Author: Varta24 Business

India’s travel and tourism sector faced a challenging trading session on Monday as stock prices fell sharply across the board. The downturn followed a significant address by Prime Minister Narendra Modi, who urged citizens to adopt a more cautious and responsible lifestyle in light of current global geopolitical tensions. The Prime Minister’s message, which some analysts are comparing to a strategic “revival of the Covid-era playbook,” focused on preserving national resources. He emphasized that patriotism today involves living responsibly and fulfilling duties to the nation during uncertain times. Direct Impact on Travel Markets The travel sector took a direct hit…

The Indian stock market witnessed a sharp selloff on Monday, May 11, with the Sensex and Nifty 50 both seeing significant losses. The Sensex plunged by approximately 1,200 points, while the Nifty 50 dropped below the 23,850 mark. The downturn was largely triggered by a rebound in global crude oil prices and cautious domestic sentiment. Global Tensions and Oil Prices Market sentiment soured after the US rejected peace proposals from Iran, causing Brent crude to spike back to $105 per barrel. Experts suggest this surge could widen India’s current account deficit. The uncertainty in West Asia continues to be a…

India’s foreign exchange reserves saw a sharp decline of $7.794 billion, falling to $690.693 billion for the week ended May 1, 2026. This marks the second consecutive weekly drop in the national stockpile, which had reached a historic peak of $728.494 billion in late February. The contraction is largely attributed to two major factors: 1. Sharp Drop in Gold Valuation The most significant hit came from the country’s gold reserves, which plummeted by $5.021 billion to reach $115.216 billion. Analysts note that this was a valuation-driven decline caused by international gold prices falling approximately 2% during the week, rather than…

The Indian stock market faced a significant downturn on Monday, May 11, as both the Sensex and Nifty 50 dropped by more than 1%. The Sensex tumbled nearly 1,200 points to a low of 76,166, while the Nifty 50 slid to 23,845. This sharp decline wiped out over ₹5 lakh crore in investor wealth in a single session. Several global and domestic factors contributed to this sudden selloff: Geopolitical Tensions and Oil Prices Hopes for peace talks between the US and Iran faded after the US rejected a peace offer from Tehran. This uncertainty has kept Brent crude oil prices…

BEIJING – DeepSeek, the prominent Chinese AI pioneer, has successfully restored its chatbot services following a major overnight outage that lasted more than seven hours. The disruption forced the startup to deploy a series of emergency updates to stabilize its systems. The issues began late Sunday evening, with users reporting widespread faults and connectivity problems. DeepSeek’s official status page first acknowledged a performance issue at 9:35 p.m., which it initially marked as resolved two hours later. Ongoing Performance Struggles However, the fix proved temporary. Further performance issues emerged early Monday morning, requiring additional technical intervention. The company worked through the…

MUMBAI – While the broader Indian stock market faced a sharp sell-off on Monday, sugar companies emerged as a rare bright spot. Shares of major producers, including Dalmia Bharat Sugar, Dwarikesh Sugar, and Shree Renuka Sugars, jumped between 2% and 12%, significantly outperforming the rest of the market. The rally is being driven by a combination of rising global energy costs and a shift in how sugar companies generate profit. The Ethanol Connection The primary driver behind the surge is the spike in crude oil prices. Brent crude rose to $116.5 per barrel following an escalation in the Middle East…

NEW DELHI – A major legal battle has erupted over the future of the insolvent Jaypee Group, as the Vedanta Group moved the Supreme Court to halt the acquisition of its assets by the Adani Group. The move comes just a week after the National Company Law Tribunal (NCLT) approved a ₹14,535 crore bid by Adani Enterprises. Vedanta, led by billionaire Anil Agarwal, is contesting the decision after claiming it was originally informed in writing that it had won the bidding process. A “Reversed” Decision In a recent social media statement, Anil Agarwal expressed frustration over the process, stating that…

NEW DELHI – Finance and Corporate Affairs Minister Nirmala Sitharaman informed the Lok Sabha on Monday that the Insolvency and Bankruptcy Code (IBC) has become the “crucial factor” in restoring the health of India’s banking sector. Speaking during the discussion on the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, the Minister highlighted that the law has successfully helped banks recover more than half of their non-performing assets (NPAs). Improving Corporate Health Sitharaman emphasized that the IBC does more than just recover money; it revitalizes struggling businesses. She noted that companies emerging from the insolvency process are showing improved performance and…

MUMBAI – The Indian rupee saw a sharp recovery on Monday morning after the Reserve Bank of India (RBI) launched one of its most aggressive regulatory strikes in over a decade to stop the currency’s downward spiral. The rupee opened at 93.56 against the U.S. dollar, jumping 125 paise from Friday’s record low of 94.81. The surge follows a surprise directive from the central bank capping the amount of currency banks can hold for trading at $100 million per day. Forcing a “Dollar Sell-Off” By setting this strict limit, the RBI is effectively forcing banks to sell off their large…

MUMBAI – The Reserve Bank of India (RBI) has launched its most aggressive effort in over a decade to protect the rupee, though early signs suggest the currency remains under heavy pressure. On Friday, the central bank announced a strict $100 million daily limit on the currency positions lenders can hold, a move designed to curb speculation and stabilize the market. While the rupee initially jumped 1.4% when markets opened on Monday, those gains quickly evaporated. By mid-morning, the currency was up only 0.3%, as high demand for U.S. dollars from oil importers offset the central bank’s intervention. Banks Face…