

At the turn of the 20th century, nations that industrialized rapidly and built strong steel industries gained a significant competitive edge.

3 mins

Railways ramps up speed mission with track upgrades, fencing drive

To make progress in its Mission Raftaar, the Ministry of Railways this financial year is working on further removing speed caps for trains, renewing tracks, and installing fences along railway lines to keep off animals, according to officials in the know.

2 mins

March Rings In Mild 3.8% Rise In Core Sectors

Cement, steel, and electricity drive gains; FY25 growth hits 5-yr low

1 min

Centre Unmoved Even as States Call for Capping Cess and Surcharge

At a time when states are demanding a higher portion of the divisible central tax pool, the Union government may keep around ₹28,000 crore with itself by raising the cess on petrol and diesel as global rates soften.

1 min

Banking stocks lead the rally on Dalal Street

Taking Stock

1 min

New accounting norms to bolster financial reporting quality: ICAI

The proposed new accounting standard Ind AS 118 will mark a significant step forward in enhancing the quality and clarity of financial reporting in India, Charanjot Singh Nanda, President, Institute of Chartered Accountants of India (ICAI) said on Monday.

1 min

RBI Allows Minors Above 10 Yrs to Open Bank Accounts Independently

The Reserve Bank of India (RBI) has issued comprehensive norms for opening of and operations in the deposit accounts of minors applicable to regulated banking entities, including commercial and cooperative banks.

1 min

GEL Gave 'Forged' Documents in Name of PFC, IREDA

GEL, it's been alleged, submitted \"conduct letters\" and \"no objection certificates\" in the name of PFC and IREDA, which the lenders later discovered to have been forged by the company.

2 mins

RBI mandates 2.5% extra run-off factor

In a relief to banks, the Reserve Bank of India (RBI) has mandated a 2.5 percent additional run-off factor for retail deposits linked to internet and mobile banking (IMB) facilities for commercial banks.

2 mins

Business banking giving boost to ICICI's retail book

At a time when total advances of ICICI Bank were a tad lower than estimates, business banking did the major heavy lifting for the second-largest private sector lender's loan growth in January-March period.

1 min

BTA to focus on 'welfare of the people' of both countries

India said the BTA would be centred on the \"welfare of the people of the two countries\".

1 min

Election body compromised, something wrong with the system: Rahul in US

'Hateful politics': Former CEC on BJP MP's barb

1 min

Be facilitators of growth, PM exhorts civil servants

Asks bureaucrats to ramp up the pace and scale of reforms across sectors

3 mins

Nano sulphur can solve low mustard yield issue: Scientist

Can extensive use of nano sulphur solve India's perennial problem of low oilseed yields, which is a major hindrance in the country's journey towards self-sufficiency?

2 mins

Beijing slashes US commodities purchases

China sharply reduced imports of many US commodities last month, in some cases to zero, as the trade war between the world's two biggest economies intensified.

1 min

Trump: Economy May Slow If Powell Doesn't Cut Rates

Nasdaq down 3.3%, Dow 2.8% in early trade

1 min

Pope Francis Shook Up Church With Simplicity, Raising Conservative Ire

Pope Francis changed the face of the modern papacy more than any predecessor by shunning much of its pomp and privilege, but his attempts to make the Catholic Church more inclusive and less judgmental made him an enemy to conservatives nostalgic for a traditional past.

2 mins

Schwab steps down as chair of World Economic Forum after 50 yrs

The founder of the World Economic Forum (WEF), Klaus Schwab, has stepped down from the organisation's board of directors after more than 50 years at the helm.

1 min

China warns nations not to team up against it to gain US reprieve

The Chinese government on Monday warned other countries against curbing trade with China in order to win a reprieve from American tariffs, promising to retaliate against countries that do so.

2 mins

The USD decline

The dollar can weaken and still remain the world's reserve currency — don't confuse the two

4 mins

Indian policing and the legacy of violence

You will recall the horrific custodial deaths of Jayaraj and his son Bennicks in Tamil Nadu in June 2020, following their arrest for allegedly violating Covid-19 restrictions.

3 mins

Trading with machine

Algorithms now dominate all parts of financial markets

2 mins

Resource allocation

Finance Commission needs to address multiple issues

2 mins

Gold loans: Unequal rules could backfire

The Reserve Bank of India (RBI) has issued draft guidelines on gold loans and sought comments.

3 mins

Rupee gains for 5th straight day, ends at 85.14 against $

The rupee strengthened for the fifth day running on Monday, opening 27 paise stronger at 85.04 against the US dollar before losing some steam by the end of the trade as the Reserve Bank of India (RBI) intervened in the foreign exchange market via dollar purchases to shore up its reserves, said dealers.

1 min

RIL Buys Up To ₹10K Cr Govt Bonds As Mkt Expects Softer Yields

Slow Fall The market expects the yield to fall to 6.25% in the coming months

2 mins

Tata Elxsi: Sentiments defy weak Q4 and bearish calls by brokerages

Tata Elxsi reported weak results for the fourth quarter of the financial year 2024-25 (FY25) and many analysts were also negative on the stock.

3 mins

Nomura sees Nifty at 24,970 by March 2026

Nomura has revised its Nifty target to 24,970 for March 2026, up from its earlier target of 23,784 for December 2025.

1 min

Mutual funds warm up to REITs and InvITs, but exposure remains low

Investments soar 27x in 5 yrs to nearly ₹20K cr; still at 0.3% of MF assets

2 mins

New 'e-Pay Tax' feature eases online tax payments: A step-by-step guide

Filing income-tax returns has become simpler with the introduction of the 'e-Pay Tax' feature on the income-tax department's online portal.

1 min

CIRCULAR ON FRAUDS Verify Sebi registration before accepting investment advice

The Securities and Exchange Board of India (Sebi), in a circular dated April 11, 2025, warned investors about rising fraud and manipulation linked to the securities market on social media platforms.

2 mins

Core biz recovery, biryani bet boost Devyani outlook

Analysts positive on planned acquisition, upgrade the stock

2 mins

WILL NOT BE CONTESTED

A no-contest clause - the kind Ratan Tata has put in his will - is designed to discourage beneficiaries from disputing the terms of a will, but inheritance laws in India do not explicitly recognise or prohibit such clauses

4 mins

Monsoon likely to further delay Delhi airport's runway upgrade

The upcoming monsoon, which is expected to be above average in India, according to the India Meteorological Department (IMD), along with the early onset of the fog and smog season, as witnessed last year, could further delay the refurbishment of Runway 10/28 at the Delhi International Airport (DIAL), sources told Business Standard on Monday.

1 min

1 in 5 Smartphones Sold in India is Refurbished

India's secondary smartphone market—dominated by refurbished and used phones—has quietly grabbed a fifth of the country's overall smartphone sales in 2024, according to data from Counterpoint Research.

2 mins

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