The Economic Times

Britain will spend one billion pounds on seventy-two remote-controlled howitzers. This purchase modernizes the army and fills a war-fighting capability gap. Deliveries of the RCH 155 vehicles are expected from 2028. The contract supports over 500 jobs in the United Kingdom. The new artillery systems can fire at long distances and move at high speeds.

Scientists in Chile developed antibodies that successfully neutralised the deadly Andes hantavirus in lab and animal studies, raising hopes for a treatment against the rare virus that can spread between people. But the project stalled before human trials due to lack of funding and the Covid-19 pandemic.

Commerce Secretary Howard Lutnick faced questioning from House lawmakers regarding his past interactions with Jeffrey Epstein. Lutnick revised earlier statements about Epstein engaging in blackmail, calling it mere speculation. He downplayed several meetings with Epstein, including a 2005 visit that initially disturbed him and his wife. Democrats criticized Lutnick's testimony as evasive, with some calling for his resignation.

African proverb of the day: An African saying highlights life's constant cycles of change and uncertainty, using the sun and moon's predictable rhythm as a metaphor for underlying stability. This natural order teaches patience during difficulties and emphasizes the importance of balance, reminding us that even challenging times are temporary phases within a continuous flow.

Quote of the day by Oscar Wilde: Oscar Wilde's quote highlights that while formal education is valuable, life's most profound lessons in love, failure, and self-awareness are often learned through personal experience. True wisdom, he suggests, transcends textbooks and exams, emerging from lived realities and challenges.

Chinese proverb of the day: Starting anything new is often the most challenging phase, marked by fear, uncertainty, and slow progress. This Chinese proverb, 'All things are difficult at the start,' emphasizes that initial struggles are natural and a common part of eventual success. Embracing persistence and patience through these difficulties leads to growth and mastery over time.

India is fast-tracking a deep-sea gas pipeline from Oman. This project aims to ensure steady gas supplies and reduce reliance on volatile LNG markets. The estimated 40,000 crore pipeline will connect Oman to Gujarat. It is expected to take five to seven years to build. This move addresses India's energy security concerns and its vulnerability to maritime choke points.

Bharti Airtel's board approved a 28,220 crore share-swap deal with ICIL, a Mittal family entity, to increase its stake in Airtel Africa to 79%. This cashless transaction preserves company cash, boosts ICIL's holding in Bharti Airtel, and is expected to be accretive to earnings per share.

Cisco stock price today after CSCO earnings: Cisco shares soared following a robust earnings report. The networking giant exceeded expectations for revenue, profits, and future guidance. Demand for its artificial intelligence infrastructure business is growing significantly. Cisco also announced workforce reductions to focus on long-term growth areas.

Kevin Warsh is set to become the new Federal Reserve chair. However, his influence on interest rates might be limited. The Federal Open Market Committee, a 12-member panel, ultimately decides on rate targets. Warsh will hold only one vote. Consensus building and persuasion are key to the chair's role. Financial markets closely monitor every Fed statement for policy clues.

Simone De Beauvoir, a renowned philosopher, stated that a life gains value when one values the lives of others. This recognition fosters strong relationships and enhances self-worth. Her words highlight the importance of empathy and compassion in an increasingly individualistic world. True fulfillment, she suggested, comes from respecting and caring for fellow human beings, not just personal gain.

LIC Housing Finance announced a strong fourth quarter performance. Net profit rose 9.4% to 1,497 crore. This increase was driven by lower provisions for bad loans. The company's annual net profit also saw growth. A dividend of 10 per equity share has been recommended for FY26.

Indian cinema is back to prioritizing movie theaters. Films now stream much later after their big screen debut. This shift is driven by studios seeking box-office success. Streaming platforms are spending less on movie rights. This change benefits all involved in the industry. Box-office collections reached a record high in 2025.

Shivalik has received Reserve Bank of India's (RBI) approval for this acquisition while it has sought clearance from the Registrar of Companies. The deal comprises share swaps and a cash payment, people familiar with the matter said.

The framework shifts regulatory focus away from ex-ante approvals toward compliance, transparency and consumer protection obligations at regulated banks facilitating the transactions.

Quote of the Day: Franz Kafka, a renowned writer, explored themes of isolation and anxiety. His quote suggests that avoiding the world's suffering can paradoxically lead to deeper personal pain. Kafka's life and works, marked by personal struggles and a unique literary style, continue to resonate today. His writings offer profound insights into the human condition, urging reflection on self-preservation versus connection.

Swiggy is set to revamp its board structure, aiming to establish itself as a wholly Indian concern. This evolution, motivated by inquiries from stakeholders, comes as the company navigates the complexities of foreign investments, which represent around 60% of its shares. This change marks a crucial chapter in Swiggy's bid for greater autonomy within Indias competitive food delivery landscape.

In a significant move for medical innovation, Impetis Biosciences, a subsidiary of Tata group, has teamed up with Vyome Holdings from the US to license two cutting-edge experimental treatments. Focusing on challenges like rheumatoid arthritis and hair thinning, these selective JAK inhibitors are engineered to mitigate risks tied to earlier treatments.

In a bold move that positions Zydus at the forefront of the U.S. specialty oncology market, the Indian drug manufacturer has secured a $166.40 million deal to acquire Assertio Holdings. The purchase includes Assertios essential cancer treatment, Rolvedon, and offers Zydus a rich commercial network to elevate its oncology initiatives.

If this is to continue for longer period of time, it is just a matter of time before the government will pass on some of the price increases, Malhotra said at a conference hosted by the Swiss National Bank and the International Monetary Fund in Switzerland on Tuesday. Excise duties had been cut while state-run fuel retailers were absorbing the increase in crude prices as the conflict continues, he added.

During a crucial summit, leaders examined effective pathways to accelerate the deployment of battery storage technologies. The dialogue included vital topics such as enhancing transmission capacities and the potential of variable time-of-day pricing. These approaches are strategically aimed at amplifying the adoption of renewable energy and reinforcing the stability of the power grid.

Industry executives said promoting sales of lower carat jewellery like 14K and 9K can reduce imports by 20-30%, and discouraging investments in gold bars and coins can reduce imports by another 20% -30%. India annually imports 750-800 tonnes of gold to meet its demand. Revamping the Gold Monetisation Scheme can also help the government to tap 25,000 tonnes of grandfather stock.

The LEADS 2025 report has unveiled the logistics champions of India, with Tamil Nadu, Uttar Pradesh, Mizoram, and Delhi being hailed as 'exemplars'. Gujarat and Kerala are also making waves as 'high performers' among an elite group of 11 states, reflecting their exceptional efforts in logistics development.

The government late Tuesday increased import duties on gold and silver to 15% from 6% with effect from May 13. The step is aimed at curbing overseas purchases of precious metals and reducing pressure on the country's foreign exchange reserves. The revised structure includes a 10% basic customs duty along with a 5% Agriculture Infrastructure and Development Cess (AIDC), lifting the effective import tax to 15%.

SpiceJet has challenged the Delhi High Court's May 4 and March 18 orders rejecting its request to furnish an unencumbered plot of land in Gurugram as security. The HC had directed the airline to immediately comply with its earlier order to deposit the amount and imposed a cost of 50,000 for repeatedly seeking modification of the deposit direction.

A Marwari family transformed gold worth Rs 56 lakh into a multi-crore asset in nine years. They pledged their gold for a loan to buy land worth Rs 1.8 crore. Using salaries, they paid off loans and EMIs. The land is now valued at Rs 6 crore and the gold at Rs 2.84 crore.

The National Company Law Tribunal has permitted the withdrawal of insolvency proceedings against ATS Group's Nobility Estates. This decision brings relief to over 600 homebuyers of the Le Grandiose project. The committee of creditors approved a settlement with the erstwhile management. A significant amount will be paid, and debt to JM Financial will be settled through project units.

Health Secretary Wes Streeting is reportedly preparing to resign from the UK government. His allies suggest he will challenge Prime Minister Keir Starmer for the Labour leadership. This move could trigger a contest within the party. Financial markets reacted to the news with gilts and the pound dropping. Streeting's spokesperson did not deny the reports.

India is creating a unique username-based digital addressing system. This initiative, led by India Post, aims to simplify sending and receiving parcels, food, and other services. Users will not need to share physical addresses, enhancing privacy. The system, named Dhruva, is awaiting finance ministry approval. It will be similar to Aadhaar and UPI, standardizing addresses nationwide for better service delivery.

With an eye on reaching $1 trillion in exports by FY27, India is launching into a new era of trade. The upcoming implementation of various free trade agreements, combined with efforts to streamline business regulations, is designed to create a robust trade environment.

India imports over 80% of its DAP requirements and for urea domestic production covers only 30-35% of total demand. India is among top fertiliser importing countries in the world. The official said the Centre is committed to ensure that there are sufficient fertiliser stocks, and available at affordable rates to farmers.

Global oil stocks are depleting rapidly. The Iran war is worsening supply disruptions. This situation will continue for months. The market faces a severe shortage until October. Oil prices are under pressure. Demand is also falling sharply. This is the steepest drop since the Covid pandemic. Some signs suggest the drawdown may be slowing.

Aditya Birla Group and KKR are vying to buy Shell's renewable energy firm Sprng Energy. Binding financial bids are in, and Shell will negotiate with the top two contenders next week. India's National Investment and Infrastructure Fund and Actis are out of the running. The deal could be worth around $2 billion. Shell is reviewing strategic options for Sprng Energy.

In a bold push towards sustainability, the government is calling on manufacturers to ramp up induction cooktop production. With plans to acquire millions of units in the coming year and a half, this initiative signals a significant shift from LPG cooking methods.

The United States and China are poised to create a managed trade system for non-sensitive items. This initiative could see tariffs reduced on approximately thirty billion dollars worth of goods. The plan aims to boost trade without compromising national security. Prominent US business leaders are accompanying President Donald Trump to China for this significant summit.

The new Tamil Nadu government will work with the Centre for the state's progress. However, it will oppose the BJP-led central government on matters like delimitation. Minister KG Arunraj emphasized cooperative federalism and state rights. The party is rooted in Dravidian ideology, rationalism, and social justice. The government prioritizes law and order, drug menace, women's safety, and attracting investments.

President Donald Trump has arrived in Beijing for a significant summit with China's Xi Jinping. He aims to open Chinese markets to American businesses and secure economic gains. Trump is accompanied by prominent CEOs, including those from Nvidia and Tesla. The visit also addresses sensitive topics like the Iran war and Taiwan.

Morgan Stanley estimates a promising economic growth rate of 6.7% for India in FY27, driven by vibrant domestic consumption, extensive infrastructure investments by the government, and a surge in services exports. Although there are global uncertainties and climbing oil prices, the economy is expected to bounce back. Inflation might hover at an average of 4.

Based on expected margins over cost of production, the MSP hike is the most for moong at 61%, followed by bajra and maize (56% each) and tur (54%). For other crops, it is estimated to be around 50%. The MSP for paddy (rice), the main kharif crop, has been increased by Rs 72 per quintal, taking it to Rs 2,441 for the 'common' variety and Rs 2,461 for 'Grade A'.

While Maruti Suzuki has earmarked record investments of Rs 14,000 crore in FY27 to add annual capacity for 500,000 cars, Hyundai Motor India has budgeted for an all-time high capex of Rs 7,500 crore for introducing two new SUVs and ramp up production at its new facility in Talegaon (Maharashtra).

Quote of the Day: Emil Cioran, a provocative 20th-century philosopher, explored despair and the meaninglessness of life with startling honesty. His quote, The fact that life has no meaning is a reason to live moreover, the only one, challenges readers to find liberation in existential emptiness.

Walking is widely regarded as the simplest and most sustainable form of physical activity, requiring no equipment or gym access while fitting easily into daily routines. However, a large-scale study published in PLOS ONE, using data from nearly 400,000 adults in the Centers for Disease Control and Prevention survey system, suggests that its popularity does not always translate into meeting recommended fitness standards.

India is developing an innovative steel policy aimed at redefining the industry landscape by 2035 and 2047. This initiative will establish aggressive targets for green, specialty, and stainless steel production, emphasizing high-quality products while striving to minimize import dependence.

Pharma major Cipla announced a significant 55% drop in its net profit for the March quarter. Total income also saw a 3% decrease. For the full financial year, revenue grew slightly by 2%, but profit after tax declined by 26%. The company's MD highlighted strong performance in key therapy areas and sustained growth in its generics and consumer health businesses.

Siemens Healthineers is exiting its Indian cancer care chain, American Oncology Institute. The deal is valued between 1,500-2,000 crore. Private equity funds and Healthcare Global Enterprises are potential bidders. AOI operates 16 hospitals in India and one in Sri Lanka. This move aligns with Siemens Healthineers' broader strategic reviews. The Indian cancer care market is experiencing significant growth and investment.

Eli Lilly is making Alzheimer's a major focus for its future innovations. The company is also expanding its specialty medicine offerings in India. Eli Lilly has launched Lormalzi, a new monthly treatment for early Alzheimer's disease. This drug targets amyloid plaques. It will be available in India this month. The treatment costs 91,688 rupees per vial.

Financial support to developers will be provided at a maximum of 20% of the cost of plant and machinery through a competitive bidding process, where incentives will be disbursed in four equal instalments linked to project milestones. The incentive for a project will be capped at Rs 5,000 crore and for any single product, except synthetic natural gas and urea, will be capped at Rs 9,000 crore. Incentive for a single entity group will be capped at Rs 12,000 crore across all projects.

Prices for generic semaglutide, a popular weight-loss drug, are expected to fall by more than half in the coming months. This sharp decline is anticipated with the entry of smaller brands and a significant drop in raw material costs. The cost for a month's dose could reach as low as 500.