ISMA Lowers Net Sugar Production Estimate by 8.7 Lakh Tons to 264 Lakh Tons in 2024-25

New Delhi, Mar 12 (PTI) Sugar industry body ISMA has revised net production estimates of the sweetener downwards to 264 lakh tonnes in the current marketing year ending September.

In a statement on Wednesday, the Indian Sugar and Bio-Energy Manufacturers Association (ISMA) said it has revised “net sugar production estimates to 264 lakh tons after diverting 35 lakh tons of sugar.”

ISMA in its second advance estimate on January 31, 2025, had projected India’s net sugar production at 272.69 lakh tonnes after diverting 37.5 lakh tonnes of sugar for ethanol production.

As of March 10, 2025, in the current 2024-25 marketing year, sugar production has reached 233.09 lakh tonnes, with 228 mills currently operational across the country.

In Uttar Pradesh, improved plant cane recovery and yield may extend the crushing season until April. However, some mills in East and Central UP are likely to close by the end of March 2025.

“In Maharashtra and Karnataka, reduced sugarcane yield per unit area has led to lower cane availability. Some mills in Karnataka are expected to resume operations during a special season starting in June/July 2025,” it said.

With an opening stock of 80 lakh tonnes and the likely production of 264 lakh tonnes, the total availability of sugar in 2024-25 will be 344 lakh tonnes.

Considering domestic demand of 280 lakh tonnes and exports of 10 lakh tonnes, the closing stock of sugar is estimated at 54 lakh tonnes as of September 30th 2025.

Aditya Birla Fashion and Retail Ranked India’s Most Sustainable Retail Company

Mumbai, Maharashtra, India (NewsVoir)
• Achieves an overall score of 82, positioning ABFRL in the 99th percentile among global industry peers.
• Secures highest score globally in the Apparel Retail sector

Aditya Birla Fashion and Retail Ltd. (ABFRL) has secured the highest ranking among Indian retail companies in the S&P Global Corporate Sustainability Assessment (CSA). The Company has achieved the number one position in the Indian retail sector and has been ranked fourth globally in the overall retail category.
With a score of 82, ABFRL has demonstrated its leadership in Environmental, Social, and Governance (ESG) performance across its business operations. This accomplishment places ABFRL in the 99th percentile among global peers, earning the Company a prestigious place in the S&P Global Sustainability Yearbook 2025.

The S&P Global Sustainability Yearbook evaluates companies based on their performance in the Corporate Sustainability Assessment (CSA). It distinguishes Companies that exhibit strong corporate sustainability practices globally and in India. In 2025, out of 7,690 companies assessed across 62 industries, only 780 were included in the Yearbook, further reinforcing ABFRL’s position as a frontrunner in sustainable fashion. This recognition underscores the Company’s commitment to innovation, responsible growth, and setting new benchmarks for a more sustainable and inclusive future.

Mr. Ashish Dikshit, Managing Director, Aditya Birla Fashion and Retail Ltd., commented, “Sustainability is a fundamental pillar of our business strategy, and this recognition by S&P Global validates our continuous efforts towards responsible growth. Our commitment to ESG excellence is driven by innovation, collaboration, and a vision to create long-term value for all stakeholders. This achievement further strengthens our industry leadership and inspires us to set new benchmarks in sustainable business practices.”

Dr. Naresh Tyagi, Chief Sustainability Officer, Aditya Birla Fashion and Retail Ltd., added, “Achieving a score of 82 and securing the highest score globally in the Apparel Retail sector is a significant validation of our Sustainability initiatives. This recognition is the result of our structured ESG roadmap, cross-functional teamwork, and our ability to navigate complex and dynamic assessment criteria. We remain committed to further enhancing our sustainability performance and setting new benchmarks in the industry.”

The S&P Global Corporate Sustainability Assessment (CSA) is a widely recognized benchmark for corporate sustainability performance, evaluating thousands of companies worldwide based on environmental, social, and governance (ESG) criteria. ABFRL’s inclusion in the S&P Global Sustainability Yearbook 2025 highlights its leadership in sustainable business practices. This achievement reflects ABFRL’s proactive approach to sustainability, climate action, circular economy initiatives, and ethical business operations. As ABFRL continues to embed sustainability into its core strategy, it remains focused on driving meaningful change across the industry and beyond.

About Aditya Birla Fashion and Retail Limited

ABFRL is part of a leading Indian conglomerate, The Aditya Birla Group. With revenue of Rs. 13,996 Cr. spanning retail space of 11.9 million sq. ft. (as on March 31, 2024), it is India’s first billion-dollar pure-play fashion powerhouse with an elegant bouquet of leading fashion brands and retail formats.
The Company has a network of 4,538 stores across approximately 37,952 multi-brand outlets with 9,047 points of sale in department stores across India (as on 30 th September 2024). It has a repertoire of India’s largest brands in Louis Philippe, Van Heusen, Allen Solly and Peter England, established over 25 years. Pantaloons is one of India’s leading fashion retailer, while Style Up is an emerging value retail format.

Company’s international Brands portfolio includes – The Collective, Amongst India’s largest multibrand retailers of international brands and has long term exclusive partnerships with select brands such as Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle, Reebok, Simon Carter and Galeries Lafayette. The Company’s foray into branded ethnic wear business includes brands such as Jaypore, Tasva & Marigold Lane. The Company has strategic partnerships with Designers ‘Shantnu & Nikhil’, ‘Tarun Tahiliani’, ‘Sabyasachi’ and ‘House of Masaba’. This also encompasses the recently amalgamated TCNS portfolio of women’s ethnic brands: W, Aurelia, Wishful, Elleven, and Folksong. In addition, to cater to the needs of digitally native consumers, ABFRL is building a portfolio of Digital-first brands under its technology-led ‘House of D2C Brands’ venture TMRW. TMRW is on a path to building a portfolio of Digital First brands in partnership with founders of emerging brands in the E-Commerce market.

Gold Futures Continues Bull Run for 2nd Day, Hit Fresh Peak of Rs 86,875/10 G

New Delhi, Mar 13 (PTI) Gold prices continued their upward trend for the second consecutive session, reaching a new all-time high of Rs 86,875 per 10 grams, by climbing Rs 189 on Thursday, driven by firm spot demand.

On the Multi Commodity Exchange (MCX), the precious metal contracts for April delivery hit a record high of Rs 86,875 per 10 grams in the morning trade.
Later, it pared all its gains to trade lower by Rs 9 to Rs 86,677 per 10 grams on the MCX, with a business turnover of 14,671 lots.

According to commodities experts, gold prices hit fresh highs as easing inflation in the US has reinforced the yellow metal’s bullish momentum. The ongoing global trade war and economic uncertainty have also driven the rally in gold.

On the global front, gold futures traded flat at USD 2,946 per ounce in New York.

PB Fintech Shares Decline for Second Consecutive Day

New Delhi, Mar 13 (PTI) Shares of PB Fintech, parent entity of Policybazaar, on Thursday extended the losses for the second straight session by declining 5 per cent, a day after the company proposed to infuse Rs 696 crore in its healthcare arm.

The stock of PB Fintech fell 5.14 per cent to Rs 1,333.50 apiece on the National Stock Exchange (NSE).

On the BSE, it depreciated by 5.06 per cent to Rs 1,333.05 per piece.

PB Fintech’s shares settled nearly 5 per cent lower on the bourses on Wednesday.

The benchmark indices saw a volatile trend with 30-share BSE Sensex depreciating 49.93 points to 73,979.83 and the NSE Nifty slipping 38.85 points to 22,431.65 in the afternoon trade.

On Tuesday, PB Fintech said it has plans to infuse Rs 696 crore in its wholly-owned subsidiary PB Healthcare Services in the next financial year to grow its business.

The board approved a proposal to make an investment for an aggregate amount of up to Rs 696 crore in PB Healthcare Services, by way of subscribing or purchasing its shares or compulsory convertible preference shares during the 2025-26 financial year, PB Fintech Ltd said in a regulatory filing.

The investment is, however, subject to the shareholders’ approval through postal ballot and will be made along with other external investors in PB Healthcare Services, it added.

It also said the capital infusion would be done to meet its general operating expenses and enhance brand awareness, office presence and strategic initiatives.

PB Healthcare Services was incorporated in January 2025 to carry on the business of healthcare and allied services in India.

Jaiprakash Associates’ Debt Transferred to NARCL by Lender Consortium

New Delhi, Mar 12 (PTI) Jaiprakash Associates Ltd, which is undergoing an insolvency process, on Wednesday said that a consortium of lenders has transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL).

Jaiprakash Associates Ltd (JAL) in a regulatory filing informed that the consortium of lenders of the company have “assigned/transferred their outstanding debt/financial assets along with underlying securities interest, pledge of shares, guarantees, receivables etc. charged for financial assistance granted by them to JAL in favour of NARCL”.

As per the filing, the consortium comprises SBI, ICICI Bank, IDBI Bank, Axis Bank, LIC, Canara Bank, Bank of Maharashtra, IFCI, PNB, UCO Bank, South Indian Bank, Punjab & Sind Bank, Jammu & Kashmir Bank, SIDBI, Standard Chartered Bank, Karur Vysya Bank, EXIM Bank, Bank of India, Indian Overseas Bank, Indian Bank, IndusInd Bank, Bank of Baroda, Union Bank of India, Central Bank of India and SREI Equipment Finance Ltd.

The total amount of the debt transferred to the NARCL was not disclosed.

Earlier this month, JAL informed that its total outstanding loans from banks and financial institutions are Rs 55,493.43 crore as of February 20, 2025.

The company has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench.

Bhuvan Madan is the resolution professional (RP).

Bids have been invited to acquire JAL through the insolvency process.

JAL, a flagship firm of Jaypee Group, is in cement, power, EPC, hotels, real estate and sports facilities, among others.

NARCL was incorporated under the Companies Act, 2013, and registered as an asset reconstruction company with the Reserve Bank of India (RBI).

Domestic Passenger Vehicle Dispatches Rise 2% YoY in Feb: SIAM

New Delhi, Mar 13 (PTI) Domestic passenger vehicle dispatches from factories to company dealers rose 1.9 per cent year-on-year to 3,77,689 units in February amid slowing demand, industry body SIAM said on Thursday.

The total passenger vehicle wholesales stood at 3,70,786 units in February 2024.

“Passenger vehicles segment remained resilient and posted its highest ever sales of February in 2025 of 3.78 lakh units, with a growth of 1.9 per cent as compared to February 2024,” Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon said in a statement.

Total two-wheeler dispatches, however, witnessed a decline of 9 per cent year-on-year to 13,84,605 units last month.

Scooter sales declined marginally to 5,12,783 units in February this year as compared to 5,15,340 units in the year-ago period.

Motorcycle dispatches to dealers declined 13 per cent year-on-year to 8,38,250 units last month as against 9,64,362 units in February last year.

Moped sales declined 18 per cent year-on-year to 33,572 units in February.

Two-wheeler wholesales stood at 15,20,761 units in February last year.

Total three-wheeler dispatches to dealers rose 5 per cent year-on-year to 57,788 units last month as compared to 55,175 units in the year-ago period.

Passenger carrier three-wheeler sales rose to 46,111 units last month as compared to 43,173 units in February last year.

Goods carrier three-wheeler dispatches stood at 10,603 units in February as against 10,013 units sold in the same month last year, registering an increase of 6 per cent.

E-rickshaw dispatches declined 51 per cent year-on-year to 741 units in February.

“Upcoming festivities of Holi and Ugadi in March is likely to continue to drive demand, thereby closing FY 2024-25 on a reasonably positive note,” Menon stated.

Sensex, Nifty End Moderately Lower On Selling In It, Telecom Stocks

Mumbai, Mar 12 (PTI) Equity benchmark indices Sensex and Nifty closed moderately lower on Wednesday due to heavy selling pressure in IT, telecom, and realty stocks amid growing concerns over a possible global economic slowdown.

The 30-share BSE Sensex fell 72.56 points or 0.10 per cent to close at 74,029.76. During the session, it tumbled 504.16 points or 0.68 per cent to touch a low of 73,598.16.

Similarly, the NSE Nifty slipped 27.40 points or 0.12 per cent to end at 22,470.50. In the session, it fell 168.35 points or 0.74 per cent to hit an intraday low of 22,329.55.

From the Sensex pack, Infosys, Tech Mahindra, Nestle India, Tata Consultancy Services, HCL Technologies, Asian Paints, Axis Bank, Zomato, Hindustan Unilever, and Bharti Airtel were among the laggards.

On the other hand, IndusInd Bank, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, HDFC Bank, ITC, Sun Pharma, Bajaj Finserv and UltraTech Cement were the gainers.

The BSE Smallcap gauge fell 0.48 per cent, while the midcap index slipped 0.57 per cent.

Among the BSE sectoral indices, Focussed IT, IT, Teck, Realty, Telecommunication, Metal, Capital Goods, Services, and Industrial were among the major laggards.

In contrast, Energy, FMCG, financial services, Healthcare, Utilities, Auto, Bankex, Consumer Durables, Oil & Gas, and Power were the gainers.

In Asian markets, Tokyo, Seoul, Shanghai and Hong Kong ended on a mixed note.

European markets were trading higher in the mid-session deals on Wednesday. Wall Street ended in the negative zone on Tuesday.

Global benchmark Brent crude oil went up 0.34 per cent to USD 69.80 a barrel.

Foreign Institutional Investors (FIIs) sold equities worth Rs 2,823.76 crore, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 2,001.79 crore on Tuesday, according to the exchange data.

The 30-share BSE Sensex on Tuesday settled down by 12.85 points at 74,102.32. The broader Nifty of NSE advanced 37.60 points to close at 22,497.90.

Madhya Pradesh Budget Outlay Increases 15 Pc To Rs 4.21 Lakh Crore, No New Taxes

Bhopal, Mar 12 (PTI) The Madhya Pradesh government on Wednesday presented a Rs 4.21 lakh crore budget for 2025-26 with no new taxes while announcing new schemes for development of religious sites.

Finance Minister Jagdish Devda presented the Rs 4,21,032 crore budget, a 15 per cent increase over the last fiscal, in the legislative assembly here.

“The budget is focused on GYAN (Garib, Yuva, Annadata and Nari) with the aim of doubling the size of the state budget in the next five years, increasing capital investment, extension of road, irrigation and power facilities, attracting investment for quality health facilities and employment generation,” Devda said.

The budget estimates a revenue surplus of Rs 618 crore in 2025-26.

The estimated revenue receipts are Rs 2,90,879 crore, which include the state’s own tax revenue of Rs 1,09,157 crore, its share in central taxes of Rs 1,11,662 crore, non-tax revenue of Rs 21,399 crore, and grants received from the center amounting to Rs 48,661 crore, the finance minister said.

For 2025-26, a seven per cent increase in the state’s own tax revenue is estimated, compared to the estimates for 2024-25.

As much as 31 per cent increase has been planned in capital expenditure.

A sum of Rs 47,296 crore (23.5 per cent increase) was allocated for Scheduled Tribes and Rs 32,633 crore (16.2 per cent increase) for Scheduled Castes.

Capital expenditure in 2025-26 is estimated to be 5.02 per cent of the Gross State Domestic Product (GSDP) and interest payments are projected to be 9.84 per cent of total revenue receipts.

The fiscal deficit is estimated to be 4.66 per cent of the GSDP, the minister said amid brief interventions from opposition members.

Allowances of government employees will be revised as per the 7th Pay Commission with effect from April 1, 2025, he said.

Among other things, ‘Omkareshwar Mahalok’ will be developed at Omkareshwar on the lines of Ujjain’s Mahakal Lok corridor, the minister said.

To propagate the life philosophy of Acharya Shankara, founder of the Advaita Vedanta philosophy, a museum and the Acharya Shankar International Advaita Vedanta Institute are being developed, he said.

A provision of Rs 500 crore has been made for the establishment of `Vedanta Peeth’.

A provision of Rs 18,669 crore has been made for the Mukhya Mantri Laadli Behna Yojana under which monthly financial assistance is provided to eligible women, the minister said, noting that it gives the lie to claims that such schemes would be scrapped.

Devda, who is the state’s deputy Chief Minister, also announced a provision of Rs 10 crore for Shrikrishna Pathey Yojana. Chief Minister Mohan Yadav had earlier said religious sites associated with Lord Sri Krishna’s life will be developed under the scheme.

Similarly, Rs 30 crore were allocated for development of ‘Ram Path Gaman’ and the town of Chitrakoot.

In view of the Simhastha Kumbh Mela scheduled to be held in Ujjain in 2028, a provision of Rs 2,005 crore was made in the budget.

Development of tourism in the state has not only promoted economic development but also created employment opportunities, the minister said, providing Rs 1,610 crore for `tourism, culture and religious affairs’, an increase of Rs 133 crore over the last year.

To facilitate study of religious texts, literature, scientific research and to improve the declining interest in studies among the general public, state-of-the-art `Gita Bhawan’ study centres will be built in all urban civic bodies, the minister said.

A provision of Rs 100 crore was proposed for this scheme in the budget.

Further, Rs 50 crore were allocated for a scheme under which the government facilitates pilgrimages for senior citizens.

More than eight lakh senior citizens have benefited from the scheme since its inception, Devda said, adding that disabled citizens are given the facility of free travel.

To promote tourism, 14 monuments of religious and cultural importance are being constructed at a cost of approximately Rs 507 crore.

The minister also said that a provision of Rs 850 crore has been made for Metro rail projects.

Referring to the successful organization of the Global Investors Summit (GIS) 2025 in the state, he said Prime Minister Narendra Modi unveiled 18 new policies with an aim to attract investment and facilitate the ease of doing business.

A provision of Rs 3,250 crore was made in the budget for giving incentives to industries, an increase of Rs 551 crore over the previous year.

The government has already decided to observe 2025-26 as the year of industries and employment, the finance minister noted.

The budget allocated Rs 17,136 crore for the Jal Jeevan Mission and National Rural Drinking Water Mission, Rs 13,909 crore under the Atal Kisan Jyoti Scheme and Rs 7,624 crore for one-time grants to local bodies for basic services.

The budget further allocated Rs 7,132 crore under the Atal Griha Jyoti Scheme, Rs 5,500 crore under the Samagra Shiksha Abhiyan, Rs 5,299 crore for free electricity supply to 5 HP agricultural pumps/threshers and one light connection, Rs 5,220 crore under the Mukhya Mantri Kisan Kalyan Yojana.

Further, it allocated Rs 4,686 crore under the CM Rise Schools, Rs 4,418 crore under the National Health Mission (NUHM/NRHM), Rs 4,400 crore under the Pradhan Mantri Awas Yojana and Rs 4,366 crore as grants to local bodies as per the recommendations of the 15th Finance Commission.

Govt Gets 73 Applications Under Second Round of PLI Scheme for Speciality Steel

New Delhi, Mar 12 (PTI): The government has received 73 applications under the second round of production linked incentive (PLI) scheme for specialty steel, Sandeep Poundrik, secretary in the Union steel ministry, said on Wednesday.

The PLI schemes were launched as part of government’s efforts to increase production of special steel in India to make the country self-reliant in high grade steel, the official said on the sidelines of ‘Catalyzing R&D in Indian Steel Sector’ event in the national capital.

“We are ensuring that substandard steel is not imported into the country. So we are focusing on quality control orders so that both domestic and imported steel is of adequate quality and the products sold here are of adequate quality,” he said.

In addition to that the government launched two rounds of PLI.

“We recently did a second round of PLI and we have received very good response in that. We have received 73 applications, 73 projects applications and this will add about 16.5 million tonnes of specialty steel capacity in the country,” Poundrik said.

About the potential impact of US tariff measures, he said the US move will not impact the domestic steel industry as India’s exports to US is not in large quantity.

“We don’t export much to USA. Our total steel export to USA is less than 100,000 tonnes. So I don’t think that will have much impact on the Indian steel sector,” the official said.

In January, Union Minister of Steel and Heavy Industries H D Kumaraswamy had launched the second round of PLI scheme for specialty steel, termed as PLI Scheme 1.1.

PLI Scheme 1.1 covers five product categories in line with the existing PLI scheme, namely coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products & steel wires and electrical steel. These products have a wide range of applications, from white goods to transformers to automobiles and other niche sectors. The scheme will operate within the funds originally allocated for the scheme, i.e., ₹6,322 crore.

Indian IT Leaders Confident of Cyber Resilience Despite Firms Facing Failure: Report

New Delhi, Mar 12 (PTI) Most IT leaders are confident about their cybersecurity resilience measures, even though a significant number of Indian organisations have experienced cybersecurity failures in the past 12 months, a study has found, showing a disconnect between perception and reality.

According to a study by cloud security firm Zscaler, 67 per cent of Indian organisations experienced a cybersecurity failure in the past 12 months. However, a surprising 97 per cent of Indian IT leaders believe their current cyber resilience measures are effective.

Further, the study revealed a critical gap: while confidence is high, actual preparedness for modern cyberattacks, especially those leveraging Artificial Intelligence (AI), is lagging.

The report indicates that although 57 per cent of Indian IT leaders acknowledge cyber resilience as a top priority for their leadership, this recognition isn’t translating into adequate funding or proactive strategies.

This lack of tangible support is further compounded by the fact that 70 per cent of Indian organisations do not involve Chief Information Security Officers (CISOs) in resilience planning, fostering a siloed approach that hinders effective cyber security execution, the report said.

“The possibility of a major failure scenario for organisations is not an ‘if’ but ‘when’, as the statistics in our report show. It proves the need for proactive resilience to combat and mitigate inevitable incidents before they become a significant issue for business continuity.

“Leadership must collaborate with IT teams to develop a strong cyber resilience strategy based on Zero Trust, preparing for and mitigating the impact of sophisticated AI-driven attacks. We call this becoming ‘Resilient by Design'” said Jay Chaudhry, CEO, Chairman and Founder, Zscaler.

Zscaler surveyed 1,700 IT decision-makers across 12 markets (Australia, France, Germany, India, Italy, Japan, Netherlands, Singapore, Spain, Sweden, UK & Ireland, US) in December 2024.

To mitigate risks, organisations should embed visibility and control into their security strategy, Zscaler suggested.

“Understanding failure scenarios more quickly and thoroughly based on the insights from an AI-powered cloud security platform to mitigate the blast radius of an incident strengthens the resilience posture,” the report said.