New Delhi: Appellate tribunal NCLAT on Tuesday set aside a Rs 301.6-crore penalty imposed on the Grasim Industries by CCI, directing the fair trade regulator to hear the Aditya Birla Group firm again over its alleged dominance in the viscose staple fibre (VSF) market.

The tribunal observed that the CCI did not provide a chance to Grasim Industries to present their arguments, after it differed from the findings of DG, its probe Unit.

The Competition Commission of India (CCI) had imposed a penalty on Grasim Industries in March 2020 for allegedly abusing its dominant position with respect to supply of VSF to spinners in India in which it has a dominant position.

Also Read: NCLAT dismisses Vedanta’s plea against Adani’s Jaiprakash bid

The order was challenged by Grasim before the NCLAT, which is also an appellate authority over CCI, which asked the regulator to hear afresh.

A two-member National Company Law Appellate Tribunal (NCLAT) bench said the CCI itself has “differed from findings of the DG”, its probe unit, regarding their directions for disclosure of discounting/pricing policy and sale to “buyers” who can trade the VSF.
In such cases, where is a difference between CCI and DG, it “requires the Commission to give opportunity to the opposite party (Grasim)”, said the NCLAT while citing previous judgments.NCLAT said CCI “had omitted to give notice” to the Grasim Industries regarding the disagreement and has thereby “deprived” the Aditya Birla Group firm “an opportunity to defend itself” against the proposed actions.

“We set aside the impugned order and remand it back to the Commission with a direction to provide an opportunity to the Appellant wherever the Commission differs with the findings of the DG and to decide the case expeditiously in a time-bound manner,” NCLAT said.

The NCLAT also made it clear that it has “not commented on the merits of the case” while passing the order, the CCI “should not be influenced by anything contained in this judgement”.

CCI in its order had said it had abused its dominant position in the market for supply of VSF to spinners in India by charging discriminatory prices to its customers, besides imposing supplementary obligations upon them.

The CCI has directed the company to “refrain from adopting unfair/discriminatory pricing practices and also refrain from seeking the consumption details of VSF from the buyers”.

Further, the watchdog had asked Grasim Industries to put in place a discount policy, which is transparent and non-discriminatory to all market participants, and to make it easily and publicly accessible/available.

A complaint alleging unfair business practices was filed against Association of Man Made Fibre Industry of India, Grasim Industries, Thai Rayon, and Indo Bharat Rayon. The three companies are part of the Aditya Birla Group.

VSF is a versatile, biodegradable, cellulosic fiber used widely in fashion apparel, home textiles, and non-woven hygiene products.

Known for its soft texture, high absorbency, and excellent drape, VSF is often blended with cotton, polyester, or linen to enhance comfort, durability, and fabric quality.

Poonawalla Fincorp reported a strong March quarter performance, with profit rising sharply on sequential improvement in margins, higher lending income and stable asset quality. The non-banking finance company on Tuesday reported a profit after tax of Rs 255 crore for the quarter ended March 2026, compared with Rs 150 crore in the December quarter, marking a 70% sequential jump.

Assets under management crossed the Rs 60,000 crore milestone and stood at Rs 60,348 crore at the end of March, the company said in its audited quarterly results.

Net interest income, including fees and other income, rose 78% YoY to Rs 1,276 crore during the quarter.
Pre-provision operating profit came in at Rs 695 crore, up 109% YoY, reflecting stronger operating leverage and higher business volumes.Net interest margin, including fees and other income, improved to 9.05% in the March quarter from 8.62% in the December quarter, an expansion of 43 basis points sequentially. The lender also reported improvement in asset quality.

Gross non-performing assets stood at 1.44% at the end of March, compared with 1.51% in the previous quarter. Net non-performing assets improved to 0.74% from 0.80% in the December quarter.
Credit cost as a percentage of average AUM eased to 2.51% in the March quarter from 2.62% in the previous quarter. Stage 1 assets, which represent the healthiest portion of the loan book, stood at 97.5% of on-book assets compared with 97.4% in the previous quarter.
The company said its secured-to-unsecured on-book mix stood at 54:46 during the quarter. Capital adequacy ratio stood at 16.83% as of March 31, with Tier-I capital at 15.90%, both above regulatory requirements.
Following its recently completed Rs 2,500 crore qualified institutional placement, the company said its simulated capital adequacy ratio would rise to 20.74% based on the March balance sheet, giving it additional headroom for growth.

Liquidity buffer stood at Rs 7,590 crore as of March 2026. Cost of borrowing declined marginally to 7.63%, lower by 2 basis points compared with the previous quarter.

Commenting on the results, Managing Director and CEO Arvind Kapil said the company had reached an “inflection point” in its growth journey. “We have reached a pivotal inflection point in our growth trajectory. By simultaneously expanding our yields and optimizing our operating architecture, we are seeing a powerful expansion in incremental NIMs,” he said.

Poonawalla Fincorp said it continued to invest in technology, adding 19 new AI projects during the quarter, taking the total number of AI-led initiatives to 76, of which 42 have already been implemented.

WillowAce is a modern apparel brand that has built its reputation by challenging long-standing pricing norms in the premium sock market.

The brand began with a simple realisation: high-quality Alpaca wool socks were being sold at inflated prices, often driven more by branding than by material differences.

“We saw people paying $30 to $50 for socks,” WillowAce notes. “Not because they were better, but because of markup.”

Instead of following that model, WillowAce took a different path. It focused on delivering the same premium Alpaca wool blend while cutting unnecessary costs. This allowed the brand to offer its products at a significantly lower price point, without compromising on quality or durability.

Over time, WillowAce has positioned itself as a leader in value-driven apparel. Its approach combines practical material benefits, such as temperature regulation and moisture control, with a strong emphasis on transparency. The introduction of a 200-day guarantee, more than double the industry norm, reflects its confidence in long-term product performance.

“That guarantee is about trust, it shows we stand behind what we make.”

WillowAce has also gained attention for its scalable pricing strategies, including its “Buy 2, Get 2 Free” model. This has helped broaden access to premium materials for a wider audience.

Today, WillowAce is recognised for redefining what “premium” means. It continues to advocate for smarter consumer choices, while proving that comfort, durability, and fair pricing can exist together.

Interview: WillowAce on Redefining Value in Apparel

Q&A with WillowAce

Q: What first led to the creation of WillowAce?

A: It started with frustration. We were looking at the market for Alpaca wool socks and saw prices sitting between $30 and $50. That felt excessive. When we looked closer, it became clear that a lot of that cost came from branding and markup, not from a big difference in product quality. We realised there was room to do things differently.

Q: What was your approach in those early stages?

A: The goal was simple. Keep the quality high, but remove unnecessary costs. We focused on sourcing the same premium Alpaca wool blend and building a product that could compete on performance. At the same time, we looked closely at pricing structures. That’s where we saw the biggest opportunity.

Q: Why focus on Alpaca wool specifically?

A: It’s a very practical material. It regulates temperature well, so it works in both warm and cold conditions. It also wicks moisture and resists odour. Those are everyday benefits. We weren’t interested in using it as a luxury label. We wanted it to be functional and accessible.

Q: Pricing seems central to your identity. How did you land on your model?

A: We asked ourselves what a fair price actually looks like. If we could make the same product and sell it for around $14.99 instead of $30, why wouldn’t we? From there, we introduced the “Buy 2, Get 2 Free” model. That was a turning point. It showed that we could scale while still offering real value.

Q: What role does your 200-day guarantee play in your strategy?

A: It’s about confidence. Most brands offer 30 to 99 days. We doubled that because we believe in the durability of the product. It also removes risk for the customer. If something doesn’t hold up, they have time to see that for themselves.

Q: How have customers responded so far?

A: The feedback has been consistent. People talk about the softness, the durability, and the price. A lot of them say they feel like they found a smarter option. That’s important to us. We want people to feel like they made a rational choice.

Q: Do you see changes happening in the apparel industry overall?

A: Yes, definitely. Consumers are becoming more aware. They are asking questions about materials and pricing. They are comparing more. That shift is creating space for brands that focus on transparency.

Q: What do you think most consumers misunderstand about pricing?

A: Many assume that a higher price always means better quality. That’s not always true. There are often layers of markup that have nothing to do with the product itself. Once people start to see that, their buying habits change.

Q: What does the name WillowAce represent?

A: It reflects what we stand for. “Willow” represents natural comfort and flexibility. “Ace” represents top-tier quality and value. It’s about balance. We want to offer something that performs well without being overpriced.

Q: How do you define success for WillowAce moving forward?

A: Being recognised as the smart choice. If people think of us when they want quality without overpaying, that’s success. We are not trying to be the most expensive brand. We are trying to be the most sensible one.

Vedanta Limited is entering a pivotal new phase where strong operating performance converges with a transformational restructuring, setting the stage for its next wave of growth and value creation, the company’s Chairman Anil Agarwal said Tuesday in a letter to the shareholders. The billionaire businessman called company’s demerger a key milestone

The much-anticipated demerger aimed at unlocking value by carving out focused, world-class businesses, has been is effective May 1, 2026. Each entity will benefit from sharper strategic direction, disciplined capital allocation, and clearly defined growth paths, enabling them to operate as independently scalable, globally competitive companies benchmarked against the best in the industry, Agarwal said.

“The most awaited milestone for Vedanta this year is our demerger, effective 1st May 2026. This transformation marks a pivotal step in unlocking value by creating focused, world-class companies, each with sharper strategic clarity, disciplined capital allocation, and distinct growth pathways. Through this demerger, each of our businesses is emerging as a “Vedanta” in its own right – globally competitive, independently scalable, and benchmarked to the best in the world,” the letter read.

Commenting on Vedanta’s earnings performance, the Chairman said FY26 marked a record year for metal major, with the company reporting its highest-ever profit and revenue, alongside strong shareholder returns.

The company reported a 92% year-on-year (YoY) surge in consolidated net profit to Rs 6,698 crore for the March-ended quarter, compared with Rs 3,483 crore in the year-ago period. Its total revenues from operations in Q4FY26 stood at Rs 24,609 crore, rising 47% YoY versus Rs 16,686 crore in the corresponding quarter of the last financial year.

Read more: Vedanta Q4 Results: Cons profit zooms 92% YoY to Rs 6,698 crore, revenue jumps 47%
He highlighted that the spotlight is now on the structural transformation through the demerger, which will split the conglomerate into multiple independent, globally competitive entities.Each vertical — from aluminium and oil & gas to power and iron & steel — is being positioned as a standalone growth engine with distinct expansion plans, Agarwal said.

Vedanta Aluminium plans to double capacity to 60 lakh tonnes, targeting global cost leadership, while its oil & gas arm is eyeing a sharp ramp-up in production backed by a $5 billion investment. The power business is targeting aggressive expansion to 12 GW, alongside diversification into clean energy, including hydropower and nuclear, he added.

On the iron & steel segment, he said the vertical is scaling up green and specialty steel capacity, supported by strong raw material linkages, while the flagship entity will continue to house key assets like Hindustan Zinc, copper, and critical minerals.

Agarwal emphasised that the demerger, coupled with ongoing investments of Rs 15,000 crore in growth capex, will create a structurally stronger and more resilient group. With improved leverage metrics and a focus on cost leadership, cash generation, and technology adoption, Vedanta is positioning itself to capitalise on long-term demand trends across infrastructure, energy transition, and manufacturing.

The next phase, he noted, will be driven by scale, efficiency, and innovation, with the ultimate goal of delivering sustained value for shareholders while contributing to India’s industrial growth story.

Vedanta shares today ended at Rs 303.90 on the NSE, gaining 3.14% over the Monday closing price.

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

Project Freedom to have the United States Navy open up the Strait of Hormuz for commercial vessels and most importantly oil supertankers is on its own merits a terrific idea. And according to analysts, the Navy has charted a pathway to Oman, away from Iran and fortified by military protection. Sea mines have been cleared, a protective dome stretching well into Iran has been set up. All this is terrific. It’s a great move.

It’s kind of the flip side of the Iranian port blockade, which has now turned around 51 ships at last count. That blockade was also a brilliant strategic move by President Trump and our military. No oil sales, no money for Iran. No making payroll for the Islamic Revolutionary Guard Corps. Nothing but bankrupt businesses.  And all the looting and robbing of moneys taken from the people of Iran and transferred into offshore bank accounts has been frozen or even outright seized by Secretary Scott Bessent’s Treasury plan to prevent the criminals running Iran from ever getting their stolen stash and somehow living high on the hog even after they are totally defeated and obliterated by the Israeli-American coalition. In other words, the embargo is working.

Now we come back to Project Freedom, which officially started Monday. It must prove its worth as rapidly as possible. As far as we know, only 2 commercial ships have yet gotten through. There are however 1,550 commercial vessels sitting at the top of the Arabian Gulf. Most of it is oil. The fact that it’s still sitting there is one key reason why oil prices and gasoline at the pump have jumped up so high.

So the trick here is to get Project Freedom totally geared up so we can be talking about 30 ships, then 50 ships getting through, then 100 ships. At which point, oil prices will start coming down quite a bit. If we don’t, then we risk some embarrassment. And Iran will squawk about it.

Mr. Trump can’t seem to make up his mind just yet about breaking the ceasefire and starting the next round of bombing missions. On “The Hugh Hewitt Show,” he was asked “Is the ceasefire over, Mr. President? Is it over? Are we going to hit them tonight?” Mr. Trump replied: “Well, I can’t tell you that.”

At the White House today, a reporter asked: “What do they need to do to violate the ceasefire?” Mr. Trump replied: “Well, you’ll find out, because I’ll let you know. They know what to do, and they know what to do, and they know what not to do.”

Mr. Trump is surveying his options. That is what a judicious commander in chief must do. The time is drawing nearer, though, when he has to make up his mind. If the Navy can push a couple of hundred oil tankers through the Strait that’s a huge win for America and its allies. And of course if Iran keeps bombing, it will become a death wish as the American-Israeli military alliance finishes the job. Yet Project Freedom has got to deliver. We must make it very clear that America owns the entire Arabian gulf and the Strait of Hormuz.

Gold has maintained its position as a globally recognised store of value, even as financial markets have evolved significantly.

Unlike traditional investments such as equities or bonds, gold does not rely on earnings, dividends, or interest payments. Instead, its value is shaped by macroeconomic forces, including inflation, monetary policy, and investor confidence.

In an environment where financial conditions are becoming increasingly complex, gold is being reassessed not just as a defensive asset, but as a core component of long-term portfolio construction.

Accessing Gold in Modern Markets

One of the key developments in recent years has been the increasing accessibility of gold as an investment. Historically, physical ownership required significant capital, along with secure storage and insurance arrangements.

Today, investors can access physical gold more easily through providers such as Commonwealth Vault, which offers secure storage and direct ownership structures. This allows investors to hold allocated gold outside of traditional banking systems while maintaining full ownership. More information on how this works can be found at 

For those looking to invest in gold more directly, the ability to buy gold online has expanded significantly. Investors can now purchase a range of bullion products, including bars and coins, with varying sizes and price points. A selection of physical gold options can be explored here: 

These developments have broadened access to gold and made it easier to incorporate into a diversified portfolio.

Gold and Economic Cycles

Gold’s performance is closely linked to economic cycles, particularly periods of uncertainty or monetary expansion.

Following the Global Financial Crisis, gold prices more than doubled as central banks introduced large-scale stimulus measures. This increase in liquidity, combined with declining real interest rates, created a favourable environment for gold.

A similar pattern emerged during the COVID-19 pandemic. As governments and central banks responded with unprecedented fiscal and monetary support, gold reached record highs above USD 2,000 per ounce.

These examples highlight a consistent trend. When confidence in financial systems is tested, demand for gold tends to increase.

Inflation Protection Over Time

Gold has long been viewed as a hedge against inflation, although its effectiveness can vary in the short term. Over longer periods, however, it has demonstrated a strong ability to preserve purchasing power.

Since 1971, when the United States moved away from the gold standard under Richard Nixon, gold has delivered average annual returns of around 10 percent, according to the World Gold Council.

During the same period, inflation has significantly reduced the value of fiat currencies. Data from the U.S. Bureau of Labor Statistics shows that cumulative inflation has exceeded 600 percent.

This long-term dynamic reinforces gold’s role as a store of value, particularly in environments where monetary expansion is persistent.

Portfolio Stability and Risk Reduction

Gold’s diversification benefits are well established. It has historically exhibited low correlation with both equities and fixed income assets, making it an effective tool for reducing portfolio volatility.

During periods of market stress, gold often behaves differently from traditional assets. For example, during the sharp market decline in early 2020, the S&P 500 experienced significant losses, while gold recovered quickly and finished the year strongly.

This ability to perform independently of other asset classes is particularly valuable in the current environment, where traditional diversification strategies are being challenged.

Allocating a portion of a portfolio to gold can help reduce downside risk without significantly limiting long-term returns.

Structural Demand Trends

Gold demand is supported by both institutional and consumer activity, creating a strong underlying foundation for the market.

Central banks have been increasing their gold reserves in recent years as part of broader diversification strategies. According to the World Gold Council, central bank purchases exceeded 1,000 tonnes in 2022, the highest level on record.

At the same time, consumer demand remains strong, particularly in countries such as China and India. In these markets, gold serves both as a form of wealth preservation and a culturally significant asset.

Supply, however, remains relatively constrained. Annual gold production increases at a modest pace, and new discoveries are becoming less frequent. This imbalance between supply and demand provides long-term support for gold prices.

Risks and Market Sensitivity

While gold offers several benefits, it is not without risk.

Its performance is influenced by factors such as interest rates, currency movements, and investor sentiment. Periods of rising real interest rates can reduce demand for gold, as higher yields make income-generating assets more attractive.

A strengthening US dollar can also act as a headwind, as gold is priced globally in US dollars.

Short-term price movements can be volatile, particularly in response to economic data releases or changes in central bank policy. However, these fluctuations are typically part of broader market cycles.

Over longer time horizons, gold has maintained its role as a stabilising asset.

Outlook for Gold

The global economic outlook remains uncertain. Debt levels are elevated, inflation remains a concern, and central banks are navigating complex policy decisions.

According to the International Monetary Fund, global public debt continues to exceed 90 percent of GDP, limiting the flexibility of monetary policy.

In this context, assets that are not directly tied to financial systems or currencies become increasingly relevant.

Gold’s independence from these systems is one of its defining characteristics. It does not rely on the performance of any single economy or institution, making it a valuable component of a diversified portfolio.

Gold continues to serve as a core asset within modern investment strategies.

Its long-term performance, combined with strong demand and limited supply growth, supports its role as a store of value and a diversification tool.As global conditions evolve, gold remains a practical option for investors seeking stability, resilience, and long-term value preservation.

There is a particular kind of dinner I have, every couple of months, in a particular kind of place, a Soho members’ club that lets you bring more than three people without an interrogation, in this case, with a particular kind of British technology founder.

He is, by his late thirties, on his third successful company. He has, between them, raised something north of £180 million in venture capital. He has, currently, about 220 employees in London, with another fifty due to be hired in the coming twelve months. He has, last week, sold a further $40 million tranche of his Series C to two American funds.

And he has, somewhere between his second and third glass of red, told me that he is moving the company’s headquarters to New York. Not on principle. Not on tax. Not on regulation. Not even, despite the obvious temptation in this column, on the Chancellor. He is moving because the next $200 million he needs, in 18 months, is in New York, and the practical day-to-day life of a CEO in a series of monthly trips to a city eight time zones from his children is, frankly, too painful. So he is moving the family. The London office will remain. It will, over time, get smaller. A version of this conversation has happened, by my count, with at least twelve British founders I know personally in the last two years.

Britain does not, in 2026, have a start-up problem. We start-up exquisitely. We have, by any international comparison, more new technology businesses per capita than nearly any other developed economy. Cambridge is, on its own, one of the great clusters of the world. London’s software and fintech ecosystems are deeper than Berlin’s, deeper than Paris’s, comparable to New York’s on most measures, with a couple of exceptions. We have brilliant universities, a working tax-incentive regime in EIS, a meaningful angel community, and a steady flow of seed and Series A capital.

What we have is a stay-at-home problem.

The numbers are visible if anyone bothers to look. UK technology IPOs, by listed value, are running at less than 12 per cent of US listings adjusted for relative GDP. UK Series C and onwards rounds are dominated, by deal count, by American lead investors. The proportion of UK technology companies founded in 2018 that have, by 2025, relocated their corporate domicile overseas, to the US, to Delaware, to Ireland, to Singapore, is now over 22 per cent. The proportion of all UK-founded unicorns that listed on the New York Stock Exchange or Nasdaq, rather than the London Stock Exchange, is over 80 per cent for the last decade. Eighty.

Why? It is not, despite the City lobbying, primarily a tax problem. American capital gains rates are not, in any meaningful sense, more friendly to founders than British rates. It is not, despite a great deal of Treasury-led discussion, a corporate-tax problem. The US corporate tax rate, when you blend federal and state, is comparable. It is not, despite the political mood music, a regulatory problem in the technology sectors that matter, the FCA, where it counts for fintech, is a notably more friendly regulator than its American equivalent.

It is, primarily, a depth-of-capital-pool problem. The UK pension system, despite the most articulate efforts of the Edinburgh Reforms and the Mansion House Compact and a half-dozen subsequent initiatives, allocates an embarrassingly small proportion of its £3 trillion of assets to growth-stage British equities. Canadian pension funds are, statistically, more invested in British scale-ups than British pension funds. This is the absurdity of the present situation: the world’s ninth-largest pension industry, hosted in Britain, is not investing in British growth, and is being out-deployed, in British growth equity, by Canadians, Australians, and Americans.

Fix the depth, and the rest of the problem largely goes with it. There are about three things to do. First, get UK Defined Contribution pension money, which is, by the way, growing at over £100 billion a year, into a properly structured British scale-up vehicle, at a meaningful target allocation, with a proper governance overlay. Second, restore the pre-2008 status of the London Stock Exchange as a competitive listing venue for technology businesses, by reforming the dual-class share structures and the listing-rules architecture that has kept it stranded in the era of utilities and miners. Third, make the EIS reliefs permanent, generous, and unfussy at the seed stage, so that the early-stage capital remains the easiest tier to raise.

None of this is impossible. None of this is even, in the international context, particularly bold. The Australians did most of it in 2008. The Canadians did most of it in 2014. The Singaporeans built theirs in around six years. We are, in 2026, still pondering it.

And in the meantime, my Soho friend will, in the autumn, leave. He will take the family. He will keep the London office. The American round will close. The next British unicorn, and there will be a next British unicorn, will, on present trajectory, list, again, in New York. The Mayoral candidates will, on the day after, all denounce the loss to “Brand London”. And the bottle of red, in our particular Soho members’ club, will be uncorked, again, by someone else.

We start-up brilliantly, in this country. We just need, finally, to learn how to keep them. The May locals, it turns out, are not the only thing on the ballot.

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