Business

New Delhi: After a strong rally on Monday and Tuesday, Indian stock markets saw a sharp downturn on Wednesday, driven largely by heavy losses in IT stocks. Analysts are calling it the worst day in the history of Indian IT stocks, with investors facing an estimated ₹1.9 lakh crore loss. The sell-off was not limited to India; global tech markets also felt the impact. In the US, the Nasdaq fell 1.4%, erasing about $300 billion in market capitalization of software companies. Domestic Market Impact Infosys and Mphasis dropped around 7%. LTI Mindtree, Coforge, TCS, Mphasis, and HCL Tech fell between 5–6%. Wipro and Tech Mahindra declined by roughly 4%. The fall in IT stocks dragged down the Nifty IT Index, reducing the combined market capitalization of IT companies from over ...

New Delhi: Importing gold and silver is set to become more affordable after the government reduced the base import prices of these precious metals. The base price of gold has been lowered by $49 per 10 grams, bringing it to $1,518, while silver sees a reduction of $870 per kilogram, setting it at $2,675 per kilogram. Why This MattersThe Central Board of Indirect Taxes and Customs (CBIC), under the Ministry of Finance, issued a notification stating that the new rates will apply to gold and silver imported under all designated tariff headings. This move comes as international prices of gold and silver approach record highs, easing the customs duty burden on importers. Scope of the Reduction The reduction benefits high-purity gold bars and coins, as well as silver bullion and medall...

New Delhi: Gold and silver continued their upward trend on Wednesday, following a sharp recovery after a three-day decline. Rising geopolitical tensions between the US and Iran and a weaker dollar provided strong support to these precious metals. On the MCX (Multi Commodity Exchange), gold prices jumped by approximately ₹7,000 per 10 grams, while silver surged by ₹16,000 per kilogram in early trading. MCX Rates Today (Early Trade) Gold (April 2 delivery): Previous close at ₹1,53,809 per 10 grams; opened at ₹1,58,420; traded between ₹1,56,553 and ₹1,60,755. As of 10:30 AM, gold was at ₹1,59,638, up ₹5,829 (3.79%). Silver (March 5 delivery): Rose by ₹16,000 to trade at ₹2,82,707 as of 10:30 AM, up ₹14,692. Global Prices Spot gold surged 5.9% intraday to $5,044.74 per oun...

New Delhi: The recent decision by the United States to reduce tariffs on Indian goods from 50% to 18% is expected to provide a major boost to Indian exporters, particularly in the textile, pharmaceutical, and auto parts sectors. Analysts estimate that this move could generate around ₹1,000 crore in trade for Delhi alone. Relief for Exporters After Months of High TariffsFor months, high tariffs had made Indian products expensive in the US, resulting in delayed orders, factory shutdowns, and job losses. The tariff reduction is expected to revive demand, create new employment opportunities, and restore confidence among exporters. CP Sharma, National President of the Handloom & Handicraft Exporters Welfare Association, said, “For the past six months, businesses have been struggling. ...

New Delhi: Finance Minister Nirmala Sitharaman announced an increase in the Securities Transaction Tax (STT) on Futures & Options (F&O) during her budget speech for the financial year 2026-27. The announcement triggered significant volatility in the stock market, with the Sensex falling as much as 3,000 points at one stage. Protecting Small Investors, Not Raising RevenueClarifying the rationale behind the move, Sitharaman stated that the STT hike was not intended to increase government revenue, but rather to protect small investors from substantial losses in speculative F&O trading. Citing a study, she noted that over 90% of retail participants in the F&O market incur heavy losses, highlighting the need for preventive measures to safeguard their interests. Details of ...

New Delhi: Some large companies manage their employees’ provident funds (PF) independently through Exempted Trusts. The recently presented Union Budget proposed reforms for such trusts, aligning their rules with those of the Employees’ Provident Fund Organisation (EPFO). Bringing Private PF Trusts on Par with EPFOUnder the new proposal, the rules governing private PF trusts that enjoy tax exemptions will now be standardized, following EPFO guidelines. This move aims to reduce discrepancies between Income Tax laws and the PF Act, 1952, particularly under Section 17, which previously created confusion for both companies and employees. Earlier, private trusts faced differences in contribution limits, investment norms, and administrative requirements compared to EPFO. Now, recognized PF ...

New Delhi: The story of Seema Bansal, a native of Gwalior, is a testament to resilience, determination, and hard work. Today, her company is a recognized name in the packaging industry, but her journey began under extremely challenging circumstances. A Childhood Marked by HardshipSeema recalls, “My father passed away when I was just one-and-a-half years old. Our financial situation was so dire that my mother did not even have enough money to arrange my father’s last rites. She sold our only ceiling fan for ₹170 and used that money to perform the funeral.” Her mother, single-handedly raising four children, worked tirelessly to provide for the family, teaching music to earn a living and ensuring all children attended school. Due to financial constraints, Seema had to switch to a govern...

New Delhi: The India-US trade deal has triggered a strong rally in the Indian stock market on Tuesday. Both the BSE Sensex and NSE Nifty 50 closed with significant gains. The Sensex surged 2,072.67 points (2.54%) to close at 83,739.13, while the Nifty gained 639.15 points (2.55%) to settle at 25,727.55. Realty and financial stocks played a key role in driving the market higher. Nifty Realty rose 4.79%, and Nifty Financial Services gained 3.27%, emerging as the top sectoral performers. Other indices that closed in the green included Nifty Healthcare (3.16%), Nifty Infrastructure (3.03%), Nifty Pharma (3.02%), Nifty Energy (3.02%), Nifty Auto (2.81%), and Nifty Metal (2.87%). Top Performing Stocks:Among Sensex stocks, 28 out of 30 closed in the green. Notable gainers included Adani Por...

New Delhi | February 3: India’s leading tractor export brand, Sonalika Tractors, has achieved its fastest-ever year-to-date (YTD) sales, delivering 1,51,604 tractors in the first 10 months of FY’26 (April 2025–January 2026). The milestone comes as the company celebrates its 30th anniversary and underscores its brand promise of delivering ‘Jeetne ka Dum’ to farmers. Driven by heavy-duty tractors equipped with future-ready technologies, Sonalika has continued to support agricultural growth across India. The company attributes its record performance to rising farm mechanisation, increased investment in rural infrastructure, and a focus on consistent product innovation. Since its inception 30 years ago, Sonalika has evolved from a small-town enterprise into India’s No. 1 tractor export b...

In a landmark development, India and the United States finalized a major trade deal on Monday, with the U.S. agreeing to cut tariffs imposed on Indian goods from 50% to 18%. Additionally, the 25% tariff on Russian oil was removed, leaving an effective U.S. tariff on India at just 18%. U.S. President Donald Trump highlighted the deal on social media, noting that India has reportedly agreed to stop buying oil from Russia, potentially turning to Venezuela instead. Trump suggested that this step would contribute to ending the ongoing conflict in Ukraine, where thousands are losing their lives weekly. Trump also claimed that Prime Minister Narendra Modi promised to reduce India’s tariffs and non-tariff barriers for U.S. goods to zero, giving America a perceived upper hand in the tariff ga...