Business
India becomes world’s 4th largest forex holder
Mumbai, Sep 12: India has become the fourth largest holder of foreign exchange reserves in the world after the record surge in dollar inflows triggered by the Reserve Bank of India’s (RBI’s) foreign currency non-resident (bank) (FCNR(B) deposits scheme, according to data.
With the $44.9 billion increase in its forex kitty to a record $785.7 billion during the week ended September 4, India has dislodged Russia from the fourth spot and is now ranked only behind China, Japan, and Switzerland, the data compiled by Bloomberg showed.
The record increase in the foreign exchange reserves has taken place despite a decline in the gold reserves component by $2.59 billion to $113.81 billion during the week as gold prices fell.
An increase in the foreign exchange reserves reflects strong fundamentals of the economy and gives the Reserve Bank of India (RBI) more headroom to stabilise the rupee when it turns volatile.
A strong forex kitty enables the RBI to intervene in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fall.
Meanwhile, the RBI has announced a Rs 1 lakh crore open market operation (OMO) sale of government bonds to mop up the excess liquidity in the banking system that has resulted from the strong inflow of foreign currency.
The RBI will sell government securities worth Rs 1 lakh crore in three tranches — Rs 50,000 crore on September 17, Rs 25,000 crore on September 21, and another Rs 25,000 crore on September 28. The auctions will be conducted through the multiple-price method using a multi-security auction.
Earlier, the Reserve Bank had raised over Rs 3.53 lakh crore through an overnight Variable Rate Reverse Repo (VRRR) auction with a 1-day tenor on Monday, to absorb surplus cash from the banking system.
A VRRR auction is a monetary policy tool used by a central bank to absorb excess cash from the banking system and ensure financial stability in the economy.
The RBI has stepped up liquidity absorption operations as the banking system has been flooded with funds following large inflows through the special FCNR(B) deposit scheme.
RBI’s special dollar-rupee forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings (OFCB) and External Commercial Borrowings (ECB), launched on June 8 this year, has driven an unprecedented surge in foreign exchange inflows into the country to the tune of $73 billion in less than 11 weeks of the launch.
The response was strong enough for the RBI to advance the closure of the FCNR(B) window itself, from September 30 to August 31, having already achieved its objective ahead of schedule.
Business
Dharavi Experience Centre will build trust among area residents: CM Fadnavis

Mumbai, Oct 2: Maharashtra Chief Minister Devendra Fadnavis on Friday said that the ‘Dharavi Experience Centre’ will not merely showcase blueprints of the redevelopment project but allow the area’s residents to directly experience their future homes, neighbourhoods, and workplaces.
In an interaction with the media, he stated that this initiative will help curb rumours, misconceptions, and incomplete information, creating an atmosphere of trust around the redevelopment.
CM Fadnavis inaugurated the state-of-the-art ‘Dharavi Experience Centre’, which offers physical and digital previews of the Dharavi Redevelopment Project plan, rehabilitated homes, industrial spaces, and upcoming social infrastructure, built near the BKC in the PMGP Colony’s H Block.
The event was attended by Adani Group Managing Director Pranav Adani, BMC Commissioner Ashwini Bhide, Mumbai Slum Rehabilitation Authority (SRA) CEO Dr Mahendra Kalyankar, Dharavi Redevelopment Project CEO and SRA Secretary Vipin Paliwal, Adani Navbharat Developers Private Ltd (the Special Purpose Vehicle executing the redevelopment project) CEO Anil Sardana, among others.
After inspecting the centre, Fadnavis said: “Dharavi is not just a slum; it is a major economic engine. A significant economy thrives here through Kumbharwada’s pottery industry, leather business, food processing, plastic recycling, and various micro, small, and medium enterprises. The redevelopment plan respects these industries and focuses on providing them with better, well-planned workspaces. This is an effort toward comprehensive urban transformation while preserving Dharavi’s existing social, cultural, and economic identity.”
He added that this serves as an ideal example of the urban transformation taking place across the country under the leadership of Prime Minister Narendra Modi.
The Chief Minister noted that the ‘Dharavi Experience Centre’ will provide real-time information to everyone on how the Dharavi redevelopment project will look, what Dharavi is today, and how its structure will evolve in the future. This centre will play a crucial role in addressing the questions and confusion among Dharavi residents regarding their future post-redevelopment. He expressed confidence that by offering information on homes, roads, open grounds, social amenities, and employment opportunities all under one roof, the centre will be valuable for citizens, stakeholders, and urban planning researchers across the country.
The Dharavi Experience Centre highlights the journey from Dharavi’s present to its future transformation through modern audio-visual and digital technology. During his visit, CM Fadnavis also launched a special song titled “Dharavi Ka Kal”, sung by renowned singer Shankar Mahadevan, portraying the changing face of Dharavi, and released the book “Mere Sapno Ki Dharavi”.
Business
Markets extend weekly losing streak as FII selling, global risks weigh

Mumbai, Oct 2: Indian equity markets extended their losing streak to an eighth consecutive week on Thursday as benchmarks fell about 3 per cent each amid persistent foreign fund outflows, elevated US bond yields and geopolitical concerns.
Nifty 50 closed at 22,421.95, a decline of 3.1 per cent against the previous Friday’s closing of 23,140.5.
Similarly, Sensex declined 2.7 per cent to 71,909.7 compared with 73,895.7 a week earlier.
Broader markets also declined with midcap and smallcap indices falling 3.5 per cent and 3.3 per cent, respectively.
Sector-wise, BSE IT index was the only gainer, rising 0.2 per cent over the week.
In contrast, auto sector was the worst-performing sector, falling 5.5 per cent followed by consumer durables, down 5.3 per cent. FMCG and metal indices declined 4.2 per cent each, while energy, healthcare and realty indices fell between 3.3 per cent and 3.6 per cent. While banking, capital goods and power indices declined 2.4 per cent, 2.4 per cent and 2.6 per cent, respectively.
The latest decline marks the longest weekly losing streak for the benchmark indices in nearly 25 years.
Moreover, foreign institutional investors (FIIs) continued to sell Indian equities, while domestic institutional investors (DIIs) provided some support, cushioning the decline.
According to market experts, investor sentiment remained weak due to persistent geopolitical tensions, elevated crude prices, foreign fund selling and concerns over monetary policy.
Crude oil prices remained above $100 a barrel amid continued geopolitical tensions, while the US 10-year Treasury yield remained elevated, adding to pressure on emerging-market assets.
They further noted that the southwest monsoon ended with a 13 per cent rainfall deficit, raising concerns over agricultural output and food inflation.
The recent increase in minimum support prices for key rabi crops has also added to expectations of a cautious monetary policy stance, according to the experts.
Moreover, the Reserve Bank of India’s Monetary Policy Committee is scheduled to meet next week, with the policy decision due on October 7.
In addition, the coming week will also mark the start of the second-quarter earnings season.
The near-term market outlook could remain sensitive to global yields, crude oil prices, foreign fund flows and geopolitical developments, while the upcoming earnings season will provide further direction to equities, according to analysts.
Business
Adani Green Energy expands battery storage capacity to 6.63 GWh in just 14 months

Ahmedabad, Oct 1: Adani Green Energy Ltd (AGEL) on Thursday said it has expanded its operational Battery Energy Storage System (BESS) capacity to 6.63 gigawatt-hours (GWh) at Khavda, Gujarat, from 3.55 GWh in June 2026.
India’s largest renewable energy company now accounts for more than 50 per cent of the country’s operational BESS capacity of about 12.6 GWh.
“Reaching 6.63 GWh of operational battery storage in just 14 months is a significant milestone for AGEL and India’s clean energy transition. At this scale, storage can make renewable power firmer, more reliable and dispatchable when the grid needs it,” said Sagar Adani, Executive Director, Adani Green Energy.
“As India’s power demand grows, we will continue to scale energy storage solutions, both battery and pumped storage, to support a more resilient, lower-carbon grid,” he noted.
The 6.63 GWh BESS can store enough clean energy to power around two million homes a day, and support peak electricity demand of cities like Nagpur, Patna or Vizag for several hours.
This BESS capacity at Khavda is equivalent to battery storage capacity of more than 150,000 mid-sized EVs and can store enough energy daily to meet almost twice the Delhi Metro’s estimated daily electricity requirement, underscoring the unprecedented scale of the installation.
The scale-up to 6.63 GWh strengthens the integration of renewable energy into the grid by enabling clean power to be stored and dispatched when required, said the company.
This milestone also consolidates Khavda’s position as the world’s largest operational battery energy storage installation at a single location.
The BESS is integrated with AGEL’s renewable energy (RE) development at Khavda, where the company is developing a 30 GW RE plant across 538 square kms of barren land.
The BESS uses lithium-ion battery technology, integrated with an Energy Management Systems (EMS) and automated telemetry to manage charging and discharging, optimise system performance and support grid services. Battery storage can improve grid stability, manage peak demand, reduce energy curtailment, and enable renewable power to be delivered when required.
AGEL said it is on track to add over 10 GWh of BESS capacity in FY 2026-27 and is targeting 50 GWh of storage capacity over the next 5 years.
-
Crime4 years agoClass 10 student jumps to death in Jaipur
-
Maharashtra2 years agoMumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra2 years agoMumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra2 years agoFalse photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News2 years agoMinistry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Maharashtra2 years agoMaharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News2 years agoJ&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface
-
Crime2 years agoBaba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
