Business

[ad_1] India is preparing to open a significant portion of its protected government procurement market to foreign companies, including firms from the United States, two government sources said, marking a notable policy shift that could extend to other trading partners.This move comes shortly after India granted British companies access to select federal contracts under a new trade agreement earlier this month.According to the sources, US companies will likely be allowed to bid for contracts worth over $50 billion, primarily from federal entities, as New Delhi negotiates a trade deal with Washington, as reported news agency Reuters.Total public procurement in India—including purchases by federal, state, and local governments, along with state-owned enterprises—is estimated at $700 billion to $750 billion annually. Most of this market is currently reserved for domestic companies, with 25% specifically set aside for small businesses. Foreign suppliers are […]

[ad_1] This is a representative AI image (Pic credit: Lexica) Jakob Stausholm, the CEO of mining giant Rio Tinto, will step down later this year, the company announced on Thursday, marking a surprise move. Stausholm, who led the company through a period of significant cultural and strategic transformation, will remain in his role until a successor is named.Rio Tinto did not specify the reason for Stausholm's departure, saying only that the succession process is already underway and this was deemed "a natural moment" for leadership change. Analysts, however, expressed surprise at the timing and lack of a clear rationale."This news comes as a big surprise, and in our view was not expected," said Richard Hatch, an analyst at Berenberg. "It does not feel that natural to us."Stausholm took the helm in late 2020 following the destruction of the Juukan Gorge […]

[ad_1] Support to Pakistan costs Turkey, Azerbaijan as Indians shift out weddings, corporate events India's wealthy families and non-resident Indians are increasingly steering clear of Turkey and Azerbaijan for weddings and corporate events, amid rising tensions tied to those countries' perceived support for Pakistan.Planners say several high-profile weddings and corporate events have already been rescheduled or relocated, dealing a blow to the region's lucrative destination events business. Event managers cite growing discomfort among clients.Prachi Tandon, co-founder and director of Copper Events, said that many clients are now looking at alternatives such as the UAE and Rajasthan. "Bahrain has become the most important destination for us now," she said, adding that supportive policies from local governments, such as visa fee waivers for couples, are also making a big difference.The chill in sentiment is not limited to weddings. Mihir Ranpara, co-founder of […]

[ad_1] Reliance Industries and Adani Group have made substantial investment pledges for the Northeast region. Reliance Industries and Adani Group have made substantial investment pledges for the Northeast region at the Rising Northeast Investors Summit 2025 in New Delhi's Bharat Mandapam on Friday. The companies committed Rs 75,000 crore and Rs 50,000 crore respectively, demonstrating their confidence in the region's economic potential.During the summit, Reliance Industries Chairman Mukesh Ambani presented his strategic vision for the northeastern states, including Arunachal Pradesh and Nagaland. "In the near future, I can see these regions replicating the success of neighbouring countries like Singapore," Ambani said according to an ET report.Reliance’s investment plans for North-EastReliance's existing investment of Rs 30,000 crore in the Northeast spans four decades, with plans now in place to increase this figure to Rs 75,000 crore.Ambani detailed six primary commitments towards […]

[ad_1] Asian stock markets calmed on Friday after a rough day, helped by a drop in US bond yields and hopes for more economic stability. Investors were watching closely after US President Donald Trump's new tax-cutting budget passed a key vote in the House of Representatives.The bill, called the “One Big, Beautiful Bill Act,” extends Trump's 2017 tax cuts for another 10 years. It also cuts funding to some social programmes, which has caused concern. Experts say the plan could increase the US deficit by up to $4 trillion over the next decade, though the White House argues it will help the economy grow fast enough to cover the costs.US markets were shaken earlier in the week after weak demand for a 20-year government bond sale and credit rating agency Moody's downgraded the country's top credit rating. These events raised […]

[ad_1] Gold prices: A failure to reclaim ₹96000 decisively could trigger a deeper correction toward ₹94500-₹94800 support zone. (AI image) Gold price prediction today: Gold prices are set to record a weekly gain after fluctuating for the last few weeks. The gold rate is still off its all-time high and investors are wondering whether they should buy, sell or hold gold.What gold price levels should you watch out for? Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities explains:MCX Gold June 2025 contract is trading at ₹95600, positioned at a critical technical juncture after recent consolidation near resistance levels. The precious metal has shown signs of exhaustion near the ₹96000 zone, with technical indicators aligning for potential downside moves. Today presents two distinct selling opportunities for intraday traders. Gold: Current Technical PictureThe gold market is displaying classic signs […]

[ad_1] NEW DELHI: Gross foreign direct investment (FDI) into India rose 13.6% to $81 billion during the last financial year, the fastest pace of expansion since 2019-20.The increase in the year was despite a contraction seen during the fourth quarter of 2024-25 when inflows on a gross basis declined 6% to $17.9 billion, probably due to the uncertainty caused by Donald Trump's election and his assertions around getting investments back into the US.On net basis, however, FDI declined 97% to $353 million due to large scale repatriation out of the country, driven to an extent by overseas investors such as Hyundai cashing out through initial public offers.Latest data released by RBI pegged repatriation and disinvestment of stake in India at Rs $51.5 billion in 2024-25, 16% higher than the previous year. As a result, FDI into India was estimated at […]

[ad_1] Top stocks to buy today (AI image) Stock market recommendations: According to Bajaj Broking Research, NMDC and Polyplex Corp are the top stock picks for today. Here’s its view on Nifty, Bank Nifty and the top stock picks for May 23, 2025:Index View: NIFTYIndian equity markets traded with downward bias during the current week weighed down by weak global cues and profit-taking in key sectors. Investor sentiment turned cautious following Moody’s downgrade of the U.S. government’s credit outlook, which led to a spike in U.S. Treasury yields and triggered a broad-based sell-off across global equity markets. The risk-off sentiment reverberated through Asian and European bourses, with Indian benchmarks mirroring the global weakness. The India VIX rose more than 5% over the week, signaling heightened volatility and risk aversion among market participants.On the technical front, the Nifty registered a high […]

[ad_1] India’s medium term growth potential outlook has been revised by Fitch Ratings with prospects brightening.Fitch has revised upwards the GDP growth potential to 6.4%, marking a 0.2% increase. China’s forecast, on the other hand, has been trimmed to 4.3% from 4.6%.The update comes as part of Fitch’s latest assessment of potential GDP growth across 10 major emerging markets over the next five years, reported ANI.In its report, the rating agency noted, “Our estimate of India's trend growth is slightly higher at 6.4 per cent, compared with 6.2 per cent previously. We think TFP growth will slow from recent years to be in line with its long-run average of 1.5 per cent.”The revised outlook for India is majorly driven by a stronger contribution from labour inputs, particularly total employment, rather than gains in productivity. Fitch pointed to a sharper increase […]

[ad_1] NEW DELHI: The Adani Group has reported its highest-ever pre-tax profit of nearly Rs 90,000 crore for the fiscal year ending March 31, 2025, supported by robust operational performance and sound financial management. EBITDA rose to Rs 89,806 crore in FY25 from Rs 24,870 crore in FY19, reflecting a six-year compound annual growth rate (CAGR) of 24 per cent. Year-on-year, EBITDA growth stood at 8.2 per cent. Net profit for the year reached Rs 40,565 crore, marking a six-year CAGR of 48.5 per cent. Gross assets climbed to Rs 609 lakh crore, driven by the group’s continued expansion into infrastructure, airports, and renewable energy.As a result of this expansion, gross debt increased to Rs 2.9 lakh crore, though net debt was contained at Rs 2.36 lakh crore due to strong cash reserves. The liquidity buffer now represents 18.5 per […]