📰 India Business Brief: Top Headlines for March 31, 2026

Business Standard

• The Indian Rupee recorded its worst annual performance in 12 years for FY26, slipping past the 95 per dollar mark as high oil prices and global volatility weighed on the currency.
• Reliance Industries maintained its top position in the BS1000 league with annual revenues reaching approximately ₹9.98 trillion, followed by Indian Oil and ONGC.
• Sany Heavy Industry India has been ranked as the best-managed unlisted company in India, leading a list where MNC subsidiaries continue to dominate despite growing competition from domestic firms.
• Major Indian conglomerates, including Tata, Adani, and JSW, are aggressively pursuing horizontal diversification into unrelated sectors to hedge against slowing growth in legacy businesses.
• Indian equity markets remained closed today, March 31, in observance of Mahavir Jayanti, marking the end of a fiscal year that saw the weakest performance since FY20.

Economic Times

• India’s diesel exports jumped 20% in March as refiners capitalized on high global margins caused by the ongoing Iran war, even as overall refined product exports saw a marginal decline.
• Domestic LPG production has surged by 40% since the start of the conflict to compensate for the loss of imports from the Gulf region, which traditionally supplies over half of India's consumption.
• Reliance Industries accounted for 75% of all refined fuel exports from India this month, highlighting its dominant role in the country's energy export strategy.
• Jefferies has issued a "Buy" rating for HDFC Bank, suggesting that its current valuation is attractive following a 25% dip in share price over the fiscal year.
• The government has assured farmers that there is adequate fertilizer stock available, dismissing fears of a shortage despite the supply chain disruptions in West Asia.

Mint

• The Center has kept interest rates for small savings schemes, including PPF, NSC, and Sukanya Samriddhi, unchanged for the April-June 2026 quarter.
• A massive financial overhaul begins tomorrow, April 1, as the Income Tax Act, 2025, officially replaces the six-decade-old 1961 framework, introducing new compliance norms for taxpayers.
• Airtel’s data center arm, Nxtra, has secured $1 billion in funding to accelerate its expansion across India as demand for digital infrastructure continues to skyrocket.
• GIFT City’s first-ever IPO by XED was withdrawn today following weak demand and a lack of subscription interest from institutional investors.
• India's industrial production (IIP) grew by 5.2% in February, while the fiscal deficit for the period reached 80% of the government's target for the 2025-26 financial year.

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