Author: Staff Writer

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Corporate

Sensex rises 480 pts, Nifty tops 25,700

Indian equity benchmarks ended higher on Monday, February 23, after a strong rally, supported by positive global cues and buying in financial and select heavyweight stocks, although losses in IT shares capped the upside.

The BSE Sensex closed 480 points higher at  83,294.66, while the NSE Nifty 50 settled above the 25,700 mark , extending gains for the session.

Markets opened on a firm note following encouraging signals from global equities and sustained the momentum through most of the day, led by buying in banking, pharma and consumption stocks.

Among the top performers on the Nifty were Adani Ports, Dr Reddy’s Laboratories, Kotak Mahindra Bank, HDFC Life and Nestle India, which saw strong investor interest and lifted the indices.

However, the rally was partially restricted by weakness in technology and metal stocks. Hindalco, Wipro, Infosys, Tech Mahindra and Cipla ended among the top losers on the index.

IT stocks remained under pressure due to profit booking and a cautious outlook on the sector, which limited the overall market gains despite strength in other pockets.

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

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Banks’ quarterly profit tops ₹1 lakh crore

Indian banks recorded a combined net profit exceeding ₹1 lakh crore in the December quarter, the first time the sector has crossed that threshold.

Strong net interest income, higher fee income and lower provisioning supported gains across public and private lenders. Asset quality improved as gross non-performing assets eased and recoveries rose, while credit growth remained steady.

Analysts at CareEdge said healthier balance sheets and normalising credit costs drove results, though margins and loan growth will shape future momentum. The performance signals resilience in the banking system amid a stable macroeconomic backdrop.

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FBI warns of ATM jackpotting surge

The FBI has reported a sharp increase in ATM jackpotting attacks in the United States, with losses crossing $20 million in 2025. More than 700 cases were recorded during the year, part of nearly 1,900 incidents since 2020.

In these attacks, criminals break into ATMs and install malware that forces machines to dispense cash on command. The method targets the ATM’s software, not customer bank accounts. The Ploutus malware has been widely used to exploit the XFS platform that controls cash-dispensing functions.

The agency has advised banks and ATM operators to upgrade systems, improve physical security, and regularly inspect machines to detect tampering and prevent further financial losses.

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Corporate

Bitcoin loses $1 trillion as buyers vanish

Bitcoin has plunged roughly 40% from its recent high, erasing about $1 trillion in market value and exposing a market with far fewer buyers than traders expected. What began as a correction turned into a deeper rout as the usual buyers who step in on dips largely stayed away.

The sell-off was amplified by thin liquidity on exchanges. With fewer resting orders, even moderately large trades pushed prices sharply lower. That made support levels, price zones where buying normally stabilizes the market, less reliable. When those levels failed to hold, stop-losses and margin calls triggered further selling, creating a cascade effect.

Supply-side pressures added to the strain. Some long-term holders and miners sold into rallies to cover costs or obligations, increasing the amount of Bitcoin available at a time when demand was weak. In derivatives markets, concentrated leveraged positions and forced liquidations intensified moves, while funding rates signaled elevated leverage that needed to be unwound.

Beyond trading mechanics, the episode has reopened a debate about Bitcoin’s identity. Regulators worldwide are tightening rules around trading, custody and stablecoins, creating uncertainty for institutional investors. Promised steady institutional flows have been inconsistent, and investors are again asking whether Bitcoin is primarily a speculative instrument, a store of value, or something else.

On-chain indicators offer mixed signals. Some metrics suggest capitulation and potential buying opportunities for long-term investors; others point to weakening conviction across the network. The net effect is a fragmented market: fewer dependable buyers, more short-term sellers, and heightened sensitivity to news and policy shifts.

For now, traders and investors are watching for clear signs of renewed demand or a stabilizing event.

Also Read: UPL shares tumble 14–15% after reorganisation plan

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Beyond

AI Meet strengthens India’s tech leadership pitch

In a strong signal that artificial intelligence is becoming central to the global economic order, Prime Minister Narendra Modi has positioned the AI Impact Summit in New Delhi as a springboard for India’s next wave of technology-led growth.

Speaking during Mann Ki Baat, Modi said the adoption of the New Delhi Declaration by more than 80 countries reflects growing international confidence in India as a hub for AI innovation, investment and scalable digital solutions. The summit brought together global technology companies, policymakers, investors and startups, reinforcing India’s role in the evolving global AI value chain.

The event showcased the country’s digital public infrastructure, large skilled workforce and cost-efficient innovation ecosystem, key factors attracting multinational firms and venture capital into the AI space. According to the Prime Minister, this convergence of policy support, talent and infrastructure is opening new business opportunities across sectors.

India unveiled several indigenous AI models and enterprise-focused applications in healthcare, agriculture, education and governance, highlighting their commercial potential and export readiness. These developments are expected to improve productivity, enable new service models and create markets for AI-driven platforms.

The New Delhi Declaration provides a broad framework for trusted and inclusive AI adoption, which industry experts believe will ease cross-border collaborations, encourage regulatory coherence and unlock innovation funding. This is likely to help companies scale operations across multiple geographies with greater certainty.

He emphasised that India’s startup ecosystem and youth-led research will be crucial in capturing a larger share of the global AI economy. He added that affordable and ethical AI solutions developed in India can meet the needs of both advanced and emerging markets.

With increased investments in data centres, semiconductor ecosystems and digital infrastructure, the summit is being viewed as a catalyst for job creation, capital inflows and technology exports. He said the global appreciation received at the event underscores India’s transition from a technology consumer to a leading producer of AI solutions with long-term economic impact.

Also Read: Yes Bank targets 1% ROA by FY26, says CFO

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Lodha signs ₹364 crore Parel–Sewri redevelopment deal

Lodha Developers has signed a joint development agreement (JDA) worth ₹364.8 crore with the Sahana Group to develop a 10-acre land parcel in the Parel–Sewri belt of Mumbai, strengthening its presence in one of the city’s most active redevelopment zones.

The agreement, registered earlier this month, covers a total land area of 41,526.07 sq m. The plots are owned by Sahana entities, while Lodha will lead the planning, construction and sales of the proposed project. The transaction also involved a stamp duty payment of over ₹37 crore, indicating the scale and value of the development.

The project is expected to be positioned as a premium residential offering and is likely to be launched within the current quarter, according to industry sources. The Parel–Sewri micro-market has seen strong traction in recent years due to its central location, improving infrastructure and proximity to key commercial hubs such as Lower Parel and the eastern waterfront.

Real estate experts say the deal highlights the increasing reliance on joint development models in Mumbai, where limited availability of large freehold land parcels pushes developers to partner with landowners. Such arrangements allow developers to expand their project pipeline with lower upfront land acquisition costs while enabling landowners to monetise underutilised assets.

The central Mumbai corridor has been undergoing rapid transformation driven by metro connectivity, road upgrades and large-scale redevelopment of old industrial and slum pockets. This has attracted branded developers and boosted demand for high-end housing from professionals seeking homes close to business districts.

Lodha Developers has been actively entering into redevelopment and joint development deals to maintain a steady supply of projects in the Mumbai Metropolitan Region. This the new project adds to its future launch inventory and aligns with its strategy of focusing on high-value urban locations with strong absorption potential.

Also Read: ₹590 crore fraud reported at IDFC First Bank

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₹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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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