Business

Mumbai, Aug 23 (IANS) Indian benchmark indices are likely to remain volatile next week as investors track the first keynote address by US Federal Reserve Chairman Kevin Warsh, developments in the US-Iran conflict and negotiations, and movements in crude oil prices.

Rising US bond yields, persistent inflation concerns and global geopolitical uncertainty could continue to influence investor sentiment after the domestic market ended its second consecutive week in the red.

The Sensex ended Friday, August 21, largely unchanged, gaining just 3 points to close at 77,540.83, while the Nifty rose 20 points, or 0.08 per cent, to finish at 24,252. Broader markets also ended higher, with the Nifty Midcap 150 advancing 0.08 per cent and the Nifty Smallcap 250 gaining 0.41 per cent.

Despite Friday's marginal gains, both key indices posted weekly losses. The Nifty declined around 0.47 per cent during the week, while the Sensex slipped nearly 0.60 per cent.

A key trigger for markets next week will be Federal Reserve Chairman Kevin Warsh's much-awaited keynote speech at the annual Jackson Hole Economic Policy Symposium in Wyoming on August 28.

Geopolitical developments surrounding the US and Iran will also remain under close watch. Iran has criticised Washington's plans to impose new sanctions, warning that the measures could further weaken its economy and affect key trading partners, including China. Although hostilities have largely eased since the US and Israel launched airstrikes on Iran on February 28, there has been limited clarity on a durable path towards peace negotiations. Any fresh escalation could trigger risk aversion across global markets.

Crude oil prices are another major factor that could dictate the direction of Indian equities. Oil futures ended higher on Friday after US President Donald Trump threatened economic sanctions against countries trading with Iran, raising concerns over possible disruptions to global crude supplies. For India, which remains heavily dependent on imported crude, sustained high oil prices could put pressure on inflation, the rupee, corporate margins and the country's current account.

--IANS

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New Delhi, Aug 23 (IANS) The next space exploration phase will deepen India’s role in human spaceflight, planetary exploration and advanced space technology as these efforts will support India’s ambition to become a leading global space power, according to the government.

An official fact-sheet states that India is entering a new phase of human spaceflight, deep-space exploration and advanced space infrastructure.

Upcoming missions will build capabilities for sustained human presence and complex orbital operations.

The Gaganyaan human spaceflight programme was approved in January 2019. Its scope was expanded and revised in September 2024 to a total outlay of Rs 20,193 crore encompassing 8 total missions — including precursor flights for the Bharatiya Antariksh Station (BAS-01).

It aims to launch a crew of three Indian astronauts to a 400-km orbit for a three-day mission. The first uncrewed experimental mission to validate various technologies including Vyommitra half-humanoid is targeted in Q4 of 2026. The crewed mission is targeted by 2027, the factsheet observes.

India’s planned five-module space station Bharatiya Antariksh Station (BAS). It is targeted for operationalisation by 2035, with BAS-01 planned for launch by 2028. It will support long-duration human spaceflight, microgravity research and advanced space operations.

Notably, SPADEX-2 and SPADEX-3 missions are being studied to advance orbital docking technologies for future Chandrayaan-4, Gaganyaan and BAS missions.

They will enable capabilities such as spacecraft docking, sample transfer, crew transfer and power, fluid and propellant transfer.

Targeted for launch in March 2028, the Venus Orbiter Mission will study Venus’ geology, atmosphere, and ionosphere. It will demonstrate advanced aerobraking and thermal-management technologies.

Moreover, ISRO is developing a 200-tonne thrust semi-cryogenic engine. It will enable more powerful launch vehicles and higher payload capacity.

A semi-cryogenic booster stage is being developed for the Launch Vehicle Mark-3 (LVM3). It will significantly enhance LVM3’s payload-carrying capability. ISRO is demonstrating booster recovery using Vertical Take-off and Vertical Landing (VTVL) technology. This will enable rocket-stage reusability and reduce future launch costs.

The space agency is also developing a partially reusable Next Generation Launch Vehicle (NGLV) using LOX-Methane propulsion. It will provide greater payload capability and support frequent, cost-effective launches, says the fact-sheet.

ISRO is developing a winged Winged Orbital Re-entry Vehicle for the Reusable Launch Vehicle (RLV) programme. It will demonstrate orbital re-entry and runway landing for reusable space transportation.

The space agency is developing air-breathing propulsion and a technology demonstrator vehicle. This technology could enable more efficient atmospheric flight and advanced reusable launch systems.

--IANS

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New Delhi, Aug 23 (IANS) Foreign portfolio investors (FPIs) are likely to sustain the buying trend amid India’s improving GDP growth and earnings growth perspective, according to analysts.

Total FPI buying stood at Rs 23,543 crore this month (till August 22), of which, Rs 14,117 crore was through exchanges and Rs 9,426 crore was through “primary market and others category”.

The factors that are driving the FPIs back to the Indian market are earnings growth revival as reflected in Q1 results, FPI withdrawal from the ‘chip trade’, rupee stability and the impressive growth prospects of companies in the broader market, said market experts.

“A significant trend in the market is that FPIs are not buying attractively valued leading large banking or IT stocks. Instead, they are selectively buying mid-caps despite elevated valuations,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

A headwind, however, is the high bond yields in the US which is negative for equities, he mentioned.

Indian equity markets ended the week on a cautious note, extending their recent corrective phase as elevated crude oil prices, rising global bond yields and persistent geopolitical uncertainty weighed on investor sentiment.

Markets remained volatile, with benchmark indices recovering during the week before ending Friday largely flat as investors continued to assess the global risk environment.

Investors are closely monitoring the US Federal Reserve's policy outlook, particularly ahead of the Jackson Hole symposium, where monetary policy guidance is expected to remain a key global market catalyst, according to Ajit Mishra–SVP, Research, Religare Broking Ltd.

Sectoral performance remained mixed, with defensive positioning and stock-specific buying dominating market activity. Realty, metal and banking performed relatively well, supported by improving sentiment towards these segments.

In contrast, IT stocks remained under pressure, declining around 2.6 per cent during the week amid concerns over US inflation, elevated bond yields and the global technology spending environment. FMCG and energy stocks also remained subdued.

On the domestic front, investors will track crude oil prices, rupee movements, foreign institutional flows and domestic liquidity conditions, said analysts.

—IANS

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New Delhi, Aug 22 (IANS) Indian Railways has strengthened its position as the world's second-largest cargo carrier due to an expansive rail network, dedicated freight corridors, policy support and growing emphasis on cost-efficient and sustainable logistics.

A key factor behind the railways' freight performance is its extensive network spanning more than 68,000 km across the country.

The commissioning of the Eastern Dedicated Freight Corridor (EDFC) and Western Dedicated Freight Corridor (WDFC) has significantly enhanced freight-carrying capacity by enabling heavy haul and double stack container train operations while freeing up capacity on conventional routes.

In addition, Indian Railways serves as the backbone for transportation of bulk commodities that underpin the country's economy with coal accounts for nearly half of total freight movement, while iron ore, cement, foodgrains and fertilisers make up a substantial share of cargo traffic.

As per Railways Ministry data, several major commodity groups recorded healthy year-on-year growth during July 2026.

“Iron ore loading increased by 22.2 per cent, coal by 11.5 per cent, food grains by 11.5 per cent, fertilizers by 12 per cent and balance other goods by 12.1 per cent, reflecting strong demand from infrastructure, manufacturing and agricultural sectors. With the increase in coal demand at thermal power plants, Indian Railways stepped up domestic coal supply to power plants by 20 per cent in July compared to the corresponding month last year,” according to the ministry.

Moreover, around 1.7 billion tonnes of freight handled during FY 2025-26.

Freight movement by rail is estimated to cost about 45 per cent less than road transport on a per tonne-kilometre basis.

A single freight train can replace more than 300 trucks, contributing to lower logistics costs and reducing pressure on highway infrastructure.

The government's focus on multimodal connectivity and logistics reforms has also boosted rail freight.

Also, initiatives such as PM Gati Shakti and the National Logistics Policy are aimed at shifting more cargo movement from roads to railways, improving efficiency across supply chains.

By August 7, 142 Gati Shakti Cargo Terminals (GCTs) have been commissioned with an estimated freight handling capacity of 224 million tonnes per annum (MTPA). The policy has mobilized private investment of approximately Rs 10,000 crore through these GCTs. Freight handled at these GCTs during 2025-26 is 146 MT, according to the government.

However, Container Corporation of India (CONCOR) and other logistics players have been key contributors to this transition.

Additionally, sustainability and technology adoption have further strengthened the sector's competitiveness.

With the broad-gauge network now fully electrified, Indian Railways has reduced dependence on fossil fuels.

The use of double-stack container services and long-haul freight trains carrying up to 360 TEUs has improved operational efficiency, reduced transit times by up to 50 per cent and lowered carbon emissions by nearly 70 per cent compared with road transport.

--IANS

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New Delhi, Aug 22 (IANS) Gemini Edibles & Fats India Ltd -- maker of the Freedom Oils brand -- has flagged significant raw material, supply chain, regional concentration and regulatory risks in its draft red herring prospectus (DRHP) filed with market regulator Securities and Exchange Board of India for its proposed initial public offering.

The Hyderabad-based company is proposing an IPO comprising an offer for sale of up to 4.11 crore equity shares by existing shareholders with no fresh issue of shares.

The company said its operations remain highly exposed to fluctuations in crude edible oil prices, which are influenced by weather, crop yields, currency movements, government policies, global inventories and geopolitical developments.

Crude edible oil accounted for about 97.5 per cent of its materials and related costs in each of the three financial years ended March 2021, while materials and related costs represented more than 92 per cent of total expenses, according to the DRHP.

The company also depends on a limited number of suppliers. Its 10 largest crude edible oil suppliers accounted for 90.8 per cent of purchases in fiscal 2021, exposing it to potential supply disruptions and pricing risks.

Imports constitute another key vulnerability. About 89.5 per cent of the company's edible oil purchase cost in fiscal 2021 was linked to imports with crude sunflower oil sourced primarily from Ukraine, Russia and Argentina and crude palm oil largely from Indonesia and Malaysia.

Currency fluctuations, geopolitical disruptions, natural disasters and higher shipping costs could therefore affect operations, it added.

Gemini Edibles also flagged concentration risks, with its three refineries located in Andhra Pradesh. The southern region accounted for 85.6 per cent of revenue from operations in fiscal 2021, while Odisha contributed another 10.3 per cent.

The company warned that floods, cyclones, social or political disruptions and changes in government policies in these regions could adversely affect its business.

Food safety and regulatory compliance are also identified as risks. As of June 30, 2021, the company had received 39 notices from food safety authorities, alleging, among other things that product samples were sub-standard or misbranded.

The company said product contamination, labelling errors or recalls could result in regulatory action, litigation, reputational damage and financial losses.

Other risks highlighted in the DRHP include intense competition in the edible oils market, dependence on key industrial customers, manufacturing disruptions, outstanding legal proceedings, adequacy of insurance coverage, reliance on third-party transportation providers and potential conflicts of interest involving promoters and directors.

The company's top 10 industrial customers accounted for 68.7 per cent of revenue from its industrial consumer vertical in fiscal 2021, the filing showed.

--IANS

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New Delhi, Aug 22 (IANS) The mandatory Aadhaar biometric update for children aged 5 to 17 years will remain free of cost until September 30, the Unique Identification Authority of India (UIDAI) has said, while urging parents and guardians to complete the process within the stipulated period.

UIDAI has advised parents to ensure that children undergo the Mandatory Biometric Update (MBU) when they turn five and again at 15 years of age.

In addition, the update is aimed at keeping Aadhaar records accurate and enabling children to verify their identity smoothly for school admissions, examinations, scholarships and access to government schemes.

"Complete Mandatory Biometric Updates of children when they reach the age of 5 and 15," UIDAI said in a social media post and noted that the service is free until September 30.

Moreover, Aadhaar enrolment for children below five years captures demographic details and a photograph, while fingerprints and iris scans are not recorded as these biometrics are still developing.

Children are therefore required to provide their biometric information after turning five and repeat the exercise at 15 to ensure their Aadhaar records remain updated.

To encourage wider participation, the UIDAI waived charges for mandatory biometric updates for children aged 7 to 15 from October 1, 2025 for a period of one year. The current free facility is scheduled to continue until September 30.

Additionally, the authority has urged parents and guardians not to wait until the last minute and to visit the nearest Aadhaar centre to complete the update.

The 12-digit Aadhaar number is issued to Indian residents for identity verification and is widely used to access government services and benefits.

--IANS

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New Delhi, Aug 22 (IANS) The Securities and Exchange Board of India (SEBI) is reviewing the framework governing the monitoring and disclosure of the utilisation of funds raised through public issues with an aim to improve the timeliness of disclosures and simplify compliance requirements, Chairman Tuhin Kanta Pandey said on Saturday.

Speaking at the Institute of Directors' Annual Directors' Conclave 2026 here, Pandey said meaningful corporate governance depends not only on disclosures but also on the relevance and quality of information made available to investors.

He said SEBI is examining the existing framework for tracking and reporting the utilisation of issue proceeds to ensure disclosures are made in a more timely manner while reducing compliance complexities for companies.

According to Pandey, transparency should be judged by the usefulness of information rather than the volume of disclosures.

“True transparency is not the volume of information. It is the quality, timeliness and usefulness of information,” he said, adding that disclosure requirements must help investors make informed decisions rather than simply increase reporting obligations.

The SEBI chief noted that the regulator has progressively strengthened norms governing disclosure of material events and information through the introduction of materiality thresholds and defined timelines.

He said these measures were aimed at improving consistency and ensuring that important information reaches investors without delay.

Pandey also said SEBI plans to further refine the framework governing related-party transactions. The proposed changes seek to make compliance requirements clearer and more practical for issuers while continuing to protect investor interests, according to him.

On the broader regulatory framework, Pandey stressed the need for regulations to remain proportionate and avoid duplication of compliance requirements.

In this regard, SEBI is considering a framework to prevent entities listed on multiple stock exchanges from being penalised more than once for the same violation.

"The objective is to make regulation more efficient while preserving its purpose," Pandey said.

--IANS

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New Delhi, Aug 22 (IANS) The recently approved Mobile Phone Manufacturing Scheme (MPMS) will accelerate local value addition, reduce supply‑chain dependencies and boost backward integration, industry leaders said on Saturday.

They noted that approvals under the Electronics Components Manufacturing Scheme have moved from paper to production, with 106 approved projects, 38 operational plants and 16 more in advanced stages of construction.

"This is exactly the momentum IESA had called for when we said the next phase must focus on scaling up, building strong design teams, local sourcing, and world-class quality — and today's numbers show that shift is already underway," said Ashok Chandak, President, SEMI India and IESA.

India being historically dependent on imported components—from multilayer PCBs and display modules to sensors and relays—shows clear intent that it is no longer a market for the world but repositioning itself as a production hub for the world, Chandak said.

The shift in vision is proved by the "approval of 31 additional proposals under the Electronics Components Manufacturing Scheme (ECMS) with projected investment of Rs 6,844 crore in less than 5 months of approving 75 applications involving investment of Rs 61,671 crore," he added.

The projects span from first-ever domestic manufacturing of critical components like filters, coils and speakers, along with essential raw materials such as acetylene black and electrolyte additives.

The scale precisely reflects the shift from an assembly-led model to a components-and-materials-led model that builds genuinely indigenous electronics products, with Indian IP, Indian design input, and Indian manufacturing embedded at every stage, he added.

“The Mobile Phone Manufacturing Scheme (MPMS) is expected to build on the success of the earlier scheme with mobile phone production increasing 33-fold and mobile phone exports increasing 165-fold in FY26 as compared to FY15,” said Prashant Singhal, Telecom and Clients & Industries Leader, EY India.

It provides strong policy support for Indian mobile phone brands through additional incentives for domestic component sourcing and R&D, he added.

—IANS

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New Delhi, Aug 22 (IANS) Union Minister Dr Jitendra Singh on Saturday announced the unanimous adoption of the 'Chennai Declaration', reaffirming BRICS commitment to build an effective, resilient and future-ready framework in science, technology and innovation.

The ‘Chennai Consensus’, adopted under India’s BRICS Chairship, places a people-centred and humanity-first approach at the heart of the Science, Technology and Innovation (STI) cooperation, with emphasis on sustainable development, resilient and high-quality growth, social inclusiveness and the use of innovation and technology to improve the welfare and quality of life of people across BRICS nations.

Delivering his remarks at the closing session of the 14th BRICS Science Ministerial Meet chaired by India, the minister said the deliberations had reaffirmed the central role of STI in building a more resilient, inclusive and sustainable future.

He said the breadth of discussions, from artificial intelligence and high-performance computing to quantum technologies, advanced materials, biotechnology, health, climate and sustainability, reflects the shared opportunities and challenges that BRICS countries can address through collective action.

The ‘Chennai Consensus’ records the growing maturity and depth of BRICS STI cooperation, with sustained collaborative activity across 14 thematic Working Groups, 11 editions of the BRICS Young Scientist Forum, nine editions of the Young Innovators Prize and nine BRICS STI Framework Programme calls, including research, innovation and flagship project calls.

It describes this trajectory as reflecting growing strength, investment,and continued engagement in the BRICS STI partnership.

The ‘Chennai Consensus’ also welcomes India’s efforts to review and streamline BRICS STI priorities and records the consultative work towards a more future-ready STI cooperation framework.

The Declaration further welcomes the BRICS Youth Startup Platform, while recognising the need to catalyse financing for early and growth-stage startups and recording the consideration of a BRICS Startup Innovation Fund in the BRICS Industry Ministers’ Declaration, in coordination where appropriate with the STI track.

Dr Singh said the BRICS STI partnership must move beyond sustained dialogue towards demonstrable outcomes, with stronger mechanisms for joint projects, shared platforms, coordinated calls and open research infrastructure.

--IANS

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New Delhi, Aug 22 (IANS) Gold prices surged nearly 5 per cent on a weekly basis, gaining support from a weaker US dollar and reduced expectations of an imminent Federal Reserve rate hike.

On Friday, MCX gold futures (October) were flat while MCX silver futures for September advanced 1.28 per cent. The yellow metal stood at Rs 1,62,440, while the white metal futures stood at Rs 2,46,360 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,58,860 on Friday, up from Rs 1,54,066 seen on Monday at market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

Softer US inflation, weaker retail activity and subdued consumer sentiment from the previous week continued to temper expectations of near-term monetary tightening, with markets largely pricing out a September rate increase, analysts said.

A US Treasury announcement that it would double its long‑dated bond buybacks, pushed long yields of bonds lower.

"A temporary pullback in Treasury yields following the buyback announcement, along with softness in the US dollar, created a supportive backdrop for gold and silver, while concerns over the U.S. fiscal outlook remained in focus," a market participant said.

Gold and silver also benefited from a second consecutive weekly gain in crude oil over lingering tensions in West Asia.

WTI crude gained around 5.7 per cent for the week to trade above $86 a barrel, as the expiry of a 60-day US-Iran negotiation window without meaningful progress.

Iran continued to insist that the Strait of Hormuz will remain closed until US sanctions and other conditions are addressed, even as separate discussions with Oman over management of the waterway continue.

Silver emerged as the stronger performer, climbing to its highest level in two months, supported by robust industrial demand and renewed interest in the debasement trade.

Currency movements also influenced domestic commodity prices. The Indian rupee eased nearly 0.3 per cent during the week as elevated crude prices increased India's import burden. The softer rupee nevertheless provided additional support to MCX gold and silver by raising the domestic cost of imported bullion.

Immediate resistance is placed at $4,700–$4,730 zone, for Comex Gold, while support lies at $4,570–$4,600 zone, analysts said.

For MCX Gold, immediate resistance is placed at Rs 1,62,500–Rs 1,63,00 zone, while the support lies at Rs 1,58,500–Rs 1,59,000, they added.

—IANS

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