Top Business Headlines
Insurer ordered to pay Mumbai firm ₹1.2 cr for liquor lost in flood
The South Mumbai District Consumer Disputes Redressal Commission ordered an insurance firm to pay ₹1.2 crore to a liquor wholesaler for the stock it lost in the 2017 flood. The insurer rejected its own surveyor's recommendation in 2020 to pay the firm. The commission ordered the insurer to pay 9% interest per year, starting from when the claim was rejected.
Pune man loses ₹1 crore in deepfake scam promising fake SpaceX shares
A 56-year-old Pune businessman lost ₹1.07 crore after scammers used a deepfake video of Finance Minister Nirmala Sitharaman to promote a fake investment platform offering "exclusive" SpaceX shares. The fraudsters built trust with fabricated profits and a fake advisor before convincing him to invest. Police have registered an FIR and launched an investigation.
Oil falls as US says deal to reopen Hormuz 'may be ready by Aug 5'
Oil futures fell around 3% and traded below $78 per barrel after US Treasury Secretary Scott Bessent said Iran and US "may have a deal today or tomorrow" to reopen the Strait of Hormuz. "I'd expect the energy prices to settle back down," he added. Bessent further said ships passing through the Strait of Hormuz would have "freedom of movement".
EPFO warns members incorrect job details may affect pension benefits
The Employees' Provident Fund Organisation (EPFO) urged members to verify information related to their employment records such as Date of Joining and Date of Exit. It warned that any minor error in the records could affect eligibility or delay processing of provident fund (PF) withdrawals, transfers and pension eligibility. EPFO advised its members to regularly review and update their records.
Man awarded ₹1.3 lakh after 9-year legal battle with Air India over delayed flight
A Kerala man has won a nine-year legal battle against Air India after a delayed flight caused him to miss his connecting flight to Saudi Arabia. He said the airline failed to assist him, forcing him to spend nearly ₹49,000 on a last-minute ticket with another airline. A consumer commission awarded him ₹1.36 lakh in compensation.
SC proposes fuel ban for vehicles without valid insurance
The Supreme Court has proposed linking fuel supply at petrol pumps to vehicles' insurance status to enforce mandatory third-party motor insurance. Under the proposal, vehicles without valid insurance could be denied fuel until coverage is renewed. The court directed the Insurance Regulatory and Development Authority of India and the Road Transport Ministry to develop a pilot programme.
SC orders longer mandatory third-party insurance cover for new cars, 2-wheelers
The Supreme Court has directed the IRDAI to increase the term of mandatory third-party motor vehicle insurance for new cars from 3 years to 4 years. For new two-wheelers, the term will be extended from 5 years to 6 years. The court noted that a large number of vehicles remain uninsured despite the mandatory third-party motor insurance requirement.
Nifty ends lower, breaks four-day winning streak on 2nd day of CAS
Nifty ended lower on Tuesday, closing at 24,614.90, ending its four-day winning streak as investors turned cautious amid mixed global cues. Market sentiment was under pressure as the second day of the Closing Auction System (CAS) influenced trading activity and profit booking. Under CAS, which debuted on Monday, official stock closing prices are determined through a single-price auction.
IMFA PAT jumps 109% despite stock decline
IMFA reported its best-ever Q1 FY27 results, with revenue rising 49.7% YoY to ₹960.45 crore and PAT surging 109.3% to ₹191.49 crore. Record ferro chrome production, higher exports and expansion initiatives supported growth. Ace investor Mukul Agrawal held a 1.07% stake in the company as of the June 2026 quarter.
BASF India PAT jumps 146% in Q1 FY27
BASF India reported strong Q1 FY27 results, with revenue rising 29% YoY to ₹4,837.44 crore and PAT surging 146% to ₹362.05 crore. Profit was supported by improved operations and an exceptional gain of ₹18.15 crore from the sale of its coatings subsidiary, while the stock gained over 7% after the announcement.