Author: Staff Writer

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Corporate

₹590 crore fraud reported at IDFC First Bank

IDFC First Bank has disclosed a fraud of nearly ₹590 crore at its Chandigarh branch, involving accounts linked to the Haryana government. The bank has reported the matter to regulators and launched an internal investigation to determine how the irregularities occurred.

The fraud was detected in government-related accounts, raising alarm over the safety of public funds. IDFC First Bank confirmed that it is cooperating with authorities, including the Reserve Bank of India, and has begun corrective measures to strengthen its internal controls.
In a swift response, the Haryana government has de-empanelled both IDFC First Bank and AU Small Finance Bank from handling state transactions. This means the two institutions will no longer be allowed to manage government accounts, schemes, or funds in the state.

Officials said the move was precautionary, aimed at safeguarding public money and ensuring transparency in financial dealings.
The incident has sparked wider debate about the monitoring of government accounts and the role of banks in preventing fraud. Financial experts point out that while frauds of this scale are uncommon, they highlight vulnerabilities in oversight and the need for stronger auditing practices.

For IDFC First Bank, the disclosure comes at a challenging time, as the institution has been expanding its footprint in retail and government banking services. The bank has assured stakeholders that it is committed to restoring trust and preventing similar incidents in the future.

The Haryana government’s decision to remove AU Small Finance Bank alongside IDFC First Bank suggests a broader review of empanelled institutions. Analysts believe this signals a tougher stance on accountability, with the state determined to enforce stricter standards across the banking sector.

As investigations continue, attention will focus on identifying how the fraud was carried out, who was responsible, and what measures can be introduced to strengthen safeguards around government-linked accounts. The case is expected to influence future policies on how states engage with banks for managing public funds.

Also Read: Embraer, Mahindra join forces to build C‑390 MRO facility in India

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Beyond

Gold slips to ₹1.59 lakh, silver at ₹2.74 lakh

Gold prices in the domestic bullion market slipped marginally on Monday, tracking subdued local demand even as international rates moved sharply higher on fresh global uncertainties. The price of 24-carat gold fell by ₹10 to ₹1,59,270 per 10 grams, while silver declined by ₹100 to ₹2,74,900 per kilogram in early trade.

The 22-carat variant also witnessed a similar drop, easing to ₹1,45,990 per 10 grams. Across major metros, gold prices remained largely aligned, with Mumbai and Kolkata quoting 24-carat gold at ₹1,59,270, while Chennai continued to trade at a premium. Silver prices were mostly uniform across key cities, though Chennai again recorded higher levels.

The mild correction in domestic retail prices comes at a time when global bullion is witnessing strong buying interest. In international markets, gold climbed close to the $5,200-per-ounce mark, supported by a rush towards safe-haven assets after the US Supreme Court struck down sweeping tariff measures. The development has created uncertainty around future trade policy and boosted investor appetite for precious metals.

Silver outperformed gold in global trade, jumping nearly 5%, aided by a combination of safe-haven demand and optimism around its industrial consumption outlook.

Market participants said the divergence between local and global prices reflects currency movements, import cost dynamics and the timing of domestic price adjustments rather than a change in the broader trend. The underlying sentiment for bullion continues to remain positive due to geopolitical risks and trade-related volatility.

However, analysts advise investors to avoid aggressive buying at current elevated levels. With prices near record highs, a staggered buying strategy on corrections is seen as a more prudent approach for long-term investors.

Going ahead, the direction of gold and silver will largely depend on the movement of the US dollar, clarity on trade policy and global risk sentiment, while domestic prices will also be influenced by rupee trends and physical demand conditions.

Also Read: Sensex jumps over 600 points, Nifty tops 25,700

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Corporate

Sensex jumps over 600 points, Nifty tops 25,700

Indian equity benchmarks began the week on a strong note on Monday, with the BSE Sensex jumping over 600 points and the Nifty 50 moving above the 25,700 level. The rally followed positive global cues after a key US ruling scrapped earlier tariff measures, easing concerns over trade disruptions and lifting market sentiment worldwide.

The upbeat mood triggered widespread buying across sectors, with metal stocks leading the gains amid a sharp rise in commodity prices. Export-oriented companies also attracted investor interest as the easing of trade barriers is expected to improve overseas demand and support earnings growth.

Precious metals, however, moved in the opposite direction to equities in terms of investment strategy, with gold climbing around 2 per cent and silver surging nearly 6 per cent. The sharp rise in safe-haven assets reflected underlying global uncertainty and volatility, even as stock markets advanced.

Market participants said the tariff relief has improved India’s trade outlook and could help boost foreign institutional inflows in the near term. A softer crude oil trend further supported sentiment, as lower energy prices are seen reducing input costs for companies and easing pressure on the country’s import bill.

Broader markets also participated in the rally, with mid-cap and small-cap stocks recording notable gains, indicating improving risk appetite among investors. Banking and financial stocks contributed to the upward move, though stock-specific caution remained in a few counters due to regulatory and corporate developments.

Analysts believe the sharp rise reflects a combination of global optimism and domestic resilience, but warned that volatility may persist. A proposed new US import duty, although less severe than previous tariffs, and fluctuating commodity prices could influence market direction in the coming sessions.

Despite these concerns, Monday’s surge added significant investor wealth and set a positive tone for the week, with the focus now shifting to global policy signals, institutional fund flows and movement in oil prices for further cues.

Also Read: PhonePe lets users pay via fingerprint or face ID

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Corporate

Embraer, Mahindra join forces to build C‑390 MRO facility in India

Brazilian aerospace company Embraer and Mahindra Group are deepening their collaboration in India to develop a Maintenance, Repair, and Overhaul (MRO) facility for the C‑390 Millennium military transport aircraft, contingent on the aircraft being chosen for the Indian Air Force’s (IAF) Medium Transport Aircraft (MTA) programme.

The proposed MRO facility will provide end-to-end support for the C‑390, including base and heavy maintenance, avionics support, structural inspections, component overhaul, and technical training. This will allow faster servicing and reduce reliance on overseas facilities, improving the fleet’s operational readiness and lifecycle efficiency.

The partnership, first formalised in October 2025, is designed to strengthen India’s defence aerospace ecosystem. Vinod Sahay of Mahindra Group said a local MRO would ensure high aircraft availability, support the IAF’s operational needs, and help India build domestic defence capabilities.

Embraer Services & Support President and CEO Carlos Naufel emphasized that the facility would generate skilled jobs, strengthen local supply chains, and connect Indian aerospace companies to Embraer’s global support network. The facility could also position India as a regional hub for C‑390 maintenance, servicing other operators of the aircraft in Asia and beyond.

The C‑390 Millennium is a versatile aircraft capable of cargo and troop transport, medical evacuation, search and rescue, firefighting, humanitarian missions, and air-to-air refuelling. By establishing an MRO facility in India, the partners aim to ensure quicker turnaround times and operational autonomy for the aircraft fleet.

This initiative also aligns with India’s Make in India and Atmanirbhar Bharat goals, promoting local manufacturing and lifecycle support in defence and aerospace. Embraer already has a presence in India with nearly 50 aircraft operating across defence, commercial, and business aviation sectors, highlighting the company’s long-term commitment to the country.

Also Read: Sundar Pichai announces $15-bn AI investment for India

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Beyond

PhonePe lets users pay via fingerprint or face ID

PhonePe has introduced a new biometric UPI payment feature, allowing users to complete transactions using their smartphone’s fingerprint scanner or facial recognition instead of entering a UPI PIN. The move aims to make digital payments quicker, safer, and more convenient for everyday transactions.

With this update, users can authorise payments up to ₹5,000 simply by verifying their identity through biometrics. For transactions above this limit, the traditional UPI PIN will still be required, ensuring additional security for higher‑value payments.

The new feature addresses common issues in daily digital transactions, such as mistyped PINs or delays when entering PINs in crowded or busy places. Biometric verification also reduces the risk of PIN exposure, enhancing security in public settings.

Currently, the feature is available for Android users whose devices support fingerprint or face recognition. PhonePe plans to roll out the service for iOS users soon. To enable biometric payments, users need to go to Profile → Manage Payments → Biometric Pay in the PhonePe app and complete a one‑time setup with their UPI PIN and biometric verification.

According to PhonePe officials, the feature combines convenience and security, making small-value transactions faster while retaining safety protocols. In cases where biometric authentication fails, such as poor lighting or sensor issues, users can always revert to entering their UPI PIN manually.

Also Read: Vishal Sikka sees AI boosting Indian entrepreneurs

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Corporate

Qualcomm and Tata Electronics to make automotive modules in India

Qualcomm Technologies,  has partnered with Tata Electronics to manufacture Qualcomm Automotive Modules in India, a move aimed at boosting local production and supporting the country’s growing automotive electronics sector.

Tata Electronics will produce these modules at its upcoming semiconductor assembly and test facility in Jagiroad, Assam — India’s first indigenous Outsourced Semiconductor Assembly and Test (OSAT) plant. The facility, with an estimated investment of around USD 3 billion, will focus on advanced packaging technologies including wire bonding, flip-chip, and integrated systems packaging, which are crucial for automotive, AI, IoT, and communication electronics.

Qualcomm Automotive Modules combine Snapdragon Digital Chassis chips with essential system components into production-ready units. These modules simplify design for automakers, enabling faster development of digital cockpits, infotainment, connectivity, and intelligent vehicle systems. They are also key to the shift toward software-defined vehicles, providing scalable, ready-to-use solutions.

This collaboration aligns with India’s Make in India initiative and global efforts to diversify semiconductor supply chains. By manufacturing locally, Qualcomm and Tata Electronics aim to serve both Indian and international automakers more efficiently while enhancing supply-chain resilience.

Executives from Qualcomm highlighted the growing global demand for automotive modules and the importance of regional manufacturing hubs. For Tata Electronics, the partnership marks a major milestone in its ambition to become a global center for advanced electronics manufacturing, leveraging its expertise in integrated systems packaging to deliver high-performance products.

Also Read: Boeing secures 50-aircraft order from Vietnam Airlines

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Beyond

Supreme Court blocks Trump’s global tariffs

The U.S. Supreme Court has struck down the bulk of former President Donald Trump’s global tariffs, ruling that he overstepped his authority by imposing wide-ranging import taxes without Congress’s consent. The 6–3 decision, announced on February 20, 2026, marks a significant setback for Trump-era trade policies that affected goods from countries across the globe.

The dispute centered on the International Emergency Economic Powers Act (IEEPA), a law meant to give the president authority in national emergencies. The court found that using it to levy broad tariffs on imports from multiple countries went beyond the law’s intent, since the US Constitution grants Congress the power to impose taxes and tariffs.

Trump’s “reciprocal tariffs” had targeted goods from major trading partners, including China, Mexico, Canada, and India, aiming to protect U.S. industries and reduce trade deficits. While the administration viewed them as essential tools for negotiating fair trade, critics challenged them as unconstitutional and disruptive to businesses and global markets.

Chief Justice John Roberts, writing for the majority, emphasized that significant economic decisions require clear congressional authorization. The court’s ruling leaves sector-specific tariffs under other trade laws, such as duties on steel and aluminum for national security, intact. Justices Thomas, Alito, and Kavanaugh dissented, believing the tariffs were within presidential authority.

The decision has major financial implications. Billions of dollars collected under the invalidated tariffs could be eligible for refunds, though the Supreme Court left details to lower courts. Businesses and exporters now face a clearer legal framework for US trade, while the White House may explore other statutory avenues to enforce parts of its trade agenda.

Also Read: OpenAI–Tata partner for 100mw AI data centre in India

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Corporate

Cristiano Ronaldo invests in Herbalife Health Tech, shares jump 15%

Cristiano Ronaldo, the Portuguese football icon, is making headlines off the field as well. The superstar has invested $7.5 million to acquire a 10 % stake in HBL Pro2col Software LLC, a health tech company owned by Herbalife. The company uses technology to provide personalised nutrition and wellness plans, combining health data with software to help users achieve better lifestyles.

The announcement immediately excited investors. Following news of Ronaldo’s investment, Herbalife’s shares surged more than 15 %, reflecting the market’s positive response. This boost comes alongside Herbalife’s recent financial results, which showed steady sales growth for 2025 and stronger performance in the fourth quarter, further cementing investor confidence.

Ronaldo has been associated with Herbalife for years as a brand ambassador, endorsing their products since 2013. However, this move marks his first publicly disclosed financial investment in the company. In a statement, Ronaldo described the deal as a “natural next step” in his long-standing relationship with Herbalife. He emphasized his personal commitment to health, wellness, and innovation, saying that the investment aligns with his passion for promoting healthier lifestyles.

For Herbalife, the investment is more than just a financial boost—it is also a significant endorsement from one of the world’s most influential athletes, highlighting the growing intersection between sports, wellness, and technology. The company’s platform, Pro2col, aims to revolutionize the way people approach nutrition and personal wellness, combining data-driven insights with tailored health plans.

Ronaldo’s involvement could attract more attention to the wellness technology sector, inspiring other high-profile investors to explore similar opportunities. For Ronaldo, this investment represents a blending of personal interest and strategic business acumen, demonstrating how athletes are increasingly leveraging their influence to make impactful business decisions.

Also Read: Mark Zuckerberg grilled in social media addiction trial

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Corporate

Sensex rises 316 points, Nifty climbs past 25,550

Equity markets ended the week on a positive note on Friday, February 20, 2026, with strong buying in cyclical and rate-sensitive sectors. The BSE Sensex climbed 316.57 points to close at 82,814.71, while the NSE Nifty50 rose 116.90 points, settling at 25,571.25. Broad-based buying helped indices recover from midweek volatility, giving investors some relief after a week of swings.

Sectoral performance was mixed but tilted positive. Metals and public sector banks were the biggest gainers, reflecting renewed investor interest in sectors expected to benefit from economic activity and policy support. NTPC surged nearly 3%, L&T added 2%, and other PSU names like SBI and Tata Steel showed steady gains. Power, capital goods, and financials also contributed to the market’s upward momentum.

However, the rally was not uniform. IT and media stocks underperformed, with major technology counters ending in the red as investors rotated funds toward value-oriented and cyclical sectors. Midcap stocks recorded moderate gains, while smallcaps were slightly weaker, highlighting cautious sentiment in riskier segments.

Global cues remained mixed. Asian markets traded lower in early sessions, pressured by geopolitical concerns and rising oil prices, while US. futures showed moderate resilience. This combination kept domestic investors cautious, despite strong pre-market indications from GIFT Nifty futures, which suggested a slightly positive opening.

Also Read: Vishal Sikka sees AI boosting Indian entrepreneurs

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Vishal Sikka sees AI boosting Indian entrepreneurs

At the India AI Impact Summit 2026, Vishal Sikka, former Infosys CEO, urged India to harness AI to create a “human revolution” that empowers entrepreneurs nationwide.

He said AI should not just drive profits but help people lead meaningful, productive lives. Drawing lessons from India’s past successes in connectivity and food security, Sikka stressed the importance of making AI accessible, responsible, and practical.

He reflected that Infosys had built an AI platform over a decade ago, but the technology then was not widely adopted. Today, he sees an opportunity for AI to unlock innovation for millions.