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Indian pharmaceutical firm Hindustan Laboratories has received observations from capital markets regulator Sebi, clearing a key step toward its proposed initial public offering (IPO). The IPO comprises a total issue size of up to 14.1 million equity shares with a face value of Rs 10 each. This includes a fresh issue of up to 5 million shares and an offer for sale (OFS) of up to 9.1 million shares by existing shareholders.According to the filing, the company intends to use the net proceeds from the fresh issue primarily to fund its working capital requirements and for general corporate purposes.Hindustan Laboratories operates in the generic pharmaceuticals segment, focusing on the large-scale manufacturing and supply of affordable medicines. Its portfolio mainly consists of generic formulations, drugs whose patents have expired and are typically priced lower than branded alternatives, making them widely accessible.The company’s business model is largely business-to-government (B2G), wit...

New Delhi: The finance ministry has capped front-loading of expenditure under central sector schemes and sponsored schemes (CSS) that have the appraisal and approval pending for continuation under the 16th Finance Commission cycle.Allocation to these will be restricted to the first two quarters in this financial year, said officials.The move was initiated after many ministries were not able to complete the mandatory appraisal of schemes by the March 31 deadline.Also Read: RBI launches 3 key surveys for monetary policy inputThe Centre has allowed such schemes to continue on an interim basis till September 30, or until fresh approval is obtained as part of an interim funding arrangement.130617011In an official communication sent last month, the Department of Expenditure (DoE), under the finance ministry, asked ministries to complete the appraisal process before September.The department will relook at the scheme-wise allocations in September based on continuation, restructuring or consoli...

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New Delhi: The finance ministry will review the progress of financial inclusion with banks and stakeholders this week as it firms up the roadmap for Financial Inclusion 2.0. It will also assess the performance of existing schemes, including the Atal Pension Yojana, amid demands to expand coverage under insurance and pension programmes, said officials."There have been demands to increase the coverage amount under the Jan Suraksha schemes, including Atal Pension Yojana. The review will take into account the progress made in these schemes and other parameters, including timely settlement of claims," said one of the officials, who did not wish to be identified.In the past, the government has received suggestions to increase the insurance cover under life and accident insurance policies, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana, to ₹5 lakh from the existing ₹2 lakh. "There was also a proposal to increase the guaranteed pension amount in ...

New Delhi: India has issued a global tender for complex fertilisers-50 million tonnes of NPK (nitrogen, phosphorus and potassium) and 35 MT of ammonium sulphate-to bolster the reserves of two key soil nutrients ahead of the main planting season which begins in June.The tender has been issued by Rashtriya Chemicals and Fertilizers (RCF), one of the three importers. The shipment is expected by May 31 at the east coast of India.Ammonium sulphate is assuming increasing importance in Indian agriculture, as the government is planning to market it as a better alternative source of nitrogen to partially substitute for urea. The government recently brought it under the fertiliser subsidy scheme from this rabi season. The idea is to subsidise it a little to increase its demand.While 90% of NPK fertilisers are produced locally, India does not have the critical raw materials such as gas and potash required for domestic manufacturing, making the country heavily dependent on imports. from Economic...

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Mumbai: Finance minister Nirmala Sitharaman on Saturday called for a unified know-your-customer (KYC) system across the financial sector to eliminate repeated verification for users, and urged the Securities and Exchange Board of India (Sebi) to lead the effort."It is a shared responsibility of all stakeholders to ensure that no citizen has to repeat the same verification journey across multiple financial products and platforms," Sitaraman said at an event to mark the markets regulator's 38th Foundation Day here."We need a seamless, secure and portable KYC experience across the financial sector," she said.Also Read: Tell us what you need to invest more: FM Sitharaman to India IncThe current fragmented KYC framework imposes unnecessary friction on users, the minister said, stressing the need for urgent reform through digitisation and common standards across regulators.Sebi is well-placed to drive convergence given its scale and digital infrastructure, she said.Si...

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Meta Platforms plans to cut 10% of workers, or roughly 8,000 employees, in an effort to boost efficiency and offset its heavy spending on artificial intelligence. The company disclosed the move in a memo sent to employees Thursday, saying the layoffs will come on May 20. Meta also won’t hire workers for 6,000 open roles that it had intended to fill.The job cuts come as Chief Executive Officer Mark Zuckerberg is spending aggressively on the talent and infrastructure needed to develop state-of-the-art artificial intelligence products, including large language models and chatbots. Meta already projected record capital expenditures this year, and has announced several multibillion-dollar deals with AI partners over the past few months. Employees have been encouraged to use AI agents internally to help with writing code and other tasks. Meta alluded to its AI spending in the memo, which was written by Janelle Gale, chief people officer. “We’re doing this as part of our continued effort to r...

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U.S. stocks closed lower on Tuesday, with early gains evaporating as renewed concerns about the Middle East war outweighed initial optimism over a round of solid corporate earnings. Iran could attend talks with the United States in Pakistan if Washington abandons its policy of pressure and threats, a senior Iranian official told Reuters, adding that Tehran rejects negotiations aimed at surrender. Equities extended declines late in the session after reports that U.S. Vice President JD Vance ‌had called off his ⁠trip to Pakistan ⁠for peace talks. Stocks have rallied in recent weeks on the belief that a peace deal could be on the horizon. "There's two things going on - what is the resolution going to be or the path going to be for Iran, but in the meantime if that wasn't there, you've got really good expectations for earnings coming in and the companies are pretty much reporting that way, and the economy is doing fine," said Thomas Martin, senior portfolio manager at...

Mumbai: Bain Capital has emerged as the frontrunner to acquire Vitabiotics, UK’s largest nutraceutical company, as the private equity firm looks to bet on growing demand for nutrition, vitamins, minerals, and wellness supplements since the pandemic.Two other contenders TPG Capital and EQT have opted out of the competitive bidding process, said people aware of the developments.Founded in 1971 by Kartar Lalvani, Vitabiotics claims to be UK’s largest multivitamin company. The business is currently led by his son, Tej Lalvani — also known for his role as an investor on BBC’s Dragon’s Den — who serves as chief executive officer.The NRI founders have been seeking a valuation of around £900 million ($1–1.2 billion) for the business spread across the UK, India, and China. However, the waning competitive interest is likely to impact the final price, the people said. The company also exports to 100 countries worldwide.Mails to Bain Capital and Vitabiotics did not generate a response.Vitabiotics’...

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Oil prices tumbled sharply on Friday after Iran signalled that the Strait of Hormuz remains open to global shipping, easing fears of supply disruption during the ongoing US-Iran ceasefire. Iran's Foreign Minister Abbas Araghchi said the key maritime route was completely open for commercial tankers and cargo vessels.Brent crude dropped nearly 10% to $89.11 a barrel, extending earlier losses of about 5% driven by optimism around a potential US-Iran agreement. US benchmark West Texas Intermediate (WTI) fell even more sharply, sliding 11% to $84.11 a barrel.Sentiment was also influenced by remarks from former US President Donald Trump, who said Iran had indicated it would refrain from pursuing nuclear weapons for over two decades. "We’re very close to making a deal with Iran," he had earlier said.Geopolitical developments in the Middle East have further shaped market expectations. A temporary easing of tensions between Israel and Lebanon, including a 10-day ceasefire that cam...

New Delhi: Singapore was the top source of foreign direct investment (FDI) equity inflows in April-December FY26 at $17.6 billion, with a 37% share of the total, data released by the Department for Promotion of Industry and Internal Trade (DPIIT) showed. The US and Mauritius were the next two sources, accounting for 16% and 10%, respectively.The FDI from offshore tax haven Cayman Islands rose five times to $2 billion from $422 million in 2024. Another tax haven from Cyprus invested $1.4 billion in India compared to $1.2 billion in 2024 while inflows from Luxembourg rose to $545 million from $352.67 million in the same period.India received $47.87 billion of FDI equity inflows in April-December FY26 of which $7.8 billion came from the US and $4.8 billion from Mauritius. Japan and the UAE were also among the top five investor countries.Investments from China were $6.49 million in 2025, higher than $3.73 million in 2024, according to the data whereas those from Hong Kong fell to $61.4 mil...

Sakti (Chhattisgarh): The Chhattisgarh police on Thursday registered an FIR against the management officials and others in connection with the blast at the Vedanta power plant in Sakti district that claimed 20 lives, an official said.The explosion occurred on April 14 at the plant in Singhitarai village when a steel tube carrying high-pressure steam from the boiler to the turbine burst, leaving several workers with severe burn injuries.Also read: Vedanta Power announces Rs 35 lakh compensation, job support for families of deceased in Chhattisgarh boiler blastThe incident claimed 20 lives and left 16 persons injured."A case has been registered at the Dabhra police station under sections 106 (causing death by negligence), 289 (negligent conduct with respect to machinery) and 3(5) (common intention) of the Bharatiya Nyaya Sanhita," Sakti Superintendent of Police Prafull Thakur said.Eight to ten individuals have been named in the FIR. If more persons are found responsible during ...

New Delhi: Commerce and Industry Minister Piyush Goyal on Wednesday said India has achieved a record in exports of goods and services, with total shipments crossing USD 860 billion in 2025- 26.Total merchandise and services exports were worth USD 825 billion in 2024-25."Bharat sets a new export record!. A matter of great pride as India achieves record exports of $860 billion in FY 2025-26," he said in a post on social media.This milestone, he said, has been achieved despite global headwinds, reflecting the country's resilience and growing strength in expanding its global trading footprint.He added that the nine trade agreements concluded by India would further accelerate this momentum, as they would open new markets and unlock greater opportunities across sectors. from Economic Times https://ift.tt/pNYmEf0

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The war in West Asia is a reminder that for a heavily energy-importing economy like India, developments underway in that region can quickly translate into macro variables. Even if energy supplies continue to flow, longer shipping routes, higher insurance premiums and logistical bottlenecks can raise landed costs. Economic transmission doesn't require a complete halt in crude supply. Friction alone can alter cost structures.Oil prices have already shown considerable volatility, crude dropping below $100 a barrel on Tuesday after traders weighed in on the US blockade of Iranian shipping, and Iran and the US reportedly returning to negotiations soon. Markets are still reassessing the duration of supply disruptions. But the larger shift is structural. Trade corridors and commodity flows are increasingly exposed, and stability can no longer be assumed as the base case.Also read: India Inc pulls back a bit from Gulf as cracks widen across operationIndia enters this phase from a position ...

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New Delhi: A prolonged West Asia war could keep global commodity prices elevated and hurt the profitability of state-run firms, potentially weighing on the government's budgeted ₹75,000 crore dividend from central public sector enterprises (CPSEs) and other investments in this financial year, officials said.High oil prices could hurt state-run petroleum firms, which alone accounted for a third of the government's dividend collection of ₹78,438 crore from all CPSEs and other relevant entities last fiscal. Brent crude oil prices on April 10 remained almost 32% above the pre-war levels, despite a fall last week in the wake of a two-week ceasefire agreed between the US and Iran.Also Read: After failed US-Iran talks, what next for Trump?The dividend collection exceeded the budget estimates for a fifth straight year last fiscal. Elevated dividend inflows, apart from reflecting strong performance by CPSEs, have helped cushion the impact of weak disinvestment receipts in recent years. ...

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Raipur: When Dr Pretti Ijardar examined five-year-old Arman Yadav at a primary school in Raipur in December, she deployed the most basic tool in a doctor's kit - a stethoscope. As she listened to the child's chest, an unusual murmur in his heartbeat caught her attention.She and her team took the boy to a nearby hospital for an echocardiogram. The results revealed a serious congenital defect - an 18 mm hole in his heart.Also Read: No cholesterol, no diabetes, other test reports normal: 5,000 heart attack cases in India reveal surprising findings in 'healthy' Indians"After securing his parents' consent, he was operated with the button technique (in which a small device resembling a button is fixed)," Ijardar said.She added that a delay in diagnosis could have made the surgery far more complicated.Arman's case is among several identified under a mass screening programme of schoolchildren across Raipur district in Chhattisgarh over the past nine months. Th...

After chants of "run again!" filled the room, former Vice President Kamala Harris told African American activists on Friday that she's actively considering another presidential bid."I might. I am thinking about it," Harris told Rev. Al Sharpton after he asked directly whether she was going to run again for president in 2028.Harris' comments came during the National Action Network's annual convention, where more than a half-dozen potential candidates appeared this week , hoping to make inroads among Black voters - who comprise one of Democrats' most powerful blocs.The Democrats' next presidential primary season won't begin in earnest until after November's midterm elections, but this week's conference showcased a collection of Democrats already jockeying for position in what promises to be a crowded competition.For now, at least, there is no clear early favorite. But there did appear to be a favorite at Sharpton's conference.Harris...

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The U.S. and Iran are set to hold peace talks in Pakistan, which has been mediating, but remain deeply divided on key issues, even though President Donald Trump has ​said proposals presented by Tehran were a "basis" for talks.Each side is ​sticking to competing demands for a deal to end the war that could shape the Middle East for generations.WHERE DO BOTH SIDES ​STAND?An Iranian delegation is due to arrive in Islamabad for talks based on a 10-point proposal, which shows little overlap with a 15-point plan Washington previously put forward, suggesting there will be major gaps to bridge.For example, Iran's proposal includes a demand to enrich uranium, which Washington previously ruled out and Trump has insisted is non-negotiable. The 10 points also do not address Iran's missile capabilities, which Israel and the ‌U.S. have both said ⁠must be ⁠dramatically curtailed.Tehran has said its formidable missile arsenal is non-negotiable, although it is unclear how much of thos...

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A growing group of Federal Reserve policymakers felt last month ​that interest rate hikes might be needed to counter inflation that continued to exceed the central bank's 2% target, particularly given the inflationary impact of the U.S.-Israeli war with Iran, according to the minutes of their March 17-18 meeting. "Some participants judged that there was a strong case for a two-sided description ‌of the (Federal Open ⁠Market) Committee's future ⁠interest rate decisions in the post-meeting statement, reflecting the possibility that upwards adjustments to the target range for the federal funds rate could be appropriate if inflation were ​to remain at above-target levels," the minutes said.At the January meeting a smaller group of "several" officials were willing to open the door to ​possible rate hikes, but by March and the outbreak of the war "many participants pointed to the risk of inflation remaining elevated for longer than expected amid a persistent ...

New Delhi: Indian Oil Corporation, BPCL and HPCL on average lost about ₹6 on every litre of diesel sold in the retail market in the fourth quarter ended March 31, compared with a ₹5.50 profit a year earlier, according to brokerage estimates.Petrol margins narrowed sharply to ₹2.90 per litre from ₹8.50 a year ago, according to ICICI Securities. The squeeze on margins is primarily due to the Iran war, which sent crude oil prices soaring in March even as retail prices of regular petrol and diesel remained static in the domestic market.The fourth-quarter performance of these state-run oil marketing companies (OMCs) was likely weaker, "driven by markedly higher retail fuel losses and a sharp rise in LPG under-recovery, partially offset by resilient gross refining margins (GRMs)", ICICI Securities said.Also Read: Iran cuts direct US contact after Trump threat 130094965 It predicted an 82% year-on-year drop in the combined quarterly profit of Indian Oil, BPCL and HPCL.LPG under-reco...

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Mumbai | Delhi: Manufacturing of cancer medicines such as carboplatin, oxaliplatin and cisplatin has become unviable due to a surge in the price of platinum, a critical component in these compounds, claim local drug producers. They have approached the National Pharmaceutical Pricing Authority seeking a 50% increase in the maximum price at which these products can be sold to patients.The ceiling price for carboplatin is currently ₹61.10 per 10 mg/ml vial. For cisplatin, it ranges from ₹70 to ₹300 based on the drug strength.Cipla, Intas, Dr Reddy's Laboratories, Zydus Lifesciences, Emcure, Fresenius and Hetero are the top among dozens of local companies making these drugs."If the government does not intervene and take corrective steps in public interest, it may threaten our profitability and availability of an important first-line cancer treatment," an industry executive told ET.130046045Geopolitical uncertainty has pushed the price of platinum to almost double in the last ...

Washington: On Easter Sunday morning, US President Donald Trump surprised both friends and detractors with a profane social media post warning Iran that it will be "living in Hell" if it did not open the Strait of Hormuz, drawing calls for dialling back the rhetoric."Open the F****n' Strait, you crazy bastards, or you'll be living in Hell - JUST WATCH! Praise be to Allah," Trump said in a post on Truth Social, hours after the US armed forces carried out a daring operation to rescue a missing crew member of a fighter jet shot down inside Iran.Early Sunday morning, Trump praised the crew member who was rescued and the special military team that got him safely out from deep inside the mountains of Iran. Also Read: Trump appears to extend Iran deadline in cryptic postMinutes later, the president vowed that Iran can expect heavy bombardment - very soon.Former Republican Congresswoman Marjorie Taylor Greene, who had a public falling out with Trump before she left ...

Mumbai: Tata Trusts said in an internal note that there is no legal bar on non-Zoroastrians serving as trustees at the Bai Hirabai JN Tata Navsari Charitable Institution, citing a 2000 opinion by former chief justice of India MH Kania. This follows trustee Mehli Mistry questioning the eligibility of Venu Srinivasan and Vijay Singh to be Bai Hirabai trustees because of their faith.In an internal note addressed to Tata Trusts chairman Noel Tata and trustees, Tata Trusts CEO Siddharth Sharma referred to provisions of the trust deed and Kania's opinion, which held that certain restrictive clauses were "bad in law," in view of a codicil to the will of Sir Ratan Tata. The opinion had previously guided trustee appointments, he said. ET has seen the note.Also Read: Venu Srinivasan exits Bai Hirabai TrustThe internal note from Sharma followed the resignation of Venu Srinivasan on Saturday as Bai Hirabai trustee. That's brought the number of trustees down to five-the minimum re...

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New Delhi, Earthquake tremors were felt in several parts of north India on Friday night, including Delhi, Jammu and Kashmir, Punjab and Haryana, officials said.The tremors, which lasted a few seconds, occurred around 9:45 pm. There were no immediate reports of any damage.An official in J-K said the quake was of 5.9 magnitude.The epicentre of the quake was Afghanistan at a Latitude of 36.398 degrees North and a Longitude of 70.878 degrees East, the official said.The depth of the quake was 150 km, he added."I felt a strong jolt which lasted for a few seconds," Baldev Chand, a Chandigarh resident who lives in a flat on the second floor, said.Ajay Kumar, who lives on the 11th floor of a residential building in Zirakpur, Punjab, said, "The tremors lasted for a few seconds. We thought of rushing down but the tremors stopped soon." from Economic Times https://ift.tt/jV0euBK

New Delhi: The Comptroller and Auditor General (CAG) flagged widespread irregularities in tax exemptions and deductions claimed by banks and non-banking financial companies (NBFCs), with a potential revenue impact of ₹74,766 crore, according to a report tabled in Parliament on Thursday.The report, based on a sample of 2,378 cases examined till June 2023 by the CAG, reviewed the Income Tax Department's handling of deductions and exemptions, and found systemic weaknesses, compliance failures and gaps in oversight across the sector. The CAG called for alignment between tax rules and central bank guidelines, and highlighted the need to address gaps in provisions governing NBFC taxation.The audit identified 1,847 observations, including 671 systemic issues and 533 compliance lapses. The largest discrepancies related to improper deductions for bad debts, provisions for doubtful loans and transfers to special reserves. from Economic Times https://ift.tt/2a0nThC

Mumbai: Mahindra & Mahindra has surpassed JSW MG Motor to become the second-largest electric carmaker in terms of monthly sales, according to March vehicle registration data.The manufacturer of BE 6 and XEV 9e sold 5,217 units of EVs the past month, narrowly ahead of JSW MG Motor's 5,113 units. For the financial year ended March 31, JSW MG Motor stayed at the second spot, show data from the government's Vahan portal.Long-time leader Tata Motors sold 8,224 electric vehicles in March, up 65% from a year earlier. But it ceded some ground to competitors, particularly Mahindra. Its market share declined to 39.2% in FY26 from 53.4% in FY25.Mahindra climbed to the second place within 12 months of entering the market with SUVs that run purely on electricity. A fast-paced launch of new models helped it grow sales 141%-from 2,166 units in March 2025 to 5,217 units a year later. Its market share for the fiscal year rose to 21.2% from 7.8% in FY25. 129961035 Mahindra previously had a s...

Saudi Arabia's crude oil exports fell by half in March after Iran effectively prevented tankers from leaving the Persian Gulf, forcing the kingdom to reroute flows to its west coast.Shipments averaged 3.33 million barrels a day during the month, tanker tracking data show. The drop would have been much bigger if Saudi Arabia hadn't been able to divert crude to export terminals on the Red Sea.The country is a vital source of oil supply for the world, providing about one in every six barrels of crude hauled by tankers. Markets have been watching its ability to keep flows moving after Iran effectively closed access to the open seas for Mideast exporters.Also read | Donald Trump’s NATO threat could be India’s biggest defence breakAverage crude shipments were 6.66 million barrels a day in February, tracking data show. Figures for both months exclude cargoes that were loaded onto vessels but remain stranded in the Persian Gulf.Following the start of the war, Riyadh quickly diverted cr...