News★Commerce minister Piyush Goyal said on 22 October 2026 that India’s proposed free-trade agreement with the European Union could become operational within four to five months after signing, with the deal expected to be inked before year-end during his visit to Germany.
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News★On 22 October 2026, the Reserve Bank of India accepted no bids at the scheduled sale of short-dated government treasury bills, the first full cancellation in about seven months, as investors demanded higher yields amid a bond selloff, oil-linked inflation fears, and expectations of more rate hikes after October’s policy minutes.
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Transrail Lighting said on 22 October 2026 it will invest about ₹20 crore for a 49% stake in NOPL Pace Green Energy, giving the transmission EPC firm a foothold in roughly 990 MW of solar projects tied to Maharashtra’s farm electrification scheme and a 25-year state utility power purchase contract at ₹3.10 per unit.
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On 21 October 2026, the Food Safety and Standards Authority of India issued enforcement notices to Nestlé India, Zydus Wellness, Abbott Healthcare, and others over promotional claims on infant and children’s products, including Complan, Lactogen Pro 1, and NAN Excella Pro Stage 1, days after proposing a ban on added sugars in infant foods up to six months.
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Mahindra & Mahindra Financial Services reported on 21 October 2026 that second-quarter disbursements rose about 22% year on year, assets under management grew about 15%, and profit after tax jumped about 55% to roughly ₹882 crore, with credit costs at about 1.6% even as management flagged higher funding costs and rural weather risks.
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Larsen & Toubro said on 21 October 2026 that its public-spaces vertical secured two construction orders it classifies as large, worth roughly ₹2,500–5,000 crore each: Common Central Secretariat buildings 4 and 5 along Kartavya Path for the CPWD in New Delhi and twin 47-storey office towers beside the Amaravati Quantum Computing Centre in Andhra Pradesh.
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Minutes of the Reserve Bank of India's 5–7 October 2026 monetary policy meeting, published on 21 October, said broadening price pressures and import costs could keep inflation above target through much of FY27, with Governor Sanjay Malhotra signalling further hikes or pauses rather than cuts.
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Adani Green Energy reported on 21 October 2026 that revenue from power supply rose 45% year on year to about ₹4,019 crore in the September quarter while EBITDA from supply grew 51% to about ₹3,835 crore, but management said transmission bottlenecks led to curtailment that weighed on margins even as operational renewable capacity reached 20.8 GW.
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Government data released on 21 October 2026 showed the infrastructure index, which tracks nine sectors that feed about a third of industrial production, grew 7.9% year on year in September, the strongest print since the series was rebased to 2022–23, led by electricity and refinery products while cement and steel also expanded.
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Kotak Institutional Equities research cited on 21 October 2026 said motor third-party insurance premium growth stayed at about 9% year on year in September, with insurers possibly pulling back from the segment after the Supreme Court's June 2026 order to count unpaid homemaker work when fixing accident compensation.
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Sources told reporters on 21 October 2026 that Indian state-owned oil marketing companies are booking revenue losses of about ₹20–25 per litre on diesel, ₹4–5 on petrol, and ₹500–600 on each 14.2 kg LPG cylinder while global crude stays elevated; Indian Oil Corp has also paused a planned trading joint venture with Vitol and trimmed some term crude buys.
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Mozilla and major browser vendors deployed emergency protections on 21 October 2026 against eight intermediate digital certificates issued by India’s eMudhra after private keys were compromised, a flaw that could let attackers impersonate legitimate websites; eMudhra shares fell sharply as the company acknowledged the issue.
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Reporting on 20 October 2026 said a threat actor called Siriusim claimed to have published 375,000 CSV rows and 2,722 PDF documents with personal and loan-related details tied to State Bank of India customers; SBI had not publicly confirmed the leak and the authenticity of the data remained unverified.
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Reporting on 20 October 2026 said gold-backed credit is the fastest-growing slice at Bajaj Finance, HDB Financial Services, L&T Finance, and IIFL Finance, with the combined gold-loan share near 10% in the September 2026 quarter as lenders tilt toward secured lending while unsecured and microfinance portfolios stay under stress.
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ACME Solar Holdings said it executed a power purchase agreement with SECI on 6 October 2026 to deliver 300 MW of assured peak power backed by 1,200 MWh of storage under the FDRE-IX programme at a tariff of ₹6 per unit through subsidiary ACME Greentech Twenty.
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A 20 October 2026 essay in the business press traced how person-to-merchant UPI payments, accelerated by static QR codes from 2015 onward, let small shops skip card terminals and coin shortages, with merchants citing fewer cash-handling costs even as policymakers debate merchant discount rates.
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Managing director Brajesh Kumar Singh told Mint on 20 October 2026 that rising government bond yields could mean mark-to-market provisioning over the next six months, even as the lender expects strong festive demand for housing and vehicle credit after September-quarter net profit rose 8.4% to ₹5,175 crore.
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Reporting on 20 October 2026 said the Telecom Regulatory Authority of India is discussing a standard template for one-time password SMS messages, including clearer sender labels and validity windows, after financial fraud complaints on the national cybercrime portal jumped to 2.4 million in 2025 from 262,000 in 2021.
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On 20 October 2026 the Enforcement Directorate said it froze accounts holding shares worth about ₹200 crore after searches across six cities in an alleged money-laundering case involving preferential allotments at R M Drip and Sprinklers Systems and R&B Denims that were later promoted on WhatsApp-style campaigns.
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On 20 October 2026 chairman S Rangarajan told reporters that Data Patterns Limited is ready to deliver military electronics but customer inspection teams are arriving late, widening the gap between a ₹2,654 crore order book as of 30 June 2026 and revenue recognition on indigenous defence programmes.
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On its 19 October 2026 earnings call, managing director Rajeev Jain said Bajaj Finance plans to cut new loans to customers with three or more lending relationships from about 7% of originations today to 3.5% by March 2027, while booking an extra ₹337 crore macro provision as unsecured portfolios face oil and inflation stress.
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Reporting on 19 October 2026 said renewable project awards slowed to about 4.7 gigawatts by mid-August in FY27 from far higher levels in prior years, as transmission congestion and solar curtailment force operators to idle panels even when the sun is strong.
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Speaking to CNBC on 17 October 2026 on the sidelines of IMF–World Bank meetings, finance minister Nirmala Sitharaman said the flight of capital toward artificial intelligence and the United States is a concern for India as foreign investors pull from domestic equities amid oil, rates, and dollar pressure.
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On 19 October 2026 the consumer affairs ministry said the Central Consumer Protection Authority forced seven B2B marketplaces to remove 3,940 listings for regulated explosives such as ammonium nitrate and imposed ₹30 lakh in penalties on two platforms after investigations into hazardous online sales.
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JSW Dulux said on 19 October 2026 that Karnataka commercial tax authorities trimmed a FY21 input tax credit dispute from ₹118.33 crore to ₹42.04 crore, though the paint maker is still preparing a further response and the matter is not closed.
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Bloomberg reported on 19 October 2026 that India has dropped a proposal to mandate imported coal blending at power stations, opting instead to push Coal India and railways to lift domestic supply as stocks run low ahead of peak demand.
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Reporting on 19 October 2026 quoted a senior civil aviation official saying India has no plan to regulate routine airfares under forthcoming rules under the Bharatiya Vayuyan Adhiniyam, 2024, though government could set limits only in extraordinary situations such as natural disasters.
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Reporting on 18 October 2026 said the Income Tax Appellate Tribunal in Jaipur deleted a ₹3.41 crore unexplained-money addition against Kavita Khanwani after finding that an assessing officer had read Japanese yen principal on two IndusInd Bank FCNR deposits as if it were Indian rupees.
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On 18 October 2026 Oil India Ltd told exchanges it signed a revenue-sharing contract on 15 October for a special coal-bed methane block covering 272 sq km in the Singrauli coalfield, marking its return to unconventional gas exploration with seams expected around 600–800 metres deep.
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On 18 October 2026 reporting said Bharti Airtel became the first operator to list prepaid plans with unlimited calls and SMS but no mobile data, priced at ₹185, ₹203, and ₹206, following Telecom Regulatory Authority of India norms that require such offerings.
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Reporting on 18 October 2026 said agriculture and rural lending lost share in many banks’ loan books in the September quarter of FY27, with lenders including RBL Bank and Federal Bank pulling back while deficient rainfall and El Niño risks make farm credit harder to underwrite.
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On 18 October 2026 JSW Steel said the Odisha High Court quashed a ₹696 crore demand from Joda mining authorities over dispatch shortfalls at its Jajang iron ore block and sent a separate ₹1,473 crore penalty back for fresh evaluation, easing a long-running dispute tied to production agreements signed in 2020.
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On 18 October 2026, the United Forum of IDBI Officers and Employees called a two-day nationwide hunger strike on 2 and 3 November 2026 to protest the government’s plan to sell a majority stake in IDBI Bank to Fairfax Financial Holdings, demanding the Centre retain at least 51% ownership and written job protections.
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On 7 October 2026, the Hyderabad district consumer disputes commission directed State Bank of India to return a retired scientist’s ₹15 lakh fixed deposit with 8.5% interest through maturity and pay compensation after the bank failed to alert him when the five-year receipt matured in December 2023.
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On 17 October 2026, the Food Safety and Standards Authority of India said inspections found bran meant for cattle feed in Priyagold biscuit production and initiated prosecution against Surya Food & Agro after earlier suspending the company’s licence.
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On 17 October 2026, former diplomat Veena Sikri told reporters New Delhi will withhold a bilateral trade pact until Washington offers preferential access, as US Secretary of State Marco Rubio prepared a Mumbai and Jamnagar trip focused on energy and investment ties.
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On 17 October 2026, the Food Safety and Standards Authority of India said it issued notices to Nestlé India and Hindustan Unilever for inconsistent labels and health claims on drinks sold online, and suspended licences at two smaller food businesses after audits.
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On 17 October 2026, Canada’s trade minister said Ottawa sees room to ship more fertiliser and potash to India, linking the pitch to Fairfax’s IDBI stake plan as both governments aim to finish a comprehensive economic partnership agreement by end-2026.
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On 17 October 2026, the Food Safety and Standards Authority of India proposed ending routine use of sucrose and fructose in nutrition products for babies up to six months, keeping lactose and glucose polymers as the preferred carbohydrates.
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Maharashtra’s Food and Drug Administration filed a police complaint and suspended licences at five Reliance and Eternal warehouses after alleging expired and rejected grocery packs were sent to disposal contractors that did not destroy stock, letting some items re-enter retail channels.
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On 17 October 2026, the Petroleum and Natural Gas Regulatory Board said Indian Gas Exchange received approval to run a capacity-booking platform for liquefied natural gas import terminals, giving buyers a central way to list and reserve idle regasification capacity.
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Grid data cited on 17 October 2026 showed domestic peak electricity demand exceeding 250 gigawatts on most September days, near summer levels, as weak monsoon rains kept irrigation pumps and cooling loads high and day-ahead power prices on IEX stayed above ₹7 per unit.
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In an exchange filing on 17 October 2026, Yes Bank said restoring ₹8,415 crore of written-off additional tier-1 bonds after the Supreme Court judgment could lower its Common Equity Tier 1 ratio by about 250 basis points, while it still expects overall tier-1 capital near 14% on a pro forma basis.
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On 16 October 2026 Starlink said it was ready to serve India with in-country gateways and approvals, after Reliance Industries welcomed satellite competition but insisted every entrant follow Indian law; communications minister Jyotiraditya Scindia said three applicants are close to final commercial licences.
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A 16 October 2026 tender from state oil marketers set sugar diversion for ethanol at zero in the 2026–27 supply year, steering bids toward corn and rice feedstock while sugar prices sit at records after weak rains in Maharashtra and Karnataka.
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The Reserve Bank of India said on 16 October 2026 that the Indian branches of Emirates NBD Bank will amalgamate with RBL Bank Ltd, with the merger effective from 1 December 2026.
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On 16 October 2026, the patent office published draft examination guidelines that demand stronger proof of medical benefit for new drug claims, aiming to stop minor tweaks from extending monopolies and to speed cheaper generics in a market that supplies about a fifth of global generic medicines.
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Air India said on 16 October 2026 that all flights to and from Riyadh, Dammam, and Jeddah are cancelled until 20 October amid drone and missile attacks on Saudi aviation infrastructure, with full refunds offered to passengers and rival carriers extending their own suspensions.
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After a fire involving a portable battery on an IndiGo flight, the Directorate General of Civil Aviation barred the MOBIKINS MK-PB-04 power bank from Indian flights from 29 September 2026, while Paytm founder Vijay Shekhar Sharma urged a wider in-flight ban in posts on 16 October.
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A government order issued late on 15 October 2026 lifts the export duty on petrol to ₹2.5 per litre from ₹0.5 while cutting the diesel export duty to ₹8.5 per litre, effective 16 October, as refiners balance domestic pump prices with overseas margins.
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The Delhi government’s power department has made Aadhaar authentication or proof of possession mandatory for consumers who want benefits under the city’s electricity subsidy scheme, according to a notification reported on 15 October 2026.
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Non-bank lender Sundaram Finance raised interest on several fixed deposit tenures on 15 October 2026, with revised rates including up to 8% on select terms starting 16 October, as savers hunt yield after recent rate moves elsewhere in the system.
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On 15 October 2026 SEBI issued a final framework that keeps the last 30 minutes of cash-market trading as the reference for expiry-day F&O settlement after broker pushback, while shortening and retiming the equity closing auction from 7 December 2026.
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On 15 October 2026 Kotak Mutual Fund suspended fresh lumpsum, switch-in, SIP, and STP flows into its Medium Term Fund and Credit Risk Fund after the Supreme Court restored Yes Bank’s written-off AT-1 bonds, which those schemes had held at zero value.
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On 15 October 2026 SEBI chairman Tuhin Kanta Pandey said the regulator has written to IRDAI to explore adding insurance policy data to the Consolidated Account Statement, building on RBI moves to fold bank deposits into the same investor view.
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On 15 October 2026 the Supreme Court upheld the Bombay High Court’s quashing of Yes Bank’s 2020 write-off of ₹8,415 crore in additional tier-1 bonds, ruling the administrator lacked authority and restoring bondholders’ claims at the original coupon rates.
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On 15 October 2026 the Ministry of Defence awarded about ₹2,563 crore to New Space India for the GSAT-7C communications satellite for the Indian Air Force and ₹1,543 crore to Bharat Dynamics for Varunastra anti-submarine torpedoes for the Navy.
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On 15 October 2026, ICICI Bank research said India’s wholesale price index inflation rose to 11.4% year on year in September from 9.9% in August, driven by fuel, manufactured goods, and food, and could remain elevated through FY2026–27.
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On 14 October 2026, the Supreme Court directed Indian Railways to bundle travel insurance with every ticket sold at station counters from 27 October, extending a cover that until now applied mainly to online IRCTC bookings.
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On 14 October 2026, Aditya Birla Group chairman Kumar Mangalam Birla told reporters the conglomerate could invest up to $30 billion over the next two to three years across cement, metals, financial services, and overseas expansion despite global trade uncertainty.
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On 14 October 2026, the Securities and Exchange Board of India confirmed interim restrictions on Rajesh Exports Ltd and managing director Rajesh Mehta, directing them to cooperate with a probe into the jeweller’s financial disclosures while trading curbs stay in force.
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On 14 October 2026, the Enforcement Directorate said it attached assets worth ₹2,032.81 crore belonging to Reliance Power Ltd and related units, including bank balances and the shareholding in Sasan Power, over alleged foreign-exchange violations tied to overseas fund flows.
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On 14 October 2026, India’s cabinet approved selling a 60.72% stake in IDBI Bank to Canada’s Fairfax Financial at ₹81 per share, with the government and LIC together keeping 34% and Fairfax also set to merge CSB Bank into IDBI within two years.
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On 14 October 2026, India’s six- and twelve-month treasury bill auctions cleared at yields about 20 basis points above the prior week, pushing the spread over the 5.5% repo rate to a four-year high as markets priced tighter policy after hawkish RBI comments.
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On 14 October 2026, Bank of Baroda told exchanges it will defend a suit filed by NMC Healthcare founder Bavaguthu Raghuram Shetty seeking $15 billion in damages, while saying it is already pursuing roughly ₹2,800 crore of recoveries against him in India and the UAE.
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On 14 October 2026, the Indian rupee strengthened to about 94.91 per US dollar, its best level in over a month, as markets reacted to Reserve Bank of India governor Sanjay Malhotra’s pledge to take further steps for orderly currency moves after recent hedge and oil-dollar measures.
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On 13 October 2026, Hyundai Motor Group said it will invest $15.5 billion in India from 2026 through 2032 across Hyundai Motor India and Kia, covering factory capacity, local suppliers, R&D including a new test track, and startup bets, after chair Euisun Chung met Prime Minister Narendra Modi in New Delhi.
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On 13 October 2026, finance minister Nirmala Sitharaman told the Bloomberg New Economy Forum in New Delhi that officials would listen to Indian and foreign investors on long-term capital gains tax, securities transaction tax, and whether asset classes should be taxed more evenly, without announcing any change.
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On 13 October 2026, PNC Infratech said the Delhi High Court stayed National Highways Authority of India debarment orders issued in September against the company and its Awadh Expressway special purpose vehicle, pending further hearings.
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On 13 October 2026, the Securities and Exchange Board of India issued a consultation paper proposing mandatory monitoring agencies for all issuers, ₹50,000 fines for non-cooperation, and eventual freezes on promoters’ demat accounts if companies misuse public-issue proceeds.
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On 13 October 2026, the Petroleum and Natural Gas Regulatory Board issued draft guidelines allowing city gas distributors to blend up to 5% hydrogen by volume into natural gas sold to domestic piped-gas customers, subject to safety, metering, and appliance checks.
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One97 Communications said on 13 October 2026 that tax authorities reduced a goods and services tax demand on subsidiary First Games Technology to about ₹704 crore from an earlier proposed ₹5,712 crore for April 2018 to March 2023, with penalty and interest still applicable.
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On 13 October 2026, the National Payments Corporation of India said its steering committee will implement merchant discount rates on select person-to-merchant UPI payments only after Diwali, not from 15 October as earlier planned, with a new start date to be announced later.
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Polycab India said on 13 October 2026 that the National Company Law Appellate Tribunal stayed an Ahmedabad tribunal order that had admitted an insolvency petition from Asier Metals over alleged operational dues of ₹2.79 crore, with the appeal listed for 26 October.
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Food Safety and Standards Authority of India chief executive Rajit Punhani said in an interview reported on 13 October 2026 that online grocery platforms face tighter listing rules, including manufacturing and expiry dates on packs, photos and addresses for dark kitchens, and accountability when sellers mislabel products.
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Adani Navbharat Developers held a ground-breaking ceremony on 12 October 2026 for 10 high-rise towers with 10,432 homes and 1,379 commercial units on 22 acres of railway land in Matunga, with the first five buildings slated for handover by March 2029.
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Bank of India said on 12 October 2026 it classified Kishore Biyani-promoted Future Enterprises’ ₹575.40 crore outstanding exposure as fraud, reported the matter to the Reserve Bank of India, and had already fully provisioned for the loan.
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Retail inflation rose to 5.54% in September 2026 from 4.83% in August, the highest reading in two years and above the 5.4% consensus in a Reuters poll, keeping price growth near the top of the Reserve Bank of India’s 2% to 6% tolerance band.
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Indian asset managers offloaded a net ₹5,100 crore of government securities in the three sessions after the Reserve Bank of India’s rate increase, adding to about ₹37,800 crore of sales between July and September as managers cut duration risk.
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From 12 October 2026 the Reserve Bank of India will sell dollars to Indian Oil, Hindustan Petroleum, and Bharat Petroleum through a special window via designated banks, covering their daily foreign-exchange requirements and keeping those purchases off the spot market.
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Reliance-backed Jio-bp increased retail petrol by ₹5 per litre and diesel by ₹3 on 11 October 2026, matching Nayara Energy’s hike from 3 October. Dealers quoted petrol near ₹108–110 and diesel near ₹98–100 in Punjab and Haryana as private retailers pass through higher crude and export-linked margins.
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Despite ₹500 crore set aside under the PM E-DRIVE scheme for electric ambulances, VAHAN registry data cited on 11 October 2026 showed no zero-emission ambulance registrations more than three months after subsidy guidelines went live. Force Motors is the only homologated electric ambulance maker so far.
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On 11 October 2026 officials said the ministry of ports, shipping and waterways will lead industry representatives to Japan and South Korea next month to pursue shipbuilding and repair investments, including renewed talks with HD Hyundai after a stalled Tamil Nadu proposal.
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On 11 October 2026 policy voices pushed back on shortcuts for satellite broadband after Elon Musk criticised India’s licensing approach. Rajeev Chandrasekhar, Rajiv Kumar, Nilesh Shah, and Nitin Pai argued for equal rules, lawful-interception readiness, and faster domestic satellite capacity rather than reliance on one foreign constellation.
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Prime Minister Narendra Modi inaugurated the Poonamallee–Vadapalani stretch of Chennai Metro Phase II on 11 October 2026. The corridor cost roughly ₹4,900 crore and extends rapid transit in the western parts of the city.
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Late on 10 October 2026 the steel ministry released a draft national steel policy for public comment. It aims to lift installed capacity from about 220 million metric tons today to 604 million by 2047 while cutting average emissions intensity and locking in iron ore and coking coal supply.
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Reporting on 10 October 2026 detailed the layout and fare bands for India’s upcoming Vande Bharat sleeper trains, including 3AC trips from ₹960 on routes up to 400 km and a first prototype now expected by 31 March 2027 after RVNL extended its earlier June 2026 target.
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SEBI’s 7 October 2026 circular requires issuers and online bond platforms to display a colour-coded Credit Risk-o-Meter on listed and proposed non-convertible debt, commercial paper, and similar instruments, mapping agency ratings to six bands from lowest credit risk to high default risk. Rules take effect 45 days after the circular.
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On 10 October 2026 the Reserve Bank of India barred rebooking of cancelled rupee forex derivative contracts, cut the no-documentation hedge threshold to $5 million, and required a 20% cash reserve with the RBI on large notionals above $2 million.
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Bank of Baroda, Punjab National Bank, Indian Bank, and several peers lifted external benchmark-linked lending rates by 25 basis points after the RBI’s repo hike to 5.5%, with revisions effective from 8 October on multiple products.
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On 9 October 2026 the Reserve Bank of India raised the minimum daily cash reserve ratio compliance floor to 99% from 90%, effective from the fortnight ending 31 October. The headline CRR rate itself was unchanged; the move targets excess liquidity after heavy foreign-currency deposit inflows.
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The regulator is consulting on tighter commission and expense limits across life, health, and general insurance, with rules possibly starting in January or April 2027. The aim is to cut distribution costs that have outrun premium growth since liberalisation in 2023.
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Carriers told BusinessLine on 9 October 2026 that oil marketing companies are withholding value-added tax relief linked to June’s discounted aviation fuel sales. Airlines want the Centre to release the funds as surcharges on new tickets rise again.
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On 9 October 2026 the government said trade margins on non-scheduled anti-cancer drugs would be limited to 30%. Regulators estimate some retail prices could fall 20% to 70% once the list is notified, saving patients about ₹2,500 crore a year.
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Revenue Secretary Arvind Shrivastava told the GST Council on 8 October 2026 that India did not renew a tax break for banks on bullion imports. Lenders have been paying 3% integrated GST on gold, silver, and platinum brought in through bank channels since April.
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After its 8 October 2026 meeting, the Council recommended letting firms claim input tax credit on more expenses, including staff health and life insurance, telecom towers outside factory gates, and certain free samples. Colgate-Palmolive India shares rose sharply on Friday as investors priced in easier working capital for consumer goods makers.
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On 8 October 2026, FSSAI issued notices to Dr Reddy’s, Nestle Health Science, Tirupati Wellness, Amazon, Flipkart, and Netmeds over Celevida GLP marketing. The regulator said pack claims about muscle, immunity, and GLP-1 therapies could mislead shoppers.
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Mint reported on 8 October 2026 that cancelled or re-tendered battery storage projects have reached about 24 GWh since 2018, while many new awards were bid below viable tariffs. Experts warn up to a third of awarded capacity may struggle to reach financial close.
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The US Labour Department suspended Cognizant, Infosys, TCS, Wipro, HCL, and Capgemini from the Permanent Labour Certification (PERM) programme on 8 October 2026. Microsoft and Adobe were suspended too. New and pending PERM filings for those employers will not move while the ban lasts.
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Akasa Air added a ₹375–₹1,150 fuel surcharge on domestic routes and ₹2,500 on international flights as aviation turbine fuel prices stay high. Air India and Air India Express also revised surcharges the same day.
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India’s GST Council limited arrest powers, raised prosecution thresholds, and cut routine penalties. Rates were left unchanged. The aim is to reduce fear-driven compliance fights for businesses.
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India’s central bank raised its main rate to 5.50% and said cuts are off the table for now. Inflation worries are back, and the move lands just as many families borrow for the festive season.
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Adani Airports wanted to cut hundreds of weekly international flights to free Terminal 2 for a Terminal 1 rebuild. Airlines pushed back on winter schedules. The ministry paused the plan.
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A May tax redesign tied excise more closely to alcohol content. By September, beer sales were up more than 40% and the state still collected more tax. Other states are watching.
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