Mumbai, May 16 (IANS) The Indian stock markets ended lower on Friday as investors chose to book profits after recent gains.Both benchmark indices — Sensex and Nifty — closed in the red in the final trading session of the week.The Sensex dropped by 200.15 points, or 0.24 per cent, to settle at 82,330.59. During the day, it moved between a high of 82,514.81 and a low of 82,146.95.Similarly, the Nifty slipped by 42.30 points, or 0.17 per cent, to close at 25,019.80. The Nifty remained in consolidation mode, taking a breather after Thursday’s rally.”Indicators and overlays are consistently pointing towards further strength in the short term. Any dips are likely to be bought into, with support placed at 25,000/24,800,” said Rupak De of LKP Securities.On the higher side, a move above 25,120 could take the index towards 25,250/25,350, he added.While the headline indices saw declines, the broader market showed strong performance.Small-cap and mid-cap stocks outperformed, with the Nifty Smallcap100 gaining 1.86 per cent and the Nifty Midcap100 rising 0.94 per cent.Among the Sensex-listed companies, Eternal (formerly Zomato), Hindustan Unilever, Asian Paints, ITC, and IndusInd Bank were the top gainers.Their stocks rose between 0.60 per cent and 1.20 per cent.On the flip side, Bharti Airtel, HCL Tech, State Bank of India, Infosys, and Tech Mahindra were among the top losers, with declines ranging from 0.79 per cent to 2.76 per cent.Sector-wise, the markets closed on a mixed note. On the NSE, indices like Nifty IT, Metal, Pharma and Healthcare ended in the red, posting losses of up to 0.84 per cent.On the other hand, several sectors saw gains, with Nifty Realty emerging as the top performer, closing 1.6 per cent higher.The market volatility gauge, India VIX, also known as the fear index, declined by 2.02 per cent to settle at 16.55 points on Friday — indicating a slight easing in market uncertainty.“The overall mood in the market was cautious, as investors chose to lock in profits at higher levels after a strong run-up in recent sessions,” market experts said.The Indian rupee ended slightly higher on Friday at 85.51 against the US dollar, compared to Thursday’s closing rate of 85.54.“Looking ahead, the USD-INR spot rate is expected to find support around the 84.90 level, while facing resistance near 85.94,” Dilip Parmar of HDFC Securities said.–IANSpk/na

New Delhi, May 16 (IANS) More than 125 top trade leaders from across the country on Friday resolved to boycott all forms of trade and commercial engagement with Turkey and Azerbaijan, including travel and tourism.The trade leaders also appealed to the Indian film Industry not to undertake shooting of any film in Turkey or Azerbaijan and if any shooting is done, the business community and the people would boycott such films. The resolution also warns corporate houses not to shoot any product promotion film in Turkey or Azerbaijan.The decision was taken at a National Conference of Trade Leaders convened by the Confederation of All India Traders (CAIT) here, where representatives from 24 states participated. It was strongly affirmed in the conference to stand in solidarity with Prime Minister Narendra Modi and to oppose stoutly anyone against India at this crucial juncture.The resolution comes in response to the recent stand taken by Turkey and Azerbaijan in open support of Pakistan, at a time when India is facing a sensitive and critical national security situation. The collective Indian trading community views this as a betrayal, particularly considering the humanitarian and diplomatic support extended to both these countries in the past by India.Addressing the gathering, CAIT Secretary General and Member of Parliament Praveen Khandelwal said: “It is deeply unfortunate that Turkey and Azerbaijan, who have benefited from India’s goodwill, aid, and strategic support in times of distress, have now chosen to side with Pakistan — a country known globally for its support to terrorism. Their position not only hurts India’s sovereignty and national interest but also directly insults the sentiments of 140 crore Indians.”The conference noted that Turkey’s repeated anti-India rhetoric at international platforms and its continued support for Pakistan’s narrative is unacceptable whereas Azerbaijan’s alignment with Turkey and public endorsements of Pakistan’s stand reflect a disturbing disregard for India’s long-standing friendship and assistance.CAIT National President BC Bhartia said the the traders’ community expressed strong resentment and disappointment against both countries, calling their actions “ungrateful and hostile.” It was unanimously agreed that such nations do not deserve any economic cooperation or trade advantage from India.The trade leaders acclaimed the decision of the government for revoking security clearance for Turkish company Celebi in the interest of national security which is handling services at nine major airports of India.CAIT said it will also launch a nationwide awareness campaign to educate and mobilise traders, consumers, and travel professionals to join this boycott.–IANSsps/na

New Delhi, May 16 (IANS) The Ministry of Heavy Industries said on Friday it has received a formal proposal from the Karnataka government, seeking allocation of electric buses under the centrally sponsored PM E-Drive initiative.Karnataka Transport Minister Ramalinga Reddy submitted the state’s request, citing need for enhanced urban public transport systems in key cities, according to the Central government.Union Minister for Heavy Industries and Steel, H.D. Kumaraswamy, held deliberations with senior officials of the Ministry and assured the Karnataka government of complete support from the Centre. The Union Minister confirmed that the process of allocation is already underway and that Karnataka will receive electric buses in a phased and prioritised manner.“I will ensure that Karnataka receives all due support from the Government of India. Under the visionary leadership of Prime Minister Narendra Modi, we are transforming public mobility across India. Karnataka will definitely receive buses under PM E-Drive,” said Kumaraswamy.Nearly 14,000 electric buses are to be allocated to nine major cities under the PM E-Drive initiative. The PM E-Drive initiative aims to augment city bus operations with 14,028 electric buses. The scheme has an outlay of Rs 10,900 crore over a period of two years, till March 31, 2026.Discussions between the Union and state governments have also covered associated infrastructure, including charging stations, bus depots, and vehicle maintenance systems. Officials from both sides explored implementation models to ensure rapid rollout across identified urban clusters.“We are not just distributing buses; we are building a cleaner, smarter, and more inclusive transport future for the people of India. Karnataka Transport Minister Ramalinga Reddy has my full cooperation and that of the Ministry,” said the Union Minister.The Ministry of Heavy Industries said it remains committed to delivering on this transformative mission in collaboration with all state governments and stakeholders.–IANSna/

New Delhi, May 16 (IANS) The Indian Institute of Foreign Trade (IIFT), an autonomous body under the Ministry of Commerce and Industry, on Friday announced the establishment of its first overseas campus in Dubai.This marks a key step in expanding IIFT’s global presence and strengthening India’s engagement in international business education.According to the Commerce Ministry, this historic development has been made possible with the approvals from the Ministry of Education, and ‘No Objection Certificates’ from the Ministry of External Affairs, Ministry of Home Affairs, and the University Grants Commission (UGC). “It marks a proud moment in the globalisation of Indian higher education and aligns with the vision of NEP 2020, which emphasizes the internationalisation of Indian institutions and the creation of global learning hubs,” said the ministry.Union Commerce and Industry Minister Piyush Goyal said that this reflects the spirit of the National Education Policy (NEP) 2020, marking a new chapter in the internationalisation of Indian education and its growing role in shaping thought leadership globally. “It is also a testament to the strengthening the India-UAE partnership, and this new campus will play a pivotal role in moulding the business leaders of tomorrow,” Goyal added.Congratulating IIFT on its maiden international expansion, Commerce Secretary Sunil Barthwal said that it’s a turning point in the 62 years of IIFT’s history that the institute is setting up a full-fledged campus in Dubai. It represents India’s emergence as a country that provides world class education especially in the field of International Trade. He commended the institute for consistently aligning its academic and research endeavours in national interest that would contribute significantly to promote exports.Professor Rakesh Mohan Joshi, Vice Chancellor (IIFT), reiterated his commitment to transform IIFT into a world-class institute and make a mark in its newly upcoming Dubai campus by way of excelling in research, training and research in the area of International Trade. He reaffirmed IIFT’s commitment to advancing India’s academic and economic diplomacy through excellence in education and research. With the launch of its Dubai campus, IIFT is poised to carry the Indian legacy of education to new frontiers — grooming leaders who will shape the future of international trade and business.–IANSna/

New Delhi, May 16 (IANS) The stock of Turkish ground-handling firm Celebi Airport Services tanked 10 per cent on Friday after India revoked the security clearance of the company amid calls to ban Turkish businesses, in the wake of their country supporting Pakistan which harbours terrorism.The stock fell 222 points, or 10 per cent, to trade at 2,002 in Istanbul on Friday, extending its losses to nearly 30 per cent in four sessions. The stock was under pressure in the past few days amid clamour for action against the Turkish firm.In a notification, the Ministry of Civil Aviation said on Thursday that “in the exercise of power conferred upon DG, BCAS, the security clearance in Celebi Airport Services India Pvt Ltd is hereby revoked with immediate effect in the interest of National Security.”“Recognising the seriousness of the issue and the call to protect national interests, we have taken cognizance of these requests and Ministry of Civil Aviation has revoked security clearance of the said company. Ensuring the safety and interests of the nation remains our top priority,” said Minister of State for Civil Aviation and Cooperation, Murlidhar Mohol.In compliance with the Bureau of Civil Aviation Security (BCAS) directive, Delhi International Airport Limited (DIAL) has formally ended its association with Celebi entities responsible for ground handling and cargo operations at the Indira Gandhi International Airport (IGIA).Adani Airport Holdings has terminated the ground handling concession agreement with Turkish firm Celebi at Mumbai and Ahmedabad airports with immediate effect.The ground handling operations of Celebi Aviation have been suspended at Kempegowda International Airport in Bengaluru, as per the directive of the central government.Since its entry in 2008, Celebi has expanded its presence in India’s aviation sector. As per reports, the firm is partly owned by Sumeyye Erdogan, daughter of Tayyip Erdogan. Sumeyye Erdogan is married to Selcuk Bayraktar, the man who produces Bayraktar military drones which Pakistan used against India.–IANSna/

New Delhi, May 16 (IANS) Realty major Signature Global (India) Limited has reported a 37 per cent decline in revenue, dropping to Rs 520.4 crore for the fourth quarter (Q4) of FY25, compared to Rs 827.6 crore in Q3.Similarly, the company’s total income slipped by 33.83 per cent — from Rs 862.1 crore in Q3 to Rs 570.4 crore in Q4, according to its stock exchange filing.However, despite the revenue drop, Signature Global managed to more than double its net profit.The company posted a net profit of Rs 61.1 crore in Q4, up from Rs 29.1 crore in the previous quarter, marking a growth of around 110 per cent.The net profit attributable to owners of the holding company stood at Rs 61 crore, up by approximately 109.62 per cent from Rs 29.1 crore in Q3.This strong profit performance came as total expenses fell sharply by 40.45 per cent, down to Rs 497.7 crore in Q4, from Rs 835.8 crore in Q3.The quarter, however, also saw a dip in pre-sales bookings. Signature Global had earlier announced a 61 per cent year-on-year (YoY) drop in pre-sales for Q4, recording Rs 1,620 crore, compared to Rs 4,140 crore in the same period last fiscal.The company attributed this decline to delays in project approvals, which pushed some planned March 2025 launches into the current quarter (Q1FY26).Despite this, Signature Global remains confident about its overall business momentum.The company cited strong demand for residential real estate in the National Capital Region (NCR), positive customer sentiment, timely execution, and successful new project launches in Gurugram and nearby markets as key reasons behind its solid performance in FY25.Signature Global recently partnered Investors Clinic, a real estate consultancy firm.On Friday, Signature Global’s shares were trading at Rs 1,221, up by Rs 45.80 or 3.90 per cent on the National Stock Exchange (NSE).–IANSpk/na

New Delhi, May 16 (IANS) Alcoholic beverage (alcobev) manufacturers in the country will see their revenue grow 8-10 per cent to Rs 5.3 lakh crore in financial year 2025-26, keeping up the momentum of a compound annual growth rate (CAGR) of 13 per cent over the three preceding fiscals. The operating profitability will increase 60-80 basis points (bps), supported by continuing premiumisation, according to a Crisil report released on Friday.Consequently, credit profiles will remain strong, driven by healthy accruals, deleveraged balance sheets, and absence of large debt-funded capital expenditure (capex), it states.The Crisil report is based on a study of 25 liquor companies, accounting for around 12 per cent of the organised alcobev industry revenue.The industry is dominated by spirits, which contribute 65-70 per cent of total revenue, with the remaining coming from beer, wine and country liquor. Spirits are alcoholic beverages produced through distillation, whereas beer and wine are made via fermentation.The industry volume will grow 5-6 per cent, driven by urbanisation, increase in drinking population and rising disposable income, according to the report.Crisil Ratings director Jayashree Nandakumar said, “This fiscal, healthy volume and ongoing premiumisation will support revenue growth despite the absence of major price revisions. Revenue from premium and luxury segments, priced at over Rs 1,000 per 750 ml, is expected to grow around 15 per cent. The contribution from these segments will rise to 38-40 per cent of spirits revenue this fiscal compared with 31-33 per cent in fiscal 2023.”Higher volumes and realisations would support the profitability of players through better contribution and cost absorption, despite a marginal increase in input costs, the report states.The major raw material input for the spirits and beer segments are extra neutral alcohol (ENA) and barley respectively, which together account for 60-65 per cent of the total material cost, while the rest is towards packaging, primarily glass bottles.ENA prices are expected to rise 2-3 per cent this fiscal due to higher demand from ethanol blending program, notwithstanding expected higher supplies. Barley prices are expected to increase 3-4 per cent this fiscal due to the tight demand-supply situation. The prices of glass bottles will remain firm given increasing demand and steady supplies.A 3-4 per cent increase in realisation due to premiumisation, along with continuing volume growth, will help in cost absorption and improve operating margins, according to the report.The steady growth in volumes has encouraged manufacturers to expand capacities by 15-20 per cent in the past two fiscals. The industry is currently operating at 70-75 per cent utilisation, leaving enough headroom for meeting demand. Therefore, no major debt-funded capex is expected this fiscal, the report stated.The absence of large capex plans and a steady working capital cycle indicates the credit metrics of alcobev manufacturers in the Crisil Ratings portfolio will remain solid, with interest coverage ratio healthy at 21 times this fiscal, it said.However, government policy, changes in duty structure and volatility in input costs will bear watching, the report added.–IANSsps/na

New Delhi, May 16 (IANS) After Swiggy, its online food delivery rival Zomato has made a new change to its Gold membership benefits for the rainy season.Starting from Friday, Gold members will no longer be exempt from surge fees during rainy weather. This means that even paying subscribers will have to pay an extra fee for food delivery when it rains.The company informed users about this change through an in-app notification. The message said, “Starting May 16, surge fee waiver during rains will not be part of your Gold benefits.”However, Zomato has not shared the exact amount of the surge fee yet. Zomato explained that this extra charge will help the company provide better compensation to delivery partners who work in difficult weather conditions.This change comes shortly after Zomato paused its 50:50 refund-sharing policy with partner restaurants, which had also attracted attention in the food delivery industry.Meanwhile, Swiggy, Zomato’s main rival, already charges a similar rain-time fee from its users, including subscribers of its Swiggy One membership.This indicates that such charges may soon become common across all food delivery platforms.Earlier, Zomato Gold members enjoyed benefits like free delivery and no surge fees during rain.Now, with this new rule, regular users and Gold members will be treated the same during bad weather.Zomato has not announced any new benefits or changes in membership prices to make up for this.Zomato Gold still offers some key perks, including free delivery from nearby partner restaurants (within 7 km) and up to 30 per cent discounts on dining out.However, not all restaurants are included — some, like Domino’s and others that use their own delivery services, are excluded.These restaurants are marked with a ‘Free Delivery’ label on the app for easier identification.Zomato also applies extra charges during the festive season, saying these fees help cover higher operational costs.With the rainy season approaching, users — especially frequent orderers — may now see a noticeable increase in their overall delivery costs.–IANSpk/na

Mumbai, May 16 (IANS) Economists expect the Reserve Bank of India’s (RBI) dividend to the government to surpass a record over Rs 2.5 lakh crore this year as the central bank earnings, through the sale of dollars to prop up the rupee as it sharply depreciated during 2024-25, are reported to have shot up. This higher profit will be transferred to the government as a dividend in 2025-26.The previous record dividend transferred to the government stands at Rs 2.1 lakh crore during 2024-25 which helped to keep the fiscal deficit in check, while enabling the Finance Ministry to continue with its expenditure on big ticket infrastructure projects to spur growth and social welfare schemes to uplift the poor.This was a record jump from the Rs 87,416 crore transferred to the government in 2023-24 for the profit made in 2022-23. Similarly, the government is expected to get another booster shot through the RBI dividend in the current financial year as well.“Among the RBI’s earnings, forex transactions are expected to be most significant in light of the in light of the central bank’s measures to lower rupee volatility by strong dollar purchases earlier in fiscal 2025 and difference in the current versus historical exchange rate. Add to this the interest income on government securities and earnings from funds extended to banks in midst of previous tight liquidity. “This transfer could amount to a record high at around Rs 2.5-2.7 lakh crore this year,” said Radhika Rao, senior economist at DBS Bank.Earnings on forex transactions are expected to be substantial with gross dollar sales tracking at $371.6 billion in fiscal 2025 till February compared to $153 billion in fiscal 2024, according to Gaura Sengupta, chief economist at IDFC First bank. She estimates the RBI dividend to be between Rs 2.6 lakh crore to Rs 3 lakh crore, according to an NDTV Profit report.The higher dividend creates fiscal space of 0.1 per cent to 0.2 per cent of GDP, estimates Sengupta. With support from the higher-than-budgeted RBI surplus and savings on a few expenditure heads, the central government is in a fairly strong position to counter the growth slowdown risks and any potential emergency spending requirements.Apart from helping to lower the fiscal deficit, the RBI dividend will be a significant infusion to core liquidity in the banking system during the current financial year. This will help to keep interest rates low and allow banks to extend more loans to corporates and consumers to accelerate economic growth and create more jobs.The RBI board of directors met on Thursday to review the economic capital framework which is the basis for deciding the surplus transfer or amount of dividend to be given to the government. The meeting comes ahead of deciding and approving the surplus transfer to the government.The transferable surplus is determined on the basis of the ECF adopted by the Reserve Bank on August 26, 2019, as per recommendations of the Bimal Jalan-headed Expert Committee to Review the extant Economic Capital Framework of the RBI.The Committee had recommended that the risk provisioning under the Contingent Risk Buffer (CRB) be maintained within a range of 6.5 to 5.5 per cent of the RBI’s balance sheet.–IANSsps/na

Seoul, May 16 (IANS) The chief executive officer (CEO) of HD Hyundai, South Korea’s leading shipbuilding conglomerate, met with US Trade Representative (USTR) Jamieson Greer to explore cooperation in the shipbuilding sector, the company said on Friday.HD Hyundai CEO Chung Ki-sun and Greer held the meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting, held on Jeju Island from Thursday to Friday, the company said in a press release.The meeting marked the first official dialogue between the USTR and South Korea’s shipbuilding industry, reports Yonhap news agency.During the talks, Chung emphasised the need to strengthen bilateral cooperation in shipbuilding through joint technology development, process collaboration and workforce training programmes, the company said.”We deeply appreciate the United States’ commitment to rebuilding its shipbuilding industry. HD Hyundai is fully prepared and willing to contribute wherever our expertise is needed,” Chung said.Addressing concerns over the dominance of Chinese cranes in U.S. ports, Chung introduced HD Hyundai Samho Heavy Industries Co., an affiliate with crane manufacturing capabilities.He also underlined the importance of diversifying the U.S. port equipment supply chain through closer U.S.–Korea cooperation.Meanwhile, the chief executive officer (CEO) of GM Korea, the South Korean unit of General Motors, visited the automaker’s Changwon plant to encourage employees amid growing concerns over a potential withdrawal driven by shifting US tariff policies.GM Korea CEO Hector Villarreal visited the plant, located 298 kilometers southeast of Seoul, to meet with employees and reinforce on-site management, the company said in a press release.Speculations over GM’s possible exit from South Korea have been mounting following the imposition of a 25 percent tariff on imported vehicles in the United States since April, along with the automaker’s lack of new models and sluggish sales. GM Korea ships about 85 percent of its exports to America.—IANSna/