Author: Sreelatha M

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India urged to cut West Asia energy dependence

India should rethink its heavy dependence on West Asia for energy after a major global supply shock, ONGC Chairman Arun Kumar Singh has said.

He noted that India relies on the region for a large share of its oil, gas and LPG needs, making it vulnerable to disruptions. Recent geopolitical tensions and shipping route issues exposed these risks, forcing supply adjustments.

Singh called for boosting domestic exploration and production, expanding strategic reserves, and diversifying import sources. He emphasized that energy security must become a priority as global uncertainties rise, urging a long-term shift toward a more resilient and self-reliant energy system.

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Leaders

Firebomb thrown at Sam Altman’s home

A man has been arrested after allegedly throwing a Molotov cocktail at the home of Sam Altman in San Francisco, sparking concerns about the safety of prominent tech leaders.

The incident happened early on April 10, when the device was thrown at the property’s entrance, causing a small fire near the gate. Emergency services responded quickly and managed to put out the flames before they could spread. No one inside the house was hurt.

Police said the suspect, a 20-year-old man, was tracked down and arrested within about an hour of the attack. Authorities later found him near the office of OpenAI, where he is believed to have made additional threats, including warnings about setting the building on fire.

Officials have not yet confirmed what motivated the attack. The investigation is ongoing, and police are looking into the suspect’s background and whether he acted alone.

In a statement, OpenAI said it is cooperating with law enforcement and thanked emergency responders for their quick action. The company also reassured employees that there is no immediate threat, though security has been tightened as a precaution.

The incident comes at a time when artificial intelligence companies are facing growing public attention and debate. Experts say tensions around the rapid development of AI technologies have increased in recent months, though it is still unclear if this played any role in the attack.

Also Read: Coal India shares slip by 5% on rising costs

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Corporate

Ola Electric shares jump 35% in three days

Ola Electric’s shares have seen a sharp rise, gaining about 35% in just three days, as investor confidence in the company improves.

The stock continued its upward trend in the latest trading session, helped by positive news around the company’s performance and future plans. One of the main reasons for the rally is strong demand for electric vehicles. Ola Electric reported better sales in March, with higher vehicle registrations, suggesting a recovery after a slower period.

Another key factor is progress in battery technology. The company recently said its in-house battery cells are ready, which could help lower costs and improve efficiency in the long run. This development has boosted confidence among investors.

There is also optimism around the company’s expansion plans, including work on its gigafactory and efforts to make electric scooters more affordable. These steps are seen as important for future growth.

The sharp rise in the stock has added significant value to the company in a short time. However, market experts caution that such quick gains can also lead to volatility.

Even after the recent rally, the stock is still below its earlier highs and faces competition in the growing EV market. Challenges around scaling operations and maintaining demand also remain.

Also Read: Rupee rises to 92.41, gains 10 paise vs dollar

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Beyond

World Bank raises India growth forecast to 6.6%

The World Bank has increased India’s growth forecast to 6.6% for the current financial year, up from its earlier estimate of 6.3%.

The revision shows confidence in India’s economy, which continues to perform well compared to other major countries. The growth is mainly being driven by strong demand within the country, including higher spending by consumers and continued government investment.

India remains one of the fastest-growing large economies in the world. Better business activity, stable policies, and ongoing infrastructure development are helping support this growth.

However, the World Bank has also warned about possible risks. Global tensions, especially in West Asia, could affect oil prices. Since India imports a large amount of oil, higher prices may increase costs and put pressure on the economy.

Inflation is another concern, as rising food and energy prices could impact household spending. Global uncertainty may also affect trade and investment.

Despite these challenges, India is in a relatively strong position. A stable banking system, good foreign exchange reserves, and steady policies are expected to help the country handle external pressures.

Also Read: Bengaluru airport tests ‘face as passport’ travel system

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Corporate

Anand Rathi Wealth announces bonus shares, ₹7 dividend

Anand Rathi Wealth has announced a bonus share issue and a dividend along with its latest quarterly results, showing strong business performance.

The company will issue bonus shares in a 1:1 ratio. This means shareholders will get one extra share for every share they own. The move is aimed at rewarding investors and making the stock more accessible in the market.

In addition, the company has declared a final dividend of ₹7 per share for the financial year 2025–26. This will be paid to shareholders after approval at the annual general meeting.

The announcements came as the company reported strong results for the fourth quarter. Net profit rose by around 40% compared to the same period last year, reaching about ₹103 crore. Revenue also grew by nearly 30%, showing steady business growth.

The company’s assets under management (AUM) increased by over 20% year-on-year. This indicates strong client inflows and growing trust among investors. The number of clients also went up during the period.

Experts say bonus shares are usually given when a company has strong reserves. While investors get more shares, the overall value of their investment does not change immediately, as stock prices adjust after the bonus issue.

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Corporate

IndiGo rises 11% on ceasefire, lower oil

Shares of IndiGo soared 11% this week, becoming one of the top gainers on India’s Nifty 50, after news of a two-week ceasefire in the Iran conflict and a fall in crude oil prices lifted investor sentiment. Lower fuel costs are particularly good news for airlines, as aviation turbine fuel accounts for a large portion of operating expenses.

The Indian government also stepped in with temporary relief, cutting landing and parking charges at major airports by 25% for three months. This move is designed to ease financial pressure on carriers navigating the ongoing disruptions in West Asia.

Despite the market optimism, airlines continue to face operational challenges. Safety concerns and airspace closures have forced Indian carriers to cancel thousands of flights to the Gulf and West Asia, reducing daily services from around 300–350 to 80–90. Longer routes are being rerouted, adding complexity and costs.

Passengers are feeling the impact too, with fewer flight options and rising fares on affected routes. Some airlines have imposed fuel surcharges and revised ticket prices to manage the volatility.

Domestic carriers like IndiGo and Air India are treading cautiously, gradually restoring operations only as airspace stabilizes.

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Technology

Muse Spark powers Meta’s AI reset

Meta Platforms has launched a new artificial intelligence model called Muse Spark, as part of its efforts to strengthen its position in the fast-growing AI space.

The move comes under CEO Mark Zuckerberg, who is focusing on rebuilding the company’s AI strategy after earlier setbacks. Muse Spark is the first major product from Meta’s revamped AI division, created to accelerate innovation and compete with global tech rivals.

The new model is designed to power Meta’s AI tools across its platforms. It will be used in the Meta AI app and gradually rolled out to services like Facebook, Instagram, WhatsApp, and Messenger.

Muse Spark can handle both text and images and is built to answer more complex questions. It also offers different response modes, allowing users to choose between quick replies and more detailed explanations.

Meta says the model is faster and more efficient, while still being powerful enough to compete with other leading AI systems. Unlike some of its earlier models, Muse Spark will not be open-source and will mainly be used within Meta’s own platforms.

The launch is part of a larger reset, with the company investing heavily in AI talent and infrastructure. Zuckerberg has said this is just the beginning, with plans to build more advanced AI tools in the future.

Also Read: LIC eyes first bonus share issue

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Leaders

Policybazaar CEO Tarun Mathur resigns

Policybazaar is going through a leadership change, as its CEO Tarun Mathur has stepped down after spending nearly 18 years with the company. Taking his place is Sajja Praveen Chowdary, a long-time member of the organisation.

Mathur officially left his role on April 7, 2026, citing personal reasons. Over the years, he has been closely involved in building Policybazaar into one of India’s most popular platforms for buying insurance online. His exit marks the end of a long and important chapter for the company.

Chowdary’s appointment as CEO has been approved by the Insurance Regulatory and Development Authority of India (IRDAI), making the transition official. He is not new to the business and has been part of the parent company, PB Fintech, since 2011.

Before becoming CEO, Chowdary led the “Policybazaar for Business” division, which focuses on insurance solutions for companies and small businesses. He brings over 17 years of experience and has worked across different areas like product development, technology, and business strategy.

Since he already understands the company well, the leadership change is expected to be smooth. The transition had also been planned in advance, with Mathur’s exit linked to the approval of his successor.

Policybazaar remains a major player in India’s growing digital insurance space, helping millions of users compare and buy policies online. With Chowdary now at the helm, the company is expected to continue focusing on growth and improving its services for both individual customers and businesses.

Also Read: Anthropic delays new AI model over risks

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Corporate

$64bn takeover bid for universal music

Universal Music Group, the world’s largest music label, has received a massive $64 billion takeover offer from billionaire investor Bill Ackman and his firm Pershing Square Capital Management.

The proposal includes both cash and shares and is aimed at buying out current investors to take greater control of the company. Universal Music has confirmed it received the offer and said its board is reviewing it carefully before making any decision.

Ackman, who is already an investor in the company, believes the music giant is undervalued. According to him, factors like where the company is listed and how it is structured may be holding back its true market value. Through this deal, he hopes to unlock more growth and attract a wider pool of investors.

One possible change under the proposal is shifting the company’s stock listing to the United States. This could increase visibility among global investors and potentially boost its valuation further.

Universal Music represents some of the biggest names in the music industry and plays a key role in shaping global music trends. Despite its strong position, decisions like this takeover depend heavily on the approval of major shareholders.

Some large investors, including those linked to the Bolloré family, hold significant stakes in the company. Their support will be crucial for the deal to move forward.

Also Read: Disney plans 1,000 job cuts

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Beyond

RBI keeps Repo rate at 5.25%

The Reserve Bank of India has decided to keep its key policy rate, the repo rate, unchanged at 5.25%, signalling a cautious approach as it navigates a complex global and domestic environment.

The decision was announced after the latest meeting of the Monetary Policy Committee (MPC), which voted to maintain the current rate while continuing with a “neutral” stance. This means the central bank is keeping its options open, depending on how inflation and growth trends evolve in the coming months.

Alongside the rate decision, the RBI projected India’s economic growth at 6.9% for the financial year 2026–27. While the outlook remains positive, it reflects a slightly moderated pace amid global uncertainties. Inflation is expected to average 4.6%, staying within the RBI’s comfort range but still requiring close monitoring.

The central bank highlighted that risks from global developments remain a concern. Ongoing geopolitical tensions, particularly in West Asia, and fluctuations in crude oil prices could impact both inflation and economic activity. Any sharp rise in oil prices may increase input costs and put pressure on household budgets.

Despite these risks, the RBI expressed confidence in the strength of the domestic economy. It pointed to steady consumption, improving investment activity, and stable financial conditions as key supporting factors.

For borrowers, the unchanged repo rate means lending rates on home, auto and other loans are likely to remain stable for now. This provides some relief to households and businesses that have been adjusting to higher interest rates over the past few years.

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