Wheat production hinges on MP, Rajasthan as area dips in UP & Punjab

Wheat production hinges on MP, Rajasthan as area dips in UP & Punjab


Among the top six major states that account for nearly 90% of the national coverage under wheat, the acreage in UP was 2% lower at 94.13 lh, Punjab 1% down at 34.89 lh and Bihar 13% lower at 19.92 lh.

A marginal drop in wheat area this year in Uttar Pradesh, Punjab and Bihar has been compensated by a significant rise of over 8 lakh hectares (lh) in Madhya Pradesh and about 4 lh in Rajasthan. The increase in acreage in MP and Rajasthan took the pan-India coverage to a record high.

However, the overall production of wheat will depend on the yield in M.P., Rajasthan and Gujarat where the crop matures a little earlier and the temperature in February, the grain-filling period, plays a crucial role in yield. Total wheat acreage stood at an all time high 334.17 lh in 2025-26, compared with 328.04 lh last year, up by 2 per cent.

Among the top six major states that account for nearly 90 per cent of the national coverage under wheat, the acreage in UP was 2 per cent lower at 94.13 lh, Punjab 1 per cent down at 34.89 lh and Bihar 13 per cent lower at 19.92 lh. But, the acreage has increased 11 per cent to 85.73 lh in Madhya Pradesh, 12 per cent to 35.49 lh in Rajasthan and 3 per cent to 24.48 lh in Haryana.

Gujarat too up

Farmers in Gujarat too have raised the wheat area by 3.3 per cent to 13.24 lh, but in Maharashtra they have cut acreage by 3.3 per cent to 11.49 lh.

“Last year, the government had relaxed minimum quality norms of wheat in all districts of Rajasthan and four districts of Madhya Pradesh to help enable farmers sell their produce at the minimum support price (MSP) to notified agencies during procurement. These two states and Gujarat are more at risk from any temperature rise due to their locations,” said S K Singh, an agriculture scientist. However, he said with the adoption of more climate-resilient varieties, the risk of lower yield has been getting minimised every year.

The Food Ministry in April 2025 allowed wheat procurement in the Ujjain, Ratlam and Jhabua of districts Madhya Pradesh to avoid rejection of a particular variety (Pusa Mangal) due to “luster loss” by relaxing the Uniform Specifications up to 10 per cent without any value cut. “The relaxation will be a one-time measure to reduce the distress of farmers and shall not be used as a precedent in future,” it said.

Norms relaxed

Similarly, in March 2025, the Ministry allowed relaxation of norms in all districts of Rajasthan — Shrivelled and Broken grains upto 20 per cent and lustre loss upto 10 per cent. Both damaged and slightly damaged wheat upto 6 per cent was also allowed in Rajasthan due to impact of early heat wave and unseasonal rainfall on the wheat crop.

For the week ended January 21, the minimum temperature (in night) in all the wheat growing states were either normal or below normal whereas the maximum temperature (in day) was normal and not more than 28 Degree Celsius, except at a few districts of Maharashtra and Karnataka where it was 30 Degree.

The government has fixed a target of 119 million tonnes (mt) of wheat production in 2025-26, which will be harvested from April. The output was an all time high of 117.54 mt in 2024-25.

Published on January 23, 2026



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Bombay HC stays GST demand on co-insurance/reinsurance transactions

Bombay HC stays GST demand on co-insurance/reinsurance transactions


In a significant relief 13 insurance companies, the Bombay High Court has stayed over ₹10,000 crore in GST demands raised on co-insurance and reinsurance transactions.

A Division Bench of Justices G.S. Kulkarni and Aarti Sathe ordered an ad-interim stay on the impugned demand orders until the next hearing. The court was hearing a batch of writ petitions filed by Aditya Birla Health Insurance, Oriental Insurance, SBI General Insurance, IFFCO Tokio General Insurance, Generali Central Insurance, Universal Sompo General Insurance, IndusInd General Insurance, Tata AIG General Insurance and Raheja QBE General Insurance.

The dispute centres on the levy of GST on co-insurance premiums and ceding commissions. The petitioners argued that the demands run contrary to circulars issued by the Central Board of Indirect Taxes and Customs (CBIC) on October 11, 2024 and January 28, 2025. These circulars, issued pursuant to a decision of the GST Council, excluded co-insurance premiums and ceding commissions from GST and provided for regularisation of past demands on an “as-is-where-is” basis.

The insurers also pointed out that identical demands had already been dropped by tax authorities in Meerut, Delhi, Pune and Mumbai in line with the CBIC circulars, while the impugned orders adopted a contrary approach. Taking note of this, and with the GST Council impleaded in the matter, the High Court directed the tax department to place the dropped orders on record.

Commenting on the ruling, Amit Maheshwari, Managing Partner at AKM Global, said the ad-interim stay comes at a critical time for the insurance industry, offering immediate relief from large GST demands that had cast a shadow over operations. He noted that the GST Council had already clarified the position on co-insurance premiums and ceding commissions, which was subsequently implemented through CBIC circulars.

“The order reinforces that such circular-based guidance cannot be ignored during assessment proceedings,” Maheshwari said. He added that the stay would help preserve insurers’ cash flows and underscores the need for consistent application of CBIC circulars while the broader legal issues are examined on merits.

Published on January 23, 2026



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Shriram Finance Q3 PAT up 21%, excluding one-time gain

Shriram Finance Q3 PAT up 21%, excluding one-time gain


Vehicle loans major Shriram Finance on Friday reported 21 per cent year-on-year (y-o-y) rise in net profit for the quarter ended December at ₹2,522 crore, excluding one-time gain of ₹1,489 crore from the sale of the non-banking lender’s stake in subsidiary Shriram Housing Finance in the same period of the previous year. Including the gain in Q3FY25, net profit decreased 29 per cent in Q3FY26.

Net interest income (NII) of Shriram Finance rose 16 per cent y-o-y to ₹6,764 crore. Net interest margin (NIM), meanwhile, rose to 8.58 per cent from 8.19 per cent last quarter, as funding cost reduced post the NBFC’s deal with Japanese lender MUFG Bank. A host of credit rating agencies have changed outlook on Shriram Finance to positive from stable, and one rating agency has upgraded its credit rating after the NBFC signed a pact with MUFG Bank, wherein the latter will invest nearly ₹40,000 crore in the company for a 20 per cent stake.

Assets under management (AUM) of Shriram Finance rose 15 per cent y-o-y to ₹2.91 lakh crore. Commercial vehicles formed 46 per cent of the NBFC’s AUM, while passenger vehicles had the second largest share of 22 per cent.

Gross stage-3 ratio fell 3 basis points (bps) on quarter to 4.54 per cent, while net stage-3 ratio fell 11 bps to 2.38 per cent. The NBFC’s officials are meeting to consider raising funds via debt for the period between February-April 2026.

Published on January 23, 2026



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Piramal Finance reports Q3 PAT at ₹401 crore

Piramal Finance reports Q3 PAT at ₹401 crore


Close up photo of wooden block stacked in the shape of growing graph on green background. istock photo for BL
| Photo Credit:
miniseries

Non-banking finance company (NBFC) Piramal Finance on Friday reported its Q3FY26 net profit at ₹401 crore in Q3FY26, sharply higher than ₹39 crore in Q3FY25, led by robust growth in net interest income (NII).

`NII grew 31 per cent year-on-year (y-o-y) to ₹1,227 crore in Q3. Assets under management (AUM), meanwhile, grew 23 per cent year-on-year to ₹96,690 crore. Net interest margin expanded by 51 basis points (bps) y-o-y to 6.3 per cent during the quarter. Asset quality remained largely flat sequentially, with gross NPA ratio standing at 2.6 per cent and net NPA ratio at 1.9 per cent in Q3.

Expansion plans

The NBFC said it plans to further scale its retail franchise, with a focus on expanding its physical network. Piramal Finance intends to add around 100 branches over the next year, spread across gold loan branches, microfinance outlets and full-coverage branches offering multiple retail products.

As part of this expansion, the NBFC plans to foray into gold loans from the next quarter, marking its entry into another secured retail lending segment. The move is aimed at deepening its presence in semi-urban and rural markets while diversifying its retail product mix.

Published on January 23, 2026



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SEBI clears IPOs of 13 companies this week

SEBI clears IPOs of 13 companies this week


The IPO of CMR Green Technologies Ltd, non-ferrous metal recycler, is entirely through OFS of 4.28 crore shares, according to the draft red herring prospectus

Market regulator SEBI this week approved IPO papers of as many as 13 companies, including Sify Infinit Spaces, Purple Style Labs, BVG India and CMR Green Technologies.

These 13 companies cater to various sectors. The other companies that received SEBI’s clearance included Pride Hotels, Oswal Cables, Sai Parenterals, Commtel Networks, Transline Technologies, UKB Electronics, Medicap Healthcare, Jay Jagdamba and Hella Infra. Of these, Jay Jagadamba and Hella Infra filed IPO papers via confidential route.

Offer size

The proposed IPO of Sify Infinit Spaces Ltd is combination of a book-build Issue (fresh issue and offer for sale) with a total size of ₹3,700 crore. If listed, Sifi Infinit would be the first from India’s data centre industry.

Proceeds from the fresh issue are expected to be directed towards the company’s growth initiatives, operational expansion and related corporate purposes as outlined in regulatory documents.

Purple Style Labs, the parent firm of luxury fashion platform Pernia’s Pop-Up Shop, is entirely a fresh issue, according to its draft red herring prospectus. The company plans to raise ₹660 crore through the IPO.

The company plans to use IPO proceeds to the tune of ₹363.3 crore to invest in its wholly-owned subsidiary, PSL Retail, for lease liabilities related to experience centres and back-end offices in India; ₹128 crore will be deployed for sales and marketing and the rest will go towards general corporate purposes.

Facility management services provider, BVG India’s IPO comprises a fresh issue of ₹300 crore and an OFS of 2.85 crore shares by selling shareholders. BVG India provides soft services such as mechanised housekeeping, janitorial services, industrial housekeeping, manpower supply, security, office support and retail fuel outlet maintenance.

The IPO of CMR Green Technologies Ltd, non-ferrous metal recycler, is entirely through OFS of 4.28 crore shares, according to the draft red herring prospectus.

Sai Parenterals IPO comprises a fresh issue of up to ₹285 crore and an offer for sale of up to 35 lakh shares by shareholders.

Medicap Healthcare’s proposed IPO is entirely a fresh issue of ₹240 crore. Proceeds will be used to fund the purchase of plant and machinery for its manufacturing facility, repay existing debt of both the company and its subsidiary, KASR Healthcare, and for general corporate purposes.

The Noida-based UKB Electronics’ plans ₹800 crore IPO that comprises a ₹400 crore fresh issue and a ₹400 crore OFS by promoters. UKB Electronics caters to home appliances and consumer electronics.

Oswal Cables has filed DRHP for ₹500 crore IPO, which is a mix of fresh issue (₹300 crore) and Offer for Sale (OFS) of up to 2.22 crore shares.

Transline Technologies has filed for an IPO, which is entirely an OFS of about 1.62 crore shares. Commtel Networks’ IPO consist of a fresh issue of ₹150 crore and an offer for sale of up to ₹750 crore.

Published on January 23, 2026



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‘Series of actions taken to prevent misuse and diversion of codeine-based Phensedyl’: Abbott

‘Series of actions taken to prevent misuse and diversion of codeine-based Phensedyl’: Abbott


 Pointing out that it did not “condone any misuse, including diversion, of medicines,” it said, Abbott took a responsible approach to Phensedyl production volumes which declined by half between 2012 – 2024.  
| Photo Credit:
Maxim Shemetov

Abbott has taken “a series of actions to prevent the misuse and diversion of codeine-based Phensedyl”, the healthcare company said, responding to a report indicating that its supply chain was under “scrutiny” in an investigation on the alleged misuse of cough syrups.

Outlining steps taken by it, Abbott said, it included “setting manufacturing and supply limits, eliminating sales incentives for trade, conducting distributor and chemist education programs, performing business inspections, and supplying only through State FDA-licensed distributors.”

Against the long-standing concerns over the misuse of coughsyurps containing codeine, the American healthcare company said, “several years ago, Abbott developed and continues to market a version of Phensedyl without codeine.” “During this time, our distributors held the appropriate licenses to distribute codeine products, and Abbott had a robust process and internal control framework in place to ensure that we sold only to appropriately authorized distributors,” it added.

Diversion persisted

“Despite these many efforts, misuse and diversion persisted. That’s why after nearly 70 years on the market, Abbott ceased manufacturing and selling Phensedyl with codeine in December 2024,” it said.

Abbott acquired Phensedyl through its acquisition of Piramal’s Healthcare Solutions business in late 2010. Codeine is a government-controlled ingredient allocated and supplied annually to Abbott by Central Bureau of Narcotics, Ministry of Finance.

A Reuters report citing State Government documents and investigations in Uttar Pradesh pointed to the alleged diversion of Phensedyl bottles. “On 14th January 2026, regulators visited our Baddi manufacturing site. We fully cooperated with the inspection and provided all the information requested. The report we received following the visit indicated that the inspection was satisfactory,” Abbott said.

Pointing out that it did not “condone any misuse, including diversion, of medicines,” it said, Abbott took a responsible approach to Phensedyl production volumes which declined by half between 2012 – 2024.

Launched in the 1950s, and approved by the Drugs Controller General of India, codeine-based Phensedyl is a prescription cough syrup containing 0.2 per cent Codeine Phosphate, providing highly effective relief from dry cough associated with colds and flu, as well as serious medical conditions such as cancer and tuberculosis, the company said.

Published on January 23, 2026



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