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Maruti, Tata lead hatchback revival

For nearly a decade, India's carmakers chased the sport utility vehicle (SUV) dream.Higher margins, aspirational buyers and a growing appetite for larger vehicles pushed manufacturers to flood showrooms with sport utility vehicles and compact SUVs, steadily relegating hatchbacks — once the backbone of India's passenger vehicle market — to the sidelines.Also Read: Tata Motors PV launches next-gen Tiago from Rs 4.69 lakh, Tiago.ev from Rs 6.99 lakh with lifetime battery warrantyThe strategy worked. Utility vehicles now account for well over half of all passenger vehicle sales in India and contributed nearly two-thirds of the 4.3 million vehicles sold in FY25.But as economic pressures mount, vehicle prices climb and first-time buyers struggle to enter the market, India's biggest automakers are beginning to acknowledge a reality they may have overlooked: the country's next wave of growth could come from the very segment they left behind.From Maruti Suzuki's renewed commitment to entry-level cars to Tata Motors' ambitious reinvention of the Tiago, hatchbacks are once again finding themselves at the centre of boardroom conversations.Also Read: Small cars strike back: Maruti Suzuki bets on mass mobility while costs squeeze fourth quarter profitsAnd this time, carmakers are betting that small cars no longer have to feel small.The forgotten customerThe shift is being driven by a growing recognition that India's passenger vehicle market cannot rely indefinitely on premiumisation.While SUVs have transformed the industry's revenue mix, they have also pushed average vehicle prices steadily higher, making car ownership increasingly difficult for millions of households.Maruti Suzuki Chairman R. C. Bhargava recently signalled the company's intent to rebalance its portfolio."We are planning to develop both small cars and SUVs. The small car market is growing. India is a country where small cars have a long-term future," Bhargava said.The comments mark a notable shift in tone from an industry that spent years focusing on larger and more expensive vehicles.For Maruti, which built its dominance on models such as the Alto, WagonR and Swift, the renewed emphasis reflects confidence that affordability will remain central to India's mobility story."A large part of the population… need small cars" for basic mobility, Bhargava said.Industry analysts say the opportunity remains substantial."In the small cars segment, there is a much bigger conversion pool that carmakers can navigate. Hence, there is this renewed push towards small cars and that segment," said Hemal Thakkar, Senior Director, Crisil Intelligence."India is a price sensitive market and hence, small cars will stay and customers are looking for upgrades within vehicles. If carmakers can provide small cars with new features and upgrades, then there will be more customers for the small car space," he added.Making hatchbacks aspirational againIf Maruti is signalling a strategic return to small cars, Tata Motors is attempting something more ambitious — making hatchbacks desirable again.The company this week unveiled the next-generation Tiago and Tiago.ev, positioning them as technology-rich products aimed at reviving a segment many in the industry had effectively written off."Hatchbacks remain the gateway to personal mobility for millions of Indian families and yet, for far too long, this segment received scarce attention from the industry, when it genuinely deserved far more," said Shailesh Chandra, Managing Director and CEO, Tata Motors Passenger Vehicles.Calling the new Tiago "not an evolution but a full reinvention", Chandra said the vehicle brings substantially upgraded design, connected technologies and safety features that were once largely reserved for more expensive categories.The next-generation Tiago gets a 10.25-inch touchscreen infotainment system, wireless smartphone connectivity, a dual-screen dashboard, wireless charging and a segment-first 360-degree surround-view camera."The feeling of wow shouldn't be reserved for expensive cars," Chandra said."Today hatchback customers want far more than mobility, they want design, tech, safety and pride of ownership. A car they want to flaunt."The company has also positioned the Tiago.ev as an affordable electric mobility option, offering a lifetime battery warranty and fast-charging capability that can add up to 100 kilometres of range in 18 minutes."Tiago will make EV more accessible," Chandra said.Why affordability is back in focusThe renewed interest in hatchbacks comes as affordability re-emerges as a key concern across the industry.Vehicle prices have risen sharply in recent years because of stricter regulations, higher commodity costs and the addition of new safety and technology features.That has increasingly pushed first-time buyers out of the market.According to Srikumar Krishnamurthy, Senior Vice President and Co-Group Head, Corporate Ratings, ICRA Limited, hatchbacks continue to play a critical role in expanding the customer base."Hatchbacks remain a preferred segment, particularly for first-time buyers and households seeking a second vehicle, as affordability and comfort are key purchase considerations," he said."From an original equipment perspective, a presence across segments also helps improve reach, especially in Tier 2/3 cities."Krishnamurthy added that rising vehicle costs are forcing manufacturers to revisit their entry-level offerings."With input costs rising and vehicle prices expected to increase further, affordability is becoming even more important, especially in the mass-market segment. In response, OEs are looking to reposition entry-level hatchbacks and compact SUVs through new launches and refreshed variants that offer a stronger value proposition to consumers."Beyond SUVsThe industry's renewed focus on hatchbacks does not mean SUVs are going away.Far from it.Utility vehicles remain India's dominant passenger vehicle category and continue to drive growth and profitability for manufacturers.What is changing, however, is the recognition that growth cannot come solely from moving customers up the value chain.To sustain volumes, carmakers need to bring new buyers into the market.That is especially important as India adds millions of young consumers entering the workforce, many of whom are seeking their first personal vehicle but remain highly sensitive to price.Affordable electric hatchbacks could further strengthen the segment's appeal in coming years."Affordable EV hatchbacks could become an attractive proposition as charging infrastructure improves, range-anxiety concerns ease, and the financing environment becomes more supportive," Krishnamurthy said.For much of the past decade, India's hatchbacks were treated as yesterday's story while SUVs became the industry's obsession.Now, as automakers search for their next growth engine, the segment that once put millions of Indians behind the wheel is beginning to look relevant again.The future of India's auto market may still be taller, bolder and SUV-shaped. But increasingly, carmakers are recognising that the road to scale may once again begin with a hatchback.

Anant Raj shares rally 5% after signing Rs 25,000 crore Haryana Data Centre MoU

Shares of Anant Raj surged as much as 4.6% to Rs 563.25 in Tuesday's trade after the company announced a landmark partnership with the Government of Haryana to accelerate the state's digital infrastructure buildout.The real estate and infrastructure developer has signed a Memorandum of Understanding (MoU) with the Haryana Enterprises Promotion Centre (HEPC), marking a significant step in its ambitions to expand its data centre and cloud services business.The agreement was formalized on June 1, 2026, during the launch of the "Make in Haryana Policy & Other Sectoral Policies" event, presided over by Haryana Chief Minister Nayab Singh Saini.Rs 25,000 crore investment planUnder the MoU, Anant Raj intends to invest around Rs 25,000 crore in building data centres and cloud infrastructure across Haryana. The move highlights the company's increasing emphasis on digital infrastructure as demand continues to grow for artificial intelligence (AI), cloud computing, and data storage solutions.The partnership framework involves several key government departments and agencies, including:Haryana Enterprises Promotion Centre (HEPC)Department of Information Technology, Electronics & CommunicationHaryana State Electronics Development CorporationCitizen Resources Information DepartmentDepartment of Industries & CommerceThe agreement is designed to support Anant Raj's expansion of its Digital Infrastructure Business, encompassing both data centre operations and cloud services. The Haryana government, through HEPC, has committed to providing facilitation support and ease-of-doing-business assistance to help fast-track the project.The company said the arrangement aims to foster long-term cooperation between the state government and Anant Raj, positioning Haryana as a major hub for next-generation digital infrastructure investments.Anant Raj clarified that the MoU does not involve any shareholding arrangement, special rights, equity issuance, or related-party transaction. The agreement is focused solely on enabling investment and operational expansion in the state.Share price performance and technical indicatorsOver the past three years, the stock has delivered strong returns, rallying nearly 254%. The company currently commands a market capitalization of approximately Rs 19,406 crore.From a technical perspective, the 14-day Relative Strength Index (RSI) stands at 61. An RSI reading below 30 typically indicates oversold conditions, while a reading above 70 suggests the stock may be overbought.The stock also exhibits strong bullish momentum, trading above all eight of its key Simple Moving Averages (SMAs), signaling a positive technical trend.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

NSE pre-IPO window to close soon. Can you still profit?

The long wait for the NSE public listing appears to be entering its final stretch. The exchange recently confirmed that it expects to file its draft red herring prospectus (DRHP) by the second week of June, putting the country's most anticipated IPO one step closer to reality.The update has once again sparked interest in NSE's unlisted shares, which continue to change hands actively in the private market. With the DRHP now less than two weeks away, investors may want to know does it still make sense to buy NSE shares before the IPO?The answer from analysts is nuanced. Most experts agree that NSE remains one of India's strongest financial franchises. However, they also caution that investors should not treat the approaching IPO as an automatic opportunity for quick gains.NSE currently trades in the unlisted market at around Rs 1,950-2,050 per share, implying a valuation of roughly Rs 5 lakh crore. That valuation already reflects significant optimism around the company's eventual listing."NSE is clearly one of India's strongest capital-market franchises and remains one of the most awaited IPO candidates. However, investors looking to buy unlisted shares purely because the DRHP filing is close should exercise caution," said Paresh Bhagat, CIO of Veer Growth Fund and chairman of Mangal Keshav."The business quality is not in question. The key risk is valuation and entry price." Bhagat noted that based on FY26 profit after tax of around Rs 10,300 crore, the exchange is already valued at nearly 48-50 times earnings.While NSE enjoys dominant market share, strong profitability and significant cash generation, he believes much of that strength is already reflected in current unlisted market prices. One of the biggest assumptions among investors is that buying shares before the IPO guarantees a profit once the company lists. Analysts say that assumption may not always hold true.The eventual IPO pricing remains unknown. In many large public offerings, companies deliberately leave room for public market investors by pricing the issue below prevailing unlisted market valuations.If that happens, investors entering NSE at current unlisted prices could face limited upside or even temporary mark-to-market losses. "The pre-IPO window should not be seen as a guaranteed arbitrage opportunity," Bhagat said. "If the IPO is priced more reasonably for public-market investors, the gap versus current unlisted prices could be meaningful."Others echo the same concern. "I would avoid buying NSE unlisted shares purely on the expectation of the upcoming DRHP filing," said Arpit Jain, Joint Managing Director at Arihant Capital Markets."While the filing could be an important milestone in the IPO journey, a significant portion of the optimism around the listing is already reflected in the current unlisted market price." Jain pointed to several high-profile IPOs in recent years where strong excitement before listing did not necessarily translate into exceptional post-listing returns.He said investors should focus on valuation, offer pricing, market conditions and the final IPO structure rather than rushing to buy shares simply because the DRHP is approaching.At the same time, few analysts dispute the quality of the underlying business. NSE remains India's largest stock exchange and dominates equity derivatives trading. The exchange reported total income of Rs 18,713 crore and consolidated net profit of Rs 10,302 crore in FY26.Its capital-light business model, strong cash flows and dominant market position have made it one of the most sought-after names in the unlisted market.According to Nitant Darekar, Research Analyst at Bonanza, NSE currently trades at around 45 times FY26 earnings, based on earnings per share of Rs 41.62. While that valuation is not cheap, it remains below some listed peers."NSE remains a capital-light near-monopoly," Darekar said. "At around Rs 1,950-2,170 in the unlisted market, it trades near 45x FY26 earnings. That's rich, but below BSE at around 70x and MCX at around 80x."Darekar added that the recent settlement of the long-running co-location case has removed a major overhang on the IPO process. However, he cautioned that the exchange's earnings remain linked to derivatives trading activity, which can be volatile, especially after regulatory changes in the futures and options segment.He also highlighted another practical consideration for investors. "The urgency is real. Post-DRHP, fresh unlisted purchases face a one-year lock-in. But valuation, not the calendar, should drive the decision."That point is particularly important because many retail investors view the narrowing pre-IPO window as a reason to buy immediately.Ishan Tanna, Senior Associate at Ashika Capital, said history suggests otherwise. "Historically, buying unlisted shares very close to the IPO stage has not always offered the best risk-reward for investors," he said."In many cases, the biggest gains are made when IPO visibility is low and uncertainty is high. Once the DRHP gets filed and listing draws closer, valuations often become expensive as the IPO excitement premium starts getting priced in."Tanna said NSE remains a rare financial infrastructure asset with strong profitability and a dominant position in Indian capital markets, making it attractive for long-term investors.However, investors chasing quick listing gains should recognise that late-stage entry into pre-IPO stories often carries greater risks than many assume.For now, the consensus among market experts is that NSE remains one of India's highest-quality businesses and its IPO will likely attract enormous investor interest. But with the stock already trading at elevated valuations in the unlisted market, investors may need to focus less on the countdown to the DRHP and more on whether the current price adequately compensates them for the risks ahead.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Wockhardt shares rocket 19% after FDA approval for antibiotic targeting drug-resistant infections. Check details

Shares of Wockhardt soared as much as 19% to their day's high of Rs 2,420 on the BSE on Monday after the company announced that the U.S. Food and Drug Administration (FDA) has approved ZAYNICH (cefepime and zidebactam), a novel intravenous antibiotic for the treatment of adults with complicated urinary tract infections (UTI), including pyelonephritis, caused by susceptible Gram-negative pathogens.According to the company, ZAYNICH combines the fourth-generation cephalosporin cefepime with zidebactam and is designed to target multiple penicillin-binding proteins simultaneously. The antibiotic had earlier received Qualified Infectious Disease Product (QIDP) and Fast Track designations from the FDA.The approval comes at a time when antimicrobial resistance remains a major healthcare challenge. Wockhardt cited data indicating that more than 2.8 million antimicrobial-resistant infections occur annually in the United States, resulting in over 35,000 deaths each year. The company also noted that complicated urinary tract infections account for more than 6,00,000 hospitalisations annually in the U.S., with a growing proportion linked to antimicrobial-resistant and multidrug-resistant bacteria.The FDA's decision was based in part on results from the Phase 3 ENHANCE-1 study, a randomised, double-blind, multicentre trial that evaluated the efficacy, safety and tolerability of ZAYNICH against meropenem in hospitalised adults with complicated urinary tract infections or acute pyelonephritis.In the study, ZAYNICH achieved a composite clinical cure and microbiological response rate of 89% at the test-of-cure visit, compared with 68.4% for meropenem. The treatment difference was 20.6% with a 95% confidence interval of 12.3 to 29.5. The company said the drug was generally well tolerated during the trial.The ENHANCE-1 study enrolled 530 patients across 64 sites spanning the United States, Europe, Latin America, China and India.Wockhardt stated that ZAYNICH targets penicillin-binding proteins PBP 1a/b, 2 and 3 simultaneously, a mechanism that it says provides bactericidal activity against multidrug-resistant Gram-negative bacteria for which treatment options remain limited.The company also disclosed that ZAYNICH received approval from the Drugs Controller General of India (DCGI) on May 27, 2026. In addition, Wockhardt has submitted a Marketing Authorisation Application (MAA) to the European Medicines Agency for the antibiotic.Sensex, Nifty today: Catch all the LIVE stock market action here (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Vinesh loses the bout but wins the fight

New Delhi: Defeat on the mat did not make Vinesh Phogat feel like a loser.After her comeback bid ended in the Asian Games selection trials on Saturday, the former world championships medallist declared that she had already won by returning to competition after motherhood and by standing up to a system she claimed had done everything possible to keep her away from wrestling."I have not failed at all. I am fighting the whole system and I am still standing with pride on the mat again," Vinesh toldafter her 4-6 semifinal loss to Meenakshi Goyat, while reiterating her ambition of competing at the 2028 Los Angeles Olympics.Minutes after suffering defeat, Vinesh launched a scathing attack on the wrestling administration, alleging discrimination, mental harassment and attempts to block her return to competitive wrestling despite court orders in her favour.Also read | IPL 2026 Purple Cap winner list: Most wickets, updated standings and bowling rankings"They wanted to stop me from returning to the mat, but I am standing here again. I am proud of what I have achieved in these 10 months."I know the system will continue to create challenges for me, but I have hope that through hard work I can leave the system behind and move forward," she added, refusing to view the semifinal defeat as a setbackVinesh, who was competing for the first time since her heartbreaking disqualification from the Paris Olympics final in 2024, said her biggest achievement was returning to elite competition after childbirth. She said returning to competition after motherhood and after months of legal and administrative battles felt like a victory."It has been only 10 months since my son was born. I am standing on the mat again and competing against the younger generation. I am proud of myself. I hope I can inspire my son and many women wrestlers," she said.Vinesh described the Delhi High Court order that enabled her participation in the trials as a landmark moment for women wrestlers seeking to return after motherhood."A girl is coming back to the mat after becoming a mother. The path has opened. Sooner or later there has to be a policy. Women wrestlers who want to return after becoming mothers should get a fair opportunity and some relaxation," she said.The 31-year-old alleged that even after the court's intervention, officials continued to create obstacles for her.Also read | Liverpool sack Slot after title defence turns into European scrambleShe said that she spent nearly an hour arguing with officials on Saturday morning after being informed she would be allowed to compete only in the 50kg category despite wanting to participate in 53kg."When I should have been focusing on my recovery and preparation, I was arguing with officials. They gave me a letter saying I could compete only in 50kg. It was mental harassment," she said.Vinesh claimed that the entire process was designed to put her at a disadvantage, alleging that stronger wrestlers were deliberately placed in her draw and that scheduling decisions drained her energy before the semifinal."I was not given a fair deal. All the strong girls in my category were put in my path. The bouts were scheduled in a manner that affected my energy levels," she alleged.Despite the grievances, Vinesh accepted responsibility for her defeat and admitted that a lack of competitive exposure and endurance hurt her performance."I accept my defeat. I will work harder and return stronger. Fitness and endurance were issues, but more than that, I needed competitions. I had not competed for nearly two years. This was my first tournament after becoming a mother," she said.She insisted that Saturday's performance convinced her that she still has enough ability to compete with the country's best wrestlers."I was motivated today. I know I can beat the younger girls. I still have that courage and belief. If I work hard, I know I can come back stronger."Asked whether the 2028 Los Angeles Olympics remained a target, Vinesh replied in the affirmative."Definitely. I have come back to the mat for Los Angeles," she said.The wrestler reserved some of her strongest criticism for the sports administration, questioning why no institution had intervened despite repeated disputes surrounding her participation."The government, the Sports Ministry, the IOA -- nobody is taking a stand. This is very sad. If athletes have to survive despite the system, then something is seriously wrong," she said.She also alleged that many young wrestlers privately supported her but were afraid to speak openly against administrators."A lot of girls were happy to see me back on the mat. They come and talk to me but they are scared. They know what can happen if they speak against powerful people," she said.Vinesh, however, clarified that she has no complaints against fellow wrestlers and said athletes should not be blamed for the larger issues within the sport."The kids are not at fault. I don't have anger towards any athlete. The problem is with the people who manipulate and control the system," she said.

Tank blast rocks Washington mill town

LONGVIEW, Wash: From his living room window, Washington state Sen. Jeff Wilson can see the paper mill where a chemical tank ruptured this week in Longview, killing 11 people. He used to perform work there as the owner of an environmental cleanup company, and when he heard the sirens go past, he called his son, who works on the larger industrial site, to make sure he was safe."I personally have been inside that tank and near that tank many times," said Wilson, who has lived in Longview for 56 years. "I can assure you that we all know somebody there. ... The casualties are our friends and neighbors."The tank, which contained more than 500,000 gallons (1.9 million liters) of a mixture used to break down wood for making paper, collapsed Tuesday morning at the Nippon Dynawave Packaging Co. The rupture expelled a flood of caustic chemicals powerful enough to overturn pickup trucks and damage buildings at the site.Also Read: Six dead, several injured as part of under-construction bridge collapses in Uttar PradeshThe chemical disaster, one of the deadliest U.S. workplace accidents in recent decades, has struck at the heart of a community where generations of families have worked in local mills. Longview itself was founded by a timber baron to support the first mills established there, and over its roughly century-long history, residents' lives have become intertwined with the lumber and paper industries.Supporting victims and worrying about the futureAmid immediate concern about supporting grieving families, there is also worry about what the accident could mean for the future of the plant: It provides crucial jobs in an industry that once powered the forested region but has dwindled in recent decades.The plant's parent company, Tokyo-based Nippon Paper Group, said in a statement that it was assessing the accident's impact on its financial performance."Last night at the vigils, people who work in mills told me that they're proud of their jobs and they're proud of their work, and they don't want to lose it," U.S. Rep. Marie Gluesenkamp Perez, whose district includes Longview, told reporters Wednesday.Residents who spoke with The Associated Press similarly highlighted how important those jobs are for the city."If you're a waitress, a grocery store worker, a teacher, a paraeducator as I was for 30 years - every walk of life here knows somebody and is related to somebody from these mills," Cindy Stiebritz said in the antiques store where she volunteers.Generations in the millsStiebritz said her husband's parents met while working at the lumber company owned by the city's founder, Robert A. Long."Those mills, that is the backbone of this town," Stiebritz added. "You feel like you've lost part of your family."Longview's industrial zone lies along the Columbia River and hosts timber, paper and chemical businesses. Many residents in the city of nearly 40,000 can see the facilities or the steam from the boilers from their homes, or smell the sulfuric odor of the pulp and paper industry.The city's mill history is also imprinted on its downtown, where R. A. Long Square serves as a central landmark and gathering place, including for the vigil held after the disaster. A park around a man-made lake, another project of Long, features a burst of greenery where pedestrians enjoy its walking paths or the nearby tree-lined streets.Authorities said the cause of the tank's collapse is still under investigation. The facility, which dates to 1953 and employs about 1,000 people, makes material for tissues, printing paper, cups, plates, cartons and other goods.According to fundraisers organized for the victims' families, those who lost their lives include a grandfather who was always willing to help anyone; two brothers, one of whom was the sole provider for his partner and three children; and a husband who left behind two children and a wife with a baby on the way.Brianna Pesio, a server at the Mill City Grill downtown, said her father has worked at the plant for over 30 years. She described the fear Tuesday morning when her brother, who works at the lumber mill next door, told her he couldn't get a hold of him."I just didn't know if I lost my dad or not," said Pesio, whose husband also works in a paper mill. "I drove over to my dad's house and pounded on his door until he did wake up. He had just gotten off shift at 5 a.m."At the nearby Country Folks Deli, longtime server Gayle Leavitt said her in-laws also worked at the mill for decades, adding: "That's how this town has survived."'This is not the virtual world'Officials representing the area echoed the pride residents take in the mills and the economic importance of their good-paying jobs in a region where other areas have been hit hard by the decline of the timber industry."This is a place where real people make real things. This is not the virtual world," state Rep. Jim Walsh said at a news conference at the plant on Tuesday. "Real things and real industry always carries risks. But it's our job to make sure that risk like this is well managed and, to the extent it can be, controlled."Stiebritz, the antiques shop volunteer, said she hopes authorities find out the cause "so it never happens again.""If anything comes out of it, I hope lives can be saved," she said, tearing up as she thought of the children who have lost their parents."This town is family. It's one big family," she added. "But we'll make it though. We're strong. We've got a lot of love."

JP Power shares surge 28% in 2 days, Adani Power hits fresh 52-week high amid optimism around stake acquisition

Shares of Jaiprakash Power Ventures (JP Power) jumped another 7% on Friday, extending gains to a whopping 28% over just two sessions, while Adani Power shares hit a fresh 52-week high amid optimism over the latter's stake acquisition in the former.Shares of JP Power rose to Rs 24.50 apiece on Friday morning. The stock has rallied nearly 31% so far this week. Trading volumes continue to remain high, as more than 24 crore shares worth Rs 572 crore were traded on NSE in just 15 minutes from opening.Adani Power shares, meanwhile, gained more than 2% to hit a fresh 52-week high of Rs 254 apiece on Friday. The stock has jumped more than 69% so far in 2026 and 128% in one year as soaring temperatures across India hiked hopes for higher power demand.Last week, Adani Power said it has signed definitive agreements with Jaiprakash Associates (JAL) to acquire a 24% stake in Jaiprakash Power Ventures Limited (JPVL) along with the 180 MW Churk thermal power plant in Uttar Pradesh under the NCLT-approved resolution plan for JAL.The Adani Group company said it entered into a share purchase agreement to acquire JAL’s 24% stake in JPVL for around Rs 2,994 crore. Additionally, it has signed a business transfer agreement to acquire the Churk thermal power plant and associated assets, including JAL’s 11.49% stake in Prayagraj Power Generation Company Limited, for Rs 1,200 crore.Adani Power's acquisitions will strengthen its generation portfolio and expand its footprint in the thermal power sector, the company said. It added that they will be completed through cash consideration and are expected to close on the “Effective Date” under the approved resolution plan, which is scheduled to occur within 90 days from the NCLT approval granted on March 17, 2026.The Adani Group last Thursday paid around Rs 6,000 crore to lenders of debt-ridden Jaiprakash Associates as the first tranche of its Rs 14,535 crore resolution plan, marking a key milestone in one of the longest-running insolvency cases. "The fund transfer happened on Thursday. This was a big day for lenders because they will receive a large amount after such a long delay," a person aware of the development told The Economic Times.The insolvency proceedings involving Jaiprakash Associates have been underway for a few years, after the company formally entered the Corporate Insolvency Resolution Process (CIRP) in June 2024. The Allahabad bench of the National Company Law Tribunal approved Adani Enterprises' resolution plan on March 17 this year.Also read: Legacy of Jaiprakash Associates will be carried forward under Adani, says Jaiprakash Gaur(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Inside the new IIP index with new base year

India is undertaking the revision of Index of Industrial Production (IIP) and plans to release the new series on June 1, 2026, marking the tenth revision of base year. The Ministry of Statistics and Programme Implementation (MoSPI) has broadened the scope of the index to include 120 new item groups and enhance the granularity by providing separate indices for numerous sectors.The base year of IIP is being shifted to 2022-23 from 2011-12. The new IIP will track several new items such as magnetic stripe cards including debit and credit cards, CCTV cameras, non-woven textile products, aircraft and spacecraft parts, stents, and vaccines.The revised series significantly widens the scope of industrial activity captured in the index by adding emerging and previously underrepresented sectors such as rare earth minerals, gas supply, water management and waste treatment.MoSPI has also overhauled the product basket to better reflect contemporary industrial production patterns, replacing obsolete items with newer commodities and aligning the series with the updated National Industrial Classification (NIC)-2025 framework. The revised basket now comprises 1,042 products mapped to 463 item groups, including 120 new item groups. MoSPI has dropped 64 item groups from the list, which include kerosene, fluorescent tubes and CFLs, tubes for bicycle, tricycle and rickshaw tyres.The new series introduces more granular sub-indices, including separate tracking of renewable and non-renewable electricity generation, allowing policymakers to better monitor India’s evolving energy mix. The mining and quarrying segment has also been split into dedicated indices for fuel minerals, metallic minerals and non-metallic minerals.The revised methodology also allows statistical authorities to replace permanently shut factories with comparable operating units and induct newly commissioned large factories into the sample base during the life of the series. This is expected to improve the representativeness and timeliness of industrial output data.MoSPI will use a geometric mean-based approach to transition from the 2011-12 base series to the new 2022-23 series.Why is the base year being revised?According to a government release, the IIP base year is revised to reflect structural changes in the economy, technological progress, and the growth of new industries and products. “Revising the base year ensures that the index accurately represents current production patterns and provides more reliable data for economic analysis and policy-making,” MoSPI said.A Report of the Technical Advisory Committee for ‘New Series of All India Index ofIndustrial Production 2022-23’ highlighted the need for periodic revision which arises from the dynamic nature of the economy.“The structure of production, the relative importance of industries, and the range of products manufactured undergo continuous change over time,” it said, adding that regular revisions of the base years of economic indicators like IIP are therefore essential to ensure that they remain representative of current industrial activity.The index must continue to accurately reflect evolving economic realities.Citing “significant” advancements in statistical methodologies and computational capabilities over the period, MoSPI report said that the processes that were difficult to execute have now become relatively easier to implement.The new IIP series retains the existing sectors of Mining, Manufacturing, and Electricity. However, it expands the scope by including Gas Supply and Water Supply, Sewerage & Waste Management activities, giving a broader and more accurate picture of industrial production. In the Mining sector, the new IIP series also includes minor minerals and rare earth minerals along with major minerals, making the index more comprehensive.131367884The item basket for sectors, other than Manufacturing, is selected based on the nature of activities and key measurable outputs of each sector. MoSPI, in certain cases, has held consultation with concerned ministries and departments.The new item baskets are as follows:The ‘Mining & Quarrying’ basket includes 34 minerals comprising fuel minerals and metallic & non-metallic minerals regulated, along with 1 rare earth mineral and 9 minor minerals.The ‘Electricity’ basket covers total electricity generation from both renewable and non-renewable sources.The ‘Gas Supply’ basket uses the volume of gas supplied or distributed through mains/pipelines as the item of measurement.Under the ‘Water Supply, Sewerage & Waste Management’, the government tracks water supply through tap connections, sewerage through sewerage/septage connections and waste management through the quantity of waste collected and processed.MoSPI has formed the item groups for IIP by aggregating products based on similarity within the industry group to ensure consistency, comparability, and operational feasibility in monthly data reporting.The government has also kept the revision of substitution of the factories in the new series of IIP to address the challenges of prolonged non-response or closed factory.While the six use-based categories—Primary Goods, Capital Goods, Intermediate goods, Infrastructure/ Construction Goods, Consumer Durable Goods and Consumer Non-Durable Goods—remain the same as the 2011–12 series, individual item classifications have been reviewed in detail and updated.Why is IIP important?The report recognised that the index is “not just a technical statistical indicator, but an important measure” that stakeholders understand the health and direction of the economy.The IIP provides one of the earliest signals of industrial performance, and hence plays a crucial role in economic planning, policymaking, and market analysis.The index plays a pivotal role in tracking cyclical conditions, informing fiscal and monetary policy deliberations, and shaping expectations of businesses and investors, helped by macro and sectoral analysts.MoSPI believes in the idea that economic statistics must keep pace with the economic transformations, and hence new products, emerging technologies, evolving production systems, and changing patterns of industrial activity are being included in the index calculation.“Industrial statistics cannot remain fixed while industries themselves are rapidly changing,” it said in the report cited above.