A crucial meeting of the trustees of Tata Trusts scheduled for 8 May is expected to have far-reaching implications for governance within the Tata Group, as well as the future of Tata Sons.

At the centre of the discussions is the proposed reappointment of Venu Srinivasan, chairman Emeritus of TVS Motor, and former defence secretary Vijay Singh. Their positions have gained significance given the ongoing differences among trustees over key strategic issues.

Tata Trusts holds a substantial influence over Tata Sons, with representation accounting for roughly one-third of the holding company’s board. Any change in trustee composition, particularly if Srinivasan were to step aside, could alter the balance of power and further complicate internal dynamics.

Legal experts note that recent regulatory developments have added another layer of complexity. Amendments to the Maharashtra Public Trusts Act, 1950 now limit the proportion of lifetime trustees to 25 per cent of the total board strength. According to Amit A Tungare, Managing Partner at Asahi Legal, the developments point to a broader contest over control of Tata Trusts, with direct implications for the composition of the Tata Sons board.

The debate also ties into the long-standing question of whether Tata Sons should pursue a public listing. Both Srinivasan and Singh are understood to favour such a move, while Noel Tata is believed to be more cautious, potentially seeking to avoid internal divergence on the issue.

People familiar with the matter indicate that the recent amendment provides some clarity but also raises questions around the tenure and structure of trusteeship, particularly in relation to lifetime appointments.

Meanwhile, regulatory pressure on Tata Sons has increased. The Reserve Bank of India has introduced a framework that could categorise large non-banking financial entities as part of an upper regulatory tier, often described as “shadow banks”. Given its asset size — estimated at Rs 1.75 trillion — Tata Sons could fall within this category, which entails stricter oversight.

Under earlier guidelines, Tata Sons, classified as a core investment company, was required to list by 30 September 2025. Although that deadline has passed, recent regulatory changes may influence the path forward.

As the trustees convene later this week, their decisions are likely to shape not only the governance of Tata Trusts but also the strategic direction of the wider Tata Group.

With PTI inputs

India’s benchmark equity indices surrendered a portion of their early gains on Monday as investors turned cautious and booked profits following a strong start to the session.

The BSE Sensex surged nearly 1,000 points in early trade to touch 77,910.75, while the Nifty 50 climbed close to the 24,300 level, buoyed by supportive domestic cues. However, by mid-afternoon, both indices had eased from their highs. The Sensex was up 334.24 points, or 0.43 per cent, at 77,247.74, while the Nifty traded 113.40 points higher, or 0.47 per cent, at 24,110.95.

Market participants attributed the pullback primarily to profit booking after the initial rally, which had been driven by encouraging April auto sales figures, softer crude oil prices earlier in the day and broadly favourable political signals.

Investor sentiment also remained under pressure due to continued selling by foreign institutional investors. Recent data showed sustained outflows, which have weighed on market momentum and limited the upside.

Political developments, including ongoing vote counting in several states, had a limited and short-lived influence on market direction.

According to V.K. Vijayakumar, chief investment strategist at Geojit Investments, market reactions to election trends are likely to remain temporary, with investors focusing more on global developments, particularly tensions in West Asia.

Currency movements added to the cautious mood. The Indian rupee weakened against the US dollar, reflecting pressure from rising crude oil prices and continued foreign capital outflows. Oil-importing economies such as India remain sensitive to fluctuations in global energy prices.

Brent crude prices edged higher during the session, reversing earlier losses and adding to inflationary concerns. The uptick in oil prices, alongside geopolitical uncertainties, contributed to the subdued sentiment in equities.

From a technical perspective, analysts noted signs of resilience despite the volatility. Anand James, Chief Market Strategist at Geojit Investments, said recent price patterns suggest that bulls are attempting to regain control, although elevated volatility levels may persist in the near term. He indicated that the Nifty could move towards the 25,000–25,600 range, with the immediate trading band seen between 24,050 and 24,350.

Overall, while domestic fundamentals provided early support, global uncertainties and cautious investor behaviour kept gains in check.

With IANS inputs

India’s air traffic witnessed a slowdown in April, with both domestic and international passenger volumes declining compared to March, according to figures released by the Ministry of Civil Aviation.

Domestic carriers handled around 14.08 million passengers during the month, marking a 4 per cent drop both year-on-year and on a monthly basis. The decline was more pronounced in international travel, where passenger numbers fell by 20 per cent month-on-month to approximately 2.83 million.

The dip has been attributed largely to disruptions in the West Asia, where ongoing tensions affected flight schedules and reduced connectivity across key transit routes.

However, there are signs of gradual recovery. The UAE’s aviation authorities recently confirmed the full restoration of normal air navigation services, following the withdrawal of precautionary restrictions. In response, both Indian and UAE airlines have begun scaling up services between the two countries.

Flight operations across other parts of the West Asia are also improving. Services from Saudi Arabia and Oman to India continue as scheduled, while airspace in Qatar remains partially accessible, with select airlines operating routes between the two countries.

Air traffic from Kuwait and Bahrain has normalised, with multiple carriers running regular services to India. Meanwhile, limited operations have resumed in Iraq and Israel, enabling onward travel to Indian destinations.

Iran’s airspace is still only partially open, primarily for cargo and chartered flights. Authorities have advised Indian nationals to avoid travel to the country and have encouraged those currently there to exit via land routes with assistance from the Indian Embassy. To date, over 2,500 Indian citizens have been helped to leave Iran through these arrangements.

While the situation remains fluid, aviation authorities indicate that connectivity between India and the West Asia is steadily stabilising.

With IANS inputs

Air India has decided to scale back its international operations between May and July as surging aviation fuel prices and restricted airspace continue to erode profitability, according to industry sources and company communication.

The airline plans to reduce services to key regions including Europe, North America, Australia and Singapore from June, as longer flight routes—caused by airspace restrictions linked to the ongoing West Asia conflict—have significantly increased fuel consumption.

In a message to employees, outgoing chief executive and managing director Campbell Wilson said several international routes had become financially unviable under current conditions.

“A massive rise in jet fuel prices, together with airspace closures and longer flying routes, has caused many of our international flights to become unprofitable to operate,” he noted, adding that the situation remains “extremely challenging”.

Wilson said the airline had already reduced some services in April and May and would be forced to trim schedules further in the coming months. While domestic operations have also been affected, the impact has been comparatively lower due to limits placed on domestic fuel price increases.

Air India Group is estimated to have incurred losses of over Rs 22,000 crore in the financial year ending 31 March 2026, reflecting the mounting pressure on the aviation sector.

The airline has attempted to offset rising costs by increasing fares and imposing fuel surcharges. However, Wilson acknowledged that higher ticket prices have dampened demand. “We can only raise fares so much before passengers choose not to travel,” he said.

The move comes days after the Federation of Indian Airlines (FIA) flagged concerns to the Ministry of Civil Aviation, warning that current fuel prices are pushing airlines towards unsustainable operations. In a recent communication, the industry body said aviation turbine fuel (ATF) prices for international flights had risen by around Rs 73 per litre.

The FIA cautioned that the sector is under “extreme stress”, exacerbated by the West Asia conflict and steep fuel price increases. It noted that ATF, which typically accounts for 30–40 per cent of an airline’s costs, now makes up as much as 55–60 per cent of total operating expenses.

Industry analysts say that unless fuel prices stabilise or operational constraints ease, airlines may be forced to further rationalise routes, potentially impacting connectivity and passenger traffic in the coming months.

An India-linked LNG carrier that had been closely monitored for signs of a return to routine shipping through the Strait of Hormuz has anchored before making the crucial crossing, raising fresh concerns about stability in the region.

The vessel, Umm Al Ashtan, had departed from Dahej in Gujarat and was expected to pass through the Strait on Friday, 1 May, to load cargo in the Persian Gulf. Its scheduled transit had been widely viewed as a potential indicator that maritime operations in the strategically vital corridor were returning to normal after recent disruptions, The Hindu reported.

Instead, the ship has dropped anchor at Khor Fakkan, just outside the Strait, according to vessel tracking data from marinetraffic.com. The unexpected halt has cast doubt on assumptions that conditions had sufficiently stabilised for uninterrupted commercial movement.

During its journey, Umm Al Ashtan maintained a course closer to Oman rather than following the Iranian coastline, a route more commonly associated with established transit patterns in the area. The choice of route, combined with the subsequent anchoring, points to continued caution among shipping operators navigating the region.

In contrast, other vessels appear to be proceeding more conventionally. The supertanker Idemitsu Maru, bound for Nagoya, Japan, has reportedly followed a path closer to the Iranian coast, suggesting a divergence in risk assessments within the industry.

The stalled passage of Umm Al Ashtan is particularly significant because it had been seen as a test case for the resumption of normal traffic through the Strait of Hormuz, a critical artery for global energy supplies. Its decision to hold position instead of proceeding has tempered expectations and highlighted the ongoing fragility of the situation.

The episode underscores that, despite tentative signs of easing tensions, shipping through the Strait remains influenced by strategic caution, with operators weighing security concerns alongside commercial imperatives.

Indian equity markets closed the week on a weaker note, with benchmark indices slipping amid sustained foreign investor selling and a sharp rise in global crude oil prices.

The Nifty 50 declined by 0.73 per cent over the week and fell 0.74 per cent on the final trading session to settle at 23,997. Meanwhile, the BSE Sensex dropped 582 points on the day, ending at 76,913, marking a weekly loss of 0.97 per cent.

Market sentiment remained cautious as geopolitical tensions, particularly disruptions in the Strait of Hormuz, continued to unsettle global markets. The situation has contributed to elevated crude oil prices, which climbed to around $126 per barrel — their highest level in four years — raising concerns over inflation and potential fuel price increases.

The surge in oil prices has also put pressure on the Indian rupee and heightened fears of capital outflows, given India’s dependence on energy imports.

Sectorally, most indices ended in negative territory. Metal, public sector banking, realty and FMCG stocks were among the worst performers. However, information technology and pharmaceutical shares showed relative resilience, providing some support to the market.

Broader markets presented a mixed picture. While the Nifty Midcap100 index edged down by 0.28 per cent, the Nifty Smallcap100 index managed to gain 1.62 per cent during the week, indicating selective buying interest beyond large-cap stocks.

Despite the overall weakness, early corporate earnings for the fourth quarter of FY26 offered some optimism. Investors appeared to favour defensive and consumption-driven sectors such as healthcare, telecom and energy, which outperformed amid the volatility.

Analysts noted that persistent geopolitical risks and inflationary pressures could keep the US Federal Reserve inclined towards a tighter monetary stance through 2026, adding to uncertainty around interest rates globally.

Looking ahead, the Nifty 50 is expected to trade within a narrow range of 23,500 to 24,500 in the near term. The banking index underperformed the broader market, with the Bank Nifty ending the week at 54,863, down 2.56 per cent.

Experts anticipate continued consolidation in banking stocks, with the index likely to move within a broad band of 54,000 to 57,500, driven largely by stock-specific action during the ongoing earnings season.

With IANS inputs

Businesses and bulk users woke up to a sharp spike in fuel costs on Labour Day, with state-run oil marketing companies raising prices of commercial LPG cylinders by an average of Rs 993 — a move that came without any prior public discussion and is expected to ripple through food and service sectors.

In Delhi, a 19 kg commercial LPG cylinder now costs Rs 3,071.50, up from Rs 2,078.50, while in Mumbai the price has climbed to Rs 3,024 from Rs 2,031. This is the third increase since late February, when geopolitical tensions in West Asia began driving up crude oil prices. Restaurants, caterers and small businesses are likely to pass on the burden, potentially pushing up prices of meals and delivery services.

The price shock coincides with tighter rules for LPG access. From 1 May, new booking restrictions have come into force: urban consumers must now wait 25 days between cylinder bookings, up from 21 days, while the interval in rural areas has been extended to as much as 45 days.

In addition, a Delivery Authentication Code (DAC) system has been made mandatory. Consumers will receive a one-time password on their registered mobile number when booking a refill, which must be provided at delivery, replacing earlier verification methods such as physical documents.

The twin moves — higher commercial prices and stricter booking norms — have drawn attention for their timing, landing on Labour Day and affecting both businesses and households dependent on regular fuel access.

Even as these changes take effect, oil companies have kept several key fuel prices unchanged. In a statement issued early on Friday, IndianOil said there has been no revision in aviation turbine fuel (ATF) for domestic airlines, nor in the retail rates of petrol, diesel and subsidised LPG cylinders.

According to the company, about 80 per cent of petroleum products have seen no price change, around 4 per cent have become cheaper, and 16 per cent — mainly industrial fuels — have recorded increases in line with global benchmarks.

ATF prices, usually revised at the start of each month, were left untouched as companies opted to absorb rising input costs. Household LPG cylinders (14.2 kg), used by roughly 330 million consumers, also remain at existing rates, as does kerosene supplied through the public distribution system.

Despite holding retail prices steady, reports indicate that oil marketing companies are facing mounting financial strain as they continue to sell fuels at unchanged rates while procuring crude at elevated prices exceeding $120 per barrel. Industry sources suggest they may seek government support to offset growing under-recoveries.

Selective price increases, however, have been implemented for premium petrol, bulk diesel and ATF used in international aviation, aligning those segments more closely with global trends.

The developments underscore a calibrated but uneven pricing strategy — shielding household consumers on paper while shifting a growing share of the burden onto commercial users and tightening access through new booking constraints.

With PTI inputs

Indian equity markets recovered part of their early losses on Thursday, with the BSE Sensex and Nifty 50 rebounding in afternoon trade after a weak start to the session.

By 1:44 pm, the Sensex was down 423.95 points, or 0.55 per cent, at 77,072.41, while the Nifty fell 155.15 points, or 0.64 per cent, to 24,022.50. The Nifty managed to reclaim the key psychological level of 24,000 after slipping below it earlier in the day, while the Sensex recovered nearly 800 points from its intraday low.

Market breadth remained negative, with declines outpacing advances, indicating that selling pressure persisted despite the partial recovery.

Analysts attributed the rebound primarily to value buying, as investors stepped in to pick up stocks after benchmark indices had dropped more than 1.2 per cent during morning trade. Buying interest was particularly visible in information technology and pharmaceutical stocks.

V.K. Vijayakumar of Geojit Investments said investor focus is gradually shifting towards companies reporting stronger-than-expected fourth-quarter earnings and offering positive business outlooks, creating selective opportunities despite broader uncertainty.

The session also coincided with the monthly derivatives expiry for the Sensex, which typically leads to heightened volatility. The India VIX, a measure of market volatility, eased slightly from its intraday high, reflecting some stabilisation in investor sentiment.

Global factors continued to influence market direction. Brent crude prices, which had surged earlier to multi-year highs amid geopolitical tensions, moderated during afternoon trade. Oil prices had spiked following reports that Donald Trump was set to review new military options related to Iran, raising concerns over supply disruptions in the Middle East.

From a technical perspective, analysts noted that the Nifty’s immediate support lies in the 23,900–23,800 range, while resistance is seen between 24,200 and 24,300. A sustained move above higher levels would be required to confirm a stronger upward trend.

Market participants are expected to remain cautious in the near term, with movements likely to be driven by global developments, oil price fluctuations and domestic earnings announcements.

With PTI inputs

Indian equity markets fell sharply on Thursday, with the BSE Sensex plunging more than 1,200 points and the Nifty 50 slipping close to the 23,800 mark, as a surge in crude oil prices and weak global signals dampened investor sentiment.

By late morning, the Sensex was down 1,226 points, or 1.58 per cent, at 76,270, while the Nifty dropped 370 points, or 1.53 per cent, to 23,806. The broader market also witnessed heavy selling, with declining shares significantly outnumbering gainers, indicating widespread pressure across sectors.

The downturn follows a brief recovery in the previous session, but renewed concerns over global energy prices and persistent foreign investor selling weighed heavily on the market.

A sharp rise in crude oil prices emerged as a key trigger. Brent crude climbed around 5 per cent to trade near $124 per barrel, fuelling fears of inflation and potential disruption to global supply chains. The spike comes amid geopolitical tensions and discussions led by Donald Trump with oil producers over possible supply constraints linked to Iran.

Higher oil prices are particularly concerning for India, one of the world’s largest importers of crude, as they threaten to push up inflation, weaken the currency and strain economic growth.

Global market sentiment also remained fragile. Overnight, US equities closed mixed, while Asian markets traded lower, reflecting uncertainty following signals from the Federal Reserve that it would maintain a cautious stance on interest rates.

The Fed has held rates steady in the range of 3.50 to 3.75 per cent, adopting a wait-and-watch approach as inflation remains above target levels.

Foreign institutional investors continued to exert pressure, offloading equities worth over Rs 2,400 crore in the previous session. Sustained outflows from overseas investors have been a major drag on large-cap stocks in recent weeks.

Market volatility also spiked, with the India VIX rising more than 11 per cent, signalling heightened nervousness among investors amid geopolitical uncertainty and sharp movements in oil prices.

Selling was broad-based across sectors. Banking, auto, realty and metal stocks all recorded notable declines, while mid-cap and small-cap indices also slipped. The Nifty IT index was among the few segments to remain resilient.

Among individual stocks, Bajaj Finance led the gainers, while several others, including InterGlobe Aviation and Axis Bank, featured among the major losers.

Meanwhile, the Indian rupee weakened to a record low against the US dollar, reflecting concerns over rising energy costs and global monetary tightening. Bond yields also edged higher, tracking movements in US yields and oil prices.

Analysts said the market remains in a fragile phase, with downside risks persisting as long as geopolitical tensions and inflationary pressures continue to dominate investor sentiment.

With PTI inputs

Global equities delivered a patchy performance on Wednesday, taking cues from a subdued session on Wall Street, while oil prices surged more than 3 per cent amid lingering uncertainty over how — and when — the Iran conflict will end.

US futures hinted at a tentative stabilisation, with contracts for the S&P 500 and the Dow Jones Industrial Average inching up by less than 0.1 per cent.

Attention remained fixed on the Federal Reserve, which was widely expected to leave its benchmark interest rate unchanged at 3.6 per cent as it concludes its policy meeting later in the day. Policymakers largely view this level as a balancing act — restrictive enough to curb inflation by dampening borrowing and spending, but not so tight that it risks derailing hiring or pushing up unemployment.

Across Europe, markets leaned negative in early trade. Britain’s FTSE 100 fell 0.6 per cent to 10,269.06, Germany’s DAX slipped 0.3 per cent to 23,958.39, and France’s CAC 40 dropped 0.6 per cent to 8,054.38.

Asian markets offered a more upbeat counterpoint — though not without caveats. Japan remained shut for a public holiday, but elsewhere gains were more visible. South Korea’s Kospi climbed 0.8 per cent to 6,690.90, Hong Kong’s Hang Seng jumped 1.7 per cent to 26,111.84, and China’s Shanghai Composite rose 0.7 per cent to 4,107.51.

Australia’s S&P/ASX 200 edged 0.3 per cent lower to 8,687.00, Taiwan’s Taiex slipped 0.6 per cent, while India’s Sensex advanced 0.9 per cent — a reminder that risk appetite hasn’t entirely vanished, just become selective.

Oil, meanwhile, stole the spotlight — and not in a reassuring way. Brent crude for June delivery climbed 3.1 per cent to USD 114.70 a barrel, while July contracts rose 3 per cent to USD 107.61. For context, Brent had been hovering near USD 70 before hostilities escalated in late February.

Benchmark US crude followed suit, gaining 3.4 per cent to USD 103.32 a barrel.

Markets are also closely watching the OPEC after the United Arab Emirates announced it would exit the cartel from Friday. With OPEC accounting for roughly 40 per cent of global oil supply, the move has injected fresh uncertainty into an already tense energy landscape. The UAE, one of the group’s biggest producers, has long chafed under output limits, signalling a desire to pump more.

Initially, the news nudged prices lower on expectations of increased supply.

“The UAE's exit will increase (oil) output,” ING Bank strategists Warren Patterson and Ewa Manthey wrote in a research note. “The UAE has been increasingly frustrated over recent years by its output being constrained by OPEC production quotas, which have kept it well below its potential.”

“However, before this can be tapped, there must be a resolution in the Persian Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again," they added.

That caveat is doing a lot of heavy lifting. With US-Iran negotiations stuck and the Strait of Hormuz — through which roughly a fifth of global oil once flowed — still largely shut, near-term price movements hinge heavily on whether the vital corridor reopens.

Tehran has floated reopening the strait if Washington lifts its naval blockade, but the US appears unwilling to entertain any agreement that sidesteps Iran’s nuclear programme — leaving both sides entrenched.

Back on Wall Street, Tuesday’s session saw a pullback from recent highs. The S&P 500 fell 0.5 per cent, the Dow dipped 0.1 per cent, and the Nasdaq slid 0.9 per cent.

Tech and AI-linked stocks led the retreat, suggesting that even market favourites are not immune to nerves. Broadcom dropped 4.4 per cent, Nvidia fell 1.6 per cent and Micron Technology lost 3.9 per cent. Investors are also bracing for earnings from Alphabet, Amazon, Microsoft and Meta Platforms later on Wednesday.

In currency markets, the US dollar edged up to 159.77 Japanese yen from 159.62 yen, while the euro slipped slightly to USD 1.1701 from USD 1.1712.

For now, markets seem caught between two competing forces: cautious confidence in central bank stability, and a geopolitical overhang that refuses to fade.

With AP/PTI inputs

The Enforcement Directorate has provisionally attached assets worth Rs 3,034.9 crore in connection with the Reliance Communications (RCom) bank fraud case, taking the total value of assets linked to investigations involving the Reliance Anil Ambani Group to over Rs 19,344 crore.

The action has been carried out under provisions of the Prevention of Money Laundering Act (PMLA), with the agency stating that the move is aimed at preventing the dissipation of assets and safeguarding the interests of lenders and the public.

The case is being examined by a special investigation team set up on the directions of the Supreme Court of India, focusing on alleged diversion and laundering of funds within the group.

The probe stems from multiple FIRs registered by the Central Bureau of Investigation following complaints by major financial institutions, including the State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.

According to investigators, RCom and its affiliated entities had secured loans from domestic and international lenders, with outstanding dues amounting to approximately Rs 40,185 crore.

Among the assets attached are high-value properties linked to the promoter group, including a residential flat in Mumbai’s Usha Kiran building, a farmhouse in Khandala near Pune, and land in Sanand, Ahmedabad. The agency has also attached 7.71 crore shares of Reliance Infrastructure held through a group entity associated with a private family trust.

The ED alleged that certain assets were structured in a manner intended to shield them from liabilities arising from personal guarantees extended by Anil Ambani to lenders. It claimed these properties were meant for the benefit of the promoter family rather than for recovery by banks whose loans later turned non-performing assets.

Under the legal framework of the PMLA, such attached assets can eventually be restored to legitimate claimants, including banks that have suffered losses, following due process.

The agency said investigations are ongoing as it continues efforts to trace and secure assets linked to alleged financial irregularities in the case.

With IANS inputs