BHEL reports 3-fold jump in net profit to 390 crore in Q3
INDIA BUSINESS | Tue, 20 Jan 2026, 1:54AM IST
BHEL's total income rose 18% to 8,691.85 crore during the third quarter from 7,385 crore in the year-ago period
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TVS Infrastructure Trust raises 830 crore under first tranche of 1,100-crore NCD programme
INDIA BUSINESS | Tue, 20 Jan 2026, 1:41AM IST
The company, in a statement, said the funds were raised through a 20-year, long-tenor bond issuance, anchored by the National Bank for Financing Infrastructure and Development
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ET Graphics: India plans new mineral law to boost domestic output
INDIA BUSINESS | Tue, 20 Jan 2026, 1:06AM IST
India is moving to curb mineral lease hoarding and press states to speed up approvals as it prepares a new law to replace the Mines and Minerals (Development and Regulation) Act, 1957. The overhaul aims to boost domestic mineral output and reduce import dependence.
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Banks feel the pinch as CASA pool shrinks
INDIA BUSINESS | Tue, 20 Jan 2026, 12:57AM IST
As Indian banks grapple with dwindling low-cost CASA deposits, a growing number of savers are shifting their money into market-driven investments seeking higher returns. This shift compels banks to depend increasingly on pricier short-term borrowing methods, such as Certificates of Deposit, to sustain their lending activities.
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Googles Gemini enters IPL as sponsor in Rs 270 crore, three-year deal
INDIA BUSINESS | Tue, 20 Jan 2026, 12:56AM IST
Google-owned Gemini has secured a three-year sponsorship deal with the Indian Premier League (IPL) worth an estimated Rs 270 crore. This significant partnership highlights the growing influence of artificial intelligence platforms in Indian cricket, following ChatGPT's sponsorship of the Women's Premier League.
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Lenders may bank more on bonds in Q4
INDIA BUSINESS | Tue, 20 Jan 2026, 12:53AM IST
Banks are set to issue more corporate bonds this quarter. This move aims to cover the difference between loan growth and deposit growth. Yields are rising, but banks need funds. Deposit growth is slow as people seek better returns elsewhere. Banks are also using certificates of deposit. However, these are short-term. Lenders must fund the increasing demand for loans.
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Budget: India Inc favours stability
INDIA NEWS | Tue, 20 Jan 2026, 12:47AM IST
Even as India remains the fastest-growing major economy, with growth set to top 7%, global risks persist. Against this backdrop, corporate India wants a boring and predictable budget, one that will focus on simplification and long-term reforms over headline-grabbing measures. As finance minister Nirmala Sitharaman puts finishing touches on the February 1 budget, business leaders and economists said this isnt the time to splurge at an ET-PwC pre-budget roundtable on Friday in Mumbai .With global uncertainty, tighter liquidity and rising trade tensions, India Inc wants the budget to maintain stability, build on recent gains and improve competitiveness, said the participants, who included Habil Khorakiwala, chairman of Wockhardt Group; Anish Shah, group CEO and MD of Mahindra Group; Neelkanth Mishra, chief economist at Axis Bank, and a member of the Prime Ministers Economic Advisory Council; Vivek Prasad, chief commercial officer at PwC; Sudhanshu Vats, MD of Pidilite Industries; and Anubhuti Sahay, head of India economics research at Standard Chartered Bank. They were in conversation with ET. CHANGING GLOBAL CONTEXTIndias macro position is materially stronger now than during past global downturns, according to Anubhuti Sahay of Standard Chartered Bank, comparing the tailwinds of recent years with the constraints ahead.India stood all the tariff-related uncertainty pretty well, and we are likely to see a growth of above 7%, she said. This was primarily on the back of massive countercyclical measures rolled out by the government as well as the RBI in a very short span of time.Those conditions, however, are unlikely to repeat.Also Read: Can Union Budget 2026 finally make indirect taxes work for growth?Geopolitical uncertainties are high, monetary easing is at an end, and in India the space to fiscally support demand or investment is very limited, she said. As a result, this budget should focus more on structural reforms rather than countercyclical measures.India must define its global leverage more clearly, similar to the US, which has substantial domestic demand, and China, the manufacturing hub of the world. "We need to sharpen our domestic demand leverage for the world to recognise Indias potential, she said.UNCERTAIN WORLDWockhardt Group chairman Habil Khorakiwala took a long-term view and expects trade and geopolitical volatility to remain high for the next few years, given the current US political cycle. We are living in an uncertain world geopolitically, Khorakiwala said. We have only seen one year of the US President so far. There are another three years to go. Uncertainty is going to be the order of the day.Also Read: India Inc seeks GST-style simplification in customs duty structureAs a result, for India to insulate itself, the focus must be on deep, foundational reforms, with research and innovation being critical levers. Also, funding for R&D has increased, but the framework for allocation remains flawed.The question is not the desire to spend on innovation or the availability of funding, he said. The question is how do you direct this funding so that it fundamentally changes the DNA of India to be more innovative and more research-oriented.There is also a call for a rethink of governance itself, and with technologies such as AI now available, it should be used to reduce the operational cost of government.Mahindra Group CEO Anish Shah said India is on track for strong and sustained growth despite global uncertainty, and is bullish about the country's long-term prospects.Also Read: A duty twist may decide if India builds phones or keep assembling themWe are sitting in a very good place, Shah said. India today is poised to add $5 trillion of GDP in this decade. Only two countries in the history of the worldthe US and Chinahave done that. For him, Indias greatest strategic asset is its domestic economy. Our rare earth is the Indian economy, the demand generated in India, and being a manufacturing hub of the world, he said. Not necessarily replacing China, but along with China.To realise that potential, Shah outlined an agenda of continuing to build infrastructure, policies that make it easier to do business, driving down the cost of doing business like logistics, and at the same time maintaining fiscal prudence.CONSUMPTION SUPPORTFrom the perspective of consumer-facing businesses, Sudhanshu Vats, MD of Pidilite Industries, said recent reforms are already helping demand recovery.The last budget and the GST 2.0 reforms have started providing impetus, particularly in discretionary items, said Vats, adding that he supports maintaining stability in indirect taxes, noting that the 5% GST rate for most household staples is a good rate.However, demand cannot rely on tax tweaks alone, and non-tariff barriers and statelevel ease of doing business are equally important. We need to look at tariff rationalisation with a tooth comb, he said.Also Read: Provide incentive in Budget for R&D, create specialised fin institution for long-term fund: MPC member Nagesh KumarAs global trade becomes more fragmented, he argued that India must also become more proactive externally. Bilateral treaties are going to become more important, Vats said. Why doesnt the government appoint sectoral ambassadors to translate these deals into outcomes?THE CASE FOR A PREDICTABLE BUDGETEconomists urge restraint while industry is keen on continuity. Neelkanth Mishra, chief economist at Axis Bank and a member of the Economic Advisory Council to the Prime Minister, says the governments biggest contribution now is stability.What the economy is benefiting from is improved predictability and reduced cost of capital, Mishra said. For that, the government needs to stay on the path of fiscal consolidation.With future liabilities such as the next pay commission looming, Mishra argues that this is an opportunity to lock in credibility. They have already said debt-toGDP will be 50% by FY31, he said. Its important to clear the path on how exactly that will be achieved.On policy changes, Mishra said the budget should be boring and predictable--The fewer the changes, the better.FOCUS ON FUNDAMENTALSVivek Prasad, chief commercial officer at PwC, echoed that sentiment. Theres never been a better time to be in India than now, he said, pointing to global uncertainty as a comparative advantage for the country.For him, the agenda is simple. India should not get distracted by the noise thats all around. Focus on the basics. Ease of doing business, taking away friction, setting up infrastructure that makes us competitive, Prasad said.Also Read: Government should consider simplifying, rationalising tax laws in Budget to boost FDI: ExpertsHe highlighted uneven consumption trends. Consumption at the top of the pyramid is moving well. At the lower end, its relatively stable, he said. The challenge is in the middle.Targeted interventionsrather than a broad stimuluscould help, Prasad argued, particularly in sectors with high multiplier effects. He also emphasised MSMEs. Large companies are leading private capex, but MSMEs need confidence and enablement to come back strongly, he said.One of the key questions ahead of the budget is when private investment will take over from public capex as the main growth driver. Shah said a shift is already underway in pockets.Across industries, utilisation rates are approaching levels that historically trigger new investment. Private capex will come back strongly, supplementing the government push, Shah said.Also Read: Union Budget 2026: Prudence, not populism, will be underlying theme to build BharatKhorakiwala sees a similar trend in healthcare.Hospitals are highly capital-intensive, and there is a huge gap between what the country needs and what is available, he said. In pharmaceuticals, the issue is different. The cost of goods is a fraction of total costs. What matters is innovation and accessibility.REFORM AT EVERY LEVELMishra stressed that many reforms do not need budget announcements. There are tens of thousands of compliances businesses are burdened with, many embedded in subordinate regulations rather than laws, he said.Progress is already visible. In the first 11 months of 2025, 16 states approved 38 omnibus regulations on ease of doing business. Decriminalisation of minor offences, Mishra said, could materially improve productivity and confidence.While GST and tax measures have boosted consumption, longevity is uncertain.Tax multipliers dont last more than a year And, in this environment, there may be less than one, said Sahay, pointing to weak wage growth. Per capita nominal wage growth between 2018 and 2024 was just 6%. Adjusted for inflation, its less than 1%.Also, sustained consumption requires better-paying jobs and higher private investment. Countercyclical measures help at the margin, but they dont change the fundamental story of consumer behavior, Sahay said.SUPPLY CHAIN DEPENDENCIESGlobal disruptions have forced Indian companies to reconsider supply chains and firms now map critical dependencies far deeper than before.We didnt realise how rare earths flowed into permanent magnets and motors, Shah said. Now we are identifying these dependencies and building alternatives.Vats added that infrastructure-led urbanisation will reshape consumption patterns. Urbanisation leads to more houses, nuclear households, and consumption across sectors, he said. Accelerating this journey is critical.Where fiscal policy can help is credit delivery. With `17,000-18,000 crore, the credit guarantee scheme unlocked six to seven lakh crore of credit, said Mishra, adding that expanding such schemes for MSMEs could extend the upcycle.WHAT TO AVOID, WHAT TO DOSo what should the FM avoid?Sahay said the budget should steer away from any massive fiscal stimulus, while Prasad suggested it stick closely to fiscal consolidation. Focus on simplicity and ease," Prasad said.Vats agreed, warning against any deviation from fiscal prudence. Mishra also cautioned against expanding income tax exemptions. These are already too high, he said, arguing that widening the tax base is essential.Shah prioritised infrastructure investment, while Khorakiwala offered a broader warning that the approach of the government should not become more controlled. What we need is simplification.
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ET@Davos: Long-term commitment key to doing business in India, says Ingka Group CEO Juvencio Maeztu
INDIA BUSINESS | Tue, 20 Jan 2026, 12:45AM IST
Ingka Group's new CEO, Juvencio Maeztu, prioritizes resilient growth and simplification, aiming to insulate the furniture giant from global shocks. He emphasizes a long-term strategy for markets like India, where IKEA has invested over $1 billion, focusing on societal benefit over immediate dividends.
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Electricity Amendment Bill will be introduced in Budget Session: Manohar Lal
INDIA BUSINESS | Tue, 20 Jan 2026, 12:45AM IST
The government plans to introduce the Electricity (Amendment) Bill, 2025, in the upcoming budget session to prevent losses for distribution companies. The bill proposes cost-reflective tariffs, multiple distribution licensees, and phasing out cross-subsidies for major consumers within five years. Stakeholder discussions are ongoing.
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Southern films' pan-India dreams come to naught
INDIA BUSINESS | Tue, 20 Jan 2026, 12:37AM IST
Southern films across India are struggling at the box office, particularly as their share of Hindi film revenues sees a sharp decline. Analysts suggest that the root cause lies in a shortage of universal themes and repetitive storytelling. Relying solely on star power from various regions is no longer enough.
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Thermal powers share in Indias generation to fall below 70% next fiscal: Crisil
INDIA BUSINESS | Tue, 20 Jan 2026, 12:31AM IST
India's thermal power generation share is projected to fall below 70% next fiscal, a first, due to slower demand growth and a surge in renewable energy output. Despite this decline, capital expenditure in thermal power is reviving, supported by long-term power purchase agreements and the need for base-load power.
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Power Ministry seeks to oversee civil nuclear energy development
INDIA BUSINESS | Tue, 20 Jan 2026, 12:31AM IST
The Power Ministry has proposed to take over the development of nuclear projects, including those with reactors under IAEA safeguards, from the Department of Atomic Energy. This move, aimed at streamlining nuclear power development, follows discussions prior to the Shanti Act's promulgation, which allows limited private participation in the sector.
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PNBs Q3 profit rises 13% to record Rs 5,100 crore; focus on RAM, loan recoveries
INDIA BUSINESS | Tue, 20 Jan 2026, 12:31AM IST
Punjab National Bank reported its highest-ever quarterly net profit of 5,100 crore for the December quarter, a 13% increase year-on-year. The bank aims for consistent quarterly profits exceeding 5,000 crore, driven by growth in retail, agriculture, and MSME sectors, along with new profit-generating verticals. PNB also made a significant floating provision for the ECL framework to strengthen its balance sheet.
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New regional flight plan awaits Cabinet nod for UDAN
INDIA BUSINESS | Tue, 20 Jan 2026, 12:25AM IST
A plan to boost regional air travel is awaiting Cabinet approval. The government proposes new financial support for airlines serving remote areas. This aims to make flights to smaller cities more viable. The scheme, launched in 2016, currently offers subsidies and incentives. Officials believe the current funding model needs adjustment. This revamp could increase government investment and extend subsidy periods.
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INDIA BUSINESS | Tue, 20 Jan 2026, 12:09AM IST
Leading private equity firms are in discussions to invest in Purplle Cosmetics. The beauty platform is expected to be valued at around 13,000 crore. This potential deal involves both primary and secondary capital. Early investors may reduce their holdings. Purplle is a major player in India's growing beauty e-commerce market.
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In graphics: Weak affordable market weighs on housing sales
INDIA BUSINESS | Tue, 20 Jan 2026, 12:04AM IST
Sales of apartments priced below Rs 1 crore fell 30% on-year, dragging overall residential volumes down 11% across seven major cities. The weakness in the mass segment weighed on market performance, even as buyers at the top end continued to absorb premium supply.
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'Healthier' oils on menu, but WPI yet to reflect change
INDIA BUSINESS | Mon, 19 Jan 2026, 11:56PM IST
While palm oil remains the most consumed cooking oil, its share has declined from about 38.9% in 2011-12 to 31.8% in 2024-25. Yet, its WPI weight has stayed unchanged at 38.4%. Soybean oil's share has risen from 15.55% to 24.7%, while sunflower oil has nearly doubled from around 6% to 11.6% over the same period. Mustard and rapeseed oils have also grown in absolute volumes, reflecting a shift toward locally produced and perceived healthier oils.
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Silver shines at Rs 3 lakh per kg
INDIA BUSINESS | Mon, 19 Jan 2026, 11:55PM IST
Silver prices have crossed the 3 lakh per kg mark. This surge is driven by geopolitical tensions and robust industrial demand. Experts predict further price increases if tensions escalate. While physical demand has seen a dip, the outlook for silver remains bullish. Investors are advised to accumulate on dips. A significant deficit in silver supply is also projected.
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Hindustan Zinc strikes gold on silver rally
INDIA BUSINESS | Mon, 19 Jan 2026, 11:50PM IST
Hindustan Zinc achieved its highest ever profit, sales, and EBITDA in the December quarter. This success was fueled by a significant rise in silver prices, boosted production, and reduced operational costs. The company anticipates continued strong performance in the upcoming March quarter. Silver production saw a notable increase, contributing substantially to the company's earnings.
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Italian fashion icon Valentino Garavani dies at 93
INDIA NEWS | Mon, 19 Jan 2026, 11:41PM IST
ROME: A mix of carmine and scarlet, with a hint of orange - a new hue, inspired by an elderly woman at Barcelona's opera house, whose elegance struck a young Valentino Garavani.The colour, introduced to the fashion world several years later, in 1959, with a strapless cocktail dress of draped tulle, has carried his name - "Valentino red" - ever since, doubling as the eponymous Italian fashion group's signature."I think a woman dressed in red is always wonderful, she is the perfect image of a heroine," Valentino wrote in the book "Rosso" (Red), released in 2022. He would include at least one red dress in every one of his collections.Valentino, one of Italy's leading fashion designers, died on Monday at his Roman residence, his foundation announced. He was 93 years old.The cause of death was not immediately known.'I LOVE BEAUTY'Valentino ranked alongside Giorgio Armani and Karl Lagerfeld as the last of a leading generation of designers, from an era before fashion became a highly commercial industry run as much by financiers and marketing executives as by couturiers.Scaling the heights of high fashion, he was the first Italian to feature on the exclusive Paris haute couture catwalks.Passionate about film, he dreamed as a young man of dressing the "beautiful ladies of the silverscreen", as he called them, among them 1950s Hollywood stars Lana Turner and Judy Garland.Valentino would eventually design Elizabeth Taylor's wedding gown, and was the first choice for numerous Oscar winners, including Sharon Stone and Penelope Cruz.His romantic designs, simple at first glance, were full of intricate detail. "I love beauty," Valentino said. "It is not my fault. And I know what women want: they want to be beautiful."The designer, who also dressed Jackie Kennedy, created a business empire under his own name before selling it off ahead of his retirement, in 2008.'YOU NEED A LOT OF PATIENCE'Valentino was an only child, born into a well-to-do family in Voghera, south of Milan, where his father ran an electrical supplies company.Having started drawing and appreciating high-end clothes from a young age, he studied couture in Milan and Paris, where he then worked as an apprentice for designer Jean Desses. He returned home in 1960, opening his own fashion house in the heart of Rome.That year, Elizabeth Taylor chose a white Valentino gown for the premiere of blockbuster "Spartacus".Also in 1960, he met Giancarlo Giammetti in a Roman cafe. Giammetti would go on to be his partner in business and in life."To share life with a person for your whole existence - every moment, joy, pain, enthusiasm, disappointment - is something that cannot be defined," Valentino said of him.Giammetti took on the managerial part of the business, leaving creative matters to the designer."To be with Valentino as a friend, as a lover and as an employee is a bit the same: you need a lot of patience," Giammetti said in "Valentino: The Last Emperor", a documentary that followed the designer in the last two years of his career.Valentino's georgette fabrics, chiffon ruffles and ornate embellishments, including the exclusive budellini technique - where long strips of sheep's wool are hand rolled into tubes, wrapped in silk and stitched together - won him a multitude of awards, including France's highest civilian distinction in 2006."Fame and fortune didn't change him," Giammetti said at the time. "He is still the little guy I met 45 years ago."Superstitious and introverted, Valentino loved chocolate, skiing and his pugs. He told Corriere in 2017 that he was afraid of death.'THE PERFECT MOMENT TO SAY ADIEU'In 2007 he wowed Rome with lavish celebrations to celebrate his decades in fashion - a three-day event that included dinners, parties and exhibitions with thousands of guests flying in from around the world.Months later he announced that he would stop designing for his company, which he no longer controlled after selling the firm almost a decade earlier for some $300 million."I have decided that this is the perfect moment to say adieu to the world of fashion," he said. "As the English say, I would like to leave the party when it is still full."His last catwalk show was held in January 2008 in Paris, a city he called his second home and which he said had taught him to love fashion and life.The business that bears his name was bought by Qatari fund Mayhoola for 700 million euros in 2012. French luxury group Kering bought a 30% stake in 2023, with a commitment to fully acquire the business from 2026, but then deferred the move to 2028 at the earliest.Valentino and Giammetti remained active in supporting the arts. Their foundation opened the PM23 gallery in the centre of Rome in 2025, next to the Valentino headquarters.Fittingly, the opening exhibition - "Horizons/Red" - focused on the colour most closely associated with Valentino."Red isn't just a colour," Giammetti said at the time. "It's a symbolic and aesthetic force of extraordinary power."
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