US sues Harvard over alleged race criteria in student admissions

by Hansraj Agrawal | Feb 13, 2026 | Business

The lawsuit, filed in Boston federal court, seeks documents to assess compliance with a 2023 U.S. Supreme Court ruling that struck down race-conscious college admissions programs
| Photo Credit:
BRIAN SNYDER

The Trump administration sued Harvard
University on Friday, accusing it of failing to comply with a
federal ‌investigation and seeking documents to determine whether
the university had illegally considered race in its ⁠admissions
process.

The move comes less than two weeks after U.S. President
Donald Trump said his administration was seeking $1 billion from
Harvard to ‌settle probes into school policies, after a news
report that said Trump had dropped his ‌demand for a payment from
the Ivy League school.

Harvard ‌representatives ⁠did not immediately respond to a
request for ⁠comment.

Trump’s administration has been threatening to withhold
federal funds from Harvard and several other universities over
issues including pro-Palestinian protests against Israel’s war
in Gaza, campus diversity ‌and transgender policies.

The Justice Department said on Friday in a press release
that Harvard had “repeatedly slow-walked the pace of production
and refused to produce pertinent data and ‌documents,” including
admissions policies and correspondence related to banned
diversity, equity and inclusion programs.

In the complaint filed in Boston federal court, Justice
Department lawyers ⁠said the documents requested will help assess
whether Harvard is complying with a 2023 decision by the U.S.
Supreme ‌Court which said that race-conscious college admissions
programs are unconstitutional.

The Justice Department said it brought the lawsuit “solely
to compel Harvard to produce documents relating to any
consideration of race in admission” and “does not accuse Harvard
of any discriminatory conduct, nor does it seek monetary damages
or ‌the revocation of federal funding.”

The administration last year attempted to cancel hundreds of
grants awarded to Harvard researchers on the grounds the school
failed to do ⁠enough to address harassment of Jewish students on
its campus, prompting ⁠Harvard to sue.

Trump’s attempts to freeze federal funds for Harvard have
faced legal resistance and ‌the two sides have failed to reach a
deal thus far.

Published on February 13, 2026

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Run-up to FY26-end: Credit and deposit growth see robust pick-up

by Hansraj Agrawal | Feb 13, 2026 | Business

Year-on-year, credit growth at 14.40 per cent as of January-end 2026 is higher than deposit growth of 12.42 per cent, per RBI data.
| Photo Credit:
AJAY VERMA

A robust pick-up in credit and deposits in the last fortnight of January indicates that the Indian economy is gathering steam, shrugging off headwinds arising from higher US tariffs, global trade fragmentation and geopolitical tension.

Credits and deposits of all scheduled banks jumped ₹3,40,934 crore and ₹3,80,346 crore, respectively, in the fortnight ended January 31, 2026, reversing the decline on both fronts in the preceding fortnight, per the latest RBI data.

Credit as well as deposits of all scheduled banks declined ₹3,55,765 crore and ₹1,88,383 crore, respectively, in the preceding fortnight ended January 15, 2026.

The healthy credit offtake comes amid a strong build-up in the corporate loan sanctions pipeline by public sector banks and hardening rates in the corporate bond market. Banks that have disclosed their pipeline include State Bank of India (₹7.86 lakh crore), Punjab National Bank (₹1.02 lakh crore), and Bank of Baroda (₹75,000 crore).

Ashwini Kumar Tewari, Managing Director, State Bank of India (SBI), in a recent analyst call, observed that SBI is seeing a pick up in corporate loans, especially in the power, including renewables, metals and infrastructure sectors.

Further, the RBI’s move to allow commercial banks to extend finance to Real Estate Investment Trusts (REITs), which is a large market and growing fast, as well as finance acquisitions by Indian companies, will help SBI increase its corporate loan book, with better margins, he said.

Deposit inflows

In view of the downturn in equity markets late last month, Banks may have seen deposit inflows, especially bulk deposits, say experts.

Ashok Chandra, MD & CEO, Punjab National Bank, in an analyst concall, noted his Bank has 18 crore plus customers, and they have a lot of faith in the banking system.

“We are mindful of the deposits, the scenarios, the dynamic situation…So, we thought, let us continue the (current) deposit rates. That is the reason, in the third quarter…We have kept them intact,” he said.

Madan Sabnavis, Chief Economist, Bank of Baroda, attributed the deposit growth in the banking system to high-cost bulk deposits and Certificate of Deposits, which are being picked up to bridge the gap between credit and deposit growth.

Year-on-year, credit growth at 14.40 per cent as of January-end is higher than deposit growth of 12.42 per cent, per RBI data.

Referring to the credit pick up in the reporting fortnight, Sabnavis said: “It must be a case of the large corporates drawing down sanctions….retail loans and all that cannot swing the credit growth number so much.

“If you consider these kinds of large numbers, it’s definitely a case of saying there is buoyancy in the economy, which is getting reflected from higher demand in credit.”

Published on February 13, 2026

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Sell-off in IT stocks sends markets into a tailspin

by Hansraj Agrawal | Feb 13, 2026 | Business

Domestic equities were weighed down by weak global cues
| Photo Credit:
Ta Nu

Markets witnessed sharp selling pressure on Friday, and benchmark indices slid 1.3 per cent on mounting concerns over artificial intelligence-led disruption in the IT sector triggered widespread profit-booking across sectors.

The IT sector bore the brunt of the selloff, with major heavyweights witnessing significant declines. TCS fell 2 per cent and Wipro 2.2 per cent. The Nifty IT Index has lost over 8 per cent this week.

“Today’s weakness in Sensex and Nifty is largely driven by selling pressure in the IT sector, which weighed on broader market sentiment,” said Swapnil Aggarwal, Director, VSRK Capital.

He pointed out that concerns around global demand slowdown, cautious commentary from tech companies, and uncertainty related to AI-led disruptions and job losses had triggered profit-booking after recent gains.

“The view that software or IT services are structurally obsolete appears overstretched, particularly in the enterprise segment, which runs mission critical multilocational and highly secure applications,” noted N. ArunaGiri, CEO, TrustLine Holdings.

“In the current IT melt-down, instead of taking a universal buy-on-dips approach, take a prudent selective and stock-specific approach based on underlying business models,” he added.

Sensex shaved off over 1000 points in trade and Nifty ended 336.1 points power, as foreign portfolio investors have escalated selling. According to provisional data, they offloaded shares nearly worth ₹7,400 crore.

Hindalco emerged as the top Nifty loser, plummeting 6.08 per cent followed by Hindustan Unilever, which dropped 4.34 per cent. Among gainers, Bajaj Finance rose 3.09 per cent and, Eicher Motors gained 1.56 per cent.

The broader market correction was widespread, with metals and FMCG stocks facing heavy selling.

The Nifty Midcap 100 fell 1.71 per cent, while the Nifty Smallcap 100 tumbled 1.79 per cent. All sectoral indices closed in the red, with Nifty Bank down 0.91 per cent.

“At present, this appears to be more of a sentiment-driven correction rather than the start of a deeper structural downturn,” Aggarwal said, advising investors to “adopt a staggered investment strategy” through systematic investment plans to navigate volatility.

Looking ahead, Siddhartha Khemka, Head of Research, Motilal Oswal Financial Services, expects markets to “remain range-bound in the near term amid mixed global cues,” with investor attention shifting toward the upcoming India AI Impact Summit scheduled in New Delhi next week.

Published on February 13, 2026

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Sanctions drag India’s January crude oil imports from Russia to lowest in over 3 years

by Hansraj Agrawal | Feb 13, 2026 | Business

By contrast, Russian crude deliveries into China surged to an all-time high last month
| Photo Credit:
ABEER KHAN

India’s imports of crude oil from Russia stood at 1.1 million barrels per day (mb/d) in January 2026, marking the lowest in more than three years, as US sanctions forced domestic refiners to scale back purchases from Moscow.

The International Energy Agency (IEA) in its latest oil market report pointed out that Russian supply declined last month, by a sizeable 350,000 b/d, as key buyers faced increased pressure from Washington and broader EU sanctions.

“Shipments to India have been hit particularly hard as fresh EU restrictions on imports of petroleum products derived from Russian crude prompted key export refineries to look for alternative supplies. Tanker tracking data shows Indian imports of Russian crude declined to 1.1 mb/d in January, — the lowest level since November 2022 — down from 1.7 mb/d on average in 2025,” it added.

By contrast, Russian crude deliveries into China surged to an all-time high last month, it added.

OPEC, in its February 2026 monthly oil market report, said Washington announced an immediate reduction in “reciprocal” tariffs on Indian goods imports to 18 per cent from 25 per cent, alongside reports indicating that the additional 25 per cent duty related to India’s Russian oil purchases would be eliminated following India’s agreement to scale back such imports.

At the same time, India committed to further increasing crude oil imports from the US, alongside announced commitments to expand other US purchases further, it added.

Analysts and trade sources said that pressure from Washington on India to stop Russian imports, coupled with the European Union’s (EU) 18^th sanctions package, which prohibits the supply of refined petroleum products derived from crude oil from Moscow, has resulted in lower imports by Indian refiners.

However, there is no dearth of supply currently, said one of the analysts, adding that domestic refiners can manage from the Middle East for medium sour crude, besides leveraging the US and West Africa for light sweet grades.

“With supply continuing to outpace demand, observed oil inventories rose by a further 37 million barrels (mb) in December, taking global stock builds in 2025 to an extraordinary 477 mb, or 1.3 mb/d on average, a level not seen since 2020,” IEA said.

Published on February 13, 2026

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Q3 Results 13th Feb Highlights: NBCC (India), IPCA Lab, NLC Industries Q3 profit up, Alkem Lab shares slump, Rategain & Blue Jet profit fall, Torrent Pharma, KFin Tech, Shakti Pumps announce Q3 results

by Hansraj Agrawal | Feb 13, 2026 | Business

State-run Oil and Natural Gas Corporation (ONGC) on Wednesday reported a 23 per cent rise in consolidated net profit for the December quarter, aided by improved margins and lower finance costs, even as crude price realisations declined year-on-year.

The company posted a consolidated net profit of ₹11,946 crore in Q3 FY26, compared with ₹9,747 crore in the year-ago period, according to its regulatory filing.

WHAT DRIVES ONGC’S Q3 FY26 PERFORMANCE

Profit Growth Despite Flat Revenue

Consolidated gross revenue in Q3 FY26 stood at ₹1,67,423 crore versus ₹1,67,213 crore in Q3 FY25, a marginal rise of 0.13%.

However, consolidated net profit jumped 23% to ₹11,946 crore from ₹9,747 crore.

Net profit attributable to owners rose 16.7% to ₹10,016 crore from ₹8,585 crore.

Revenue was flat, but profit surged. This indicates margin expansion and cost efficiency, not topline growth drove earnings.

For 9M FY26, revenue declined 1.43% to ₹4,88,442 crore, yet net profit rose nearly 23% to ₹36,115 crore. Clear margin-led performance.

Standalone Revenue Impacted by Lower Crude Prices

Standalone Q3 revenue declined 6.4% to ₹31,546 crore from ₹33,717 crore.

This was mainly due to lower crude realisations:

* Nominated crude realisation fell 15% to $61.63/bbl from $72.57/bbl.

* JV crude realisation fell 13% to $63.00/bbl from $72.59/bbl.

Despite this sharp drop in prices, standalone net profit still rose 1.6% to ₹8,372 crore from ₹8,240 crore.

Even with weaker crude prices, upstream profitability remained resilient.

Production Stability is Key Positive

Crude production (Standalone):

* Q3 FY26: 4.592 MMT

* Q3 FY25: 4.653 MMT

For 9M FY26, crude production rose 0.35% to 13.907 MMT from 13.858 MMT.

Natural gas production remained stable:

* Q3 FY26: 4.988 BCM

* Q3 FY25: 4.978 BCM

9M gas production remained steady at 14.751 BCM.

Volume stability offsets part of the price decline impact.

New Well Gas Becoming a Strategic Earnings Driver

Revenue from New Well Gas during 9M FY26 stood at ₹5,028 crore.

This generated ₹944 crore additional revenue over APM pricing and now contributes more than 18% of total gas sales revenue.

Nomination gas price rose slightly to $6.59/mmbtu from $6.50/mmbtu.

Gas portfolio is increasingly cushioning crude price volatility.

Dividend Reflects Strong Cash Position

Board declared 2nd interim dividend of ₹6.25 per share (125%).

Earlier ₹6 per share was declared.

Total interim dividend for FY26 so far: ₹12.25 per share (245%).

Total cumulative interim payout: ₹15,411 crore.

Q3 payout alone: ₹7,863 crore.

Strong dividend signals healthy cash flows and balance sheet comfort.

Exploration & Project Momentum Supports Future Growth

* 735.82 LKM of 2D seismic acquired

* 4,484.59 SKM of 3D seismic acquired

* 2 discoveries monetised (Anor in Gujarat, Gojalia-14 in Tripura)

* Ultra-deepwater Andaman well spudded

* KG-98/2 and Daman Upside projects nearing production

Ensures reserve replacement and future production visibility.

Bottom Line

* Profit growth is margin-led, not revenue-led

* Crude prices declined sharply but profitability held

* Gas portfolio gaining importance

* Production stabilising

* Strong dividend payout reinforces financial strength

ONGC’s Q3 reflects operational resilience and diversified earnings support despite weaker crude pricing.

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Banks can lend only to SEBI-registered, listed REITs min 3-year operational history: RBI draft guidelines

by Hansraj Agrawal | Feb 13, 2026 | Business

As REITs are trusts, the bank will need to be mindful of the legal provisions in respect of these entities especially those regarding enforcement of security.
| Photo Credit:
FRANCIS MASCARENHAS

The Reserve Bank of India’s (RBI) plans to allow Banks to lend to SEBI-registered Real Estate Investment Trusts (REITs) provided the Trusts are listed and have a minimum three-year operational history with positive cash flows, per Reserve Bank of India (Commercial Banks – Credit Facilities) (Draft) Second Amendment Directions, 2026..

Alongside, the central bank also issued updated draft guidelines for bank’s exposure to Infrastructure Investment Trust (InvITs), These are similar to the one issued for bank lending to REITs.

The central bank said the aggregate credit exposure of all banks to the borrowing REIT and its underlying SPVs/ holdcos (special purpose vehicles/ holding companies) taken together, cannot exceed 49 per cent of the value of the REIT’s assets as on March 31st of the previous financial year, or such lower limit as may be decided by the bank’s Board.

Lending to a REIT by a bank can only be by way of loans not involving bullet or ballooning principal repayments.

A bank should strictly monitor the end use of funds lent to REITs to ensure that this route is not being used to finance activities which are not permitted, such as land acquisition, even where such acquisition forms part of a project.

Overseas branches can lend to REITs constituted overseas if an effective insolvency / bankruptcy mechanism, either statutory or regulatory, is available in the relevant jurisdiction.

Legal provisions

As REITs are trusts, the bank will need to be mindful of the legal provisions in respect of these entities especially those regarding enforcement of security.

Where bank financing is for the purpose of refinancing of existing term loans of SPVs (special purpose vehicles), it shall be ensured that it is undertaken only in respect of completed projects that have received a Completion Certificate (CC), Occupancy Certificate (OC), or their equivalent.

Published on February 13, 2026

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