Business

New Delhi, Aug 22 (IANS) The Petroleum and Natural Gas Regulatory Board (PNGRB) has authorised the development of nearly 1,800 km of LPG pipeline infrastructure involving an estimated investment of about Rs 7,000 crore across six states to boost India's energy infrastructure and LPG supply chain resilience.

The projects -- spanning Telangana, Maharashtra, Uttar Pradesh, Uttarakhand, Karnataka and Goa -- are aimed at strengthening the country's LPG transportation network and enhancing long-term energy security.

India meets a significant portion of its LPG demand through imports at coastal locations, necessitating transport of the fuel across the country.

In addition, the newly approved pipelines are expected to improve the efficiency and reliability of LPG movement to inland markets.

The authorised pipeline projects include the 556-km Cherlapally (Telangana)-Nagpur (Maharashtra) pipeline, the 611-km Jhansi (Uttar Pradesh)-Sitarganj (Uttarakhand) pipeline and the 633-km Shikrapur (Maharashtra)-Goa and Hubballi (Karnataka) pipeline.

Moreover, the projects have been authorised for development by GAIL (India) Ltd.

Upon completion, the PNGRB-authorised common-carrier LPG pipeline network in the country will expand from around 7,700 km to about 9,500 km, marking an increase of nearly 23.5 per cent.

The approvals build on the earlier authorisation of the Kandla-Gorakhpur LPG Pipeline, which at around 2,757 km is the country's longest LPG pipeline.

According to PNGRB, pipeline transportation is globally regarded as the safest, most economical and environmentally sustainable mode of LPG transport.

The new projects are expected to substantially reduce the movement of LPG tank trucks on roads, resulting in improved road safety, lower logistics costs, reduced traffic congestion and a significant decline in carbon emissions through a shift from road-based transportation to pipelines.

The regulator also noted that it has been pursuing the objective of eliminating the primary movement of LPG by road to bottling plants.

--IANS

ag/

New Delhi, Aug 22 (IANS) A government committee held discussions focused on accelerating entrepreneurship-led livelihood opportunities for rural women and contributing to the national goal of creating 6 crore Lakhpati Didis, an official statement said on Saturday.

The Empowered Committee of the Ministry of Rural Development, chaired by the Secretary (Rural Development), Rohit Kansal, considered proposals under the Non-Farm Livelihoods (NFL) component of DAY-NRLM to strengthen and scale up women-led rural enterprises and create a pathway for small-scale SHG enterprises to graduate into higher-order, growth-oriented businesses.

The committee considered four new incubator proposals from Bihar, Jammu & Kashmir, Uttar Pradesh and Gujarat, with IIT Patna, IIM Jammu, IIM Lucknow and IIT Gandhinagar, respectively, as the proposed incubator partners.

The four programmes are proposed to support more than 600 high-potential rural enterprises through structured interventions in business strategy, mentoring, financial planning, formalisation, technology adoption, market access and access to finance.

According to the statement, the Incubator Sub-Scheme builds on the experience of four completed incubator programmes in Assam, Bihar, West Bengal and Karnataka, which supported over 600 SHG enterprises.

The programme has since expanded significantly, with 14 incubator programmes currently operational across 13 States, supporting around 2,100 rural SHG enterprises through partnerships with premier business and academic institutions including IIMs, IITs and leading incubation institutions.

The earlier programmes demonstrated tangible outcomes, including revenue growth, improved business formalisation and additional employment generation.

The new incubators will focus on sectors such as food and agri-processing, textiles and handicrafts, manufacturing, retail and services, tourism-linked activities, digital enterprises and other locally relevant growth sectors.

The committee also considered proposals for expansion of the startup Village Entrepreneurship Programme (SVEP) in West Bengal and Goa, aimed at further strengthening the rural non-farm entrepreneurship ecosystem and enabling more SHG members to establish and grow sustainable enterprises.

“These initiatives reinforce the Government’s commitment to women-led economic development and the Lakhpati Didi initiative, by enabling rural women entrepreneurs to progress from subsistence-level businesses to enterprises with higher turnover, stronger market linkages, improved access to finance and greater employment potential,” said the statement.

--IANS

na/

New Delhi, Aug 22 (IANS) Foreign institutional investors (FIIs) ended the week as net sellers of Rs 1,602 crore while domestic institutional investors (DIIs), by contrast, were net buyers on each of the five trading days, investing Rs 17,320 crore.

FIIs reverted to sell mode after three weeks of buying and their selling aggregate this week masked an uneven pattern of activity, analysts said.

During the week, FIIs started off with selling in the opening session, buying across the next two sessions, and reverting to selling over the final two days.

Over the extended period from July 20 to Aug 21, FIIs were sellers in the first week, buyers over the next three, and sellers again in the current week.

However, their cumulative activity over last month resulted in net purchases of Rs 1,282 crore for the period. DIIs remained net buyers in every week over last month, aggregating in a purchase of Rs 48,390 crore.

Analysing month‑to‑date data in August, market watchers said both FIIs and DIIs have been on the buying side of the market, with FIIs adding net Rs 2,510 crore and DIIs buying Rs 34,370 crore.

Benchmark Indices traded in a range with corrective bias for the second week in a row as elevated crude oil prices above $92 and continued tensions between the US and Iran kept investors cautious.

Nifty started the week on a negative note and formed an intra-week low of 24,026 by mid-week. However, pullback in the last two sessions of the week saw the index closing off the lows at 24,252 levels down by 0.5 per cent.

Broader markets relatively outperformed with the Nifty Midcap 100 index closing the week on a flat note. Nifty small cap 100 index touched a fresh all time high to close the week higher by over 1 per cent.

Investors are expected to closely watch crude oil price movements and geo political developments especially related to the US‑Iran conflict.

—IANS

aar/na

New Delhi, Aug 22 (IANS) The Central government has reportedly directed Google to take down multiple Firebase web development accounts that were impersonating the websites and mobile apps of major public and private-sector banks and other financial institutions.

Notices were sent by the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs after investigators found sites and databases mimicking Android apps of banks, multiple reports said.

These sites were used to defraud users through fake reward‑point redemption offers and credit‑card limit upgrades.

A Google spokesperson responded to the government notice, saying that the company had “strict policies” prohibiting the use of its services for “phishing, malware, or financial fraud”.

“We are deeply committed to user safety and work closely with law enforcement and government agencies in India, including I4C. To that end, we evaluate and action all government notices according to our standard procedures and applicable laws,” the spokesperson said.

Firebase platform, part of Google Cloud, is widely used to develop and host mobile apps and websites, and seven of the 57 Firebase pages flagged in the notices were phishing pages, impersonating banks such as State Bank of India, ICICI Bank and Axis Bank.

Other sites were used to allegedly collect data stolen from victims’ phones, including credit‑card details and one‑time passwords.

As per government data, Indian users lost Rs 22,500 crore to digital and cyber fraud in 2025 alone, and close to Rs 52,000 crore over the past five years.

The takedown requests come amid a broader regulatory push to curb digital‑payment frauds. The Reserve Bank of India's fraud-prevention measures include authentication and system‑security widened to allow alternative authentication methods.

The RBI’s digital-payment security directions prescribe minimum standards to protect customer and payment data.

Further, it announced a compensation mechanism for small‑value fraudulent transactions, with a one-time payment of up to Rs 25,000 for eligible victims who lost up to Rs 50,000.

—IANS

aar/na

New Delhi, Aug 22 (IANS) Commerce and Industry Minister Piyush Goyal has highlighted India's evolving role in the global growth landscape, driven by continued economic growth, investment-led reforms and deeper integration with global markets.

In Singapore, he also spoke about the opportunities and responsibilities for Chartered Accountants as India becomes increasingly integrated with the global economy.

Goyal was delivering a keynote address at the ICAI International Conference 2026 in Singapore.

“Underscored India's commitment to deepening economic engagement and fostering partnerships that contribute to shared growth and prosperity,” the minister mentioned in an X post.

He further stated that it was a pleasure to interact with representatives of leading family-owned businesses in Singapore.

“The roundtable provided an opportunity to highlight India's growth trajectory, investment opportunities, and the enabling policy environment for attracting long-term capital. Invited greater participation by global investors and family-owned businesses in India's growth journey,” said Goyal.

He also met Ritu Mehlawat, Head of Investments, India, at ST Telemedia Global Data Centres (STT GDC), and discussed investment avenues and collaboration opportunities, given India's emergence as a preferred destination for data centres.

Minister of State for Commerce and Industry, Jitin Prasada, had a constructive discussion with Aylwin Tan, Chief Customer Solutions Officer, CapitaLand, and Yeoh Cheik How, Sr Director, APAC GWS and CRE, KLA Corporation, on expanding opportunities in India.

“Together, we can build stronger partnerships that contribute to a future-ready and globally competitive India,” he mentioned.

Prasada also had a productive conclusion to “our discussions on strengthening the India-Singapore partnership in semiconductors”, in a meeting.

“From building resilient supply chains to enabling greater participation of Singaporean companies and SMEs in India and developing skilled talent, there are several promising avenues for collaboration. We are committed to taking this partnership forward and building a globally competitive semiconductor ecosystem,” the MoS highlighted.

—IANS

na/

Seoul, Aug 22 (IANS) Samsung Electronics said it expects funds of up to 110 trillion won ($80 billion) to be used for shareholder returns this year, in what would be the biggest investor returns by a South Korean company.

Following a board meeting earlier in the day, the company said in a regulatory filing that about 90 trillion won to 110 trillion won will be available for shareholder returns in 2026, reports Yonhap news agency.

In the third quarter, it plans to pay cash dividends of around 30 trillion won, with details expected to be finalised at a board meeting in late October, the company added.

The scope and means for the remaining shareholders return will be confirmed at a board meeting in January, when the company's annual earnings are finalised.

The total amount is the company's largest-ever shareholder-return initiative to date and is about five times bigger than the previous record of 20.3 trillion-won return in 2020.

The announcement comes in the final year of Samsung Electronics' three-year shareholder-return policy for 2024-26, which calls for returning 50 percent of its free cash flow to shareholders.

Samsung Electronics' second-quarter net profit jumped nearly 1,300 percent to 90 trillion won from a year earlier, on the back of strong demand for semiconductors linked to artificial intelligence (AI).

With expectations running high, shares of Samsung Electronics rose 3.87 percent on the benchmark Korea Composite Stock Price Index (KOSPI) on Friday.

The decision also comes following a similar announcement by its chipmaking rival SK hynix Inc. amid record earnings driven by the AI boom.

Earlier this week, SK hynix said it will buy back 24.07 million common shares worth 40 trillion won as part of its plan to return up to 50 percent of its cumulative free cash flow generated over the three-year period from 2025 to 2027 to shareholders.

Meanwhile, Samsung Electronics said it has also decided to buy back some 15 trillion won worth of its own shares to fund special performance bonuses for employees during Friday's board meeting.

—IANS

na/

Mumbai, Aug 21 (IANS) Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey on Friday called on the mutual fund industry to put investor outcomes at the centre of its next phase of growth as rising assets, expanding participation and rapid technological adoption increase the sector's scale and complexity.

Addressing the mutual fund industry at the Association of Mutual Funds in India (AMFI)'s 31st Foundation Day, Pandey said mutual funds have played a significant role in transforming India's capital markets and expanding participation among retail investors.

The industry's assets under management (AUM) have grown sharply from around Rs 15 lakh crore in July 2016 to about Rs 86 lakh crore in July 2026, registering a compound annual growth rate of around 19 per cent.

However, Pandey cautioned that the industry's success should not be judged merely by the growth in AUM, folios or the number of schemes.

"Success cannot be measured only by AUM, number of folios or schemes; it must ultimately be measured by investor outcomes," he said, adding that investor outcomes should define the industry's next phase of development.

India now has more than 14 crore unique capital market investors, while monthly systematic investment plan (SIP) contributions stood at around Rs 32,000 crore in July. The number of unique mutual fund investors has also crossed the 6-crore mark.

Pandey urged the industry to broaden its investor base and set an ambitious target of doubling the number of mutual fund investors to around 12 crore over the next few years. He said the industry should work backwards from this objective and identify the measures needed to strengthen distribution networks and investor awareness.

While mutual funds have expanded their reach to almost every pin code in the country, Pandey said investor education must become more multilingual, multi-agency and multi-media. Communication should also be customised to meet the needs of different categories of investors.

Highlighting the growing participation of women, he said women now account for 34 per cent of individual investor AUM, describing their growth in the market as particularly strong.

Pandey also cited the findings of the SEBI Investors Survey 2025, under which 22 per cent of Indian households indicated that they intended to enter the capital markets over the following 12 months.

--IANS

pk

New Delhi, Aug 21 (IANS) The board of One 97 Communications, which operates mobile payments brand Paytm, has proposed changes to its employee stock option framework that would link future ESOP vesting more closely to performance, while keeping the overall stock option pool unchanged, reinforcing a greater focus on performance-based employee incentives.

According to One 97 Communications Limited’s 26th Annual General Meeting notice, the proposed amendments to the One 97 Employees Stock Option Scheme 2019 will require higher levels of performance for full vesting, with the number of options vesting to be determined on a graded basis. The changes are subject to shareholder approval through a special resolution.

Under the existing framework, employees receiving a performance rating of "Meets expectation" or a similar rating and above were eligible for 100 per cent of the options due for vesting on a particular date. Employees rated below that level were not eligible for vesting.

The revised approach introduces a broader assessment. The AGM notice states that ESOP vesting will be contingent upon a "holistic review" covering role-specific KRAs, business performance, company performance and the employee’s future potential, among other parameters.

Based on this review, employees will be assigned an ESOP rating that will determine how much of the eligible grant actually vests. Only employees with an ESOP rating of "Meets expectation" and above will qualify, with vesting ranging from 10 per cent to 100 per cent. The ESOP rating will be approved by the CEO.

The AGM notice states that the amended policy makes the framework "more stringent and performance-differentiated", with full vesting dependent on "higher levels of performance" and vesting entitlements calibrated according to performance outcomes.

The change will apply only to future ESOP grants. Options that have already been granted under ESOP Scheme 2019 will continue under their existing terms, with no change in the rights and obligations of current option holders.

Paytm is not expanding its ESOP pool as part of the revision. The AGM notice says the amendments "do not result in any incremental dilution or increase in the maximum number of options that can be granted under ESOP Scheme 2019".

As of the date of the AGM notice, 2.67 crore options were yet to be granted under the scheme, including options that may return to the pool because of lapse, surrender or other reasons. These are convertible into an equal number of equity shares of face value Rs 1 each.

The basic vesting period also remains unchanged. Future options may vest after a minimum of one year and within a maximum of five years from the grant date, as decided by the Nomination and Remuneration Committee. Continued employment will remain a condition for vesting.

Paytm said the amendments are also in line with the SEBI's share-based employee benefits and listing regulations, and are aimed at strengthening the link between employee stock options, individual performance and long-term shareholder value.

--IANS

scor/vd

New Delhi, Aug 21 (IANS) The recently approved Mobile Phone Manufacturing Scheme (MPMS) ensures continuity of policy and will deepen domestic value addition and strengthen the component ecosystem, industry leaders said on Friday.

“We welcome the Central government's launch of the Rs 62,500 crore Mobile Phone Manufacturing Scheme (MPMS). The scheme builds on the strong foundation of PLI for Large Scale Electronics Manufacturing and marks the next phase of India’s mobile manufacturing journey," Pankaj Mohindroo, Chairman, ICEA.

This creates continuity of policy and strengthens predictability which has been demonstrated through successive schemes such as production‑linked incentives and the Electronics Components Manufacturing Scheme.

Successive schemes provide industry the confidence to make long-term investments and build deep manufacturing capabilities in India, he added.

"MPMS is a significant step to deepen domestic value addition, strengthen the supply chain and accelerate the development of a robust component ecosystem in India. Its focus on domestic sourcing of key components and support for Indian brands, design and R&D will further enhance long-term competitiveness," the statement from ICEA said.

The industry body emphasised that MPMS also creates a natural aggregator framework for the Electronics Components Manufacturing Scheme (ECMS), helping align demand aggregation, scale efficiencies, and ecosystem development across critical components.

“This convergence will be instrumental in accelerating component manufacturing in India and improving global competitiveness,” the statement added.

Ashok Gupta, Executive Chairman, Optiemus Infracom Ltd said that the scheme provides a strong and sustained policy framework to take India’s electronics sector from scale-driven assembly towards deeper, high-value manufacturing.

“The scheme would create a powerful demand-supply ecosystem by aligning with ECMS and strengthening domestic sourcing. Its focus on Indian brands, design and R&D would give a significant boost to local champions, enabling them to scale, innovate and compete globally,” Gupta added.

India has already emerged as a major global smartphone exporter and the next phase is to sustain the momentum while deepening the ecosystem and increasing value addition within the country.

India's electronics production rose from Rs 11.32 lakh crore in FY25 to Rs 13.11 lakh crore in FY26, marking a 15.8 per cent year‑on‑year increase, while the mobile phone production has skyrocketed, with exports rising to Rs 2.59 lakh crore.

—IANS

aar/pk

New Delhi, Aug 21 (IANS) India’s Portfolio Management Services industry saw assets under management rise 2 per cent month on month to around Rs 44.11 lakh crore and the client base expanded 1.3 per cent to nearly 2.23 lakh accounts in July, an industry body said on Friday.

The statement from The Association of Portfolio Managers in India (APMI) said that both AUM and client numbers grew about 11 per cent on a year-on-year basis.

Since the start of fiscal 2027 AUM has risen 4.3 per cent and the client base expanded 5.2 per cent.

The industry also recorded its highest monthly addition of distributors in FY27 so far, with 1,226 individual and 181 non-individual distributors joining the ecosystem in July. Their cumulative numbers rose to 21,650 and 3,144, respectively.

The expansion in the distribution network signalled increasing reach and accessibility of PMS offerings across the investor base.

The discretionary segment continued to anchor the industry, accounting for 84.7 per cent of total AUM and 95.5 per cent of the client base.

Among the service categories, co investment recorded the highest month on month AUM growth at 10.2 per cent, followed by advisory at 3 per cent, non-discretionary at 2.9 per cent and discretionary at 1.8 per cent.

Capital flows remained strong during the month, as total PMS net inflows rose to Rs 4.66 lakh crore in July from Rs 3.55 lakh crore in June.

“The PMS industry has reached a scale where its next phase must be defined by greater and wider investor participation, coupled with greater ease of investing. The expanding investor and distributor base reflects the growing acceptance of PMS and presents an opportunity to take PMS solutions to a broader pool of investors," said Vikas Khemani, Chairman, APMI.

Discretionary services accounted for the bulk of the inflows, recording net inflows of Rs 4.62 lakh crore and non-discretionary services recorded net inflows of Rs 3,797 crore during the month.

Domestic investors continued to form the core of the PMS ecosystem, accounting for 91 per cent of the total client base and 95 per cent of total AUM in July. Domestic AUM grew 2 per cent month on month, while PF and EPFO assets continued to account for approximately 79 per cent of the domestic AUM base.

--IANS

pk