A suspect oil tanker intercepted by the Indian Coast Guard during a sea-air operation busting an international oil-smuggling racket, about 100 nautical miles west of Mumbai. The vessel is being escorted to Mumbai for further legal action. (PTI Photo)(PTI02_07_2026_000085B)
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The Indian Coast Guard has busted an international oil cargo smuggling syndicate in a mid-sea operation, intercepting three vessels involved in the illicit trade in international waters, the maritime security agency said on Saturday.

The operation was carried out on February 5-6, approximately 100 nautical miles west of Mumbai, following intelligence gathered through technology-enabled maritime surveillance systems.

The syndicate had devised a sophisticated modus operandi to smuggle large quantities of low-cost oil and oil-based cargo sourced from conflict-ridden regions, according to a Coast Guard release.

The cargo was transferred mid-sea to motor tankers in international waters, allowing the operators to evade customs duties owed to coastal States, including India.

The racket was allegedly run through a network of handlers operating from multiple countries, coordinating the sale and transfer of oil cargo between seagoing vessels. Initial investigations indicate that the vessels frequently changed their identity to evade detection by law enforcement agencies.

The Coast Guard detected a motor tanker engaged in suspicious activity within the Indian Exclusive Economic Zone (EEZ), triggering a detailed digital investigation into the vessel’s movements. Subsequent data pattern analysis revealed two additional vessels closing in on the tanker, raising suspicion of an ongoing illicit ship-to-ship transfer, the release added.

Specialist teams from the ICG boarded the three vessels on February 5. Through sustained rummaging operations, verification of documents, corroboration of electronic data onboard and interrogation of crew members, the Coast Guard established the chain of events and confirmed the criminal modus operandi.

The vessels have been apprehended and are likely to be escorted to Mumbai for further investigation. They will be handed over to Indian Customs and other law enforcement agencies for necessary legal action, according to the release.

The owners of the vessels are based in foreign countries, officials said.

The Coast Guard stated that the operation, initiated through digital surveillance and enforced by its expanding maritime presence, underlined India’s role as a net provider of maritime security and an enforcer of the international rules-based order at sea.

Published on February 7, 2026

Country’s largest lender State Bank of India (SBI) on Saturday reported 24 per cent year-on-year (y-o-y) rise in net profit for the quarter ended December at ₹21,028 crore, led by stable growth in core income.

The lender’s net interest income (NII) grew 9 per cent on year to ₹45,190 crore, while net interest margin stood at 2.99 per cent, up 2 basis points (bps) on quarter but lower 2 bps on year. Other income stood at ₹18,359 crore, down 8 per cent on-year, largely because the bank received one-time gain of ₹4,593 crore from it’s partial stake sale in YES Bank in Q2FY25.

Gross advances grew 15 per cent y-o-y to ₹46.83 lakh crore in Q3, while deposits rose 9 per cent y-o-y to ₹57.01 lakh crore.  

(This is a developing story, please check back for updates)

Published on February 7, 2026

Private sector lender Kotak Mahindra Bank on Saturday clarified that it has not filed financial bid to acquire IDBI Bank, according to an exchange filing.

“We observed material price movement in the Bank’s scrip on February 6, 2026 and, therefore, in compliance with our obligations under Regulation 30(11) of the SEBI Listing Regulations, we would like to clarify that the Bank has not submitted a financial bid as part of disinvestment process relating to IDBI Bank Limited,” the notice said. The bank’s shares ended trading 3 per cent higher at ₹422 apiece on the NSE Friday.

On Friday, various media reports had said that the Centre has received financial bids to acquire IDBI Bank from Prem-Watsa-backed Fairfax, Emirates NBD and Kotak. 

Published on February 7, 2026

Aditya Kumar Halwasiya
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Promit Pramanik _11952

Aditya Kumar Halwasiya, Chairman and Managing Director of Cupid Ltd, has increased his stake in the company through a market purchase of 646,513 shares.

The acquisition represents 0.24 per cent of the company’s total equity.

Following this transaction, Halwasiya’s personal shareholding in Cupid Ltd has increased to 32.82 per cent. Consequently, the aggregate shareholding of the promoter and promoter group now stands at 45.80 per cent.

The strategic increase in shareholding reflects the promoter’s continued confidence in the company’s long-term strategy, business fundamentals and growth potential, said an analyst.

The purchase of additional shares from the open market demonstrates a strong commitment to the company’s future and reinforces belief in its ability to deliver sustained value over the long term, he added.

Published on February 7, 2026