Business - The Purbottar

22 Jul

Vedanta Loses Legal Challenge Over Suvali Oil Block Contract Extension

nanika EditorBusiness

The Delhi High Court on Wednesday upheld the Centre’s decision to deny an extension of the Production Sharing Contract (PSC) for Vedanta Ltd’s offshore Suvali oil block in Gujarat and allow Oil and Natural Gas Corporation Ltd (ONGC) to take over operations. Justice Purushaindra Kumar Kaurav dismissed Vedanta’s petition challenging the Ministry of Petroleum and Natural Gas’s September 19, 2025 order, which rejected the company’s 2021 application seeking a 10-year extension of the PSC signed on June 20, 1998. Vedanta had requested an extension of the contract until June 29, 2033. The company had previously received five interim extensions, with…

22 Jul

TVS Motor posts record Q1 revenue and profit as sales surge across segments

Business BureauBusiness

TVS Motor Company reported its highest-ever quarterly financial performance for the first quarter of FY2026-27, posting a 38% year-on-year increase in revenue to Rs. 13,896 crore and a 51% jump in profit after tax (PAT) to Rs. 1,174 crore. The company's revenue stood at Rs. 10,081 crore in the corresponding quarter of the previous financial year, while PAT was Rs. 776 crore. The company also recorded its highest-ever quarterly EBITDA of Rs. 1,779 crore, up 41% from Rs. 1,260 crore a year earlier. Its EBITDA margin improved to 12.8% from 12.5%, despite rising commodity prices and global market uncertainties that…

22 Jul

IDBI Bank posts 5% rise in Q1 profit as advances and deposits record strong growth

Business BureauBusiness

IDBI Bank Ltd. on Saturday reported a 5 per cent year-on-year increase in net profit to ₹2,115 crore for the first quarter of FY2026-27, driven by higher net interest income, robust loan growth and continued improvement in asset quality. The bank had posted a net profit of ₹2,007 crore in the corresponding quarter of the previous financial year, while profit rose 9 per cent sequentially. The Board of Directors approved the financial results for the quarter ended June 30, 2026, at its meeting in Mumbai. Net Interest Income (NII) grew 10 per cent year-on-year to ₹3,486 crore from ₹3,166 crore,…

22 Jul

Bike taxi policy needs unified regulation to boost safety and livelihoods: CUTS report

Business BureauBusiness

India needs a harmonised, evidence-based regulatory framework for bike taxis to reduce policy uncertainty, safeguard gig workers, improve commuter safety and strengthen affordable urban mobility, according to a new report released by CUTS International. The report, Harmonising Bike Taxi Regulations in India: An Evidence-Based Assessment and Suggested Pathways for Reform, was launched in New Delhi by Gopal Krishna Agarwal, National Spokesperson (Economic Affairs) of the BharatiyaJanata Party.The report highlights that India's bike taxi regulations currently vary widely across states, with policies ranging from enabling frameworks and conditional approvals to restrictions, EV-only mandates and legal ambiguities. According to CUTS International, this…

22 Jul

Samardung tunnel incident triggers rescue operation in North Sikkim

Business BureauBusiness

Rescue operations continued at the Samardung Tunnel (Teesta VI) project in North Sikkim after a suspected methane gas leak inside the tunnel on July 20 trapped 25 project personnel, resulting in casualties, according to Patel Engineering Limited (PEL). The company said the incident occurred at around 1 pm in the Adit-3, Face 4B section of the project. A sudden release of suspected methane gas trapped within the rock formation allegedly triggered a gas burst or explosion inside the tunnel, filling the area with dense fumes and toxic gases and hampering rescue efforts. PEL said its project team is working closely…

21 Jul

Volkswagen in Advanced Talks to Sell Stake in Indian Unit to JSW Group

anuprova EditorBusiness

German automaker Volkswagen AG is in advanced negotiations to sell a stake in its domestic subsidiary, Skoda Auto Volkswagen India Pvt. Ltd., to the Sajjan Jindal-led JSW Group. The potential transaction aims to secure fresh capital and a strong local partner to bolster the European carmaker's presence in the world’s third-largest automotive market. According to sources familiar with the matter, JSW Group is seeking a majority stake in the venture, with an agreement potentially taking shape in the coming weeks. However, key terms including company valuation and future capital allocation remain under negotiation. The strategic move comes as Volkswagen seeks…

21 Jul

Royal Enfield upgrades Classic 350 with new rider-focused features to strengthen market appeal

Business BureauBusiness

Royal Enfield has introduced the 2026 Classic 350 with new comfort and convenience features, as the mid-size motorcycle maker looks to further strengthen the appeal of one of its best-selling models in the competitive 250cc–750cc segment. The updated Classic 350 now comes equipped with an Assist and Slipper Clutch across all dual-channel variants, offering lighter clutch action for easier operation during city commutes and long-distance touring. The feature also enables smoother upshifts and downshifts, enhancing rider comfort and confidence across varied riding conditions. In another practical upgrade, the motorcycle now features a USB Type-C fast charging port, allowing riders to…

21 Jul

Ultraviolette launches cashback scheme to encourage shift to electric two-wheelers

Business BureauBusiness

Electric vehicle manufacturer Ultraviolette on Wednesday announced a nationwide customer incentive programme aimed at encouraging petrol-powered two-wheeler owners to switch to electric mobility amid rising fuel costs. The company has launched its 'Kill the Petrol Bill' programme, under which customers purchasing the Ultraviolette F77 or X-47 electric motorcycles can receive cashback based on the distance covered by their existing petrol-powered two-wheelers over the past two years. Under the scheme, riders will receive ₹1 cashback for every kilometre ridden, with benefits of up to ₹30,000. For instance, a customer who has travelled 20,000 km in the last two years will be…

21 Jul

India launches new skilling initiatives on World Youth Skills Day

Business BureauBusiness

The Ministry of Skill Development and Entrepreneurship (MSDE) on Wednesday unveiled a series of initiatives aimed at strengthening India's future-ready skilling ecosystem during the World Youth Skills Day 2026 celebrations at KaushalBhawan in New Delhi. Addressing the event, Union Minister of State (Independent Charge) for Skill Development and Entrepreneurship and Minister of State for Education, Shri Jayant Chaudhary, stressed the importance of continuous learning, innovation and adaptability, saying India's youth must be equipped for both current and future employment opportunities. The Minister launched the IndiaSkills Competition 2026–27 Guidelines, opening registrations for the flagship competition across 63 industry-relevant skill categories on…

21 Jul

Home Credit India to acquire Varthana Finance to expand education lending business

Business BureauBusiness

Home Credit India, a part of TVS VENU, has entered into an agreement to acquire a 100 per cent stake in Varthana Finance Private Limited through an all-cash transaction, subject to regulatory approvals, including clearance from the Reserve Bank of India (RBI), and customary closing conditions. The proposed acquisition is aimed at strengthening TVS VENU's financial services portfolio by expanding into the secured and longer-tenure education finance segment. TVS VENU said the acquisition aligns with its long-term strategy of building high-quality financial services businesses catering to India's evolving credit requirements. Varthana, known for its specialised education-finance franchise, will complement the…