Business news: KM Birla's Hindalco announces plans to invest Rs 45,000 crore in domestic metal biz

Ravi Puravankara, founder of real estate firm Puravankara Ltd, has bought 12 commercial properties in Mumbai for Rs 242 crore in his personal capacity, according to data analytics firm CRE Matrix.

These transactions are done by the family office for the purpose of investments, PTI reported.

Birla said the company is adding 150 MW to its renewable energy capacity to take the overall generation possibility to 350 MW.

The company has "pioneered" a 100-MW renewable energy solution in Odisha for aluminium smelting, combining wind, solar, and pumped hydro storage for stable, round-the-clock energy, Birla said.

Citi Research on Thursday raised its gold price target for the next three months to $3,200 per ounce from $3,000, citing robust official sector demand and higher exchange-traded-fund demand.

"In our bull case, we see gold prices reaching $3,500 per ounce by year-end, underpinned by much higher hedging/investment demand on fears of US hard landing/stagflation," analysts at Citi said in a note.

The Kalyan Dombivali Municipal Corporation in Thane district on Thursday approved a Rs 3361 crore budget for 2025-26.

Addressing a press conference, civic chief Indu Rani Jakhad said a major highlight was the plan to establish AI robotics labs in municipal schools, for which an outlay of Rs 3 crore has been made.

"The initiative aims to introduce students to artificial intelligence, robotics and coding, fostering innovation and preparing them for future technological advancements. We have earmarked Rs 19.41 crore for school repairs and Rs 8.2 crore for constructing model schools," Jakhad said.

West Bengal’s revenue receipt for the 2025-2026 fiscal is projected to be Rs 2.66 lakh crore, as per the recently tabled budget, a state minister said on Thursday.

In the 2024-25 financial year, the revenue receipt was a little over Rs 2.36 lakh crore, Minister of State for Finance (Independent Charge) Chandrima Bhattacharya said in the assembly.

KM Birla: Our Battery Foil plant at Aditya and Fabrication plant at Chakan are set to provide high-performance , sustainable alternatives to traditional automotive components especially for the EV industry. We are also setting up India’s first Copper Foil facility for EVs.

KM Birla: We have always been strong in meeting our customers’ needs for metals. But now, we are taking solutioneering to the next level— in EV mobility, renewable energy, energy storage, semiconductors, and high-end electronics.

We are positioning ourselves as a provider of solution and a co-creator, collaborating with customers to bring the future forward.

In battery materials, we are pioneering the metals that will drive India’s EV revolution.

Retirement fund body EPFO has added 17.89 lakh net members in January this year, reflecting a year-on-year growth of 11.67 per cent, according to payroll data released on Thursday.

An increase of 11.48 per cent has been registered in net payroll addition in the month under review compared to December 2024, a labour ministry statement said.

France's foreign minister is planning a two-day visit to China on March 27 and 28, the head of cognac lobby group BNIC said on Wednesday, repeating calls for an easing of trade tensions between the European Union and Beijing.

France's cognac industry has been caught up in two distinct international trade disputes - one between the EU and China and another pitting the bloc against U.S. President Donald Trump's administration.

Across wine country in France, Italy and Spain one number is top of mind: 200%.

That's because last week U.S. President Donald Trump threatened a tariff of that amount on European wine, Champagne and other spirits if the European Union went ahead with retaliatory tariffs on some U.S. products. The top wine producers in Europe could face crippling costs that would hit smaller wineries especially hard.

India's steel-to-power conglomerate JSW Group plans to set up a 500,000 metric ton capacity copper smelter in the eastern state of Odisha by 2028/29 with feedstock of copper concentrate from Peru and Chile, Reuters reported.

President Donald Trump has said that he believes India will lower its tariffs on American goods, even as he reiterated his threat to impose reciprocal US tariffs on the country starting April 2.

In an interview with Breitbart News, an American news, opinion, and commentary website, Trump discussed the US' relationship with India.

Asked about his summit with Prime Minister Narendra Modi last month, Trump said he has a “very good relationship” with India.

After the Union government's Directorate General of Trade Remedies (DGTR) recommended a 12 percent safeguard duty on steel products for 200 days, mainly on flat steel products such as hot and cold rolled products, brokerages and analysts have presented a mixed picture on the prospects of both integrated and non-integrated steel makers.

Details here.

Copper futures rose 0.29 per cent to Rs 915.30 per kilogram on Thursday on the back of higher spot demand.

On the Multi Commodity Exchange, copper contracts for April delivery grew Rs 2.65 or 0.29 per cent to Rs 915.30 per kg in a business turnover of 4,871 lots.

Zoho co-founder and Padma Shri awardee Sridhar Vembu has said that he has noticed a growing trend among well-educated Indians that he does not approve of. Taking to X, he wrote that young professionals are currently attracted to high finance or the idea of making money on money. "This is not good," he said.

The Insurance Regulatory and Development Authority of India (IRDAI) has submitted its comments on goods and services tax (GST) relief on premiums paid for life and health insurance, paving the way for a final decision. The group of ministers (GoM) on insurance is likely to meet in April to finalise its recommendations for the GST Council. The council is expected to consider the proposals at its next meeting in May, a senior government official told Moneycontrol.

Kotak Mutual Fund has launched ‘Choti SIP’, a new initiative aimed at making mutual fund investments more accessible to a wider pool of investors, offering the Rs 250 investment option for all eligible schemes of the AMC.

Nilesh Shah, Managing Director, Kotak Mutual Fund said the Choti SIP facility offers the chance to tap into the vast potential for mutual fund investment. "With the launch of Choti SIP, a new investor can begin their wealth creation journey with a minimum amount of Rs. 250. We can call it ‘Choti Rakam – Bada Kadam,’” Nilesh Shah said.

Elon Musk-owned X has filed a legal petition in the Karnataka High Court, arguing that the Indian government’s use of Section 79(3)(b) of the IT Act and the Sahyog Portal creates an unlawful and unregulated censorship mechanism that bypasses statutory safeguards.

• European Union leaders will commit on Thursday to do more to make the bloc more competitive with more military muscle in the face of U.S. tariffs and other economic challenges, and doubts over Washington's future backing in defence.
• All leaders, except Hungary's Viktor Orban, are also expected to re-affirm their financial and military support to Ukraine President Volodymyr Zelenskiy, whose video-link address will start the summit.
• The 26 EU leaders are expected to agree a text which commits to uphold Ukraine's independence, sovereignty and territorial integrity and urges Russia to "show real political will to end the war". (Reuters)

Copper surged past the $10,000 per ton mark after weeks of global trade disruptions sparked by U.S. President Donald Trump’s tariff push on the vital industrial metal. At the same time, gold prices soared to record highs after the U.S. Federal Reserve kept interest rates unchanged on March 19 but indicated potential rate cuts twice this year. On Thursday, March 20, MCX Gold reached an all-time high of ₹89,796 per 10 grams in early trading.

Gautam Adani is in advanced talks to buy the Indian unit of Dubai-based developer Emaar Group at a potential enterprise value of $1.4 billion, according to people familiar with the matter, helping Asia’s second-richest person expand in real estate.  The Adani family and Emaar are discussing the structure of a transaction, which could include an unlisted Adani unit infusing about $400 million in equity, the people said, asking not to be identified because the information is private. (Bloomberg)

“We are trying to ensure more data-driven decision-making. Traditionally, we have looked at survey data, but there are a lot of alternative datasets like, GST, mobile phone, and satellite data,” Saurabh Garg, secretary, statistics ministry

Mumbai-based publicly listed developer Man Infraconstruction Ltd (MICL) has announced the launch of the second tower in its Aaradhya Avaan project, located in the Tardeo neighborhood of South Mumbai. Upon completion in 2028, the tower is set to become Mumbai’s tallest, standing at an impressive 306 meters. (Read More)

State-owned renewable energy developer and financier Indian Renewable Energy Development Agency (IREDA) has launched its first-ever perpetual bond, to raise Rs 1,247 crore, triggering a modest uptick in early trade on March 20, however the shares have cooled off and slipped into the red. Additionally, the company has also received a tax refund of Rs 24.48 crore. (Read More)

• US President Donald Trump announced that starting April 2, the United States will impose the same tariffs on India that it levies on American goods. He also suggested that New Delhi might significantly reduce its import duties as the deadline approaches.
• In an interview with Breitbart News, Trump expressed confidence in India's potential tariff reduction, stating, “I believe they (the Indian government) are probably going to lower the tariffs substantially.” However, reaffirming his stance on the deadline, he added, “…but on April 2, we will be charging them (India) the same tariff they charge us.” (Read More)

• On Tuesday, U.S. President Donald Trump described Canada as “one of the toughest countries to deal with” amid rising trade tensions between the long-standing allies. The conflict began when the U.S. imposed tariffs on Canada, prompting retaliatory measures, including Canadian tariffs and a boycott of American products.
• During an interview with Fox News, when asked why he takes a harsher stance on Canada compared to other major rivals, Trump responded, "I engage with every country, either directly or indirectly. Canada is among the most difficult nations to negotiate with."

The remark by US President Donald Trump comes hours after US Fed Chair Jerome Powell said that 'good part of current inflation is coming from tariffs.' He also added that it is going to be very difficult to hold a precise assessment of how much inflation is being influenced by tariffs. However, he added that there has been a clear and sharp uptick in inflation in the first two months of the year.

The Fed would be MUCH better off CUTTING RATES as U.S.Tariffs start to transition (ease!) their way into the economy. Do the right thing. April 2nd is Liberation Day in America!!! - Donald Trump on Truth Social

Hello and welcome to Moneycontrol. Today, we are tracking the after-effects of the US FOMC decision to hold rates. Early cues suggest that there is an enthusiasm among investors. furthermore, we will bring you latest on today's listing, allotment status and more from the world of IPOs. Stay with us for latest breaking news from business, finance and corporate