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INDIA MARKET | Fri, 29 May 2026, 7:00AM IST Here's a look at stocks that are likely to be in focus during the trading session on Friday.

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GLOBAL NEWS | Fri, 29 May 2026, 3:05AM IST Treasury Secretary Bessent backed the idea, which would require legislation allowing a living person to appear on currency.

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INDIA BUSINESS | Fri, 29 May 2026, 2:27AM IST Industry officials said the Indian Pro-AV market is projected to reach $150 million by 2034, growing at a CAGR of 3.9%

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GLOBAL NEWS | Fri, 29 May 2026, 2:03AM IST Oil prices jumped after the U.S. said it shot down four Iranian attack drones, casting doubt once again on the prospects for a peace deal.

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INDIA MARKET | Fri, 29 May 2026, 1:35AM IST The S&P 500 and Nasdaq hit record closing highs as hopes of a US Iran ceasefire extension boosted sentiment. Investors also digested US inflation rising to a three-year high and weaker GDP revision. AI and tech stocks led gains, with Microsoft, Snowflake, Eli Lilly and Marvell among top movers today.

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INDIA MARKET | Fri, 29 May 2026, 1:08AM IST Thursday saw a resurgence in gold prices, which jumped more than one percent as they bounced back from a two-month low. This recovery was fueled by the hopeful prospects of an extended ceasefire agreement between the United States and Iran. As the U.S.

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INDIA BUSINESS | Fri, 29 May 2026, 12:55AM IST The decision has been taken in view of perceived advantages in the cost of production and the higher shelf life of such currency notes

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INDIA BUSINESS | Fri, 29 May 2026, 12:53AM IST JSW, Tata, SAIL, JSPL are set to hike capex up to 65%; spending surge defies West Asia cost pressures.

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INDIA BUSINESS | Fri, 29 May 2026, 12:47AM IST After a decade of downsizing the wholesale business, Karur Vysya now plans to reverse it by raising the corporate loan share to 20% in the next two years from 14% at present. It also plans to enter into the credit card business, and loans against mutual funds are on the cards, too, as is a renewed focus on microloans.

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INDIA MARKET | Fri, 29 May 2026, 12:42AM IST A proposal to feature Donald Trump on a new $250 bill for Americas 250th anniversary is under discussion, raising legal and political concerns. The move would break a long-standing ban on depicting living individuals on US currency, with critics calling it controversial and supporters framing it as symbolic recognition.

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INDIA BUSINESS | Fri, 29 May 2026, 12:41AM IST The Supreme Court has asked the government and the Reserve Bank of India for their response to a petition that wants banks' dealings with real estate projects to be reviewed. The court also wants an investigation into developers accused of misusing homebuyers' money. Several authorities and builders have been issued notices.

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INDIA NEWS | Fri, 29 May 2026, 12:36AM IST Mumbai: After a crushing court defeat, India's money gaming fraternity is now dreading whether the taxman would come after the companies' directors.The law allows the goods and service tax (GST) authorities to recover dues from board members of private limited companies if unpaid tax, interest, or penalty cannot be salvaged from the entities.Most real money gaming platforms were run by closely-held companies. While a director can escape personal liability if he demonstrates that the unpaid tax was not caused by gross neglect and wilful misstatement, many show cause notices, which triggered the legal feud, allege fraud and suppression of facts.Also read | Billionaire's FOMO: Ultra-rich pouring money into AI stackIn cases of frauds, the tax office can levy penalty of 100% of the tax demand. Platform managements are hoping for some relief from the fine print in Wednesday's Supreme Court (SC) judgement which upheld GST authorities stand to impose 28% tax on full value of bets. The ruling is yet to be released.By validating the SCNs, the SC effectively overturned earlier lower court rulings favouring gaming companies and dismissed the argument that 'games of skill' require different tax treatment under the GST framework for actionable claims.The GST Act provides for extended limitation period, enabling the department to issue SCNs up to five years from the due date of filing the relevant annual return in cases of fraud.131377275According to Ritesh Kanodia, partner, Aurtus Consulting, "There is strong legal support, including Supreme Court rulings, that when a matter involves a complex interpretation of the law, it cannot be treated as fraud or suppression. In this case, there was genuine ambiguity on whether GST applies at all and, if it does, on what value. Even the Karnataka High Court had earlier ruled in favour of taxpayers, which shows that the issue was debatable. Because of this, there is a strong argument that the 100% penalty may not be justified, thoughthe normal penalty (around 10%) may still apply."Ashish Karundia, founder of the eponymous CA firm, agreed that notices invoking the extended limitation period can certainly be challenged. "To sustain demands under Section 74, the department must establish fraud, wilful misstatement, or suppression with intent to evade tax. Gaming companies are likely to argue that their operations, filings, and transaction trails were fully disclosed, and that the dispute pertains purely to legal interpretation rather than any concealment of facts," said Karundia.If the department eventually chases the directors, it has to send separate notices and examine their roles individually.Also read | A blueprint for West Bengals evolution from an entrepot to a production hubHowever, for earlier periods (July 2017 to March 2020), companies may be eligible for the Government's amnesty scheme, which provides a full waiver of interest and penalties, provided fraud is not established (i.e., a Section 74 notice [100% penalty] gets converted into a Section 73 Notice [10% penalty]). So, in many cases, companies may ultimately end up paying only the tax amount, said Kanodia.The companies have sought 12 weeks to reply to the adjudication panel in the GST department which would be followed by final tax demands and appeals before higher courts.The GST law was amended in 2023 to make online gaming, casinos, and horse racing taxable at 28% on the full face value of bets, regardless of whether it's game of skill or chance. These changes, applied retrospectively, imposed liabilities for past periods when the law was not explicit. Before 2023 companies were paying 18% tax on the fees platforms collected.Last year, the government hurriedly enacted the Promotion and Regulation of Online Gaming (PROG) Act, 2025 that completely prohibits online money games. The SC order on Wednesday not only puts a large financial burden on gaming companies but may also weaken their argument that since gaming is a state subject, the activity cannot be banned by a central law.

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GLOBAL NEWS | Fri, 29 May 2026, 12:30AM IST First, The Star was born. Now, The Washington Star is reborn. Both are hoping to win readers ceded by recent layoffs at The Washington Post.

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GLOBAL NEWS | Fri, 29 May 2026, 12:28AM IST The Commodity Futures Trading Commission filed jointly with a company run by the Winklevoss twins to overturn their settlement.

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GLOBAL NEWS | Fri, 29 May 2026, 12:28AM IST The Commodity Futures Trading Commission filed jointly with a company run by the Winklevoss twins to overturn their settlement.

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INDIA BUSINESS | Fri, 29 May 2026, 12:27AM IST Indian banks achieved a record consolidated net profit exceeding 4 lakh crore in FY26. Top lenders SBI, HDFC Bank, and ICICI Bank contributed over half of this aggregate. Private banks slightly outpaced state-run banks in profit share. This growth faced headwinds from rising bond yields and a cap on net open positions.

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INDIA BUSINESS | Fri, 29 May 2026, 12:26AM IST Chinese smartphone maker Xiaomi is bringing in Alexander Tang to head its India business as it looks to revive falling market share and improve performance in one of its key markets. Tang, who previously managed parts of Southeast Asia, will replace Alvin Tse, who had led the India region since 2022 and is being shifted to another role.

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INDIA BUSINESS | Fri, 29 May 2026, 12:21AM IST The Supreme Court has directed the Centre and the Food Safety and Standards Authority of India to explain why a nationwide performance audit of food safety regulations is needed. This comes amid concerns over food adulteration and weak enforcement. The court seeks to understand the effectiveness of the current food safety framework.

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INDIA BUSINESS | Fri, 29 May 2026, 12:15AM IST The Indian government is exploring a significant policy shift. It may permit corporate investments in multidisciplinary partnership firms. This move aims to strengthen their financial base. The goal is to foster large domestic firms capable of competing with global giants. This initiative seeks to enhance India's presence in the international auditing and consultancy market. A final decision is expected soon.

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INDIA BUSINESS | Fri, 29 May 2026, 12:12AM IST The support is aimed at partially offsetting operational expenses and revenue losses faced by retailers. Explaining the mechanism, a dealer said the company compares current sales with historical averages.

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INDIA BUSINESS | Fri, 29 May 2026, 12:06AM IST India aims to cut reliance on imported chemicals through coal gasification. The government is offering significant financial support and incentives for new projects. Companies have been urged to invest in coal gasification plants. A draft proposal is expected soon, with the scheme likely to launch by early July.

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INDIA BUSINESS | Thu, 28 May 2026, 11:57PM IST As Cipla approaches its centenary, the company is redefining its strategy by prioritizing innovation to amplify revenues. With ambitions to broaden its footprint in North America and Europe through sophisticated product offerings, Cipla is also intensifying its focus on managing chronic conditions such as diabetes and heart diseases in India.

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INDIA BUSINESS | Thu, 28 May 2026, 11:57PM IST As Cipla approaches its centenary, the company is redefining its strategy by prioritizing innovation to amplify revenues. With ambitions to broaden its footprint in North America and Europe through sophisticated product offerings, Cipla is also intensifying its focus on managing chronic conditions such as diabetes and heart diseases in India.

Continue reading at Economic Times

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