Sun Pharma, Cipla recall products in US over manufacturing issues: USFDA
INDIA BUSINESS | Mon, 26 Jan 2026, 1:44PM IST
Drugmakers Sun Pharma and Cipla are recalling products in the US due to manufacturing related issues, according to the US Food and Drug Administration.
As per its latest Enforcement Report, the US-based arm of Mumbai-based Sun Pharma is recalling over 26,000 bottles of a generic medication to treat dandruff and skin conditions with inflammation and itching.
The Princeton (New Jersey)-based Sun Pharmaceutical Industries Inc is recalling 24,624 bottles of Fluocinolone Acetonide Solution Topical Solution for "Failed Impurities/Degradation Specifications", the US health regulator said.
The company initiated the Class III nationwide (US) recall on December 30, 2025.
The US Food and Drug Administration (USFDA) noted that the company is also recalling certain batches of a medication to treat acne vulgaris.
Sun Pharmaceutical Industries Inc initiated the Class III recall of Clindamycin Phosphate USP on November 26, 2025 due to "Failed Impurities/Degradation: Out of Specification results f
Continue reading at Business Standard
23m
UBS maintains underweight stance on India amid weak nominal GDP growth
INDIA MARKET | Mon, 26 Jan 2026, 1:43PM IST
Stance stems from weak nominal GDP momentum, stretched valuations, lack of clear AI beneficiaries
Continue reading at Business Standard
25m
Republic Day 2026: India's drone, long-range strike power take centre stage
INDIA MARKET | Mon, 26 Jan 2026, 1:34PM IST
In a first, the parade presented elements of the armed forces in a 'battle array', illustrating how personnel and equipment are deployed together during conflict
Continue reading at Business Standard
33m
Axis Bank Q3 results: PAT rises 3% YoY to Rs 6,490 crore, NII grows 5%
INDIA MARKET | Mon, 26 Jan 2026, 1:33PM IST
Axis Bank announced its December quarter results. The bank's standalone net profit saw a 3% increase, reaching Rs 6,490 crore. Interest income also grew by 4.3% to Rs 32,274 crore. The lender's interest payments on deposits were up nearly 4% in the same period. These figures reflect the bank's performance in the recent financial quarter.
Continue reading at Economic Times
34m
Axis Bank Q3 results: Net profit rises 3% YoY to Rs 6,490 crore, NII grows 5%
INDIA MARKET | Mon, 26 Jan 2026, 1:33PM IST
Axis Bank announced its December quarter results. The bank's standalone net profit saw a 3% increase, reaching Rs 6,490 crore. Interest income also grew by 4.3% to Rs 32,274 crore. The lender's interest payments on deposits were up nearly 4% in the same period. These figures reflect the bank's performance in the recent financial quarter.
Continue reading at Economic Times
34m
Axis Bank Q3 results: PAT rises 3% YoY to Rs 6,490 crore, interest income grows 4%
INDIA MARKET | Mon, 26 Jan 2026, 1:33PM IST
Axis Bank announced its December quarter results. The bank's standalone net profit saw a 3% increase, reaching Rs 6,490 crore. Interest income also grew by 4.3% to Rs 32,274 crore. The lender's interest payments on deposits were up nearly 4% in the same period. These figures reflect the bank's performance in the recent financial quarter.
Continue reading at Economic Times
34m
BadrinathKedarnath might ban non-Hindus
INDIA NEWS | Mon, 26 Jan 2026, 1:02PM IST
The BadrinathKedarnath Temple Committee has proposed restricting the entry of non-Hindus on Sunday, following a resolution passed by the local temple body.The move came after a meeting of the Shri Gangotri Temple Committee which resolved to bar non-Hindus from entering Gangotri Dham. The restriction is also set to also apply to Mukhba where the idol of Maa Ganga is worshipped during the winter months.Hemant Dwivedi, chairman of the BadrinathKedarnath Temple Committee said that the proposal to prohibit the entry of non-Hindus into both Gangotri and other temples managed by the committee would be placed before its board in an upcoming meeting.
Continue reading at Economic Times
1h
British Pilots, Indian Skies: Why SpiceJet Is Paying A High Price To Keep Flying
INDIA MARKET | Mon, 26 Jan 2026, 12:59PM IST
The flight SG 497 was operated with a Boeing 737 aircraft.
Continue reading at NDTV
1h
Investec backs Paytms digital toll road, sees 23% upside despite 15% fall. Key reasons here
INDIA MARKET | Mon, 26 Jan 2026, 12:52PM IST
The brokerages bullish view on the Paytm parent is driven by three key triggers, led by Indias rapidly expanding digital payments ecosystem, where the fintech operates like a toll road.
Continue reading at Economic Times
1h
Budget 2026 may reset Indias SEZ rules
INDIA NEWS | Mon, 26 Jan 2026, 12:44PM IST
The Union Budget for 2026-27 is fast approaching and companies look forward to measures that attract investments, boost growth and increase confidence. Indias drive to strengthen Make in India and Atmanirbhar Bharat has brought into sharp focus the need to reform the Special Economic Zone (SEZ) framework to make it more competitive and aligned with modern manufacturing realities. For years, SEZs were a cornerstone of Indias export-led growth strategy, offering fiscal incentives that attracted global and domestic investors. However, the SEZs has lost its key competitive advantage when the income tax exemption under Section 10AA which granted 100% income-tax exemption on export profits for the first five years, and partial benefits thereafter was withdrawn in 2021. Companies resort to alternative schemes, as the SEZ schemes are less attractive and creating structural challenges for Indias industrial ambitions.Catch our full Budget coverage hereThere are primarily four areas where the Government can focus to regain the lost sheen for SEZs along with considering the modern realities in manufacturing/ services sector needs.Firstly, the impact is most evident with respect to the cost structure for SEZ units supplying goods to the Domestic Tariff Area (DTA). Under current rules, such domestic clearances are treated as imports into India, attracting full duties and taxes on the sale/ transaction value, including processing and value addition. This significantly inflates costs for SEZ manufacturers who wish to tap into Indias growing domestic market. In stark contrast, units operating under the MOOWR (Manufacture and Other Operations in Warehouse) scheme enjoy a more favourable regime, paying applicable duties only on the cost of raw materials when finished goods are cleared in the domestic market. Industry experts and trade bodies are calling for urgent reforms to strengthen the Special Economic Zone (SEZ) framework and align SEZ rules in line with the principles of MOOWR by adopting input-based duty payments for sales to the Domestic Tariff Area (DTA). Such a move would not only reduce costs for companies but also revive the investment appeal of manufacturing SEZ zones, enabling them to operate as dual-market hubs serving both exports and domestic consumption. This approach is consistent with Indias broader industrial policy objectives and could unlock idle capacity within SEZs, attract fresh investment, and create jobs while maintaining export orientation.Also Read| The future of Indian cities lies beyond metrosSecondly, going beyond duty structures, stakeholders emphasize the need to resolve tax ambiguities while transacting with Free Trade Warehousing Zones (FTWZ) units. The manufacturing ecosystem requires companies to ensure their offshore vendors maintain inventory near assembly units, rather than each component supplier having to ship individual parts to multiple factories in India. Similarly, companies ramping up production in India to cater to the export market are required to sell and store finished goods until the products are launched globally. FTWZs, a specialized category of SEZs, serve as strategic hubs for foreign vendors and foreign buyers. The offshore vendors go through a protracted Know-Your-Customer (KYC) approval process for SEZ/ FTWZ units, which slows down onboarding and discourages new investments. Digitizing and centralizing KYC checks through interoperable databases could compress turnaround times from weeks to days, aligning with Indias digital governance agenda and boosting investor confidence.Industry representatives argue that the companies should enjoy zero rating status when finished goods are shipped to FTWZ to hold goods temporarily before dispatch to overseas market. Interim warehousing steps do not alter export intent or foreign exchange realization and should therefore retain zero-rating until final export. Harmonizing these policies would create a seamless environment for bonded manufacturing and warehousing, reducing compliance complexity and boosting operational efficiency.Also Read| Budget 2026: Can trade deals and a manufacturing shift make India a global export hub?Thirdly, experts also highlight operational bottlenecks that need urgent attention. Mandatory endorsements in respect of goods procurement by SEZ units add unnecessary compliance burdens and it is suggested that the endorsement process be shifted to intimation process at the most. In addition, goods manufactured in the SEZ are allowed to be transferred to another SEZ unit without payment of duty. However, the process of zone-to-zone transfer is extremely cumbersome and requires multiple levels of approvals. This can lead to loss of valuable days of the units which can be used for revenue generation. The process can be tweaked to maintaining documents by SEZ units which can be reviewed periodically by the authorities. Finally, the current regulatory framework imposes limitations on SEZ units regarding supply of services to DTA hindering their flexibility and competitiveness in the domestic market. By allowing SEZ units to conduct DTA supplies in INR, the Government can remove these barriers and unlock significant opportunities for growth and innovation of services sector within the SEZ ecosystem.These changers are not merely technical adjustmentsthey are strategic imperatives for Indias economic future. The Government could propose to undertake the above suggested changes by way of suitable amendments to SEZ Act/ Regulations during the Budget session scheduled in February 2026. A modern SEZ regime will strengthen Indias position as a global manufacturing and logistics hub, reaffirming its commitment to self-reliance and competitiveness in an increasingly interconnected world. By addressing structural gaps and embracing forward-looking reforms, India can ensure that its SEZs remain relevant and resilient, driving industrial growth and supporting the nations ambition to emerge as a leading player in global supply chains. Jaising is Partner & Indirect Tax Leader, Deloitte India with inputs from Mounika Vemula, Director and Adarsh, Manager
Continue reading at Economic Times
1h
Too early to say small car demand will sustain GST cuts: Ceat MD & CEO
INDIA BUSINESS | Mon, 26 Jan 2026, 12:43PM IST
Overall consumer trend still is towards buying SUVs and it is too early to say if the rise in demand for small car witnessed by automobile manufacturers in GST 2.0 era will be sustained, according to tyre maker CEAT Ltd MD and CEO Arnab Banerjee.
The company is maintaining its guidance for a double digit growth for the ongoing fiscal although GST 2.0 has provided an impetus, and it is looking to tap rural markets, specially for farm and two-wheeler tyres, Banerjee told PTI.
"It is too early to say... Overall consumer trend still is towards buying SUVs," Banerjee said when asked about the continuation of the impact of GST 2.0 in the passenger cars segment, specially rise in small car demand.
In the last few years, SUV sales have driven passenger cars segment and small cars sales have declined due to affordability issues. In 2025, SUVs continued strong traction going up to 55.8 per cent of total PVs sold in India from 53.8 per cent in 2024, even as small cars showed signs of recovery
Continue reading at Business Standard
1h
Dont try to time the market in this VUCA world
INDIA MARKET | Mon, 26 Jan 2026, 12:41PM IST
The US-led democratic Western world played a key role in the post-Second World War growth and development. This leadership role is now under threat thanks to the unconventional, uncertain, and hugely disruptive policies and actions of President Trump.
Continue reading at Economic Times
1h
Premier Energies commissions 400 MW solar cell facility in Telangana
INDIA BUSINESS | Mon, 26 Jan 2026, 12:32PM IST
Premier Energies has commissioned a 400 megawatt solar cell manufacturing facility in Telangana. This is part of an Rs 11,000-crore expansion plan. The company aims to more than double its solar cell and module manufacturing capacities by 2028. This move will cater to domestic demand and reduce import dependence. Premier Energies is also looking to enter ingot and wafer production.
Continue reading at Economic Times
1h
Asian markets edge lower as yen rises sharply against US dollar
INDIA MARKET | Mon, 26 Jan 2026, 12:12PM IST
Asian shares mostly declined Monday, as Japan's benchmark took a tumble after the yen surged against the U.S. dollar.
Japan's benchmark Nikkei 225 dropped 1.9% to 52,812.45 on selling of big exporters like Toyota Motor Corp., whose shares fell 3.2%.
A weak currency is generally favourable for Japanese exporters because it helps elevate the value of their overseas earnings. In recent months, the dollar has gained against the yen. It fell sharply in the past few days after officials in both Japan and the U.S. indicated they were prepared to intervene to support the yen.
The dollar slipped to 154.26 Japanese yen from 155.01 yen. It had been trading around 158 yen last week.
The euro rose to $1.1866 from $1.1858.
Elsewhere in Asia, South Korea's Kospi dipped 0.6% to 4,961.58.
Hong Kong's Hang Seng inched down 0.1% to 26,722.89, while the Shanghai Composite added 0.1% to 4,141.10.
Markets were closed in Australia, New Zealand, India and Indonesia.
US futures edged lower on persistin
Continue reading at Business Standard
1h
R-Day: 30 tableaux showcase Indias journey
INDIA NEWS | Mon, 26 Jan 2026, 12:11PM IST
New Delhi: A total of 30 tableaux, including 17 from States and Union Territories and 13 from Ministries, Departments and Services rolled down Kartavya Path at the 77th Republic Day parade on Monday, presenting a visual narrative of Indias freedom legacy, cultural diversity and development journey. President Droupadi Murmu led the celebrations, with President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen attending as Chief Guests. Also read: Republic Day 2026: Parade boasts Indian military might with Rafales, BrahMos, & Operation Sindoor tableauxRolling past the saluting dais, the state tableaux formed part of a total 30 tableaux and reflected the themes Swatantrata ka Mantra: Vande Mataram and Samriddhi ka Mantra: Aatmanirbhar Bharat, highlighting Indias journey from the freedom struggle to nation-building and self-reliance.Here is a brief overview of the 17 state tableaux and the themes they presented at the parade. Chhattisgarh 127532008 The tableau, themed The Mantra of Freedom, Vande Mataram, paid tribute to tribal freedom fighters. It featured Veer Gundadhur of the 1910 Bhumkal Rebellion and Shaheed Veer Narayan Singh, Chhattisgarhs first martyr, along with the Tribal Freedom Fighters Museum at Nava Raipur. Assam 127532080 Assam showcased the Asharikandi terracotta craft tradition of Dhubri district. The tableau depicted artisans at work, a Moyurponkhi boat symbolising riverine heritage, and terracotta figures reflecting generations of clay craftsmanship. GujaratGujarats tableau highlighted Vande Mataram and paid tribute to Bhikaji Cama, underscoring the states role in the freedom movement and the spirit of swadeshi and self-reliance. 127532122 Himachal Pradesh 127532149 Centred on Dev Bhoomi, Veer Bhoomi, the tableau honoured Himachal Pradeshs contribution to the armed forces, highlighting its gallantry award winners and blending spiritual heritage with military valour. Uttar Pradesh 127532200 Uttar Pradesh presented the cultural landscape of Bundelkhand. Key elements included the Ekamukha Linga of Kalinjar, local crafts under ODOP, Kalinjar Fort, and the Neelkanth Mahadev Temple, followed by depictions of modern infrastructure and industrial growth. Kerala 127532303 Kerala highlighted Indias first Water Metro and the achievement of 100 per cent digital literacy. The tableau depicted green mobility, rural prosperity, women-led digital empowerment and sustainable development.Tamil Nadu 127532371 Under Mantra of Prosperity: Self-Reliant India, Tamil Nadu showcased Techno-Jallikattu, electric vehicle manufacturing, automation, EV charging infrastructure, and green technology symbolising sustainable growth. Rajasthan 127532286 The tableau themed Golden Touch of the Desert featured Bikaners Usta art, traditional artefacts, a rotating Ravanahatha musician, camel motifs and folk traditions reflecting Rajasthans cultural heritage. Punjab 127532324 Punjab commemorated 350 years of Guru Tegh Bahadurs martyrdom. The tableau depicted Ek Onkar, Hind Di Chadar, Shabad Kirtan, Gurudwara Sis Ganj Sahib and the sacrifice of the Guru and his companions. Madhya Pradesh 127532355 Madhya Pradeshs tableau honoured Punyashlok Lokmata Devi Ahilyabai Holkar, highlighting her contributions to governance, social reform and cultural revival. Maharashtra 127532281 Maharashtra showcased Ganeshotsav as a symbol of community participation, cultural unity and self-reliance, reflecting its enduring public traditions. Manipur 127532390 Manipur presented its journey From Agricultural Fields to International Markets, highlighting farm produce, value addition and expanding global outreach.Nagaland 127532415 Nagalands tableau focused on the Hornbill Festival, showcasing indigenous culture, tourism potential and self-reliance through local traditions. Odisha 127532454 Odisha depicted Soil to Silicon, combining traditional roots with technological advancement, highlighting innovation-led growth. West Bengal 127532482 West Bengal highlighted its role in Indias freedom movement, portraying historical events and contributions of national leaders from the state. Jammu and Kashmir 127532533 The tableau showcased the regions handicrafts and folk dances, reflecting cultural diversity, craftsmanship and traditional livelihoods. Puducherry 127532238 Puducherry highlighted its craft heritage, cultural traditions and the vision of Auroville, symbolising harmony and sustainable living.Tableaux of Union Ministries and DepartmentsIn addition to the state tableaux, 13 tableaux from Ministries, Departments and Services of the Union Government rolled down Kartavya Path, highlighting key policy initiatives, institutional reforms and national priorities aligned with governance, security and development.Prominent among them was the tableau of the Ministry of Home Affairs, which showcased the enactment of the three new criminal laws, the Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita and Bharatiya Sakshya Adhiniyam, that came into force on July 1, 2024, replacing the colonial-era Indian Penal Code, Code of Criminal Procedure and Indian Evidence Act. The tableau emphasised a shift towards a modern, citizen-centric and technology-enabled criminal justice system, with focus on forensic investigation, swift justice and victim-centric procedures.Other ministry tableaux depicted themes ranging from defence preparedness and jointness of the armed forces to disaster resilience, education reforms under the National Education Policy, skill development, urban transformation, cultural heritage and technological self-reliance.
Continue reading at Economic Times
1h
Too early to say if rise in small car demand after GST cuts will sustain: CEAT MD & CEO
INDIA BUSINESS | Mon, 26 Jan 2026, 12:03PM IST
Tyre maker CEAT Ltd sees continued strong demand for SUVs. It is too early to confirm if the recent increase in small car sales will last. CEAT expects double-digit growth this fiscal year. The company plans to focus on rural markets for farm and two-wheeler tyres. Commercial vehicle tyre sales are also performing well.
Continue reading at Economic Times
2h
Gold prices seen heading to $6,000 as demand, global risks rise: Analysts
INDIA MARKET | Mon, 26 Jan 2026, 11:46AM IST
The London Bullion Market Association's annual precious metals forecast survey shows analysts projecting gold rising as high as $7,150 and averaging $4,742 in 2026
Continue reading at Business Standard
2h
Gold price climbs 10 to 1,62,710; silver up 100, trading at 3,40,000
INDIA MARKET | Mon, 26 Jan 2026, 11:45AM IST
The price of 22-carat gold increased by 10, with ten grams of the yellow metal selling at 1,49,150
Continue reading at Business Standard
2h
Which US prisoners will the Taliban free?
INDIA NEWS | Mon, 26 Jan 2026, 11:44AM IST
For months, U.S. and Afghan officials have secretly negotiated the release of U.S. detainees -- a priority for President Donald Trump and a nonnegotiable prerequisite for any further diplomatic engagement with the Taliban.Yet even as at least five U.S. prisoners have been freed from Afghanistan over the past year, talks have stalled over the fate of remaining detainees, according to three people involved in the negotiations.While several U.S. prisoners remain in custody, Afghan officials say the release of the last Afghan inmate at Guantnamo Bay, Cuba, rests with the United States and should be part of any further deal.The Guantnamo inmate's case and the whereabouts of a U.S. citizen in Afghan custody remain a central flash point between the Trump administration, which accuses Afghanistan of hostage diplomacy, and a Taliban government that denies those accusations while it seeks recognition from the United States."We want these two American detainees to be released, and, at the same time, the fate of our detainee who is in Guantnamo should be made clear," Zabihullah Mujahid, the Taliban spokesperson, said in an interview with The New York Times in the southern Afghan city of Kandahar -- the first time Afghan officials are making their demand public. "Our prisoner should be released."The Afghan detainee, Muhammad Rahim, is accused of acting as a courier and interpreter for Osama bin Laden within al-Qaida.Why the Taliban have decided to comment publicly on a potential prisoner swap is unclear. But it signals an impasse in negotiations with the Trump administration, which has publicly demanded the release of at least three Americans.The Taliban say they have only two -- identified by U.S. officials as Dennis Walter Coyle, an academic held since last January, and Polynesis Jackson, a former U.S. Army soldier whose reasons for being in the country remain murky.Afghan officials say they do not know the whereabouts of a third U.S. citizen, Mahmood Habibi, who the FBI says was arrested in Afghanistan in 2022 shortly after the CIA killed Ayman al-Zawahri, al-Qaida's leader, in Kabul.Afghanistan's foreign minister, Amir Khan Muttaqi, said no American prisoner was being held for bargaining purposes. "We support finding a solution to this issue as soon as possible," Muttaqi said in a subsequent interview with the Times in Kabul. "We never arrest someone to make deals with their country."Muttaqi added, "We want progress in all areas with the United States," including the reopening of the U.S. Embassy in Kabul and strengthened security cooperation.The United States does not formally recognize the Taliban as Afghanistan's legitimate authority, but U.S. envoys have traveled several times to Afghanistan over the past year to secure the release of American detainees. At least four have already been freed under the second Trump administration, according to the White House -- none of them as part of prisoner swaps.A participant in the negotiations, who spoke on condition of anonymity to discuss ongoing release efforts, said the Trump administration would not consider any further public engagement until all remaining U.S. citizens were freed.The State Department declined to discuss the case of Rahim, but the administration's position was unequivocal."We know the Taliban abducted and detained Mahmood Habibi over three years ago," a State Department spokesperson said. "The Taliban should immediately release Dennis Coyle, Mahmood Habibi and all Americans detained in Afghanistan and end its practice of hostage diplomacy."The previous administration had offered Rahim in a prisoner swap that included Habibi, but the Taliban rejected that offer, U.S. officials say. Instead, the Taliban government freed Ryan Corbett and William Wallace McKenty last January in exchange for Khan Mohammed, a convicted drug dealer who was released from a U.S. federal prison. The Taliban later freed three other Americans -- George Glezmann and Faye Hall in March; and Amir Amiry in September.A senior U.S. official added that Rahim would not be part of any future deal despite the Taliban government's demands.Habibi's brother, Ahmad, said officials from the Trump administration had promised him that there would be no deal for Rahim until Habibi was returned."We have proof the Taliban's GDI arrested him, so they are only prolonging things by refusing to admit it," Ahmad Habibi said about the General Directorate of Intelligence, Afghanistan's intelligence agency.The Afghan intelligence services didn't respond to requests for comment.An Afghan official with direct knowledge of the negotiations said that the Taliban had released U.S. detainees last year, and the United States had lifted bounties on senior Afghan officials, as part of a framework meant to settle the prisoners' issue. But recent developments, including the deadly attack on two National Guard troops that U.S. officials say was committed by a 29-year-old Afghan man near the White House in November, had brought the negotiations to a stalemate.The Afghan official, speaking on condition of anonymity to comment on the negotiations, said the Taliban would be willing to discuss Habibi's fate only after other U.S. detainees and Rahim had been released. Habibi was never part of the initial framework agreed upon last year, the official added, but Rahim was.
Continue reading at Economic Times
2h
Japan set to trial India's UPI as Indian tourist numbers see sharp rise
INDIA BUSINESS | Mon, 26 Jan 2026, 11:26AM IST
Japan will trial India's UPI in 2026, allowing Indian tourists to make QR code payments directly from their Indian bank accounts while travelling
Continue reading at Business Standard
2h
Gold hits $5,000/oz, silver jumps 8%. How should traders navigate post-Republic Day?
INDIA COMMODITIES | Mon, 26 Jan 2026, 11:25AM IST
Gold prices surged past $5,000 an ounce for the first time, driven by renewed safe-haven demand amid global tensions and a bond selloff. Silver also saw significant gains, with both metals continuing their strong performance into 2026. Investors are advised to adopt a wait-and-watch approach as markets reopen.
Continue reading at Economic Times
2h
Budget 2026 Expectations LIVE Updates: What To Expect For Defence, MSMEs And India's Growth
INDIA MARKET | Mon, 26 Jan 2026, 11:21AM IST
File photo of Finance Minister Nirmala Sitharaman at the Parliament before announcing the budget in 2025.
Continue reading at NDTV
2h
Striking a balance: How gold, silver fit into the 2026 asset mix
INDIA COMMODITIES | Mon, 26 Jan 2026, 11:17AM IST
According to a recent commodities outlook by PL Capital, 2026 is poised to witness a renewed focus on these metals, not merely as defensive hedges but as active building blocks in strategic asset allocation.
Continue reading at Economic Times
2h
RIL avoid Russian oil, PSUs lap it up
INDIA NEWS | Mon, 26 Jan 2026, 11:13AM IST
Betul (Goa): Reliance Industries Ltd, India's biggest buyer of Russian crude oil, has not bought any barrels from Kremlin in January so far while state-run refiners have stepped up imports prompted by discounts hitting some USD 7 per barrel, almost triple the level seen in mid-2025. Reliance, which was touted as the world's biggest buyer of seaborne Russian oil at around 600,000 barrels per day in 2025, did not buy any Russian crude oil in first three weeks of January, industry sources said, and ship-tracking data showed. HPCL-Mittal Energy ltd -- a joint venture of Hindustan Petroleum Corporation Ltd and the London-based Mittal Group of steel czar Lakshmi Mital -- Mangalore Refinery and Petrochemicals Ltd and HPCL too did not pick up any Russian crude. However, state-owned Indian Oil Corporation (IOC) bought an average of 470,000 bpd, its highest ever, data from maritime intelligence firm Kpler showed. IOC had bought 427,000 bpd in December 2025. State-owned Bharat Petroleum Corporation Ltd (BPCL) bought 164,000 bpd this month, up from 143,000 bpd in December 2025. Russian oil firm Rosneft-backed Nayara Energy, which has been cut from other suppliers after the European Union slapped sanctions on it, continued to source crude from Russia, buying some 469,000 bpd this month. Indian imports of Russian oil dipped slightly to 1.1 million bpd in the first three weeks of January from 1.2 million bpd in December. The volumes in both months are much lower than November's 1.84 million bpd, reflecting the impact of US sanctions on Rosneft and Lukoil, Russia's two biggest oil exporters, that came into effect from November 21. Kpler analyst Sumit Ritolia said India's Russian crude purchases in January 2026 and across Q1 2026 are expected to average around 1.2 million bpd and 1.3-1.5 million bpd, respectively. "Nayara, BPCL and IOC bought fresh cargoes in January 2026, with others (RIL, MRPL, HMEL) staying out as of now," he said. Indian refiners are currently sourcing Russian crude through a mix of channels, but the trend for most buyers has shifted toward newer non-sanctioned intermediaries rather than clean, direct liftings from the major Russian producers. "Direct deliveries linked to Rosneft and Lukoil are still taking place, but they are increasingly concentrated with Nayara, which has continued lifting Russian barrels given its different risk posture and Russian linkage, while other Indian refiners are more selectively buying through non-sanctioned trading entities that have emerged over the last 2-3 months to keep flows moving in a more compliance-friendly structure (for example Alghaf marine, rusexport, etc and other newly active intermediaries)," he added. Close to 60 per cent of India's Russian imports in January went to state-run refiners IOC and BPCL, and the rest to Nayara Energy. In January, Rosneft supplied 130,000 bpd oil to India while Lukoil shipped 103,000 bpd. Unsanctioned Surgutneftegas and RusExport shipped the bulk of oil, Kpler data showed. A Reliance spokesperson had earlier this month stated that the company did not receive a single Russian cargo in January, while its purchases in December were half those in November. HMEL perhaps stopped purchases of Russian crude oil because of the potential impact on the global operations of Mittal Group. HMEL averaged 153,000 bpd of Russian oil imports in 2025. "Nayara remains structurally more exposed to Russian crude than most Indian peers, as its sanctioned status has reduced access to alternative feedstocks and reinforced reliance on Russian barrels through established supply-chain linkages," Ritolia said. "However, recent crude import patterns suggest the refinery has continued operating at 90-100 per cent capacity, indicating stable crude sourcing and sustained runs despite the constraints." On the products side, Nayara has been moving large volumes of fuel produced from crude oil domestically via different channels. Some shipments by sea into a broader set of markets have also been seen.
Continue reading at Economic Times
2h
Reliance stays away from Russian oil, public sector firms lap it up
INDIA BUSINESS | Mon, 26 Jan 2026, 11:13AM IST
India's Russian crude oil imports saw a slight dip in early January, with Reliance Industries halting purchases while state-run refiners like IOC and BPCL increased their intake due to attractive discounts. Nayara Energy continued its significant sourcing, navigating sanctions through intermediaries. Overall volumes remain lower than late 2025, influenced by US sanctions on major Russian exporters.
Continue reading at Economic Times
2h
Gold, silver, AI and Indian stocks: Joanne Goh on where value lies now
INDIA MARKET | Mon, 26 Jan 2026, 11:08AM IST
an interaction with ET Markets, Joanne Goh, Senior Investment Strategist at DBS Bank, shares her outlook on gold and silver, cautions against froth in parts of the AI trade, and explains where she sees value emerging across Indian and Asian equities.
Continue reading at Economic Times
2h
Gold soars past $5,000 as investors rush to safe haven amid uncertainties
INDIA MARKET | Mon, 26 Jan 2026, 11:06AM IST
Spot gold rose 1.98% to $5,081.18 per ounce by 0323 GMT, after touching $5,092.71 earlier. U.S. gold futures for February delivery gained 2.01% to $5,079.30 per ounce
Continue reading at Business Standard
3h
Gold soars past $5k to record high as investors seek safe-haven amid risks
INDIA MARKET | Mon, 26 Jan 2026, 11:06AM IST
Spot gold rose 1.98% to $5,081.18 per ounce by 0323 GMT, after touching $5,092.71 earlier. U.S. gold futures for February delivery gained 2.01% to $5,079.30 per ounce
Continue reading at Business Standard
3h
more