US says first refunds from Trump tariffs expected around May 11

US says first refunds from Trump tariffs expected around May 11


The Trump administration is expected to issue the first tariff refunds by around May 11, according to an order filed on Tuesday in the US Court of International Trade, more than two months after the US Supreme Court deemed the sweeping duties illegal.

About 21 per cent of entries subject to the tariffs under the International Emergency Economic Powers Act (IEEPA) have been accepted for removal of duties through a new process known as CAPE, or Consolidated Administration and Processing of Entries, Judge Richard Eaton said in the order.

Eaton, who is overseeing the refund process, said about 3 per cent of IEEPA entries have been liquidated through CAPE and are in the refund stage, which includes issuance of payments by the US Treasury.

The US Supreme Court’s February 20 ruling that President Donald Trump lacked authority to impose tariffs under IEEPA left unresolved how importers would be repaid, creating uncertainty over the refund process.

About 1.74 million accepted entries had been liquidated and were in the refund process as of April 26, the filing said.

The refund process could cover about $166 billion in duties paid by more than 330,000 importers on roughly 53 million entries, according to court documents.

After the court ruled 6–3 that the sweeping tariffs were illegal, Trump denounced the decision as “terrible” and “totally defective,” and responded by imposing a new 10 per cent global tariff.

Published on April 30, 2026



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Distillers welcome move to allow vehicles to run on up to 100% ethanol

Distillers welcome move to allow vehicles to run on up to 100% ethanol


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Distillers, sugar millers and traders have welcome the government’s move to allow vehicles to run on stand alone ethanol or in any mixure ratio with petrol, which may pave the way for introduction of flex fuel vehicles in India.

According to Ravi Gupta, Chairman (Sugar Bioenergy Group ) of Indian Federation of Green Energy (IFGE), moving to 100 per cent ethanol will allow auto makers to introduce flex fuel vehicles (FFVs). The government now also needs to ensure that such vehicles should be lucrative for consumers to buy, he said.

Further, suggesting infrastructure should be created at petrol pumps, Gupta said that in the first phase the E100 should be rolled out in sugar-surplus Uttar Pradesh, Maharashtra, Karnataka and grain-surplus states like Bihar and Chhattisgarh.

Deepak Ballani, Director General, Indian Sugar and Bio-energy Manufacturers Association (ISMA) said that the draft Gazette notification on Central Motor Vehicles (Amendment) Rules, 2026, issued by the Ministry of Road Transport and Highways (MoRTH), is a timely and forward-looking step towards strengthening India’s clean mobility framework.

“The progression from E85 to E100 provides regulatory provisions for certifying vehicles capable of running on pure ethanol, signalling a clear shift towards mainstreaming indigenous biofuels. Aligned with the vision of Atmanirbhar Bharat, it strengthens energy security while leveraging India’s existing ethanol ecosystem,” said Ballani.

Grain Ethanol Manufacturers Association (GEMA) President C K Jain said: “This draft notification marks a progressive and forward-looking step for India’s biofuel ecosystem. The formal inclusion of E85 and E100 in emission norms is a strong policy signal that the country is ready to move beyond E20 and embrace higher ethanol blends in a structured and regulated manner.”

Jain further added that for the grain-based ethanol industry, it opens up significant opportunities to scale production, drive investments, and contribute more meaningfully to India’s energy security and decarbonisation goals. It also reinforces confidence among stakeholders across the value chain, from farmers to fuel producers and automobile manufacturers.

“We welcome the government’s intent to align regulatory frameworks with evolving fuel technologies, including higher ethanol and biodiesel blends. As India continues its journey toward reducing crude oil imports, such enabling policies will play a critical role in accelerating the transition to cleaner, domestically produced fuels,” Jain said.

He also hoped that higher ethanol blends such as E85 and E100 would significantly enhance demand for surplus grains, strengthening farm incomes and creating a more resilient agri-value chain.

The All India Distillers’ Association (AIDA), called it a decisive move to propose an amendment in the Central Motor Vehicles Rules (CMVR), 1989.

“The draft notification formally introduces E100 (Pure Ethanol), E85, and Hydrogen-CNG into India’s regulatory framework. It is the most significant policy shift since the start of the Ethanol Blending Programme, effectively transitioning ethanol from a simple petrol additive to a stand alone primary fuel,” it said.

The notification provides the legal ‘Identity card’ for E100 by creating a dedicated compliance annexure as this will remove the regulatory uncertainty that previously prevented automobile manufacturers from launching vehicles that run entirely on ethanol, AIDA said.

Vijendra Singh, President, AIDA, said, “For years, ethanol was seen only as a blending agent. By legally recognising E100 as a primary fuel, the government has provided the distillery industry with the long-term certainty needed to scale up production. We are now ready to power India’s transport sector independently of foreign oil.”

Praful Vithalani, Chairman of All India Sugar Trade Association called it a remarkable achievement on the E20 target 5 years early in 2025, which boosted India’s ethanol economy. The sugar and ethanol industry is fully prepared to support the next phase — E85 and E100 — road map. “India already has excess 10 billion litre capacity unutilised as on date. The need of the hour is to create necessary infrastructure by public sector oil companies by establishing supply stations. Besides, there is a need for a 15-year policy with subsidy guidelines for flex fuels vehicles,” Vithalani said.

Published on April 30, 2026



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Q4 Results 30th Apr Live: HUL, Adani Ports, Adani Enterprises, Bajaj Finserv, Cholamandalam Investment, Mazagon Dock, Indus Tower, IDBI Bank, Laurus Labs, Newgen Software to announce Q4 results, Bajaj Finance, Adani Power gain, KFin Tech, Waaree Energies drag, Vedanta & IOB focus

Q4 Results 30th Apr Live: HUL, Adani Ports, Adani Enterprises, Bajaj Finserv, Cholamandalam Investment, Mazagon Dock, Indus Tower, IDBI Bank, Laurus Labs, Newgen Software to announce Q4 results, Bajaj Finance, Adani Power gain, KFin Tech, Waaree Energies drag, Vedanta & IOB focus


Recent Interview…

As of 18:32 PM Wednesday 29 April 2026

AWL Agri Bus: Shrikant Kanhere, MD CEO

Good Q4 For AWL Agri Business | Next Leg Of Growth To Come From Distribution Expansion, Says Co

Bansal Wire Ind: Pranav Bansal, MD&CEO

FY27 Volume Growth & EBITDA Growth Guidance At 20%: Bansal Wires

Balrampur Chini: Avantika Saraogi, Promoter ED

Balrampur Chini To Invest ?160 Cr For Lactogypsum Plant In UP

BANDHAN BANK: Partha Pratim Sengupta, MD CEO

Bandhan Bank Q4 Results: Strong Earnings, Stock Jumps 13% | CEO On NIMs, CASA, Growth & FY27 Roadmap

BANDHAN BANK: Partha Pratim Sengupta, MD CEO

Robust Q4FY26 For Bandhan Bank | NIM Has Improved & Credit Costs Have Declined, Says Company

Castrol: Saugata Basuray, CEO

Castrol India Q1CY26: Volume Growth Strong, Margins Under Pressure | Saugata Basuray On Margins

Ceat: Arnab Banerjee, ED

15% Cost Shock Incoming: Why Margins Are At Risk Next Quarter | Profitability Under Threat?

Canara HSBC Lif: Anuj Mathur, MD CEO

Robust Q4 For Canara HSBC Life | Were Able To Neutralise -ve Impact Of GST On VNB Margin, Says Co

Dr Reddys Labs: Erez Israeli, CEO

Health Canada’s Semaglutide Nod For Dr Reddy’s | Potential Rev Estimated At $80-100 M: Dr Reddy’s

Emmvee Photovoltaic Power: Suhas Donthi, CEO

Strong Q4FY26 For Emmvee Photovoltaic | FY27 EBITDA Seen At ?2,200-2,400 Crore, Says Company

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

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Oil prices coast 0 on report US considering military options to break Iran deadlock

Oil prices coast $120 on report US considering military options to break Iran deadlock


Oil prices rose on Thursday on ​a report the US is considering potential military action against Iran to break ⁠the deadlock in negotiations to end the war, increasing concerns of more supply disruptions to already curtailed West Asia exports.

Brent crude futures for June rose $5.27, or 4.5 per cent, to $123.30 a barrel as of 0347 GMT after ‌gaining 6.1 per cent in the previous session. The June contract, which has increased for a ninth day, expires on Thursday and the more active July contract was at $113.10, up $2.66, ‌or 2.4 per cent, after gaining 5.8 per cent in the previous session.

US West Texas Intermediate futures for ‌June ⁠were up $2.42, or 2.3 per cent, at $109.30 a barrel, after climbing 7 per cent in the previous ⁠session, climbing in eight of nine sessions.

Both benchmarks are on track for their fourth month of gains.

US President Donald Trump is slated to receive a briefing on Thursday on plans for a series of military strikes on Iran ​in hopes it will return to negotiations ‌on its nuclear programme, according to an Axios report late on Wednesday.

The US and Israel began air strikes on Iran on February 28 and it retaliated by closing off almost all shipping through the Strait of Hormuz, a chokepoint for energy supplies from West Asian producers. ‌Amid a ceasefire that has paused active combat, the US has imposed a blockade ​on Iranian ports.

Talks to resolve the conflict, which has killed thousands and caused what analysts say is the world’s biggest energy disruption ever, have deadlocked, ⁠with the US insisting on discussing Iran’s alleged nuclear weapons programme and Iran demanding some control over the strait and reparations for damage from the war.

“The oil market has moved from over-optimism to ‌the reality of the supply disruption we are seeing in the Persian Gulf,” said ING analysts in a note.

In a sign the conflict and resulting energy supply disruptions are set to continue for longer, Trump spoke on Wednesday with oil companies about how to mitigate the impact of a possible months-long US blockade, a White House official said.

“Prospects for any near-term resolution to the Iran conflict or a reopening of the Strait of Hormuz remain dim,” IG market analyst Tony Sycamore ‌said in a note.

The OPEC+ grouping of members of the Organization of the Petroleum Exporting Countries and its ​allies is likely to agree a small increase of around 188,000 barrels per day in oil output quotas on Sunday, sources told Reuters on Wednesday.

The meeting comes ⁠just after the United Arab Emirates’ withdrawal from OPEC, effective May 1, which is expected to ⁠deal a blow to the oil producer group’s ability to control prices. Although the Gulf nation’s exit would allow it to raise production after exports restart, analysts say that ‌is unlikely to affect market fundamentals this year, especially with the Hormuz closure and other production disruptions from the war.

“Gulf countries, including the UAE, will take months to return to ​pre-war production volumes,” Wood Mackenzie analysts said in a note.

Published on April 30, 2026



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Oil prices keep spurting higher, but US stocks hold near their records

Oil prices keep spurting higher, but US stocks hold near their records


More jumps for oil prices sent tremors through the US bond market on Wednesday, along with hints that some Federal Reserve officials don’t want to cut interest rates any time soon. But fat profit reports from Starbucks and other big companies helped the US stock market remain resilient despite that.

The S&P 500 finished nearly unchanged and edged down by less than 0.1 per cent, a day after slipping from its latest all-time high. The Dow Jones Industrial Average dropped 280 points, or 0.6 per cent, while the Nasdaq composite inched up by less than 0.1 per cent.

The action was more dramatic in the oil market, where the price for a barrel of Brent crude to be delivered in July jumped 5.8 per cent to settle at USD110.44 per barrel. That’s where most of the trading is happening in the Brent market, and it got as high as USD111.84 later in the afternoon.

The highest price since the war with Iran began is USD119.50 for the most actively traded Brent contract, reached last month. On Wednesday, the price for a barrel of Brent crude for delivery in June, which is getting less trading action than July’s contract, briefly breached that mark and got above USD120.

Oil prices have jumped this week as President Donald Trump appears willing to maintain the US blockade of Iranian ships, which is preventing the country from making money by selling oil. Iran, in turn, is keeping the Strait of Hormuz closed to other oil tankers hoping to carry crude to customers worldwide as long as the blockade continues.

High oil prices helped push the Federal Reserve to announce Wednesday that it’s continuing to hold off on cuts to interest rates. While lower rates could give the economy a boost, they simultaneously risk worsening inflation.

Three Fed officials said they did not want to include anything suggesting more cuts may be coming in the central bank’s statement announcing the decision.

Treasury yields climbed in the bond market immediately afterward, adding to gains from earlier in the day due to rising oil prices. The yield on the 10-year Treasury rose to 4.41 per cent from 4.36 per cent late Tuesday.

The two-year Treasury yield, which more closely tracks expectations for Fed action, climbed more. It jumped to 3.93 per cent from 3.84 per cent, which is a notable move for the bond market.

Traders still largely expect the Fed to hold the federal funds rate steady through the end of this year, according to data from CME Group. But they eliminated nearly all their bets for a cut to rates in 2026 in favour of a small chance for a hike.

Still, the US stock market held near its records as more companies joined the procession reporting stronger profit growth for the start of 2026 than analysts expected.

Visa jumped 8.3 per cent after delivering stronger results than analysts expected, and CEO Ryan McInerney said consumer spending remained resilient in the quarter.

Starbucks climbed 8.4 per cent after likewise reporting better results than expected, while saying customers spent more at each visit, particularly at its North American stores.

But those not meeting expectations have gotten punished. GE Healthcare Technologies dropped 13.2 per cent after falling short of analysts’ forecasts. Robinhood Markets sank 13.2 per cent after reporting growth in profit that was not as strong as analysts expected.

Booking Holdings swung between losses and gains and finished with a gain of 0.3 per cent after the online travel company reported better results than analysts expected. It said the war with Iran is affecting its results and kept some potential customers from booking rooms during the quarter.

The company behind Booking.com, Priceline and other brands said it expects the conflict to continue affecting its business through the end of June. It could affect travel not only in the Middle East but also in major transit corridors, such as between Europe and Asia.

All told, the S&P 500 slipped 2.85 points to 7,135.95. The Dow Jones Industrial Average dropped 280.12 to 48,861.81, and the Nasdaq composite added 9.44 to 24,673.24.

In stock markets abroad, indexes fell in Europe following a stronger finish in Asia. Hong Kong’s Hang Seng jumped 1.7 per cent for one of the world’s strongest moves, while London’s FTSE 100 fell 1.2 per cent. (AP) VN VN

Published on April 30, 2026



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OnEMI Technology Solutions (Kissht) launches ₹926-cr IPO at ₹162-171 band

OnEMI Technology Solutions (Kissht) launches ₹926-cr IPO at ₹162-171 band


OnEMI Technology Solutions (Kissht) is launching its ₹926-crore initial public offering today at a price band of ₹162-171. The IPO comprises a fresh issue of up to ₹850 crore and an offer-for-sale of up to 4,439,788 shares by investors including Ammar Sdn Bhd, Vertex Ventures SEA Fund III Pte. Ltd, Vertex Growth Fund Pte. Ltd, Vertex Growth Fund II Pte. Ltd, Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, VenturEast Proactive Fund LLC, AION Advisory Services LLP, Ventureast Proactive Fund, and VenturEast SEDCO Proactive Fund LLC.

The IPO closes on May 5. Investors can bid for a minimum of 87 equity shares and in multiples of 87 equity shares thereafter.

The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer is allocated to qualified institutional buyers, and not more than 15 per cent and 35 per cent of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

Anchor investors

OnEMI Technology Solutions, a technology-enabled lender in India offering digital loans through its mobile application for various consumption and business needs, has garnered ₹277.7 crore from anchor investors ahead of its IPO. The company informed the bourses that it allocated 1,62,44,216 equity shares at ₹171 per share to anchor investors.

Some of the marquee institutions that participated in the anchor include Citigroup Global Markets Mauritius Private Ltd, BNP Paribas Financial Markets – ODI, ACM Global Fund VCC, New York State Teachers Retirement System-Managed by Goldman Sachs Asset Management L.P. and Goldman Sachs Funds – Goldman Sachs India Equity Portfolio, amongst others.

Among equity-oriented schemes, the company has allocated shares to HDFC Mutual Fund – HDFC Banking and Financial Services Fund, ICICI Prudential Regular Savings Fund, Whiteoak Capital Multi Asset Allocation Fund and Bandhan Large & Mid Cap Fund, amongst others.

Out of the total allocation of 1,62,44,216 equity shares to the anchor investors, 92,58,801 were allocated to seven domestic mutual funds through 13 schemes.

JM Financial Ltd, HSBC Securities and Capital Markets (India) Private Limited, Nuvama Wealth Management Ltd, SBI Capital Markets Ltd and Centrum Broking Ltd are the book-running lead managers, and KFin Technologies Ltd is the registrar of the offer.

Use of proceeds

The net proceeds from the fresh issue portion of the offer to the extent of ₹637.50 crore are proposed to be utilised towards augmenting the capital base of its subsidiary, Si Creva, to meet its future capital requirements arising out of the growth of Si Creva’s business, and for general corporate purposes.

The company is focused on young individuals within the mass market segment, which according to the 1Lattice Report, represents India’s emerging middle class and is aspirational, digitally connected and underpenetrated in credit. As of December 31, 2025, the company had 63.73 million registered users and served 11.17 million customers along with a net promoter score of 95. Further, it had received a rating of 4.6 on Play Store based on over 1.25 million user reviews as of March 31, 2026. In December 2025, the company also launched its mobile application on the iOS operating system. As of March 31, 2026, it had received a rating of 4.3 on App Store.

SBI Securities views

Valuation: OnEMI Technology Solutions Ltd is a technology-driven digital lending and consumer credit platform which offers loans through its digital (Kissht) as well as offline channels. Historically, the company has recorded a NII/PPOP/NPAT CAGR of 15.8 per cent/29.6 per cent/140.9 per cent respectively, over the FY23-FY25 period. It reported a NIM of 18.6 per cent/16.8 per cent/23.8 per cent during FY23/FY24/FY25 respectively. GNPA/NNPA of 2.9 per cent/0.4 per cent as of Dec’25 indicates a high-quality client base with low default risk. At the upper price band of ₹171, the issue is valued at a post-issue P/ABV multiple of 1.6x.

Published on April 30, 2026



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