Business

New Delhi, July 9 (IANS) India’s residential market saw its strongest first‑half sales performances during the first half this year, as residential sales across eight major cities stood at 171,471 units, a marginal 1 per cent increase from the same period in previous year, a report said on Thursday.

The report from Knight Frank India said the real estate activity settled into a phase of consolidation, while developers launched 1,87,350 units, up 4 per cent year‑on‑year. The near‑flat sales trajectory after four years of recovery indicated stabilisation rather than renewed growth, the report added.

Stable economic fundamentals, infrastructure-led urban development, steady employment conditions have kept end-user demand buoyant supporting residential activity across India's leading markets. Meanwhile, developers maintained a disciplined approach to new supply, enabling the market to remain fundamentally balanced despite evolving buyer preferences and a higher pricing environment.

The report said that H1 2026 marked a shift toward premium housing as homes priced above Rs 10 million accounted for 54 per cent of total sales, up from 49 per cent a year earlier.

It reflected a genuine premium demand from higher-income households, it also showcases the progressive erosion of the affordable segment, as several years of sustained price appreciation have repriced mid-tier inventory into higher brackets.

New supply at lower price points have remained constrained, the report said, adding that the market therefore remains historically active in absolute terms even as the breadth of its buyer base narrows.

"While growth has reduced following a steep recovery from pandemic lows, the market’s underlying fundamentals remain firmly intact. Premium homes now account for more than half of all residential sales, reflecting rising household incomes, evolving buyer aspirations and growing confidence in long-term homeownership,” said Shishir Baijal, International Partner, Chairman and Managing Director, Knight Frank India.

New supply has exceeded sales in most markets across successive periods, a trend in place since 2022, with the launches-to-sales gap at around 15,879 units during the half-year.

Residential prices rose across markets, though at a more measured pace than in 2023–24. Mumbai remained the most expensive residential market with average prices at Rs 36,881 per sq. ft., followed by Delhi at Rs 26,027 and Gurugram at Rs 18,354 per sq. ft.

--IANS

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Hyderabad, July 9 (IANS) Ramagundam Fertilisers and Chemicals Limited (RFCL) in Telangana’s Peddapalli district has been shut down due to a leakage in its ammonia pipeline.

Urea production at the public sector company has come to a halt following the shutdown of all units in the plant due to the leakage.

According to sources, technical problems led to the leakage. As the problem could not be rectified, the plant was shut down. It may take at least one week to resume production after rectifying the problem.

With the urea production coming to a halt, the fertiliser supply to Telangana, Andhra Pradesh and five other states is likely to be affected, raising concern over supply to farmers during the ongoing Kharif crop season.

This is the second time this year that an ammonia leak has forced the RFCL plant's shutdown. The plant was closed for a week in March.

The plant has a capacity of 3,850 tonnes per day, but it had been operating at 50 per cent capacity for some time due to gas shortages due to the ongoing conflict in the Middle East.

As RFCL is the only source for Telangana, the state government has been demanding that the Centre allocate the entire urea output from the plant to Telangana.

Meanwhile, the Telangana government has taken an innovative step to make subsidised urea more easily accessible to farmers across the state. To enhance transparency and ensure timely distribution, the state Agriculture Department has introduced urea booking services at all MeeSeva centres across the state.

Farmers who are unable to book urea through the fertiliser booking app can visit their nearest MeeSeva centre and book urea with the help of an operator. MeeSeva, functioning under the leadership of IT and Industries Minister Duddilla Sridhar Babu, is launching this new initiative in collaboration with the Agriculture Department.

According to an official release, the farmer must visit the nearest MeeSeva centre with their Pattadar Passbook (PPB) number. The MeeSeva operator collects the farmer's details and records information regarding the cultivated area and crops.

The required quantity of urea is booked with the fertiliser dealer selected by the farmer. A booking ID is issued immediately after verifying the OTP sent to the farmer's registered mobile number.

The booking ID obtained through MeeSeva is valid for 48 hours, excluding the date of booking. Farmers must contact their chosen fertiliser dealer and purchase urea before the booking deadline expires.

The Agriculture Department advises that subsidised urea booking should be done only through the official fertiliser booking app or MeeSeva centres.

--IANS

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Mumbai, July 9 (IANS) Tata Consultancy Services (TCS), India's largest software services exporter, on Thursday reported a consolidated net profit of Rs 13,349 crore for the first quarter of FY27, down 3 per cent from Rs 13,718 crore recorded in the January-March quarter of the previous financial year (Q4 FY26).

On a year-on-year basis, however, net profit rose 5 per cent from Rs 12,760 crore reported in the corresponding quarter last year (Q1 FY26).

Revenue from operations increased 14 per cent year-on-year to Rs 72,275 crore during the April-June quarter, compared with Rs 63,437 crore a year earlier.

Sequentially, revenue rose 2 per cent from Rs 70,698 crore in the previous quarter.

The company's board declared an interim dividend of Rs 12 per equity share. TCS has fixed July 15, 2026 as the record date to determine eligible shareholders, while the dividend will be paid on July 31, 2026.

Commenting on the results, Chief Executive Officer and Managing Director K. Krithivasan said the company maintained its growth momentum despite a challenging global business environment.

"Q1 FY27 reflects continued growth momentum and the strength of our strategic positioning, despite geopolitical and macro-economic headwinds. We delivered a strong order book of $9.5 billion, including a marquee AI-led transformation deal with SKF, while continuing to add clients across key revenue bands and scaling our AI business to a $2.6 billion annualized revenue run rate," he said.

For the quarter, TCS reported an operating margin of 24.0 per cent and a net margin of 19.2 per cent. Net cash generated from operations stood at Rs 12,412 crore, equivalent to 93 per cent of net income.

The company's total workforce stood at 593,798 employees at the end of the June quarter, while the last twelve months (LTM) attrition rate in its IT Services business was 13.6 per cent.

--IANS

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New Delhi, July 9 (IANS) The government has rolled out more customs duty relief to lower the cost of importing a wide range of components and capital goods used to produce electronic goods such as smartphones and lithium-ion battery manufacturing, in order to promote domestic production of finished products.

The Central Board of Indirect Taxes and Customs (CBIC) has issued three separate notifications to roll out the customs duty waiver and expand the list of goods eligible for concessional duty.

The government’s has issued a notification exempting five components used in manufacturing display assemblies for automotive, medical and industrial applications from basic customs duty until March 31, 2029. These include cells, flexible printed circuit assemblies (FPCAs), backlight units, frames and anisotropic conductive film (ACF).

The exemption, however, does not cover display assemblies for mobile phones, smartwatches, smart meters, television panels and interactive flat-panel displays.

A separate notification has been issued to extended zero customs duty until March 31, 2029, on six components used in manufacturing inductor coil modules for wireless charging in cellular mobile phones. These include nano-crystalline assemblies, E-shields, PET liners, PC shims, stranded and NFC coils, and neodymium-iron-boron (NdFeB) magnets.

The third CBIC notification has been issued for replacing the existing list of machinery eligible for concessional customs duty for lithium-ion cell manufacturing with an expanded list of 85 capital goods.

The revised list includes coating machines, winding machines, welding systems, testing equipment, formation machines, drying systems and other specialised manufacturing equipment used across the lithium-ion cell production process. The move aims to improve cost competitiveness and support domestic value addition in electronics and electric vehicles.

The duty waivers and concessions, which are valid until March 31, 2029, aim to reduce the import cost of critical components and capital goods, which will improve cost competitiveness, encourage greater domestic value addition. This reinforces the government’s broader strategy of building domestic capabilities in advanced electronics, battery manufacturing and electric mobility supply chains.

--IANS

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Mumbai, July 9 (IANS) Benchmark equity indices rebounded on Thursday, with the Sensex gaining over 238 points and the Nifty closing above the 23,960 mark as buying in realty, consumer durables and PSU bank stocks lifted investor sentiment.

The Sensex rose 238.22 points, or 0.31 per cent, to settle at 76,741.82, while the Nifty advanced 80.75 points, or 0.34 per cent, to close at 23,962.80.

Commenting on Nifty technical outlook, experts said that the 24,100–24,200 range remains an immediate resistance zone.

"A decisive close above this band is essential to confirm a bullish breakout and pave the way for a potential recovery towards the 24,400 level," an analyst said.

"On the downside, 23,900 continues to act as a crucial near-term support. A sustained break below this level could intensify selling pressure, exposing the index to further downside towards the 23,800–23,600 zone," a market expert mentioned.

Among the Nifty constituents, Sun Pharmaceutical Industries, Bajaj Finserv and Bharti Airtel emerged as the top gainers, supporting the market's recovery.

The broader market outperformed the benchmark indices, with the Nifty MidCap index ending 1.38 per cent higher and the Nifty SmallCap index rising 1.80 per cent.

On the sectoral front, the Nifty Realty index led the gains, followed by the Nifty Media, Nifty Consumer Durables and Nifty PSU Bank indices, which also ended the session in positive territory. In contrast, the Nifty IT index was the biggest laggard, limiting the overall gains in the market.

Experts said that the day's performance reflected renewed investor interest in domestic-facing sectors, while broader market strength outweighed weakness in information technology stocks.

"Domestically, sentiment remains relatively resilient, underpinned by an improved outlook for H2, a recovery in rainfall conditions, and better valuation levels. That said, the latest US Fed minutes flagged renewed inflation concerns, which could weigh on the performance of the global market," a market expert noted.

--IANS

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New Delhi, July 9 (IANS) The government will take a view on further action against Meta after examining the company's formal response to a notice issued over Child Sexual Exploitative and Abuse Material (CSEAM) allegedly promoted through paid advertisements on Instagram, IT Secretary S. Krishnan said on Thursday.

Speaking on the sidelines of the CII GCC Business Summit here, Krishnan said the Ministry of Electronics and Information Technology (MeitY) is awaiting Meta's formal reply before deciding its next course of action.

"We will await the formal response to the notice that we have issued, and thereafter we will take a view based on what the response is," Krishnan said.

The government had issued a notice to Meta on Saturday after concerns emerged over paid advertisements on Instagram allegedly promoting and facilitating access to Child Sexual Exploitative and Abuse Material (CSEAM).

MeitY directed Instagram to disable all advertisements and content linked to such material.

Earlier, IT Minister Ashwini Vaishnaw had instructed ministry officials to summon Meta and seek an explanation regarding the alleged presence of child sexual abuse material in advertisements on Instagram. The ministry also sought details of the action taken by the social media company to address the issue.

Within days of receiving the notice, Meta published a blog detailing its efforts to combat child sexual abuse material across its platforms. The company described child exploitation as a "horrific crime" and said it deploys artificial intelligence-powered detection systems alongside large-scale enforcement measures to identify and remove abusive content.

Meta also said it would continue investing in technology, strengthen its advertisement review processes and enhance safeguards to protect young users.

The government's scrutiny follows reports that alleged Meta's recommendation algorithm had been promoting videos containing child sexual abuse material, raising concerns over the effectiveness of the platform's safety mechanisms and content moderation systems.

Speaking on India's progress in infrastructure, he said that the country has the distinct potential to become the 'office space of the world'—managing not just back-offices, but front-end global operations.

"This is an extraordinary opportunity we cannot afford to miss, and AI will be the ultimate catalyst in this endeavour," Krishnan said.

--IANS

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New Delhi, July 9 (IANS) Global capability centres (GCCs) have transformed from back-office support units into hubs for research, design and innovation, making them a key pillar of India's economy and an important contributor to the vision of Viksit Bharat, Ajoy Sharma, Additional Secretary and Director General (Employment), Ministry of Labour and Employment said on Thursday.

Speaking in the national capital, Sharma said GCCs have witnessed tremendous growth over the years and are now undertaking high-value activities such as research and design, moving significantly up the value chain.

"The GCC is a very important pillar of our economy, and as we have seen, GCCs have grown tremendously. This is a time when a great transformation is taking place. Earlier, GCCs were thought of as entities doing back-office work cost-effectively, but that has changed significantly. They are now undertaking research and design work, which is much higher up the value chain," Sharma told.

He said the sector has become an important pillar of the Indian economy at a time when the country is undergoing a major economic transformation.

Referring to Prime Minister Narendra Modi's vision of Viksit Bharat, Sharma said the government, industry and other stakeholders are collectively working towards achieving the goal of making India a developed nation.

"If I look at the GCC sector, Prime Minister Modi's vision of Viksit Bharat is something that not only the government but also the industry and everyone else is working towards. It is something that everyone is focusing on," he stated.

He added that achieving the Viksit Bharat objective requires a whole-of-government approach, with every ministry working together in coordination.

Sharma said the responsibility does not rest with the government alone, but also requires active participation from industry and all stakeholders to drive India's long-term development agenda.

"Everyone has to work. As I said clearly, it's not only the government. In achieving the vision of Viksit Bharat, every ministry is working hand in hand, and it is a whole-of-government approach, whatever project we take up," he mentioned.

--IANS

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New Delhi, July 9 (IANS) India has the resilience to deal with the economic impact of rising crude oil prices and ongoing geopolitical tensions in the Middle East, and there is no need for panic despite the prevailing global uncertainty, Vijay Kalantri, World Trade Center Chairman said on Thursday.

Speaking to IANS, Kalantri said the escalation in tensions following fresh US military action against Iran has led to volatility in global markets, with crude oil prices rising above $78 per barrel and the Indian rupee coming under pressure.

He noted that the uncertainty has also affected investor sentiment, resulting in weakness in stock markets.

"Higher crude oil prices could increase India's import bill and exert upward pressure on inflation, as the country imports a significant portion of its energy requirements," he mentioned.

However, he stressed that the current situation does not warrant panic.

"India has successfully managed periods of much higher crude oil prices in the past, including when oil traded above $100 per barrel. The economy has demonstrated resilience during previous global crises and is capable of handling the present situation as well," Kalantri pointed.

He added that while the geopolitical situation remains uncertain and its future course will depend on developments involving the US, Iran and other global stakeholders, India should remain focused on maintaining economic stability rather than reacting with alarm.

"The situation is evolving, and we need to closely monitor developments over the coming days. But India has handled similar challenges before, and I believe the country is in a strong position to deal with the current uncertainty," Kalantri said.

"We should not panic. There is uncertainty at the moment, but India has handled higher oil prices in the past. We need to closely watch how the situation develops over the coming days," Kalantri mentioned.

--IANS

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New Delhi, July 9 (IANS) Union Petroleum and Natural Gas Minister Hardeep Singh Puri has rejected criticism of ethanol-blended fuel, asserting that E20 petrol is scientifically tested, safe for vehicles and central to India's push for energy self-reliance, while alleging that a misinformation campaign had intensified after the rollout of E85-compatible vehicles.

In a post on X, the minister said India has been using E15 fuel since April 2023, E19 since April 2024 and E20 since April 2025, with no major issues reported despite widespread adoption.

"More than 20 crore two-wheelers and over 20 lakh four-wheelers have been running successfully on E20 fuel for years, yet suddenly a campaign against ethanol blending has gathered pace," Puri said.

He claimed the criticism intensified after India launched E85 fuel for flex-fuel vehicles on June 5, describing it as a major step towards reducing the country's dependence on imported crude oil.

"Look closely at the timeline and the pattern becomes difficult to ignore," the minister said, alleging that fearmongering around ethanol-blended fuels began soon after the launch of E85-compatible vehicles.

Puri said India imports more than 85 per cent of its crude oil and accounts for around 30 per cent of global oil demand growth, making the expansion of domestic alternative fuels critical for the country's energy security.

"Every litre of ethanol blended into petrol helps reduce crude oil imports, strengthens India's energy security, reduces air pollution, supports domestic farmers and saves valuable foreign exchange," he said.

Describing E20 as a widely tested, verified, scientific, internationally proven and completely safe fuel, the minister said the ethanol blending programme had transformed the country's 'Annadatas' (food providers) into 'Urjadatas' (energy provider) by creating an additional source of income for farmers.

Moreover, he noted that the ethanol blending programme was initiated during the previous Congress-led government, adding that opposition to its accelerated implementation now appeared to be politically motivated.

According to the minister, the programme not only reduces India's dependence on imported crude oil but also makes the country less vulnerable to geopolitical disruptions and global oil price volatility.

--IANS

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New Delhi, July 9 (IANS) India's economy is projected to grow 6.6 per cent in FY27, with the country expected to remain among the world's fastest-growing major economies despite global headwinds, supported by policy measures and strong services exports, a report has said.

The report by the Asian Development Bank (ADB) said its revised FY27 growth projection remains higher than the International Monetary Fund's (IMF) latest FY27 growth estimate of 6.4 per cent.

"Growth will be supported by policy interventions to attract more foreign capital, as well as fuel tax cuts, targeted credit support, strong services exports, and public capital expenditure," the ADB said.

The lender also retained its FY28 growth forecast for India at 7.3 per cent, unchanged from its April outlook.

It said the medium-term outlook is supported by improving global conditions and export competitiveness gained through trade agreements with various partners.

According to the report, elevated energy prices prompted the downward revision in the FY27 growth forecast as they erode real incomes and dampen consumer spending.

It cautioned that risks to the outlook remain tilted to the downside due to heightened geopolitical tensions and weather-related weakness in agriculture.

The ADB also revised India's inflation forecast for FY27 to 5.2 per cent, while retaining its FY28 inflation forecast at 4 per cent.

For the broader region, the ADB lowered its growth forecast for South Asia to 6.0 per cent in 2026 from 6.3 per cent projected earlier, citing higher oil prices, rising freight costs and uncertainty over remittance flows.

Across developing Asia and the Pacific, the lender trimmed its 2026 growth forecast to 4.9 per cent from 5.1 per cent, saying the prolonged conflict in West Asia has disrupted energy supplies and supply chains, raising production costs and slowing economic activity.

Despite the near-term challenges, the ADB said India's growth outlook remains among the strongest globally, supported by ongoing reforms, public investment and resilient services exports.

--IANS

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