Hindustan Zinc launches ‘Zinc Moolya’ a live rupee pricing module on Vedanta Metal Bazaar

by Hansraj Agrawal | Jan 29, 2026 | Business

Hindustan Zinc Limited, one of the world’s largest integrated zinc producers and amongst the top five silver producers globally, has launched ‘Zinc Moolya’, an Indian rupee (INR) live pricing module on its flagship metal e-commerce platform, Vedanta Metal Bazaar (VMB).

Designed to democratise access to metal pricing, ‘Zinc Moolya’ enables businesses across India, particularly MSMEs and small-volume buyers, to view, book and lock transparent, real-time metal prices in the INR aligned with global benchmarks, said a company statement.

Launched in 2022, Vedanta Metal Bazaar (VMB) is India’s first online metal marketplace for metal procurement. It offers a seamless digital experience, allowing buyers to access live prices, place orders and manage end-to-end transactions with transparency. Trusted by thousands of businesses nationwide, VMB has emerged as a transformative force in reshaping how metals are sourced across India, the company said.

LME-linked

‘Zinc Moolya’ marks a significant enhancement to the platform’s capabilities. It provides live landed prices in INR, dynamically linked to the London Metal Exchange (LME), ensuring accurate and up-to-date price discovery.

“In a market where volatility in the INR–USD exchange rate often makes it challenging for small and mid-sized businesses to accurately fix their raw material costs, Zinc Moolya addresses a critical issue by enabling pricing certainty directly in Indian rupees,” the statement said.

This will help MSMEs and emerging enterprises to participate more actively in the metals market, enabling faster decision-making, improved competitiveness and stronger integration into domestic and global value chains.

Arun Misra, CEO of Hindustan Zinc, said, “With the introduction of Zinc Moolya on Vedanta Metal Bazaar, we are fundamentally reshaping how metals are bought in India by removing entry barriers that have traditionally favoured scale… At Hindustan Zinc, we see digital innovation as a nation-building tool…one that strengthens trust, improves competitiveness, and enables India’s manufacturing ecosystem to grow with confidence and resilience.”

The initiative aligns with the national vision of Atmanirbhar Bharat, strengthening India’s industrial backbone while reducing information asymmetry and enhancing trust in commodity procurement, it said.

Hindustan Zinc’s portfolio, serving 40 countries, includes London Metal Exchange (LME) registered products such as Special High-Grade Zinc, High-Grade Zinc, EcoZen – low-carbon ‘green’ zinc, Prime Western Zinc, Continuous Galvanizing Grade Zinc, High-Grade Jumbo Zinc, and die-casting alloys (Alloy 3 and Alloy 5), along with Special High-Grade Lead.

Published on January 29, 2026

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Indian jewellers stop taking advance orders on volatile gold, silver movements

by Hansraj Agrawal | Jan 29, 2026 | Business

On Thursday, gold opened ₹1,100 a gm higher than the previous day closing, throwing jewellers off balance
| Photo Credit:
MURALI KUMAR K

Soaring prices of gold and silver are creating operational challenges for jewellers, who are hesitant to book advance orders from customers in view of the volatile movements.

On Thursday, gold opened ₹1,100 a gm higher than the previous day closing, throwing jewellers off balance. Silver, too, quoted higher by over ₹27,500 a kg. Gold, which opened at ₹1,76,121 per 10 gm, ended at ₹1,75,340 against previous closing of ₹1,64,635. Silver eased to ₹3,79,988 a kg from ₹3,85,933 against ₹3,58,267.

Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd and President of India Bullion and Jewellers Association Ltd, said the sharp surge in gold and silver prices created real operational challenges for jewellers.

No advance booking

“Extreme volatility makes it difficult to quote prices, lock orders, or manage inventory risk, as even small intraday moves can wipe out margins. Many jewellers are seeing customers defer purchases, renegotiate orders, or shift to lighter designs due to uncertainty around prices,” he said.

“No one is taking advance booking as prices have soared. It is difficult to take a booking in a situation like today when gold price went up by over ₹1,000 a gm,” said All-Kerala Gold & Silver Merchants Association General Secretary S Abdul Nazar

N Anantha Padmanabhan, managing director of Chennai-based NAC Jewellers, said jewellers are now seeking 100 per cent payment for gold jewellery orders from customers.

“We are asking for at least 50 per cent advance when customers book orders with us,” said S Abdul Nazar.

“After every sale, we have to replenish our gold stocks. We are buying gold every 2-3 hours and find prices fluctuating every minute,” said Anantha Padmanabhan.

Reasons for the surge

Traders said they were finding it difficult to manage the daily volatility in the precious metals complex. Gold has increased by nearly 12 per cent this week and silver by over 25 per cent.

Nazar said purchases of precious metals have slowed in view of the volatile situation. “Jewellery gold ruled at ₹99,000 per sovereign (8 gm) on January 1. Today, it is at ₹1,31,000. Over the past two years, gold’s rise was gradual. But today, it is rising by ₹300-500 every day,” he said.

At the same time, higher working capital requirements and hedging costs are adding pressure. While long-term demand remains intact, in the near term, elevated prices and rapid swings are disrupting order flows and forcing jewellers to adopt a far more cautious, just-in-time approach to bookings, said Kothari.

Gold and silver prices have been rising in line with global trends. Globally, precious metals are soaring due to investors’ flight from currencies and bonds, geopolitical crises, US trade disputes with various nations and uncertainty over the US Fed’s policies.

Over the past year, gold prices have nearly doubled, while silver rates have nearly tripled.

Published on January 29, 2026

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Banks’ Q4 NIM to remain range-bound as repo cut transmission occurs on MCLR-linked loans

by Hansraj Agrawal | Jan 29, 2026 | Business

ICICI Banks’ NIM stood at 4.30 per cent in Q3, flat sequentially. Federal Bank’s NIM improved 12 bps sequentially to 3.18 per cent in Q3.
| Photo Credit:
FRANCIS MASCARENHAS

Banks are likely to see their net interest margin (NIM) remain range-bound sequentially, with possible downward bias, as the Reserve Bank of India’s (RBI) 25 basis points (bps) repo rate cut transmission in December occurs on the lending side, especially on loans which are linked to marginal cost of funds based lending rate (MCLR) benchmark which re-prices after a lag.

Sandeep Batra- ED, ICICI Bank, said he expects NIMs to remain ‘more or less range-bound’ going ahead, reflecting the repricing of the external benchmarks on loans and investments. And of course, competition intensity.

“This would get offset by retail term deposit repricing, and we will continue to watch the market conditions, and if there are any further changes in monetary policy, that will impact the NIM trajectory. From our perspective, we are focused on maximising all levers of profits, and where NIM is certainly one of the important levers,” he said. ICICI Banks’ NIM stood at 4.30 per cent in Q3, flat sequentially.

KVS Manian, MD, CEO, Federal Bank, said as the bank is changing the mix of its liability profile, increasing low-cost current account and savings account (CASA) share in overall deposits, and growing medium yield assets faster than the low yielding ones.

“I think we hope to continue this journey for many more quarters to go. Of course, there will be an immediate quarter, you will see the impact of the last rate cut play out. So, we have to keep that in mind in the next quarter (Q4). A large part of the last rate cut will play out in the next quarter. Of course, we have to try and mitigate that as we have tried in the last few quarters. We will attempt to do our best. But I don’t think that journey is anywhere close to the peak of what we want to get,” he said. Federal Bank’s NIM improved 12 bps sequentially to 3.18 per cent in Q3.

“NIMs will remain range-bound in this quarter because banks have let go-off the low yield assets, and are aiming for higher yielding assets to protect interest yields. Banks are also not raising high cost bulk deposit significantly, to protect margins. We expect these trends to continue over the next 1-2 quarters,” said Sanjay Agarwal, Senior Director, CareEdge Rating.

However, on a longer term basis, the downward pressure on lending yields and resistance in deposit yields is likely to ensure that NIMs would remain capped, he added.

Published on January 29, 2026

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Silver futures soar over ₹4 lakh a kg in India as precious metals continue to rally

by Hansraj Agrawal | Jan 29, 2026 | Business

On Thursday morning, silver March futures soared to ₹4.20 lakh a kg on MCX before easing to ₹4,13,200.
| Photo Credit:
istock.com

Silver’s spectacular rally continued with its prices surging to a new record, while futures topped ₹4 lakh a kg in India. Gold exceeded $5,500 an ounce in the global market before paring gains. But late in the evening, the precious metals complex began paring its gains.

Thursday’s rally was fuelled by the dollar falling to 4-year low and investors shifting from sovereign bonds and currencies to precious metals. Geopolitical crises with the US threatening Iran over leadership change. Teheran upped the ante by denouncing President Donald Trump’s comments as “violation of Iraq’s sovereignty”.

Over the past few weeks, geopolitical crises, US’ tariff disputes with various nations, Washington locking horns with the EU and the current Iranian situation have buoyed precious metals with prices of silver doubling in a month-and-a-half and of gold in 100 days.

Silver, gold prices today

At 2040 hours IST, gold was quoted at $5,423.66 an ounce, and gold April futures ruled at $5,445.24. In India, gold in the Mumbai spot market ended at ₹1,75,340 per 10 gm. On MCX, gold April futures quoted at ₹1,88,790 gm after surging to ₹1,93,096.

Silver soared over $120 an ounce before pulling back to $113.69, and silver March futures on COMEX were quoted at $113.739 an ounce. In the Mumbai spot market, silver ended at ₹3,79,988 a kg, while on MCX, March futures soared to ₹4,20,048 a kg before easing to ₹4,06,800.

Platinum rose, but slipped to $2,636.20 an ounce, and palladium declined to $2,034 an ounce.

Gold has increased by nearly 30 per cent since the beginning of the year, silver by 66 per cent, platinum by 33 per cent and palladium by 29 per cent.

Safe-haven rush crowds trades

Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, said though the US Fed kept the interest rates unchanged, the market shrugged off its credibility. “The rally, especially in gold, indicates some sense of concerns about Fed’s independence and counterparty risk. The S&P500 to gold ratio dropped 20 per cent this month and hit its lowest levels since October 2013. This indicates that trust in financial assets is eroding rapidly,” said Sheth.

Renisha Chainani, head of research at Augmont, said gold is increasingly viewed not just as a crisis hedge, but as a neutral, reliable store of value across macro regimes

In a note, White Oak Capital said gold and silver are essential insurance. “But we don’t buy more insurance after the house has already been saved. The ‘screaming’ in the silver market is the signal that the exit door is getting crowded. It may be prudent to move your capital to an asset that builds wealth, not one that simply waits for a disaster,” it said.

Published on January 29, 2026

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Economic Survey: India’s data centre capacity to reach about 8 GW by 2030

by Hansraj Agrawal | Jan 29, 2026 | Business

Driven by surging data consumption, rapid cloud adoption, and the growing use of artificial intelligence (AI), India’s data centre capacity is projected to rise to about 8 GW by 2030, from around 1.4 GW as of the second quarter (Q2) of 2025, said the Economic Survey 2025-26.

AI data centres are specialised, high-performance facilities designed to meet the intensive computational needs of artificial intelligence, machine learning and deep learning workloads.

Growth opportunity

However, despite generating nearly 20 per cent of the world’s data, India hosts only about 3 per cent of global data centres—around 150 out of 11,000 worldwide—according to Nasscom, highlighting both a significant growth opportunity and a competitiveness gap, the Survey noted.

“Data centres are also double-edged swords, as they are highly energy-intensive. With emerging hubs such as Malaysia (Johor), Japan and Vietnam intensifying competition, addressing structural constraints such as energy shortages will be critical for India to position itself as a global AI data centre hub,” it said.

Data centres form a critical component of India’s IT ecosystem, supporting application hosting, data processing and storage for government platforms, financial services, enterprises and citizen-centric applications.

Current capacity

Per industry estimates, India’s installed data centre capacity stood at around 1,280 megawatts (MW) as of June 2025, with about 130 privately operated data centres and 49 run by government agencies at the central and State levels.

The sector remains largely private-led and deregulated, facilitated by policy initiatives under Make in India and Atmanirbhar Bharat aimed at strengthening domestic electronics and semiconductor manufacturing across the data centre value chain, the Survey said.

The Survey also noted that AI development has followed a resource-intensive path, with this intensification reflected in the sharp projected rise in electricity consumption by data centres across major regions.

Grid stress

Grids have become increasingly unstable, power supply has been disrupted and energy costs have risen, compounded by the shift towards intermittent power sources such as solar and wind. While frugal AI may be possible, it is neither imminent nor commercially scalable at present, it added. The Survey also noted that the US federal government has barred states from regulating AI.

Infrastructure risks

“AI development is inextricably linked to physical infrastructure. Data centres require large quantities of electricity and water, and AI workloads introduce volatility in power demand, posing risks to grid stability. Global experience shows that AI-driven data centre expansion can place significant strain on existing energy systems, even in advanced economies,” the Survey said.

Published on January 29, 2026

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निर्मला सीतारमण बोलीं भारत के व्यापक आर्थिक आधार मजबूत, वैश्विक चुनौतियों पर भी दिया जबाव

by Hansraj Agrawal | Jan 29, 2026 | Business

Economic Survey 2026: केंद्रीय वित्त मंत्री निर्मला सीतारमण ने गुरुवार को कहा कि भारत का व्यापक आर्थिक आधार अब पहले से कहीं अधिक मजबूत हो गया है. उन्होंने कहा कि देश ने वैश्विक चुनौतियों का सफलतापूर्वक सामना किया है, जिसके चलते भारत की संभावित जीडीपी वृद्धि दर बढ़कर सात प्रतिशत तक पहुंच गई है.

वित्त मंत्री ने संसद में आर्थिक समीक्षा 2025-26 पेश करने के बाद सोशल मीडिया मंच ‘एक्स’ पर पोस्ट करते हुए कहा कि भू-राजनीतिक विखंडन और आर्थिक उथल-पुथल से भरी दुनिया में भारत एक वैश्विक चमकते सितारे के रूप में उभर कर सामने आया है जो मजबूत, स्थिर और लगातार आगे बढ़ने वाला है.

पहले से ज्यादा मजबूत होकर उभर रहा भारत

वित्त मंत्री ने कहा कि हमारे व्यापक आर्थिक आधार पहले से कहीं अधिक मजबूत हैं. वैश्विक प्रतिकूल परिस्थितियों के बावजूद भारत को उच्च विकास पथ पर बनाए रखा गया है. हमने अपनी संभावित जीडीपी वृद्धि दर को सुधारकर सात प्रतिशत तक पहुंचाया है. आर्थिक समीक्षा के अनुसार, वैश्विक अनिश्चितताओं के बीच भी भारतीय अर्थव्यवस्था ने मजबूत रफ्तार बनाए रखी है. समीक्षा में अगले वित्त वर्ष के लिए भारत की जीडीपी वृद्धि दर 6.8 प्रतिशत से 7.2 प्रतिशत के दायरे में रहने का अनुमान जताया गया है.

राष्ट्रीय सांख्यिकी कार्यालय (NSO) के अनुमानों के मुताबिक, चालू वित्त वर्ष में भारतीय अर्थव्यवस्था 7.4 प्रतिशत की दर से बढ़ी है. भारत लगातार चौथे वर्ष दुनिया की सबसे तेजी से बढ़ने वाली प्रमुख अर्थव्यवस्था बना हुआ है. समीक्षा में देश के संभावित वृद्धि अनुमान को तीन वर्ष पहले के 6.5 प्रतिशत से बढ़ाकर अब सात प्रतिशत कर दिया गया है.

100 अरब डॉलर तक एक्सपोर्ट

आर्थिक समीक्षा रिपोर्ट में कहा गया है कि मूल्य के लिहाज़ से दुनिया का दूसरा सबसे बड़ा कृषि उत्पादक देश अगले चार वर्षों में कृषि, समुद्री तथा खाद्य एवं पेय पदार्थों के निर्यात को 100 अरब अमेरिकी डॉलर तक पहुंचा सकता है.

साथ ही, इसमें चेतावनी दी गई है कि बार-बार किए जाने वाले नीतिगत बदलाव आपूर्ति श्रृंखलाओं में बाधा पैदा कर सकते हैं, अनिश्चितता बढ़ा सकते हैं और विदेशी खरीदारों को वैकल्पिक स्रोतों की ओर रुख करने के लिए मजबूर कर सकते हैं. ऐसी स्थिति में खोए हुए निर्यात बाजारों को दोबारा हासिल करना कठिन हो जाएगा.

ये भी पढ़ें: लुट गया इंडोनेशिया का ये अमीर शख्स, एक झटके में गंवाए 8,27,59,50,00,000 रुपये, जानें वजह

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