Author: Sreelatha M

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Corporate

MRPL shuts units due to crude oil shortage

Mangalore Refinery and Petrochemicals Ltd (MRPL) has temporarily shut one of its crude processing units along with several secondary refining units at its 300,000 barrels-per-day (bpd) Mangaluru refinery due to a shortage of crude oil supplies. The affected crude unit has a capacity of roughly 100,000 bpd and the shutdown began on Wednesday evening, according to sources familiar with the matter.

The move comes amid geopolitical tensions in the Middle East, particularly in the Strait of Hormuz, a vital corridor for global crude shipments. Disruptions in this region have delayed crude deliveries, making it challenging for Asian refiners, including MRPL, to secure replacement cargoes in time. This has forced MRPL to reduce processing temporarily to manage its operations efficiently.

In response to the supply crunch, MRPL has also suspended some refined fuel exports, prioritising domestic requirements. The refinery had already stopped importing Russian crude last year, making it more reliant on Middle East supplies. Analysts say such disruptions underscore the vulnerability of downstream operations in Asia to global supply shocks, especially in regions dependent on imported crude.

Government sources, however, clarified that MRPL’s overall operations remain stable, with adequate crude stocks on hand. They emphasised that reports of a complete refinery shutdown are misleading and that only selected units are affected.

The temporary suspension highlights how regional conflicts and supply chain disruptions can ripple through domestic fuel markets. Refiners like MRPL must balance production schedules, inventory management, and maintenance, all while navigating volatile global energy markets.

Investors and industry watchers are monitoring the situation closely, as prolonged disruptions could affect refinery throughput and fuel availability. While domestic consumption continues, the incident also reflects broader market concerns about the impact of geopolitical tensions on energy security and supply stability.

Also Read: Mazagon Dock shares jump on ₹99,000 cr defence contract hopes

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Adani Total Gas raises industrial gas to ₹119

Adani Total Gas Ltd (ATGL) has raised industrial gas prices to ₹119 per standard cubic metre, up from around ₹40, for usage beyond daily contracted limits.

The hike comes after LNG supply disruptions from the Middle East due to geopolitical tensions, including shipping issues through the Strait of Hormuz. Household piped gas and CNG prices remain unchanged, as they rely mainly on domestic supply.

The move aims to manage tight industrial gas availability and rising costs amid ongoing global energy disruptions.

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Beyond

China raises defence budget to $275 bn

China has announced a 7% increase in its defence budget for 2026, raising military spending to around $275 billion. The announcement was made during the annual meeting of the National People’s Congress in Beijing.

Chinese leaders said the increase is part of the country’s long-term plan to modernise its armed forces and strengthen national security. The funds will be used to improve military training, upgrade weapons and equipment, and support the development of advanced defence technologies.

China already has the world’s second-largest military budget after the United States. The country has steadily increased its defence spending for many years as it works to build a more modern and capable military.

Officials said the higher spending will help accelerate the modernisation of the People’s Liberation Army. The government has set a target of transforming the military into a world-class force by the middle of the century.

The rise in defence spending comes at a time of growing geopolitical tensions in the region. China has been strengthening its military capabilities amid ongoing disputes in the South China Sea and increasing tensions related to Taiwan.

Apart from defence spending, the Chinese government also outlined its economic priorities for the year. Leaders set a GDP growth target of around 5% for 2026 as the country tries to stabilise its economy.

China’s economy has been facing several challenges in recent years, including weak domestic demand, a struggling property sector and uncertainties in the global economy. Despite these issues, the government says it will continue to support growth through investment, innovation and technology development.

Also Read: Adani partners UNESCO for Engineering Day 2026

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Corporate

Adani partners UNESCO for Engineering Day 2026

Adani Group has been selected as an official partner for World Engineering Day for Sustainable Development 2026, a worldwide initiative supported by UNESCO.

The partnership was announced by the World Federation of Engineering Organizations (WFEO), which leads the celebration each year. Adani Group is the first Indian company to be chosen as an official partner for the global event.

World Engineering Day is observed every year on March 4 to recognise the role engineers play in solving global challenges and supporting sustainable development. The event highlights how engineering and technology can help achieve the United Nations’ Sustainable Development Goals, including clean energy, modern infrastructure and climate action.

As part of the partnership, some of the Adani Group’s major infrastructure and renewable energy projects will be showcased as examples of engineering solutions supporting sustainable growth.

One of the projects expected to be highlighted is the large renewable energy development at Khavda in Gujarat’s Kutch district. The project, being developed by Adani Green Energy, is planned to become one of the world’s largest renewable energy plants once completed.

The Khavda project is expected to generate around 30 gigawatts of renewable power when fully operational. It is part of the group’s broader plan to expand clean energy capacity and support the global shift toward sustainable energy sources.

The theme for World Engineering Day 2026 is “Smart engineering for a sustainable future through innovation and digitalisation”. The event will focus on how new technologies and engineering solutions can help build sustainable infrastructure and improve energy systems.

Adani Group said the partnership reflects its focus on large-scale infrastructure and renewable energy projects. The company added that engineering innovation plays a key role in building reliable infrastructure and supporting economic growth.

Also Read: L&T shares rises 2%, brokerages see upside to ₹4,500

 

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Corporate

Rozana raises ₹290 cr to expand rural network

Rural commerce startup Rozana has raised ₹290 crore in a new funding round led by Bertelsmann India Investments. The company plans to use the funds to expand its business in villages and small towns across northern India.

The funding round also saw participation from existing and new investors, including Fireside Ventures, Spark Growth Ventures and a few family offices. With the new investment, Rozana’s valuation has reportedly moved closer to $200 million.

Founded in 2021, Rozana focuses on building a commerce network for rural areas where access to organised retail and online shopping is still limited. The company connects villages with suppliers through a mix of digital platforms, local retail stores and delivery partners.

Rozana currently serves more than one million households across around 21,000 villages, mainly in Uttar Pradesh and Haryana. It works with thousands of local delivery partners who help bring products directly to rural customers.

The startup plans to use the fresh funds to expand its network into more states in the northern region, especially across the Gangetic belt. It also plans to improve its technology systems and strengthen its supply chain so that products can reach villages faster and more efficiently.

Rozana’s platform offers a range of daily-use items such as groceries and household products. By connecting local retailers with suppliers, the company aims to make essential goods more easily available to rural consumers.

The startup also plans to increase the number of retail centres that support its network. In the future, Rozana may introduce its own private-label products as it expands its presence in rural markets.

India’s rural market is increasingly attracting startups and investors as internet use and smartphone adoption continue to grow in villages. However, many rural areas still face challenges such as limited product availability and weak supply chains.

Also Read: Pentagon labels Anthropic ‘supply chain risk’

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Corporate

Pentagon labels Anthropic ‘supply chain risk’

The US Department of Defense has labelled artificial intelligence company Anthropic as a “supply chain risk”, in a move that could affect how its technology is used by the American military and government contractors.

The Pentagon said it has formally informed the company that both Anthropic and its products are now considered a risk to the defence supply chain. The decision took effect immediately.

This designation is unusual because it is typically used for foreign companies that may pose a national security concern. Applying it to a US-based technology firm highlights growing tensions between the government and parts of the AI industry.

The move comes after a disagreement between the Pentagon and Anthropic over how the company’s artificial intelligence tools should be used by the military. US officials have been urging AI companies to allow their systems to be used for a wide range of defence and national security purposes.

However, Anthropic has placed limits on how its AI models can be used. The company has policies that restrict the use of its technology for activities such as mass surveillance or fully autonomous weapons that can attack targets without human control.

Because of these restrictions, discussions between the government and the company reportedly broke down. The Pentagon then decided to classify Anthropic as a supply chain risk.

The decision could create problems for companies that work with the US Department of Defense. Contractors may now need to stop using Anthropic’s AI tools if they want to continue doing business with the military.

Anthropic chief executive Dario Amodei has said the company will continue to maintain safeguards to prevent misuse of powerful AI systems.

Anthropic has criticised the move and said it plans to challenge the decision legally. The company argues that it is trying to ensure artificial intelligence is used responsibly and safely.

Also Read: Netflix buys Ben Affleck’s AI startup

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Beyond

Gold falls ₹10 to ₹1,62,870, Silver slips to ₹2,84,900

Gold prices in the domestic market slipped slightly on Friday, while silver also recorded a small decline amid cautious trading in global commodity markets.

According to market data, the price of 24-carat gold declined by ₹10 to ₹1,62,870 per 10 grams. Meanwhile, silver prices fell by ₹100 to ₹2,84,900 per kilogram in the local market.

Similarly, 22-carat gold prices also dropped by ₹10, with the metal trading at around ₹1,47,590 per 10 grams in several major cities. Gold prices vary across cities due to factors such as local taxes, transportation costs and regional demand.

Market participants said the marginal fall comes as investors remain cautious and track developments in global markets. Precious metals have been witnessing fluctuations in recent sessions as traders respond to changes in the US dollar, economic data and geopolitical developments.

Globally, gold and silver have remained volatile due to ongoing tensions in the Middle East. The uncertainty surrounding the conflict involving the United States, Israel and Iran has increased interest in safe-haven assets like gold. During periods of geopolitical stress and financial market uncertainty, investors often shift funds toward precious metals to protect their portfolios.

Analysts said movements in the US dollar index, global bond yields and economic indicators are likely to influence bullion prices in the coming sessions. Market participants are also closely watching key US economic data releases, which could affect expectations around interest rates and investment flows into commodities.

On the Multi Commodity Exchange (MCX), both gold and silver futures have witnessed notable price swings during the week, reflecting the uncertain global environment.

Also Read: Sensex drops over 450 points, Nifty slips below 24,650

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Beyond

Qatar LNG halt raises gas supply concerns

India may face short-term concerns over natural gas supplies after Qatar temporarily halted production at one of its major liquefied natural gas (LNG) facilities. Experts say the move, linked to regional tensions in West Asia, has raised worries about possible disruptions in global energy markets.

Qatar is one of the world’s largest LNG exporters and a key supplier of natural gas to India. A large share of India’s LNG imports comes from the Gulf nation under long-term contracts, making any disruption closely watched by Indian energy companies.

Following the production halt, shares of several LNG-related firms declined between 5 and 10 percent amid fears that supply could tighten and prices could rise in the international market. Analysts said the situation could increase volatility in energy markets if the disruption continues for an extended period.

However, experts also noted that India’s long-term LNG agreements with Qatar may help cushion the immediate impact. They said the country may not face a severe shortage right away, but the situation highlights the risks associated with global geopolitical tensions and energy dependence.

Officials and market watchers are closely monitoring developments in the region. If the production halt is prolonged or escalates into a larger supply disruption, it could push up global gas prices and affect importing countries like India.

Also Read: Air India expands flights to Toronto, Frankfurt, Paris

 

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Air India expands flights to Toronto, Frankfurt, Paris

Air India has decided to operate additional flights to Toronto, Frankfurt, and Paris after a sharp rise in passenger demand amid the ongoing crisis in West Asia.

The airline will run three extra flights between Delhi and Toronto from March 5 to March 11. It will also operate three additional flights to Frankfurt and one extra flight to Paris between March 7 and March 10.

Air India said the decision was taken to help passengers affected by disruptions in international travel routes due to the conflict in the region. The airline added that it will continue to review the situation and may adjust flight schedules depending on demand.

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Corporate

Morgan Stanley to cut 2,500 jobs globally

Global investment bank Morgan Stanley plans to cut about 2,500 jobs worldwide, roughly 3% of its global workforce, as part of a restructuring effort aimed at improving efficiency and aligning operations with changing market conditions.

The layoffs will affect several of the bank’s major divisions, including investment banking, wealth management and investment management. However, reports said the company’s financial advisers are unlikely to be impacted by the job cuts.

The decision comes despite the bank reporting record financial performance in 2025, with strong growth in investment banking and dealmaking activities. The firm recorded annual revenue of around $70.6 billion, driven by increased mergers and acquisitions activity and stronger trading performance.

Sources familiar with the matter said the job cuts are part of a strategic workforce review rather than a sign of financial distress. The bank is evaluating staffing levels based on business priorities, employee performance and operational needs across different regions.

The layoffs will impact both front-office roles, which generate revenue, and back-office support functions, though the company has not disclosed which locations will see the largest reductions.

As of the end of 2025, Morgan Stanley had nearly 83,000 employees globally. The planned cuts represent a relatively small portion of its workforce but reflect a broader trend among global financial institutions to streamline operations and control costs.

Industry analysts said many large banks are adjusting staffing levels as market conditions evolve and companies increasingly invest in automation and technology to improve productivity.

Also Read: Rupee rebounds, trades between ₹91.08–₹91.57