Business

New Delhi: Indian entrepreneurs are making their mark worldwide, and among them, Ankur Aggarwal, Chairman and Founder of BNW Developments, has emerged as a prominent name in the global real estate sector. After establishing his business in Dubai, Aggarwal has now expanded operations to Russia, leveraging growing India-Russia ties amid President Vladimir Putin’s visit to India. Speaking at the India Today Conclave in Moscow, he shared insights into his strategic steps for developing luxury properties in the Russian capital.Humble BeginningsAnkur Aggarwal’s journey from a modest Delhi household to global real estate success is remarkable. Losing his father at the age of six, he witnessed his mother single-handedly manage the family. At just 11, Ankur began tutoring younger children to supp...

New Delhi: The Indian rupee plunged past the 90-mark against the US dollar on Wednesday, marking a historic low and making it Asia’s worst-performing major currency this year. While the sharp depreciation poses challenges for several sectors, it also offers opportunities for others. Here’s a detailed look at who stands to lose and who could gain.Reasons Behind the Rupee SlideThe rupee’s decline is driven by multiple factors: heavy foreign capital outflows, a widening trade deficit, delays in the India-US trade deal, and global geopolitical and economic uncertainties. Foreign investors have withdrawn over $17 billion from Indian markets this year. Meanwhile, India’s trade deficit surged to a record $41.7 billion in October, up from $32.2 billion in September, putting additional pressure...

New Delhi: Prominent businessman Mehli Mistry, a close associate of the late Ratan Tata, has resigned from the board of the Small Animal Hospital Trust (SAHT). The Mumbai-based trust runs India’s largest specialty hospital for pets, a project that was a long-cherished dream of Ratan Tata. The hospital was established after Tata struggled to find proper healthcare for his injured dog, prompting him to create the facility.In his resignation, Mistry stated, “Since I am no longer associated with the Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT), I cannot provide funding to the Small Animal Hospital Trust. I also do not wish to request funds from a trust I am not connected with, and therefore I resign with immediate effect.” In October, Mistry’s tenure as trustee in SDTT and...

New Delhi: The central government has formally constituted the 8th Pay Commission. Following this, central employee organizations have renewed their demand to merge the Dearness Allowance (DA) with the basic salary. Currently, the DA stands at 58%, having crossed the 50% mark as early as January 2024.Several employee unions have urged that the DA be merged into the basic pay, a move that would increase the overall salary structure. However, the Ministry of Finance has clarified that there is no proposal under consideration for such a merger. Responding to a question from MP Anand Bhadoria in the Lok Sabha, Minister of State for Finance, Pankaj Chaudhary, stated that the government has no plan to merge the DA with basic pay at present. The DA continues to be revised twice a year.Underst...

Mumbai: India’s foreign exchange reserves witnessed a significant decline during the week ending 21 November 2025, falling by $4.47 billion after a strong $5.54 billion increase the previous week.Current Reserve LevelsAccording to data released by the Reserve Bank of India (RBI), the country’s total foreign exchange reserves now stand at $688.104 billion. For perspective, the reserves had reached a record high of $704.885 billion during the week ending 27 September 2024.Foreign Currency Assets (FCA)During the week under review, India’s Foreign Currency Assets (FCAs) declined by $1.69 billion, following a modest $152 million gain the previous week. The FCA forms a major portion of the country’s forex reserves and includes holdings in currencies such as the Euro, Pound, and Y...

The global shift towards electric vehicles, battery storage, clean energy systems, and advanced grid networks has triggered an unprecedented surge in the demand for rare earth elements. However, China’s overwhelming control over this critical supply chain has become a strategic threat—not just for India, but for the entire Western world.Recently, the Union Cabinet cleared a major policy decision aimed at reducing India’s dependence on China for rare earth materials. The new initiative seeks to accelerate domestic manufacturing of rare earth permanent magnets—an area where China has enjoyed unchallenged dominance for decades. With nearly 70% of global rare earth mining and 90% of refining capacity under its control, China’s monopoly has turned into a geopolitical weapon.What Makes Rare Ea...

Mumbai: Pharmaceutical company Sudeep Pharma made a spectacular debut on the stock market on Friday, rewarding its IPO investors with handsome gains. Shares listed at a significant premium, reflecting strong investor enthusiasm.On the BSE, the stock opened at ₹733.95 per share against its issue price of ₹593, marking a 23.77% gain. Meanwhile, on the NSE, it started at ₹730, up 23.10% from the issue price. This listing largely met expectations set by the grey market premium (GMP), which was around 20% prior to listing.Strong Investor ResponseSudeep Pharma’s IPO witnessed overwhelming demand. Open for subscription from 21 to 25 November, the IPO was subscribed 93.71 times overall. Qualified Institutional Buyers (QIBs) bid 213.08 times, marking one of the most aggressively sought entr...

New Delhi: The cryptocurrency market has been experiencing significant volatility in recent days, with sharp gains and steep declines creating uncertainty among investors. Amid this turbulence, Pi Network has stood out with notable gains, surpassing even Bitcoin in short-term returns.Market OverviewOn Wednesday, the crypto market saw another downturn. Over the past 24 hours, the total crypto market capitalization fell by 0.85%, reaching $3 trillion at 10:30 AM. Most major cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and Solana, traded lower during this period. Bitcoin, the world’s most expensive cryptocurrency, continues to struggle below $90,000, marking a 4% decline over the past seven days.Pi Network Outperforms BitcoinInvestors in Pi Network, however, ha...

Gautam Adani’s $1.2 billion copper smelter in Gujarat—one of India’s most ambitious metal-processing projects—is facing a severe shortage of raw materials, leaving the plant running far below its designed capacity. Despite plans to double output in the next four years, the facility is currently unable to secure even a fraction of the copper concentrate required.Severe Shortage Hits Adani’s Kutch Copper PlantAccording to a Bloomberg report, the smelter has an annual capacity of 500,000 tonnes, but its operations have been crippled by a global squeeze in copper supply. Kutch Copper Ltd., which began production in June, has received less than one-tenth of the raw materials needed to run at full capacity.Customs data shows that by October, the company had imported only 147,000 tonn...

New Delhi: Marriott International, the world’s largest hotel chain by room count, is poised to make India its third-largest market globally. Currently, Marriott has the most hotels in the United States, followed by China, Canada, and Mexico, with India climbing up the ranks rapidly.India’s Rapid ExpansionMarriott operates 187 hotels in India with more than 33,000 rooms. According to Rajeev Menon, President of Marriott Asia Pacific, an additional 200 hotels are in the pipeline, which will solidify India as the chain’s third-largest market within the next 2–3 years. When it comes to total rooms, Marriott already leads India, though Taj Hotels (Tata Group) currently holds the top spot by hotel count with 255 properties. Menon projects that in five years, Marriott will have over 60,000...