Author: Staff Writer

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Corporate

Sensex slides 300 points, Nifty below 24,350

Indian equities opened sharply lower on Friday as investors turned cautious amid renewed geopolitical uncertainty and elevated crude oil prices. The Sensex fell more than 300 points, while the Nifty50 slipped below 24,350, putting the benchmarks on track for a weaker week.

The Sensex was down 0.33% at 77,820.91, while the Nifty declined 0.26% to 24,332.40 by 9:37 am. The benchmarks were headed for a weekly loss of around 1%, which would end their two-week winning run.

The pressure came as oil prices remained elevated following renewed uncertainty over the situation involving the US and Iran. Brent crude was trading near $87 a barrel and had gained about 4% during the week as efforts to ease tensions in the Middle East remained stalled. For India, higher crude prices are closely watched because they can raise the import bill and put pressure on inflation, the rupee and corporate profitability.

The weakness was widespread. Fifteen of the 16 major sectoral indices were trading lower in early deals, with metal stocks emerging as the biggest drag. The Nifty Metal index fell about 1.3% as aluminium and copper producers declined following weakness in base-metal prices. Financial stocks also remained under pressure, with the Nifty Financial Services index down around 0.2%.

Among individual stocks, Tata Motors Passenger Vehicles was the biggest Nifty loser, falling around 5%. The stock came under pressure after the company reported an almost 80% year-on-year fall in quarterly profit and indicated that cost pressures could remain elevated in the July-September quarter. The company has also been dealing with challenges at Jaguar Land Rover, including supply disruptions, weaker Chinese demand and higher commodity costs.

Trent and Hindalco were also among the prominent early losers, each declining around 2%, according to market updates. The selling reflected the broader risk-off mood, particularly across stocks exposed to global commodity and demand trends.

There were, however, some bright spots. LG Electronics India jumped around 7% after reporting a strong first-quarter performance and maintaining its full-year revenue outlook. The company reported a 27% rise in profit and 15.5% growth in revenue, encouraging investors despite the uncertain market environment.

Other stocks remained active on the back of quarterly results. Jubilant FoodWorks gained around 6% after reporting a 6% year-on-year rise in consolidated net profit to ₹100 crore for the June quarter. Praj Industries also advanced after its quarterly profit more than doubled, while Welspun Living climbed after reporting an 83.6% increase in net profit. These moves showed that company-specific earnings were continuing to attract buyers despite the weak benchmark performance.

The broader market also weakened, with the Nifty Midcap and Smallcap indices falling around 0.3% and 0.2%, respectively. This suggested that the cautious mood was not limited to large-cap stocks.

Foreign investor activity remains another factor investors are monitoring. Overseas investors have continued to remain cautious towards Indian equities, with foreign selling recorded for three consecutive sessions through Thursday. At the same time, the absence of strong domestic macroeconomic triggers has kept the market in a consolidation phase.

Friday’s decline followed a subdued session on Thursday. The Nifty50 closed at 24,395.85, down 40.10 points, while the Sensex ended at 78,079.96, up marginally by 0.15%. Elevated crude prices and uncertainty in the Middle East had already limited gains despite supportive global cues.

Market participants will also track the rupee, US bond yields and global equity trends, which could influence foreign flows and risk appetite during the session. Any sharp movement in crude oil could have an immediate impact on inflation-sensitive sectors and the currency, while easing geopolitical tensions could provide some relief.

For investors, the current market is increasingly becoming a stock-picker’s market, with strong earnings helping companies such as LG Electronics India and Honasa Consumer outperform even as the benchmarks weaken. However, persistent oil-price pressure and foreign selling could keep the broader Indian stock market volatile in the near term.

Going ahead, crude oil prices, geopolitical developments, foreign fund flows and corporate earnings are likely to remain the key triggers for Dalal Street. For now, the Nifty’s inability to hold 24,350 and the Sensex’s sharp early decline point to a cautious trading environment. A cooling in Middle East tensions could help markets recover, but any further rise in oil prices may keep the pressure on Indian equities.

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Corporate

HAL profit rises 15% after Q1 results

Shares of Hindustan Aeronautics Ltd (HAL) remained in focus on Thursday after the defence manufacturer reported a strong performance for the first quarter of FY27. Better-than-expected earnings and hopes of the long-awaited delivery of LCA Tejas Mk1A fighter jets have led several brokerages to raise their target prices for the stock.

HAL’s standalone net profit rose 15% year-on-year to Rs 1,581 crore in the April-June quarter, compared with Rs 1,377 crore in the same period last year. Consolidated net profit also increased 15% to Rs 1,590 crore, from Rs 1,384 crore a year earlier.

The company’s revenue from operations rose about 14% to Rs 5,515 crore, compared with Rs 4,819 crore in the first quarter of FY26. EBITDA, a measure of operating profit, increased 19% to Rs 1,530 crore.

The strong results have improved investor sentiment around HAL. Shares rose during Thursday’s trading session, after closing at around Rs 4,995 on Wednesday. The stock has also gained about 14% so far this year.

Japanese brokerage Nomura retained its ‘Buy’ rating on HAL and raised its target price to Rs 6,314 from Rs 6,040. It also identified HAL as its preferred stock in the Indian defence sector.

Nomura said the company’s first-quarter performance was better than expected and pointed to its strong order book as a major reason for its positive outlook. HAL ended FY26 with an order backlog of around Rs 2.54 lakh crore, providing significant visibility for future revenue.

Other brokerages have also become more positive on HAL. Motilal Oswal retained its ‘Buy’ rating and increased its target price to Rs 5,800 from Rs 5,500. JPMorgan raised its target to Rs 5,733 from Rs 5,145 while maintaining its ‘Overweight’ rating.

Kotak Securities raised its target price to Rs 5,305 from Rs 4,810 and retained its ‘Add’ rating. Citi maintained its ‘Buy’ call with a target of Rs 5,550, while CLSA retained its ‘Outperform’ rating and Rs 5,481 target.

A key reason behind the improved outlook is the expected start of deliveries of the LCA Tejas Mk1A fighter aircraft. The programme has faced delays, partly because of problems in receiving engines and other components. Analysts now expect the situation to improve.

HAL has received seven GE F404 engines so far. The company is expected to begin Tejas Mk1A deliveries around August-September 2026, according to brokerage estimates.

The Tejas programme is important for HAL because the start of deliveries would show that the company is overcoming earlier supply-chain problems. It would also allow HAL to begin recognising revenue from aircraft deliveries, potentially giving its financial performance another boost.

Nomura expects HAL to deliver six LCA aircraft in FY27, 16 in FY28 and 20 in FY29. It also expects annual production capacity to increase from the current 24 aircraft to 30.

HAL has already built more than 20 Tejas Mk1A airframes, but the delivery of these aircraft to the Indian Air Force remains an important milestone for investors. Timely deliveries could strengthen confidence in the company’s ability to execute its large defence order book.

Apart from Tejas, HAL has several other major programmes that could support its future growth. These include the LCH Prachand attack helicopter, HTT-40 trainer aircraft, AL-31FP and RD-33 engines, and Su-30MKI aircraft upgrades.

The company is also expected to benefit from future programmes involving the Tejas Mk2, Light Utility Helicopter and Indian Multi-Role Helicopter. India’s continuing push to increase domestic defence production is expected to create further opportunities for HAL.

The company’s large order book remains one of its biggest strengths. However, analysts say execution will be crucial. Having a large number of orders provides revenue visibility, but the company must deliver aircraft, helicopters and other defence equipment on schedule to convert those orders into actual revenue and profits.

The government’s focus on reducing defence imports and increasing domestic manufacturing is another positive for HAL. As India expands its indigenous defence capabilities, companies such as HAL are expected to play a central role in supplying aircraft, helicopters, engines and other military platforms.

Categories
Leaders

Trump sued over paid access to Truth Social posts

US President Donald Trump is facing a federal lawsuit over a new service that allows paying customers to receive early access to his posts on Truth Social, raising fresh questions about press freedom, government transparency and the use of presidential communications for commercial gain.

Two media organisations, The Intercept Media and the Freedom of the Press Foundation, filed the lawsuit in federal court in Manhattan on Wednesday. They are seeking to stop Trump and his media company, Trump Media & Technology Group (TMTG), from providing selected customers with advance access to posts that can contain information about US government policy and other matters of public interest.

The dispute centres on a new service called Truth API. The service allows subscribers, including financial and trading firms, to receive Trump‘s posts before they become widely available through other channels. Pricing can reach as much as $100,000 a month, depending on the level of access.

The plaintiffs argue that the arrangement creates an unfair system in which companies with enough money can obtain information from the US president before journalists, ordinary citizens and other members of the public.

The lawsuit describes the practice as unconstitutional and seeks an order preventing Trump, TMTG and other defendants from using Truth Social to provide exclusive early access to official presidential communications.

An investor receiving a presidential announcement even a few seconds or minutes before the wider market could potentially gain an advantage, particularly when the information concerns tariffs, companies, sanctions or other economic decisions.

The controversy began after Trump Media announced plans to commercialise high-speed access to posts from Trump and other accounts on Truth Social. The company has marketed the service to professional users that want faster access to information that could influence markets.

According to reports, the service can provide an advance feed of posts from as many as 10 accounts, with the highest subscription level costing up to $100,000 per month.

The lawsuit argues that Trump’s position as US president makes the arrangement fundamentally different from an ordinary social-media subscription service. The plaintiffs say government-related information should not effectively be placed behind a commercial paywall.

They also object to Truth Social’s role in distributing official announcements. The lawsuit challenges arrangements under which Trump Media can have an exclusive period for certain posts before the information is distributed more broadly.

The media groups argue that this could undermine the principle that the public and the press should have equal and timely access to presidential communications.

The legal challenge invokes constitutional protections, including the First Amendment, which protects freedom of speech and the press, and the Fifth Amendment, which includes protections against the government imposing certain arbitrary conditions.

The case also adds to a broader debate surrounding Trump’s relationship with the media and his use of social media as a direct communication channel.

Trump has long preferred social media to communicate with supporters and make major political announcements. His posts can quickly be picked up by television networks, newspapers and news agencies, often turning a single message into a major news event within minutes.

Truth Social became particularly important to Trump’s political communication strategy after he was banned from several mainstream social-media platforms following the January 6, 2021, attack on the US Capitol. He later returned to some platforms, but continued using Truth Social as his principal direct-to-public channel.

The new paid-access model takes that influence into a different area by attempting to turn the speed of access itself into a commercial product.

Critics say this creates an uncomfortable overlap between presidential communication and private commercial interests. They argue that allowing companies to pay for earlier access could create the appearance that wealthy customers are being given preferential treatment.

Trump Media, however, has defended the service and indicated that the company views the rapid distribution of data as part of its technology and business strategy. Supporters of the model have argued that early-access data services are common in financial markets and technology.

The lawsuit therefore raises questions that extend beyond Truth Social. It could force a court to consider whether a president can commercially control the timing and distribution of communications made in an official capacity.

For now, the lawsuit seeks to halt the paid early-access arrangement while the legal arguments are considered. The case is likely to draw close attention from the media industry, financial markets and technology companies.

Categories
Corporate

Sensex gains 110 points, Nifty ends below 24,400

Indian benchmark indices ended mixed on Thursday, with the Sensex gaining 113.61 points while the Nifty 50 declined 40.10 points, as investors remained cautious amid geopolitical uncertainty, elevated crude oil prices and uneven sectoral trends.

The BSE Sensex closed at 78,079.96, gaining 113.61 points, or 0.15%. The Nifty 50 settled at 24,395.85, down 40.10 points, or 0.16%. The Nifty ended below the psychologically important 24,400 mark and extended its losing streak to three sessions.

The trading session remained volatile as investors weighed domestic economic signals against concerns from global markets. Buying interest in selected consumer, automobile and FMCG stocks helped the Sensex recover, while weakness in metals, banks and other heavyweight stocks kept the Nifty under pressure.

Among the top Nifty gainers, Tata Consumer Products emerged as the strongest performer, rising around 2.7%. Tata Motors Passenger Vehicles also gained nearly 2%, while Hindustan Unilever, NTPC and Shriram Finance advanced more than 1% each.

Tata Motors Passenger Vehicles remained in focus following a strong quarterly performance and an optimistic outlook for demand. Investors also took comfort from expectations of continued growth across passenger vehicles and commercial vehicles.

The performance of Tata Group stocks was closely watched after a sharp sell-off in the previous session following the announcement that N Chandrasekaran would not seek another term as chairman of Tata Sons when his current tenure ends in February 2027.

On Thursday, however, several Tata stocks stabilised. Tata Consumer Products emerged as the biggest Nifty gainer, while Tata Motors Passenger Vehicles also attracted buying interest.

On the losing side, UltraTech Cement, Grasim Industries and Hindalco Industries were among the prominent laggards. Weakness in metal stocks was particularly visible, with the Nifty Metal index declining around 1%.

Hindalco and other metal companies faced pressure as investors remained concerned about global commodity prices, demand conditions and the broader international economic outlook. Grasim, which has significant exposure to the metals and cement-related sectors through its businesses, also came under selling pressure.

Banking stocks were another drag on the market. The Nifty Private Bank index declined around 0.5%, while the Nifty Bank index also ended lower. ICICI Bank was among the stocks weighing on the broader market.

The weakness in banks and metals offset gains in consumer-facing companies, automobiles and selected technology stocks, resulting in a divergence between the Sensex and Nifty.

Sectoral performance remained mixed. The Nifty Realty index was among the better performers, gaining close to 1%. Auto, FMCG, IT, media and consumer durable stocks also recorded gains. In contrast, metal, private banking and some pharmaceutical stocks remained under pressure.

Global developments continued to influence investor sentiment. Crude oil prices remained elevated amid uncertainty surrounding the Middle East and the Strait of Hormuz. Brent crude traded around the $87-$88 per barrel range, keeping concerns alive over India’s import bill and inflation.

India imports a large portion of its crude oil requirements, making sustained increases in global oil prices a key risk for the domestic economy. Higher crude prices can raise transportation and input costs for companies and put pressure on inflation and the country’s current account balance.

Geopolitical uncertainty has therefore become an important factor for investors. Any further disruption around key energy routes could push crude prices higher and increase volatility across global equity markets.

At the same time, investors found some comfort in recent inflation data from India and the US. Softer inflation readings have supported expectations that central banks may not need to maintain an aggressively restrictive monetary policy stance.

Foreign fund flows remained another concern. Foreign institutional investors have continued to sell Indian equities, reflecting caution over valuations, global interest rates and geopolitical risks. Persistent foreign selling has added pressure to large-cap stocks even as domestic investors have continued to provide support.

The broader market showed greater resilience than the headline indices. Mid-cap and small-cap stocks remained relatively firm, with several stocks witnessing buying interest despite the weakness in the Nifty.

Market breadth was also fairly balanced, suggesting that Thursday’s decline in the Nifty did not represent a broad-based sell-off across the entire market. Instead, pressure was concentrated in selected heavyweight sectors.

The Nifty’s inability to reclaim 24,400 remains a concern for investors watching near-term market momentum. The index has struggled to sustain gains above the 24,500 level in recent sessions, while the Sensex has shown comparatively better resilience.

For the moment, the market remains caught between domestic support from selected sectors and external risks stemming from oil prices and geopolitical tensions. Thursday’s mixed finish reflected that uncertainty, with the Sensex managing a modest gain while the Nifty remained below 24,400.

Categories
Corporate

Bank of America to take 49.9% stake in Jio Credit

Bank of America is set to acquire up to a 49.9% stake in Jio Credit, the lending subsidiary of Jio Financial Services, in a deal worth as much as ₹18,268 crore ($1.9 billion). The agreement marks a significant entry by the US banking major into India’s rapidly expanding consumer credit and non-banking financial services market.

Under the proposed transaction, Bank of America will initially acquire a 26.5% stake in Jio Credit. It will have the option to raise its holding to 49.9% through warrants, subject to regulatory approvals and other conditions. The investment will create a joint venture between Bank of America and Jio Financial Services.

The transaction values Jio Credit at around ₹36,600 crore after the investment. The deal also gives the US lender a direct position in a business that has expanded rapidly since Jio Financial Services began building its financial services operations independently.

Jio Credit has become a key part of Jio Financial’s lending strategy. The company offers a range of products including home loans, loans against property, loans against mutual funds and shares, corporate loans and financing solutions for businesses. Its digital-first model is designed to make financial products easier to access across India.

As of June 30, 2026, Jio Credit had assets under management of about ₹30,667 crore, highlighting the scale it has achieved in a relatively short period. The lending business has grown as demand for consumer and business credit has increased across the country.

The investment for Bank of America provides a way to participate directly in India’s growing financial services market. India has seen increasing demand for loans as household incomes rise, businesses expand and more consumers move into the formal financial system.

The partnership will combine Jio’s understanding of the Indian market and its digital ecosystem with Bank of America’s global financial expertise. The two companies are expected to work together to expand Jio Credit’s lending operations and develop wider access to financial products.

The deal is also significant because Bank of America has traditionally been much stronger in corporate banking, investment banking and wealth management than in direct retail lending in overseas markets. Its investment in Jio Credit therefore represents a sizeable strategic bet on India’s long-term credit growth.

Jio Financial Services, backed by Reliance Industries chairman Mukesh Ambani, has been steadily expanding its presence across India’s financial sector. The company was separated from Reliance Industries and listed as an independent entity in 2023.

Since then, Jio Financial has pursued partnerships with several major international financial institutions. It has joined hands with BlackRock in asset management and with Allianz in insurance. The Bank of America transaction adds another major global financial institution to that growing network.

Jio Financial’s growing network of partnerships reflects the broader corporate activity taking place across India’s financial and business sectors. Follow more major corporate deals and developments in our Corporate News section.

For Jio Financial, bringing in Bank of America could provide more than capital. The partnership could provide access to international expertise in areas such as credit assessment, risk management, financial product development and lending practices.

The timing is also important. India’s NBFC sector has become an increasingly important source of credit for consumers and businesses. Digital technology has allowed non-bank lenders to reach customers more efficiently, while the expansion of digital payments and financial inclusion has created new opportunities for lenders.

Jio has a particularly large digital ecosystem through its telecommunications and technology businesses. The group has millions of customers and extensive digital infrastructure, giving its financial services operations a potentially significant distribution advantage.

Bank of America’s investment indicates that global financial institutions are paying close attention to this opportunity. The deal comes amid a broader increase in foreign interest in India’s banking and financial services industry.

Other international banks have also increased their exposure to Indian financial institutions in recent years, attracted by the country’s economic growth and relatively strong credit demand. The Jio Credit transaction stands out because of its size and because it gives Bank of America a substantial stake in a relatively young lending platform.

Investors also responded positively to the announcement. Jio Financial Services shares rose more than 3% on August 13, reaching around ₹263 during trading, as markets assessed the potential benefits of the partnership. The reaction reflected expectations that the deal could accelerate the company’s expansion in lending and strengthen its financial position.

The transaction, however, is still subject to the required regulatory and statutory approvals. Bank of America’s initial 26.5% holding will be established through an investment in Jio Credit, while the additional stake will come through warrants that can potentially take its ownership to 49.9%.

The investment also gives Jio Credit additional resources to expand its loan book. For a growing NBFC, access to capital is crucial as lending volumes increase because a larger loan book requires a stronger capital base and robust risk-management systems.

Jio Credit has already reported strong growth in its core lending operations. For the financial year ended March 2026, its net interest income reached ₹625 crore, while profit after tax rose to ₹224 crore. The company also reported a capital adequacy ratio of 25.91%, indicating a strong capital position.

The Bank of America partnership could now provide another boost as Jio Financial seeks to build a broader financial services ecosystem spanning lending, payments, insurance, investments and asset management.

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Beyond

Maharashtra FDA suspends four Domino’s outlets

The Maharashtra Food and Drug Administration (FDA) has suspended the food-business licences of four Domino’s Pizza outlets after inspections found several violations of food safety and hygiene standards.

Three of the affected outlets are in Mumbai, while the fourth is in Satara district. The action followed a special inspection drive targeting major restaurant chains across Maharashtra and comes as the state food regulator steps up checks on restaurants, hotels, eateries and other establishments.

The four Domino’s outlets are operated by Jubilant FoodWorks Ltd. The Mumbai outlets are located in Vile Parle West, Borivali West and R-City Mall in Ghatkopar West. The fourth outlet is in Malkapur, Karad, in Satara district. Officials said the inspections found shortcomings ranging from poor sanitation and pest-control measures to improper food storage and inadequate temperature monitoring.

The FDA conducted the inspections on August 11 as part of a wider drive covering 104 establishments operated by major restaurant brands. The exercise included Domino’s Pizza, KFC, Pizza Hut, McDonald’s, Subway, Burger King, Starbucks and Monginis.

During the drive, two establishments were ordered to stop operations immediately, 95 received improvement notices and five food-business licences were suspended. Four of those suspended licences belonged to Domino’s outlets, while the fifth was linked to another fast-food establishment.

The action against the Domino’s outlets was taken under the Food Safety and Standards (Licensing and Registration of Food Businesses) Regulations, 2011. The inspections focused on whether the outlets were meeting prescribed standards for food handling, storage, sanitation, pest control and record keeping.

At the Vile Parle West outlet, inspectors found deficiencies involving the display of the FSSAI licence, potable water testing, food storage, pest control and general hygiene facilities.

The outlet was directed to improve temperature monitoring for frozen and other food products and ensure proper separation of food and non-food items. The FDA also called for repairs to parts of the kitchen, including the back door, flooring and chilling room.

Measures to prevent rodents and other pests were also ordered. The outlet was asked to improve food-preparation facilities, equipment sanitisation and hand-washing arrangements for food handlers.

The Borivali West outlet was also found to be significantly non-compliant. The FDA assigned it a compliance score of 54%.

Inspectors identified problems with food storage, temperature monitoring, food testing, hygiene and pest control. The outlet was instructed to properly separate raw and cooked food, as well as vegetarian and non-vegetarian food. Raw materials also had to be stored separately from non-food items.

The inspection further found the need for better cleaning and sanitisation of equipment and utensils. Oily residue and food scraps were reported in the pizza preparation area, prompting directions for immediate cleaning. Improvements were also ordered for flooring, lighting, overall cleanliness and pest-control systems.

The Ghatkopar West outlet at R-City Mall faced action over inadequate cleanliness and sanitation arrangements. According to the FDA, the outlet did not maintain a proper cleaning and sanitation schedule and had deficiencies in pest control.

The inspection also found problems with FIFO (First In, First Out) and FEFO (First Expired, First Out) practices, which are important for ensuring that older or earlier-expiring food products are used first. Temperature control in food storage was also found to be inadequate.

The FDA additionally flagged missing food-grade certificates and gaps in records related to equipment calibration, preventive maintenance, food and water testing and food safety procedures.

The Satara outlet, located in Malkapur, Karad, recorded an even lower compliance score of 47%. The FDA cited deficiencies in basic infrastructure, equipment, cleanliness and pest control.

The outlet was directed to improve storage arrangements for raw food materials, including the use of proper racks. It was also instructed to conduct laboratory testing of food products and maintain the required records.

The latest action is part of a much wider food safety crackdown in Maharashtra under FDA Commissioner Tukaram Mundhe. The department has been increasing inspections of food establishments since Mundhe took charge in May.

According to figures reported by India Today, the FDA inspected 3,137 hotels, restaurants, eateries and other food establishments across Mumbai between May 25 and July 31. During that period, it issued 764 improvement notices and suspended 165 licences. Officials also seized or destroyed 28.66 lakh kg of food products valued at ₹55.72 crore.

The intensified enforcement has already affected other food businesses. The FDA recently suspended the licence of a Blink Commerce facility in Mumbai after inspectors reported extensive cockroach infestation, poor food storage and other hygiene problems.

The regulator has also taken action against establishments outside Mumbai. Recent inspections resulted in licence suspensions involving restaurants, bakeries, sweet shops and other food businesses across Maharashtra. The broader enforcement effort shows that the FDA is increasingly focusing on compliance rather than limiting inspections to individual consumer complaints.

 

Categories
Technology

Airtel replaces ₹299 pack with costlier recharges

Bharti Airtel has removed four prepaid recharge plans from its portfolio, including the widely used ₹299 pack, giving customers fewer low-cost choices and potentially paving the way for higher revenue per user.

The telecom company discontinued the ₹299, ₹579, ₹619 and ₹649 prepaid plans from August 12. The changes have triggered fresh speculation about a wider Airtel tariff hike, although the company has not announced any blanket increase in prepaid prices.

The ₹299 recharge has attracted the most attention because it was a popular entry-level plan offering daily data. It provided 1.5GB of data per day, unlimited calling and 100 SMS messages per day for 28 days.

With that option gone, customers wanting a similar daily-data plan are being pushed towards the ₹349 pack. The replacement costs ₹50 more, translating into a 16% increase at that price point. The ₹349 plan, however, offers 2GB of daily data, giving customers more data for the higher price.

The change means Airtel has effectively increased the minimum amount some customers need to spend for an unlimited calling plan with daily data.

But the company has not removed all affordable recharge options. The ₹199 and ₹219 plans remain available, although they provide smaller total data allowances rather than the daily-data structure that made the ₹299 pack attractive to many users. Customers who use mobile data heavily may therefore find the ₹349 plan more relevant.

The withdrawal of the four plans is also important from an investor perspective. Average revenue per user, or ARPU, is one of the most closely watched indicators for telecom companies because it shows how much revenue an operator generates from each subscriber.

JM Financial expects Airtel’s wireless ARPU to rise by around 2% as a result of the latest plan changes. The brokerage estimates that about 10% of subscribers could shift to plans costing approximately ₹50 more. Such migration would allow Airtel to earn more from its existing customer base without necessarily adding a large number of new subscribers.

The brokerage’s assessment highlights the larger significance of Airtel’s decision. The company is not simply removing a few recharge plans; it is attempting to reshape its prepaid pricing strategy.

Telecom companies have increasingly focused on monetising data consumption as smartphone users consume more streaming video, social media and other online services. At the same time, operators need higher returns to fund investments in 5G networks and other infrastructure.

Airtel’s approach could also become a template for the wider industry. If customers accept higher-priced alternatives without significantly switching operators, rivals such as Reliance Jio and Vodafone Idea could have greater room to rationalise their own prepaid plans.

However, analysts caution that the latest Airtel move should not automatically be described as a full-fledged tariff hike. India Today reported that the operator has made changes to selected plans rather than increasing prices across its entire prepaid portfolio.

There are also reports that the availability of some Airtel plans differs between telecom circles. This means customers may see different recharge options depending on their location and mobile number. Airtel’s own recharge platform allows users to check the plans available to them before making a payment.

Categories
Beyond

India’s ethanol push crosses 800 cr litres

India’s ethanol programme has crossed a significant milestone, with cumulative supplies exceeding 800 crore litres during Ethanol Supply Year (ESY) 2025-26. The latest data from the All India Distillers’ Association (AIDA) also shows a clear change in the country’s ethanol supply mix, with grain-based feedstocks taking a much larger role than sugarcane.

The milestone comes as India pushes ahead with its ethanol blending programme, aimed at reducing dependence on imported crude oil, improving energy security and creating an additional market for agricultural produce. But the industry is now confronting a different problem: ensuring that the rapidly expanding ethanol supply is matched by sufficient demand.

According to AIDA data, ethanol supplies during July stood at 93 crore litres, taking cumulative supplies for ESY 2025-26 beyond the 800-crore-litre mark. Grain-based ethanol accounted for about 71 crore litres, or 76% of July supplies. The share was higher than the approximately 73% recorded in June, even though total monthly supplies were lower in July.

The shift is important because ethanol production in India has traditionally been closely linked to the sugar industry. Increasing use of grains means the country is building a more diversified feedstock base, reducing its dependence on sugarcane and giving distilleries greater flexibility in sourcing raw material.

Maize and surplus Food Corporation of India (FCI) grains have emerged as important contributors to this transition. Data reported from AIDA shows that maize and surplus FCI grains each contributed around 30 crore litres to July’s grain-based ethanol supplies.

This change also comes at a time when the economics of sugar and ethanol are shifting. India is dealing with concerns over sugar availability and prices after weaker rainfall in key producing states. The government is considering changes to the use of sugarcane for ethanol in the next supply year, potentially encouraging greater use of maize and rice-based feedstocks instead.

The development could make grain-based ethanol even more important for the country’s E20 blending target. India has already moved towards petrol containing up to 20% ethanol, creating a large and assured market for biofuel producers. The broader objective is to replace a portion of petrol consumption with domestically produced ethanol.

The expansion of grain-based ethanol also has implications for farmers. Maize has become an increasingly important feedstock, creating an additional source of demand beyond traditional uses such as animal feed and food processing. A diversified ethanol market can therefore provide farmers with another avenue to sell their produce.

However, higher production capacity by itself does not guarantee that the industry will remain profitable. The next challenge is demand. As ethanol availability rises, oil marketing companies and other potential users need to absorb the additional volumes. The Times of India report highlights this emerging gap between the industry’s ability to produce ethanol and the pace at which demand is developing.

That issue could become more important as India continues adding distillation capacity. If production grows faster than procurement and blending requirements, producers could face pressure on utilisation levels and margins. For the government, maintaining a predictable procurement framework will therefore be important to keep investment flowing into the sector.

The changing feedstock pattern also offers some protection against supply shocks. In June, grain-based ethanol accounted for roughly 75% of supplies, with 75 crore litres supplied from grains out of total monthly supplies of 103 crore litres. By July, grain-based supplies remained dominant at 71 crore litres out of 93 crore litres.

Earlier AIDA data had already shown the growing importance of grains. By June, cumulative ethanol supplies had reached 717 crore litres, against contracted volumes of 1,048 crore litres. Grain-based ethanol accounted for 480 crore litres, or nearly 67% of total supplies at that stage, while sugarcane-based sources contributed 238 crore litres.

The numbers indicate how quickly India’s ethanol supply chain has evolved. Maize has moved to the centre of the biofuel ecosystem, while surplus food grains and sugar-based feedstocks continue to provide additional sources.

For the government, the programme serves several objectives at once. Higher ethanol blending can help reduce petrol imports, strengthen energy security and support agricultural markets. For sugar mills and distilleries, ethanol offers an alternative revenue stream, while grain-based production creates demand for crops such as maize.

The 800-crore-litre milestone therefore represents more than a production figure. It shows that India has built significant capacity to supply ethanol at scale. The bigger test now is whether consumption, blending and procurement can keep pace with that capacity.

 

Categories
Corporate

Sensex drops 160 points, Nifty falls below 24,350

Indian equity markets remained under pressure on Thursday as investors stayed cautious amid elevated crude oil prices, geopolitical uncertainty and selling in heavyweight stocks. The Sensex fell more than 160 points, while the Nifty 50 slipped below 24,350, extending losses for a third consecutive session. The weakness came despite some support from easing oil prices and gains in select stocks, including Tata Motors.

The opening weakness reflected a cautious mood on Dalal Street after the benchmark indices had already closed lower in the previous two sessions. The Nifty had ended Wednesday at 24,435.95, while investors continued to assess the impact of higher crude prices, developments in the Middle East and recent selling across Tata Group stocks.

Crude oil continues to be one of the biggest risks for Indian equities. Oil prices have remained elevated amid uncertainty surrounding the Middle East and unresolved negotiations involving Iran and the United States.

Brent crude was trading close to $88 a barrel, keeping investors concerned about the impact on India’s import bill. India is one of the world’s largest crude oil importers, making the domestic economy particularly sensitive to sharp increases in global energy prices. Higher crude prices can put pressure on inflation, the current account and corporate margins.

The concern is also reflected in the currency market. The rupee slipped 7 paise to ₹95.40 against the US dollar in early trade on Thursday, with foreign fund selling and geopolitical risks weighing on sentiment. A weaker rupee can further increase the domestic cost of imported crude oil.

Among the major stocks, Tata Motors was one of the strongest performers, with shares surging around 4.6% after the company reported strong quarterly results and offered a positive demand outlook. The gain provided some support to the broader auto sector at a time when most major indices were trading in the red.

Tata Motors’ performance also stood out against the broader weakness in Tata Group stocks. The group had faced selling pressure in the previous session following the announcement that N Chandrasekaran would not seek another term as Tata Sons chairman. Tata-related stocks stabilised somewhat on Thursday, although investor attention remained firmly on the group’s leadership transition.

Top gainers included Tata Motors, along with stocks such as Gujarat Fluorochemicals, Somany Ceramics and Sun TV Network, which also saw buying interest during the session.

On the other side, Reliance Industries fell around 1.1%, adding pressure to the benchmark indices. The stock came under pressure after MSCI reduced its weight in its index. Given Reliance’s significant representation in India’s major equity benchmarks, movements in the stock can have a meaningful impact on the Sensex and Nifty.

UltraTech Cement was among the major losers, while Titan and several financial and technology stocks also traded lower. Goodyear India and Shriram Properties were among other stocks that faced selling pressure.

The top losers therefore included Reliance Industries, UltraTech Cement, Titan, Goodyear India and Shriram Properties, while Tata Motors, Gujarat Fluorochemicals, Somany Ceramics and Sun TV Network featured among the notable gainers.

The broader market did not move in one direction. Financials and IT stocks remained under pressure, with both sectors falling around 0.4% during mid-morning trade. However, small-cap stocks gained about 0.3%, suggesting that buying interest remained present in selected pockets of the market. Mid-cap stocks were comparatively weaker.

Investors are also tracking a busy corporate earnings calendar. UltraTech Cement, Tata Motors Passenger Vehicles, Axis Bank, Apollo Hospitals and Ircon are among the stocks in focus as traders assess quarterly results and company-specific developments.

Thursday’s trading session is also taking place against the backdrop of derivatives expiry, which could amplify intraday movements. With the Nifty already below the 24,350 level, traders are watching whether the index can regain key support zones or whether further selling emerges.

Despite the weak domestic market, global cues have been relatively supportive. US equities ended higher, helped by expectations around interest rates and strong earnings from companies linked to artificial intelligence infrastructure. Asian markets were also broadly positive. However, these gains have not been enough to offset concerns over crude oil and geopolitical developments.

As far as investors are concerned, the current market phase is being shaped by a tug-of-war between strong domestic fundamentals and external risks. Corporate earnings and domestic economic activity offer some support, but expensive crude, a weaker rupee, foreign institutional selling and geopolitical uncertainty continue to keep traders cautious.

 

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Beyond

Gold rises to ₹1,55,070, silver follows at ₹2,38,000

Gold and silver prices eased in domestic futures trading on Thursday after opening on a firmer note, as investors remained cautious ahead of key US inflation data that could influence expectations around the Federal Reserve’s interest-rate path. Despite the intraday weakness, the broader outlook for both precious metals remains constructive, with technical indicators continuing to point towards an upward trend.

On the Multi Commodity Exchange (MCX), the benchmark October gold futures contract opened at ₹1,55,071 per 10 grams, gaining ₹189 from the previous close of ₹1,54,882. The contract subsequently pared those gains and was trading at ₹1,54,712, down ₹170, during morning trade. Gold touched an intraday high of ₹1,55,145 and a low of ₹1,54,694.

Silver followed a similar pattern. The benchmark September silver futures contract opened at ₹2,38,000 per kg, compared with the previous close of ₹2,37,835. It later slipped to ₹2,36,825, down ₹1,010, after touching an intraday high of ₹2,38,000.

The early decline has not, however, changed the larger picture for bullion. Investment demand and central bank buying continue to provide support to gold, while expectations of a softer US monetary policy are helping keep precious metals attractive. Global gold prices have remained above the $4,450-per-ounce mark, reinforcing the strength seen in the international bullion market.

In the international market, Comex gold opened at $4,468.80 per ounce against its previous close of $4,467.50 and was last quoted around $4,465.10, down $2.40. Comex silver opened at $65.45 per ounce and was trading around $65.59, down marginally from the previous close of $65.70.

The immediate focus for traders is US inflation data. The latest consumer price developments are important because they can influence expectations about the Federal Reserve’s next policy moves. A softer-than-expected inflation reading could strengthen expectations of lower interest rates, which would generally support non-yielding assets such as gold. Conversely, stronger inflation could push the US dollar and bond yields higher, potentially triggering some profit booking in bullion.

Domestic spot prices also remained elevated. According to Moneycontrol, domestic spot gold had closed at ₹1,52,939 per 10 grams on Wednesday, while silver settled at ₹2,38,008 per kg. International spot gold was around $4,466.40 per ounce and silver at $65.47 during morning trade on Thursday.

For retail buyers, the elevated market continues to translate into high gold rates across major Indian cities. Prices for 24-carat, 22-carat and 18-carat gold vary between markets because of local taxes, jewellery margins and other charges. The final price paid by consumers can also differ significantly from the indicative bullion rate because jewellery purchases include making charges and applicable taxes.

The latest movement is particularly significant because gold has already delivered a strong run this month. Gold rates in India have moved sharply higher from early-August levels, keeping consumers and investors alert to the possibility of further volatility. For those planning jewellery purchases, even a modest movement in the underlying gold rate can have a noticeable impact on the final bill when larger quantities are involved.

The technical picture, meanwhile, remains supportive. According to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, MCX gold has broken out of a consolidation phase and a descending triangle formation, signalling a positive near-term trend. The ₹1,49,000 level is identified as an important support zone, while ₹1,60,000 is seen as the immediate resistance. Gold was quoted at around ₹1,54,500 for the technical outlook, with ₹1,49,000 as the suggested stop-loss level.

Silver is also showing a positive technical setup, although its outlook is somewhat more sideways-to-positive compared with gold. The metal has broken out of a descending triangle formation, with ₹2,30,000 per kg identified as a key support level. Immediate resistance is placed around ₹2,40,000, while a sustained move above that level could open the way towards ₹2,51,000.

The technical assessment suggests that investors may continue to favour buying on dips rather than aggressively chasing short-term rallies. For gold, holding above ₹1,55,000 on a daily basis would strengthen the case for a move towards higher levels, while a sustained break below ₹1,49,000 could weaken the bullish structure. For silver, maintaining levels above ₹2,30,000 remains important for the broader uptrend.

The contrasting signals, short-term profit booking and a positive medium-term trend, mean volatility could remain a feature of the gold and silver market. Currency movements, US Treasury yields, Federal Reserve expectations, central bank purchases and geopolitical developments will continue to influence prices.