Jindal Stainless flags possible shipment delays to West Asia

Jindal Stainless flags possible shipment delays to West Asia


Steel coils are seen at the Jindal Stainless facility (file photo)
| Photo Credit:
REUTERS/PRIYANSHU SINGH

Jindal Stainless said on Friday there ​may be some delays in steel shipments ‌to West Asia in the ​near term due to ⁠the conflict in the region.

The country’s biggest stainless steel producer said the West Asia accounted for ‌a small share of its export market but that the company ‌remained committed to serving the ‌region.

“Given ⁠the escalating conditions, there may ⁠be some delays in shipment arrivals in the near term, due to extended transit timelines across certain ​international shipping routes ‌and air spaces,” Abhyuday Jindal, managing director of Jindal Stainless, told Reuters.

He said it was premature to comment on ‌any kind of surcharges.

The company was closely ​monitoring the evolving geopolitical situation and was prepared to ensure minimal ⁠disruption to its supply chain and operations, Jindal said.

“One focus area currently is ‌the availability of certain industrial gases and raw materials, such as limestone and dolomite, sourced from the (West Asia),” Jindal added, saying that while the company maintained adequate inventory levels, they were prepared to ‌tap other sourcing options to prevent any impact ​on production.

Some steel companies are also bracing to pay higher ⁠prices for gas.

Reuters reported on Thursday that ⁠Adani Total Gas has sharply raised prices for supplies to industrial clients, ‌citing lower availability of gas due to the conflict in the Middle East.

Published on March 6, 2026



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Divyangjan Staff at IDBI Bank seek assurance on service continuity & protection

Divyangjan Staff at IDBI Bank seek assurance on service continuity & protection


The Visually Impaired Bank Employees Welfare Association (VIBEWA) has, on behalf of more than 500 visually impaired and other categories of disabled employees in IDBI Bank, conveyed apprehensions to Finance Minister Nirmala Sitaraman about job and service conditions in the bank post-strategic divestment.

In a letter addressed to the Minister, Himanshu Sahu, General Secretary, and Rajesh Asudani, President, VIBEWA, aired fears over continuity of service; preservation of statutory protections; and safeguarding of reasonable accommodation mechanisms presently available under public sector governance. Sahu is a Senior Manager with Indian Bank in Kolkata and Asudani, an Assistant General Manager, RBI, Nagpur.

National precedent

The manner in which divestment addresses disability safeguards will set a national precedent. Public sector banks have historically been pioneers in inclusive employment. Any perceived dilution of protection during privatisation could create insecurity across the banking sector for thousands of employees with disabilities. 

The Centre has consistently upheld dignity and empowerment of Divyangjan. “We humbly seek your intervention to ensure this commitment remains intact during restructuring process. We request an opportunity for formal dialogue with Department of Financial Services to place detailed submissions,” the letter said.  

Welfare legislation

The Rights of Persons with Disabilities Act, 2016 (RPwD Act) is a welfare legislation enacted to ensure equality, dignity, and non-discrimination in employment. Section 20 of the Act categorically prohibits discrimination and protects employees with disabilities from reduction in rank or arbitrary termination on account of disability. 

“We respectfully submit that divestment or transfer of majority shareholding cannot dilute these statutory obligations,” the letter said. Any Transfer of Undertaking agreement must explicitly incorporate binding clauses protecting continuity of service; preservation of pay and allowances; pensionary and terminal benefits; and existing reasonable accommodation mechanisms, it added.

Absolute job security  

Visually impaired and other disability employees have served the institution with distinction in roles ranging from branch operations to credit, risk management, audit, and IT. Many have acquired professional qualifications such as CAIIB and have demonstrated measurable performance.

“We humbly request that the Government ensure that no retrenchment, forced resignation, or adverse restructuring impacts visually impaired employees. Contractual and probationary PwD employees must be granted protection, considering their vulnerability during ownership transition.”

Protection of wages 

Privatisation often leads to restructuring of pay architecture. The VIBEWA sought assurances that existing pay scales will not be altered to detriment of divyangjan employees.

Special conveyance allowance and disability-related benefits should remain intact. Pension and gratuity structures must be preserved. A formal “No-Loss and No-Reduction Clause” should be incorporated specifically for employees with benchmark disabilities.

Digital ecosystem 

Banking is increasingly technology-driven. Visually impaired employees depend upon accessible digital platforms compatible with screen readers such as JAWS and NVDA. The VIBEWA urged that all future banking software and digital platforms comply with accessibility standards.

Assistive technology support must stay uninterrupted. Accessibility compliance must be made a binding obligation on incoming management.

Transition oversight 

To ensure transparency and fairness, the letter requested that a representative from VIBEWA or a disability rights expert be included in any HR transition or restructuring committee overseeing post-divestment policy changes. This will prevent inadvertent policy shifts that may adversely affect employees with disabilities. 

Published on March 6, 2026



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Genesys International brings advanced underground utility mapping tech to India

Genesys International brings advanced underground utility mapping tech to India


Mumbai-based geospatial firm Genesys International Corporation Ltd on Friday launched what it described as India’s first advanced Ground Penetrating Radar (GPR) system from Italian technology company IDS GeoRadar, aimed at 3D mapping of underground utilities.

The system uses patented Equalised Scrambling Technology (EST) and Wide/Multi Array Antenna Technology to detect and map buried infrastructure — including water pipelines, sewer networks, telecom cables, and power lines — through high-resolution 3D sub-surface imaging.

Genesys said it will integrate the GPR technology with its existing digital mapping and 3D geospatial platforms to build subsurface digital twins of urban environments, allowing cities to visualise and manage underground assets.

The company said the technology is targeted at smart city projects, metro and highway construction, water infrastructure upgrades, and large-scale utility modernisation programmes across India. It claims the system can reduce excavation-related damage to existing infrastructure and minimise project delays.

Chairman and Managing Director, Sajid Malik, said the launch was aimed at addressing a critical gap in sub-surface mapping, particularly for water infrastructure networks that he described as “often buried and poorly mapped.”

Genesys International is listed on Indian stock exchanges and specialises in high-accuracy mapping, 3D city modelling, and enterprise spatial platforms for government and enterprise clients.

The shares of Genesys International Corporation were trading at ₹283.15, up by ₹11.45 or 4.21 per cent, on the NSE today at 1.15 pm.

Published on March 6, 2026



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Indian refiners are snapping up Russian crude oil after US waiver

Indian refiners are snapping up Russian crude oil after US waiver


Indian refiners are moving quickly to buy Russian oil, with million of barrels floating in Asian waters offering a quick fix to a Middle East supply crunch after the US relaxed restrictions on the trade. 

More than 10 million barrels of Russian crude have already been bought, according to people with direct knowledge of the deals. Much of that may have been purchased even before the one-month waiver announced late Thursday in Washington.

There’s around 15 million barrels of Russian crude on tankers in the Arabian Sea and the Bay of Bengal, while vessels carrying another 7 million are idling near Singapore, according to ship-tracking data compiled by Bloomberg. All of that crude could reach Indian ports within a week. There’s also more tankers with the oil in the Mediterranean Sea and Suez Canal that are heading toward the subcontinent.

The South Asian nation, which became a major importer of discounted Russian oil following the invasion of Ukraine, had sharply cut back on the purchases this year under US pressure. But the war in the Middle East has cut off its access to replacement supplies from Persian Gulf producers, prompting Washington to give it a short-term reprieve.

State-run refiners Mangalore Refinery and Petrochemicals Ltd. and Hindustan Petroleum Corp Ltd. — which hadn’t purchased Russian oil since December — are back in the market, according to the people, asking not to be named as they’re not authorized to speak to media. 

MRPL and HPCL didn’t reply to emails seeking comment, while India’s federal oil ministry didn’t immediately reply to an mail seeking comment on the US waiver.

Tankers laden with Russian oil had begun changing their destinations to signal Indian ports even before the license was issued. At least 18 vessels carrying Urals are now indicating they’re heading to India, according to Kpler. 

“Refiners could quickly ramp up purchases again, potentially pushing volumes back above 2 million barrels a day in the near term,” said Sumit Ritolia, an analyst at the data intelligence firm. “The steep discounts previously seen on Russian crude could narrow significantly and may even shift toward premiums.”

That appears to be already happening. Indian refiners are paying a $2-to-$4 a barrel premium to Dated Brent for Russia’s flagship Urals grade on a delivered basis, according to the people. It’s a sharp turnaround from last month, when it was going for $15 to $20 a barrel below Brent as buyers in the South Asian nation pulled back on purchases. 

The resumption in Indian buying could see the country’s imports from Russia rise back toward the peak of more than 2 million barrels a day in mid-2024. Purchases last month had dropped to an average of 1.06 million barrels a day, the least since September 2022, according to Kpler.

More stories like this are available on bloomberg.com

Published on March 6, 2026



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Centre asks refiners to prioritise Propane, Butane streams for LPG production

Centre asks refiners to prioritise Propane, Butane streams for LPG production


The Ministry of Petroleum & Natural Gas (MoPNG) has directed all the refiners to prioritise the utilisation of Propane and Butane streams for production of liquefied petroleum gas (LPG) as the closure of Strait of Hormuz skews India’s imports of the key cooking fuel.

The Ministry in an order on Thursday said that LPG is an essential domestic fuel used by households for cooking across the country and uninterrupted supply is necessary in public interest, sources said.

Regular supplies of LPG are important for India as the country does not have strategic reserves for the key cooking fuel. Around 90 per cent of LPG is consumed in households for cooking. India has around 33.08 crore active domestic consumers, which includes around 10.51 crore beneficiaries under the PM Ujjwala Yojna (PMUY).

West Asia accounts for 85-90 per cent of India’s LPG imports with most cargoes transiting the 34 km-long world’s most critical energy chokepoint.

As per Vortexa, the Middle East Gulf (MEG), excluding Iran, is India’s largest supplier of LPG, covering 92 per cent (around 720,000 barrels per day) of the country’s imports as of 2025.

sources said that in the Thursday order, the Ministry said that all oil refining companies operating in India shall maximise and ensure that Propane and Butane streams produced, recovered, fractionated or otherwise available with them are utilized for production of LPG and make it available to the three Public sector OMCs viz.IOCL, HPCL and BPCL only.

All oil refining companies shall not divert, utilise, process, crack, convert or otherwise employ Propane or Butane streams for manufacture of petrochemical products or other such downstream derivatives. All Public sector OMCs shall ensure that LPG so procured is supplied/marketed solely to consumers of domestic LPG only, it added.

Any contravention of this Order shall attract action under the Essential Commodities Act, 1955 and the Petroleum Products (Maintenance of Production, Storage and Supply) order, 1999, and any other applicable law for the time being in force, the order added.

Published on March 6, 2026



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Low women participation in equities costs India ₹40 Lakh Cr GDP opportunity: Lxme–EY Report

Low women participation in equities costs India ₹40 Lakh Cr GDP opportunity: Lxme–EY Report


India could unlock an estimated ₹40 lakh crore in GDP potential by enabling greater participation of women in long-term financial investments, including equities and mutual funds, a new report by Lxme in partnership with EY India said.

The report has introduced the women’s financial prosperity index (WFPI), which scores the country at 28.1 out of 100, indicating that while financial access has expanded significantly, women’s ability to build wealth through investments remains limited.

Only 8.6% of women invest in equities or mutual funds, compared with 22.3% of men.

Women begin investing five years later on average and start with nearly half the investment size of men.

Nearly one-third of women prefer physical gold

Equity and mutual fund investing

A central finding of the Lxme–EY report is the stark gender gap in participation in capital markets. Only 8.6 per cent of women invest in mutual funds or equities, compared with 22.3 per cent of men. Women also account for just one in four mutual fund investors in India. Even when women begin investing, they typically do so later than men — around the age of 35 compared with 30 for men — and with smaller initial investments.

Data cited in the report shows that women hold only 23 per cent of equity investor accounts and 25 per cent of mutual fund folios. They represent about 28 per cent of registered systematic investment plan (SIP) accounts and roughly 29 per cent of first-time mutual fund investors. On average, a woman’s first mutual fund investment ticket is about ₹6,500, nearly half the ₹12,000 average for men, while the average starting SIP amount is about ₹2,300, compared with ₹3,800 for male investors.

These patterns, the report notes, are shaped by both structural and behavioural factors. Women tend to begin investing later and with smaller surpluses because they often shoulder household financial management and face more volatile income streams.

Savings pattern

According to the report, women’s labour force participation stands at 41.7 per cent, far below the 78.8 per cent participation rate for men. As a result, women’s savings often prioritise safety and liquidity rather than long-term growth. The report shows that 32.6 per cent of women prefer to save in physical gold, compared with 25.8 per cent of men. About 22 per cent rely on post office savings schemes and nearly 19 per cent save through informal channels such as cash holdings, chit funds and self-help groups —double the proportion of men using such instruments.

In addition, participation in long-term retirement instruments also remains low. Only 14.2 per cent of women hold pension or provident fund accounts, compared with 32.8 per cent of men. Overall, Indian women hold only about 60 per cent of men’s retirement wealth.

According to the Lxme–EY report, drawing on national datasets, an EY survey of 1,033 respondents, and Lxme’s platform data, redesigning financial systems to better reflect women’s income patterns, risk perceptions and financial journeys could significantly expand their participation in capital markets. It would also strengthen domestic savings and long-term investment flows, unlocking a potential ₹40 lakh crore boost to India’s economy.

Published on March 6, 2026



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