Author: News Desk

Larsen & Toubro (L&T) has secured a major engineering and construction contract worth ₹2,500–₹5,000 crore to develop a coal-to-ammonium nitrate facility in Odisha, according to reports. The project has been awarded by Bharat Coal Gasification and Chemicals Ltd (BCGCL), a joint venture between Coal India Limited and Bharat Heavy Electricals Limited. L&T confirmed in a regulatory filing that its Hydrocarbon Onshore division will execute the order. The contract involves building a nitric acid and ammonium nitrate plant on a lump-sum turnkey basis. Once completed, the facility is expected to produce around 2,000 tonnes of ammonium nitrate per day, serving demand…

Reliance Industries is planning a scheduled maintenance shutdown at one of its crude processing units and select secondary units at its 660,000 barrels-per-day refinery, according to sources familiar with the matter. The shutdown is expected to last around three to four weeks later this month. The refinery, one of the largest in the world, operates two equally sized crude distillation units that primarily serve domestic fuel demand. The broader refining complex also includes a separate export-oriented refinery with a capacity of 704,000 barrels per day. Sources said the maintenance is likely to begin around mid-May, timed after Nayara Energy restarts…

Several major companies, including Gautam Adani’s group, Bharti Airtel, US-based Genpact, and auto components leader ZF Friedrichshafen, are establishing treasury operations in India’s tax-neutral financial hub, GIFT City, according to sources familiar with the matter. ArcelorMittal, the world’s second-largest steel producer, has already obtained approvals to set up two treasury centres. GIFT City in Gujarat is being positioned as India’s answer to global financial hubs like Singapore and Dubai. Recent policy changes, including a 20-year tax incentive extension and relaxed regulations, have significantly boosted interest from corporations. Around 17 corporate treasury units are expected to begin operations in the next…

Indian companies have announced over $1.1 billion in investments in the United States across aerospace, defence, energy, advanced manufacturing, and artificial intelligence sectors. The announcement came at the SelectUSA Investment Summit in Maryland, where officials noted this was the largest number of investment commitments from a single delegation, with the projects expected to generate around 1,500 jobs in the US. The biggest commitment came from Abhyuday Group, which plans a $900 million investment to build manufacturing clusters across five US states. Other major moves include Sterlite Technologies setting up a $100 million greenfield facility, and the PR Jindal Group investing…

India’s federal cabinet has approved a ₹181 billion ($1.9 billion) credit guarantee scheme to support businesses and airlines affected by the war in Iran. The government will back additional lending through sovereign guarantees, aiming to help companies stay operational, safeguard jobs, and keep supply chains running. The program mirrors the emergency credit support introduced during the Covid-19 crisis, when over 11 million guarantees worth ₹2.42 trillion were issued to micro, small, and medium enterprises. Officials say the Middle East conflict is disrupting global trade and hitting India particularly hard due to its heavy dependence on imported energy. India is the…

Armory, a defence-tech startup, has secured a ₹100 crore contract from India’s Ministry of Defence for its AI-driven SURGE counter-drone system after successful trials. The system uses the company’s proprietary software to detect and neutralise rogue drones in real time, adapting to varied and complex battlefield conditions. Founder and CEO Amardeep Singh said the solution was built with continuous user input to address India-specific operational challenges rather than relying on generic designs. The system was developed and made field-ready in about 14 months. The deal signals a broader shift in defence procurement toward faster, outcome-focused solutions. Armory now plans to…

The victory of the Bharatiya Janata Party in West Bengal has triggered immediate reactions in financial markets and raised expectations of a broader economic shift in the state. On the day results became clear, the Sensex surged nearly 1,000 points, while several Kolkata-based companies saw their stocks rise by up to 9%, reflecting strong investor optimism. Market participants view the BJP as more pro-business, and the alignment between the state government and the Centre is expected to reduce policy uncertainty, one of the biggest concerns for investors. This alignment could lead to faster execution of infrastructure projects, smoother regulatory clearances,…

IIIT Dharwad is set to emerge as a global hub for quantum technology with the establishment of a Centre of Excellence (CoE) in Artificial Intelligence and Quantum Computing. The centre is expected to become operational within a few months. The project, developed in collaboration with IIIT Raichur and the Karnataka government, will house advanced computing infrastructure including a 25-qubit quantum computer along with high-performance GPU clusters. These systems will support research, training, and hybrid computing applications. A key goal of the initiative is to make advanced technologies more accessible beyond major urban centres. The CoE will focus on skill development,…

Adani Enterprises Ltd (AEL) is planning a major expansion in its infrastructure portfolio, with a strong focus on airports. The company will invest about ₹17,000 crore in its airport business as part of a broader ₹40,000 crore capital expenditure plan for FY27. According to company officials, the airport segment will account for more than 42% of the total capex. This includes ongoing expansion work and new development projects such as a terminal in Ahmedabad, which is expected to be ready ahead of the Commonwealth Games 2030. AEL’s Chief Financial Officer Jugeshinder Singh said the company is targeting similar capex levels…

UpGrad, an online skilling platform, is set to acquire edtech company Unacademy in an all-stock deal after months of negotiations. The Bengaluru-based firm is expected to be valued at around ₹2,055 crore (about $218 million), according to people familiar with the matter. This valuation marks a steep drop of over 90% from Unacademy’s peak valuation of $3.4 billion during the 2021 funding boom. Once a YouTube-based learning channel, Unacademy has since expanded into a full edtech platform and is currently estimated to hold ₹900–950 crore in cash, which is seen as a key factor in the deal. The acquisition, led…