The Economic Times

On Wednesday, the Union cabinet approved a 3% increase in dearness allowance for employees and pensioners. This increase is expected to benefit over 11.6 million individuals ahead of the festive season. The change will take effect retrospectively from July 1, costing the exchequer 10,016 crore. Additionally, the government revised dearness allowance rates for employees under the Fifth and Sixth Pay Commissions.

India's banking sector exhibits confidence in achieving sustained double-digit credit growth across various segments. Demand for retail and SME lending is primarily driving this credit growth, according to the FICCI-IBA Bankers' Survey. Respondents show optimism about the emerging revival in private-sector capital expenditure and improved asset quality. A significant majority anticipates that both retail loans and SME credit will continue to grow robustly.

Vedanta reported significant financial growth, achieving record revenue and net profit in the September quarter. The company's consolidated revenue increased by 57% year-on-year to 25,812 crore while Ebitda doubled to 9,938 crore. After a recent demerger, Vedanta plans to eliminate debt, nearing completion in the upcoming quarter. The company has successfully reduced its debt by nearly 10,000 crore in recent months. Shares of Vedanta closed 3.

Facing an anticipated Rs 200 crore dip in income from proposed cuts to insurance commissions, Bandhan Bank's managing director, Partha Pratim Sengupta, warns of potential ripple effects across the banking industry. To counter these challenges, the bank is set to reshape its business model and focus on enhancing mutual fund distribution. Moreover, its limited exposure to drought-impacted regions in Karnataka and Maharashtra helps mitigate overall financial risks.

Private equity is significantly altering how professional services firms are owned and operated. AI is expected to redefine the delivery and pricing of services in these firms. Industry experts suggest that growth in India may mirror trends seen in the US market. The old partnership model is likely to face increased pressure from emerging competition. These shifts may hasten the separation of audit and consulting functions at major firms.

In a major move, Gujarat State Fertilizers and Chemicals has announced plans to establish a new plant in Jamnagar dedicated to the production of sulphuric and phosphoric acid. This facility will play a crucial role in ensuring the availability of essential raw materials for phosphate fertilizers, particularly in light of increasing prices driven by geopolitical tensions.

The ministry said it has released funds under the Integrated Programme for Senior Citizens (IPSrC), a component of the Atal Vayo Abhyuday Yojana (AVYAY), for the financial year 2026-27.

On October 30, a workshop will be organized by the DGFT, Karnataka government, and FIEO in Bengaluru. The event aims to enhance Karnataka's export competitiveness and awareness of Free Trade Agreements. Nearly 200 participants, including exporters and industry officials, are expected to attend. Technical sessions will cover opportunities in various sectors and policy interventions under new FTAs. Senior officials and the state minister will address attendees at this important event.

On October 30, Prime Minister Narendra Modi is set to launch the 24th installment of the PM-Kisan scheme in Gujarat, aiming to support over 9.34 crore farmer families across the country with more than Rs 18,680 crore. In Gujarat alone, financial assistance surpassing Rs 1,051 crore will be granted to over 52.33 lakh farmer families.

Satin Creditcare Network reported a more than three-fold rise in consolidated net profit to Rs 176 crore in the second quarter, helped by lower microfinance provisions, portfolio growth and improved asset quality. Its gross NPA ratio improved to 1.9% from 3.5% a year earlier, signalling a recovery from earlier stress.

Cholamandalam Investment and Finance reported a 41% rise in second-quarter net profit to Rs 1,630 crore, helped by strong income growth, higher loan disbursements and lower loan losses. The companys board approved a proposal to raise up to Rs 5,000 crore through a qualified institutional placement.

Hero MotoCorps Q2 FY27 consolidated profit rose 41% to Rs 1,860.55 crore, while revenue increased 23% to Rs 14,970.50 crore. Scooter sales surged 47%, VIDA retail sales grew 76%, and international expansion strengthened growth prospects.

Billionaire Gautam Adani is reportedly exploring a potential acquisition of Dutch energy storage group VTTI. Supply disruptions have made VTTI's facilities increasingly valuable for energy trading, attracting multiple suitors. A deal could value VTTI at around 3 billion, with IFM Investors and Vitol owning significant stakes. Adani Group has been evaluating international acquisitions to accelerate its growth in various sectors.

In a bold move, Vedanta Group's Anil Agarwal announced an investment strategy of Rs 70,000-80,000 crore in West Bengal, set to foster job creation for around 10,000 individuals. He conveyed confidence in the state's manufacturing potential and the necessity of leveraging local resources. This announcement came during a key meeting at Nabanna, highlighting Agarwal's commitment to positioning India as a manufacturing powerhouse on the global stage.

Indian markets closed lower on Wednesday as rising crude oil prices and Middle East tensions hurt sentiment. Sensex fell 353 points to 73,246, while Nifty slipped 51 points to 22,699 despite a late recovery.

Indian retail investors are increasingly venturing into global markets, significantly boosting their overseas investments. In response, domestic asset managers are introducing new funds to meet the rising demand for international exposure. With the Reserve Bank of India's limits on overseas investments nearing their cap, many investors are exploring tax-friendly locations like GIFT City.

Indian industry is becoming aware of the impact of European carbon emissions regulations on their competitiveness. The expected India-EU Free Trade Agreement will create opportunities for growth in the coming years. Different categories of buyers are emerging, with some looking to diversify sources away from China. Key sectors such as textiles and defense are poised to benefit from these trade dynamics.

Hero MotoCorps Q2 FY27 consolidated profit rose 41% to Rs 1,861 crore, while revenue increased 23% to Rs 14,971 crore. Scooter sales, 100cc motorcycles and VIDA electric scooters boosted growth, alongside international expansion and investments.

In a promising development, Vedanta's Chairman Anil Agarwal has signaled interest in investing up to Rs 80,000 crore in West Bengal, concentrating on energy and aluminium manufacturing. This venture could generate thousands of jobs, with Asansol identified as a pivotal site due to its resources and infrastructure. Moreover, Agarwal is committed to fostering smaller businesses for downstream industry growth, with thorough feasibility studies to ensure the project's potential success.

Sebi Chairman Tuhin Kanta Pandey stated they will review compliance requirements for foreign portfolio investors in India. A consultation paper will seek feedback on aligning these norms with global standards while ensuring investor protection. This initiative aims to enhance foreign investor participation in domestic markets and streamline access procedures. Additionally, Pandey emphasized the significance of domestic savings along with international capital to support market development.

Despite the Sensex falling 352 points to 73,246, five BSE 500 stocks touched fresh 52-week highs on Wednesday. PVR Inox, Acutaas Chemicals, Indian Hotels, Piramal Pharma and Sona BLW posted monthly gains of 9% to 18%.

Vedanta Aluminiums Q2 FY27 net profit surged 105% to Rs 6,187 crore, driven by record production, higher sales and improved realisations. Revenue rose 41%, EBITDA increased 83%, and net debt declined Rs 3,090 crore sequentially.

Police said the bank management had suspended several employees, including the branch manager, and a case was registered at the Beta-2 police station, which has jurisdiction over the branch. The bank has assured authorities that it will address the customers complaints, officials said.

SEBI and the Bank of England signed an MoU to strengthen regulatory cooperation and information sharing on clearing corporations. The framework supports cross-border supervision, enables reliance on SEBIs oversight, and reinforces financial stability.

Chief Minister DK Shivakumar has ordered the transfer of 87 Karnataka Administrative Service officers to improve public services. This decision was made after the ruling Congress experienced an electoral setback during the legislative council elections. Nine officers were appointed as Assistant Commissioners while four were designated as Additional Deputy Commissioners. The reshuffle aims to enhance urban and rural development and improve the implementation of government schemes.

Bandhan Bank reported a five-fold rise in Q2 profit to Rs 622 crore, supported by lower provisions and improving asset quality. Net interest income grew 14%, margins strengthened, gross advances increased 13%, and deposits rose 9% year-on-year.

Meeshos Q2 FY27 net loss narrowed 67.8% to Rs 132.45 crore, while revenue surged 34.4% to Rs 4,131.58 crore. Rising user engagement, stronger merchandise value, improved contribution margins and festive-season demand supported growth amid elevated spending.

Carlsberg India has filed an updated draft prospectus with Sebi for an IPO comprising 8.64 crore shares, entirely through an offer for sale by existing shareholders. The Tuborg maker could raise up to $700 million, according to earlier reports, as multinational companies increasingly tap Indias equity markets to monetise local businesses.

The Khelo India Sports Goods Manufacturing Scheme has been approved by the Union Cabinet to develop the sports goods industry. The initiative includes creating dedicated Sports Goods Manufacturing Zones to enhance production capabilities. Significant financial support is allocated to encourage innovation and research in sports equipment manufacturing. The scheme aims to generate new employment opportunities and reduce import dependency in this sector.

Hyundai Motor Indias Q2 FY27 net profit fell 24% to Rs 1,196.2 crore as commodity costs pressured margins. Revenue rose 19% to Rs 20,696.1 crore, supported by record sales, stronger exports and upcoming vehicle launches.

Anant Raj Ltd has demonstrated robust financial performance, with a 13 percent rise in consolidated net profits for the September quarter. The company's total income surged to Rs 678.95 crore, up from Rs 640.89 crore the previous year. For the first half of the year, net profit climbed to Rs 305.68 crore, compared to Rs 264.08 crore, signaling its strong standing in the Indian real estate sector.

Vedanta Aluminium reported a significant increase in its quarterly profit, which more than doubled from the previous year. The company's consolidated net profit rose to 51.67 billion rupees for the quarter ending September 30. Revenue from operations also increased by 40% during the same period, driven by elevated aluminium prices. Aluminium production hit a record of 649,000 metric tons, up 5% from last year.

Wall sit exercise: A recent study has found that simple wall squats performed once or twice a week could help maintain short-term blood pressure reductions in adults. However, participants who continued exercising three times a week experienced the greatest benefits. Researchers also found that blood pressure improvements faded among those who stopped exercising.

Cholamandalam Investment and Finance Company has reported an impressive 41 percent surge in net profit for the second quarter, marking Rs 1,630 crore, up from Rs 1,155 crore the previous year. Their total income significantly increased to Rs 9,367 crore, primarily fueled by rising interest income. Additionally, the company's gross non-performing assets improved to 3.29 percent, signaling enhanced asset quality.

Miami-Dade County has developed an innovative approach by creating artificial reefs using demolished concrete. The materials from Bentley Bay Pier were repurposed and deployed at Julia Tuttle Artificial Reef Site. This project enhances marine habitats and promotes ecological growth beneath the ocean waves. It reflects a shift towards environmentally conscious decision-making in urban infrastructure. Such initiatives demonstrate the potential for old materials to support marine conservation effor

Republican Mike Lawlers New York House seat has become a test of whether GOP incumbents can survive in affluent, highly educated suburban districts where Donald Trump is unpopular. Democrat Cait Conley is trying to nationalise the race around tariffs, healthcare and the Iran war, while Lawler is stressing his local record and occasional breaks with Trump as Republicans face pressure among college-educated voters.

TVS Motor Company reported a 52% rise in Q2 FY27 profit to Rs 1,377 crore, with revenue up 44%. Record sales, electric two-wheeler growth and strategic acquisitions boosted performance, while shares gained 2.52% on the NSE.

The Villa Vie Odyssey cruise ship has left around 200 passengers stranded in Cambodia as fuel costs continue to rise. After two years of uninterrupted sailing, the operator halted operations, granting passengers only seven hours to disembark at Sihanoukville's port. With many retirees and remote workers now in search of accommodation far from home, the operator is prioritizing the coordination of disembarkations and providing support to those affected.

Justice Mohsin Akhtar Kayani tendered his resignation to President Asif Ali Zardari, becoming the fourth judge of the superior judiciary to resign following the controversial amendments.

Nearly 87% of Indian CEOs are confident about their companies' growth prospects in the next three years. They are increasing investments in cybersecurity to mitigate risks associated with growing threats. Attracting and retaining employees remains a major challenge along with skill gaps. Additionally, 66% of CEOs say sustainability is integrated into core strategies for future growth.

Pakistans gas crisis has intensified as LPG prices climb to PKR 600 per kg in some areas following disruptions to imports from Iran. Domestic gas production has fallen nearly 20% in five years, while circular debt and outstanding supplier payments have reached PKR 5.454 trillion. The country also faces challenges managing surplus imported LNG despite household fuel shortages.

Jio Platforms has marked a significant milestone by successfully launching its market debut following Indias largest initial public offering, valued at Rs 30,213-crore. While historical trends indicate that stocks often experience negative returns post-major IPOs, initial reports present an optimistic outlook for Jio, with projections suggesting potential for growth as the company aims to expand its technological footprint through cutting-edge innovations across diverse sectors.

School Assembly Headlines: Cyclone Arnab has made landfall on the Andhra Pradesh coast, causing significant evacuation efforts in Odisha. The Union Cabinet has approved a hike in dearness allowance for central government employees starting from July 1, 2026. India has officially invited Pakistan to attend a Shanghai Cooperation Organisation meeting scheduled in New Delhi. Meanwhile, a train collision in Spain has resulted in multiple fatalities, reportedly killing at least 39 people.

In North Carolina, marine biologists are transforming sunken tugboats and concrete pipes into artificial reefs, enhancing the habitat for numerous fish species. These initiatives not only boost marine biodiversity but also show that artificial reefs can effectively replicate natural ecosystems. Current research emphasizes the positive impact these structures can have on fish communities, offering a sustainable way to utilize discarded materials while supporting marine life.

Abhishek Sharma's impressive century against New Zealand allowed him to retake the No. 1 position in T20I batting rankings. He scored 113 runs off just 38 balls, leading India to victory in Wellington. Meanwhile, Ishan Kishan fell to third place due to his absence from the matches because of injury. Marco Jansen became the top-ranked all-rounder and bowler in the Test category after his recent performance.

Michigan MI-10 election 2026: Michigans 10th Congressional District is an open-seat race between Republican Michael Bouchard and Democrat Christina Hines after incumbent John James left to run for governor. The Republican-leaning seat remains competitive because of its recent close elections and suburban electorate, with affordability, healthcare, abortion, immigration and manufacturing likely to shape a contest that could matter for control of the House.