New Delhi, May 20 (IANS) Suzuki Motorcycle India Pvt Ltd (SMIPL) on Tuesday laid the foundation stone for its new manufacturing plant in Haryana, with an initial investment of nearly Rs 1,200 crore and an annual production capacity of 7.5 lakh units in the first phase.Located at IMT Kharkhoda — an industrial township developed by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) — the facility aligns with the government’s vision to boost industrial infrastructure, attract global investments and generate employment in the region.The plant is scheduled to commence operations in 2027, further boosting SMIPL’s production capabilities in India. Once functional, it will provide employment to around 2,000 people, said the company in a statement.Kenichi Umeda, Managing Director, SMIPL, said that laying the foundation stone for their second plant in India, “reflects our focus on not just growing as a brand, but to grow with the people and communities of India”.By establishing our facility at IMT Kharkhoda, we look forward to contributing to the region’s development, generating employment, and supporting the government’s vision for industrial progress, he mentioned.It will also feature modern automation and energy-efficient systems, helping us move towards Suzuki’s global vision for carbon neutrality and Sustainability.The facility is spread across 100 acres, with the manufacturing unit initially covering 25 acres and an additional 25 acres dedicated to green space, reflecting the company’s increasing focus on sustainable growth.SMIPL started its India operations in February 2006 from its manufacturing plant at Kherki Daula, Gurugram.The company currently manufactures scooters (125cc), premium motorcycles (150cc and above) and the big bikes best suited for the Indian customers.The new manufacturing facility is a part of SMIPL’s strategy to meet the rising demand for its products in the Indian market while also supporting local development and job creation.–IANSna/

New Delhi, May 20 (IANS) The Ministry of Coal has stepped up efforts to promote coal gasification as part of the government’s policy to switch to cleaner fuels, greener technologies, and a long-term vision for sustainable and inclusive growth.”Coal gasification transforms solid coal into syngas – a mix of carbon monoxide, hydrogen, and carbon dioxide – unlocking cleaner fuels, chemicals like methanol and ammonia, and reducing emissions,” the Coal Ministry said on Tuesday.The Ministry sees coal gasification as “a step toward energy self-reliance and a cleaner industrial future” as it produces cleaner fuels, chemical feedstocks and lower emissions.Coal is one of the most abundant natural resources in the country. Coal gasification technology enables conversion of coal into syngas (synthetic gas), which can be used to produce downstream products like methanol, ammonium nitrate, synthetic natural gas (SNG) and fertilisers, etc. Coal gasification technology provides an alternative use of coal, promoting environmental sustainability to align with the vision of developed India 2047, a senior official said.The government has approved an outlay of Rs 8,500 crore as financial incentive, for promotion of coal gasification projects for both government PSUs as well as private sector companies.Leading Maharatna public sector companies Coal India Limited and GAIL (India) Limited (GAIL) have signed a landmark joint venture agreement for setting up a Coal to Synthetic Natural Gas plant using surface coal gasification technology.The plant to come up in the Raniganj area of Eastern Coalfields Limited in West Bengal is expected to produce 80,000 Nm3 per hour of SNG. The annual production is slated at 633.6 million Nm3 per hour, which will require 1.9 million tonnes (mts) of coal to be supplied by Coal India Ltd (CIL). The synergy and partnership of the two corporate giants is a big step towards achieving the goals of the National Coal Gasification Mission, which facilitates the utilisation of the chemical properties of coal.Earlier this year, the Ministry of Coal announced that it has issued Letters of Award (LOAs) to applicants selected under Category II of the Rs 8,500 crore Coal Gasification Incentive Scheme aimed at reducing the country’s carbon emissions and strengthening energy security.Jindal Steel and Power Limited’s 2MMTPA coal gasification project at Angul in Odisha, has been awarded Rs 569.05 crore in financial incentives. The Rs 3,793 crore project will convert coal into Direct Reduced Iron (DRI) through coal gasification while also setting up a carbon capture and utilisation plant designed to capture 30 TPD of CO2 for conversion into valuable products.New Era Cleantech Solution Private Limited has been given a financial incentive of Rs 1,000 crore for its coal gasification project in Bhadravati, Chandrapur, Maharashtra. Greta Energy Limited has also been awarded Rs 414.01 crore of financial incentive for its coal gasification project at Bhadravati with a total investment of Rs 2,763 crore.–IANSsps/vd

Mumbai, May 20 (IANS) The Indian stock markets witnessed a sharp fall on Tuesday amid weak global cues as FII selling was among the key factors that weighed on investors’ sentiment.The Sensex dropped 872.98 points, or 1.06 per cent, to close at 81,186.44. During the day, the index moved between an intra-day high of 82,250.42 and low of 81,153.70.Similarly, the Nifty slipped 261.55 points, or 1.05 per cent, to settle at 24,683.90.”The Nifty slipped after two days of consolidation, dragged down by broad-based selling and weakening market breadth,” Rupak De of LKP Securities said.“Despite this decline, the short-term trend remains strong, although there is a possibility of a deeper pullback toward the 21-day EMA on the daily timeframe,” he added.Most of the Sensex stocks ended lower. Only Tata Steel, Infosys, and ITC managed to post gains.Tata Steel rose 0.73 per cent, Infosys added 0.08 per cent, and ITC was marginally up by 0.07 per cent.On the other hand, top losers included Eternal (formerly Zomato), which fell 4.10 per cent, followed by Maruti Suzuki, UltraTech Cement, Power Grid, and Nestle India.Broader markets also saw selling pressure. The Nifty Midcap100 index dropped 1.62 per cent, and the Nifty Smallcap100 index slipped 0.94 per cent.Sector-wise, all indices closed lower. The auto sector was the worst performer of the day. The Nifty Auto index tumbled 2.17 per cent, dragging the overall market sentiment further down.The India VIX, also known as the fear index, inched up by 0.12 per cent to 17.39 — indicating rising concerns about market volatility.”With the lack of major positive triggers and prevailing uncertainty over US fiscal stability, investors opted for profit-booking and adopted a cautious stance,” said Vinod Nair of Geojit Investments Limited.He added that the selling pressure was widespread as participants awaited more clarity on the India-US trade agreement.“Given the current premium valuations and delays in the trade deal, we foresee a phase of short-term consolidation, which may lead FIIs to scale back their positions in the domestic market,” Nair mentioned.–IANSpk/na

New Delhi, May 20 (IANS) In the wake of recent geopolitical developments that shifted Indian traveller sentiment dramatically, there has been a sharp 42 per cent decline in visa applications to Turkey and Azerbaijan, a report said on Tuesday.As both countries publicly expressed support for Pakistan, Indian travellers responded swiftly.Within just 36 hours, the number of users exiting the visa application process midway surged by 60 per cent, according to data provided by Atlys, a visa processing platform.“The reaction wasn’t scattered; it was sharp and behavioural. People didn’t need to be told to avoid certain destinations. They simply moved on, guided by instinct, information, and access to alternatives. That’s what modern travel looks like,” said Mohak Nahta, Founder and CEO of Atlys.In the same spirit, “we also paused all marketing efforts for Turkey and Azerbaijan, standing by India and in solidarity with national sentiment,” he added.Travellers from metro cities like Delhi and Mumbai showed a 53 per cent drop in Turkey-bound applications, while interest from tier 2 cities such as Indore and Jaipur remained more resilient, falling by only 20 per cent.There was also a shift in the kind of travellers rethinking their plans.Group visa requests, including family trips, fell by nearly 49 per cent, while solo and couple applications declined more gradually at 27 per cent.This suggests that larger group travellers, often planning further in advance and more sensitive to political sentiment, reacted more decisively than individual travellers.Atlys data also revealed early signals around age and intent. Travellers aged 25 to 34 were the most likely to change course quickly, accounting for over 70 per cent of mid-process application drop-offs for Turkey.Interestingly, women travellers were more likely to switch destinations entirely, with a 2.3 times higher tendency to reinitiate applications for Southeast Asian countries such as Vietnam, or Thailand.As Turkey and Azerbaijan lost favour, alternate destinations surged in popularity. In the subsequent days, applications to Vietnam, Indonesia, and Egypt rose by up to 31 per cent, the data showed.–IANSna/

Mumbai, May 20 (IANS) Chief Minister Devendra Fadnavis on Tuesday paid tribute to veteran astronomer, science writer, and Maharashtra Bhushan awardee Dr Jayant Narlikar, acknowledging his immense contribution to popularising science through his writings.In a condolence message shared on X, CM Fadnavis said, “The news of the passing of senior astronomer and science writer Dr Jayant Narlikar is deeply saddening. He played a crucial role in spreading scientific awareness by creating rich literature on scientific subjects. For this, he received numerous accolades at the global level. He conducted pioneering research in astrophysics for decades and made complex topics like astronomy accessible to the common reader in a simple and engaging manner.”He added, “Apart from his contributions to newspapers, Dr Narlikar created a vast library of scientific literature. His writings in Marathi were especially cherished by readers across Maharashtra. He was honoured with the Padma Bhushan and Padma Vibhushan and held prominent positions in several international institutions.”“We have lost not just a brilliant scientist but also an equally gifted writer. I offer my heartfelt tribute to him. The state government has decided to accord him a state funeral. We share the grief of his family. Om Shanti,” he said.Deputy Chief Minister Eknath Shinde also expressed his condolences, saying, “The demise of Padma Vibhushan Dr Jayant Narlikar — a globally renowned astronomer and a sensitive interpreter of the connection between humanity, the cosmos, and science — is a significant loss for Maharashtra. Through his unique and lucid writing, he brought scientific knowledge to the masses and became an important figure in the state’s scientific tradition.”“Driven by an insatiable curiosity about not just the Earth but the entire cosmos, Dr Narlikar devoted his life to scientific research and outreach. As a visionary in science and technology, he helped shape the educational landscape of Maharashtra. Through the International University he established in Pune, he elevated the state’s standing in the global scientific community. His legacy will continue to inspire generations,” Shinde added.Deputy Chief Minister Ajit Pawar too mourned the passing of Dr Narlikar, calling it an “irreparable loss to the nation.”“Dr Narlikar, honoured with Maharashtra Bhushan, Padma Bhushan, and Padma Vibhushan, was a towering figure in Indian science. Continuing his mission to promote scientific thinking and rationality — especially among the youth — would be a true tribute to his memory,” said Pawar.He further said, “A pioneering astronomer, Dr Narlikar elevated India’s stature in the global scientific arena. He dedicated his life to fostering scientific curiosity among young minds and simplifying complex concepts for children. With his passing, a luminous star of India’s scientific realm has been extinguished.”Highlighting his institutional legacy, Pawar added, “Dr Narlikar founded the Inter-University Centre for Astronomy and Astrophysics (IUCAA), which has become a beacon of scientific excellence. Internationally respected for his work on the origin and evolution of the universe, his ‘Quasi-Steady State Theory’ remains a milestone in cosmology. His outspoken stance against superstition — most notably during his presidential address at the Akhil Bharatiya Marathi Sahitya Sammelan — will always be remembered.”–IANSsj/skp

New Delhi, May 20 (IANS) Fintech company MobiKwik has reported a wider consolidated loss of Rs 56.03 crore in the fourth quarter of the financial year 2024–25 (Q4 FY25), compared to a small loss of just Rs 67 lakh in the same quarter last fiscal (Q4 FY24). The company’s loss also increased from Rs 55.2 crore in the previous quarter (Q3 FY25), according to its stock exchange filing.For the full financial year FY25, MobiKwik recorded a loss of Rs 121.5 crore. This is a major setback for the Gurugram-based firm, which had posted a profit of Rs 14 crore in the previous fiscal year (FY24).MobiKwik’s revenue from operations in Q4 saw a slight year-on-year (YoY) growth of 1.43 per cent, rising to Rs 267.78 crore from Rs 264.98 crore in Q4 FY24.However, compared to the previous quarter, the revenue slipped by 0.6 per cent from Rs 269.47 crore.On an annual basis, the company’s revenue saw a solid 33.9 per cent growth, climbing to Rs 1,192.49 crore in FY25 from Rs 890.31 crore in FY24.The company’s expenses continued to rise sharply. In Q4, total expenses rose by 22 per cent YoY to Rs 324.28 crore, up from Rs 265.70 crore in a year-ago period.Sequentially, expenses also went up by 2.2 per cent from Rs 317.14 crore in Q3. For the full year, expenses surged by 49 per cent to Rs 1,271.88 crore in FY25, compared to Rs 853.09 crore in FY24.A major part of the spending came from payment gateway costs, which stood at Rs 147.05 crore in Q4. This accounted for over 45 per cent of the company’s total quarterly expenditure.Despite the widening losses, MobiKwik continued to grow its user and merchant base. The company recorded 176.4 million users by the end of FY25, adding 4.4 million new customers in the fourth quarter alone.Over the full year, 20.6 million users joined the platform. On the merchant side, MobiKwik had 4.59 million merchants, with 76,000 added in Q4FY25 and 0.53 million throughout FY25.Commenting on the performance, Upasana Taku, Executive Director, Co-founder and CFO of One MobiKwik Systems, said that the payments business showed remarkable strength, growing threefold YoY.She also highlighted that the company will focus on leveraging AI in the coming year to drive revenue growth and improve margins through intelligent automation.MobiKwik shares were trading at Rs 277.3 on Tuesday, down by Rs 1.65 or 0.59 per cent on the National Stock Exchange (NSE).–IANSpk/na

New Delhi, May 20 (IANS) With urban wireless tele-density already at 131.45 per cent and…

Mumbai, May 20 (IANS) India’s capital markets are projected to grow steadily in FY26, supported…

New Delhi, May 20 (IANS) Ensuring free and fair markets is not merely an economic need but a democratic one and the Competition Commission of India (CCI) plays an important role against this backdrop, to keep the competition alive in the markets, Union Finance Minister Nirmala Sitharaman said on Tuesday.Addressing the 16th ‘Annual Day Celebrations’ of the market watchdog here, FM Sitharaman said that competition drives efficiency, nurtures innovation and benefits consumers.”For innovation, competition acts as a relentless nudge. In a monopolistic environment, there is no urgency to evolve. Whereas with competition, the fear of being outpaced forces organisations to innovate — in technology, in design, in service, in delivery,” she told the gathering.According to the minister, free and fair markets ensure that no single player can corner resources, suppress choice, or distort price discovery.”This benefits our consumers,” she added.The enactment of the Competition Act in 2002 was a landmark reform in India’s journey from a centrally planned regime to a market-driven economy, and the Commission has emerged as a key institution in safeguarding the spirit of liberalisation while checking its excesses.”The mandate of the CCI under the Competition Act is threefold: To promote and sustain competition in markets, to protect the interests of consumers and ensure freedom of trade, and to prevent practices having an adverse effect on competition,” the Finance Minister said.In today’s interconnected and fast-paced global economy, delays in regulatory clearances can lead to uncertainty, disrupt commercial timelines, and potentially erode the intended value of transactions.”It is, therefore, imperative that regulatory frameworks, while maintaining rigorous oversight, also facilitate swift and seamless approvals for combinations that pose no harm to competition,” FM Sitharaman emphasised.In addition to the traditional challenges, recent years have seen the emergence of new challenges.Artificial Intelligence technologies raise novel questions about market power, transparency, data access, algorithmic biases, and the scope of competitive harm.”Free and fair digital markets are challenged by the emergence of gatekeeper platforms, asymmetries in data access and cross-border implications of digital business models. The rise of cross-border digital monopolies demands global cooperation and agile regulation,” according to the minister.India’s ongoing structural reforms — asset monetisation, disinvestment, and digital public infrastructure — are all geared towards unlocking market potential and deepening competition.”In this year’s Union Budget, I had mentioned the importance of a light-touch regulatory framework based on principles and trust to unleash productivity and employment. In the same vein, regulators must be guided by the principle of ‘minimum necessary, maximum feasible’ in order to balance regulatory vigilance with a pro-growth mindset,” the Finance Minister highlighted.The government had also announced that the requirements and procedures for speedy approval of company mergers will be rationalised, and the scope for fast-track mergers will also be widened, and the process made simpler.–IANSna/vd

New Delhi, May 20 (IANS) Despite most Indian business owners expressing strong trust in their children’s ability to manage family wealth, only 7 per cent of Indian heirs feel obligated to take over the family business, a new report said on Tuesday.According to HSBC Global Private Banking’s new report, 88 per cent of Indian entrepreneurs have confidence in the next generation’s ability to handle family wealth.However, 45 per cent of them do not expect their children to take over the family business — showing a growing openness to alternative career paths.Sandeep Batra, Head of International Wealth and Premier Banking at HSBC India, said that family businesses in India are managing to balance tradition with change.“There is trust in the next generation to uphold the values of the family business, but at the same time, open communication and structured succession planning are crucial,” he noted.Family-owned businesses play a major role in India’s economy, contributing around 79 per cent to the country’s GDP — one of the highest percentages in the world.The study found that most heirs, especially in multi-generational families, feel encouraged to pursue their own interests.In fact, 83 per cent of respondents said they felt empowered to explore new opportunities when they first took over the business.Still, the desire to keep businesses within the family remains strong. About 79 per cent of Indian entrepreneurs said they plan to pass on their business to family members.This is in line with global numbers, such as 77 per cent in the UK and 76 per cent in Switzerland.Indian second- and third-generation entrepreneurs also feel highly trusted by their elders, with 95 per cent saying they felt their predecessors had faith in them — much higher than the global average of 81 per cent.India is also heading towards a massive intergenerational wealth transfer. According to Hurun data, 2024 saw India having 334 billionaires in US dollar terms, and nearly 70 per cent of them are expected to pass on wealth worth $1.5 trillion — over a third of India’s GDP.The report also noted that many of India’s long-standing family businesses were founded after the country’s economic liberalisation in the 1990s.The new generation, often educated abroad and raised in urban environments, brings fresh perspectives and is more willing to take independent paths, the report said.–IANSpk/na