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New Delhi: The Supreme Court asked the state-run oil marketing companies to keep ethanol supply allocations for Ethanol Supply Year (ESY) 2025-26 unchanged. This was in response to the Karnataka High Court's recent order directing enhancement of ethanol allocation for the ESY.Attorney general R Venkataramani said the E20 blending programme is an "ongoing experiment" and that its full impact will become clearer by next year. He told the apex court on Tuesday that the high court order would destabilise the national policy of 20% ethanol blending with petrol.Changes may Fuel LitigationSuch petitions are pending before several high courts, he said, while seeking liberty to file a transfer petition seeking consolidation of all the suits.Also read | E25 petrol blend's test drive begins; study report expected by end of next yearThe status quo order by a bench of justices MM Sundresh and Sheel Nagu was issued on an appeal by Bharat Petroleum (BPCL) challenging the Karnataka H...

-Australia moved a step closer to a record-extending seventh Women's T20 World Cup title after beating West Indies by eight wickets in the first semi-final at The Oval on Tuesday. Chasing 126 for victory, Australia made a flying start as Beth Mooney and Georgia Voll put on 29 runs from just 18 balls ‌before Voll ⁠fell in ⁠the second over. Phoebe Litchfield departed soon after, leaving Australia briefly under pressure at 43-2. However, Mooney anchored the chase with an unbeaten 61, combining with Ashleigh Gardner in an unbroken partnership, taking them over the line with ease. Gardner contributed an unbeaten 35 after also claiming two wickets with the ball and was named player of the match. "I feel like ⁠I haven't ‌really had an impact with the ball throughout the tournament. So I guess to save my best till now is ⁠always pleasing," Gardner said at the post-match presentation ceremony. "I felt like I've just probably been pretty inconsistent, where today I was...

HDFC Bank on Monday appointed Puneet Sharma as its next finance chief, hours after the veteran banker announced his resignation from rival financial institution Axis Bank.Sharma, who resigned from Axis Bank on June 28 and will step down at the close of business on August 31, will join HDFC Bank as CFO-designate from September 1, before formally taking charge as chief financial officer on December 1, 2026.Also Read: Axis Bank CFO Puneet Sharma resigns to pursue new opportunitiesBefore joining Axis Bank, Sharma spent 12 years at Tata Capital, where he served as group CFO from 2014. Earlier in his career he held roles at Citibank across treasury operations, structured cash solutions and risk monitoring, and also worked as a consultant at Boston Consulting Group. A chartered accountant, he is an alumnus of the Indian School of Business, Hyderabad.Sharma had served as Axis Bank's group head and CFO since March 2020, overseeing not just the finance function but also legal, secretarial, i...

New Delhi: Every time India has faced a major crisis - whether devastating floods, a once-in-a-century pandemic or the latest conflict in West Asia that threatened global oil supplies - it has been the country's state-run oil companies that have quietly kept fuel flowing.For decades, India's public sector oil marketing companies (OMCs) have often been criticised for low returns, government intervention in fuel pricing and bloated operations. They have twice been put on the block for privatisation, with plans to sell Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) gathering momentum in 2002 before being halted by a Supreme Court ruling and again in 2020, before the process was abandoned after failing to attract enough bids.Yet every national emergency has reinforced why governments have been reluctant to loosen their grip on companies that control the country's energy lifeline, analysts and industry officials said. When unprecedented floods su...

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Mumbai: A three-decade-old family settlement that divided control of the Vadilal ice cream brand between the Mumbai and Ahmedabad branches of the Gandhi family has become the subject of a fresh legal dispute.The Mumbai branch has approached the Bombay High Court, seeking to restrain the Ahmedabad branch from interfering with the manufacture, sale, distribution and marketing of ice-creams and juices that it claims it is entitled to sell under the 1993 family settlement. 132024297In a petition filed under Section 9 of the Arbitration and Conciliation Act, Shailesh Gandhi-led Vadilal Dairy International (VDIL) has sought interim relief restraining members of the Ahmedabad branch, Vadilal Industries and their affiliates from directly or indirectly interfering with its manufacture, sale, distribution and marketing of ice-creams and juices under the Vadilal brand.Justice Amit Borkar reserved the order on Wednesday after hearing all parties.Senior advocate Mustafa Doctor, appearing for the...

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New Delhi: India and the US inched closer to an interim trade deal with New Delhi announcing Wednesday that significant headway has been reached during discussions on pathways to conclude the pact.Earlier in the day, commerce and industry minister Piyush Goyal and US trade representative Jamieson Greer concluded two days of negotiations aimed at finalising the first phase of a bilateral trade agreement (BTA).Also Read: India, US move closer to interim trade deal after Goyal-Greer talks"Both sides noted substantial progress by negotiating teams in recent months and welcomed the momentum from successive technical and ministerial-level engagements," the commerce and industry ministry said in a statement. "Discussions focused on pathways to conclude an interim agreement as an important milestone toward a comprehensive BTA," said the ministry, which termed the latest talks as a "key step" towards a deal.Goyal and Greer reaffirmed their commitment to a trade pac...

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New Delhi: The Central Board of Direct Taxes (CBDT) has directed its zonal income tax heads to keep a close watch on the sectors which recorded a decline in tax payments in the first quarter of this financial year as well as top advance tax payees, along with identifying any incorrect exemptions or deductions, sharpening its focus on risk assessment, sectoral monitoring and taxpayer outreach to bolster revenue collection in the coming quarter.The communication, dated June 16, a copy of which was seen by ET, also mandated each zone to submit a report to the Directorate of Tax Research and Analysis by July 31."The idea is to identify risks early, engage with large taxpayers proactively and ensure that tax payments are aligned with actual income trends," said a senior official, who did not wish to be identified.Direct tax collection increased more than 15% year-on-year in the first quarter despite the disruption caused by the West Asia crisis. Direct tax collection, net of refun...

Kolkata: Iran's announcement of closing the Strait of Hormuz to shipping is expected to impact both the basmati rice and tea exports from India. Basmati rice exporters fear prices could decline 5-10% as shipments to West Asia face disruptions."After the interim (US-Iran) peace deal was announced, exporters started buying basmati rice in good quantities for shipment to the Middle East and prices surged 15-20%. But this sudden announcement will bring down prices," said Dev Garg, vice-president, Indian Rice Exporters Federation.Also Read: Nearly 12 ships carrying fertiliser cross Strait of HormuzNearly 60,000 tonnes of basmati rice destined for West Asian markets is currently in transit.Five of the leading destinations for Indian basmati rice are in West Asia - Saudi Arabia, Iran, Iraq, the UAE and Yemen. Together, they account for about 50% of India's total basmati rice exports and are among the markets most directly affected by the disruption. India produces about 7.2 ...

New Delhi: India's independent consulting or white-collar gig economy is witnessing a structural shift, with professionals increasingly opting for portfolio careers and companies turning to external experts to drive transformation projects, according to the latest data from talent marketplace platform Flexing It.The rise is being driven by younger professionals: nearly 40% of consultants joining the platform in FY26 had between three and eight years of experience compared with about 30% in FY25.Also Read: NCW issues advisory to States, calls for mandatory POSH audits and robust workplace safety mechanisms nationwideThe number of professionals registering as independent consultants has grown nearly 290% since 2022, with monthly additions rising from around 1,500 in FY24 to about 3,000 in FY25 and crossing 5,000 in FY26.131881482"Independent consulting is no longer something professionals ease into later in their careers," said Chandrika Pasricha, founder and CEO, Flexing I...

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New Delhi: Oman, India's oldest strategic partner in the Gulf and a key player in ensuring stability in the Strait of Hormuz, has launched the Muscat Plan, a peace initiative tabled at the United Nations to prevent conflicts amid concerns over the economic fallout from the Iran war.The initiative aims to prevent conflict, counter hate speech and promote dialogue-based approaches to peacebuilding. It reflects Oman's long-standing commitment to peace, coexistence and mutual understanding through dialogue and international cooperation, a senior Omani official said.The plan is expected to deepen cooperation between Oman and international organisations working on conflict prevention, mediation and social development. Oman had been mediating between the US and Iran before Washington launched strikes on Tehran on February 28, triggering a conflict that disrupted energy supply chains. Over the years, the Gulf state has pursued quiet diplomacy to help defuse tensions across West Asia.Al...

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New Delhi: The Supreme Court on Monday suggested warring Kalyani siblings to explore mediation to resolve their long-standing dispute related to distribution of ancestral wealth and promoter stakes in listed companies, including flagship Bharat Forge. The assets are estimated to be worth more than Rs 1 lakh crore.A bench led by Chief Justice Surya Kant asked the parties to “take instructions on mediation” and posted the matter for hearing on July 13.The siblings—Babasaheb N Kalyani, Sugandha Hiremath and Gaurishankar Kalyani—and their children have been engaged in protracted litigation over ancestral wealth with land spanning entire villages, jewellery weighing in kilograms and stakes in listed companies.Multiple litigations are pending before various fora, including suits for partition of joint family assets and probate proceedings.Also read | What Maruti-Suzuki can teach India-JapanChallenging the Bombay High Court’s May 4 decision that refused to send the dispute for mediation, Suga...

New Delhi: LIC CEO and MD R Doraiswamy has said that despite rising competition in the life insurance sector, the Corporation will stay focused on strengthening its leadership position while contributing to the national development as it heads toward its platinum jubilee. Insurance behemoth LIC alone commands close to 60 per cent market share in the life insurance segment and manages assets of over Rs 57 lakh crore. It has real estate properties valued at around Rs 60,000 crore. The story of Life Insurance Corporation of India (LIC), which completed its 70th year of existence, is inseparable from the story of India. "As the economy grows, LIC grows. LIC growth helps the economy grow. So, it has been a synergetic kind of relationship that LIC has been having," he told PTI in an interaction. Reflecting on the organisation's remarkable journey since its inception in 1956, he said that LIC's growth has always been closely intertwined with India's development. Built on...

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DUBAI/LONDON: The United Arab Emirates has agreed to unlock billions of dollars for Iran, four sources said, in a tactical shift after weeks of ​Iranian attacks on the wealthy Gulf Arab state during the U.S.-Israeli ​war with the Islamic Republic.Word of the move, which has not been previously reported, coincides with the final stages of broader negotiations between ​Tehran and Washington on ending the war, talks that diplomats say could involve the release of tens of billions of dollars in Iranian oil revenues frozen in foreign banks under U.S. sanctions.Two regional sources told Reuters the UAE had agreed to release a total of $10 billion, more than $3 billion of which had already been delivered.Also read: UAE and Iran conduct first face-to-face meeting to try deescalating Middle East tensionsTwo other sources with knowledge of the arrangement put the total funds involved at $20 billion, adding that the move ‌had been agreed in return ⁠for a ⁠halt to Iranian attacks on the UAE. One o...

New Delhi: Cupid Breweries and Distilleries has announced it will acquire an operational alcoholic beverage manufacturing unit from Diageo-controlled United Spirits Ltd (USL) in Odisha for Rs 22.5 crore as part of its expansion plans.It has signed an agreement to acquire the alcobev unit situated at Gopalpur, Odisha, according to a regulatory filing."We wish to inform you that the Company has entered into an Agreement for Sale and Transfer dated June 05, 2026, with United Spirits Limited, a Diageo Group company," said the company, earlier known as Cupid Trades and Finance Ltd.The agreement has been executed for the proposed purchase of land, building, plant & machinery along with premium excise licenses pertaining to the production unit situated at Gopalpur, Odisha, for a total consideration of Rs. 22.50 crore, it said."The proposed transaction represents a significant step in the Company's growth and expansion strategy and envisages the acquisition of a large al...

Investors in Vedanta will finally get a price for the group's demerged businesses on June 15, when four newly created entities — Vedanta Aluminium Metal (VAML), Vedanta Oil & Gas (VOGL), Vedanta Power and Vedanta Iron & Steel (VISL) — begin trading on Indian stock exchanges.The listings mark the end of Vedanta's long-awaited demerger exercise, one of the biggest corporate restructurings undertaken in India's metals, mining and natural resources sector.According to exchange notices, Vedanta Oil & Gas, Vedanta Power, Vedanta Aluminium Metal and Vedanta Iron & Steel will be listed on Monday and initially placed in the Trade-to-Trade (T2T) segment, where every transaction results in compulsory delivery.The demerger became effective earlier this year, with Vedanta fixing May 1 as the record date. Under the scheme, shareholders received one share each of Vedanta Aluminium Metal, Vedanta Power, Vedanta Oil & Gas and Vedanta Iron & Steel for every one share ...

Mumbai: The Reserve Bank of India (RBI) Wednesday allowed banks to lend directly to Real Estate Investment Trusts (REITs). It capped overall bank exposure to a REIT or Infrastructure Investment Trust (InvIT), with its underlying SPVs and holding companies, at 49% of its asset value .The new framework requires that at least 80% of a REIT's underlying assets generate positive cash flows from operations for a minimum of one year for it to be eligible for bank funding.Also read: RBI cancels registration certificates of 135 NBFCsSimilarly, banks can lend only to listed InvITs with at least 80% of assets invested in completed, revenue-generating infrastructure projects that have generated positive cash flows for at least one year. The RBI said that a bank will be permitted to lend to REITs which are registered with and regulated by Sebi. The central bank said the overall exposure of all banks to a borrowing REIT, together with its underlying SPVs and holding companies, should not exceed ...

New Delhi: Crude oil prices are expected to average $105 per barrel in June and July, assuming the Strait of Hormuz remains largely closed in the near term and global oil inventories continue to decline, according to the latest outlook from the US Energy Information Administration (EIA).International benchmark Brent was trading around $93 per barrel on Wednesday despite an exchange of strikes between the US and Iran. Brent has remained highly volatile this week as the US, Israel and Iran traded attacks, but prices have stayed below $100 per barrel. Markets are betting that both the US and Iran want to avoid a return to full-scale war and are using limited strikes largely for signalling during the truce period while negotiating a permanent deal, an industry executive said.Also read: Iran war fallout: Fuel use drops 6.5% in May; experts see warning signs for economySignificant demand destruction globally is also limiting the rise in prices despite what industry executives describe as the...

New Delhi: Condemning severe police brutality in Pakistan-occupied Kashmir (PoK), which had led to the death of at least 20 protesters, India on Tuesday said that the international community must hold Pakistan accountable for its misdeeds and abuses.Reacting to continued protests and a heavy-handed crackdown in PoK, external affairs ministry spokesperson Randhir Jaiswal said desperate attempts are being made to cover up failings by Pakistan, with a pattern of fake news and videos emanating to deflect attention away from human rights abuses.Also read: 190 vs 620: India has nuke edge over Pakistan but can it deter China?"There are reports of severe police brutality in Pakistan-occupied Kashmir in which several protestors have been killed and many injured. We hope the international community will hold Pakistan accountable for its misdeeds and abuses," Jaiswal said.People with knowledge of the matter said that the crackdown on civilians appeared to have intensified since the post...

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Mumbai: It is India's fourth biggest company by revenue, but the managing director of precious metals trader Rajesh Exports (REL) apparently doesn't know how and from where it gets the biggest chunk of the revenue, show the findings of a regulatory investigation.In its investigation report, the Securities and Exchange Board of India observed allegedly unscrupulous activities by REL's promoters, such as accounting irregularities and siphoning off of company funds into personal accounts, and also pointed out lapses by its auditors. The regulator said the company and its auditors were non-cooperative."The acts of REL constitute a deliberate device, scheme and artifice to mislead and defraud investors dealing in the shares of REL by portraying an inflated and misleading picture of its operational scale, revenue and financial health," Sebi observed in its report.The company, eponymously named after its chairman Rajesh Mehta, is accused of committing an elaborate financ...

Wall Street advanced on Thursday as ​progress toward ending the Iran war buoyed investor sentiment, while disappointing results from Broadcom led a chip selloff that held the Nasdaq's gains in check.The blue-chip Dow surged, hitting a record closing high with a boost from healthcare and financial stocks.The S&P 500 posted more muted gains, while the Nasdaq ‌ended essentially unchanged. Chipmaker Broadcom ⁠missed revenue ⁠expectations, sending its shares tumbling and casting a pall over the AI frenzy, which has sent chip stocks soaring so far this year."About the only blemish ​on the market at this point is Broadcom, and I think investors are buying the dip," said Paul Nolte, senior wealth adviser and market ​strategist at Murphy & Sylvest in Elmhurst, Illinois. "I don't think investors have given up on chips yet, but what they've yet to come to grips with, 'Is this real? Are these valuations legitimate?' I'm not sure yet that investors hav...

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Wall Street stocks pulled back from ​record highs on Wednesday as flaring tensions in the Middle East and rising crude prices stoked inflation jitters and convinced investors to take some profits.All three major U.S. stock indexes closed in negative territory, dragged lower by financials and tech , with the small-cap Russell 2000 underperforming its larger-cap counterparts.Chips advanced, indicating the artificial intelligence ‌fervor is alive ⁠and well. ⁠Still, most of the Magnificent Seven group of AI-related megacaps were lower."The AI names are trading on their own completely separate world, largely oblivious to macro and geopolitical ​risk, at least within reason," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. "And so there's going to be a bid for those ​names, especially on days where everything else looks a little bit less attractive."The S&P Software & Services index declined. It has been battered in recent mon...

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