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    Gold duty hike may hit volumes, spike recycling: jewellers
    Gold soars by Rs 8,550, silver by Rs 20,500 after import duty hike
    Rupee crashes to record 95.80 against USD; settles near all-time low at 95.67
    Bhagyanagar India Ltd. Targets INR 5,000 Crore Revenue by FY 2029-30 Amid Expansion Plans Spearheaded by Devendra Surana
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May 13, 2026
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Gold import duty hike may curb jewellery volumes while boosting recycling and domestic circulation of idle gold.
Higher import duty on gold and silver is expected to affect jewellery volumes in the short term while encouraging recycling, exchange of old gold, and circulation of idle domestic gold. The increase is aimed at conserving foreign exchange reserves, reducing dependence on imported gold, and supporting a circular domestic gold economy. Consumer demand is still expected to remain resilient because gold retains strong cultural, wedding-related, savings, and investment significance in India, even as buyers shift toward lighter-weight jewellery and exchange-based purchases.
May 13, 2026
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Import duty on precious metals drives up local prices and may temporarily dampen physical demand.
Import duty on precious metals was increased to 15 per cent, with platinum duty raised to 15.4 per cent and consequential changes made for gold and silver related goods. The revision was intended to discourage purchases and reduce non-essential imports amid rising foreign-exchange outflows and a widening import bill. The higher levy was expected to feed into purchase bills, raise local prices and temporarily dampen physical demand.
May 13, 2026
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Rupee weakness and gold import curbs reflect pressure from crude prices, geopolitical tensions, and foreign exchange demand management.
The rupee weakened to a record low against the US dollar amid pressure from elevated crude oil prices, West Asia geopolitical tensions, and a strong dollar, while traders said possible RBI intervention and reduced gold imports helped limit further depreciation. The government raised import tariffs on gold and silver to curb overseas purchases and ease pressure on foreign exchange reserves, alongside a call to avoid gold purchases to conserve foreign exchange.
May 13, 2026
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Copper manufacturing expansion drives strong financial growth, capacity ramp-up, and an NCLT-admitted demerger plan.
Strong financial growth is reported in the copper manufacturing business, with revenue, EBITDA, profit before tax and profit after tax rising sharply in FY 2025-26. The company outlines a long-term expansion roadmap for the non-ferrous metals sector, including capacity expansion to 45,000 metric tonnes, manufacturing capital investment, and a revenue target of INR 5,000 crore by FY 2029-30. The plan also refers to an NCLT-admitted demerger scheme for carving out the copper business into Tieramet Limited as a standalone listed company.
May 13, 2026
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Wealth management leadership appointment strengthens product innovation, strategic partnerships and technology-enabled platform building at Centrum Wealth.
Centrum Wealth Limited announced the appointment of Saurabh Rungta as Deputy Chief Executive Officer and Chief Investment Officer, with responsibility for the investment team across products, advisory and in-house PMS platforms, as well as the Family Office business. The role is intended to support the firm's growth agenda, strengthen product architecture, deepen strategic partnerships and build a differentiated, technology-enabled wealth platform. The text also notes that Centrum Wealth is an AMFI-registered mutual fund distributor.
May 13, 2026
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US-China trade and artificial intelligence discussions shape a Beijing trip with major executives from technology, finance and manufacturing.
Prominent US executives from technology, finance, manufacturing and agriculture were invited to accompany President Donald Trump on a trip to Beijing for discussions expected to cover trade and artificial intelligence, alongside broader bilateral issues. The delegation included senior leaders from companies with significant China exposure, reflecting the commercial importance of the visit and the role of corporate diplomacy in managing trade relations. The report highlights Elon Musk, Tim Cook and Kelly Ortberg as examples of executives whose businesses have faced distinct China-related pressures.
May 13, 2026
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Import duty on precious metals raised to curb non-essential imports and ease pressure on the rupee.
Import duty on gold and silver was raised to 15 per cent, with basic customs duty and cess revised, and platinum and related precious-metal items also adjusted. The measure was introduced to curb non-essential imports, reduce foreign exchange outflows, and ease pressure on the rupee and the external account amid elevated balance-of-payments stress. Government sources described it as a calibrated, preventive intervention using price-based disincentives rather than quantitative restrictions.
May 13, 2026
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Rupee pressure deepens as crude oil costs, global risk aversion and dollar strength drive a record intraday low.
The rupee weakened to a record intraday low against the US dollar amid elevated crude oil prices, global risk aversion linked to West Asia tensions, a strong dollar and foreign institutional outflows. The government's increase in import duties on gold and silver was intended to curb overseas purchases and support forex reserves, but market participants said it did not fully ease pressure on the currency.
May 13, 2026
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Minimum Support Prices for Kharif crops raised to ensure remunerative prices and strengthen farmer income support
Cabinet approval was accorded to the increase in Minimum Support Prices for 14 Kharif crops for Marketing Season 2026-27, with the object of ensuring remunerative prices to growers. The revised prices cover cereals, pulses, oilseeds and cotton, with the largest absolute increases noted for Sunflower Seed, Cotton, Nigerseed and Sesamum. The increase was stated to align with the policy of fixing MSP at not less than 1.5 times the all-India weighted average cost of production.
May 13, 2026
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Precious metal import duty hike curbs non-essential imports and eases external account pressure amid market stress.
Import duty on gold and silver was increased to 15 per cent, and on platinum to 15.4 per cent, with consequential changes for related precious-metal items. The measure raises the effective duty on precious-metal imports and is described as a calibrated, price-based restraint intended to moderate avoidable import demand and ease pressure on the external account during extraordinary external conditions.
May 13, 2026
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Pan-Africanist rhetoric draws backlash as Macron's Africa summit intervention reignites debate over France's colonial legacy.
French President Emmanuel Macron faced criticism after interrupting a panel session at the Africa Forward Summit in Kenya and demanding silence from the audience. The backlash also followed his claim to be a "Pan-Africanist," amid debate over France's shift from a colonial legacy toward a partnership of equals with African countries.
May 13, 2026
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Rooftop solar demand surges as fuel costs spike, with Asian consumers turning to cleaner and cheaper power options.
Rising fuel and electricity costs triggered by the Iran war are accelerating demand for rooftop solar power across energy-hungry Asia, with the Philippines reporting a sharp increase in installations and customer inquiries as households, businesses, and public institutions seek alternatives to expensive and uncertain fossil-fuel supply. The article describes a broader regional shift toward rooftop solar, including policy interest in Indonesia, Vietnam, and Thailand, alongside similar demand growth in the United States and Europe as consumers look for a practical way to reduce electricity bills and improve energy resilience.
May 13, 2026
Show AI Summary
Import duty on precious metals raised to curb discretionary imports and ease pressure on foreign exchange reserves.
Import duty on gold, silver and platinum was increased to 15 per cent, with related items also revised, as a calibrated price-based measure to moderate discretionary imports and reduce pressure on foreign exchange reserves. The stated rationale was to preserve market flexibility while easing external-sector stress, prioritising forex for essential imports and supporting balance-of-payments stability amid the West Asia crisis.
May 13, 2026
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Rural resilience and sustainable livelihoods take centre stage in the new India-IFAD strategy for long-term development.
The Government of India and IFAD launched an eight-year Country Strategic Opportunities Programme for 2026-2033 to advance rural incomes, strengthen resilience, and expand sustainable livelihood opportunities. Aligned with the Viksit Bharat@2047 vision, the programme focuses on social, economic, and climate resilience in rural communities and on strengthening knowledge systems to scale proven development models within India and across the Global South. The strategy emphasises Self-Help Groups, Farmer Producer Organisations, and cooperatives as platforms linking finance, technology, infrastructure, and markets.
May 13, 2026
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Maritime insurance pooling strengthens continuous cover, underwriting capacity, and sovereign backstop for shipping risks amid sanctions and tensions.
The Bharat Maritime Insurance Pool is a domestic marine insurance arrangement with combined underwriting capacity and a sovereign guarantee to support continuous cover for Indian flagged or controlled vessels, and vessels destined to or departing from India. It covers Hull and Machinery, Cargo, Protection and Indemnity, and War risk, especially where sanctions exposure, withdrawal of foreign reinsurance support, or geopolitical tensions may disrupt shipping operations and trade flows. A Governing Body and Underwriting Committee oversee the pool, while GIC Re acts as administrator. Claims up to USD 100 million are met from pool capacity, and larger claims may use the sovereign guarantee after exhaustion of reserves, member contributions, and reinsurance.
May 13, 2026
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Competition approval for CPPIB India's acquisition of shareholding in Ctrl S Datacenters advances a proposed investment combination.
Competition approval was granted for the acquisition by CPPIB India Private Holdings Inc., a Canadian investment holding company and wholly owned subsidiary of CPPIB, of certain shareholding in Ctrl S Datacenters Limited. The transaction concerns a proposed combination involving investment by CPPIB through CIPH in Ctrl S, which provides data centre and colocation services and related managed services in India.
May 13, 2026
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Merger and stake acquisition in Lloyds Engineering Works approved under competition law review.
Competition Commission of India approved a proposed combination involving acquisition of a 7.14% shareholding in Lloyds Engineering Works Limited by Thriveni Earthmovers Private Limited through a block deal, and merger by absorption of Lloyds Infrastructure & Construction Limited, Metalfab Hightech Private Limited and Techno Industries Private Limited into Lloyds Engineering Works Limited as the surviving entity. The parties are described by their respective businesses in contract mining, engineering, construction, manufacturing of heavy equipment, lightweight engineering structures, and manufacture of elevators, escalators, motors and pumps.
May 13, 2026
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Competition clearance for Kimberly-Clark's acquisition of Kenvue covers consumer health, hygiene and personal care businesses.
Competition Commission of India approved the acquisition of sole control over Kenvue Inc. by Kimberly-Clark Corporation pursuant to an agreement and plan of merger. The transaction concerns consumer products groups active in personal care, health, hygiene and related product lines, including fibre-based absorbency products, baby care, feminine hygiene, consumer health, oral care, skin care, sun protection, baby toiletries and baby wipes.
May 13, 2026
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Competition Commission approval of acquisition and control of GVK Energy by Adani Power under insolvency resolution.
Competition Commission of India approved the acquisition of 100% share capital and control of GVK Energy Limited by Adani Power Limited pursuant to the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The proposed combination relates to change in ownership and control of the Target in the context of insolvency resolution. Adani Power Limited is a listed thermal power producer, while GVK Energy Limited is engaged in hydroelectric power generation through its subsidiary AHPL and provides operation and maintenance services to AHPL.
May 13, 2026
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User Development Fee structure at Noida International Airport set for domestic and international passengers with gradual tariff increases ahead.
AERA fixed the User Development Fee for Noida International Airport for the 2026-27 period at Rs 490 for departing domestic passengers, Rs 980 for departing international passengers, Rs 210 for arriving domestic passengers and Rs 420 for arriving international passengers, and approved gradual increases over the first control period. It also allowed a Variable Tariff Plan for landing and parking charges to support early route development, with charges to rise progressively over the concession period. AERA said the tariff structure reflects the characteristics of a greenfield airport, including higher upfront investment, statutory compliance requirements and phased capacity expansion.

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Bhagyanagar India Ltd. Targets INR 5,000 Crore Revenue by FY 2029-30 Amid Expansion Plans Spearheaded by Devendra Surana

May 13, 2026

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Strong top-line and bottom-line growth driven by scale expansion, with revenue rising 46% to INR 2,377 crore and PAT increasing 258% to INR 50 crore. Hyderabad, Telangana, India – Business Wire India Hyderabad-based Bhagyanagar India Limited (BSE: 512296, NSE: BHAGYANGR) has reported strong financial growth for FY 2025–26, with revenue increasing 46% year-on-year to INR 2,377 crore and profit after tax rising 258% to INR 50 crore. Backed by rising demand across infrastructure, renewable energy, electric vehicles, and industrial manufacturing, the company has outlined a long-term roadmap targeting INR 5,000 crore in revenue by FY 2029–30. The growth comes amid increasing demand for copper across sectors such as renewable energy, electric mobility, power infrastructure, telecom, and data centres, where copper remains a critical industrial material. The company’s market capitalization has also crossed the INR 1,000 crore mark over the past year, reflecting increased investor interest and business momentum. Financial Highlights — FY 2025–26 (Consolidated) Figures in INR Crore. Source: Regulatory filings with NSE and BSE. Particulars FY 2025–26 FY 2024–25 Growth Revenue (Turnover) INR 2,377.83 Cr INR 1,625.61 Cr 46% Operational EBITDA INR 106.14 Cr INR 37.02 Cr 187% Profit Before Tax (PBT) INR 67.51 Cr INR 18.68 Cr 261% Profit After Tax (PAT) INR 50.17 Cr INR 14.02 Cr 258% Expansion Roadmap Bhagyanagar India and its leadership, headed by Devendra Surana, have outlined a long-term growth roadmap focused on expanding the company’s presence within India’s non-ferrous metals sector, which includes: • Capacity expansion to 45,000 metric tonnes: The company has already achieved 35,000 MT of production capacity as of March 2026, making the next phase of expansion a clear and credible strategic progression. • INR 40 crore capital investment: Committed to manufacturing infrastructure over the next two years, directly backing the capacity ramp-up. • Corporate restructuring via NCLT-admitted demerger scheme: An NCLT-admitted demerger scheme under which Bhagyanagar India’s copper manufacturing business will be carved out into Tieramet Limited — a standalone, independently listed company — creating a cleaner corporate structure and giving shareholders direct equity exposure to one of India’s most strategically positioned copper businesses. • INR 5,000 crore revenue target by FY 2029–30: Anchored by the ongoing capacity ramp-up and the convergence of powerful demand drivers — AI data centre build-outs, utility-scale renewable energy, electric vehicle adoption, and India’s accelerating push toward industrial self-reliance. Competitive Strengths Bhagyanagar India’s growth strategy continues to be supported by: • 40-year unblemished track record: Not a single loss-making quarter in the company’s history or a single day’s delay in any of its obligations stands out as a rare distinction in a cyclical sector, and a testament to the durability and strong corporate governance norms of its business model. • Deep OEM relationships: Long-standing supplier and customer ties with major industrial names, backed by hands-on leadership. • Sustained financial momentum: Seven consecutive quarters of profit growth, with operating leverage now visibly translating into margin expansion across the P&L. • Powerful sectoral tailwinds: India’s energy transition, EV adoption, AI infrastructure build-out, and the country’s broader manufacturing-led growth story — all of which run on copper. Commenting on the company’s performance and long-term vision, Shri Devendra Surana, Managing Director, Bhagyanagar India Limited, said: “The future runs on copper, and Bhagyanagar India has been contributing to that future for over four decades. As India continues to witness growth across infrastructure, renewable energy, electric mobility, and industrial manufacturing, we remain focused on expanding our capabilities, strengthening operational efficiencies, and building a sustainable growth platform within India’s non-ferrous metals sector.” He added: “With our NCLT-admitted demerger scheme progressing on schedule, our capacity expansion to 45,000 MT well underway, and an INR 40 crore capex commitment firmly in place, we are on a clear and well-funded path toward our INR 5,000 crore revenue target by FY 2029–30.” About Bhagyanagar India Limited Founded in 1985, Bhagyanagar India Limited is a Hyderabad-based copper manufacturer that run two ISO-certified plants on a 60-acre site, serves 500+ clients pan-India, and lead the Indian copper industry in value-added product breadth — a 35,000 MT integrated business with VAP at the core of its margin story. Through its wholly owned subsidiary, Bhagyanagar Copper Private Limited, the company manufactures copper bus bars, rods, strips, foils, sheets, pipes, solar fins, etc. that flow directly into transformers, switchgear, auto electrical components, solar water heaters, and telecom infrastructure. Company Website - https://bhagyanagarindia.com/ About Devendra Surana Shri Devendra Surana, Managing Director of Bhagyanagar India Limited is arguably one of the most well-networked and articulate industrialists in South India. A Mechanical Engineer from Osmania University and a Post Graduate Diploma in Management holder from IIM Bangalore — where he was recognised as the "Brain of the Batch" — Devendra Surana brings both technical depth and strategic clarity to a business that has thrived for over four decades. His industry standing is exceptional. He is the current President of the South India Chapter of Bombay Metal Exchange, a leading national industry body, and has previously served as Chairman of the Telangana State Council of FICCI, President of the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI), and Founder President of the Young Entrepreneurs Organisation, Hyderabad. In 2018–19, the Hyderabad Management Association honoured him with the HMA Entrepreneur of the Year Award, presented by the former Vice President of India, Shri M. Venkaiah Naidu. To View the Image, Click on the Link Below: Shri Devendra Surana (Disclaimer: The above press release comes to you under an arrangement with Business Wire India and PTI takes no editorial responsibility for the same.). PTI PWR

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