Gold demand drops 70% after sharp duty hike in India
INDIA BUSINESS | Sat, 30 May 2026, 6:00AM IST
Demand fell to about 7.5 tonnes in the fortnight ended May 27 from around 25 tonnes a year earlier, according to industry estimates. The government increased the import duty on gold to 15% from 6% with effect from May 13.
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RBI warns West Asia war may hit India growth
INDIA NEWS | Sat, 30 May 2026, 6:00AM IST
Mumbai: A prolonged West Asia conflict represents a key downside risk to India's economic outlook according to the Reserve Bank of India (RBI), even as it projected a lower real gross domestic product (GDP) growth of 6.9% for 2026-27 in its annual report compared with 7.6% estimated for the previous financial year.The central bank said the impact of the conflict is likely to remain contained in the near term but warned that an escalation could derail India's otherwise positive growth trajectory."Going forward, India's growth outlook remains positive, though the West Asia conflict and the attendant risks of elevated energy prices, supply chain disruptions, financial market volatility, uncertainty surrounding global trade policies and weather-related disruptions could pose headwinds to growth and inflation in the short run," the Reserve Bank said.Also Read: Iran war - PSBs asked to stay preparedPositive Macro OutlookIt listed healthy corporate and bank balance sheets, government's continued thrust on capital expenditure and the implementation of trade agreements with key partners as positives to help sustain investment and growth momentum."Nevertheless, in a highly uncertain global environment, continuous assessment of the evolving developments is warranted to frame the appropriate policy response on an ongoing basis," the report said.131398139The central bank said that although portfolio flows exhibited a net outflow in 2025-26, strong buffers in the form of ample foreign exchange reserves and modest external debt liabilities continue to impart strength to the external sector, contributing to overall macroeconomic and financial stability.Adequate food grain stocks, sufficient reservoir levels and stable agricultural prospects despite possible El Nino conditions and above-normal summer temperature will keep inflation aligned to the target in 2026-27, according to the RBI. However, upside risks may emanate from a surge in global fuel and commodity prices amid geopolitical tensions, potential spillovers to input and wage costs and volatility in exchange rates.Also Read: India-US trade pact may be weeks away - US Ambassador to India Sergio GorThe central bank projected consumer price inflation for 2026-27 at 4.6%, with risks tilted to the upside, significantly higher than its revised estimate of 3.7% for the previous fiscal.Pressure on BondsDomestic bond yields could face upward pressure if the global monetary easing cycle stalls or reverses in response to persistent oil price shocks amid fragile conditions in West Asia, it said.Geopolitical risk has re-emerged as the dominant drag on global growth in 2026, according to the RBI. "In IMF's baseline scenario, the global economy is projected to grow by 3.1% in 2026 (as against the earlier projection of 3.3% in January), while global merchandise and services trade volume is expected to decelerate to 2.8% in 2026. Further intensification of the conflict, its prolongation or widening geographical spread, if any, remain the key downside risks to the global economic outlook," the report said."However, the government's commitment to fiscal consolidation, along with the liquidity injection measures by the Reserve Bank, is expected to contain the upward pressure on yields. Equity market dynamics would be conditioned by evolving geopolitical developments, global financial market volatility and foreign portfolio investment flows; a deterioration in risk sentiment alongside strengthening of the US dollar could trigger capital outflows," said the RBI's annual report. "At the same time, ongoing efforts to expand local currency settlement framework are expected to further advance rupee based cross-border transactions."
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India eyes fiscal support for domestic EV battery supply chain
INDIA BUSINESS | Sat, 30 May 2026, 5:30AM IST
India is planning new incentives to boost local production of battery components. This move aims to reduce import dependence for electric vehicle batteries. Discussions are ongoing for tax support and outcome-linked programs. The government is focused on developing domestic supply chains for crucial materials like cathode and anode.
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Power storage VGF of Rs 15,000 crore in works
INDIA BUSINESS | Sat, 30 May 2026, 5:30AM IST
India is planning a significant boost for energy storage. A new viability gap funding scheme is in the works for 112 gigawatt-hour projects. This initiative involves an outlay of around 15,000 crore. The plan includes battery storage, pumped storage, and new technology systems. This move aims to enhance energy security and grid stability across the nation.
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US stocks today: US stocks hits new closing highs on tech strength, Middle East deal hopes
INDIA MARKET | Sat, 30 May 2026, 1:34AM IST
Wall Street ended at record highs on Friday, driven by strong tech earnings and optimism around AI-led growth. Dells upbeat forecast lifted chip and software stocks, while investors tracked developments on a potential US-Iran deal. Despite inflation concerns, major indexes posted weekly and monthly gains.
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NMDC Q4 net rises 35% to 2,020 crore on higher revenue
INDIA BUSINESS | Sat, 30 May 2026, 1:19AM IST
NMDC, which is Indias largest iron ore producer, had registered a record 53.15 million tonne output of the key raw material for steel in FY26
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Molecule glue drugs shake up cancer care, draw big money
INDIA BUSINESS | Sat, 30 May 2026, 12:52AM IST
Harvard-born idea doubles survival in trials, triggers pharma frenzy as cos race to target 'undruggable' proteins with next-gen glue therapies.
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Molecule glue drugs shake up cancer care
INDIA NEWS | Sat, 30 May 2026, 12:52AM IST
One of the biggest advances in pancreatic cancer in decades came out of a crazy idea born in a Harvard University lab.Chemical biologist Gregory Verdine believed you could fight disease-causing proteins hidden inside cells by chemically gluing them to something else in the body and smothering them."Everybody told us this is crazy, that it would never work," he recalls.Revolution Medicines, which bought one of Verdine's companies in 2018, recently announced that one of its drugs doubled the typical survival time for patients with aggressive forms of the disease, from 6.7 months to 13.2 months. The full results from the company's final-stage trial are expected to be the star of the show at the annual confab of cancer doctors in Chicago this weekend.Spurred by the success of RevMed, numerous companies are now racing to develop similar drugs, dubbed "molecular glues", which can be used to treat a variety of ailments. And investors and pharmaceutical companies with deep pockets are chasing after them, creating one of the hottest corners of dealmaking in the industry.Also read | India's out-of-pocket healthcare spending drops significantly, govt data showsIt's not unusual for exciting new drugs to spark surges in stock prices and dealmaking frenzy. But molecular glue is a particularly complicated science, and the startups pursuing technologies similar to RevMed are mostly in early stages of testing. Their medicines won't be ready for years, if ever.That hasn't stopped big drugmakers such as Novartis, Roche Holding and Eli Lilly from inking research pacts with glue developers that could pay out billions of dollars in milestones.The boom has been especially lucrative for Monte Rosa Therapeutics. Over the past three years, the Boston-based biotech firm has signed three agreements that could be worth over $10 billion to develop molecular glue drugs with both Novartis and Roche.The company, which trades under the stock ticker GLUE, has seen its shares surge nearly 400% over the past year. It's preparing to start mid-stage trials for multiple drugs by the end of this year."The run-up in the share price is justified based on what we've seen so far," says Robert Driscoll, an analyst at Wedbush. Gains are "due to the success of their drugs rather than kind of exuberance around the glue technology as a whole", he says.Science of GlueMolecular glues work in a fundamentally different way from other oral medicines. Most pills - like Prozac for depression or Lipitor for cholesterol - are tiny chemicals that squeeze into a pocket inside a much larger protein to gum up its functioning. But many proteins have few obvious pockets, including key cancer-causing proteins.In fact, about 80% of all proteins in the body are what scientists refer to as "undruggable", meaning they can't be targeted with traditional drug technologies.RevMed's daraxonrasib cleverly circumvents this problem by acting as a molecular stickum. Once inside the body it binds to a healthy protein on one side and then draws in the bad protein to stick to the other side. The healthy protein helps block the bad protein and turn off its signalling.Competitors Line UpMultiple companies are chasing RevMed's lead in pancreatic cancer despite the long odds. San Diego-based Erasca is in early stages of testing a drug it says is more potent than daraxonrasib. Japanese drugmaker Astellas Pharma has begun final-stage trials of a degrader that may help a subset of pancreatic and lung cancer patients.Molecular glues are also being developed as alternatives to injectable drugs used to treat autoimmune and skin disorders. Shares of Kymera Therapeutics have soared more than 180% in the past year thanks to promising early trial results. The company is developing a once-daily pill it hopes will one day compete with Sanofi and Regeneron Pharmaceuticals' Dupixent, one of the world's bestselling drugs."The technology allows you to go after things that would have been almost impossible" to do previously with pills, says Nello Mainolfi, Kymera's founder and CEO.With few effective options for pancreatic cancer, analysts expect RevMed's daraxonrasib to become an enormous bestseller for the company.Prospects for daraxonrasib and speculation about a potential takeout deal have inflated RevMed's market cap to nearly $33 billion. That's a lofty figure for a drugmaker with no approved medicines.The company is preparing to file for US approval soon, and the FDA has promised to give the drug an ultrafast review. It's projected to reach $7 billion in sales a year by 2032, according to the average of estimates compiled by Bloomberg.
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INDIA BUSINESS | Sat, 30 May 2026, 12:46AM IST
Although number of frauds for public and private sector banks reduced, the amount involved has increased over the years. Number of frauds was highest under card, internet, and digital payments category in the past two financial years.
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Offshore betting ads growing despite ban on online money games: ASCI
INDIA BUSINESS | Sat, 30 May 2026, 12:33AM IST
Offshore betting promotions are proliferating across India, despite the government's crackdown on online gambling and its related advertisements. According to the Advertising Standards Council of India, there's been a notable uptick in these ads.
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WHO announces 1st Ebola recovery in Congo
INDIA NEWS | Sat, 30 May 2026, 12:31AM IST
The World Health Organization on Friday announced the first recovery of a confirmed Ebola patient in the outbreak raging in the Democratic Republic of Congo."The DRC has said that on May 27, a patient recovered and left the hospital and has been discharged into the community," the WHO's Anais Legand told reporters.She said it marked the "first" among patients who had been confirmed to have Ebola, but stressed that she expected there had been other recoveries among people who have not yet received laboratory confirmation of test results."This is the first one" to be discharged from a care centre "following two negative tests", said Legand, a WHO technical officer on viral haemorrhagic fevers.She said the WHO had to date recorded 17 confirmed and 223 suspected Ebola deaths in the DR Congo since the outbreak was declared on May 15, out of 125 confirmed cases and over 900 suspected cases.In neighbouring Uganda, seven cases have also been confirmed, including one death.
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Asian Paints net profit jumps nearly 70%, weighs 'calibrated' price hikes
INDIA BUSINESS | Sat, 30 May 2026, 12:27AM IST
This fiscal year, Asian Paints is targeting an ambitious volume growth of 8-10%. To safeguard its profit margins at 18-20%, the company is adopting calculated price adjustments and embracing cost-efficient strategies. Moreover, theres a strong emphasis on expanding their premium product line.
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For Wall Street, the Only Thing Worse Than SpaceX Flopping Is Missing Out
GLOBAL NEWS | Sat, 30 May 2026, 12:23AM IST
Elon Musk and his bankers are working to create a self-fulfilling prophecy for the massive public offering: Make investors feel that the risks of passing it up outweigh those of buying into it.
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India Inc deepens AI adoption to stay ahead of legal curve
INDIA BUSINESS | Sat, 30 May 2026, 12:17AM IST
Major Indian corporations are swiftly integrating artificial intelligence into their legal departments. This approach is enhancing the efficiency of contract assessments, monitoring compliance and automating routine legal tasks. Firms such as the Aditya Birla Group and Adani Group are harnessing AI technologies to reduce legal expenditures and optimise operations.
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INDIA MARKET | Sat, 30 May 2026, 12:12AM IST
Shubman Gill scored a magnificent 104 off 53 balls to fire Gujarat Titans into the IPL 2026 finals against RCB.
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Intel, 3DGS Sign $3.3-billion Odisha Semiconductor MoU
INDIA BUSINESS | Fri, 29 May 2026, 11:54PM IST
A significant investment of $3.3 billion is set to boost India's semiconductor ecosystem. Intel, Odisha government, and 3D Glass Solutions have signed a memorandum of understanding. This collaboration will establish a new facility in Bhubaneswar-Khurda, focusing on advanced packaging and glass core substrates.
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Intel, 3DGS sign $3.3-billion Odisha semiconductor MoU
INDIA BUSINESS | Fri, 29 May 2026, 11:54PM IST
A significant investment of $3.3 billion is set to boost India's semiconductor ecosystem. Intel, Odisha government, and 3D Glass Solutions have signed a memorandum of understanding. This collaboration will establish a new facility in Bhubaneswar-Khurda, focusing on advanced packaging and glass core substrates.
Continue reading at Economic Times
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Supreme Court seeks police and CBI response on Lilavati Trust's plea against HDFC chief
INDIA BUSINESS | Fri, 29 May 2026, 11:49PM IST
The Supreme Court is examining an appeal by Lilavati Kirtilal Mehta Medical Trust, which had accused HDFC Bank MD Sashidhar Jagdishan of bribery. The Bombay High Court had previously quashed the case. The Supreme Court has asked for responses from the CBI and Mumbai Police. It noted that personal benefit allegations might still need scrutiny.
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Iran war: Public sector banks asked to stay prepared
INDIA BUSINESS | Fri, 29 May 2026, 11:41PM IST
Public sector banks received guidance from the Centre to prepare for global uncertainties. The finance ministry reviewed bank performance and launched a portal for unclaimed financial assets. Banks were urged to adopt austerity measures and support borrowers under the ECLGS 5.0 scheme. Efforts to strengthen digital banking and credit access for MSMEs were also discussed.
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Iran war: PSBs asked to stay prepared
INDIA NEWS | Fri, 29 May 2026, 11:41PM IST
New Delhi: The Centre on Friday advised state-run banks to remain prepared and adaptable amid the West Asia crisis and evolving global situation. The guidance was issued during a meeting held by the Department of Financial Services under the finance ministry to review the performance of public sector banks (PSBs) in 2025-26.The ministry also launched the Common Landing Portal for Unclaimed Financial Assets to facilitate easier access to information relating to unclaimed financial assets."The discussions also underscored the need for public sector banks to adopt prudent expenditure and austerity measures at all levels while maintaining resilience amid evolving global uncertainties," the finance ministry said, adding that banks were also asked to provide proactive and need-based support to eligible borrowers under the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0. The scheme is aimed at providing financial relief to businesses-particularly MSMEs, and airlines-to help them manage short-term liquidity mismatches caused by the West Asia crisis.PSBs were further told to strengthen grievance redressal mechanisms with adequate oversight, improve operational efficiency and explore new business opportunities to sustain profitability and long-term growth, according to the statement."Deliberations also covered strengthening of digital banking ecosystems, enhancement of cyber security frameworks and initiatives for improving access to credit for MSMEs and other productive sectors of the economy," the ministry said. PSBs' aggregate net profit increased to the highest-ever level of about 1.98 lakh crore, and aggregate business reached around 283.3 lakh crore, as of March 31.In the statement, the ministry said that asset quality also remained robust, with gross non-performing assets reaching a historic low of 1.93% and net non-performing assets declining to 0.39%, reflecting continued strengthening of balance sheets and prudent risk management practices. "Progress under major financial inclusion initiatives, including Pradhan Mantri Jan Dhan Yojana, social security schemes, Pradhan Mantri Mudra Yojana, PM Vishwakarma and digital lending initiatives, was also reviewed," the ministry said.
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GT vs RR Live Score Updates: Tewatia Finishes It Off As GT March Into IPL 2026 Final
INDIA MARKET | Fri, 29 May 2026, 11:39PM IST
Shubman Gill scored 104 off 53 balls to fire Gujarat Titans into the IPL 2026 finals against RCB.
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Inox Green Energy Services Q4FY26 results: Net profit grows to 28 crore
INDIA BUSINESS | Fri, 29 May 2026, 11:38PM IST
Inox Green Energy Services on Friday posted a jump in consolidated net profit to Rs 28.35 crore during the March quarter, on account of rise in income.
It had reported a net profit of Rs 6.44 crore in the year-ago period, the company said in an exchange filing.
During January-March, the company's total income rose to Rs 119.48 crore from Rs 85.30 crore in the fourth quarter of 2024-25.
Expenses stood at Rs 73.71 crore as against Rs 72.01 crore in the last quarter of FY25.
Inox Green Energy Services Ltd (INOX Green) is a major wind power operation and maintenance (O&M) service provider within India.
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INDIA MARKET | Fri, 29 May 2026, 11:36PM IST
Shubman Gill scored 104 as he guided Gujarat Titans past Rajasthan Royals into the IPL 2026 final.
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States Must Remain Prepared To Deal With Possibility Of Low Rainfall: Agri Minister Chouhan
INDIA MARKET | Fri, 29 May 2026, 11:35PM IST
Bastar: A worker spreads harvested maize grains for drying under the scorching sun at a threshing ground on the outskirts of Jagdalpur, in Bastar district, Friday, May 29, 2026.
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Investors' Wealth Declines By Rs 5.77 Lakh Crore As Markets Dive
INDIA MARKET | Fri, 29 May 2026, 11:30PM IST
The market capitalisation of BSE-listed companies declined by Rs 5,77,442.84 crore to Rs 4,64,97,814.78 crore ($4.88 trillion).
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INDIA BUSINESS | Fri, 29 May 2026, 11:27PM IST
The GST department has levied a significant tax demand of Rs 124.65 crore on SpiceJet. This action follows the airline's failure to file Goods and Services Tax returns for several months. The department has also issued a show-cause notice for cancellation of SpiceJet's GST registration. The airline has consistently submitted returns late.
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Fed officials mull raising rates to curb growing inflation risk
INDIA MARKET | Fri, 29 May 2026, 11:21PM IST
Federal Reserve officials signalled potential rate hikes if Middle East tensions drive a prolonged energy shock and keep inflation elevated. Policymakers, including Michelle Bowman, warned inflation risks remain high above target, while markets shift expectations from rate cuts to possible tightening as oil prices and supply disruptions persist.
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CENTCOM Warns It Will Strike Mine-Laying Ships In Self-Defence
INDIA MARKET | Fri, 29 May 2026, 11:19PM IST
The warning comes as tensions escalate in the Strait of Hormuz, with the US military enforcing a naval blockade against Iran and Tehran calling the move 'illegal'.
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Traffic Accident? How Rajasthan Police Unearthed Chilling Murder Plot
INDIA MARKET | Fri, 29 May 2026, 11:14PM IST
The event initially seemed to be a car fire that trapped the occupants due to an internal mechanical failure. Evidence, according to police, subsequently suggested a premeditated murder.
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India's Chip Import Dependence Drained $150 Billion In Forex Over Nine Years: NITI Aayog
INDIA MARKET | Fri, 29 May 2026, 11:03PM IST
The report argued that India's manufacturing strategy should focus on segments where the country has structural advantages and can rapidly substitute imports without taking on unsustainable capital exposure.
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Rupee rises 73 paise to close at 94.85 against U.S. dollar
INDIA BUSINESS | Fri, 29 May 2026, 11:02PM IST
At the interbank foreign exchange market, the rupee opened at 95.77 against the U.S. dollar, then touched an intraday high of 94.97 and a low of 95.78 during the day
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CMR Green public offer to open on June 3; CIL retail book subscribed 1.5x
INDIA MARKET | Fri, 29 May 2026, 11:00PM IST
CMR Green's IPO opens June 3, Coal India's OFS sees strong retail demand, while Mahindra Manulife enters the specialised investment fund space
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Gold set for third straight monthly fall as inflation concerns linger
INDIA MARKET | Fri, 29 May 2026, 10:57PM IST
Hopes of a US-Iran ceasefire lifted gold prices, but easing oil prices and fears of prolonged high interest rates kept bullion on track for a third monthly fall
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INDIA MARKET | Fri, 29 May 2026, 10:56PM IST
India needs $135-180 billion to build a global semiconductor ecosystem, says NITI Aayog.
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GT vs RR Live Score Updates: Sudharsan Falls Hit-Wicket For Second Straight Game
INDIA MARKET | Fri, 29 May 2026, 10:53PM IST
Shubman Gill looks to lead Gujarat Titans into the IPL 2026 final as they chase 215 against Rajasthan Royals in Qualifier 2.
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Q4 Earnings Highlights: IndiGo Swings To Loss As Forex Impact Weighs; IREDA Profit Falls 2%
INDIA MARKET | Fri, 29 May 2026, 10:50PM IST
Asian Paints, IndiGo, NMDC, Glenmark Pharmaceuticals among the companies to report Q4 earnings today.
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Zee nears FIFA World Cup 2026 broadcast rights deal in India: Reports
INDIA MARKET | Fri, 29 May 2026, 10:49PM IST
Reports suggest the proposed agreement is valued at approximately $30-35 million, a figure considerably lower than earlier expectations for the tournament's Indian media rights
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Delhi HC rejects Pernod Ricard's plea against denial of L1 liquor licence
INDIA BUSINESS | Fri, 29 May 2026, 10:42PM IST
The Delhi High Court has rejected Pernod Ricard's plea for an L1 wholesale liquor licence. The French spirits giant faced denial due to a pending money laundering case. Pernod Ricard argued that without a conviction, it should not be disqualified. The court's decision upholds the Delhi government's stance.
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Govt amends CSR norms; provides more leeway
INDIA NEWS | Fri, 29 May 2026, 10:40PM IST
New Delhi, In a significant move, the government has allowed companies to invest up to 10 per cent of their CSR funds in zero coupon zero principal instruments issued by not for profit organisations through a social stock exchange.Under the Companies Act, 2013, a certain class of profitable companies are required to shell out at least two per cent of their three-year average annual net profit towards CSR (Corporate Social Responsibility) activities in a particular financial year.The corporate affairs ministry has introduced the item 'subscription to zero coupon zero principal instruments on Social Stock Exchange' in Schedule VII, which pertains to activities allowed for CSR activities under the Companies Act."This amendment is aimed at providing significant ease of compliance to the companies and will also help Not for Profit Organisations (NPOs), to raise funding for public welfare projects in a transparent and regulated manner."These NPOs will be able to issue zero-coupon, zero-principal instruments on the Social Stock Exchange (SSE) in accordance with the Securities and Exchange Board of India's Regulations," the ministry said in a release on Friday.Expenditure incurred by the CSR-mandated companies for such instruments shall not exceed ten per cent of the total CSR expenditure for the particular financial year.To facilitate the implementation of CSR through zero coupon zero principal instrument, amendments have been done in the CSR Policy Rules, 2014.Now, under the rules, the definition of NPO and zero coupon zero principal instrument' has been introduced.Anshul Jain, Partner Regulatory at consultancy PwC India, said companies can now invest their CSR funds into such instruments issued through an SSE.It helps in furtherance of a transparent and credible mode of funding CSR projects by the companies and enables social enterprises to access a wider pool of capital, Jain said.
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IREDA Q4 Result: Profit Falls 2%; Announces Second Dividend
INDIA MARKET | Fri, 29 May 2026, 10:37PM IST
Consolidate revenue of IREDA advanced by 14.2% year-on-year for the three months ended March, reaching Rs 2,175 crore in comparison to Rs 1,905 crore.
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Energy prices, CAD and BoP big priorities, says V Anantha Nageswaran
INDIA NEWS | Fri, 29 May 2026, 10:35PM IST
Chief economic advisor V Anantha Nageswaran on Friday said managing Macroeconomic fundamentals like the balance of payments and current account deficit has assumed a larger priority for the government right now as the West Asia conflict has triggered a massive global energy shock.
Speaking at an event on securitisation, Nageswaran said the West Asia conflict has led to a "energy shock" where the prices have moved north after the supply impact due to issues in the Strait of Hormuz.
"In the current context of having to deal with the energy price, energy shock, current account deficit (CAD) and the balance of payments (BoP), etc. These, therefore, have assumed a much larger priority, urgency at this point," Nageswaran said.
Refraining from giving any policy prescriptions on the securitisation front, Nageswaran stressed that the financial market has to keep up with the activity in the real sector and reminded that it was the extra focus on derivative products which led to the Global ...
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