Natural Diamond Council celebrates ‘World Diamond Day’

by Hansraj Agrawal | Apr 8, 2026 | Business

Leading diamantaires and manufacturers highlighted the journey of a diamond from its natural origin to a finished masterpiece to celebrate ‘World Diamond Day’ on April 8.

Launched by the Natural Diamond Council (NDC), ‘World Diamond Day’ was introduced as a global movement to recognise and celebrate the joy, passion, and community that natural diamonds inspire.

A media statement said that NDC led this collective celebration, encouraging people from across the industry, from artisans and manufacturers to retailers and consumers to share their authentic stories. The movement came alive on social media.

The Gem and Jewellery Export Promotion Council (GJEPC India), Gemological Institute of America (GIA), All India Gem and Jewellery Domestic Council (GJC), and the Bharat Diamond Bourse; and industry partners such as Venus Jewel, SRK Exports, HK Exports, KP Sanghvi, Dharmanandan Diamonds, Finestar Jewellery and Diamonds, Shivam Jewels and AS Motiwala joined together to celebrate natural diamonds.

Custodians of memories

Leaders such as Richa Goyal Sikri, Archana Thani, Nitya Arora and Arundhati De Sheth, played a significant role in bringing authentic stories and personal perspectives from across the industry to the global stage, it said.

Quoting Richa Singh, Managing Director of NDC, the statement said: “World Diamond Day is a platform for people to share what their diamonds truly mean to them. At a time when consumers, especially younger audiences, are looking for more meaningful ways to celebrate, this initiative offers a reason to pause and honour those moments. Natural diamonds are the perfect custodians of our memories. This day is also a reminder of why we do what we do, to bring joy, emotion, and meaning into people’s lives.”

Published on April 8, 2026

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MUFG Bank takes 20% stake in Shriram Finance for ₹39,618 cr

by Hansraj Agrawal | Apr 8, 2026 | Business

The transaction is expected to strengthen SFL’s capital base as it looks to scale across its core lending segments
| Photo Credit:
iStockphoto

MUFG Bank, the Japanese banking giant and subsidiary of Mitsubishi UFJ Financial Group, completed its acquisition of a 20 per cent equity stake in Shriram Finance Ltd (SFL) on Wednesday, subscribing to 471,121,055 shares at ₹840.93 apiece for a total outlay of approximately ₹39,618 crore ₹396.18 billion).

SFL’s board approved the preferential allotment at its meeting on April 8, 2026. The deal, which received clearance from the Competition Commission of India among other regulatory bodies, is described as the largest cross-border investment in India’s financial services sector.

Shriram Finance is India’s second-largest retail non-banking financial company (NBFC), with assets under management exceeding ₹2.91 trillion. Founded in 1979, the Mumbai-headquartered firm operates 3,225 branches, employs over 77,000 people, and serves 9.7 million customers. Its product portfolio spans commercial vehicle loans, MSME loans, gold loans, personal loans, tractor and farm equipment financing, and working capital loans.

For MUFG, the investment extends a global footprint already spanning 2,000 locations across 40 markets. The Tokyo-headquartered group, with roughly 150,000 employees worldwide, has signalled India as a long-term strategic priority, citing SFL’s position in the MSME and retail lending segments as key to that rationale.

SFL’s Executive Vice Chairman Umesh Revankar said the partnership would support access to diversified funding and adoption of global risk management practices. MUFG President Junichi Hanzawa pointed to SFL’s growth potential and framed the deal as part of the group’s broader commitment to India’s economic development.

The transaction is expected to strengthen SFL’s capital base as it looks to scale across its core lending segments.

Published on April 8, 2026

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Tata Steel shares up 4% as annual crude steel production rises in FY26

by Hansraj Agrawal | Apr 8, 2026 | Business

Shares of Tata Steel gained on Wednesday after the company reported strong provisional production and delivery volumes for the fourth quarter and full year FY2026.

The stock settled 3 per cent positive at ₹204.18, after hitting an intraday high of ₹206.40 from its previous close of ₹198.13.

Tata Steel reported its annual crude steel production in India at 23.48 MT in FY26, registering an increase of 8 per cent year-on-year. The growth was primarily driven by the ramp-up at its Kalinganagar plant, partially offset by the shutdown of the ‘G’ blast furnace at Jamshedpur for relining.

On a quarterly basis, crude steel production stood at 6.25 MT in the fourth quarter, up from 5.44 MT in the year-ago period, reflecting a 15 per cent year-on-year rise.

Deliveries remained in line with production growth, with annual deliveries in India reaching a record 22.53 MT. Notably, domestic deliveries crossed 20 MT for the first time, highlighting the company’s strong market presence. In the March quarter, deliveries rose 10 per cent year-on-year, marking the highest-ever quarterly volumes.

Among segments, the automotive and special products vertical recorded its best-ever annual deliveries of around 3.4 MT, supported by a shift towards high-end products, which grew 11 per cent year-on-year. The branded products and retail segment also achieved record volumes of about 7.3 MT, driven by steady performance of established brands.

The industrial products and projects vertical reported deliveries of approximately 7.2 MT, aided by value-accretive segments, including engineering applications such as defence and shipbuilding.

On the international front, Tata Steel Netherlands reported liquid steel production of about 6.7 MT and deliveries of around 6.1 MT in FY26, with fourth-quarter deliveries rising 21 per cent quarter-on-quarter to 1.7 MT. The UK business delivered 2.2 MT during the year, impacted by subdued market conditions, while operations continue to transition towards a 3 MTPA electric arc furnace at Port Talbot.

Tata Steel Thailand posted saleable steel production of 1.33 MT and deliveries of 1.32 MT, with deliveries increasing 11 per cent year-on-year, supported by strong domestic rebar demand.

The strong operational performance across domestic and key international markets lifted investor sentiment, driving the stock higher in early trade.

Published on April 8, 2026

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Titan shares jump 6% on strong jewellery growth in Q4FY26

by Hansraj Agrawal | Apr 8, 2026 | Business

Shares of Titan Company hit a fresh record high of ₹4,505 on Wednesday before closing 6 per cent positive at ₹4,492.50, after it reported a robust business update for the fourth quarter of FY26, driven by strong performance in its core jewellery segment.

The company’s overall consumer businesses posted a growth of around 46 per cent y-o-y during the quarter, underscoring resilient demand despite elevated gold prices. Titan also expanded its retail footprint, adding a net 47 stores during the period, taking its total network to 3,603 stores.

The jewellery segment remained the primary growth driver, delivering about 46 per cent y-o-y growth. Secondary (consumer) sales surged approximately 52 per cent y-o-y, led by strong traction in key brands such as Tanishq and Mia. Importantly, buyer growth improved to high single digits after remaining nearly flat over the previous three quarters, indicating a recovery in consumer demand.

Higher average ticket sizes further supported revenue growth. On the category front, studded jewellery grew in the early thirties per cent range, while plain gold jewellery saw growth in the mid-thirties per cent. Gold coin sales stood out, nearly tripling compared to Q4FY25. Like-to-like growth across jewellery formats remained robust at करीब 48 per cent y-o-y.

Other segments delivered a mixed performance. The watches division grew around 7 per cent y-o-y, driven by a 16 per cent rise in analog watches, while the smart wearables segment declined sharply by 53 per cent. The eyewear business maintained steady momentum with 16 per cent growth, while emerging businesses such as fragrances and women’s bags posted healthy gains of about 30 per cent and 47 per cent y-o-y, respectively.

International operations were a key highlight, with overall growth of approximately 156 per cent y-o-y, supported by strong traction in the GCC and North America markets, despite some disruption in March due to geopolitical tensions in the Middle East.

Brokerages offer mixed outlook

Global brokerages largely remained constructive on the stock. Citi maintained a “neutral” rating with a target price of ₹4,750, noting that domestic jewellery growth of around 46 per cent y-o-y exceeded expectations, aided by strong like-to-like growth and higher ticket sizes.

Goldman Sachs retained a “buy” rating with a target price of ₹5,000, highlighting sharp acceleration in consumer demand and broad-based growth across jewellery categories.

Meanwhile, Morgan Stanley reiterated its “overweight” call with a target price of ₹4,529, stating that strong secondary sales growth of 52 per cent y-o-y and accelerating like-to-like growth significantly beat estimates. Domestic brokerage Motilal Oswal maintained buy at ₹5,200 target price.

The rally in Titan shares reflects sustained investor confidence in the company’s growth trajectory, particularly in its high-margin jewellery segment, even amid volatile gold prices and global uncertainties.

Published on April 8, 2026

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Prestige Estates crosses ₹30,000 crore pre-sales in FY26

by Hansraj Agrawal | Apr 8, 2026 | Business

Irfan Razack, Chairman and Managing Director, Prestige Group
| Photo Credit:
G R N SOMASHEKAR

Real estate major Prestige Estates Projects Ltd has recorded a 76 per cent growth in annual pre-sales, reaching ₹30,024 crore for FY26, with ₹7,697 crore (up 10 per cent year-on-year) recorded in the fourth quarter alone. The growth was driven by new supply hitting the market with strong contributions from NCR and other key cities.

This comes at a time when India’s housing market is showing early signs of moderation after a strong post-pandemic run, with analysts flagging softer demand sentiment, delayed project launches, and rising input costs amid global geopolitical uncertainties.

Steady Demand

The company witnessed sustained traction across its key markets, supported by steady demand for well-located, high-quality developments. Sales momentum remained consistent across both new launches and ongoing inventory, said Prestige.

Performance during the year was underpinned by healthy contributions from markets including Bengaluru, NCR, Mumbai, Hyderabad, and Chennai. FY26 also marks the first time the company has crossed ₹30,000 crore in annual pre-sales, reflecting the scale and depth of its operations across markets.

Commenting on the performance, Irfan Razack, Chairman and Managing Director, said, “We are closing FY26 on a strong note, with steady sales momentum through the year and a good finish in the fourth quarter. Demand across our key markets has remained encouraging, and our focus on quality, location, and timely execution continues to resonate well with customers. With a robust pipeline of upcoming launches across geographies, we are optimistic about sustaining this momentum in the coming year.”

Published on April 8, 2026

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Interest rates to remain low in medium to long term: RBI Governor

by Hansraj Agrawal | Apr 8, 2026 | Business

Reserve Bank of India (RBI) Governor Sanjay Malhotra at a press conference after the announcement of the first bi-monthly monetary policy for the current fiscal, at RBI headquarters in Mumbai, Wednesday, April 8, 2026
| Photo Credit:
PTI/KUNAL PATIL

Reserve Bank Governor Sanjay Malhotra on Wednesday expressed confidence that interest rates will remain low in the medium to long term, given the benign inflationary conditions.

Addressing the media, in a post-monetary policy conference, Malhotra said the Indian economy is very strong, resilient and robust.

“We are in a neutral state…possibility either way, any ways cannot be ruled out that low rates (would) continue for a long time,” he said.

Despite shocks, he said, the RBI is projecting a GDP growth of 6.9 per cent for the current financial year.

“Structurally, long-term, macroeconomic fundamentals, because of various measures which the government has taken, which the RBI has taken, which various institutions have taken, remain very strong and continue to drive growth on the one hand and at the same time keep price pressures contained”.

“So, it’s quite possible that even in the short to medium term, we will continue to have low rates,” he added.

Earlier in the day, the Reserve Bank of India kept its key policy rate unchanged, adopting a cautious wait-and-watch stance as policymakers assessed the impact of the six-week-long Iran conflict on energy supplies, inflation and growth.

The central bank’s six-member Monetary Policy Committee voted unanimously to keep the benchmark repurchase rate unchanged at 5.25 per cent, flagging heightened uncertainty after the West Asia conflict drove crude prices sharply higher, weakened the rupee and disrupted trade flows.

Malhotra also emphasised that the ceasefire has been taken into account in the monetary policy review.

The US has agreed to a two-week ceasefire with Iran, President Donald Trump announced 90 minutes before his deadline to wipe out civilisation from the West Asian nation was to end.

Trump made the dramatic announcement on Tuesday evening (US time) even as Democrats called for his removal over unhinged threats to wipe out the Iranian civilisation.

On GDP growth, the RBI projected a 6.9 per cent expansion of the Indian economy in the current financial year, lower than the expected 7.6 per cent growth in FY26. Inflation is estimated at 4.6 per cent for 2026-27 (April 2026 to March 2027), which is within the RBI’s 2 per cent to 6 per cent target range.

With regard to the transmission of a series of rate cuts by the RBI, Malhotra said banks have passed on about 90 basis points reduction on the lending side against 125 basis points moderation in repo rate.

“Similarly, on the deposit side, it’s more than 100. So, there has been a satisfactory transmission,” he said.

Asked about measures taken on currency market curbs, he said these steps were taken to check excessive volatility of the rupee, and these are not in any sense a structural change.

“We stand committed to the development, broadening and deepening of these markets…obviously, these are not measures which are going to remain there forever,” he said.

These measures were taken in view of heightened volatility in the forex market in the last few weeks of last month, he added.

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Published on April 8, 2026

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