Business

IndiGo CEO Pieter Elbers (File photo)

IndiGo is stepping up its global ambitions with plans to launch direct flights to 10 international destinations, including key European cities such as London, Athens, Amsterdam, and Manchester, in the current financial year. This strategic move marks a significant milestone in the airline’s growth, including its much-anticipated entry into long-haul services.CEO Pieter Elbers, speaking at a press briefing in the national capital on Friday, emphasized the growing potential of Indian aviation. “There is an enormous opportunity in Indian aviation where rising demand is supported by infrastructure expansion,” he said, as quoted PTI.In July, IndiGo will commence direct flights from Mumbai to Manchester and Amsterdam using leased Boeing 787-9 aircraft, with the Manchester service marking the airline’s foray into long-haul operations.Other international routes include Copenhagen (Denmark), Siem Reap (Cambodia), and four additional cities in Central Asia, expanding IndiGo’s global footprint as it seeks to transform India into a key aviation hub.Elbers pointed out that while Indian carriers currently handle 45 per cent of the country’s international air traffic, the remaining 55 per cent is still served by foreign airlines—highlighting a major opportunity for growth. “There is also an enormous opportunity to build India as a great place for connecting flights,” he added.Now a USD 10 billion-revenue company, IndiGo operates more than 2,300 flights daily with a fleet of over 430 aircraft, connecting over 90 domestic and 40 international destinations.Notably, the airline also leads in gender diversity among Indian carriers, with women making up around 15 per cent of its pilot workforce.IndiGo will further raise its global profile by hosting the 81st Annual General Meeting (AGM) of the International Air Transport Association (IATA) in New Delhi this June. It will be the first time India hosts the prestigious event in 42 years.

Shares of Suzlon Energy surged as much as 13.6% to Rs 74.30 on the BSE on Friday after brokerage firm Motilal Oswal raised its target price to Rs 83 and reaffirmed its “buy” rating, citing the company’s strong fourth-quarter earnings and an upbeat outlook for FY26.As of 12:45 pm, Suzlon Energy is trading at Rs 71.04, up 8.59% for the day.The revised target implies a potential 27% upside from Suzlon’s last closing price and a further 11.7% gain from Friday’s intraday high. The rally came after Suzlon reported March-quarter results that significantly exceeded analyst expectations, driven by better-than-expected wind turbine generator (WTG) deliveries and margin expansion.“Suzlon Energy delivered a strong set of results, with deliveries and EBITDA coming in ~15% and 38% ahead of our expectations, respectively,” Motilal Oswal said in a note, according to an ET report. “Management maintained its positive outlook and guided for at least a 60% year-on-year improvement in deliveries, revenue, EBITDA, and adjusted PAT for FY26.”In Q4FY25, Suzlon reported a 365% year-on-year jump in consolidated net profit to Rs 1,182 crore, up from Rs 254 crore a year earlier. Revenue from operations rose 73% to Rs 3,773 crore. On a sequential basis, net profit grew 205%, while revenue increased by 27%.EBITDA for the quarter stood at Rs 690 crore, marking a 94% increase year-on-year, with EBITDA margin expanding to 18.4%. The earnings also included a deferred tax gain of approximately Rs 600 crore.The WTG segment performed strongly, with revenue more than doubling to Rs 3,142 crore and EBIT rising over fivefold to Rs 420 crore. Suzlon delivered 573 MW during the quarter, bringing total deliveries in FY25 to 1,550 MW—up 118% from the previous year.For the full year, the company reported a 67% increase in revenue to Rs 10,851 crore and a 214% rise in net profit to Rs 2,072 crore. EBITDA for the year was up 81% at Rs 1,857 crore, supported by a significant improvement in the WTG segment’s contribution margin, which exceeded 23%.Suzlon’s order book stood at 5,555 MW as of May 2025, including 1,500 MW from NTPC. In FY25, the company installed 336 MW and had another 371 MW ready for commissioning.Motilal Oswal pointed to strengthening sector momentum as a key driver, with India’s wind energy installations projected to reach 6 GW in FY26, and 7–9 GW annually over the next two years. It said Suzlon is well-positioned to benefit from this expansion, supported by its execution capabilities.“The early implementation of the local content-related draft notification can be a strong catalyst for the stock,” the brokerage added.Motilal Oswal values the stock at a forward P/E of 35x FY27 estimated earnings—slightly above its historical average—reflecting increased earnings visibility and execution momentum.

The State Bank of Pakistan and the Ministry of Finance both clarified that cryptocurrency transactions remain prohibited in Pakistan. (AI image)

Pakistan’s scramble to please US President Donald Trump by establishing a strategic bitcoin reserve seems to have landed it in a soup! According to a report in the Dawn, senior officials in Islamabad have said that cryptocurrency remains banned in Pakistan. The State Bank of Pakistan and the Ministry of Finance both clarified that cryptocurrency transactions remain prohibited in Pakistan, with all such dealings considered unlawful under existing regulations.At a session of the National Assembly’s Standing Committee on Finance and Revenue, Finance Secretary Imdadullah Bosal explained that despite the recent establishment of a Crypto Council by the Prime Minister Shehbaz Sharif through executive order to explore digital asset policies, the prohibition on cryptocurrency remains enforced under SBP and SECP guidelines.According to the Dawn report, Bosal said, “There will be a legal framework only when the government formally takes a decision, but the current legal status is that crypto is not a legal tender in Pakistan.” He emphasised that formal legislation would be necessary to alter the current status.Also Read | Donald Trump’s trade policy thrown into turmoil! Will countries like India, China be tempted to hold off tariff talks?Members of the committee voiced their bewilderment regarding the government’s stance. Mirza Ikhtiar Baig raised concerns about the contradiction where citizens were being prompted to invest in cryptocurrency despite its legal prohibition, cautioning that such investments could result in severe repercussions for the investors.

The potentially embarrassing clarification by officials comes even as a big declaration about creating a government-supported Strategic Bitcoin Reserve has been made.Pakistan Crypto Council CEO Bilal Bin Saqib in a presentation at the Bitcoin Vegas 2025 Conference announced his country’s intentions to establish a government-supported Strategic Bitcoin reserve. The initiative was described as “strategic” and was perceived as an effort to align with US President Donald Trump’s pro-cryptocurrency position.“We want to thank the US because we are getting inspired from them,” Bilal said after the announcement.Also Read | Target where it hurts: India wants Pakistan back on FATF ‘grey list’; to oppose World Bank loansSohail Jawad, the executive director of State Bank of Pakistan, informed the committee about the central bank’s stance on cryptocurrencies. He confirmed that they had declared cryptocurrencies illegal in 2024, and emphasised that this position “was still intact”, as reported by Dawn.He further mentioned that the Financial Monitoring Unit continues to forward cryptocurrency-related cases to law enforcement authorities.

Markets regulator SEBI has barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 other entities from the securities markets for one to five years in a case related to misleading videos on YouTube channels recommending investors to buy shares of Sadhna Broadcast.

The regulator imposed a fine of ₹5 lakh each on Mr. Warsi and Ms. Goretti. The couple were restrained by the markets watchdog from the securities market for 1 year, as per an order passed by SEBI on Thursday (May 29, 2025).

SEBI has also levied penalties of ₹5 lakh to ₹5 crore on 57 other entities, including promoters of Sadhna Broadcast (now Crystal Business System Ltd).

Apart from the debarment, SEBI directed these 59 entities to disgorge total unlawful gains worth ₹58.01 crore along with 12% interest per annum jointly and severally from the end of the investigation period till the date of actual payment.

SEBI noted that Arshad had made a profit of ₹41.70 lakh and his wife earned a profit of ₹50.35 lakh.

In the final order, SEBI found that the masterminds behind this whole operation were Gaurav Gupta, Rakesh Kumar Gupta and Manish Mishra. Subhash Aggarwal, who also happened to be a director of the RTA of Sadhna Broadcast Ltd (SBL), acted as the go between Manish Mishra and the promoters, the order stated.

These individuals were the central characters who planned and executed the manipulative scheme, SEBI said.

Further, the regulator observed that Peeyush Agarwal and Lokesh Shah facilitated accounts controlled by them to be used for the manipulative designs of Manish Mishra and the promoters of SBL.

The former was a dealer at Choice and the latter the owner of the Delhi franchise of the stockbroker. They were both vital cogs who facilitated large scale manipulation in the scrip.

Similarly, Jatin Shah played a leading role in operationalising the scheme, while other entities facilitated the manipulative designs or were in it to make a quick buck, the order said.

As per the 109-page order, SEBI said the noticees (entities) have acted as information carriers or assisted in placing the manipulative trades, but not traded in the scrip from their own accounts.

SEBI said the structured scheme executed in two coordinated phases. In the first phase, connected and promoter-linked entities executed trades among themselves to steadily inflate the price of the scrip and create a false appearance of market interest.

These trades though often small in volume had a disproportionate impact on price due to low liquidity, allowing the perpetrators to push the scrip upward with relatively minimal trading outlay.

In the second phase of the scheme, misleading and promotional videos were disseminated across YouTube channels such as Moneywise, The Advisor, and Profit Yatra, all operated by Manish Mishra, the order said.

These videos presented SBL as a promising investment opportunity and were timed to coincide with and amplify artificial market activity, it added.

“The overall conduct of the noticees has revealed a classic pump-and-dump scheme. The price was systematically pushed upward through collusive trading, followed by aggressive promotional activity to draw in retail investors, and finally, a coordinated sell-off by the promoters,” SEBI’s whole time member Ashwani Bhatia said in the order.

Accordingly, these 59 entities violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules.

In addition, SEBI said that no monetary penalty is being imposed on Varun Media Pvt Ltd, a promoter entity, due to pending insolvency proceedings. However, the direction for disgorgement will remain applicable and proceedings against the company will be decided through a separate order.

The order came after the Securities and Exchange Board of India (SEBI) received complaints during the period July-September 2022, alleging that there was price manipulation and subsequent offloading of shares in the scrip of television channel SBL.

The complaints alleged that misleading YouTube videos with false content about the company were uploaded to lure investors.

Thereafter, SEBI conducted a detailed investigation into the alleged manipulation in the scrip of SBL for the period March 8, 2022 to November 30, 2022.

SEBI said that an interim order was passed by the regulator in March 2, 2023 against 31 entities, including promoters of SBL.

India’s Fintech industry is growing with emphasis on safer lending, financial inclusion, and better risk control, according to a recent TransUnion CIBIL report.Fintech-led non-banking financial companies (NBFCs), which operate mainly through digital platforms, had an outstanding loan book of Rs 1.3 trillion by December 2024. This represents a sharp 32% year-on-year growth. Despite holding just 1% of the total loan balance across the lending industry, Fintech firms have made a big impact in small-ticket personal loans (STPLs). Nearly 89% of personal loans under Rs 50,000 originated from Fintech lenders, reflecting their strong grip on this segment.The report also highlights a clear shift towards secured loan products like loans against property and business loans. Business loan originations from Fintech lenders now make up 12% of all such loans in the industry. There is also a visible push toward underserved markets. More young and rural borrowers are turning to Fintech platforms, which is helping to promote financial inclusion. Still, even borrowers with strong credit scores are mostly receiving smaller loans, averaging under Rs 50,000. The report further points out that while Fintech lenders have the potential to grow in higher-ticket personal and consumer loans, they are yet to build lasting customer loyalty outside STPLs. Expanding their product range could help address this gap. There are also rising concerns. Delinquency in business and property loans is increasing, underlining the need for better credit risk monitoring. The report urges Fintechs to use tools like CreditVision, which offer deeper insights into borrower behaviour using trended data. Overall, while India’s Fintech sector shows promise, sustainable growth of the sector will depend on how well it adapts to the evolving lending environment—by diversifying its products and strengthening its risk frameworks.

“Born in India, but built for the world,” the OYO founder Ritesh Agarwal. File
| Photo Credit: Special arrangement

OYO founder Ritesh Agarwal has invited name suggestions for its parent firm Oravel Stays, in a strategic move as the global travel tech platform prepares to launch its Initial Public Offering (IPO) and looks to have more premium segment offerings.

“There is a high possibility that the name chosen through the exercise may end up being the name of the premium hotels app that OYO has been working to launch in the near future,” people familiar with the strategy told PTI. Mr. Agarwal took to social media platforms to seek name suggestions to help craft a “new identity”.

“We’re renaming the corporate brand behind it all. Not the hotel chain, not a consumer product — but the parent company powering a global ecosystem of urban innovation and modern living. We believe it’s time the world had a new kind of global brand — born in India, but built for the world,” the OYO founder said in the post on Thursday (May 29, 2025).

Mr. Agarwal shared that it should be a bold, one-word corporate name, global in feel, not tied to one culture or language, tech-forward, sharp, but also human and memorable, and broad enough to grow beyond hospitality, preferably with a .com domain available. He offered a prize of ₹3 lakh to the winner along with a chance to meet him.

PTI had reported that OYO has arranged for five investment banks to give a crucial presentation to its key shareholder SoftBank in June at the latter’s London office on Grosvenor Street, that could determine the company’s path to public listing, as it eyes launching an IPO in the last quarter of the current fiscal.

“OYO is actively exploring launching a separate app for its premium hotels and mid-market to premium company-serviced hotels as the segment has seen exponential growth across India as well as its global markets. There is a very high possibility that the name being selected may end up being the name of the premium hotels app that OYO has been working to launch in near future,” said people familiar with the matter.

Representational image of a Cafe Coffee Day outlet in New Delhi
| Photo Credit: Reuters

Coffee Day Enterprises Ltd (CDEL) has brought down its net loss to ₹33 crore during the fourth quarter of FY25 from a net loss of ₹303 crore it posted in the corresponding quarter a year ago, as per a regulatory filing by the company on Thursday.

During the full year, the company reported a net loss of ₹58 crore as against a net loss of ₹322 crore a year ago.

However, both Q4 revenue and full-year revenue grew by 7% and 6% year-on-year at ₹268 crore and ₹1,078 crore, respectively, as per the filing.

CDEL, which has been going through tough times over the last four years, has also reported a significant improvement in EBITDA. Its EBITDA for Q4 stood at ₹89 crore as against ₹-319 crore in the corresponding quarter a year ago while its full year EBITDA grew to ₹223 crore against ₹-208 crore a year ago, the company stated.

As per the filing, during the fiscal year, CDEL raised ₹55.80 crore on the sale of corporate buildings by Coffee Day Global Limited, one of its subsidiaries that operates a cafe chain. It also received a profit of ₹15.55 crore on the sale of land held by Coffee Day Hotels & Resorts Private Limited, another subsidiary firm. The company incurred an expense of ₹45.22 crore on behalf of Tanglin Developments Limited (subsidiary) for non-satisfaction of certain CPs as agreed to in the sale agreement of Bangalore undertaking of Tanglin Developments Limited (subsidiary), it further stated.

Rep. image
| Photo Credit: AFP

The rupee strengthened by 19 paise to 85.29 against the US dollar in early trade on Friday (May 30. 2025) on the back of lower crude oil prices and sustained foreign fund inflows.

Forex traders said a firm greenback and volatile stock markets capped the rupee’s gain even as market participants stayed cautious ahead of the release of domestic GDP data.

At the interbank foreign exchange, the domestic unit opened at 85.35 and gained further to trade at 85.29 against the greenback in initial deals, registering a rise of 19 paise from its previous close.

The rupee ended 10 paise lower at 85.48 against the dollar on Thursday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.16 per cent at 99.36.

Analysts said the dollar’s recovery after the US federal court’s ruling against President Donald Trump’s sweeping reciprocal tariffs proved short-lived as a federal appeals court put a temporary stay on the ruling.

Brent crude, the global oil benchmark, declined 0.48 per cent to USD 63.84 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex fell 35.68 points, or 0.04 per cent, to 81,597.34, while the Nifty was unchanged at 24,833.70.

The Reserve Bank, in its latest annual report on Thursday, said the country is poised to remain the fastest-growing major economy in the world even in FY26.