India’s passenger vehicle (PV) industry is set to scale a fresh high this fiscal with domestic and export volume cumulatively crossing 5 million units even as the annual growth rate slows to 2-4 per cent, a report showed on Friday.

A Crisil Ratings report said that this marks the fourth consecutive year of record sales, although momentum has significantly eased from the 25 per cent surge in fiscal 2023 after the pandemic.

According to the report, utility vehicles (UVs) will drive volume growth this fiscal, aided by new launches, easing interest rates, rising compressed natural gas (CNG) adoption and rural tailwinds.

“PV growth will moderate to 2-4 per cent this fiscal, but UVs will continue to cruise with 10 per cent growth, supported by new launches. With UVs contributing 68-70 per cent of volumes and bulk of upcoming models, the shift toward premiumisation is structural,” said Anuj Sethi, Senior Director, Crisil Ratings.

The households in India remain well positioned to support 6.5 per cent growth over the next 3-5 years, a Morgan Stanley report said on Friday.

Current household debt level in India is manageable and household debt (core) remains at levels lower than other economies, the report emphasised, adding that even as it rises, it expects the trend to be manageable driven by income growth.

The recent rise in retail loans has led to concerns on rising indebtedness at the household level. This has led to the narrative of higher household leverage, lower net financial saving, and patchy income growth, increasing distress in the household balance sheet.

According to the report, the rise in retail loans has been the key driver of credit growth post the pandemic, leading to concerns of over-leverage.

The three-day ‘India Steel 2025’ has brought together various stakeholders to discuss the potential, challenges and opportunities in the Indian steel sector and the road-map to capitalise the international market, the Ministry of Steel said on Friday.

The inaugural session was addressed by Prime Minister Narendra Modi on Thursday through a video message, where he emphasised India’s strategic vision to enhance domestic steel production, reduce carbon emissions, and promote 'Make in India'.

During the day, several important sessions were organised, according to the ministry.

At the session on ‘Viksit Bharat: Role of Steel Sector in Indian Economy’, a high-level panel comprising senior policymakers, economists, and industry leaders delved into the critical role of steel in realising India’s $5 trillion economy vision.

The Indian equity benchmark indices opened higher on Friday amid positive global cues, as buying was seen in the IT, pharma and auto sectors in the early trade.

At around 9.27 am, Sensex was trading 265.3 points or 0.33 per cent up at 80,066.81 while the Nifty added 89.85 points or 0.37 per cent at 24,336.55.

Nifty Bank was down 222.85 points or 0.40 per cent at 54,978.55. The Nifty Midcap 100 index was trading at 54,980.80 after increasing 10.95 points or 0.02 per cent. Nifty Smallcap 100 index was at 16,903.30 after declining 60.20 points or 0.35 per cent.

According to market watchers, "after a positive opening, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,700.

Leading cement and building materials company ACC Limited on Thursday reported highest-ever annual profit after tax (PAT) at Rs 2,402 crore in FY25, up by 3 per cent.

ACC, part of the diversified Adani Portfolio, also clocked highest-ever revenue in a quarter at Rs 6,067 crore (Q4 FY25), driven by higher trade sales volume and premium product as percentage point (pp) of trade sales at 41 per cent (up by 7 pp YoY), thus ensuring market leadership.

On an annual basis, the company reported highest-ever volume which was up by 14 per cent at 42.2 million tonnes.

“As we conclude this financial year, ACC stands stronger, more agile and future-ready. This year has been marked by strategic milestone that reinforce our position as a leader in the Indian cement industry,” said Vinod Bahety, Whole Time Director and CEO, ACC.

The Indian stock market ended lower on Thursday, as investors booked profits after a strong seven-day bull rally.

Sentiments were also hit by the Pahalgam terror attack, along with the expiry of the April derivatives contracts on the National Stock Exchange (NSE).

The Sensex opened slightly lower at 80,058 and briefly touched a high of 80,174 in early trade. However, selling pressure dragged the index down through the day.

It fell to an intra-day low of 79,725 before settling at 79,801, down 315 points. With this, the Sensex snapped its seven-day winning streak, during which it had jumped 6,269 points.

The Nifty also saw a similar trend. It traded within a narrow range of 131 points, moving between a high of 24,348 and a low of 24,216.

India’s ethanol revolution is proving to be a game-changer, not only boosting farmers’ income and creating jobs but also saving the country billions in foreign exchange and reducing carbon footprint, Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, said on Thursday.

According to the Union Minister, India’s ethanol drive has so far added Rs 1,07,580 crore to farmers’ earnings while saving Rs 1,26,210 crore in foreign exchange by curbing crude oil imports.

The Union Minister further highlighted that the government’s ethanol initiative aligns with Prime Minister Narendra Modi’s vision of turning ‘annadatas’ (food providers) into ‘urjadatas’ (energy providers).

“This initiative not only increases farmers’ income and creates jobs, but also helps save foreign exchange and is a boon for the environment,” Puri wrote on social media platform X.

As part of this green transformation, a bamboo-based, bio-ethanol refinery in Assam is now nearing completion and is set to significantly benefit the northeastern region.

Mid-sized Global Capability Centers (GCCs) are experiencing unprecedented growth in India, outpacing the overall GCC market with a 6.2 per cent compound annual growth rate (CAGR) compared to the market average of 4.5 per cent, according to a report released on Thursday.

According to the Inductus GCC survey, India will see over 120 new mid-market GCCs by 2026 with the potential of creating 40,000 new jobs, building on the existing base of over 800 centres currently, employing 220,000 professionals.

The mid-market GCC segment in the country is projected to see a 15-20 per cent revenue increase between 2024-2026, reflecting the strong confidence global companies are placing in these operations.

The report states that these mid-size operations employing between 200-1,000 professionals are rapidly becoming the strategic preference for global companies seeking specialized expertise and operational flexibility.

The official X handle of the Government of Pakistan has been withheld by India following the dastardly terror attack in Jammu and Kashmir's Pahalgam, which killed 26 people and injured several others.

Earlier, in a strong diplomatic offensive following the brutal attack, India summoned Pakistan's top diplomat in New Delhi, Saad Ahmad Warraich, and handed over a formal Persona Non Grata note for all its military attaches, sources said.

These moves come after 26 people were killed and many others injured in the deadly assault that Prime Minister Narendra Modi has termed a "cowardly attack on innocent civilians."

The attack, believed to be orchestrated by Pakistan-based terror outfit The Resistance Front, has triggered a series of sweeping retaliatory actions from India.

The domestic benchmark indices opened lower on Thursday amid mixed global cues, as selling was seen in the auto, metal and realty sectors in the early trade.

At around 9.30 am, Sensex was trading 221.03 points or 0.28 per cent down at 79,895.46 while the Nifty declined 75.55 points or 0.31 per cent at 24,253.40.

Nifty Bank was down 152.60 points or 0.28 per cent at 55,217.45. The Nifty Midcap 100 index was trading at 55,004.40 after declining 36.70 points or 0.07 per cent. Nifty Smallcap 100 index was at 16,980.60 after climbing 10.85 points or 0.06 per cent.

According to market watchers, "Nifty extended its winning streak for the seventh day on April 23, closing strong, though today's session may see heightened volatility as traders roll over April F&O positions."