Business

New Delhi: India’s most ambitious oil refinery project, planned in Ratnagiri, Maharashtra, is now facing serious hurdles. Originally slated to begin operations four years ago, the project has yet to secure land acquisition, and recent developments indicate potential withdrawal of foreign investors. Foreign Investors HesitateAccording to sources cited by Economic Times, the Abu Dhabi National Oil Company (Adnoc) has reportedly exited the project, while Saudi Aramco is seeking a review of the terms before committing. The refinery, envisioned as a joint venture between Aramco, Adnoc, and India’s state-owned oil giants—Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL)—was planned to have 50% ownership by the foreign...

New Delhi: US President Donald Trump recently signed trade deals with several countries, including India, reducing tariffs to promote trade. However, these tariff cuts are coming at a steep cost for partner nations, which are now being required to make significant investments in the United States. Japan First in LineJapan is the first country affected by this strategy. According to a Reuters report, the US secured an agreement requiring Japan to invest $550 billion in American projects as part of the trade deal. On Tuesday, the Trump administration announced that Japan will finance $36 billion across three projects in the US: Oil export facility in Texas Industrial diamond plant in Georgia Natural gas power plant in Ohio The trade deal reduced tariffs on Japanese goods to ...

Mumbai: In a significant development, Adani Ports and Special Economic Zone Ltd (APSEZ) has signed a Memorandum of Understanding (MoU) with Port of Marseille Fos, the largest port in France. The agreement aims to streamline trade, introduce new technologies at ports, and strengthen cooperation in the energy sector. IMEC Ports Club ProposalAs part of this partnership, APSEZ has proposed the creation of an “IMEC Ports Club” to enhance coordination among key ports along the India-Middle East-Europe Corridor (IMEC). This initiative is expected to boost connectivity between India and the European Union (EU), facilitating smoother and faster trade. The move complements the recently concluded India-EU Free Trade Agreement (FTA), which Prime Minister Narendra Modi described as the “mother of al...

New Delhi: Amid recent declines in IT stocks, India’s largest institutional investor, Life Insurance Corporation of India (LIC), has made significant purchases in the sector while simultaneously selling off banking shares. LIC’s Portfolio and IT InvestmentsLIC’s portfolio comprises 283 stocks with a total value of ₹17.83 lakh crore. According to Prime Database, during the December quarter, LIC made its largest purchase in TCS, acquiring shares worth ₹3,136 crore. It also invested ₹2,293 crore in HCL Technologies and added Coforge to its holdings. These purchases raised LIC’s IT sector holdings from ₹1.82 lakh crore to ₹2.17 lakh crore, increasing the IT sector’s share in the portfolio from 11.32% to 12.43%, even though IT stocks have dropped about 30% from their peak. Recent developm...

New Delhi: In recent years, the Indian real estate market has seen a significant shift toward premium and luxury housing, while the launch of affordable housing projects has remained minimal. The trend reflects changing buyer preferences and structural challenges in the sector. Post-Pandemic Market DynamicsFollowing the COVID-19 pandemic, buyers have returned to the real estate market, but premium and luxury segments dominate. Affluent buyers are increasingly seeking homes that combine financial investment with lifestyle preferences. In contrast, the role of the lower-middle-class segment remains limited, leading to slower growth in mid-market housing. Decline in Affordable and Mid-Market SalesSales of budget and mid-market homes have slowed in recent years, while demand for premium ...

New Delhi: After a two-day decline, gold and silver prices rebounded sharply on Wednesday. On the MCX, silver surged by over ₹5,000 per kilogram, while gold rose by more than ₹1,500 per 10 grams in early trading. Silver Shows Strong RecoverySilver for 5 March delivery had closed at ₹2,28,783 per kg in the previous session. Today it opened at ₹2,32,929 and touched ₹2,33,870 in early trade, marking a gain of ₹5,087. By 9:27 am, silver was trading at ₹2,33,745, up ₹4,962 from the previous close. Gold Also RisesGold for 2 April delivery had closed at ₹1,51,418 per 10 grams in the previous session and opened at ₹1,53,303 today. It surged by ₹1,888 in early trade to reach ₹1,53,303. By 9:30 am, it was trading at ₹1,52,951, up ₹1,533, reflecting a 1.01% increase. Global Market ContextInt...

New Delhi: Sales of premium and high-capacity motorcycles in India are witnessing a steady rise, driven in part by recent GST rate cuts. While entry-level bikes still dominate the overall market, the trend is gradually shifting toward higher-capacity models. Rising Demand for High-Capacity BikesConsumers are increasingly moving away from budget motorcycles toward premium bikes. In the first ten months of this financial year, sales of motorcycles with engine capacities of 125cc and above rose by 26%. Typically priced from ₹80,000, these bikes have seen increased demand as buyers respond to the GST reduction implemented by the government in September last year. According to SIAM (Society of Indian Automobile Manufacturers) data cited by ET, the market for premium bikes had a 24.4% share i...

New Delhi: The National Consumer Helpline (NCH) has emerged as a highly active and effective platform for consumer grievance redressal. Over the past nine months, the helpline has resolved nearly 80,000 complaints across 31 sectors, facilitating refunds of ₹52 crore to consumers, the Ministry of Consumer Affairs reported on Tuesday. E-Commerce Sector Leads in ComplaintsThe majority of complaints were related to the e-commerce sector, with 47,743 grievances recorded, resulting in refunds exceeding ₹36 crore. Following e-commerce, the travel and tourism sector accounted for over ₹4.16 crore in consumer refunds. Other sectors included agency services (₹1.54 crore), electronic products (₹1.45 crore), and general insurance (₹1.18 crore). Efficient Digital Redressal MechanismNCH operates u...

New Delhi: Mukesh Kumar Sharma, famously known as the “Crorepati Chaat King,” has carved a unique niche for himself in Delhi’s culinary scene. Since 1989, he has been selling dahi bhallas from a simple folding table at Nehrū Place. Today, he arrives at his stall in a BMW, a testament to his remarkable journey from humble beginnings to becoming a millionaire. A Simple Start with a Big DreamSharma started his venture selling dahi bhallas at just ₹2 per plate. Over the years, due to increasing demand and consistent quality, the price has risen to ₹40-50 per plate. His signature dish, made with 16 special ingredients and around 40 kilograms of fresh yogurt daily, has become a crowd favorite, attracting customers not only from Delhi but also from outside the city. Stall by the Road, Not a...

New Delhi: The Employees’ Provident Fund Organisation (EPFO) is set to take a decision on its interest rate for the current financial year. The Central Board of Trustees (CBT) of EPFO will meet on March 2, where the interest rate for subscribers is expected to be announced. Sources indicate that the interest rate is likely to remain unchanged at 8.25% for the third consecutive year. According to insiders, EPFO is prepared to maintain the interest rate of 8.25% on provident fund deposits, as it has sufficient surplus from its investments to support this rate for the current year. However, the organisation may need to explore new investment opportunities in the coming years or consider the possibility of slightly lower returns in the next financial year. EPFO currently manages a fund exce...