Page 29 - Industry News

Centre announces India's first tailings policy for critical minerals

Tailings refer to the leftover waste material after valuable minerals are extracted from crushed ore, forming a slurry of rock particles, water and processing chemicals

RDI funding for industry-backed projects to begin by Jan-end: Minister

BIRAC, TDB named second-level fund managers

Q3 earnings: Top IT firms take ₹5,400 cr hit from new labour codes

India's top six IT companies - TCS, Infosys, HCLTech, Wipro, Tech Mahindra, and LTIMindtree - took a combined hit of about Rs 5,400 crore on account of the implementation of new labour codes, the one-time charge eroding their Q3 FY26 earnings performance substantially. The new regulations, which consolidate 29 existing labour laws, have forced a structural shift in how companies calculate employee benefits. The country's largest IT services exporter, Tata Consultancy Services (TCS), bore the heaviest burden, reporting a "statutory impact" of Rs 2,128 crore. The provisioning led to a 13.9 per cent drop in net profit to Rs 10,657 crore. TCS CFO Samir Seksaria noted that the hit included Rs 1,800 crore for gratuity and Rs 300 crore for leave encashment, warning that the codes will continue to shave 0.100.15 per cent off margins moving forward. Infosys too reported a one-time exceptional charge of Rs 1,289 crore. The Bengaluru-based firm saw its net profit decline 2.2 per cent to Rs 6,

Mobile phone makers seek tax exemption on capital goods, display parts

Mobile phone firms have sought a customs duty reduction on mobile parts like microphones, printed circuit boards, and wearables, as well as tariff correction on capital goods and other components, to lower the handset production cost, industry body ICEA said in its budget recommendations. The mobile phone makers' body has suggested that the government rationalise duty on capital goods, citing recent restrictions imposed by China that threatened local production of mobile phones. "With China's recent export restrictions on manufacturing machinery increasing supply-chain risks, India's dependence on imported equipment has become a strategic vulnerability. It is, therefore, recommended that the government extend the existing zero-duty benefit on capital equipment to all constituent components, sub-assemblies, and assemblies imported specifically for their manufacture," ICEA said. India Cellular and Electronics Association (ICEA), whose members include Apple, Foxconn, Dixon, Xiaomi, Viv

Railway cooperative societies asked to align bye-laws with amended Act

Cooperative Election Authority (CEA) on Monday called on railway employee cooperative societies to align their bylaws with amended legislation, as the regulator works to strengthen democratic governance in the sector. The meeting brought together representatives from 16 multi-state cooperative societies of railway employees, with more than 40 office bearers attending, the authority said in a statement. The discussions centered on aligning society bylaws with the Multi-State Cooperative Societies (Amendment) Act, 2023, establishing representative general bodies, and ensuring timely election proposals are submitted at least six months before boards complete their tenures. CEA Chairperson Devendra Kumar Singh said the body has conducted 220 elections since its establishment, with 70 currently underway nationwide. The authority was created following 2023 amendments to oversee electoral rolls and conduct elections in multi-state cooperative societies. India has approximately 18 ...

Space industry seeks PLI, tax sops and procurement push in Budget

India's space industry has sought PLI incentives, tax holidays and a strong government procurement push in the Budget to spur private investment and global competitiveness

Shrimp farming can be an answer to growing soil salinity in North India

The reports said that in India, out of a total 6.74 million hectares of salinity-affected subsoils (SAS), 1.2 million hectares (around 18%) are in north-western India alone

Over ₹52,300 crore MSME loans sanctioned by PSBs under digital credit model

Public sector banks under the digital credit underwriting programmes sanctioned over 3.96 lakh MSME loan applications amounting to over Rs 52,300 crore between April 1 and December 31, 2025, the finance ministry said on Monday. The Public Sector Banks (PSBs) had launched the Credit Assessment Model (CAM) based on digital footprints for Micro, Small & Medium Enterprises (MSMEs) in 2025. This credit assessment model leverages the digitally fetched and verifiable data available in the ecosystem and devises automated journeys for MSME Loan appraisal using objective decisioning for all loan applications and model-based limit assessment for both Existing to Bank (ETB) as well as New to Bank (NTB) MSME borrowers, a finance ministry statement said. "Between 1st April and 31st December, 2025, over 3.96 lakh MSME loan applications amounting to more than Rs 52,300 crore have been sanctioned by the Public Sector Banks (PSBs) under the digital credit underwriting programmes," the ministry said

Budget 2026-27: Fertiliser industry seeks duty cuts, subsidy reforms

The Fertiliser Association of India has suggested rationalisation of customs duties on key raw materials, incentives for downstream projects, and bringing urea under the nutrient-based subsidy framework in Union Budget 2026-27. The FAI has demanded exemption or reduction of basic customs duty on inputs such as ammonia, phosphoric acid, sulphuric acid, rock phosphate and sulphur. It has also sought relief from Agriculture Infrastructure and Development Cess, and resolution of issues arising from inverted GST duty structures leading to accumulation of unutilised input tax credit. On the direct tax front, the industry has recommended restoration of weighted deductions for R&D and farmer education, incentives for downstream fertiliser projects, accelerated depreciation for energy-efficient equipment, and easing of compliance and litigation burdens. The FAI has emphasised the need to promote balanced fertilisation to protect soil health, noting that disparities between urea and P&K

India's Russian crude oil buys may average 1.2 mbpd amid sanctions: Kpler

India is diversifying its crude slate by stepping up purchases from traditional suppliers such as Iraq and Saudi Arabia

New Labour Codes push up operating costs for private banks, insurers

Private sector banks and insurers report higher employee costs in Q3FY26 after accounting for statutory impact of New Labour Codes notified by the Centre in November 2025

Industry confidence hits five-quarter high in Oct-Dec period: CII survey

Industry confidence rose to a five-quarter high in the December quarter of FY26, supported by steady domestic demand

India needs fertiliser pricing reforms to restore soil health: Paper

ICRIER paper calls for rational fertiliser pricing, targeted support and site-specific solutions to restore soil health, improve crop nutrition and address India's persistent malnutrition challenge

Government and NPCI's Role Key to Global UPI Growth, Says Pay10 Founder

To expand UPI globally, the government and NPCI must create stronger merchant use cases and ensure faster settlement cycles, especially for small overseas businesses, Pay10 founder said

Coal mining resumes at CCL's Rajhara colliery in Jharkhand after 16 years

Union minister Satish Chandra Dubey on Saturday inaugurated the resumption of coal mining operations at Rajhara Colliery of Central Coalfields Limited (CCL) in Jharkhand's Palamu district. Coal mining operations had been closed at the site since 2010. Dubey said, "India is progressing significantly in the coal sector. The CCL project holds great importance for the region. The resumption of operations will not only generate employment but also contribute to the overall development of the area." He said that this would also help curb migration from the region. There has been a long-standing demand to restart the Rajhara coal mine, and the government has accorded it high priority, the minister said. He further said that mining at Rajhara Colliery had been halted since 2010 due to unavoidable reasons. BJP MP from Palamu said that efforts had been made at multiple levels to restart the mine and that success had finally been achieved. The Rajhara Colliery area holds 4.5 million tonnes

EDME Insurance eyes overseas expansion, targets ₹1,600 cr business

EDME Insurance Brokers, formerly Aditya Birla Insurance Brokers Ltd, is eyeing an overseas expansion and aims to double its business to Rs 1,600 crore over the next five years. "We would also like to spread our wings outside India, namely to Dubai, Singapore and London as well. We feel that, in the next one year or so, we will set up offices in both Singapore and Dubai. So, London might come later," EDME Insurance Brokers Chief Executive Officer Sanjay Radhakrishnan told PTI. Talking about the acquisition of UIB Insurance Brokers (India) Pvt Ltd, he said that with the buy, business has increased to about Rs 850 crore. With the deal, he said, EDME Insurance Brokers has become the second largest in the country after Marsh. For the rapid growth, he said, "We have identified around 14-18 industries that we want to focus on. For example, IT and BFSI, construction, infrastructure, and power. We are also looking at sports, media, and entertainment. Additionally, we are looking at mergers

'India's electronics sector moving towards strategic indispensability'

An MNC presentation weighs India's position while pointing out that the world is 'now dependent' on Chinese supply chain

Jio Financial Services reports 9% drop in Q3 profit at ₹269 crore

Jio Financial Services Ltd on Thursday reported a 9 per cent drop in consolidated profit at Rs 269 crore for the third quarter ended December 31, 2025. The company had earned a consolidated net profit of Rs 295 crore in the same quarter of the previous fiscal, Jio Financial Services said in a regulatory filing. However, the company's consolidated net profit stood at Rs 695 crore in the second quarter of the current fiscal. Total income nearly doubled to Rs 901 crore, from Rs 449 crore in the third quarter of the previous fiscal. Total expenses also witnessed a significant year-on-year increase, rising to Rs 566 crore from Rs 131 crore in the same quarter a year ago. During the quarter, pre-provisioning operating profit grew by 7 per cent to Rs 354 crore. Growth in total income was partially offset by higher expenses, in line with volume growth across all businesses, it said. For the nine months ended December, the company's net profit also declined marginally to Rs 1,289 crore,

Budget 2026: Here are key challenges in electronics & semiconductor sector

Electronics & SemicIndia's electronics and semiconductor ambitions face hurdles such as high capital costs, talent gaps and weak value-chain presence

Higher expenses drag Angel One Q3 profit down 4.5% to ₹269 crore

Angel One on Thursday reported a 4.5 per cent year-on-year decline in consolidated profit after tax (PAT) to Rs 269 crore in the December quarter as rising operating expenses weighed on margins. The company had posted a PAT of Rs 281.5 crore in the corresponding year-ago quarter. However, the broking firm registered a 5.8 per cent increase in total income to Rs 1,338 crore from Rs 1,264 crore in Q3 FY25, driven by an improvement in interest income and fees and commission income, according to a regulatory filing. Total expenses increased to Rs 964.2 crore from Rs 876.5 crore, driven primarily by higher employee benefit costs, employee stock ownership plan (ESOP) expenses and other operating expenses. The company's board has approved a stock split in the ratio of 1:10, whereby each equity share with a face value of Rs 10 will be subdivided into 10 equity shares of Rs 1 each.