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    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
    Centrum Wealth Strengthens Leadership; Appoints Saurabh Rungta as Deputy CEO and CIO
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    Noida airport domestic flyers to pay Rs 490 user development fee: AERA
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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
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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.
May 13, 2026
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Rupee recovery supported by higher gold and silver import tariffs aimed at easing foreign exchange pressure.
The rupee recovered in early trade after higher import tariffs on gold and silver were expected to curb overseas purchases and reduce pressure on foreign exchange reserves. The currency's gains were moderated by elevated crude oil prices and the strength of the US dollar, while market participants also linked the move to a possible narrowing of the current account deficit through lower precious-metal imports.
May 13, 2026
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Illegal constructions and municipal membership scrutiny follow notice, failed stay request and demolition at AIMIM corporator's properties.
Municipal action targeted alleged illegal constructions at the residence, office and shops of an AIMIM corporator after a notice called for a reply within 72 hours on the status of the properties. The corporator sought a stay, but no stay was granted, and the civic body proceeded with demolition under police protection while indicating that the property's fate could be decided if no satisfactory response was received. The matter was also linked to proposed action regarding the corporator's membership in the municipal body, subject to verification of property documents and alleged nondisclosure in the nomination process.

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Delhi Gymkhana seeks alternate land amid takeover row; nearly Rs 48 cr ground rent dues unpaid

May 26, 2026

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New Delhi, May 25 (PTI) The general committee overseeing Delhi Gymkhana Club on Monday urged the Centre not to disrupt the functioning of the institution, even as it emerged that three notices were sent to the club management since September last year over pending ground rent dues of around Rs 48 crore.

Sources in the Union Housing and Urban Affairs Ministry said that the last notice was sent in April, just weeks before the the eviction order issued on May 22.

Some members of the club on Monday alleged that they had not been informed in advance about the unpaid dues.

According to sources aware of the developments, the Land and Development Office (L&DO) had asked the club several times to deposit the pending ground rent through notices sent in September last year, March 2026 and April 2026.

In April this year, the L&DO cautioned that if the dues were not cleared within a week, it would proceed with steps to reclaim the property and resume possession of the club premises.

Meanwhile, in the letter to the L&DO on Monday, the general committee overseeing the club, constituted by the Government of India, requested the Ministry of Housing and Urban Affairs and the L&DO to consider allotting an alternative plot of land for relocation of the club in case the takeover proceeds.

One of the committee members said the interests of members, employees and other stakeholders should be protected before any decision affecting the club's operations is implemented.

The general committee said it had been working for over four years to improve the club's administration and financial condition after taking charge under the National Company Law Tribunal (NCLT) order of April 1, 2022.

It said the club had witnessed a financial turnaround under its tenure, with the projected profit and loss statement for 2023-24 showing a profit of Rs 9.25 crore against a loss of Rs 12.39 crore in 2021-22.

It said the turnaround was achieved without adding new memberships, which had earlier been a major source of revenue for the club.

It had streamlined administrative processes, introduced standard operating procedures across departments and reduced pending litigation, including labour disputes, the committee further said.

It also claimed that efforts had been made to digitise and update membership records, noting that nearly 43 per cent of such records were unavailable in 2022.

According to the letter, the committee members appointed by the Ministry of Corporate Affairs (MCA) were professionals working in an honorary capacity without any sitting fee, financial benefit or reimbursement of expenses.

The committee also said relocation of the club would require substantial expenditure for rebuilding infrastructure and facilities developed over several decades.

Meanwhile, members of the club held a meeting on Monday and termed the proposed takeover "illegal", while also raising concerns over what they described as selective action against the institution.

The members said "similar clubs should get similar treatment" and argued that the perception of the club as an illegitimate user of public land was "misleading", stating that the premises are actively used for sports, recreation and cultural activities by thousands of members and their families.

A member of the general committee said discussions were underway with officials of the L&DO and the Ministry of Housing and Urban Affairs to prevent the takeover.

"We are in regular conversation with the L&DO and officials in the Urban Development Ministry. We are trying our best to ensure that the club continues at its present location," he said.

The committee is also seeking protection for around 600 employees associated with the club in the event of relocation, the member added.

Members also said long waiting lists for membership reflected demand rather than illegitimacy and called for reforms in governance instead of the closure of the institution.

Established in 1913, the Delhi Gymkhana Club was described by members as one of the capital's oldest sporting and social institutions with heritage value beyond its commercial land worth. PTI SHB BUN SKY SKY

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