📰 India Business Brief: Top Headlines for September 29, 2026

Business Standard

• Essar Group Unveils $15 Billion US Investment: Essar Group has announced plans to invest $15 billion to develop the largest steel manufacturing plant in Iowa, marking a major overseas manufacturing footprint.
• Markets Slump Under Oil Pressure; GIFT Nifty Subdued: Indian equities remain volatile as Brent crude hovers around $107–$108 per barrel. Surging oil procurement costs have dragged the rupee and pushed Indian sovereign bond yields to a fresh 2.5-year peak.
• US Tariff Relief for Indian Pharma: The United States has exempted India alongside 19 other nations from a proposed 100% tariff on specialty drug imports, providing immediate relief to major domestic pharmaceutical exporters.
• SEBI Clears Gautam Adani in MPS Investigation: The Securities and Exchange Board of India (SEBI) concluded proceedings against Gautam Adani and group companies regarding Minimum Public Shareholding (MPS) compliance rules after finding no regulatory violations.
• Ola Electric Approves ₹1,000 Crore Rights Issue: The board of Ola Electric Mobility has formally approved a rights issue to raise ₹1,000 crore to bolster balance sheet liquidity and finance ongoing product rollouts.
• Telecom Subscriber Additions: Fresh telecom subscription figures from TRAI show Reliance Jio leading monthly net additions with 2.4 million wireless users in August, followed closely by Bharti Airtel adding 2.1 million subscribers.

Economic Times

• Refiners Squeezed by Physical Crude Premiums: Indian oil refiners are facing significant supply tightness as physical Middle Eastern crude commands a hefty premium of $12 to $22 per barrel over headline Brent futures due to Persian Gulf shipping constraints.
• Russian Crude Imports Hit Five-Month Low: India's intake of Russian crude dropped to approximately 1.74 million barrels per day in September, the lowest level since April. Refiners have stepped up sourcing from Iraq and Saudi Arabia to balance supply risks.
• Supreme Court Declines Stay on UPI MDR: The Supreme Court has refused to grant an interim stay on the government's move to introduce a 0.4% Merchant Discount Rate (MDR) on merchant UPI transactions exceeding ₹2,000 starting October 15.
• Tata Sons Considers Restructuring to Avoid Listing: Tata Trusts has put forward a corporate reorganization framework for Tata Sons to surrender its Upper-Layer Non-Banking Financial Company (NBFC-UL) status, allowing the conglomerate's holding firm to remain unlisted.
• Bank Unions Defer Nationwide Strike: The United Forum of Bank Unions has postponed its scheduled three-day nationwide strike following conciliation talks and assurances provided by the Indian Banks' Association (IBA).

Mint

• Piyush Goyal Begins 7-Day US Mission: Commerce and Industry Minister Piyush Goyal arrives in the United States for an extensive official trip covering Milwaukee, Chicago, and New York. Key agenda items include negotiations on the India-US Bilateral Trade Agreement (BTA) with USTR Jamieson Greer and participating in the G20 Trade Ministers' Meeting.
• India-UAE Target $200 Billion Trade by 2032: Following the 14th High Level Joint Task Force on Investments, India and the UAE have set a target to double bilateral trade to $200 billion by 2032, supported by up to $25 billion in expected fresh Emirati investments into India.
• HCLSoftware Acquires Robotiq.ai: HCL Technologies' software division has agreed to acquire Croatia-based automation firm Robotiq.ai for €9 million to boost its enterprise robotic process automation (RPA) and agentic AI capabilities.
• Major Project Finance and Order Wins: Indian Railway Finance Corporation (IRFC) sealed a ₹4,200 crore term loan agreement with Damodar Valley Corporation to finance green energy projects, while Ellenbarrie Industrial Gases clinched a ₹480.7 crore turnkey contract from BHEL for an air separation plant.
• Corporate Capex Trends: A policy review by the National Institute of Public Finance and Policy (NIPFP) noted that while project announcements doubled, actual private corporate capital expenditure remains conservative as companies prioritize cash preservation.

Tags: Headlines Business News Economic Times Business Standard Mint Top News