Gold prices on Friday dropped ₹1,363 to ₹1,52,071 per 10 grams in futures trade amid a fall in spot demand.
On the Multi Commodity Exchange, gold contracts for June delivery traded lower by ₹1,363, or 0.89 per cent, at ₹1,52,071 per 10 grams in a business turnover of 2,219 lots.
Analysts attributed the fall in gold prices to weak global cues.
Globally, gold futures declined by 0.48 per cent to $4,743.99 per ounce in New York.
Published on April 10, 2026
Amid ongoing West Asia conflict impacting LPG supplies, the Centre has intensified efforts to expand piped natural gas (PNG) connections across over 150 high-priority districts
As the West Asia conflict continues to impact LPG supplies with no near-term respite, the Ministries of Petroleum & Natural Gas (MoPNG) and Housing and Urban Affairs (MoHUA) on Thursday held a review meeting to focus on PNG expansion in more than 150 high-priority districts, targeting 30 lakh connections.
Oil Secretary Neeraj Mittal and MoHUA Secretary Srinivas Katikithala chaired the joint review meeting through video conferencing with state Urban Development Secretaries, state Civil Supplies Departments, District Magistrates, and Municipal Commissioners/Executive Officers of Urban Local Bodies (ULBs), MoHUA said.
Poll-bound states such as Tamil Nadu and West Bengal were not part of the high-level meeting, it added.
All States/UTs and Urban Local Bodies (ULBs) have been directed to facilitate the establishment of a single-window, time-bound approval mechanism for PNG-related works.
“The meeting focused on accelerating the expansion of Piped Natural Gas (PNG) infrastructure in 110 identified focus GAs, while also strengthening last-mile connectivity in view of the evolving geopolitical situation in West Asia,” MoHUA said.
The deliberations also focused on the need to immediately prioritise providing household PNG connections in areas where pipeline infrastructure is already in place, with a focus on unlocking the existing potential by targeting nearly 30 lakh connections in such areas, it added.
As per the MoPNG, there are 60 lakh liquefied petroleum gas (LPG) connections near operating piped natural gas (PNG) networks and can easily migrate to piped gas.
Katikithala stressed the need to scale up the broader unmet potential of nearly 60 lakh PNG connections through focused campaigns and streamlined processes.
A saturation approach was proposed for major cities, including Ahmedabad, Bengaluru, Delhi-NCR, Lucknow, Mumbai, Thane, Navi Mumbai, Pune, Surat and Varanasi to achieve near-universal PNG coverage by ensuring comprehensive network expansion and maximising household connections.
Representatives of City Gas Distribution (CGD) entities operating in the identified areas were also present. The meeting witnessed participation from officials across more than 110 GAs, covering over 190 districts and more than 300 municipalities/ urban authorities.
Besides, District Magistrates/Collectors from over 150 districts and Municipal Commissioners/Executive Officers from more than 260 Urban Local Bodies participated in the deliberations.
The latest deliberation was a follow-up to the roundtable review meeting on the expansion of PNG services and the maintenance of essential services in urban areas held on March 28, 2026. It was chaired by Ministers from MoHUA, MoPNG, and Consumer Affairs, Food and Public Distribution (MoCAFPD).
Katikithala directed States and ULBs to facilitate mapping of PNG pipeline networks, accelerate the expansion of household PNG connections, and focus on tapping unmet demand in the identified GAs to ensure greater access to safe, convenient, and affordable fuel, thereby improving the quality of life and ease of living for urban households.
All Districts/ULBs were directed to prepare a time-bound three-week action plan with ward-wise targets, identification of priority areas and clear timelines for approvals and execution.
ULBs should prioritise areas where pipeline infrastructure is already available, high-demand locations and group housing societies to achieve quick results. Fast-tracking permissions in such areas was emphasised to demonstrate immediate progress, Katikithala said.
Mittal clarified that the Natural Gas & Petroleum Product Distribution Order – 2026 (March 24, 2026) supersedes all previous notifications regarding gas supply.
Suitable directions have also been issued to all States/UTs and ULBs to relax procedural norms, wherever feasible and to expedite the rollout of PNG connections in a time-bound manner, the Oil Secretary stated.
A Dedicated MIS/portal will be developed for daily monitoring of PNG expansion. ULBs will ensure daily reporting on the portal to ensure transparency and accountability. CGD entities were directed to map their PNG pipeline networks on the PM Gati Shakti National Master Plan portal for coordinated planning, population projects and integration of underground utility networks.
Overall, the meeting stressed the urgency of scaling up PNG connections from the current pace to a significantly higher level through coordinated and sustained efforts.
Strengthened Centre–State–District collaboration, focused interventions in high-potential urban areas, enhanced consumer awareness, robust coordination mechanisms and technology-enabled monitoring frameworks for ensuring that benefits of PNG reach eligible households and establishments in a timely and efficient manner.
Published on April 2, 2026
Inflows into equity mutual fund schemes increased 56 per cent in March to ₹40,450 crore against ₹25,978 crore logged in February as investors used the sharp fall in market valuation to pump in more money.
The overall equity asset under management plunged 10 per cent last month to ₹31.98 lakh crore against ₹35.39 lakh crore largely due to all category of schemes witnessed mark-to-market loss, according to the Association of Mutual Funds in India data released on Friday.
Interestingly, all the equity schemes registered a strong inflows. Flexi-cap inflow increased to ₹10,054 crore (₹6,925 crore), while mid and small cap funds recorded an impressive inflow of ₹6,264 crore (₹4,003 crore) and ₹6,064 crore (₹3,881 crore). Large and mid cap funds logged an inflow of ₹5,307 crore (₹3,138 crore) reflecting retail investors faith in mutual funds to tap the equity markets.
The inflows through systematic investment plan was up at ₹32,087 crore (₹29,845 crore) even as the AUM plunged 9 per cent to ₹15.11 lakh crore (₹16.64 lakh crore) due to mark-to-market loss and spill-over from the previous month.
The contributing SIP accounts increased to 9.72 crore (9.44 crore)
Venkat Chalasani, CEO, Association of Mutual Funds in India, said retail investors have reposed their faith in MF investments even while the markets remain most volatile on the back of geopolitical tensions and inflation worries.
The long-term economic growth story of India led by buoyant consumption still remains intact and this will support SIP inflows, he added.
While the job losses in the IT sector remains a concern, there are new jobs being created across sectors and this should support investments in MFs in the long run, he said.
Despite mark-to-market loss in MF equity schemes, the Specialised Investment Funds asset increased 9 per cent to ₹10,620 crore against Rs 9,711 crore in February as the fund houses used the equity derivatives market to hedge their investments.
Published on April 10, 2026
Shwetank Singh, Chalet Hotels MD & CEO
Hotel developer Chalet Hotels has activated cost-saving measures as it looks to minimise the impact on its business from the West Asia conflict.
However, there is no slowdown in capex or the company’s growth plans, said Chalet Hotels managing director and CEO Shwetank Singh.
The conflict has had one unintended consequence too. Refurbishment of rooms at the Marriott hotel in Whitefield, Bengaluru, and the Westin Hotel in Hyderabad has now been accelerated following a big drop in occupancy in those properties.
“We have a brilliant asset management team and our relationship with hotel operators is very good. We activated contingency measures quickly,” Singh said. Chalet Hotels has cut down on discretionary spending and is not filling up posts that fall vacant due to normal attrition. To save power and utility costs, it has decided to switch off lights on vacant floors in hotels in Bengaluru and Hyderabad.
The company owns 11 hotels and resorts which have over 3,300 keys. A majority of them are managed by international chains such as Accor and Marriott.
Singh said the company’s growth plans remain on track. “From an ambition and capital availability perspective, there is no slowdown,” Singh said. The company is also engaged in talks for inorganic growth opportunities.
This year the company expects to open a Taj hotel at Delhi airport. “We expect to launch 100 rooms this year and the balance 250 rooms at that hotel should also come up soon afterwards,” he said.
Singh said that, like the overall industry, Chalet Hotels’ business too was impacted due to the conflict. Around 40 per cent of the company’s business comes from foreign tourists and within that, 75-80 per cent depends on travellers coming via West Asia. “In the initial days the impact was higher but now with rerouting of flights, travel has resumed,” he said.
On the positive side, Chalet-owned hotels have been able to host social gatherings and weddings that were originally planned in the Gulf region. Advance bookings for weddings and events too have increased, he added.
Published on April 10, 2026
The Delhi High Court has ruled that insurance policy details cannot be disclosed without basic identifying information, backing Life Insurance Corporation (LIC) in an RTI-related case.
| Photo Credit:
THE HINDU
The Delhi High Court has observed that insurance details cannot be disclosed merely on the basis of a general request without providing basic identifying information, noting that it would be practically impossible for Life Insurance Corporation (LIC) to trace policies in such cases. The Court clarified in simple terms that while an insured person has the right to seek details of their policies, they must furnish minimum personal particulars to enable the retrieval of records.
The Division Bench led by the Chief Justice held that LIC deals with an enormous database comprising crores of policies, and expecting it to search for specific records without key details such as name, date of birth, address, or other identifiers is not feasible. The Court emphasised that even if the policy number is not available, certain essential information must be provided to locate the relevant data. The Court further noted that LIC already has a mechanism in place to retrieve policy information using multiple personal details, and therefore, it is not correct to assume that information cannot be accessed without a policy number. However, it stressed that a request lacking even basic particulars cannot be entertained. The Bench also highlighted that insurance-related information is sensitive in nature and indiscriminate disclosure without proper identification safeguards could pose risks.
The case arose from an RTI application filed by the appellant seeking details of all LIC policies in her name without providing policy numbers. LIC had declined the request, citing the inability to trace records without such details. While the Central Information Commission had earlier directed LIC to develop a system to provide such information even without policy numbers, the Single Judge later treated these directions as advisory and refrained from issuing mandatory directions, taking into account practical limitations.
Upholding the Single Judge’s view, the Division Bench observed that there is no restriction on an insured person seeking policy details without a policy number, but the applicant must necessarily provide sufficient personal information, such as name, date of birth, address, or other relevant identifiers. Without such details, the retrieval of information would be nearly impossible given the scale of LIC’s operations. The Court also rejected the appellant’s argument that orders of the Central Information Commission are final and cannot be challenged, clarifying that the High Court’s power of judicial review under Article 226 of the Constitution remains unaffected by such statutory provisions. Finding no merit in the appeal, the Court termed it misconceived and dismissed it, holding that no interference was warranted with the earlier judgment.
Published on April 10, 2026
Kotak Inst Eqt on TCS
Buy, TP Rs 3100
Delivered an in-line quarter, aided by improved momentum in the international business and stable profitability.
Bookings were strong and included three mega deals.
TCS appears to be moving out of a patch of unusual underperformance, driven by BSNL deal ramp-down, insourcing and program completions.
Stock price has declined by 19% in past year, underperforming peers during a cyclically weak phase.
FY2027 should see a meaningful narrowing of the growth differential with peers.
GenAI readiness is also becoming more visible through targeted workforce interventions, broader AI investments and a sharper consulting push
Remain constructive & raise EPS by 3% on revised currency assumptions.
CITI On TCS
Sell, TP Rs 2250
Reported inline Q4 EBIT; FY26 revenues -2.4% yoy cc.
Forward looking indicators –
(a) TTM TCV +3.6% yoy;
(b) Headcount -4% yoy; (c) Management commentary – Getting into next year with positivity & confidence; they see a regular Q1 and Q2.
Expect low single-digit revenue growth to continue
Debate is likely to continue – TCS Q4/commentary had data points supporting both the bullish and bearish views
GS on TCS
Buy, TP Rs 2710
4QFY26 had no major surprises.
Key positives
(i) positive sequential revenue growth across all but one vertical;
(ii) Strong deal wins in 4Q, including 3 mega deals;
(iii) Modest headcount growth and earlier than expected wage hike;
(iv) company calling out growth in mid/large-sized accounts with early signs of stability;
(v) no discernible negative impact of AI on revenue growth, though re-investment to build capabilities is causing potential margin drag.
A few negatives
(i) No improvement in growth momentum, with +0.8% qoq organic growth for 3 quarters in a row;
(ii) Miss to guidance of better FY26 vs FY25 for int’l markets, with two consecutive years of close to 0% revenue growth and limited color on FY27 growth outlook;
(iii) Limited margin expansion despite strong Fx tailwinds.
CLSA on TCS
O-P, TP Rs 2985
4QFY26 was largely in line on revenues and Ebit margins and slightly better on order booking QoQ but not YoY given 4Q renewal seasonality.
Gen AI revenue at an annualised US$2.3bn, up 28% QoQ and 7.5% of overall revenue, implies AI should be a net tailwind in the medium to long term
On Middle East (ME) crisis, impact is limited to ME geography and travel vertical up to now, and c. 0.8% CC QoQ organic revenue growth in 4Q (like 2Q/3Q) does imply a still volatile macro at this juncture.
An attractive FCF yield of 6% (even higher than the Covid bottom) and a steep discount to Indian IT peers on valuations keeps us O-PF
JPM on TCS
OW, TP Rs 3150
Delivered a solid 4Q with a small revenue beat, stable margins, & strong deal wins, while commentary points to gradual improvement into FY27
International growth improved to 2% CC YY, demand is stabilising across Consumer, HiTech and Europe, with BFSI resilient and telecom showing early signs of recovery
Strong signings at $12bn and improving conversion support a better setup into FY27 as management sounds more confident.
AI revenues were up 28% QQ to 7.5% of revenues.
EBIT margins expanded ~10bps QoQ
Crucially, TCS continues to return 80–100% of FCF via dividends and buybacks, offering strong downside support
At 16.5x/15.5x FY27/28E, the stock trades ~2SD below its historical multiple and at a discount to peers despite superior cash returns and margin resilience.
HSBC on TCS
Hold, TP Rs 2755
Reported a decent quarter in context of widespread pessimism around the IT sector
Think stronger exit-rate & improvement in demand outlook positions it well for a relatively better FY27 over FY26
Expect mid to low-single-digit long-term revenue growth
Nomura on TCS
Buy, TP Rs 2930
4QY26 – broadly inline in P&L; three mega deals drive strong deal wins
Management expects FY27F to be better than FY26 for international markets
Reinvestment for growth to continue; expect margin to remain near current levels
Raise FY27-28F EPS by 2-3%
TCS expects usual seasonality of higher growth in 1H vs 2H to follow
Raise USD revenue forecast by 160bp to 3.8% for FY27F & by 20bp to 4.5% for FY28F
Jefferies on TCS
U-P, TP Rs 2275
Mar-26 qtr revenue was in line, though margins missed estimates.
Weak growth in BFSI, flat YoY deal bookings & AI-led revenue deflation due to higher exposure to application managed services should keep growth in check
Margins are expected to remain range bound in absence of strong revenue growth
Rise estimates by 2% due to Fx & expect a subdued 5.5% EPS CAGR over FY26-29.
INCRED on TCS
ADD, TP cut to Rs 3052 from Rs 3663 earlier
4QFY26 revenue growth & EBIT margin were modestly better than estimates.
Demand environment commentary was cautious.
North America (NA) & FSI LTM bookings’ growth was weak/tepid
INR deprecation helps sustain EBIT margin
DAM Cap on TCS
Neutral, TP Rs 2670
FY26 revenue declined 2.4% YoY CC, impacted by macro weakness, high BSNL base, & AI-led deflation.
FY27 should improve on the back of a strong order book, easing macro headwinds, and possible support from BSNL phase 2.
However, AI revenues are likely to take time to offset ongoing AI-led deflation, keeping growth in low single digits over next two years
Model 4.0% growth in FY27 & 5.3% in FY28
Despite a 190bps currency tailwind in FY26 and absence of lower margin BSNL deal, margin expansion was limited to 70bps, highlighting execution and investment drag
With continued AI investments, deal transition costs, and 1QFY27 wage-hike headwind of 150–200bps, margins are likely to remain range-bound
Expect 7% EPS CAGR for FY26-28E. (partially driven by currency).
