Author: Sreelatha M

Categories
Technology

iPhone 18 Pro, Pro Max hit Indian stores

Apple’s latest flagship smartphones, the iPhone 18 Pro and iPhone 18 Pro Max, are now available for purchase in India. The new models went on sale on September 18, following the opening of pre-orders on September 12.

Customers can buy the phones through Apple’s online store, Apple retail stores and authorised retailers. The new iPhone models are also being sold through major online and offline platforms, with banks and retailers offering launch-period discounts and exchange benefits.

The iPhone 18 Pro starts at ₹1,64,900 for the 256GB model. The iPhone 18 Pro Max carries a starting price of ₹1,79,900 for the same storage capacity.

Both models are available with 256GB, 512GB, 1TB and 2TB storage. At the top end, the 2TB iPhone 18 Pro is priced at ₹3,14,900, while the 2TB iPhone 18 Pro Max costs ₹3,29,900.

Apple has introduced four colour options for the new Pro models: Black, Silver, Glacier and Burgundy. The Burgundy finish is the new colour option in this generation.

The high price of the new iPhone models is partly offset by launch offers available to eligible buyers.

Selected bank cards can provide cashback of up to ₹7,000, while no-cost EMI options are available on eligible purchases. Customers can also exchange an existing smartphone to reduce the amount they pay for a new iPhone.

Exchange values depend on the model and condition of the old device. Retailers may also provide additional exchange bonuses during the launch period, making the final effective price different from Apple’s listed price.

The offers vary between retailers and payment methods, so buyers will need to check the terms before completing a purchase.

Photography is one of the biggest areas of focus in the iPhone 18 Pro series.

The phones feature a 48MP Fusion Main camera with a variable aperture. Unlike a fixed-aperture system, the camera can adjust how much light enters the lens. This gives users greater control in different lighting conditions and can also affect the depth of field in photographs.

Apple has added more controls for users who want greater flexibility while taking pictures. The company has also expanded its Photographic Styles feature, allowing users to adjust the appearance of images with greater control over texture and grain.

Video is another key area. The new Pro models offer additional tools aimed at people who record, edit and publish video directly from their phones.

These upgrades are likely to appeal particularly to photographers, content creators and users who depend on their smartphones for regular video production.

The iPhone 18 Pro and Pro Max are powered by Apple’s new A20 Pro chip.

The processor is designed to improve performance across demanding tasks, including gaming, video editing and artificial intelligence applications. Apple has also worked on thermal management to help the phones maintain performance during extended periods of heavy use.

The new cooling system is intended to reduce performance slowdowns caused by heat when the device is under sustained load.

Along with the new chip, the phones get improvements to Apple’s on-device AI capabilities. The combination of processing power and AI features is becoming an increasingly important part of Apple’s strategy for its premium iPhone models.

Apple has also focused on battery performance, particularly with the larger iPhone 18 Pro Max.

The company says the Pro Max delivers its biggest battery-life improvement among iPhone Pro models. The increase comes from a combination of battery capacity, power efficiency and changes to the phone’s internal design.

Charging has also been improved. Apple says the iPhone 18 Pro can reach 50% charge in about 15 minutes using wired charging under supported conditions.

The Pro Max is also designed to deliver several hours of video playback following a short charging session, according to Apple’s testing.

Actual battery performance can vary depending on network conditions, settings, apps and usage patterns.

The new iPhones run on iOS 27 and include the latest Apple Intelligence features.

Apple is expanding the role of AI across the iPhone, including new capabilities for Siri. The company is working to make Siri better at understanding natural requests and responding using information available on the device and what is displayed on the screen.

Some AI capabilities are being introduced in beta, while availability can vary by language and region.

Apple continues to promote privacy as a central part of its AI approach, with a focus on processing information on the device where possible.

The iPhone 18 Pro launch is also significant because of India’s growing role in Apple’s manufacturing network.

Apple and its manufacturing partners have expanded iPhone production in India in recent years. Locally assembled Pro models are increasingly being prepared not only for Indian consumers but also for export markets.

The development reflects Apple’s wider effort to diversify its manufacturing base and reduce dependence on a single production location.

The latest iPhone launch therefore comes at an important stage for India’s electronics manufacturing industry, which has seen increasing investment from global technology companies and their suppliers.

With the iPhone 18 Pro and iPhone 18 Pro Max now available, buyers have four storage choices, multiple finishes and several financing and exchange options.

The latest generation combines a new A20 Pro chip with upgraded cameras, improved battery performance and expanded AI features. The Pro Max remains the more expensive model, offering the larger configuration for buyers looking for maximum storage and battery capacity.

 

Categories
Beyond

Gold at ₹1,53,190, silver climbs to ₹2,38,650

Gold was trading at ₹1,53,190 per 10 grams on Friday, September 18, while silver climbed to ₹2,38,650 per kg as precious metal prices remained volatile amid changing global market conditions.

On the Multi Commodity Exchange (MCX), gold futures were down around 0.34% at ₹1,53,190 per 10 grams in early trade. Silver futures moved higher by around 0.24% to ₹2,38,650 per kg.

The movement in domestic gold and silver prices comes as investors continue to monitor the US dollar, crude oil, interest-rate expectations and geopolitical developments. These factors have a direct influence on international bullion prices and, in turn, domestic rates.

Gold has remained at elevated levels despite recent fluctuations. The precious metal continues to attract interest from investors looking for a hedge against uncertainty. At the same time, changes in the dollar and US bond yields can lead to sharp movements in gold prices.

Retail gold prices varied across major Indian cities on Friday. The rate of 24-karat gold, which represents the highest commonly traded purity, remained around the ₹1.52 lakh to ₹1.54 lakh range per 10 grams.

In New Delhi, 24K gold was priced at around ₹1,52,650 per 10 grams, while 22K gold stood at ₹1,39,929.

Mumbai recorded 24K gold at ₹1,52,910 per 10 grams and 22K gold at ₹1,40,168. Bengaluru saw 24K gold at ₹1,53,030 and 22K gold at ₹1,40,278.

Kolkata recorded 24K gold at ₹1,52,940 per 10 grams, with 22K gold at ₹1,40,195. Hyderabad’s 24K gold rate stood at around ₹1,53,380, while 22K gold was priced at ₹1,40,598.

Chennai recorded one of the higher retail rates, with 24K gold at around ₹1,53,590 per 10 grams and 22K gold at ₹1,40,791.

The difference between 24K and 22K gold is primarily due to purity. While 24K gold has the highest purity, 22K gold is widely used for jewellery because it is more durable.

Silver moved higher even as gold slipped in early trading. MCX silver futures rose around 0.24% to ₹2,38,650 per kg.

Retail silver prices also remained close to ₹2.38 lakh per kg in several major cities. New Delhi recorded 999-purity silver at around ₹2,37,810 per kg, while Mumbai was at ₹2,38,220.

Bengaluru recorded silver at around ₹2,38,410 per kg and Kolkata at ₹2,38,140. Hyderabad’s rate stood at ₹2,38,870, while Chennai recorded around ₹2,39,190 per kg.

Silver prices have gained attention because the metal is used not only as an investment asset but also extensively in industries. Electronics, solar panels and several other industrial applications depend on silver, making its price sensitive to expectations for global economic growth.

International gold prices also remained firm. Spot gold was trading around $4,346.65 an ounce, while US gold futures were lower at about $4,385.70 an ounce.

The US dollar remains an important factor for gold. When the dollar strengthens, gold can become more expensive for buyers using other currencies. A weaker rupee can also increase the domestic cost of imported gold, even when international prices remain relatively stable.

US interest-rate expectations are another major influence. Investors are assessing the Federal Reserve’s monetary policy outlook and its impact on bond yields and the dollar.

Higher interest rates and bond yields can reduce the appeal of gold because the metal does not generate interest. Expectations of lower rates, meanwhile, can support demand for bullion.

Crude oil prices have also been closely watched by Indian investors. Brent crude recently slipped after rising sharply earlier on concerns over supply disruptions.

Lower crude prices can provide some relief to India by reducing pressure on the country’s import bill and inflation. However, oil prices remain elevated, with geopolitical developments continuing to create uncertainty around global energy supplies.

Any fresh disruption to oil production or transportation could push crude prices higher and affect inflation expectations. Such developments could also influence demand for safe-haven assets such as gold.

Gold and silver prices are likely to remain sensitive to global market movements in the coming sessions. Investors will be watching the US dollar, Treasury yields, crude oil prices, interest-rate expectations and geopolitical developments.

Gold could continue to attract demand when uncertainty rises, while a stronger dollar or higher bond yields could put pressure on prices. Silver, meanwhile, could see additional movement depending on industrial demand and broader investor sentiment.

Domestic bullion prices are also influenced by currency movements. A weaker rupee can make imported gold and silver more expensive in India, adding to domestic prices.

Consumers should also remember that retail jewellery prices are different from quoted bullion rates. Taxes, making charges and other costs are added when purchasing jewellery.

With gold at ₹1,53,190 per 10 grams and silver climbing to ₹2,38,650 per kg, both precious metals remain closely watched by investors and consumers. The next moves in global markets, currency and commodity prices will determine whether the current volatility continues.

 

Categories
Corporate

Sensex gains over 100 points, Nifty reclaims 23,300

The opened higher on Friday, September 18, with the Sensex rising more than 100 points and the Nifty moving above 23,300 as easing crude oil prices and gains in global markets lifted investor sentiment. The market remained cautious, however, with elevated oil prices, continued foreign selling and geopolitical uncertainty keeping gains in check.

The Sensex opened in positive territory and gained around 260 points in early trade, trading near 74,575. The Nifty 50 also moved higher and held above 23,300 after ending Thursday at 23,270.60.

The recovery comes after a mixed session on Thursday. The Sensex ended marginally lower at 74,314.59, falling 21.86 points, while the Nifty gained 53 points to close at 23,270.60. The Nifty has now posted gains in two consecutive sessions.

Investors are closely tracking movements in crude oil, global equity markets and foreign institutional flows as they assess the direction of the Indian stock market.

A decline in crude oil prices offered some relief to Indian equities. Brent crude fell around 1% to $103.77 a barrel, while West Texas Intermediate crude slipped to about $100.88.

Oil prices have declined for three consecutive sessions, although they remain above the psychologically important $100-a-barrel level. The movement is particularly important for India because the country relies heavily on imports to meet its crude oil requirements.

Lower crude prices can help reduce pressure on India’s import bill and inflation while supporting the margins of sectors that are sensitive to fuel costs. A sustained rise in oil prices, on the other hand, could increase concerns over inflation and the country’s trade deficit.

Geopolitical developments in the Middle East remain an important factor for the energy market. Any disruption to oil supplies could lead to another sharp rise in crude prices and add volatility to global markets.

Indian equities also received support from a strong performance on Wall Street. US markets ended sharply higher in the previous session, with the Nasdaq Composite gaining 1.69%. The S&P 500 rose 1.14%, while the Dow Jones Industrial Average advanced 0.62%.

Asian markets were also largely higher in early Friday trading. The positive global cues helped improve risk appetite and provided support to domestic equities at the start of the session.

However, investors remain watchful of monetary policy in the United States. Higher interest rates can influence global capital flows and make emerging-market assets less attractive to international investors.

Foreign institutional investors remained net sellers in Indian equities on Thursday. They sold shares worth around ₹3,209 crore in the cash market.

Domestic institutional investors partly offset the selling, purchasing equities worth about ₹3,618 crore. The contrasting flows show the continuing role of domestic investors in supporting the market when overseas funds reduce their exposure.

Foreign fund flows have remained an important market trigger as investors balance India’s growth prospects against global interest rates, currency movements and geopolitical risks.

Several large-cap stocks were active in the market, with financial, automobile, pharmaceutical and defence counters among those attracting investor attention.

HDFC Life was among the strongest performers, rising 5.05%. Tata Motors Passenger Vehicles gained 4.49%, while SBI Life Insurance advanced 4.06%. Dr Reddy’s Laboratories climbed 3.07% and Bharat Electronics rose 2.51%.

On the losing side, ONGC declined 1.85%. Titan Company fell 1.38%, while HDFC Bank dropped 1.18%. Hindustan Unilever and Coal India each declined around 1%.

The movement in individual stocks is also being driven by company-specific developments, including new orders, business announcements and sector-related developments.

The Nifty’s move above 23,300 has brought the index closer to an important technical zone. The 23,300-23,400 range is being closely watched by traders as a near-term resistance area.

A sustained move above this range could bring the 23,500-23,600 levels into focus. On the downside, the 23,100-23,070 region remains an important support area.

The Sensex is also attempting to recover after recent volatility. Investors are likely to monitor heavyweight stocks because movements in major index constituents can have a significant impact on the broader market.

Despite the positive opening, the market continues to face several uncertainties. Crude oil remains expensive, foreign investors are continuing to withdraw funds and geopolitical tensions are creating the possibility of sudden swings in global markets.

The rupee, bond yields and movements in US markets will also remain important for domestic investors. Any sharp change in global risk sentiment could quickly influence Indian equities.

The immediate focus is now on whether the Nifty can sustain its move above 23,300 and whether the Sensex can extend its early gains. Trading activity in heavyweight stocks, crude oil movements and institutional buying and selling are expected to shape market direction through the day.

The opening gains indicate improving sentiment, but investors remain cautious as several external factors continue to influence the Indian stock market. With the Nifty approaching the 23,400 resistance zone, Friday’s session could provide further clues about the market’s near-term direction.

 

Categories
Corporate

PNC Infratech faces ₹42 lakh daily penalty

PNC Infratech shares fell 20% on September 15, hitting the lower circuit at around ₹140, after the National Highways Authority of India (NHAI) barred the company from bidding for new projects for three years. The action has put fresh pressure on the infrastructure company after defects were reported on the Kanpur-Lucknow Expressway.

The NHAI decision is the maximum debarment period allowed under the relevant contract conditions. The restriction prevents PNC Infratech from participating in bids floated by NHAI, the Ministry of Road Transport and Highways (MoRTH) and their executing agencies during the three-year period.

The action relates to the Kanpur-Lucknow Expressway, where structural problems emerged soon after the road was opened. The expressway has faced repeated reports of damage, including issues around an approach embankment and road surface. NHAI had earlier ordered inspections and corrective work after fresh damage was reported.

PNC Infratech was the concessionaire for the project through Awadh Expressway Private Limited. According to reports, NHAI’s September 11 communication extended the existing three-year debarment imposed on the project company to PNC Infratech as its promoter. The development was disclosed by the company in a regulatory filing.

The market reaction was immediate. PNC Infratech’s stock dropped 20%, its sharpest single-session decline in nearly two years, and touched a fresh 52-week low around ₹140.32. The fall also reduced the company’s market capitalisation significantly as investors assessed the possible impact of the bidding restriction on its future order pipeline.

The three-year ban is important because government highway contracts form a key part of the business environment for major infrastructure companies. Being unable to bid for NHAI and MoRTH projects could limit PNC Infratech’s access to new road and expressway opportunities during the restricted period.

The company, however, will continue to execute projects already awarded to it. The debarment relates to participation in new bids and does not by itself mean that existing contracts have been cancelled.

The Kanpur-Lucknow Expressway has faced scrutiny since defects appeared shortly after its opening. A fresh instance of road damage was reported near Korari in Uttar Pradesh’s Unnao district in August. NHAI subsequently ordered a safety and quality audit to examine the cause of the recurring problems.

NHAI project officials have said some of the reported damage was concentrated around an approach section rather than the main bridge structure. The authority had also directed the company to strengthen stormwater management and undertake repairs. PNC Infratech remains responsible for the operation and maintenance of the expressway under the project arrangement.

The latest action also carries a financial implication. NHAI has reportedly sought compensation from PNC Infratech at the rate of about ₹42 lakh per day for lost toll revenue linked to the road problems. The demand adds another potential financial burden to the debarment and repair-related issues facing the company.

The controversy has also renewed attention on the quality of highway construction and maintenance in India. Expressways are built to handle heavy traffic over long periods, making road quality, drainage, embankment stability and construction standards important factors in their performance.

The Kanpur-Lucknow Expressway is a key road link between the two Uttar Pradesh cities. The approximately 63-km greenfield corridor was developed as a six-lane access-controlled expressway and was intended to provide a faster connection between Kanpur and Lucknow.

PNC Infratech now faces the challenge of managing the fallout while remaining active in projects outside the NHAI and MoRTH bidding system. The three-year restriction could affect its ability to secure new central highway contracts, while the compensation demand and continuing scrutiny of the expressway could add to financial and operational pressures.

Investors will be watching the company’s response, the outcome of the ongoing technical assessments and any further action from NHAI. The stock’s sharp fall shows how quickly regulatory action linked to a major infrastructure project can affect market sentiment around an infrastructure company.

 

Categories
Leaders

Oracle begins fresh layoffs as AI spending surges

Oracle has begun another round of layoffs as the technology giant tries to reduce payroll costs while continuing to pour billions of dollars into artificial intelligence infrastructure.

Employees affected by the latest cuts were informed on Monday that their roles were being eliminated as part of a broader organisational change. Their termination was effective immediately, according to emails reviewed by Business Insider. The exact number of employees affected in the latest round has not been disclosed.

The new Oracle layoffs come after the company reduced its workforce by about 21,000 employees, or 13%, during the fiscal year that ended May 31, 2026. Oracle had around 141,000 employees before the latest cuts, down from roughly 162,000 a year earlier.

The latest job cuts are closely linked to a much bigger financial story. Oracle is spending heavily to expand its cloud infrastructure and build data centres capable of supporting the growing demand for AI computing. Its capital expenditure reached $28.5 billion in the first quarter of fiscal 2027, compared with $8.5 billion a year earlier.

Oracle has maintained its forecast of spending between $90 billion and $95 billion in capital expenditure during fiscal 2027. The company spent $55.7 billion on capital expenditure in fiscal 2026, showing how quickly its AI infrastructure investment has grown.

Much of that money is going into data centres, computing equipment and other infrastructure needed to train and run artificial intelligence models. Oracle has positioned its cloud business as a major provider of AI computing capacity, competing with larger cloud platforms as demand for processing power continues to rise.

The company is financing much of this expansion while taking on significant debt. That has created pressure to control expenses elsewhere, including through workforce reductions. Oracle has also increased the estimated cost of its 2026 restructuring plan by $700 million, taking the total to about $2.8 billion.

Oracle’s latest financial results show why the company remains confident in its AI strategy despite the cost. Cloud infrastructure revenue jumped 121% year-on-year to $7.4 billion in the first quarter of fiscal 2027. The strong growth helped ease some investor concerns about whether its enormous data-centre spending would eventually translate into higher revenue.

Oracle’s remaining performance obligations, a measure of contracted future revenue, have also climbed sharply. The company’s latest results showed strong demand for its cloud infrastructure, particularly from customers seeking computing capacity for AI workloads.

At the same time, the scale of investment has put Oracle under pressure to show that its AI bet can deliver sustainable returns. The company has been exploring different ways to finance data-centre construction, including supplier financing, customer prepayments and arrangements in which customers provide hardware while Oracle operates the infrastructure.

Oracle is now led by co-CEOs Clay Magouyrk and Mike Sicilia, who took over the top roles in September 2025. Magouyrk previously led Oracle Cloud Infrastructure, while Sicilia was president of Oracle Industries. Their appointment marked a shift towards leaders closely associated with the company’s cloud and AI businesses. Safra Catz moved from CEO to executive vice chair of the board.

Magouyrk’s background is particularly relevant to Oracle’s current strategy. He joined the company from Amazon Web Services in 2014 and helped build Oracle Cloud Infrastructure. Under his leadership, OCI became a major part of Oracle’s push into AI training and inference. Sicilia brings experience in Oracle’s industry applications and applied AI businesses.

The restructuring is also changing the nature of work inside the company. Oracle’s annual filing said AI adoption contributed to workforce reductions, although the 21,000 decline in headcount cannot be treated as a direct one-for-one replacement of employees with AI. The broader restructuring also reflects organisational changes and the company’s shift towards cloud and AI businesses.

Employees affected in the latest US layoffs were offered four weeks of base salary plus one additional week for each year of service, according to documents reviewed by Business Insider. Oracle’s standard plan has previously been reported to cap severance at 26 weeks.

The cuts come despite strong recent business performance, making the contrast particularly striking. Oracle is simultaneously reporting rapid cloud growth and reducing its workforce as it tries to protect margins while funding one of the industry’s most expensive AI infrastructure expansions.

The strategy reflects a broader trend across the technology sector. Companies are spending heavily on artificial intelligence, data centres and specialised computing hardware while looking for ways to make their existing operations more efficient. That has resulted in restructuring and job cuts even at companies reporting strong demand for AI-related services.

Oracle’s challenge is particularly large because its AI ambitions require enormous upfront investment. Building data centres requires billions of dollars before the infrastructure begins generating returns. The company therefore needs its AI cloud business to grow quickly enough to justify the spending and the debt being accumulated to fund it.

The latest Oracle layoffs highlight the difficult trade-off facing the company. It is cutting jobs and looking for savings at the same time that it is committing up to $95 billion to capital spending. The success of that strategy will ultimately depend on whether the booming demand for AI computing can turn Oracle’s massive infrastructure investment into sustained revenue, stronger cash flow and higher profits.

 

Categories
Beyond

US Treasury yield crosses five percent

The yield on the US 10-year Treasury note briefly crossed 5% on Monday, reaching a level not seen since 2023 and raising fresh concerns about the future of borrowing costs, inflation and financial markets.

The benchmark yield touched about 5.01% before easing back. It later ended around 4.96%, but the brief move above the 5% mark was enough to unsettle investors. The 10-year Treasury yield is closely watched because it influences borrowing costs across the US economy, including mortgages, corporate loans and other forms of credit.

The latest jump has come during a broad sell-off in government bonds. Investors are demanding higher returns to hold US debt as concerns about inflation and the country’s growing borrowing needs increase.

A major trigger has been the sharp rise in oil prices. Escalating conflict in the Middle East has disrupted energy supplies and pushed Brent crude above $105 a barrel, with prices approaching $110 at one point. More expensive oil raises the risk that inflation will remain high for longer, making it harder for central banks to cut interest rates.

The development has also changed expectations around the Federal Reserve. Investors are preparing for a potentially tougher interest-rate path as the central bank weighs persistent inflation against economic growth.

Markets are now pricing in a strong possibility of another rate increase at the Fed’s upcoming meeting. Higher short-term rates, combined with rising long-term Treasury yields, could keep financial conditions tight for longer.

The 5% level carries particular psychological importance for investors. The yield has been moving higher for several weeks, but crossing the threshold has renewed questions about whether the US bond market is entering a different phase.

Bond yields rise when bond prices fall. The recent selling suggests investors are asking for greater compensation to lend money to the US government amid concerns over inflation, government borrowing and geopolitical uncertainty.

The pressure is not limited to the United States. Government bond yields have also climbed in other major economies, reflecting a wider global bond-market sell-off. UK 10-year gilt yields, for example, also reached their highest level since 2007 during the latest market turmoil.

Higher Treasury yields can have a direct impact on ordinary Americans.

Mortgage rates typically move with longer-term Treasury yields, meaning a sustained rise can make home loans more expensive. Car loans, business borrowing and other forms of credit can also become costlier.

Companies face higher financing expenses when they borrow money or refinance existing debt. That can affect investment plans, profits and hiring decisions, particularly for businesses that rely heavily on debt.

The US government faces an even larger challenge because of the size of its outstanding debt. The country’s national debt has now passed $40 trillion, meaning even a modest rise in borrowing costs can add significantly to annual interest payments.

The rising yield is therefore creating a difficult situation for policymakers. Higher interest rates can help control inflation, but they also increase the cost of servicing government debt and can slow economic activity.

US Treasury Secretary Scott Bessent has been seeking ways to contain longer-term borrowing costs. The Treasury has used debt buybacks as part of its efforts to manage the market, but the recent jump in yields shows how difficult it is for policymakers to control long-term rates when investors are focused on inflation and fiscal risks.

Wall Street is also watching the effect of higher Treasury yields on stocks.

When government bonds offer higher returns, they can become more attractive compared with equities. Investors may demand lower prices for stocks to compensate for the additional risk. Higher bond yields also reduce the present value of future corporate earnings, which can weigh particularly heavily on high-growth technology companies.

That creates a potential challenge for the US stock market, which has continued to trade near record levels despite rising borrowing costs.

The market’s resilience has surprised some investors. Strong corporate earnings and optimism around artificial intelligence have helped support equities, even as bond yields have climbed.

The latest move, however, has revived fears that rising interest rates could eventually put pressure on the long-running stock-market rally. Analysts have previously identified 5% on the 10-year Treasury as an important level to watch because a rapid move towards it could affect equity valuations and investment flows.

Investors are now facing several risks at the same time: higher oil prices, persistent inflation, heavy government borrowing and uncertainty over the Federal Reserve’s next steps.

The bond market is also being watched closely because Treasury securities serve as a benchmark for financial markets around the world. A sustained increase in US Treasury yields can influence borrowing costs and investment decisions far beyond American borders.

The immediate question is whether the 5% level will hold or whether yields will move back down as investors reassess inflation and economic growth.

A brief move above 5% does not by itself signal a financial crisis. But it does underline how quickly market conditions have changed.

The US 10-year Treasury yield was below 4.4% in earlier long-term government projections, while the latest move has taken it well above that level.

With the Federal Reserve’s next policy decision approaching, Wall Street is now watching both interest rates and oil prices closely.

 

Categories
Beyond

UPI payments up to ₹2,000 remain free under new rules

The government has formally notified that UPI transactions of up to ₹2,000 and payments made through RuPay debit cards cannot attract any direct or indirect charges. The move provides clarity to millions of users and merchants who rely on digital payments for everyday transactions.

The notification was issued by the Ministry of Finance on September 14 under Section 10A of the Payment and Settlement Systems Act, 2007. It specifically identifies RuPay debit cards and UPI transactions up to ₹2,000 as electronic payment modes on which banks and system providers cannot impose charges.

The government has also made it clear that the protection covers both sides of a transaction. Banks and payment system providers cannot directly or indirectly charge either the person making the payment or the person receiving it when the transaction falls within the specified limit.

The decision is important because UPI has become the most widely used digital payment method in India. Consumers routinely use UPI to pay for groceries, food, transport, utility bills and other everyday purchases. Small businesses, street vendors and merchants have also increasingly moved away from cash as UPI payments have become easier and faster.

The new notification, however, has also opened the door to a possible change in the way higher-value UPI transactions are handled. While payments up to ₹2,000 are protected from charges, the government has not said that transactions above this threshold will definitely attract a fee.

This distinction has become the centre of attention for the digital payments industry. The government is considering changes to the Merchant Discount Rate (MDR) framework, which is the fee associated with processing certain digital payments. A decision on whether and how MDR could apply to higher-value UPI merchant transactions is still awaited.

The development therefore does not mean that users will suddenly start paying a fee every time they make a UPI payment above ₹2,000. The notification establishes a protected threshold, but it does not itself announce a new charge on transactions above that level. The government has yet to finalise how such charges, if introduced, would work.

This distinction is important for consumers because much of the discussion around UPI charges has created confusion in recent days. The latest rules ensure that small-value digital payments remain free, while leaving room for a possible new pricing structure for larger merchant transactions.

The issue is closely linked to the cost of maintaining India’s rapidly expanding digital payments infrastructure. Banks, payment service providers, UPI apps and other participants incur expenses while processing transactions and maintaining the technology required to keep the system running around the clock.

At present, the government supports the digital payments ecosystem through incentive schemes. Earlier programmes have provided financial support to banks and other participants to encourage low-value UPI transactions and RuPay debit card usage.

The government has previously used incentives to promote BHIM-UPI and RuPay debit cards, particularly among small merchants. Under an earlier incentive scheme, transactions of up to ₹2,000 involving eligible small merchants received support designed to encourage merchants to accept digital payments without imposing an additional cost on customers.

The scale of UPI makes the question of payment costs increasingly important. In 2025-26, UPI processed more than 24,000 crore transactions, with the total value crossing ₹314 lakh crore, according to figures cited in recent reports. The numbers underline how deeply UPI has become embedded in India’s financial system.

The government’s latest move is also aimed at protecting the accessibility of digital payments. Keeping low-value transactions free is expected to benefit consumers who use UPI for frequent, relatively small payments. It should also help small merchants continue accepting digital payments without worrying about additional costs on everyday purchases.

RuPay debit card payments have received similar protection under the notification. RuPay is India’s domestic card payment network and has been promoted as an alternative to international card networks. The continued exemption is expected to support its use among consumers and merchants.

The larger question now is what happens to UPI payments above ₹2,000. A possible MDR structure could change the economics of merchant payments, particularly for businesses handling larger transactions. The government will have to balance the sustainability of the payment ecosystem with the need to keep digital payments affordable.

The notification also comes at a time when India is pushing deeper into a less-cash economy. UPI has played a major role in bringing digital payments to smaller towns, local shops and individual businesses. Any changes to its pricing structure could therefore have a wider impact on consumers and merchants.

UPI payments up to ₹2,000 remain free, and RuPay debit card payments are also protected from charges. The focus will now shift to the government’s next decision on merchant fees and MDR for larger-value digital transactions.

 

Categories
Beyond

BRICS declaration focuses on terror, AI and trade

BRICS leaders have adopted the New Delhi Declaration 2026, bringing the expanded grouping together on issues ranging from terrorism and global trade to artificial intelligence, West Asia and reform of international institutions.

The declaration was adopted unanimously at the 18th BRICS Summit in New Delhi, despite differences among member countries over several geopolitical issues. India, which held the BRICS chair this year, pushed for a broader focus on practical cooperation and a stronger voice for developing countries.

The 45-page declaration does not create a common BRICS currency, one of the most closely watched possibilities surrounding the grouping. Instead, members agreed to deepen the use of local currencies for trade and investment and work towards making their payment systems more compatible.

Strong condemnation of Pahalgam terror attack

Terrorism was one of the clearest areas of agreement at the summit. BRICS leaders strongly condemned the April 22, 2025 terror attack in Jammu and Kashmir’s Pahalgam, in which 26 people were killed.

The declaration called for zero tolerance towards terrorism and rejected double standards in dealing with terrorist groups. It also highlighted the need to tackle cross-border movement of terrorists, terrorist financing and safe havens.

The grouping called for all those involved in terrorist activities and their support networks to be held accountable. It also backed faster progress towards the long-pending Comprehensive Convention on International Terrorism at the United Nations.

The reference to Pahalgam is significant for India, which has repeatedly sought stronger international action against cross-border terrorism.

BRICS takes aim at tariffs

Trade emerged as another major issue. BRICS expressed serious concern over the growing use of unilateral tariffs and non-tariff barriers, saying such measures can distort global trade and are inconsistent with World Trade Organization rules.

The declaration called for a stronger and more responsive WTO, particularly one that takes into account the interests of emerging markets and developing economies.

The grouping also opposed unilateral economic sanctions that are not authorised by the UN Security Council. Such measures, it said, can have wider effects on food security, healthcare, development and vulnerable populations.

The declaration did not directly name the United States or President Donald Trump. Its criticism of unilateral tariffs, however, comes against the backdrop of growing global trade tensions and the US use of tariffs as an economic policy tool.

No common BRICS currency

Talk of a common BRICS currency has gained attention in recent years, particularly as members explore ways to reduce their dependence on the US dollar.

The New Delhi summit stopped short of such a move. Instead, members agreed to promote local-currency settlements, improve cross-border payment systems and continue work through the BRICS Payment Task Force.

The New Development Bank was encouraged to increase financing in local currencies and diversify its funding sources. A phased and consensus-based New Investment Platform will also be developed.

India’s proposal to establish a BRICS Risk Lab at GIFT City in Gujarat received support, adding another element to the bloc’s financial cooperation agenda.

AI gets bigger role

Artificial intelligence has also become a major part of the BRICS agenda.

Leaders recognised AI as an important driver of economic growth and sustainable development but stressed that its benefits should be accessible to developing countries. The declaration called for AI systems that are safe, secure, inclusive and reliable.

The grouping also highlighted the need for international cooperation on AI research, innovation, energy efficiency and responsible use.

India’s AI Impact Summit, held in February 2026, was recognised as an important contribution to discussions on global AI governance.

China also proposed deeper cooperation in the field, including an AI Open Source Zone. The growing focus on AI reflects how technology is becoming closely linked with economic competitiveness, development and national security.

West Asia remains a concern

The continuing conflict and instability in West Asia also featured prominently in the declaration.

BRICS called for dialogue and diplomacy to resolve international disputes and stressed the importance of preventing further escalation. The grouping backed a two-state solution for Palestine, based on the 1967 borders with East Jerusalem as the capital of a Palestinian state.

The declaration also supported Palestine’s full membership of the United Nations and called for greater humanitarian assistance.

The wording was significant because BRICS now includes countries with very different positions and interests in the region. Iran and the UAE, for example, are both members but have had differing positions on regional issues.

India’s ability to secure a common declaration despite these differences was an important diplomatic outcome of the summit.

Push for UN reforms

The BRICS leaders also renewed their call for reform of the United Nations and other global institutions.

India has long argued that developing countries need greater representation in bodies such as the UN Security Council. The declaration backed a more representative and inclusive global governance system.

The summit also highlighted the need to give the Global South a stronger role in international decision-making.

India’s BRICS presidency focused heavily on development issues, including digital public infrastructure, healthcare, food security, skills, industrial cooperation and sustainable development.

Focus on practical cooperation

Several India-led initiatives received support during the summit. These included a BRICS digital public infrastructure repository, a Training Hub Network and greater cooperation in Industry 4.0.

The grouping also backed the creation of a BRICS-NDB Knowledge Portal and a Task Force on Growth and Development.

Health and human development were also part of India’s wider agenda. An early warning system for infectious diseases was among the initiatives highlighted during the summit.

The expanded BRICS now brings together 11 member countries, giving the grouping a much larger geographical and economic footprint across Asia, Africa, the Middle East and Latin America.

The New Delhi summit therefore produced fewer dramatic institutional changes than some had expected but delivered consensus on several important issues.

 

 

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Corporate

Cochin Shipyard, Drydocks World sign ₹1,800-cr Kochi JV

Cochin Shipyard Ltd (CSL) and Drydocks World Dubai, a DP World company, have signed a definitive agreement to form a 50:50 joint venture to operate and expand the International Ship Repair Facility (ISRF) at Willingdon Island in Kochi.

The agreement was signed on September 11 on the sidelines of the BRICS Summit in New Delhi. The partnership is expected to give a major boost to India’s ship-repair industry while strengthening Kochi’s position as a regional maritime services hub.

Under the deal, the ISRF will be transferred to the joint venture on a slump-sale basis for a consideration of at least ₹1,800 crore. CSL will receive half of the consideration in cash and the remaining amount through shares in the new joint venture. Both CSL and Drydocks World will hold an equal 50% stake.

The agreement was signed by Drydocks World CEO Captain Rado Antolovic and CSL Chairman and Managing Director Jose V J. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal and UAE Assistant Foreign Minister for Advanced Science and Technology Omran Sharaf Alhashimi were also present.

The partnership brings together CSL’s established presence in India with Drydocks World’s international experience in ship repair, maintenance, vessel conversion and offshore engineering. The companies had earlier signed a memorandum of understanding in October 2025 to explore cooperation in developing a major ship-repair cluster in India.

The ISRF, which began commercial operations in August 2024, covers around 30 hectares at Willingdon Island. The facility was developed at an investment of around ₹970 crore and includes a 6,000-tonne ship lift and transfer system, six workstations and about 1,400 metres of berthing space.

The facility can handle up to six vessels at the same time and has an annual throughput capacity of up to 82 ships. It can accommodate vessels of up to 130 metres in length and weighing as much as 6,000 tonnes.

The joint venture plans to expand the facility by adding 10 more workstations. This will increase its capacity and allow it to take on more complex and higher-value repair jobs.

Kochi’s location is a major advantage for the project. The city lies close to busy international shipping routes connecting Europe, the Middle East and Asia. A larger ship-repair facility in the region could allow Indian and international shipping companies to access repair and maintenance services without sending vessels to distant overseas yards.

The development also comes at a time when India is seeking to build greater capacity across its maritime sector. A stronger domestic ship-repair network can reduce the need for Indian vessels to depend on foreign facilities, helping retain business within the country and supporting related engineering and marine-service industries.

CSL has already established itself as one of India’s leading shipbuilding and ship-repair companies. It has repaired more than 2,000 ships over the years and operates facilities in locations including Kochi, Mumbai, Kolkata and the Andaman and Nicobar Islands.

The ISRF generated revenue of ₹207.33 crore in the financial year 2025-26, accounting for about 4.81% of CSL’s revenue from operations. An independent valuation of the facility put its value at around ₹1,800 crore, equivalent to about 30.55% of CSL’s net worth as of March 31, 2026.

The joint venture structure will also give Drydocks World a significant operational role. The company will have the right to nominate three of the five directors on the joint venture board and nominate key senior management positions, including the CEO, CFO and COO where applicable. CSL will nominate the remaining two directors.

Drydocks World brings a global customer base and extensive experience in complex vessel repair and offshore engineering. Its involvement is expected to help the Kochi facility attract international vessels and move into higher-value segments of the ship-repair market.

The partnership is also expected to generate opportunities across marine engineering, fabrication, logistics, equipment supply and other supporting services. As repair capacity expands, the project could create demand for skilled workers and specialised maritime expertise.

The larger objective is to develop Kochi into a more competitive destination for ship repair and maritime services. India has a large coastline and a growing shipping industry, but a significant share of high-value ship-repair work is still carried out overseas.

The CSL-Drydocks World partnership aims to capture a larger share of that business by combining local infrastructure and expertise with international capabilities and customers.

The expansion of the ISRF could therefore become an important step in building India’s ship-repair ecosystem. It also fits into the country’s broader effort to strengthen maritime infrastructure, develop domestic capabilities and make Indian ports more competitive in global shipping.

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1 Minute-Read

Bank strike disrupts services across India

Banking services were disrupted across India on September 11 as employees and officers joined a nationwide strike demanding a five-day workweek.

The United Forum of Bank Unions also raised concerns over the PLI scheme, pension benefits, staffing shortages and other service issues. Public sector bank branches saw disruptions in cash transactions, cheque processing and other counter services, while UPI, ATMs and online banking largely continued.

The five-day week proposal, agreed between unions and the Indian Banks’ Association in 2024, is still awaiting government approval. Unions have announced further strikes on September 28-30 and from October 26.