🗞️ Daily Business Brief – MAR 04 2025
- HDFC Mutual Fund sells 2% stake in Sundaram Fasteners via bulk deals worth ₹358 crore.
- US Treasury Secretary Scott Bessent says the global 15% tariff will start this week, with a move back to prior tariff rates expected within five months.
- BSE receives SEBI approval to launch derivative contracts on the BSE Sensex Next 30 Index.
- Rupee ends at a record closing low of 92.15/$ compared with Monday’s close of 91.47/$.
- Russia says it is ready to increase oil supplies to India and China in case of additional demand.
- Metal stocks led by Tata Steel fall up to 8% as war premium fades, while aluminium stocks outperform.
- Morbi Ceramic Industry faces production disruption due to gas supply shortage and a 50% surge in gas prices amid the West Asia war, says Morbi Ceramic Association President Manoj Aervadiya.
- Morbi Ceramic Sector notes propane supply stoppage, with 60–70% of the industry dependent on propane and LNG while others rely on Gujarat Gas.
- Domestic Ceramic Market estimated at around ₹50,000 crore faces supply constraints due to gas shortages.
- Coal India updates remain steady, while the street remains optimistic on coal prices amid Iran–Israel war disruptions, improving power demand, and supportive valuations.
- DLF faces setback as the Supreme Court directs a CBI probe into alleged irregularities at the Primus DLF Garden City project.
- Supreme Court observes that the alleged irregularities in the Primus DLF Garden City project may be “the tip of the iceberg” while hearing pleas from homebuyers.
- CBI directed by the Supreme Court to constitute a team to investigate alleged irregularities in the Primus DLF Garden City project.
- JSW MG Motor India expects market share to reach 7–8% this year, according to CEO Biju Balendran.
- IHCL says geopolitical tensions are impacting Dubai hotel demand, though domestic demand remains strong.
- IRDAI proposes implementation of Ind AS accounting standards for all insurers from April 1, applicable to life, general, health insurers and reinsurers.
- Ind AS Framework will require insurers’ financial statements to include significant accounting policies and explanatory notes.
- Aurobindo Pharma launches Pomalidomide Capsules in the US, to be manufactured at Eugia Unit-I.
- Pomalidomide Capsules have an estimated US market size of about $3.3 billion and are used to treat multiple myeloma and AIDS-related Kaposi sarcoma.
- SpiceJet cancels 28 flights between India and UAE due to airspace restrictions.
- Patil Automation subsidiary MII Robotics secures defence orders worth ₹12.67 crore for automatic robotics lines.
- Spain Prime Minister criticizes past US war involvement in the Middle East, stating Spain was dragged into conflict over false nuclear claims.
- UAE Defence Ministry says air defence systems intercepted three ballistic missiles and 129 drones.
- Ramco Systems selected by Sahar Group for aviation software to support digital transformation and growth initiatives in the aviation MRO industry.
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