📰 India Business Brief: Top Headlines for February 03, 2026

Economic Times

• India-US Trade Breakthrough: President Donald Trump announced a landmark trade deal reducing tariffs on "Made in India" products from 25% to 18% following a high-level phone call with PM Narendra Modi; India has reportedly agreed to stop buying Russian oil as part of the pact.
• Market Euphoria: The GIFT Nifty surged nearly 800 points in early trade, signaling a blockbuster opening for Indian equities as investors cheered the "tariff-truce" and the potential for a surge in foreign fund inflows.
• Precious Metals Meltdown: Gold and silver prices witnessed a severe collapse, with gold plunging to ₹1.43 lakh per 10 grams and silver crashing to ₹2.33 lakh per kg in major Indian cities.
• Agri Futures Ban: SEBI is likely to extend the ban on futures trading for several agricultural commodities by another year to curb price volatility and speculation.
• Corporate Earnings: Tata Chemicals reported a widened consolidated net loss of ₹93 crore for Q3, while Indus Towers saw its net profit slump by 55% to ₹1,776 crore.

Business Standard

• Power Sector Investment: State-owned power sector units have finalized plans to invest approximately ₹1 trillion in the 2026-27 financial year to support India's growing energy demand and infrastructure expansion.
• Renewable Energy Milestone: Tata Power Renewable Energy successfully commissioned a 198 MW wind power project in Tamil Nadu, further boosting the company's green energy portfolio.
• Coal Demand Weakens: Coal India reported a dip in both production and offtake as demand from the power sector showed signs of softening in the early weeks of the year.
• Manufacturing Rebound: India's Manufacturing PMI rose to 55.4 in January 2026, recovering from a two-year low in the previous month, though business confidence regarding future output remains cautious.
• LPG Price Hike: In energy news, the government has revised the prices of LPG cylinders for February, adding pressure to household budgets despite international price fluctuations.

Mint

• SpaceX-xAI Mega Merger: In a global development with domestic implications, Elon Musk’s SpaceX has combined with xAI at a record-setting $1.25 trillion valuation, with plans to move AI computations into space.
• PB Fintech Surge: Policybazaar’s parent company, PB Fintech, reported a stellar third quarter with net profit more than doubling to ₹189 crore, driven by strong growth in its core insurance business.
• Hyundai Motor Growth: Hyundai Motor India posted a 6% year-on-year rise in Q3 net profit to ₹1,234 crore, supported by robust demand for its SUV lineup.
• 16th Finance Commission: Debates intensified over the 16th Finance Commission’s devolution formula, as southern states expressed concerns over their share of central funds despite high GDP contributions.
• Apple’s Premium Push: Apple has achieved a record 28% value share in the Indian smartphone market as consumers increasingly shift toward premium devices.

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