Author: Legal Parivar

Bharat Petroleum Corporation Ltd (BPCL) and Oil India Ltd (OIL) have signed a non-binding Memorandum of Understanding (MoU) to jointly develop a refinery and petrochemical complex in Andhra Pradesh with an estimated investment of ₹1 lakh crore. In addition, BPCL inked two more agreements — one with Numaligarh Refinery Ltd (NRL) and OIL for a ₹3,500-crore cross-country pipeline, and another with Fertilisers and Chemicals Travancore Ltd (FACT) to market organic fertilisers from its Kochi biogas plant. Mega Refinery Project in Ramayapatnam The proposed Ramayapatnam refinery, with a capacity of 9–12 million tonnes per annum (MTPA), will be a major pillar…

Apple Inc. reached a $4 trillion market capitalization for the first time on Tuesday, becoming the third Big Tech company to achieve the milestone. The surge was driven by strong global demand for its latest iPhone models, easing investor concerns over Apple’s slower progress in the artificial intelligence (AI) space. Apple’s stock has climbed 13% since the launch of the iPhone 17 lineup and iPhone Air on September 9, marking a sharp rebound and pushing the shares into positive territory for 2025. “The iPhone accounts for over half of Apple’s profit and revenue. The more devices they sell, the deeper…

The Reserve Bank of India (RBI) has increased its gold holdings by 25.45 metric tonnes over the past year, taking the total to 880.18 metric tonnes as of September 2025, according to its Half-Yearly Report on Management of Foreign Exchange Reserves (April–September 2025) released on Tuesday. The central bank’s gold reserves stood at 854.73 metric tonnes in September 2024, reflecting a steady accumulation trend. Of the total gold holdings, 575.82 metric tonnes are held domestically, while 290.37 metric tonnes are stored with the Bank of England (BoE) and the Bank for International Settlements (BIS). Another 13.99 metric tonnes are maintained…

United Parcel Service (UPS) announced on Tuesday that it has cut 34,000 jobs this year as part of its ongoing cost-reduction and turnaround strategy — marking a 70% increase from its earlier layoff target of 20,000 roles announced in April. The job cuts primarily affected permanent operational staff, including drivers and package handlers, the company said. Cost-Cutting Measures Besides layoffs, UPS has implemented several structural changes to streamline operations and lower costs. The company has shut down daily operations at 93 leased and owned facilities during the first nine months of 2025 — exceeding its own target of 73 closures…

The Securities and Exchange Board of India (Sebi) has proposed a sweeping revamp of the mutual fund (MF) regulatory framework, aiming to simplify rules, increase transparency, and reduce costs for investors. In a consultation paper released on Tuesday (October 28), Sebi said the mutual fund industry has evolved substantially over the past three decades in terms of scale, technology, and investment practices, necessitating a comprehensive review of existing regulations. “Over the last 29 years, numerous amendments have made MF regulations lengthy and complex. Hence, Sebi has undertaken an exercise to comprehensively review and simplify them,” the paper stated. Revised Fee…

Amazon India is preparing to lay off between 800 and 1,000 employees as part of a global workforce reduction of 14,000 corporate roles, according to sources familiar with the development. The layoffs are expected to take place in three phases over the next three days, marking one of Amazon’s most significant restructuring efforts in recent years. Employees from the People Experience and Technology (PXT) and Prime Video operations teams in Bengaluru have already received termination emails, sources told The Financial Express. While Amazon India declined to comment on the specific numbers or teams affected, the company’s global job cuts were…

Jindal Steel Ltd, owned by billionaire Naveen Jindal, has appointed Gautam Malhotra as Chief Executive Officer (CEO), even as the company reported weaker-than-expected second-quarter results for FY26. Malhotra, who joined the steelmaker in May 2024, has been elevated to the top role effective October 28, according to an exchange filing. Since joining, he has worked across key verticals, including mining, production, HR, logistics, technology, AI adoption, and sales, and has been involved in shaping the company’s commercial and logistics strategy. A first-time leader from outside the steel industry, Malhotra is the founder of FuelBuddy, a doorstep fuel delivery startup operating…

Orkla India, the company behind popular food brands MTR Foods, Eastern Condiments, and Rasoi Magic, has raised ₹499.6 crore from 30 institutional investors through its anchor book on October 28, a day before its initial public offering (IPO) opens for public subscription. The company aims to raise ₹1,667.54 crore via the IPO, which consists entirely of an offer for sale (OFS) of 2.28 crore equity shares by promoters Orkla Asia Pacific, and other shareholders Navas Meeran and Feroz Meeran. The price band for the issue has been set between ₹695 and ₹730 per share, and the IPO will remain open…

Microsoft Corp. and OpenAI have finalized a landmark agreement that cements their long-term partnership and removes lingering uncertainty for both companies’ investors. The deal paves the way for OpenAI — creator of ChatGPT — to fully transition into a for-profit business structure. Under the revised terms, Microsoft will acquire a 27% ownership stake in OpenAI valued at approximately $135 billion, the companies announced on Tuesday. The tech giant will also retain exclusive access to OpenAI’s technology until 2032, including advanced models capable of reaching artificial general intelligence (AGI) benchmarks. The agreement marks a major breakthrough for OpenAI, which has been…

Star Health and Allied Insurance Company reported a 50% year-on-year (YoY) decline in its Q2 FY26 net profit, which dropped to ₹317 crore from ₹621 crore in the same quarter last year. The fall in profit was primarily attributed to higher expenses and the impact of new regulatory accounting norms introduced by the Insurance Regulatory and Development Authority of India (IRDAI). Despite the earnings decline, gross written premium (GWP) for the July–September quarter rose 12% YoY to ₹4,421 crore, compared to ₹3,934 crore a year earlier, supported by steady growth in retail health policies. However, management expenses increased sharply to…