Iran attack on Qatar gas facility threatens helium supply and global tech chains

by Hansraj Agrawal | Mar 22, 2026 | Business

Qatar, which supplies about a third of the world’s helium, halted production after repeated drone strikes damaged the Ras Laffan plant, the world’s largest LNG facility.

Iran’s attack this week on Qatar’s natural gas export facility threatens to disrupt not just world energy markets but also global technology supply chains because the helium it produces is crucial for a range of advanced industries.

The gas that makes party balloons float is a byproduct of natural gas production, and a key input in chipmaking, space rockets and medical imaging.

Qatar supplies a third of the world’s helium, according to the US Geological Survey, and had to halt production shortly after the war erupted three weeks ago. After repeated Iranian drone attacks on Ras Laffan, the world’s largest liquefied natural gas plant, state-owned QatarGas reported “extensive” damage that will take years to repair and cut annual helium exports by 14 per cent.

Published on March 22, 2026

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US lawmaker calls for 1971 Pakistan atrocities against Bengali Hindus to be declared genocide

by Hansraj Agrawal | Mar 22, 2026 | Business

US Congressman Greg Landsman has introduced a resolution in the House of Representatives to recognise the 1971 atrocities committed by the Pakistani Army and its allies, including Jamaat-e-Islami, against Bengali Hindus as genocide and war crimes.
| Photo Credit:
MOHAMMAD PONIR HOSSAIN

US Congressman Greg Landsman has introduced a resolution in the US House of Representatives seeking to recognise the atrocities committed by the Pakistani Army and its allies, Jamaat-e-Islami, against Bengali Hindus on March 25, 1971, as “war crimes and genocide”.

Landsman, a Democrat Congressman from Ohio, moved the resolution in the US House of Representatives on Friday, and it has been referred to the Committee on Foreign Affairs.

Resolution recalls Operation Searchlight and mass killings

The resolution states that on the night of March 25, 1971, the Government of Pakistan imprisoned Sheikh Mujibur Rahman, and its military units, in conjunction with radical Islamist groups inspired by the ideology of Jamaat-e-Islami, began a general crackdown throughout East Pakistan code-named ‘‘Operation Searchlight’’ that involved widespread massacres of civilians.

It said that on March 28, 1971, United States Consul General in Dacca, Archer Blood, sent a telegram to Washington titled ‘‘Selective Genocide’’, in which he wrote, ‘‘Moreover, with support of Pak military, non-Bengali Muslims are systematically attacking poor people’s quarters and murdering Bengalis and Hindus’’.

‘Blood Telegram’ highlighted US silence during crisis

Landsman noted that on April 6, 1971, in what became known as the ‘‘Blood Telegram’’, Consul General Blood sent an objection to the official United States Government silence on the conflict, signed by 20 members of the Consulate General Dacca.

‘‘But we have chosen not to intervene, even morally, on the grounds that the Awami conflict, in which unfortunately the overworked term genocide is applicable, is purely an internal matter of a sovereign state,” the then diplomat said in the telegram.

Call to recognise atrocities as genocide and war crimes

The resolution moved by Landsman urges the House of Representatives to condemn the atrocities committed by the Armed Forces of Pakistan against the people of Bangladesh on March 25, 1971.

The resolution “recognizes that while the Pakistani Army and its Islamist allies indiscriminately mass-murdered ethnic Bengalis regardless of their religion and gender, killed their political leaders, intellectuals, professionals, and students, and forced tens of thousands of women to serve as their sex slaves.” “They specifically targeted the religious minority Hindus for extermination through mass slaughtering, gangrape, conversion, and forcible expulsion,” it added.

Noting that entire ethnic groups or religious communities are not responsible for the crimes committed by their members, the resolution calls on the President of the United States to recognise the atrocities committed against ethnic Bengali Hindus by the Armed Forces of Pakistan during 1971 and their allies in the Jamaat-e-Islami as crimes against humanity, war crimes, and genocide.

Published on March 22, 2026

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Himachal's ₹54,928 crore Budget for 2026-27 pegs revenue deficit at ₹6,577 crore

by Hansraj Agrawal | Mar 21, 2026 | Business

Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Saturday presented a ₹54,928-crore Budget for 2026-27, with revenue deficit of ₹6,577 crore and fiscal deficit of ₹9,698 crore.

Presenting his fourth Budget, Chief Minister Sukhu, who also holds the finance portfolio, said the Budget was focused on strengthening the rural economy, catering to the requirements of ‘poorest among poor’ and fulfilling the poll guarantees.

The revenue receipts are estimated at ₹40,361 crore in 2026-27, while revenue expenditure is expected at ₹46,938 crore, and the total deficit is pegged at ₹6,755 crore.

The Budget for 2026-27 pegs fiscal deficit at ₹9,698 crore, or 3.49 per cent of the State Gross Domestic Product.

As per the Budget, for every one rupee, 44.14 paisa would be spent on general services, 31.46 paisa on social services, 11.29 paisa on economic services, 5.62 paisa on capital expenditure, 8.81 paisa on repayment of loans and 1.56 paisa on subsidies.

Out of ₹100, a sum of ₹27 will be spent on salaries, ₹21 on pension, ₹13 on interest payment, ₹9 on debt repayment, ₹10 on grants for autonomous institutions and ₹20 on capital expenditure, said the CM.

While the receipts included 26.05 paisa from central taxes, 28.55 paisa from state taxes, 13.40 paisa from Grants-in-Aid, 22.34 paisa from loans and 7.37 paisa from non-tax revenue.

Published on March 21, 2026

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India may boost Iran oil imports during sanctions waiver, says Veena Sikri

by Hansraj Agrawal | Mar 21, 2026 | Business

Former Indian diplomat Veena Sikri

Former Indian diplomat Veena Sikri on Saturday said India is likely to maximise oil purchases from Iran during the temporary sanctions waiver period while continuing to diversify its energy imports to safeguard long-term energy security. In an interview with ANI, Sikri said the recent lifting of sanctions appears temporary, given the evolving conflict between Iran and the United States and Israel. “Well, I think it’s good that, you know, we are again able to buy oil from Iran. I think the lifting of the sanctions seems to be very temporary because there’s no idea how the conflict between Iran on one hand and the US-Israel on the other hand how it’s developing,” she said.

30-day window to increase imports

She noted that the waiver period may last about 30 days, during which India could increase imports from Tehran. “So this may be very temporary, but at the moment, for 30 days, there’s a temporary waiver. So certainly, because of India’s long-standing relations with Iran, our good relations with Iran, we know that a very special exception has been made for India for the ships sailing through the Strait of Hormuz, and three more ships have also sailed. So now, just like that, we will also buy as much as we can get. We are buying Russian oil as well,” Sikri said.

Diversification key to energy strategy

According to her, India’s energy strategy relies heavily on diversifying suppliers to maintain stability in supplies and prices. “In fact, I think the Government of India has done the right thing. In recent years, they have seriously diversified their sources of supply. Maybe earlier, when we were buying oil from maybe about 15 or 20 countries, now we’ve increased it. We’ve gone up to 25, 30, 35, 40 countries, even,” she said.

Sikri added that the diversification allows India to adapt to changing geopolitical conditions. “If it is available from Iran, fine, we will buy from Iran. If it is a problem with Iran, then we go and see the Russian oil tankers,” she said.

Safe passage through Strait of Hormuz

She also highlighted the safe passage of Indian vessels through the Strait of Hormuz, one of the world’s most critical energy shipping routes. “Yes, certainly it’s very good news that it has safely passed through the Strait of Hormuz. First three ships had come, now two more, and we hope over the next few days some more will come because there are several Indian ships over there getting supplies from one or the other of the Gulf countries,” she said.

“It is very important that they pass through the Strait of Hormuz peacefully. So far it has gone well, and we are keeping our fingers crossed that it will continue to be like that,” she added.

Concerns over regional escalation

However, Sikri cautioned that the broader regional situation remains uncertain, pointing to reports of US naval developments in the region. “There is all this news coming in about these American aircraft carriers, USS Tripoli, USS Boxer, moving to the region, one is moving from Japan, the other is moving from San Diego in California. It will take time for them to reach, maybe it will take another 30 days or so, but in the meanwhile we have to stock up and see what is happening,” she said.

She added, “But I think the serious concern is the escalation, the potential for escalation of the conflict with the Gulf country, with the Gulf countries.”

Published on March 21, 2026

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Index Outlook: Failed Attempt

by Hansraj Agrawal | Mar 21, 2026 | Business

Nifty 50, Sensex and the Nifty Bank index witnessed a very good bounce in the first half last week. But the sharp fall in HDFC Bank share price on Thursday played a spoilsport. The benchmark indices fell giving away all the gains to close the week in red.

On the charts, there is room for the Nifty, Sensex and the Nifty Bank index to fall more from here. At the same time, important supports are also coming up which will need a close watch. We will have to wait and see if the benchmark indices can find a bottom at this support.

Among the sectors, the BSE Oil & Gas index fell the most last week. It was down 3.3 per cent. The BSE Telecom index, up 2 per cent, outperformed last week.

FPIs sell

The Foreign Portfolio Investors (FPIs) are on a selling spree. The equity segments witnessed a net outflow of about $3.84 billion last week. For the month of March, the equity segment has seen a net outflow of about $9.57 billion so far.

Video Credit: Businessline

Nifty 50 (23,114.50)

Short-term view: The outlook remains weak. Intermediate support is around 22,900. A break below it can drag the Nifty down to 22,300-22,200 in the short term. We expect the Nifty to bounce back after this fall.

In case, the index manages to sustain above 22,900, a rise to 23,800-24,000 can be seen. In that case, a range of 22,900-24,000 is a possibility for some time.

As mentioned last week, 24,000 is a crucial resistance. Nifty has to surpass this hurdle to ease the downside pressure and bring back the chances of revisiting 26,000 levels.

Medium-term view: We repeat that 22,200-22,000 will be a crucial support now. A bounce from there and a subsequent rise past 24,000 can take Nifty higher to 26,000-26,400. Such a bounce can continue to keep it in a sideways range as seen from the quarterly candle chart.

For now, Nifty has to sustain above 22,000 and breach 26,400. Only then the chances of the rally to 28,000 and 30,000 will come back into the picture.

Nifty will come under danger of more fall only if it breaks below 22,000.

Nifty Bank (53,427.05)

Short-term view: Nifty Bank index is now poised near a crucial support level of 53,300. The price action on the chart indicates that the index can break this support. Such a break can take it down to 52,200-52,000, the next key support zone.

We expect the Nifty Bank index to bounce back from around 52,000. That can take it back up to 54,000-56,000 in the short term.

Medium term view: As long as the index stays above 52,200-52,000, there is no threat for the broader bullish view. The expected bounce from around 52,000 mentioned here, will have the potential to take the Nifty Bank index up to 60,000 in the coming weeks.

It will also keep the doors open to see 64,000-65,000 in the medium term and 68,000-69,000 in the long term.

As mentioned last week, there is no major disruption in our view. The only change will be in terms of time.

Sensex (74,532.96)

Short-term view: The resistance at 77,000 mentioned last week has held very well. That keeps the downside open to see 73,000-72,800. We can expect the Sensex to bounce back after this fall. That bounce can take the index back up to 76,000-77,000.

As mentioned last week, 77,000-77,500 is an important resistance zone. Sensex has to surpass this hurdle in order to get some breather and turn the outlook positive.

Medium-term view: The levels of 72,800 and 72,250 are very crucial to watch now. A strong bounce from either of these levels and a subsequent rise past 77,500 will bring back the earlier bullishness. That in turn can take the Sensex up to 85,000-86,000 in the medium term. It will also keep the broader sideways range intact.

Eventually, Sensex has to rise above 86,000 to see the rally to 90,000 (medium-term) and 98,000-99,000 (long-term) that we were expecting earlier.

Nifty Midcap 150 (20,226.90)

Short-term view: The resistance at 21,000 is holding well. On the weekly chart, the outlook remains mixed. Support is around 19,800. As long as the index stays below 21,000, it will remain vulnerable to break 19,800. Such a break can drag it down to 19,200-19,000. Thereafter we can expect a bounce back move to 21,000 again.

A decisive break above 21,000 is needed to clear the way for revisiting 22,800 levels. The index has to surpass 22,800 eventually in order to bring back the earlier bullish view. Only then the bullish outlook of seeing 26,000-26,500 in the medium term and 28,000-28,500 in the long term will come back into the picture.

In case the index declines below 19,000, an extended fall to 18,300-18,000 is possible.

Nifty Smallcap 250 (14,791.95)

The index failed in its attempt to rise back above 15,000 last week. That keeps alive the chances of seeing 14,000 on the downside.

As mentioned last week, 14,000 is a strong support. A bounce from there can indicate the beginning of a new leg of uptrend. A rise from 14,000 and subsequent break above 16,000 will strengthen the bullish case. It will also keep intact our view of targeting 22,500-23,000 in the long term.

This bullish view will go wrong only if the index breaks below 14,000. In that case an extended fall to 13,000 and even lower can be seen going forward.

Published on March 21, 2026

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