Category: Business

Bhubaneswar / Gujarat, May 5 (BNP): Odisha Chief Minister Mohan Charan Majhi has commenced a three-day official visit to Gujarat, covering four major cities from May 5 to May 7, as part of efforts to enhance industrial cooperation and attract new investments to the state.

The visit is aimed at strengthening Odisha’s engagement with Gujarat’s well-established manufacturing ecosystem and exploring new opportunities across key sectors.

During the tour, the focus will remain on textiles, chemicals and petrochemicals, metals and downstream industries, and pharmaceuticals. The initiative is expected to generate strong investment interest from industrial stakeholders in western India.

The engagement is part of Odisha’s broader strategy to accelerate industrial growth, boost employment generation, and position the state as a competitive investment destination.

May 5 (BNP): India’s liquefied petroleum gas (LPG) consumption declined sharply by 16% in April, as supply disruptions linked to escalating tensions in West Asia affected availability across both domestic and commercial segments.

According to official data, the fall in consumption reflects the impact of constrained supplies in global energy markets, which have been under pressure due to ongoing geopolitical conflict in the region.

The disruption has particularly influenced cooking gas distribution, leading to reduced usage in household kitchens as well as commercial establishments dependent on steady LPG supply.

Authorities continue to monitor the situation as external supply conditions remain volatile amid continuing instability in West Asia.

New Delhi, May 5 (BNP): India’s net direct tax collections recorded steady growth in FY26, rising 5.12% year-on-year to ₹23.40 lakh crore, compared with ₹22.26 lakh crore in the previous financial year.

The increase reflects combined collections from corporate and non-corporate taxes, indicating continued expansion in the tax base despite challenging global and domestic economic conditions.

During the same period, tax refund outgo declined slightly by 1.09% to ₹4.71 lakh crore, suggesting relatively stable refund requirements compared to the previous year.

However, overall collections fell short of the revised budget estimate for FY26, highlighting moderation in revenue growth momentum.

The data underscores a stable yet slower-than-expected growth trajectory in direct tax mobilisation for the fiscal year.

New Delhi, May 5 (BNP): Indian rupee weakened in early trade on Tuesday, falling 20 paise to 95.43 against the US dollar amid heightened global risk sentiment.

Currency traders attributed the decline to renewed geopolitical tensions following fresh military exchanges between the United States and Iran in the Gulf region. The developments have triggered risk aversion in global markets, prompting investors to move toward safe-haven assets, particularly the US dollar.

Adding to the pressure, Brent crude oil prices remained elevated near $113 per barrel, continuing to weigh on oil-importing economies such as India.

At the interbank foreign exchange market, the rupee opened at 95.30 and slipped further during early deals before settling at 95.43 against the dollar, marking a decline from its previous close.

Pune, May 05: Cloud.in, a leading cloud solutions and managed services provider, announced the appointment of Amol Shinde as Alliance Head, reinforcing the company’s commitment to deepening its partner ecosystem and accelerating collaborative growth across cloud and technology alliances.

In his new role, Amol will lead Cloud.in’s alliances and partnerships strategy, scaling strategic partner programs and forging new alliances. He will also be responsible for strengthening partner enablement and capability building, driving marketplace initiatives and expansion, and building a stronger portfolio to solve real-world customer challenges.

Announcing the appointment, Rahul S Kurkure, Founder and Director, Cloud.in, said,

“The next phase of cloud evolution is defined by collaboration-led growth. Amol’s appointment emphasizes Cloud.in’s commitment to building a world-class partner ecosystem that drives real business outcomes. His expertise in scaling cloud alliances will be instrumental as we expand our geographic reach and enhance our portfolio, ensuring we remain at the forefront of the cloud engineering domain”

With 14 years of experience Amol brings a strong track record of driving alliance-led growth, enabling co-innovation, and creating value-driven engagement models across diverse technology ecosystems. In his new role, he will be responsible for strengthening Cloud.in’s partner network, enhancing go-to-market collaboration, and unlocking new growth opportunities through strategic alliances. Prior to joining Cloud.in Amol has held strategic roles at Crayon, Accenture, Yotta Infrastructure Solutions, and Kryptos Networks, where he has had exposure to diverse domains and complex technology landscapes.

Commenting on his new role, Amol Shinde said,

“I have followed Cloud.in’s growth over the last few years and am impressed with the organization’s focus on delivering exceptional value. I look forward to being part of the team that specializes in delivering tailored cloud strategies that drive innovation and business success. My focus here is to build strong, collaborative partnerships and leverage the strengths of our ecosystem to drive strategic geo expansion, along with establishing a greater portfolio that solves real-world customer problems as we move forward.”

 

New Delhi, May 5 (BNP): Union Minister of Commerce and Industry Piyush Goyal chaired a high-level review meeting with senior officials to assess the progress of India’s ongoing Free Trade Agreement (FTA) negotiations and to chart a strengthened export strategy.

Held a review meeting with key officers and chief negotiators to assess the progress of India’s Free Trade Agreements.

Discussed ways to encourage more businesses to export from India, further unlocking the country’s potential to export world-class products.

Also, explored… pic.twitter.com/L4WGSaXuOF

— Piyush Goyal (@PiyushGoyal) May 4, 2026

During the meeting, the Minister reviewed the status of key trade discussions aimed at expanding India’s global market access and improving competitiveness for domestic exporters. Officials also presented updates on ongoing engagements with partner countries and outlined steps to accelerate trade facilitation efforts.

The review focused on enhancing India’s export performance through deeper integration into global value chains, diversification of export markets, and strengthening sector-specific competitiveness.

Emphasising the importance of trade expansion, the Minister directed officials to further streamline processes and ensure that ongoing FTA negotiations align with India’s broader economic and strategic priorities.

The meeting also underlined the government’s continued commitment to boosting exports as a key driver of economic growth and job creation.

New Delhi, May 5 (BNP): India’s automobile sector is expected to maintain its growth momentum over the next two to three quarters, with strong demand likely to persist through calendar year 2026, according to a report by Antique Stock Broking.

The industry has entered FY27 on a positive note, recording healthy volume growth across segments such as passenger vehicles, commercial vehicles, two-wheelers, tractors, and electric vehicles. This broad-based expansion has been supported by improved affordability, upbeat rural demand, and a steady shift toward premium offerings.

The report suggests that favourable market conditions could continue to drive the sector in the near term. However, it also highlights potential risks on the horizon. Rising geopolitical tensions may affect export performance and profitability, particularly in the first half of FY27.

In addition, factors such as higher freight costs, increasing commodity prices, and possible supply chain disruptions could pose challenges, even as the overall outlook for the sector remains strong.

New Delhi, May 5 (BNP): The National Stock Exchange of India (NSE) has introduced Electronic Gold Receipts (EGRs), marking a significant step toward modernising gold trading in the country. The new segment aims to improve transparency and make price discovery more efficient in one of India’s most widely traded commodities.

Electronic Gold Receipts are digital securities that represent ownership of physical gold. The underlying gold is securely stored in vaults approved by Securities and Exchange Board of India (SEBI) and held in electronic form through depositories, ensuring safety and reliability for investors.

With this initiative, NSE seeks to connect the traditional gold market with the formal financial system. Investors can now trade gold in a regulated environment without the need to handle physical assets, making the process more convenient and accessible.

Market participants believe the introduction of EGRs could encourage broader participation by offering a transparent, secure, and technology-driven platform. The move is also expected to strengthen trust and bring greater efficiency to gold trading in India.

New Delhi, May 5 (BNP): Global equity markets opened on a subdued note following renewed geopolitical tensions in the Middle East, which have unsettled investor sentiment worldwide. Concerns over potential disruptions to crude supply routes have led to a sharp increase in oil prices, with benchmarks rising to $113 per barrel.

The surge in oil prices has heightened fears of inflationary pressures and posed fresh challenges to global economic stability. Investors remain cautious as rising energy costs could impact corporate margins and consumer spending in the near term.

Market participants are closely monitoring developments in the region, particularly around key shipping routes, as any escalation may further influence commodity prices and financial markets. Analysts expect volatility to persist as geopolitical risks continue to shape market dynamics.

Mumbai, May 05: Airport NEO Ground Services Company —evolved from Vietjet’s Ground Services Center (VJGS) — has successfully handled Air India’s inaugural scheduled international flight to Hanoi at Noi Bai International Airport. This milestone coincides with Vietjet more than doubling its brand value to become the world’s fastest-growing airline brand in 2026. 

Airport NEO now delivers a full suite of ground handling services for Air India’s flights to and from Hanoi, backed by rigorous safety and security standards, internationally benchmarked operations, and superior service quality. 

Launched in 2020 as VJGS, Airport NEO provides a comprehensive ecosystem of services, including passenger handling, ramp operations, load control, inflight provisioning, cabin cleaning, ramp technical support, and commercial terminal services. With modern facilities and a dedicated professional workforce, the company ensures efficient self-handling for Vietjet flights, boosting operational control, safety, service quality, and on-time performance. This milestone with Air India further proves Airport NEO’s ability to meet the world’s strictest international standards. 

Looking ahead, Airport NEO will invest in infrastructure, equipment, and talent to deliver reliable services for domestic and international airlines. As a key pillar of Vietjet’s aviation ecosystem, it supports the group’s global expansion strategy. 

Aligning with this momentum, Vietjet’s brand value has soared 117% to USD906 million in 2026, according to Brand Finance’s Airlines 50 2026 report. This growth is fueled by breakthroughs across key international markets, including India as well as Southeast Asia, Australia, China, Japan, Kazakhstan, among others. With Indian travellers increasingly prioritising affordability and sustainability, Vietjet offers convenient connectivity to Southeast Asia and beyond, through direct routes connecting Delhi, Mumbai, Ahmedabad, Hyderabad, and Bengaluru to Hanoi and Ho Chi Minh City, two of Vietnam’s top travel hotspots.

The airline’s growth is also supported by strong passenger demand with load factors reaching 86%, and diversified ancillary revenues, now accounting for 41% of total income. Combined with a young, fuel-efficient fleet and disciplined operations, these factors have propelled Vietjet’s rapid rise, firmly establishing it as the year’s fastest-growing airline brand.