Author: Staff Writer

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Corporate

Polymarket bets on Iran strike hit $529mn, raise insider fears

The prediction market platform Polymarket has witnessed an extraordinary surge in trading related to the timing of US military action against Iran, with a total of $529 million exchanged on contracts predicting whether airstrikes would occur by specific dates. The spike in activity comes amid rising geopolitical tensions in the Middle East, as traders speculated on potential military developments and their outcomes.

Analysts monitoring blockchain data noticed that six newly created accounts placed unusually large bets predicting a strike by February 28. These accounts reportedly earned a combined $1–$1.2 million just hours before the attacks occurred. The precision and timing of these trades have raised suspicions that the traders may have had access to non-public information regarding military plans, sparking concerns about possible insider trading in a market typically designed for speculative betting.

Experts have highlighted that while prediction markets are meant to aggregate public expectations and provide insights into likely outcomes, incidents like this expose potential ethical and regulatory gaps. The extraordinary profits made by new accounts raise questions about fairness and market integrity, especially in markets connected to real-world events with geopolitical sensitivity.

Supporters of such markets argue that they can provide valuable signals about public sentiment and expectations. Meanwhile, Polymarket, which operates in a largely decentralized and unregulated environment, has come under scrutiny for its role in facilitating high-value bets that appear closely linked to sensitive developments.

US officials are reportedly reviewing the situation to determine whether confidential intelligence may have influenced trading activity.

Also Read: Dollar rises as Iran conflict pushes oil prices

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Beyond

Dollar rises as Iran conflict pushes oil prices

The US dollar strengthened sharply against major currencies, while the euro and Japanese yen weakened, as ongoing Middle East tensions involving Iran, the US, and Israel sent shockwaves through global markets. Investors flocked to safe-haven assets like the dollar and Swiss franc, fearing a prolonged conflict could disrupt trade and supply chains.

Crude oil prices rose significantly, with Brent crude climbing over $90 per barrel, due to concerns that Iranian airstrikes and retaliatory actions could affect shipments through the Strait of Hormuz, a key route for global oil exports. Higher energy prices are expected to add inflationary pressure on Europe, Japan, and other energy-importing countries.

The euro dropped to multi-week lows against the dollar, while the yen weakened amid Japan’s heavy reliance on imported energy. The Swiss franc gained as investors sought safety in stable currencies. Rising oil costs also pressured European stock markets, which saw declines as traders assessed the economic impact of higher energy bills and geopolitical risk.

Analysts said the market reaction reflects the combined impact of geopolitical uncertainty and energy price volatility. If the Middle East conflict escalates, energy prices could remain elevated, sustaining global inflation and boosting demand for safe-haven currencies. Economies dependent on imported fuels are particularly exposed to higher costs, while energy-exporting countries like the US may benefit from rising crude prices.

Experts also noted that central banks could face added challenges.

Also Read: Amazon India cuts seller referral fees to boost growth

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Leaders

Sunil Bharti Mittal wins GSMA lifetime award

Telecom leader Sunil Bharti Mittal has been awarded the Lifetime Achievement Award by the GSMA for his outstanding contribution to the telecommunications industry. The award was presented at the Mobile World Congress and recognises his role in transforming mobile connectivity both in India and globally.

Mittal, founder and chairman of Bharti Enterprises, has been a key figure in India’s telecom revolution. Through Bharti Airtel, he expanded mobile services across the country, making phones and internet affordable for millions. Under his leadership, Airtel also grew into a major global telecom player.

Speaking at the ceremony, Mittal highlighted the importance of innovation, investment in networks, and collaboration between governments and the industry. He said mobile technology has transformed daily life, improving communication, education, business and financial inclusion, especially in remote areas.

The GSMA Lifetime Achievement Award is a top honour in the telecom sector, given to leaders who have made a lasting impact. Industry experts praised Mittal for his vision, noting how he helped expand networks, set industry standards, and promote innovation that benefits millions of people.

The award celebrates Mittal’s role not just in India, but also his influence on international telecom policies and connectivity projects. It also underlines how strong leadership in telecom can create opportunities, drive economic growth, and improve quality of life.

Also Read: Tata Trusts stand firm on Chandrasekaran’s leadership

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Corporate

Shree Ram Twistex shares slump up to 35% on debut

Shares of Shree Ram Twistex made a poor debut on the stock market, falling sharply on their first day of trading. The stock listed at a steep discount of nearly 35 per cent compared to its IPO price, leaving many investors disappointed.

The company had fixed its IPO price at ₹104 per share. However, when the shares began trading on the National Stock Exchange (NSE), they opened at around ₹68. On the Bombay Stock Exchange (BSE), the stock listed close to ₹70. This means investors who bought shares in the IPO immediately saw a sharp drop in the value of their investment.

What surprised many was that the IPO had received strong demand. The issue was subscribed more than 43 times during the bidding period, with healthy participation from retail investors as well as institutional buyers. Usually, such strong interest leads to a good listing, but that did not happen in this case.

Market experts say that listing performance depends not only on subscription numbers but also on overall market conditions and investor sentiment on the day of trading. Broader market weakness and cautious investor mood may have affected the stock’s debut.

Shree Ram Twistex manufactures cotton yarn used in products such as denim, garments, towels and home textiles. The company raised around ₹110 crore through the IPO. It plans to use the funds for business expansion, setting up renewable energy capacity and meeting working capital needs.

Also Read: AWS cloud outage hits UAE and Bahrain after Iranian strikes

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Corporate

Fino Payments Bank denies GST evasion after CEO’s arrest

Fino Payments Bank has clarified that it has not evaded Goods and Services Tax (GST) following the arrest of its Managing Director and Chief Executive Officer, Rishi Gupta, by the Directorate General of GST Intelligence (DGGI).

The arrest is linked to an ongoing investigation into alleged irregular money flows and GST-related issues involving certain third-party programme managers and payment intermediaries. However, the bank has strongly denied any wrongdoing, stating that the case does not concern its own GST filings or compliance record.

In an official statement, Fino Payments Bank said it has consistently followed all regulatory and tax requirements. The lender also rejected reports linking it to betting or online gaming activities, clarifying that it does not promote or facilitate such businesses.

Following Gupta’s arrest, the bank appointed its Chief Financial Officer as interim head and assured customers and investors that daily operations continue as normal. It said there has been no disruption to account services, transactions or business volumes.

The development initially triggered sharp volatility in the bank’s share price, though the stock recovered partially after the company issued clarifications.

Industry bodies, including the Payments Council of India, have raised concerns about the implications of enforcement action against senior executives of regulated financial institutions. Meanwhile, Union Finance Minister Nirmala Sitharaman has indicated that the matter will be reviewed.

Despite the controversy, the bank maintained that its compliance framework remains strong and that the investigation pertains to external entities rather than the institution itself.

Also Read: AWS cloud outage hits UAE and Bahrain after Iranian strikes

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Beyond

Rupee falls 42 paise to settle at ₹91.50 a dollar

The Indian rupee came under heavy pressure on Monday, weakening beyond the 91 mark against the US dollar as global tensions rattled financial markets. The currency slipped to around ₹91.32–₹91.50 per dollar during the day, marking one of its sharpest recent declines.

The fall follows escalating tensions involving Iran, Israel and the United States, which have unsettled investors worldwide. Whenever geopolitical risks rise, global investors typically move money into safe-haven assets like the US dollar. This increases demand for the dollar and weakens emerging market currencies such as the rupee.

A key concern is the impact of the conflict on crude oil supplies. Oil prices jumped amid fears of potential disruption in the Middle East, a region critical to global energy exports. For India, which imports the majority of its crude oil needs, higher oil prices mean a larger import bill. Since oil purchases are made in dollars, this further increases demand for the US currency and adds pressure on the rupee.

The nervousness also spread to Indian equity markets. Benchmark indices opened lower, reflecting cautious investor sentiment. Foreign institutional investors were seen trimming positions, contributing to market volatility.

A weaker rupee can have a direct impact on the economy. Imports such as crude oil, electronics, machinery and fertilisers become more expensive. This can eventually push up prices for businesses and consumers, adding to inflation concerns.

Market participants will now closely track geopolitical developments and crude oil movements. Any further escalation in tensions could keep the rupee under strain.

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1 Minute-Read

IMFA acquires Tata Steel’s Ferro‑Chrome plant for ₹707 cr

Indian Metals & Ferro Alloys Ltd (IMFA) has completed the acquisition of Tata Steel’s ferro‑chrome plant in Kalinganagar, Odisha for ₹707.26 crore, including GST and working capital adjustments.

The plant spans 115 acres and currently has four furnaces producing 100,000 tonnes annually, with a fifth under construction expected to increase capacity to 150,000 tonnes per year within a year.

Funded entirely from IMFA’s internal accruals, the deal strengthens the company’s position as a leading ferro‑chrome producer in India, expanding production and improving operational efficiency in the ferro‑alloys sector.

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Corporate

Adani Ports confirms Haifa port safe, fully operational

Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest port operator, has confirmed that its Haifa Port terminal in Israel is secure and fully operational, despite ongoing regional conflict following recent military strikes. The company said port operations continue as usual, with no disruptions to cargo movement or vessel schedules.

Haifa Port, on Israel’s Mediterranean coast, is a vital hub for container shipments, vehicles, and bulk cargo. Adani Ports manages terminal operations through a joint venture with local partners, ensuring smooth handling of trade between Israel, India, and other international markets. Maintaining operational continuity is crucial amid heightened security concerns in the region.

In an official statement, APSEZ said it has implemented all necessary measures to safeguard its employees, assets, and infrastructure. The company emphasised that business activities at the port remain unaffected, with cargo handling, vessel calls, and supply chains running normally. These assurances aim to allay concerns of traders and shipping partners relying on stable operations.

Haifa Port plays a strategic role not only for Israel’s domestic trade but also for connecting Mediterranean and European routes with Asia. Analysts note that keeping the port open during regional instability reassures international shippers and investors, preserving confidence in the logistics and shipping sector.

Adani Ports’ statement also comes amid broader market concerns over potential disruptions caused by geopolitical tensions in the Middle East, which could affect fuel costs, insurance premiums, and shipping schedules. By confirming that its Haifa operations remain unaffected, APSEZ signals resilience and commitment to uninterrupted service for global trade partners.

The company reiterated its commitment to the safety and well-being of employees and partners at the port. All standard security protocols are in place, and management continues to monitor the situation closely to respond promptly to any potential risks.

Also Read: PM Modi urges peace, flags economic risks in Gulf

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Leaders

PM Modi urges peace, flags economic risks in Gulf

Prime Minister Narendra Modi held a telephone call with Benjamin Netanyahu on Monday, urging an “early cessation of hostilities” and emphasising that the safety of civilians must be a priority as tensions soar in West Asia following US–Israel strikes on Iran.

In his message on social media platform X, Modi said he had conveyed India’s concerns over the ongoing violence and called for de‑escalation to protect non‑combatants caught in the crossfire. He reiterated that India wants hostilities to end quickly and urged all sides to prioritise peace and civilian security.

The call comes amid growing concerns over trade and energy flows. India imports a significant portion of its crude oil and LPG from West Asia, and instability in the region, especially near strategic chokepoints like the Strait of Hormuz, could affect fuel costs, shipping schedules, and supply chains.

PM Modi also spoke with Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, condemning recent attacks on the UAE and expressing India’s solidarity, while thanking UAE leadership for looking after the large Indian expatriate community.

Although direct trade with Iran has declined due to sanctions, India continues to export agricultural products, machinery, and pharmaceuticals, while importing dry fruits, chemicals, and glassware. Analysts warn that escalating conflict could disrupt these trade flows, affecting businesses and exporters dependent on Gulf markets.

India’s government is closely monitoring the economic fallout, including potential delays at ports, shipping disruptions, and volatility in energy prices. The PM’s outreach reflects India’s dual focus: advocating for peace to protect civilians and ensuring continuity of critical trade and energy interests.

PM Modi’s calls to regional leaders signal proactive diplomacy, combining humanitarian concerns with strategic economic foresight as businesses watch the Gulf situation for its impact on energy, logistics, and trade stability.

Also Read: GST collections rise to ₹1.83 lakh cr in February

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Beyond

GST collections rise to ₹1.83 lakh cr in February

India’s Goods and Services Tax (GST) mop‑up rose to ₹1.83 lakh crore in February 2026, marking an 8.1% increase compared with the same month last year, government data showed. The figure reflects continued strength in consumption and economic activity despite global headwinds and geopolitical tensions.

The February collection brings the total GST revenue for the current financial year (FY26) to over ₹20.27 lakh crore, surpassing last year’s tally and reinforcing India’s robust tax base. The GST regime, which replaced multiple indirect taxes in 2017, remains a key indicator of domestic demand and business performance across sectors.

Officials said the jump in GST receipts was driven primarily by improved compliance, better revenue enforcement, and sustained consumer spending. Payments of Integrated GST (IGST) on imports and domestic supplies contributed substantially to the overall mop‑up, supported by subdued inflation in many core sectors.

The February GST number also includes a significant portion of cess collections, which are used to compensate states for revenue shortfalls, particularly on account of the implementation of the unified tax system. Analysts noted that the steady growth in collections signals resilience in consumption demand, especially in automobiles, consumer goods, and services.

Experts highlighted that while global uncertainties, including supply chain disruptions and inflation pressures, continue to pose challenges, robust domestic demand has cushioned the impact on revenue streams. “The sustained growth in GST collections reflects the underlying strength of India’s economy,” said one tax expert. “It suggests that businesses are adapting to policy shifts and that consumer confidence remains intact.”

Government officials also pointed to ongoing efforts to widen the tax base and simplify compliance, including digitised processes and stricter anti‑evasion measures, which have contributed to higher net revenue. These efforts, they said, help ensure a more transparent and efficient GST framework.

The February outcome is likely to provide some cushion to fiscal managers as they balance revenue targets with expenditure priorities, especially ahead of budget planning for the next fiscal year. Economists will watch March figures closely, as they often reflect the year’s strongest GST performance.

Also Read: TCS temporily suspends Middle East work travel