Author: Staff Writer

Categories
Beyond

Bombay HC quashes 12% retrospective spectrum charge

The Bombay High Court has struck down the Centre’s decision to impose a 12% retrospective spectrum usage charge on telecom operators, providing significant relief to the industry in a long-running dispute over regulatory levies.

The court ruled that the government’s attempt to retrospectively apply the additional charge was legally unsustainable. The decision came in response to petitions filed by telecom companies challenging the demand, which they argued was arbitrary and imposed years after the spectrum had already been allocated and used.

The dispute centred on the government’s move to levy a 12% spectrum usage charge on certain operators for past periods. Telecom firms contended that the charge altered the financial terms of spectrum allocation after the fact, creating uncertainty and imposing substantial additional liabilities.

In its judgment, the High Court held that authorities could not retrospectively modify financial obligations in a manner that adversely affected companies without a clear legal basis. The ruling effectively cancels the disputed demand and removes a significant financial burden from affected telecom operators.

The verdict is expected to benefit major telecom companies that had challenged the levy. Legal experts said the judgment reinforces the principle that government policies and financial obligations must be applied transparently and within the framework of existing laws. The ruling could also influence future disputes involving retrospective demands across regulated sectors.

The Centre may consider legal options, including an appeal against the judgment. However, unless overturned by a higher court, the ruling is likely to provide immediate relief to telecom operators affected by the disputed charge.

The telecom industry welcomed the decision, viewing it as a positive step towards regulatory certainty.

Also Read: RBI offers 1.5% FX swaps to boost dollar inflows

Categories
Beyond

RBI offers 1.5% FX swaps to boost dollar inflows

The Reserve Bank of India (RBI) has introduced a discounted foreign exchange (FX) swap facility at a rate of 1.5%, a move aimed at attracting overseas capital inflows and strengthening the country’s external financial position.

Under the new framework, the RBI will absorb the foreign exchange risk for participating investors, making it cheaper and more attractive for global funds to bring money into India. The initiative is designed to encourage inflows into government securities and other financial assets at a time when global markets remain volatile and capital flows are increasingly sensitive to interest rate expectations.

Market participants estimate the measure could potentially attract up to $50 billion in additional foreign inflows over time. By reducing hedging costs, the RBI is effectively lowering one of the key barriers faced by overseas investors when investing in Indian assets.

Foreign investors typically hedge currency exposure to protect themselves from exchange-rate fluctuations. However, hedging costs can significantly reduce investment returns. The RBI’s discounted swap arrangement addresses this concern by providing a lower-cost mechanism for managing currency risk.

The announcement comes amid a relatively favourable macroeconomic environment marked by moderating inflation, resilient economic growth and expectations of continued policy support from the central bank. Lower crude oil prices have also improved India’s external outlook by easing pressure on the country’s import bill.

Financial markets responded positively to the development. Bond yields eased as investors anticipated stronger foreign participation in debt markets, while sentiment towards the rupee improved on expectations of increased dollar inflows.

Analysts said the move reflects the central bank’s efforts to strengthen India’s foreign exchange reserves, support the rupee and improve liquidity in domestic financial markets. The measure also complements recent policy steps aimed at enhancing India’s attractiveness as an investment destination.

Also Read: Sensex up 350 points, Nifty tops 23,100 on bank rally

Categories
Corporate

Sensex up 350 points, Nifty tops 23,100 on bank rally

Indian benchmark indices traded higher on Tuesday, as the BSE Sensex rose more than 350 points during the session, while the NSE Nifty 50 crossed the 23,100 mark.

The market recovery came after a decline in global oil prices following signs of easing tensions in the Middle East. Lower crude prices reduced concerns over inflation and India’s import bill, encouraging investors to return to equities.

Financial stocks led the rally, with private banks, PSU banks and financial services companies witnessing strong buying interest. Realty shares also advanced, helping support broader market gains. In contrast, information technology stocks remained under pressure, making IT one of the weakest-performing sectors of the day.

Among individual stocks, InterGlobe Aviation (IndiGo) featured among the top gainers after brokerages maintained positive outlooks on the airline’s growth prospects. Retail major Trent also gained, continuing its recent upward momentum.

Rail Vikas Nigam Ltd (RVNL) climbed after securing a railway contract worth around ₹221 crore, while Redington advanced following positive market reaction to Apple’s announcements at its Worldwide Developers Conference (WWDC) 2026.

On the losing side, NLC India declined after the government launched an offer for sale (OFS) of up to a 3% stake in the company. IT heavyweight TCS and several other technology stocks also traded lower amid sector-specific weakness.

Meanwhile, bond yields softened as falling crude prices and recent Reserve Bank of India measures aimed at attracting foreign currency inflows improved sentiment in debt markets. The rupee remained relatively stable against the US dollar.

Also Read: US labels BYD, Alibaba, Baidu as Chinese military firms

Categories
Beyond

US labels BYD, Alibaba, Baidu as Chinese military firms

The United States has added several major Chinese companies, including BYD, Alibaba Group and Baidu, to its list of firms allegedly linked to China’s military, marking a fresh escalation in the ongoing strategic and technology rivalry between the world’s two largest economies.

The designation was made by the US Department of Defense, which maintains a list of companies it believes have connections to the Chinese military. Inclusion on the list does not automatically trigger sanctions or immediate restrictions, but it can discourage US investment and increase regulatory scrutiny of the affected companies.

US officials said the move reflects concerns about the relationship between China’s military establishment and large private-sector companies operating in strategically important industries such as artificial intelligence, advanced technology, data services, electric vehicles and communications.

The latest additions include some of China’s most prominent corporations. BYD is one of the world’s leading electric vehicle manufacturers, while Alibaba and Baidu are major players in e-commerce, cloud computing, artificial intelligence and digital services.

The companies have denied any military links and rejected the Pentagon’s characterisation. They argued that they are commercial enterprises operating independently and in compliance with applicable laws and regulations. Some firms indicated they would review legal options and engage with US authorities regarding the designation.

China strongly criticised the decision, accusing Washington of politicising trade and technology issues and attempting to suppress Chinese companies under the guise of national security concerns. Beijing said such actions undermine fair competition and disrupt global business operations.

The development comes amid continuing tensions between the United States and China over technology leadership, trade policies, semiconductor restrictions and national security concerns. In recent years, Washington has imposed a range of measures targeting Chinese technology firms, while Beijing has responded with its own regulatory and economic actions.

Categories
Corporate

Haleon to invest ₹2,000 cr in first India plant

Global consumer healthcare company Haleon has announced an investment of ₹2,000 crore to establish its first manufacturing facility in India, marking a significant expansion of its presence in one of its fastest-growing markets.

The new facility will strengthen Haleon’s local manufacturing capabilities and support the company’s long-term growth strategy in India. The investment is expected to boost domestic production of popular healthcare products while reducing reliance on imports and improving supply chain efficiency.

The proposed plant will manufacture a range of consumer healthcare products, including oral health, pain relief and wellness brands sold by the company. Haleon said the investment reflects its confidence in India’s growth potential and rising demand for healthcare and self-care products.

Company officials stated that the facility will create employment opportunities, support local suppliers and contribute to the government’s push to expand manufacturing under the “Make in India” initiative. The project is also expected to help strengthen India’s position as a key production hub for consumer healthcare products.

Alongside the manufacturing investment, Haleon reaffirmed its commitment to improving healthcare access in underserved communities. The company said it plans to expand programmes focused on health awareness, preventive care and community outreach, particularly in rural areas where access to healthcare services remains limited.

India is among Haleon’s priority markets globally, driven by increasing health awareness, rising incomes and growing demand for over-the-counter healthcare products. Industry analysts believe the company’s decision to invest in local manufacturing reflects the country’s expanding role in global healthcare supply chains.

The investment comes as several multinational companies increase manufacturing operations in India to tap into the country’s large consumer base and benefit from favourable government policies. Experts said local production can help companies respond more quickly to market demand while improving cost efficiencies.

Haleon, which owns well-known consumer health brands across oral care, vitamins and pain management categories, said the new facility will support both business growth and broader healthcare goals. The company aims to combine manufacturing expansion with initiatives that improve everyday health outcomes for millions of people across India.

Also Read: Apple brings new child safety tools

Categories
Corporate

Sensex falls below 700 points, Nifty ends at 23,150

Indian benchmark equity indices ended sharply lower on Monday, weighed down by broad-based selling across sectors amid weak global cues and concerns over geopolitical tensions in the Middle East.

The BSE Sensex plunged below 700 points to close at 75,800, while the NSE Nifty 50 fell below the 23,150 mark. Investor sentiment remained under pressure as rising crude oil prices and uncertainty surrounding the Iran-Israel conflict heightened concerns about inflation and global economic growth.

Among the major losers on the Sensex, Tata Motors led the decline, followed by Adani Ports and Trent. Other stocks that ended lower included Maruti Suzuki, Sun Pharma, Reliance Industries and Larsen & Toubro. Selling pressure was visible across auto, metal and energy stocks.

A few stocks managed to buck the trend. IndusInd Bank, Tech Mahindra and HCLTech were among the notable gainers, supported by selective buying in banking and information technology counters. Infosys and Axis Bank also showed relative resilience compared with the broader market.

Market participants said escalating geopolitical tensions and rising oil prices triggered risk-off sentiment among investors. Higher crude prices are a concern for India as they can increase import costs and fuel inflationary pressures.

Analysts noted that investors are closely monitoring developments in global energy markets, foreign institutional investor activity and upcoming economic data for further direction.

Going forward, market sentiment is expected to remain cautious as traders assess the impact of geopolitical developments and commodity price movements. Any further escalation in tensions or sustained rise in crude oil prices could continue to weigh on equities.

Also Read: CBI raids officials in ₹661 cr bank fraud case

Categories
Beyond

CBI raids officials in ₹661 cr bank fraud case

The Central Bureau of Investigation (CBI) has intensified its investigation into an alleged ₹661-crore fraud involving the diversion of government funds through IDFC First Bank and AU Small Finance Bank. As part of the probe, the agency conducted searches at six locations across Chandigarh, Panchkula and the Delhi-NCR region. The raids targeted premises linked to senior Haryana cadre officers, including IAS and IFS officials, as well as a Noida-based consultancy firm and its director.

According to investigators, funds belonging to various departments of the Haryana government and the Chandigarh Administration were allegedly diverted through a network involving bank officials, public servants and private entities. The CBI suspects that some officials received undue benefits for facilitating transactions and overlooking irregularities that enabled the movement of public money. The agency is examining whether there was a larger nexus between government officers and banking personnel.

During the searches, investigators reportedly recovered documents, digital records and financial information that could help trace the flow of funds. The CBI is also looking into a suspected benami property worth nearly ₹20 crore that is believed to be linked to a senior public servant under scrutiny in the case.

The fraud case has already led to multiple arrests and legal action. Earlier investigations resulted in charges being filed against bank officials, government employees and private individuals. The Enforcement Directorate (ED) is conducting a parallel money-laundering probe and has arrested businessman Vikram Wadhwa in connection with the case.

The alleged scam first came to light after authorities detected irregular transactions involving government deposits maintained with the banks. Subsequent investigations suggested that funds were moved through unauthorized channels and allegedly misappropriated over a period of time.

Also Read: Crude oil climbs 4%, extending weekly gains

Categories
Leaders

Gautam Adani reclaims title of Asia’s richest person

Billionaire industrialist Gautam Adani has once again become Asia’s richest person after a sharp rise in the market value of Adani Group companies boosted his personal wealth.

According to the latest Forbes Real-Time Billionaires rankings, Adani’s net worth has climbed to approximately $89.2 billion, allowing him to move ahead of Mukesh Ambani and Masayoshi Son in the race for the top spot in Asia. The surge comes after strong gains across several listed Adani Group firms in recent weeks.

The rally has been driven by investor confidence in key group companies, including ports, energy, power and infrastructure businesses. Shares of several Adani firms have recorded notable gains, increasing the combined market value of the conglomerate and significantly adding to the chairman’s fortune.

For much of the past few years, the title of Asia’s richest person has shifted between Adani and Ambani, reflecting movements in the stock prices of their respective business empires. More recently, SoftBank founder Masayoshi Son had briefly moved ahead of both Indian billionaires, aided by gains linked to the global artificial intelligence boom. However, market fluctuations have once again altered the rankings.

Adani’s return to the top marks another milestone in the recovery of the Adani Group, which has faced periods of volatility and regulatory scrutiny in recent years. Despite these challenges, the group has continued to expand its presence across infrastructure, renewable energy, logistics and other sectors.

Also Read: Crude oil climbs 4%, extending weekly gains

Categories
Beyond

Crude oil climbs 4%, extending weekly gains

Global oil prices jumped sharply after escalating tensions in the Middle East raised concerns about potential disruptions to crude supplies from one of the world’s most important energy-producing regions.

Brent crude, the international benchmark, rose more than 4 per cent during trading, while US West Texas Intermediate (WTI) crude also posted strong gains. The surge followed reports of Israeli military strikes targeting sites in Iran and Lebanon, heightening fears of a broader regional conflict.

Market participants reacted swiftly to the developments, with traders worried that any escalation could affect oil production, transportation routes or exports from the region. The Middle East accounts for a significant share of global crude oil supply, making geopolitical tensions a key factor influencing energy markets.

Analysts said investors rushed to factor in a potential “risk premium” on oil prices as uncertainty increased. Even though there has been no immediate disruption to oil shipments, concerns about future supply constraints were enough to push prices higher.

The latest rise comes after weeks of volatility in global energy markets, driven by a combination of geopolitical risks, production decisions by major oil-producing countries and concerns about global economic growth. Market observers noted that any prolonged conflict could have a wider impact on energy costs worldwide.

Higher crude oil prices often translate into increased fuel and transportation costs, which can affect businesses and consumers alike. Countries that rely heavily on imported crude, including India, closely monitor such developments because sustained price increases can influence inflation and trade balances.

Energy experts said markets will remain focused on developments in the Middle East in the coming days. Any signs of further escalation could lead to additional price fluctuations, while diplomatic efforts to ease tensions may help stabilise markets.

For now, traders are assessing the potential impact of the conflict on global oil flows. With uncertainty continuing to dominate market sentiment, oil prices are expected to remain sensitive to geopolitical developments and supply-related concerns in the region.

Also Read: Rajesh Exports under regulatory lens after Sebi order

Categories
1 Minute-Read

Rajesh Exports under regulatory lens after Sebi order

Rajesh Exports is facing increased scrutiny after a recent Securities and Exchange Board of India (Sebi) order related to alleged financial irregularities. The development could impact the company’s eligibility under the government’s Production Linked Incentive (PLI) scheme for electronics manufacturing.

The company has denied any wrongdoing and said it is cooperating fully with regulators. Rajesh Exports also informed Sebi that nearly 400 GB of documents submitted during the investigation could not be located by the regulator and will be resubmitted within 15 days.

No final decision has been taken on the company’s PLI status, and the review remains ongoing.