A report in The Indian Express said the payments were allegedly made to the Maharashtra State Road Development Corporation (MSRDC), a state government agency, just days before former chairman Atanu Chakraborty resigned on March 18.

This order came after an internal audit of the bank’s marketing department, covering the FY25 period, flagged these payments and rated the department’s performance as “unsatisfactory,” the report said.

The Indian Express investigation, based on internal records, found that the payments were intended for Maharashtra State Road Development Corporation as “differential interest”, or interest paid above the specified rate on its deposits. However, instead of being directly credited to MSRDC’s account as interest income, the funds were allegedly routed through the bank’s marketing department and shown as contributions towards a road safety awareness campaign via four local vendors.

Records reviewed during the probe also indicated that the payout was approved during senior-level discussions attended by Sashidhar Jagdishan. According to testimonies by several officials in the internal investigation, Jagdishan participated in calls convened to examine ways for the bank to compensate MSRDC and was part of the decision to route the differential interest through the marketing budget as a one-time arrangement.

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HDFC Bank Chief Marketing Officer Ravi Santhanam acknowledged in his testimony during the vigilance probe that the marketing department acted as a “facilitator to camouflage differential interest reimbursement as marketing spend”.
Significantly, the vigilance probe report was sent to the Audit Committee of the Board (ACB) on April 10 and to the Nomination and Remuneration Committee of the Board a week later, the media report said.Vigilance probe details
According to The Indian Express, in 2021, HDFC Bank approached MSRDC, a Maharashtra government infrastructure agency, seeking its savings deposits. The bank was then offering 3.5% interest on savings accounts. MSRDC, sources say, verbally indicated that competing financial institutions were offering 6% or higher and said it would route deposits from a major land acquisition project — anticipated to be worth around Rs 25,000 crore — through HDFC Bank if it received a rate of at least 6.01%.

MSRDC also allegedly sought an upfront fee of Rs 5 crore. The bank declined this demand. However, internal email correspondence reviewed by the vigilance team showed that the bank instead structured a 6.01% return, folding in additional interest above 6% to effectively account for MSRDC’s expectations.

To accommodate this, the bank’s Asset Liability Committee approved a special savings bank interest rate of 4.5%, applicable to certain large deposits, in anticipation that MSRDC would bring in over Rs 10,000 crore. However, when only around Rs 200 crore was received in the initial months, the 4.5% rate window was shut after two months, in April 2022.

According to The Indian Express, the bank had committed to a return of 6.01% but could no longer offer even 4.5% through normal channels. The gap between what regular customers were receiving (3.5%) and what MSRDC had been promised (6.01%) — a differential of 2.51 percentage points — had to be paid out somehow.

The solution allegedly devised by senior management was to route the differential through the marketing department, disguised as sponsorship payments for a road safety awareness campaign run by MSRDC.

Letters formalising the arrangement were signed not by senior executives but by a junior staff member, acting on the instruction of a cluster head and, according to the vigilance report, with verbal approval from a zonal head.

The letters did not specify the tenure of the arrangement or any minimum balance threshold. They were, the report notes, “not vetted by legal or compliance teams” and made no mention of the internally agreed 6.01% return. These “incomplete and poorly drafted” letters subsequently became the basis for MSRDC’s insistence on receiving differential interest payments.

Violations
The vigilance report identifies several serious regulatory and governance breaches.

It flags a violation of the RBI’s Master Directions on interest rates on deposits, which explicitly prohibit banks from offering negotiated returns to individual depositors, according to the media report. By routing the differential interest to MSRDC through vendor payments and effectively compensating a customer at a rate unavailable to others, the bank is alleged to have done what the regulation forbids.

The report also flags a violation of the bank’s own anti-bribery and anti-corruption policy. The policy prohibits payments that could constitute “improper inducement”. Routing interest payments through vendors in the form of marketing expenses, the report said, falls squarely within that prohibition.

HDFC Bank controversy
On March 18, part-time Chairman and independent director Atanu Chakraborty tendered his resignation. In his letter, Chakraborty pointed to certain developments and practices within the bank over the past two years that did not align with his personal values and ethics. “This is the basis of my aforementioned decision,” he wrote.

Since the development, HDFC Bank shares are down nearly 8%. The stock has slipped 23% in 2026.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

China has initiated a major crackdown on cross-border stock trading practices in an effort to tighten regulatory oversight and curb financial risks. The government aims to address illegal activity, such as unauthorized capital outflows and arbitrage schemes that undermine market stability. Authorities have emphasized enhancing supervision of foreign investment channels and increasing penalties for violations.

This crackdown comes amid concerns over the rapid growth of cross-border trading volumes, which have fueled fears of capital flight and market manipulation. Regulators are deploying advanced monitoring tools and stricter licensing procedures to prevent illicit activities.

The move aligns with China’s broader efforts to maintain financial stability and protect investor interests amid expanding international financial integration.

Market participants are closely watching how these measures will impact foreign investment flows and stock market performance. Experts believe that while the crackdown may temporarily slow cross-border trading, it could foster a more transparent and resilient financial environment in the long term.

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Speaking to ET Now, Sanger said both the United States and Iran appear increasingly inclined toward a negotiated settlement, lowering the chances of a severe disruption in oil supply.

“The probability of a spike is much lower now because it is very clear that President Trump wants a deal and Iran wants a deal too and it knows it is getting a deal on much more favourable terms,” Sanger said.

While fears of crude touching $150 a barrel have faded, he cautioned that oil is unlikely to revisit the $60-$70 range anytime soon. Instead, markets may need to adjust to a prolonged phase of elevated energy prices.

Oil May Stay Elevated for Months

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Sanger believes the unwinding of supply disruptions will not happen overnight. Even if geopolitical tensions cool, logistical bottlenecks and depleted global inventories are likely to keep crude prices firm for an extended period.“It is going to take months not weeks for things to normalise,” he said.
According to him, once oil flows from the Persian Gulf stabilise, consuming nations will begin rebuilding inventories that were heavily depleted during the conflict period. That process itself could create additional demand pressure.
“So, both of those mean that oil is probably going to sustain $80 to $90,” he noted, adding that Brent crude could still briefly move back toward $110 if the supply normalisation process takes longer than expected.

However, he stressed that the likelihood of another runaway rally similar to earlier fears of $150 crude remains low unless the region witnesses a major escalation again.

Inflation Risks Still Remain
While $85-$90 oil may not severely damage global growth, Sanger warned that the broader inflation picture remains concerning. Energy inflation is no longer limited to crude oil alone, with natural gas, fertilisers, and other commodities also contributing to price pressures worldwide.

“The risk from that inflationary spiral or persistent high inflation is that central bankers may be forced to be a little more hawkish,” he said.

Higher-for-longer inflation could force several central banks to maintain tight monetary policies or even raise rates again, potentially slowing economic growth in the short term.

Still, Sanger argued that structurally stronger drivers such as artificial intelligence-led investments are unlikely to be derailed by moderately elevated oil prices.

“I think that AI theme is going to remain to be a powerful theme,” he said, suggesting that the global technology and infrastructure cycle remains robust despite energy market volatility.

Trump-Iran Negotiations Enter a Delicate Phase
Sanger also offered a sharp assessment of the ongoing negotiations between the US and Iran, suggesting that Washington is under mounting pressure to secure a deal that does not appear politically damaging domestically.

“It is pretty clear that Iran has come out on top. US has come out looking very ineffective in this war,” he remarked.

According to Sanger, former US President Donald Trump now faces competing pressures from different factions within his political base. Anti-war supporters within the MAGA movement are opposed to deeper military involvement, while hawkish groups are resistant to offering concessions to Iran.

He pointed out that Iran is demanding sanctions relief and upfront financial commitments, making negotiations politically sensitive for Trump, who had earlier criticised previous administrations for being too lenient toward Tehran.

Sanger believes the biggest challenge now lies in crafting a deal that allows both sides to claim victory domestically.

“The biggest risk is that Iran is asking for so much that Trump is going to have a hard time pretending that the US won,” he said.

He warned that if negotiations drag on for weeks or months, oil markets could again become vulnerable due to low inventories and continued uncertainty around shipping routes in the region.

What It Means for India
For emerging markets like India, easing crude volatility would provide significant relief, especially given the country’s dependence on imported energy and fertilisers.

Sanger said India would benefit if oil price upside risks fade and fertiliser supply concerns ease. However, he also cautioned that the dominant global investment narrative has shifted heavily toward artificial intelligence, an area where India is not currently viewed as a primary beneficiary.

“If the theme of the moment is AI, then India is on the outside looking in,” he said.

According to him, India will need to demonstrate stronger domestic growth drivers beyond the global AI boom, particularly at a time when inflationary pressures could remain elevated.

As global markets navigate a fragile geopolitical environment, Sanger’s outlook suggests that while fears of an extreme oil shock may have moderated, the era of cheap crude may already be behind us.

This article was written by

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The company released its results on Tuesday after market hours. While losses contracted sharply, revenue grew 12% YoY to Rs 2,163 crore in Q4 FY26, up from Rs 1,930 crore in the same quarter last year.

Although the net loss contracted sharply year-on-year, it increased sequentially from the Rs 28.43 crore net loss reported in the October-December quarter of the same financial year. The firm’s topline also declined 11% quarter-on-quarter from the Rs 2,424 crore revenue reported in the previous quarter of FY26.

The company’s adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at Rs 119 crore versus Rs 101 crore in the year-ago period, while the adjusted EBITDA margin in Q4 FY26 was 5.5% compared to 5.2% in Q4 FY25.

Overall for the financial year ending March 31, 2026, FirstCry reported a 23% YoY drop in net loss while revenue grew 12% YoY and EBITDA rose 24% YoY. “With our current initiatives, we believe that structurally the growth rate for both online & offline channels will be much superior in FY27,” the company said in an exchange filing.

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It added that it witnessed sequential improvement in YoY growth rate for revenue, despite heightened competitive intensity during the quarter. With its initiatives in offline channels, GMV grew in the mid-teens in Q4FY26, the filing said.
Morgan Stanley has maintained its “Equal-weight” rating on Brainbees Solutions Limited with a target price of Rs 300 (10% upside). The brokerage noted that margins were impacted by intense competition in the diapers segment and higher manufacturing costs. Management expects the India business growth rate in FY27 to improve over FY26, while manufacturing-related margin pressures are likely to reverse from Q2 onward. The brokerage added that competitive intensity in diapers could continue for another four to six quarters, even as the company targets adding more than 100 stores in FY27.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Coal India announced on Tuesday that it aims to sell 6.16 crore equity shares, representing 1% of Coal India’s total paid-up equity capital, as the base offer size. The government also retains an oversubscription option to sell an additional 6.16 crore shares, taking the total potential offer size to 12.32 crore shares or 2% equity. At the floor price, this would be worth more than Rs 5,000 crore.

The offer for sale will open for non-retail investors on May 27, while retail investors, eligible employees and non-retail investors carrying forward unallotted bids can participate on May 29. It is important to note that the Indian stock market will remain closed on May 28 on account of Bakrid.

The government owned more than 63% stake in the PSU company, as on March 31, 2026. Coal India in its exchange filing further said that the share sale by its promoter will be conducted through a separate window mechanism on BSE and the National Stock Exchange in accordance with the Securities and Exchange Board of India’s OFS guidelines.

Additionally, 16 lakh Coal India shares changed hands in the block deal on Wednesday morning, according to ET Now.

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Also read: Govt to offload up to 2% stake in Coal India via OFS on May 27-29

Coal India share price

Coal India shares sharply declined more than 6% to trade at Rs 428.40 apiece on NSE in the early trading hours of Wednesday. The stock has declined around 5% in one week and more than 3% in one month. Overall, the share price of the miner have gained more than 9% so far in 2026.
In the longer term, Coal India shares gained over 9% in one year, 81% in three years and 202% in five years. The company has a market capitalisation of nearly Rs 2.7 lakh crore.Coal India reported a steady March quarter performance, with consolidated profit after tax rising 12% YoY to Rs 10,908 crore, while revenue from operations increased 6% to Rs 46,490 crore, supported by improved realizations and higher other income.

Further, Coal India’s board also declared a final dividend for FY26 at Rs 5.25 per share. Payment of the final dividend for FY26 will be made subject to approval of shareholders in the upcoming AGM.

Also read: Coal India dismisses shortage fears; says 168 MT buffer available to meet rising demand

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The stock came under pressure even as the company posted robust revenue growth, with investors appearing concerned over rising operational costs and continued losses in the consumer electronics business.

Aequs reported a consolidated net loss of Rs 54.1 crore in Q4FY26, compared to a net profit of Rs 9 crore in the corresponding quarter last year.

However, revenue from operations surged 47% year-on-year to Rs 367.1 crore, up from Rs 249.3 crore in Q4FY25, supported by strong momentum in its aerospace business and rapid scaling of the consumer segment.

EBITDA came in at Rs 32.1 crore, while the EBITDA margin stood at 9%. Margins contracted mainly due to the commencement of commercial operations in the consumer electronics segment during Q3FY26, which led to full operating costs being booked even as utilisation levels remained low.

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The consumer business contributed 17% to total quarterly revenues, highlighting the company’s ongoing expansion in the segment.

FY26 Performance: Revenue and EBITDA Rise, But Losses Widen

For the financial year FY26, Aequs Limited reported a net loss of Rs 113.3 crore, with losses widening compared to the previous financial year. Despite pressure on profitability, the company delivered strong operational performance driven by growth across its core businesses.
Revenue for the year rose 33% year-on-year to Rs 1,230.4 crore, reflecting healthy demand momentum and continued business expansion. EBITDA also registered robust growth, increasing 43% YoY to Rs 154.5 crore. The improvement in margins was supported by operating leverage benefits and enhanced cost efficiencies across operations.
The aerospace division continued to be the company’s primary growth engine during FY26, contributing significantly to overall business momentum and revenue expansion.

Key highlights include:

The aerospace segment continued to witness strong momentum during FY26, with revenue rising 27% year-on-year to Rs 1,046.4 crore. The company also strengthened its long-term business visibility, with the aerospace order book expanding to USD 889 million.

During the fourth quarter alone, Aequs added 433 new aerospace parts, taking its total aerospace portfolio to 5,654 SKUs. Overall, the aerospace SKU portfolio recorded a healthy 26% year-on-year expansion, reflecting growing scale and deeper engagement with global aerospace programs.

Meanwhile, the consumer business continued its rapid scale-up, delivering 84% revenue growth during the year.

Capacity utilisation improved across key business segments during FY26, with the consumer segment operating at 23% utilisation, while the aerospace segment reached 62% overall utilisation, including 70% utilisation in India operations.

To further strengthen its manufacturing presence, Aequs Limited announced major expansion plans through strategic investment commitments. The company signed a Rs 1,900 crore MoU with Tamil Nadu to develop an integrated aerospace ecosystem and a Rs 2,856 crore MoU with Karnataka for capacity expansion across multiple business segments.

Management Commentary

Aravind Melligeri, Executive Chairman and Chief Executive Officer, described FY26 as a “landmark year” for the company, driven by strong execution, business expansion, and its IPO.

He highlighted that the aerospace business continued to gain traction with a strong order book, while the consumer segment entered full-scale production and revenue recognition phase.

According to management, Aequs is now focused on expanding manufacturing capabilities, deepening OEM partnerships, and moving toward higher-margin aerospace programs.

Stock Performance & Technical View

Despite Wednesday’s correction, Aequs shares have rallied nearly 49% over the last three months, reflecting strong investor interest in the company’s aerospace growth story.

The company currently commands a market capitalisation of around Rs 14,500 crore, while its 52-week high stands at Rs 223.85.

On the technical front, the stock’s 14-day Relative Strength Index (RSI) is at 61.8, indicating positive momentum. An RSI below 30 is generally considered oversold, while a reading above 70 signals overbought conditions.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

New research has been commissioned by Energy and Climate Intelligence Unit

Net zero-related industries contribute £4bn of GVA (gross value added) to the Welsh economy and support over 41,300 jobs, shows new research.

The report, commissioned by the Energy and Climate Intelligence Unit (ECIU) with analysis provided by the independent consultancy CBI Economics and the Data City, found that more than 1,300 businesses- mostly (87%) small or medium-sized – are now part of the Welsh net zero economy. Around a sixth (15%) of those have started up in just the past five years.

Workers in the net zero economy are highly productive generating £117,500 of value on average, around 1.7 times the Welsh average. This helps support higher wages with workers earning £39,812 on average, approximately 11% above the Welsh industry average (£35,796).

The GVA contribution of net zero represents 4.3% of Wales’s total economic output and 3.1% of employment.

READ MORE: Economy Minister Adam Price on a new development agency the Development Bank of Wales and economic targetsREAD MORE: Marine engineering firm Avantis eyeing expansion on equity boost

The analysis also found that Wales has a potential £13.1bn renewable energy generation infrastructure pipeline, representing 10.9 gigawatt of capacity, but not all of it as yet is guaranteed to be built.

Wrexham records the highest share of local economic activity (GVA) supported by net zero at 7%, supporting more than 2,340 jobs. The area has a concentration of net zero businesses that is around eleven times higher than the UK average. This is followed by other net zero economic ‘hotspots’: Pembrokeshire (5.3% area GVA, 1,600 jobs), Rhondda Cynon Taf (5.2% area GVA, 2,890 jobs) and Newport (5.1% area GVA, 2,620 jobs).

The jobs are distributed across energy generation, manufacturing, construction, engineering and professional services, from solar panel installers to electric vehicle charging companies. Around 160 firms are involved in electric heat pumps and other renewable heating sources.

Russell Greenslade, CBI Wales director, said: “With our unique natural assets, strength in advanced manufacturing and well-established supply chains, we’ve long known that the net zero economy presents a major commercial opportunity for Wales.

“This new report underlines just how central the net zero economy is to our future prosperity. From onshore and offshore wind to carbon capture and emerging clean technologies, Wales can be at the forefront of the UK’s energy transition, with high-value, highly productive jobs created in every part of the country.

“The UK and Welsh governments must now work in partnership with business to seize that opportunity. That means creating a stable, competitive business environment and investing in the skills that will enable Welsh workers to thrive in the energy transition.”

Peter Chalkley, director of the Energy and Climate Intelligence Unit, said: “Reaching net zero emissions is scientifically the only way to bring balance back to the climate and stop climate change, but it’s also now a major component of the Welsh economy. With countries and states covering 84% of the global economy committed to net zero, Wales is very much part of a global race to build competitive, clean industries.

“This means there is real jeopardy for jobs and livelihoods if politics and policy shift and Wales starts to fall behind – standing still is unfortunately a recipe for decline. The hard work of the staff of hundreds of small businesses are driving the Welsh net zero economy forwards, installing heat pumps and solar panels, developing smart software for charging EVs and producing green hydrogen.”

“These workers are helping to make Wales more energy independent given net zero emissions essentially means burning less oil and gas. But Wales has slipped behind England and Scotland in its construction of renewable energy set against the backdrop of the US Iran conflict and the second oil and gas price crisis in just a matter of years.”

A Labour source said “When it comes to our energy infrastructure, Plaid claim to be pro green energy but have shown themselves to be a party of blockers. Now they are in government, obfuscating won’t do. Their position on undergrounding (transmission lines) doesn’t match the reality needed to help realise Wales’ potential as a leader in clean energy.

“The UK Government has already invested heavily in boosting these sectors in Wales, supporting jobs and helping to lower bills in the process. Plaid shouldn’t put that progress in danger.”