Sundaram Clayton corrects governance lapse in Company Secretary appointment

by Hansraj Agrawal | Apr 2, 2026 | Business

Sundaram Clayton has started the process of correcting a corporate governance lapse with respect to the appointment and reporting structure of its Company Secretary, PD Dev Kishan, which was basically a legacy issue.

businessline learns that Dev Kishan, who resigned on March 27 (Friday) and was brought back on March 30 (Monday), has now been made a full-time employee of Sundaram Clayton.

Further, once a junior-level employee, his grade has now been brought appropriate to his stature as a Key Managerial Personnel. While he was earlier appointed by TVS Holding and reporting to its CFO, steps are now being taken to also bring in his reporting structure within Sundaram Clayton, said sources in the know.

Family arrangement

As for the return of the patriarch Venu Srinivasan as Executive Chairman of the company, sources note that the family arrangement in 2022 had clearly determined that governance and legal compliance across the group companies always rested with Srinivasan while his children would take care of the operational aspects of respective companies. He was already the Chairman Emeritus and Managing Director at the firm, they add.

Srinivasan endeavoured to rectify the terms of appointment of Dev Kishan and called for a second board meeting on Monday to bring him back, another source said. It was called at a short notice so as to ensure that it got done before the new Secretary’s appointment kicks in on April 6, they added. However, some questions still remain.

Sundaram Clayton’s board had earlier approved Dev Kishan’s secondment from TVS Holdings and was also paying his salary since the demerger of the Group, one of the persons in the know said. The suddenness of the move of seeking his resignation raises questions, they add.

Corporate governance experts note the tendency of large groups to have a shared pool of resources leading to complications. “Large groups tend to have pooled resources even when they have multiple listed companies. This defeats the purpose of a dedicated compliance officer for each listed company,” said Shriram Subramanian, Founder and MD, InGovern Research Services.

Published on April 2, 2026

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West Asia conflict erodes Qatar’s share in India’s LNG imports to record low in March

by Hansraj Agrawal | Apr 2, 2026 | Business

The Ras Laffan facility in Qatar, which is the largest liquefaction facility in the world, has been offline since it was first attacked on March 2 (file photo)

India’s import of liquefied natural gas (LNG) from its largest supplier—Qatar—declined to its lowest on record in March 2026 as the West Asia conflict led to the closure of the Strait of Hormuz (SoH).

Besides, Iran’s attack on QatarEnergy’s LNG facilities, in retaliation for attacks by the US and Israel, led to declaration of force majeure and production shutdowns early last month, further exacerbating India’s natural gas imports, which account for roughly half of its consumption.

India’s total natural gas consumption is about 189 million standard cubic metres per day (mscmd) with 97.5 mscmd produced domestically. About 47.4 mscmd has been affected due to force majeure conditions.

Global real-time data and analytics provider Kpler pointed out that India remains materially exposed to West Asia, with a significant share of its LNG imports tied to long-term contracts with QatarEnergy.

International Energy Agency (IEA) estimates that global LNG supply has reduced by around 20 per cent due to the situation. The disruption of transit via the SoH reduced supplies from Qatar and the UAE by over 300 mscmd since March 1, which is a loss of over 2 billion cubic metres (bcm) of gas supply every week.

Sehul Bhatt, Director at Crisil Intelligence, said, “In March, Brent crude increased to $110-120 per barrel, while spot prices of Asian LNG nearly doubled to $20-25 per millon British thermal units (mBtu). We expect the prices of these two commodities to remain elevated and volatile in April as well.”

Record-low imports

Sonal Ranjan, Kpler’s Insight Analyst for LNG & Natural Gas, told businessline, “In January 2026, Qatar supplied around 1 million tonne (mt) of LNG, accounting for roughly 41 per cent of total imports. However, this fell sharply to just 0.06 mt (about 3 per cent share) by March—a 94.3 per cent decline—as Hormuz transit was suspended.”

To offset the shortfall, imports from the US and Nigeria increased. The US volumes rose to around 0.34 mt in March (up around 144 per cent from January 2026), while Nigeria supplied roughly 0.33 mt (up around 17 per cent). Oman remained a steady supplier and emerged as the largest source in March at around 0.53 mt, she added.

“Overall, total monthly LNG imports declined by around 35 per cent from January to March, driven by elevated spot prices and constraints on physical supply,” Ranjan pointed out.

Impact on Qatar

The Ras Laffan facility in Qatar, which is the largest liquefaction facility in the world, has been offline since it was first attacked on March 2. Regional gas production is also affected by the shut-in of oil fields, which has cut the output of gas associated with oil production, IEA said.

In 2025, Ras Laffan produced 112 bcm of LNG, as well as 300,000 barrels per day of liquefied petroleum gas (LPG) and 180,000 barrels per day of condensate, making it the largest LNG facility in the world by some distance.

Sourcing becomes the next battle ground as markets remained tight during January-February 2026, and depleted storage coming out of the heating season in the Northern Hemisphere is set to increase the call on LNG in the months ahead. Besides, the extended loss of output from QatarEnergy’s Ras Laffan facility could significantly exacerbate this market tightness, IEA said.

More than 110 bcm of LNG passed through the SoH in 2025. About 93 per cent of Qatar’s and 96 per cent of the UAE’s LNG exports transited through the Strait, representing almost one-fifth of global LNG trade. There are no alternative routes to bring these volumes to market, it added.

Most LNG from Qatar and the UAE goes to Asia. In 2025, almost 90 per cent of the total volumes exported via the SoH was destined for the Asian market.

Just over 10 per cent went to Europe. Yet, as with oil, extended disruptions would have global consequences. Countries that have long-term contracts with the UAE or Qatar would need to turn to the spot market for LNG. This, in turn, would drive up natural gas prices around the world.

QatarEnergy said it expects the damage to its Ras Laffan Industrial City caused by missile strikes on March 18-19 to cost about $20 billion a year in lost revenue and take up to five years to repair, impacting supply to markets in Europe and Asia. Damage sustained by LNG facilities will take three-five years to repair. The attacks have also pushed offline around 1.281 mt LPG, which is roughly 13 per cent of Qatar’s exports.

Published on April 2, 2026

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Rupee begins FY27 with a bang; appreciates a whopping 173 paise on RBI measures

by Hansraj Agrawal | Apr 2, 2026 | Business

US Dollar and indian Rupee money exchange concept
| Photo Credit:
th-online Administrator

The rupee started the new financial year (FY27) with a bang due to the RBI’s recent twin measures — capping the net open position limits and tightening forex derivative rules — to curb speculative pressure on the domestic currency,

The central bank’s measures had the desired effect, with the rupee, which depreciated 9.8 per cent in FY26 against 2.5 per cent in FY25, on Thursday notching up the biggest single day gain in more than a decade. It gained 173 paise to close at 93.10 per US dollar, making a smart recovery from the previous (March 30) closing level of 94.83, which was a record closing low. The forex market was closed on the following two days – March 31 (Mahavir Jayanti) and April 1 (annual closing of accounts for banks).

Opening 130 paise stronger at 93.53 against the previous close, the rupee tested an intraday high/ low of 92.82/93.6575.

West Asia conflict

The rupee has been under pressure as the West Asia war has led to spike in global energy prices and disruption in supply chains, triggering demand for safe-haven dollar assets (resulting in FPI-related outflows from Indian equity markets) and strengthening of the dollar.

Barclays, in a report, said the RBI has delivered a double whammy to speculators, effectively bifurcating the rupee market. The rupee could rally further in the near term though there could eventually be some offshore convergence, per the report.

Amit Pabari, MD, CR Forex Advisor, opined that the rupee is currently going through a phase of tighter regulatory control, with the RBI stepping in to calm volatility and reduce excessive market positioning.

RBI’s intervention

In its March 27 circular, the RBI capped the Net Open Position in INR (NOP-INR) for banks at $100 million.

“Simply put, this measure forces banks to cut large dollar bets, leading to an unwinding of positions. As these trades get reversed, Dollars come back into the market, which helps ease immediate pressure on the Rupee and brings some near-term stability,” Pabari said.

He underscored that the RBI went a step further and tightened rules in the derivatives market to address the root cause of volatility. So, Banks can no longer offer non-deliverable forwards (NDFs) to clients, and participants are restricted from maintaining offsetting offshore positions. Rebooking of cancelled contracts is also no longer allowed.

“In simple terms, the RBI is closing the gap between offshore and onshore markets and reducing arbitrage opportunities. This means the market will now be driven more by real hedging needs rather than speculative trades, making price movements more controlled and transparent,” Pabari said.

Following the aforementioned moves, the Clearing Corporation of India Ltd (CCIL), in a precautionary move, increased the volatility margin from 20 per cent to 25 per cent across forwards and USD-INR options.

“When positions are being unwound forcefully, markets can become choppy with sharp gap-up or gap-down moves. Higher margins act as a safety buffer, ensuring participants have enough capital to manage this increased risk.

“However, there are some side effects. Forward premiums have moved higher, making hedging more expensive — especially for importers. At the same time, higher margin requirements mean more capital is tied up, which can be a disadvantage for hedgers,” Pabari said.

Challenging phase

Jahnavi Prabhakar, Economist, Bank of Baroda (BoB), said going ahead, given the challenging global environment, RBI may not actively intervene just as it did last year; and can even take a step ahead and stop with trimming its forward book.

She cautioned that this can be a double-edged sword – on the one hand it will indeed lead to further depreciation, on the other it will be positive for exports, which could see an adverse impact due to the ongoing geopolitical conflict. Overall, the BoB Economist expects the rupee to trade in the range of 93-95/$ in the near term, with downside risks.

Buoyed by the rupee and short-covering, equities wiped out the day’s losses to end higher, with the Nifty50 swinging up over 500 points from its day’s low to close 0.2 per cent up, and Sensex 0.3 per cent.

Published on April 2, 2026

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Emirates NBD Bank gets RBI nod to acquire up to 74% stake in RBL Bank

by Hansraj Agrawal | Apr 2, 2026 | Business

RBL Bank has been advised to suitably amend its Articles of Association and obtain approval of the RBI in this regard.
| Photo Credit:
REUTERS

Emirates NBD Bank (P.J.S.C) has received the Reserve Bank of India’s approval to acquire an aggregate of up to 74 per cent of the paid-up share capital of RBL Bank.

As per the RBI approval, which is valid for one year with effect from April 1, 2026, the investor (ENBD Bank) shall acquire and maintain a shareholding of at least 51 per cent of the paid-up share capital of RBL Bank. The bank shall be classified as a foreign bank in subsidiary mode, with the investor as its parent foreign bank.

The provisions applicable to foreign banks operating in wholly owned subsidiary mode shall be applicable to the bank, except the requirement to have at least half of the directors attending board meetings to be independent directors shall not apply, per the approval details shared by RBL Bank in a regulatory filing.

Further, RBL Bank has been advised to suitably amend its Articles of Association and obtain approval of the RBI in this regard.

“The RBI has no objection to ENBD being classified as the promoter of RBL, subject to applicable Securities and Exchange Board of India (Sebi) regulations. However, the dilution requirement under…the RBI (Commercial Banks–Acquisition and Holding of Shares or Voting Rights) Directions, 2025…will not be applicable to the bank,” per the approval.

The voting rights of ENBD shall be capped at 26 per cent of the total voting rights of RBL, in accordance with the Banking Regulation Act, 1949.

ENBD Bank has been exempted from the requirement of single mode of presence until its Indian branches are amalgamated with RBL Bank, or within one year, whichever is earlier.

In October 2025, RBL Bank announced that its board of directors had approved an investment of up to about $3 billion ( ₹26,850 crore) by Emirates NBD (ENBD) through a preferential issue to acquire a 60 per cent controlling stake in the bank.

This also triggers a mandatory open offer to be made by ENBD for the purchase of a stake of up to 26 per cent from the public shareholders of RBL Bank. Additionally, the transaction will involve the amalgamation of ENBD’s Indian branches with RBL Bank.

RBL Bank said the proposed transaction remains subject to receipt of certain other regulatory approvals and customary conditions precedent as mentioned in the October 2025 Investment Agreement entered into between the investor and the bank.

Published on April 2, 2026

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Punjab Carbonic files IPO to fund CO2 recovery and ethanol expansion

by Hansraj Agrawal | Apr 2, 2026 | Business

Punjab Carbonic, a carbon capture and industrial gas solutions company, has filed its Draft Red Herring Prospectus with Sebi to launch an IPO.
| Photo Credit:
iStockphoto

Punjab Carbonic, an integrated carbon capture and utilisation and industrial gas solutions company, has filed a Draft Red Herring Prospectus with SEBI to raise fresh capital through an initial public offering.

The company will offer 95 lakh equity shares of ₹10 each. The IPO comprises a fresh equity issuance of 60 lakh equity shares and an offer for sale of 35 lakh shares by existing investors. The company will list on both NSE and BSE.

Planned utilisation of IPO proceeds

The company will use the proceeds from the issue for setting up two CO₂ recovery units of 120 MTPD and 90 MTPD at Nellore and Peddapuram, both in Andhra Pradesh and buy CO₂ transportation tankers to strengthen its existing logistic infrastructure, besides investment in its subsidiary Pancarbo Greenfuels for expanding the existing Ethanol Distillery by 35 KLPD (kilo litres per day) at Lehri in Punjab. It will also repay outstanding borrowings and use funds for general corporate purposes.

Beeline Capital Advisors has been appointed as the Book Running Lead Manager, while KFin Technologies will act as the Registrar to the offer.

Published on April 2, 2026

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Nifty claws back 500 points from day's low after a volatile session

by Hansraj Agrawal | Apr 2, 2026 | Business

The numbers, however, masked the turbulence beneath.

Markets staged a dramatic intraday turnaround on Thursday, April 2, 2026, with the Nifty 50 recovering over 500 points from its session low to close marginally higher, as geopolitics, crude oil, and a surprise rupee rally collided in one of the most volatile sessions of the year.

The BSE Sensex closed at 73,319.55, up 185.23 points or 0.25 per cent, while the Nifty 50 settled at 22,713.10, gaining 33.70 points or 0.15 per cent. The numbers, however, masked the turbulence beneath. The Nifty had earlier slipped over 2 per cent after US President Donald Trump said the US would hit Iran hard in the next two to three weeks, dashing hopes of an early ceasefire. Brent crude spiked 5.8 per cent to around $107 per barrel on fears of supply disruptions through the Strait of Hormuz.

Analysts still remains sceptical on market recovery, as Iran war continue to trigger risk-off sentiment.

“Market sentiment is expected to remain volatile, with direction contingent on developments in the US–Iran conflict over the weekend and movements in global energy prices, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, Markets return after the Good Friday holiday on April 3, making any weekend geopolitical development — escalation or ceasefire — the decisive variable heading into next week, he cautioned.

Meanwhile, Nomura has also downgraded India to “Neutral” and cut its Nifty50 year-end target to 24,500.

Multiple headwinds ranging from elevated energy prices to the AI capex momentum and the tech cycle are likely to impact, said the global investment advisory firm. Earlier, Goldman Sachs, Bernstein and UBS were also downgraded Indian equities.

For the week, Nifty and Sensex, declined 0.5 per cent and 0.4 per cent respectively. BSE Midcap 150 underperformed the benchmarks (down 0.6 per cent WoW) while the BSE Smallcap 250 outperformed the benchmarks (rose 0.8 per cent WoW), said SBI Securities in a note.

IT rallies

IT was the lone sectoral gainer, rising 2.6 per cent, while auto, PSU banks, oil & gas, pharma, and consumer durables each shed approximately 1 per cent. Broader markets lagged, with Midcap and Smallcap indices declining 0.3 per cent and 0.4 per cent, respectively. Bank Nifty ended at 51,548.75, up a modest 0.19 per cent.

Rupee rebounds

The rupee delivered a stunning reversal, posting its strongest single-session gain in over 12 years, recovering sharply from recent lows beyond ₹95 to trade around ₹93.15. The RBI’s twin regulatory actions — capping banks’ net open rupee positions and barring NDF offerings to corporates — forced dollar unwinding. As Vinod Nair, Head of Research at Geojit Investments, noted: “The RBI’s twin regulatory actions…achieved their intended effect, mechanically forcing dollar unwinding and engineering a meaningful rupee recovery. A short-covering-driven intraday recovery followed, though it lacked the depth of genuine conviction.”

Gold drops

Gold retreated sharply, falling ₹5,000 to ₹1,49,000 per 10 grams, pressured by the rupee’s surge and selling on COMEX toward $4,625 per ounce. On the institutional front, FIIs offloaded ₹1.22 lakh crore in March 2026 alone — surpassing the previous peak of ₹1.14 lakh crore in October 2024. India VIX rose 2.04 per cent to close at 25.52, keeping risk-reward dynamics particularly challenging in the derivatives segment.

Triggers ahead

The week ahead is packed with triggers. The RBI MPC meeting takes centre stage — a rate pause is widely expected, but commentary on the rate trajectory matters against a backdrop of a four-year low Manufacturing PMI and crude-driven inflation risks. The US March CPI print and weekly jobless claims will also be in focus, said Khemka.

Published on April 2, 2026

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