Cyprus-based Ellinas Finance to be first overseas equity admitted on NSE IX at GIFT City

Cyprus-based Ellinas Finance to be first overseas equity admitted on NSE IX at GIFT City


The development follows the Memorandum of Understanding (MoU) signed in June 2025 between NSE IX and the Cyprus Stock Exchange (CSE) during Prime Minister Narendra Modi’s visit to Cyprus.
| Photo Credit:
VIJAY SONEJI

In a milestone for GIFT City’s evolving offshore capital markets, Ellinas Finance, already listed in Cyprus, will soon list its equity shares on NSE International Exchange (NSE IX), marking what exchange officials describe as the first cross-border equity listing between India and Cyprus.

“This is the first cross-listing in GIFT City,” V Balasubramaniam, Managing Director and CEO of NSE International Exchange, told bussinessline confirming that the Cyprus-listed company will debut on NSE IX next week. Ellinas Finance is a Cyprus-based financial services company.

Echoing the significance, Viraj Kulkarni, Honorary Consul of the Republic of Cyprus in Mumbai, said at the Global Securities Markets Conclave 2.0 in GIFT City: “Congratulations on the completion of Expression of Interest for listing of equity shares of Ellinas Finance on NSE IX. I understand the listing will happen next week. This will be the first cross border listing equity shares between the two countries.”

A dual listing allows a company to list its shares on two different stock exchanges simultaneously, enabling investors in multiple jurisdictions to trade the same stock. The Ellinas Finance listing is being positioned as a test case for such cross-border capital flows through India’s International Financial Services Centre (IFSC).

The development follows the Memorandum of Understanding (MoU) signed in June 2025 between NSE IX and the Cyprus Stock Exchange (CSE) during Prime Minister Narendra Modi’s visit to Cyprus. The agreement laid the groundwork for cooperation on cross and dual listings, joint product development, research collaboration, fintech engagement, and investor access to a wider pool of financial instruments.

On Thursday, Taiwan Stock Exchange signed bilateral MoUs both with NSEIX and India INX stock exchanges in GIFT City. “The MoU with Taiwan Stock Exchange is more exploratory in nature. Taiwan has a number of larger semiconductor firms whose subsidiaries have operations in India. We are exploring to see if some of them can get listed here,” Balasubramaniam from NSEIX said.

A similar MoU was also signed between AFRINEX, Mauritius and NSEIX. Afrinex is a Pan-African financial exchange headquartered in Mauritius, established to operate as a multi-currency, multi-asset securities exchange serving investors and issuers across Africa and beyond.

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Published on February 26, 2026



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‘Heads must roll’: SC bans NCERT book over chapter on judiciary corruption

‘Heads must roll’: SC bans NCERT book over chapter on judiciary corruption


The court said that if allowed to go unchecked, this will erode people’s faith in judiciary. “No one will be allowed to go scot-free.” The CJI said, “It is my duty as the head of the institution to find out who is responsible; heads must roll.”  
| Photo Credit:
PTI

The Supreme Court on Thursday imposed a blanket ban on class 8 NCERT book carrying a chapter on corruption in the judiciary, and ordered a seizure of all physical copies, along with takedown of its digital forms.

The apex court ordered that the Centre and state authorities comply with its directions immediately, and warned of “serious action” if directions are defied in any form.

The top court issued show cause notices to NCERT director, school education secretary to explain why action should be not taken against those responsible.

A bench headed by Chief Justice Surya Kant said there seemed to be a calculated move to undermine institution and demean dignity of judiciary.

The bench said such misconduct, having everlasting impact on judiciary, would fall within definition of criminal contempt.

“We would like to have a deeper probe,” the bench said.

The court said that if allowed to go unchecked, this will erode people’s faith in judiciary. “No one will be allowed to go scot-free.” The CJI said, “It is my duty as the head of the institution to find out who is responsible; heads must roll.” CJI Surya Kant said there appears to be a deep-rooted, well planned conspiracy to defame the judiciary.

Taking exception to the NCERT’s Wednesday communication, the SC said there was not a single word of apology in it, and instead, they have tried to justified it.

At the outset, Solicitor General Tushar Mehta tendered an unconditional and unqualified apology on behalf of Ministry of education.

The bench posted the mater for further hearing on march 11.

Published on February 26, 2026



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Stock Market Live Feb 26: Nifty holds gains above 25,500; investors track geopolitics and AI cues

Stock Market Live Feb 26: Nifty holds gains above 25,500; investors track geopolitics and AI cues


NALCO: Company launches a new IA91 grade aluminium alloy ingot. (Positive)

Saatvik Green: Company secures an order worth Rs 87 crore from an EPC company for the supply of solar PV modules. (Positive)

KSB: Q3 Net Profit at Rs 81 Cr vs Rs 83 Cr (YoY). Revenue at Rs 784 Cr vs Rs 726 Cr (YoY) (Positive)

Zydus Lifesciences: Company plans to launch Semaglutide injections in India (Positive)

Hind Zinc: Silver prices at 1-month high near $90/oz. (Positive)

Advance Agrolife: Company has entered into an MOU with Bileshwar Pharmaceuticals to acquire 17,491.02 Sq Mtrs of land in Dahej-II GIDC Industrial estate, Bharuch, Gujarat. (Positive)

United Spirits: Strong India performance commentary by Diageo. (Positive)

Tata Power: Company announces strategic alliance with University of Warwick (Positive)

Man Infraconstruction: Parag K. Shah, Promoter & Director bought 1 Lakh shares (Positive)

Shaily Engineering: Company bags Rs 423 crore pen injector supply order from large domestic player. (Positive)

Onward Technologies: Company gets relief as court drops Citibank citation (Positive)

Solarworld Energy: Company wholly-owned subsidiary Znshine partners with Intelenergi for solar module supply (Positive)

IRFC: Company signs loan agreement for $400M ECB Loan with SMBC, MUFG Bank (Positive)

Adani Green Energy: Company incorporates wholly-owned subsidiary Adani Renewable Energy Middle East (Neutral)

Lupin: GST Department initiates inspection & search proceedings (Neutral)

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TTL Enterprises: Company announced board changes. Mr. Lalaram has been appointed as Managing Director & CFO for 5 years, effective Feb 25, 2026. (Neutral)

Emmvee Photovoltaic: Company said insulated from US solar import duties. (Neutral)

RBL Bank: SBI Mutual Fund receives RBI approval to increase its stake (Neutral)

IRFC:- Company not to exercise green shoe option for OFS. (Neutral)

Premier Energies: Company said not engaged in any undisclosed negotiations with US authorities. (Neutral)

Waaree Energies: Company’s US manufacturing capacity will support existing commitments. (Neutral)

Reliance Industries: Company’s arm REIL allots shares worth Rs 257 cr to Meta Platforms. (Neutral)

Balkrishna Industries: Board will meet on March 2 to consider raising funds through the issuance of Non-Convertible Debentures (NCDs). (Neutral)

CAMS: Company’s joint venture, MF Central, appoints Supratim Bandyopadhyay as Non-Executive Chairman and Rajesh Krishnamoorthy as CEO. (Neutral)

SBI Life Insurance: The board approves an interim dividend of Rs 2.7 per share for FY26, with March 6 set as the record date. (Neutral)

E2E Networks: Company launches a Qualified Institutional Placement on February 25, 2026. (Neutral)

Circuit filter change from 20% to 10%: Dee Development. (Neutral)

List of stocks included in the short term ASM Framework: KRN Heat. (Neutral) 

List of stocks excluded from ASM Framework: Engineers India, RACL Geartech. (Neutral) 

Angel One Ltd Ex-Date Today, Stock Split from Rs.10/- to Rs.1/- (Neutral)

Dhunseri Ventures Ltd Ex-Date Tomorrow, Interim Dividend – Rs. – 3.50 (Neutral)

Infobeans Technologies Ltd Ex-Date Tomorrow, Bonus issue 3:1 (Neutral)

Shreeji Shipping Global Ltd Ex-Date Tomorrow, Interim Dividend – Rs. – 1.00 (Neutral) 

Sanofi Ind: Q3 Net Profit at Rs 61.7 Cr vs Rs 91.3 Cr (YoY). Revenue at Rs 419.8 Cr vs Rs 514.9 Cr (YoY) (Negative)

Shanti Educational: Ronak Chiripal, Promoter sold 7.62 lk shares, Urmiladevi Chiripal, Promoter, sold 3 lk shares. (Negative)



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Russia and Iran slash oil prices for China amid growing surplus

Russia and Iran slash oil prices for China amid growing surplus


Russian and Iranian oil producers are offering deepening discounts as they compete for the same limited group of Chinese buyers after India retreated from purchases.

India’s imports from Russia could drop by 40% from January levels to around 600,000 barrels a day, according to a scenario from Rystad Energy. Much of the displaced cargoes are now heading east, spurring a price war with Iranian suppliers that have long been favored by China’s private refiners.

Russia’s Urals grade is selling at around $12 a barrel below ICE Brent, according to traders familiar with such deals, compared with a $10 discount last month. Iranian Light is going for as much as $11 less than the global benchmark, they said, asking not to be named as they’re not authorized to speak to media. That’s widened from $8 to $9 in December.

The independent Chinese refiners, known as teapots, have historically acted as the oil market’s pressure valve, absorbing barrels shunned by others. But their capacity is finite, given they only account for around a quarter of the country’s processing capacity and are also subject to government-set import quotas.

With China unable to fully soak up the displaced crude, unsold oil is piling up in Asian waters and Russia and Iran are running out of options. The Kremlin has already been forced to curb output, depriving it of funds for its war in Ukraine. Iran, meanwhile, is trying to ship as much oil as it can as it girds itself for a potential attack by the US.

“Chinese private refiners cannot take in much more as their capacity is likely maxed out,” said Jianan Sun, an analyst at Energy Aspects, pointing to sanctioned barrels building up in both onshore and offshore storage. 

The major Chinese state-owned refiners have traditionally avoided Iranian crude and have, more recently, largely absented themselves from the Russian trade as well.   

So far, it looks like Iran is taking a hit as Russia muscles in on the market. Deliveries of Russian oil to Chinese ports rose to 2.09 million barrels a day in the first 18 days of February, vessel-tracking data compiled by Bloomberg show. That’s a roughly 20% increase from January and a jump of around a half from December.

By contrast, Iran has exported about about 1.2 million barrels a day to China so far this year, down around 12% from the year-earlier period, according to Kpler.

The data intelligence firm estimates there are now almost 48 million barrels of Iranian oil at sea, up from about 33 million in early February. Most of the increase is happening in the Yellow Sea and Singapore Strait. Meanwhile, there are around 9.5 million barrels of Russian oil sitting in Asian waters. 

A major US attack on Iran could affect the country’s ability to keep exporting if its oil facilities are targeted or transport through the Strait of Hormuz is disrupted. The US has stationed a vast array of forces in the Middle East, and while President Donald Trump has said his preference was to strike a diplomatic agreement, he’s also warned no deal would be “very bad” for Tehran.

Russian barrels also carry a “relatively lower level of risk” for Chinese buyers than Iranian cargoes due to optimism over a potential ceasefire in Ukraine, said Lin Ye, the vice president of oil markets at consultancy Rystad Energy.

Ukraine’s President Volodymyr Zelenskiy said he discussed preparations for renewed talks with Trump ahead of a meeting in Geneva on Thursday, with further negotiations involving Russia expected in early March.

More stories like this are available on bloomberg.com

Published on February 26, 2026



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Crude oil futures rise on hopes of US-Iran talks despite inventory build

Crude oil futures rise on hopes of US-Iran talks despite inventory build


Crude oil futures traded higher on Thursday morning as markets pinned their hopes on the outcome of the third round of talks between the US and Iran in Geneva later in the day, despite an increase in crude oil inventories in the US.

At 9.55 am on Thursday, May Brent oil futures were at $70.88, up by 0.27 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $65.57 up by 0.23 per cent. March crude oil futures were trading at ₹5978 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5989, down by 0.18 per cent, and April futures were trading at ₹5991 against the previous close of ₹6000, down by 0.15 per cent.

The US and Iran will hold a third round of talks on Iran’s nuclear programme in Geneva on Thursday. The US-Iran talks are being mediated by Oman. The US envoy Steve Witkoff and Jared Kushner will represent the US delegation in talks with Iran.

Meanwhile, the latest weekly petroleum status data released by the US EIA (Energy Information Administration) showed an increase in US crude oil inventories.

According to the EIA, US commercial crude oil inventories increased by 16 million barrels for the week ending February 20. Total motor gasoline inventories decreased by 1 million barrels from last week, and distillate fuel inventories increased by 0.3 million barrels last week.

Total products supplied in the US over the last four-week period averaged 21.4 million barrels a day. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, and distillate fuel product supplied averaged 4.4 million barrels a day. Jet fuel product supplied was up 3.2 per cent compared with the same four-week period last year.

March natural gas futures were trading at ₹261.50 on MCX during the initial hour of trading on Thursday against the previous close of ₹264.50, down by 1.13 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), March guar gum contracts were trading at ₹9,981 in the initial hour of trading on Thursday against the previous close of ₹9,936, up by 0.45 per cent.

April dhaniya futures were trading at ₹11,728 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹11,864, down by 1.15 per cent.

Published on February 26, 2026



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क्या अब छत पर लगने वाला सोलर पैनल हो जाएगा महंगा? ट्रंप के नए फरमान ने बढ़ाई सिरदर्दी

क्या अब छत पर लगने वाला सोलर पैनल हो जाएगा महंगा? ट्रंप के नए फरमान ने बढ़ाई सिरदर्दी


Trump Tariff: अमेरिकी सुप्रीम कोर्ट के टैरिफ को गैर-कानूनी करार देने के फैसले के बाद भी राष्ट्रपति डोनाल्ड ट्रंप नए-नए फरमान लेकर आ रहे हैं. अब उन्होंने भारत से सोलर इम्पोर्ट पर 126 परसेंट टैरिफ लगाने का ऐलान कर दिया है. अमेरिका का ऐसा मानना है कि भारत सोलर मैन्युफैक्चरिंग को गलत तरीके से सब्सिडी दे रहा है.

इंडोनेशिया और लाओस पर भी बढ़ा टैरिफ 

अमेरिका का ऐसा मानना है कि भारत सरकार की मदद (सस्ते में लोन उपलब्ध कराकर, टैक्स में छूट देकर या बिजली पर रियायत देकर) से भारत में बने पैनल अमेरिका में सस्ते में बिक रहे हैं. इससे अमेरिकी कंपनियों को उनका मुकाबला करने में मुश्किलें आ रही हैं और उन्हें घाटा हो रहा है.

अमेरिका अपने घरेलू मैन्युफैक्चरर्स को सस्ते इंपोर्ट की बाढ़ से बचाना चाहता है. उन्हें भी बराबरी का मौका देने के लिए अमेरिका ने इंडोनेशिया और लाओस पर भी सोलर टैरिफ को बढ़ा दिया है. इंडोनेशिया से आने वाले सोलर पैनल या सेल पर अब पहले के 86 परसेंट के मुकाबले 143 परसेंट तक टैरिफ लगेगा. वहीं, लाओस को 81 परसेंट टैरिफ का भुगतान करना होगा. अब सवाल यह आता है कि अमेरिका ने क्यों इन्हीं तीन देशों पर सोलर टैरिफ बढ़ाने का फैसला लिया? 

अमेरिका के लिए फैसले की वजह

इसकी पहली वजह यह है कि अमेरिकी जांच में यह पाया गया है कि भारत, इंडोनेशिया और लाओस की सरकारें अपने यहां के सोलर मैन्युफैक्चररर्स को गलत तरीके से सब्सिडी दे रही हैं. इससे यहां की कंपनियां अमेरिकी बाजारों में अपने उत्पाद कम कीमतों पर बेच पा रही हैं, जिससे अमेरिका की घरेलू कंपनियों को नुकसान हो रहा है. 

दूसरी एक बड़ी वजह यह है कि अमेरिका के चीन में बने सोलर सेल पर टैरिफ लगाने के बाद चीनी कंपनियां दूसरे देशों के जरिए अपने उत्पाद अमेरिका भेज रही है ताकि उस पर लगे प्रतिबंधों से बचा जा सके. पहले कई चीनी कंपनियों ने अपना प्रोडक्शन कंबोडिया, वियतनाम, मलेशिया और थाईलैंड में शिफ्ट करने का फैसला लिया. जब इन देशों पर ड्यूटी लगी, तो प्रोडक्शन फिर से शिफ्ट हो गया. इस बार भारत, इंडोनेशिया और लाओस को चुना गया.

साल 2025 की पहली छमाही में अमेरिका के सभी सोलर-मॉड्यूल इंपोर्ट का 57 परसेंट हिस्सा इन्हीं तीन देशों का था. सोलर निर्यात में आए इस उछाल को देखते हुए अमेरिकी उद्योग समूहों (Alliance for American Solar Manufacturing and Trade) ने याचिका दायर की. उनका तर्क था कि विदेशी सब्सिडी के चलते बाजार में बराबर का मुकाबला नहीं हो पा रहा है.

फैसले का क्या होगा असर?

  • सोलर टैरिफ लगाने से अमेरिका में इम्पोर्टेड पैनल काफी महंगे होने वाले हैं. भारतीय सोलर पैनलों की कीमत अमेरिका में 126 परसेंट टैरिफ हाइक के बाद दोगुनी से भी ज्यादा हो जाएगी. इसका असर घरों और कमर्शियल सोलर इंस्टॉलेशन की कीमतों पर पड़ सकता है. 
  • सिटीग्रुप के एनालिस्ट का कहना है कि भारी-भरकम सोलर टैरिफ भारतीय मैन्युफैक्चरर्स को अमेरिका के बाजारों से पूरी तरह से बाहर कर सकते हैं. भारत के कुल सोलर निर्यात का करीब 95 परसेंट हिस्सा अमेरिकी बाजारों में पहुंचता था. इस बाजार के छिनने से भारतीय कंपनियों की आय में बड़ी गिरावट आ सकती है. 
  • अमेरिका की तरफ से उठाया गया यह कदम भारत के लिए काफी संवेदनशील है क्योंकि ट्रंप ने हाल ही में  दोनों देशों के बीच आर्थिक टकराव कम करने के मकसद से एक बाइलेटरल ट्रेड डील साइन की है. 



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