Business

A major fraud has surfaced at a Standard Chartered Bank branch in Bangalore, involving the bank’s wealthy clients. The issue first came to light last month when a customer reported missing funds, and subsequent investigations indicate that the fraud may involve at least ₹80 crore. The bank has now expanded the scope of its inquiry. Incident Details:The case began in November when a customer from the MG Road branch in Bangalore reported that ₹2.7 crore had disappeared from their account. Following this, several other clients have come forward, alleging irregularities with their funds. The Karnataka government has instructed the Bangalore City Police to transfer the case to the Criminal Investigation Department (CID) due to the substantial amount involved, exceeding ₹5 crore. Standard Cha...

After four consecutive days of decline, the Indian stock market witnessed a strong rally on Friday. The BSE Sensex surged over 500 points in early trade, while the Nifty50 index crossed the 25,950 mark. At 10:00 AM, the Sensex was trading at 84,980.50 points, up 498.69 points or 0.59%, and the Nifty50 was at 25,957.05 points, up 141.50 points or 0.55%. This marks the first significant upswing in the market this week. Sectoral Performance and Movers:Shares of Tata Motors PV, Reliance Industries, BEL, Infosys, Bajaj Finance, and TCS led the gains, rising up to 1.78%. On the other hand, Tech Mahindra and HCL Tech saw a minor decline in early trade. Reasons Behind the Rally: U.S. Inflation Eases:The U.S. reported a slight moderation in inflation, raising hopes that the Federal Res...

Mumbai: ICICI Prudential Asset Management Company (AMC) made headlines today as its Initial Public Offering (IPO) debuted on the stock market with spectacular gains for investors. The IPO, which had a face value of ₹1 per share, was listed at ₹2,606.20 on the BSE, giving early investors an impressive 20.38% profit on the very first day. The shares had been offered at ₹2,165 each during the IPO, meaning investors earned ₹441.20 per share on listing day. This IPO, valued at ₹10,602 crore, ranks among the largest in 2025 and was oversubscribed a staggering 39.17 times. Grey Market Premium (GMP) SurgeAhead of the listing, the share’s grey market premium (GMP) had reached around 24.62%, or ₹533 per share, reflecting strong market enthusiasm. Strong Investor ResponseThe IPO received tre...

In a significant move, the Bank of Japan (BOJ) has raised its short-term interest rates, pushing them to the highest level in three decades. The central bank increased rates from 0.5% to 0.75%, a level last seen in 1995, during the aftermath of Japan’s asset bubble burst. This marks a major step towards normalizing monetary policy after decades of ultra-low borrowing costs. The BOJ indicated that rates could rise further beyond next year if economic conditions continue to support inflation targets. “Even after this policy change, real interest rates are expected to remain significantly negative, and accommodative financial conditions will continue to strongly support economic activity,” the bank stated. This decision comes at a time when other major economies, including India and the...

In a significant development for former employees of the defunct Kingfisher Airlines, the Enforcement Directorate (ED) has released ₹312 crore towards long-pending dues. The funds, which were recovered from assets linked to fugitive businessman Vijay Mallya, were transferred to the official liquidator following an order from the Chennai Debt Recovery Tribunal (DRT). Vijay Mallya, currently residing in London, was recently seen celebrating his birthday, drawing attention to the stark contrast between his personal celebrations and the long-standing claims of the airline’s former staff. The DRT had authorized the release of proceeds from the sale of shares previously returned by the ED to SBI, ensuring that employees finally received their dues. Mallya, the former Kingfisher Airlines...

The central government has formally constituted the 8th Pay Commission, and millions of employees are eagerly awaiting its recommendations. The 7th Pay Commission tenure ends on 31 December 2025, and the 8th Pay Commission is expected to start from 1 January 2026, although no official notification has been issued regarding arrears for central employees and pensioners. Timeline and ImplementationIn November 2025, the Ministry of Finance allotted the new pay commission 18 months to submit its report. Experts estimate that it could take an additional 6 months to implement the recommendations. This raises concerns about potential losses for employees and pensioners if the commission’s implementation is delayed. Allowances Most AffectedAccording to reports, the primary allowances for most...

Private sector employees have reason to cheer. The Employees’ Provident Fund Organisation (EPFO) has issued a clarification regarding the Employee Deposit Linked Insurance (EDLI) scheme, resolving confusion around “continuous service.” EPFO has confirmed that if an employee leaves one job and joins another, weekends, national holidays, or government holidays in between will not be counted as a break in service. This means that during death claim settlements, such gaps will still be considered as continuous service, ensuring families receive their rightful insurance. Earlier, many claims were rejected due to this misunderstanding. Why This MattersIn several cases, short breaks between jobs—like weekends or holidays—were wrongly counted as service gaps, leading to claim rejections or r...

Delhi-NCR residents may easily spot the popular Korean cigarette brand ESSE at local paan and cigarette shops—from Connaught Place in New Delhi to Film City in Noida. However, these cigarettes are not legally sold in India. They are either smuggled or counterfeit, bypassing legal channels. Following complaints from the Korean company, authorities have launched a nationwide crackdown on counterfeit ESSE cigarettes. On Thursday, 18 December, 14 wholesale distributors in Delhi-NCR were raided, and millions of cigarettes were seized. High Court Orders RaidsThe raids were conducted under the directions of the Delhi High Court, with the Korean company KT&G and its Indian partner S.S. Rana & Co. collaborating with enforcement authorities. All products bearing counterfeit ESSE tradem...

Dr. Regi George and Dr. Lalitha Regi began their journey in 1993 in the remote village of Sittilingi Valley, Tamil Nadu, a region almost entirely devoid of healthcare facilities. Starting from a small hut, the couple trained local women as nurses and health workers, addressing urgent medical needs in the community. Infant mortality at that time stood at a staggering 150 per 1,000 births. Over the years, their modest initiative transformed into a 35-bed modern hospital, recording zero maternal deaths in the last two decades. However, the doctors quickly realized that the root causes of illness extended beyond hospital walls—poverty, debt, malnutrition, and rural migration were major contributors. Organic Farming and the Birth of SOFAIn 2003, seeking to address these deeper issues, the...

Dalal Street witnessed a soft session on Thursday, with both key indices ending in the red. The BSE Sensex fell 77.84 points to close at 84,481.81, while the NSE Nifty remained largely flat, dropping just 3 points to 25,815.55. Market Movement:The local stock market marked the fourth consecutive day of losses, driven by uncertainties surrounding trade agreements with the U.S. and a subdued global market trend. During the session, the Sensex oscillated between a high of 84,780.19 and a low of 84,238.43, reflecting intraday volatility of 541.76 points. Among Sensex constituents, Sun Pharma, Tata Steel, Power Grid, Asian Paints, NTPC, and Bharti Airtel recorded losses. On the other hand, TCS, Tech Mahindra, Infosys, Adani Ports, Axis Bank, and HCL Tech ended the day with gains. Stock...