Motilal Oswal net up 58% at ₹721 crore

Motilal Oswal net up 58% at ₹721 crore


Motilal Oswal Financial Services Ltd reported a profit after tax (PAT) (incl. treasury & OCI) of ₹721 crore, up 58 per cent y-o-y. This was led by strong growth in asset and private wealth management business, the company said. For the corresponding period last year, the brokerage posted a net profit of ₹456 crore.

Total revenue improved 11 per cent to ₹1,497 crore (₹1,345 crore). The board of directors declared an interim dividend of ₹6 a share.

The company said it has recorded highest-ever operating profit after tax of ₹611 crore for the quarter ended December 2025, which grew 16 per cent y-o-y and 10 per cent q-o-q.

Total assets under management grew by 33 per cent YoY to ₹1.89 lakh crore, driven by stellar mutual fund AUM growth of 40 per cent and Private Alternates AUM growth of 62 per cent. SIP inflows surged 55 per cent YoY to ₹4,515 crore, with highest market share at 5 per cent. IBEF V (India Business Excellence Fund V), launched in Q2, did a cumulative fund raise of ₹8,000 crore and expects final close in Q4. “We have also launched our maiden Private Credit Fund in Jan’26 with a target fund size of ₹3,000 crore,” the company further said.

Published on January 27, 2026



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Precious metals rally continues on global haven demand

Precious metals rally continues on global haven demand


rows of rendered silver bars and one goldbar
| Photo Credit:
wydynd

Precious metals vroomed to fresh highs in the domestic market on Tuesday, supported by bullish global cues.

In the global market, gold eased below $5,075 an ounce, while silver took a pause after soaring to a new high of $112 an ounce. The platinum group of metals, too, toed gold and silver.

In the Mumbai spot market, gold opened at a record high of ₹1,59,027 per 10 g before settling slightly lower at ₹1,58,901. Silver closed at an all-time high of ₹3,44,564 per kg, while platinum was quoted at ₹84,992.

On the Multi Commodity Exchange (MCX), gold February futures touched a fresh peak of ₹1,59,899 per 10 g before easing to ₹1,58,632. Silver March futures surged to a record ₹3,64,821 per kg before paring gains to ₹3,59,415.

Global precious metal prices showed some consolidation after the sharp rally. In the global market, gold dipped at $5,060 an ounce and silver to ₹108.62 am ounce. Platinum slipped to ₹2,618.10 and palladium to $1,963. Gold February Futures on COMEX declined to $5,099.46 am ounce and silver. March futures to $108.70 an ounce.

Market participants attributed the rally to strong safe-haven demand, supply constraints and continued uncertainty in global macroeconomic conditions.

Key drivers

A weaker US dollar, geopolitical risks and concerns over trade tariffs have kept precious metals well supported, analysts said.

Kaynat Chainwala, AVP – Commodity Research at Kotak Securities, said silver remained extremely volatile, having risen about 50 per cent so far in January after gaining nearly 170 per cent in 2025. The rally is being driven by tight physical supplies, reflected in elevated Shanghai premiums over COMEX prices.

Gold, meanwhile, continues to hold firm near record highs. “COMEX gold is trading above $5,080 after touching an all-time high of $5,111 in the previous session. On the domestic front, MCX gold hit a fresh record, supported by a weaker dollar, tariff-related risks and uncertainty surrounding the US Federal Reserve leadership, which continue to underpin safe-haven demand,” Chainwala added.

Published on January 27, 2026



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Western Union launches Global Capability Centre in Hyderabad

Western Union launches Global Capability Centre in Hyderabad


Western Union, a cross-border, cross-currency money and payments company, has launched its Global Capability Centre (GCC) in Hyderabad in collaboration with HCLTech. 

The centre was inaugurated by Devin McGranahan, President and Chief Executive Officer of Western Union, and C Vijayakumar, CEO and Managing Director of HCLTech.

Along with its Pune Tech Centre, the Hyderabad GCC will serve as a global hub for technology, engineering, and operations. 

“We are combining deep engineering expertise with advanced AI capabilities to go beyond payments, accelerate innovation, and deliver seamless, secure experiences for millions of customers worldwide,” McGranahan said in a statement here on Tuesday.

Published on January 27, 2026



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RBI and ESMA sign MoU on coop and exchange of info for recognition of central counterparties

RBI and ESMA sign MoU on coop and exchange of info for recognition of central counterparties


 This MoU is part of the list of outcomes during the visit of President of the European Council (Antonio Costa) and President of the European Commission (Ursula von der Leyen) to India.  
| Photo Credit:
FRANCIS MASCARENHAS

After prolonged negotiations, stretching almost two years, the Reserve Bank of India and the European Securities and Markets Authority (ESMA) on Tuesday finally signed a memorandum of understanding (MoU) on cooperation and exchange of information for the recognition of central counterparties (CCPs) regulated and supervised by RBI.

This move is significant as it will facilitate capital flows into the Indian financial markets from European Union (EU) countries. It comes amid FPIs selling in the Indian equity markets due to high tariffs slapped by the Trump regime on India’s exports, geopolitical implications of the US capturing Venzuela President and his wife and threats to acquire Greenland, among others.

CCPs interpose themselves between counterparties to contracts traded, becoming buyer to every seller and seller to every buyer.

This MoU is part of the list of outcomes during the visit of President of the European Council (Antonio Costa) and President of the European Commission (Ursula von der Leyen) to India.

In October 2022, ESMA, EU’s financial markets regulator and supervisor, announced that six CCPs established in India will have their recognition decisions withdrawn in accordance with the European Market Infrastructure Regulation (EMIR).

Six entities

The six entities included the Clearing Corporation of India (CCIL), supervised by RBI; Indian Clearing Corporation Ltd, NSE Clearing Corporation Ltd, and Multi Commodity Exchange Clearing Corporation Ltd (all supervised by the Securities and Exchange Board of India (SEBI); and India International Clearing Corporation (IFSC) Ltd and NSE IFSC Clearing Corporation Ltd (supervised by the International Financial Services Centre Authority (IFSCA).

The central bank said the MoU, replaces an earlier MoU between RBI and ESMA which was entered into on February 28, 2017, enables RBI and ESMA to cooperate regarding CCPs, in line with their respective laws and regulations. It establishes a framework for ESMA to place reliance on RBI’s regulatory and supervisory activities while safeguarding the European Union’s financial stability.

India’s central bank emphasised that the MoU also demonstrates the importance of cross-border cooperation to facilitate international clearing activities.

ESMA observed that this agreement marks a significant step towards restoring access for EU clearing members to Indian central counterparties and follows two years of sustained engagement between ESMA and RBI.

The Authority said this reflects its strong commitment to international supervisory cooperation and mutual support to advance safe, resilient and open financial markets.

ESMA emphasised that the MoU is a key requirement under Article 25 of the EMIR for the recognition by ESMA of third-country CCPs. It allows the CCIL, a CCP established in India and supervised by RBI, to re-apply for recognition under EMIR.

The Authority, in a statement, said it is also continuing discussions with the Securities and Exchange Board of India (SEBI) and the International Financial Services Centres Authority (IFSCA) to conclude similar cooperation arrangements.

In a post monetary policy press conference in December 2023, RBI Deputy Governor T. Rabi Sankar, underscored that the MoUs or agreements with respect to market infrastructure agencies like CCIL should be underpinned by the word that is used in ESMA regulations – cooperation.

“They should be cooperative documents. We believe that they should follow the principle of mutual respect and the principle of mutual trust. They should also be characterised by the principle of deference to local regulations.

“In other words, we are not comfortable with the regulations anywhere which are characterised by extraterritorial jurisdiction. The one we signed with the Bank of England is there on the website. You would have gone through it. You would have noticed that the emphasis is on deference and cooperation,” Sankar then said.

Published on January 27, 2026



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Promote alternate soluble fertilizers for balanced use, says economist Gulati

Promote alternate soluble fertilizers for balanced use, says economist Gulati


Ashok Gulati, Chairman of the Commission for Agricultural Costs and Prices (CACP) in New Delhi on October 12, 2012.
Photo: V.V. Krishnan
| Photo Credit:
KRISHNAN VV

There cannot be atmanirbharta (self reliance) in chemical fertilizers since raw key materials are not available in India adequately, said economist and former chairman of Commission for Agricultural Costs and Prices (CACP) Ashok Gulati said on Tuesday, while Fertilizer Secretary Rajat Kumar Mishra argued in favour of linking sales with agristack data to reduce consumption where there is over use of the crop nutrients.

“You may think that you can produce urea at home, but the gas (main raw material) is being imported. You may think you can produce Di-ammonium phosphate (DAP) at home, but either rock or acid is getting imported to make it and MOP is 100 per cent imported. So, question of Atmanirbharta or self-reliance in chemical fertilizers is not feasible for India in the foreseeable future,” Gulati said.

He suggested efficient use of chemical fertilizers supplied either through domestic production or through imports. There is a need for balanced use of N, P, K, and micronutrients, he added.

But addressing the event, where a paper on soil health was released by think tank ICRIER, NITI Aayog Member Ramesh Chand differed with the concern on imbalanced use and said: “When we are addressing distortion in NPK, imbalance is not the right way to emphasise it. What needs to be flagged is whether we are using adequate or optimum quantity.”

Differing views

Chand also questioned the theory of 4:2:1 ratio of application of N, P, K nutrients as ideal, and stressed it to 1950s when some British agriculture scientists visited north-west region to study wheat crop and arrived at that ratio. He wondered how it has been continuing since then whereas the ratio should be calculated on the basis of crop and soil health.

Citing a study he made on the data till 2011-12, he said after collating the recommended doses at micro levels, it was found that the country should have 2.55:1.4:1 (NPK ratio) at macro level. He also said that in 13 out of 20 states use of N was less than what is considered optimum it was only in 7 States it was higher.

But, Gulati while pointing out the current subsidy policy on fertilizer as distorted in favour of urea, said: “We need to correct the pricing or link the quantity that the farmer can buy depending upon the size of farm land and conditions of soil health.” So, either there should be quantitative restriction or correction in the selling prices, he emphasised adding advisory alone is not sufficient.

Urea is sold much much cheaper in India compared to DAP and MOP due to government directives. The government has fixed urea’s maximum selling price (MRP) at about ₹267/per bag (of 45 kg) while directing companies not to raise DAP rate beyond ₹ 1,350/bag and MOP above ₹ 1,600/bag (both of 50 kg each).

Currently, it pays a subsidy of ₹43.02 per kg for Nitrogen (N), ₹47.96 per kg for Phosphorous (P), ₹2.38 per kg for Potash (K) and ₹2.87 per kg for Sulphur (S). The subsidy is announced before every season based on global prices and the domestic production costs.

Gulati also favoured using Triple Super Phosphate (TSP), which does not have any N as against DAP that contains 18 per cent N besides 46 per cent phosphorus. OCP Nutricorp of Morocco, which has 70 per cent of the global reserve of phosphate, too has been promoting its TSP in major consuming countries in Asia, Latin America and Africa.

Stressing that there is no alternative to phosphate as yet (in terms of its application in the crops), he said the use of chemical fertilizers continue to get the yield.

Further, he suggested direct cash transfer of subsidy to the farmer and decontrol of prices of N, P and K. “My personal opinion is 70-80 per cent of the problem of imbalanced use of fertilizers will be sorted out there itself,” he said adding that will spur innovation in the industry to create products which are most suitable.

Citing the instances of Israel and the US, he said India should also shift to water soluble fertilizers from granular based crop nutrients for which subsidy needs to be extended.

But Chand said that though he has been pushing for direct benefit transfer of fertilizer subsidy from time to time, the issue is much complex and there is no one particular solution. “When I told a group of farmer leaders that DBT is implemented farmers will have to pay more than ₹2,000 to buy a bag of urea and not the current ₹267, they never demanded it after that.”

Price reforms

On the other hand, fertilizer secretary Mishra said that it was found that 65 per cent of farmers in the country purchased 5-7 bags of urea in the whole year during 2024-25. He also said that 163 districts out of 330 where fertiliser is used, were found to have consuming 22 lakh bags of urea or 1 lakh tonnes (lt) to 1.8 lt, each.

The Secretary also said that there was a pilot scheme in seven districts in four states in last Kharif season connecting between land size and fertilizer requirement with crops. In Haryana, there was a saving of 1.2 lakh tonnes of urea and 72,000 tonnes of DAP in four months, he added.

Stressing that technology is the solution and the logical connection between land size and fertilizer requirement with crops sown to help tackle the issue of imbalanced use of fertilizers, he said that there is massive campaign going on in highest consuming districts, though not necessarily those have imbalanced use of fertilizers.

Published on January 27, 2026



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Karur Vysya Bank attributes record profits to a series of strategic measures by the bank

Karur Vysya Bank attributes record profits to a series of strategic measures by the bank


Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank
| Photo Credit:
KSL

As private sector bank Karur Vysya Bank touched record profitability this quarter, the bank says that strategic steps it took to manage the cost of deposits, yield on funds, and steps for better recovery helped them reach the milestone.

“With regard to the way in which we are able to raise funds this quarter, both in the deposit front as well as treasury front, there is a reduction of 16 basis points during the quarter,” Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank, said in an interaction with businessline.

The company also moved some of its MCLR-linked loans to more of fixed rate loan products, such as gold loans, thereby helping in the yield. “Earlier, our fixed rate portion of advances used to be around 8 per cent, but by the end of this quarter, it has come to 23 per cent,” Babu said. The bank has also internally capped gold loans at 35 per cent in a conscious effort to reduce over-dependence on a single product, he added.

The key among all drivers has been the credit cost, he noted.

“On a book of ₹97,000 crore, our net NPA is around ₹200 to 300 crore. So, the need for provisioning has come down because of various digital initiatives and proactive steps taken towards monitoring accounts and setting up guardrails, he said.

On the advances side, RAM (Retail, Agri and MSME) continues to be a bulk (over 80 per cent) of its loan book, with corporate credit focus being restricted to specific sectors. 

With improved monitoring of accounts at the branch level, KVB says it has not seen much stress in the MSME segment. While our exposure to impacted sectors like textiles is also minimal, we also hear that by and large the MSMEs that are part of our portfolio have managed the tariffs situation well, he said.

The corporate portfolio is now at around 14 per cent from being at 30-35 per cent earlier. We have identified a few sectors, like commercial real estate, contractors, and others, within our risk appetite where it is supporting our pricing, he said.

On the deposit front, the MD and CEO said that the bank has taken a more data-driven expansion approach. “Last year and the year before, we opened around 50 branches each, but this year we have significantly reduced the number of new openings. Instead of relying on branch performance alone, we have mobilised about 1,300 feet on street (FOS) associates focused only on deposits,” he said.

KVB’s deposits were up by 15.6 per cent YoY for Q3FY26, and the loan book grew at 17.2 per cent y-o-y. The bank achieved ROA of 2.05% for the quarter ended December 2025.

The MD and CEO also points to a changing landscape of the workforce in the banks. We have transitioned most of the routine operations to the centralised operations unit at Coimbatore with a staff of 200–300, and branches are now focusing on sales and acquisitions as the service side of it has been both digitised and centralised.

Published on January 27, 2026



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