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UBS analysts changed their previously bearish rating on shares of Tesla this week. View More

In this articleTSLAFollow your favorite stocksCREATE FREE ACCOUNT Tesla cars charge at a Tesla Supercharger station in Pasadena, California, March 30, 2026.Justin Sullivan | Getty Images Tesla stock closed nearly 8% higher on Wednesday at $391.95 per share after CEO Elon Musk touted progress on the company's forthcoming AI5 chip.Musk said in a post on his social network X that the chip has reached a key engineering milestone and is getting closer to production.Tesla is also planning to build two advanced chip factories in Austin, Texas, in partnership with SpaceX — one to make chips for vehicles and robots, and another to produce chips for use in orbital data centers. Intel recently joined the Tesla-SpaceX Terafab project.UBS analysts upgraded their rating on the stock from sell to hold on Tuesday, and increased their price target by about a dollar to $352. The stock gained just over 3% on Tuesday and has rallied more than 12% so far this week.Flipping from a previously bearish outlook, UBS analysts led by Joseph Spak wrote in their upgrade that news that Tesla is working on a new, smaller SUV is a "welcome development," given the firm's view that Tesla's current light-duty vehicle offerings are "too limited." Read more CNBC tech newsAltman arson suspect Moreno-Gama suffered 'acute mental health crisis,' lawyer saysNAACP sues Elon Musk's xAI over Memphis data center air pollutionMeta commits to 1 GW of custom chips with Broadcom as Hock Tan decides to leave boardNvidia stock is on a 10-day winning streak and up 18% over that stretch The company's lineup currently includes its Model 3 sedan, Model Y SUV and angular steel Cybertruck. The company has stopped selling its flagship Model S and X vehicles in order to transition part of its Fremont, California, factory to produce its humanoid robot, Optimus, now in development.The rising share price also comes after Tesla launched the spring update for its in-vehicle software, including features that make it easier for customers to subscribe to the company's premium, Full Self Driving (Supervised) option, and to view statistics in their touchscreens about how often they are using it. FSD (Supervised) costs $99 per month currently in the U.S. and can automatically handle some steering, lane changes, and parking, under active driver supervision. FSD (Supervised) does not make Tesla vehicles autonomous. The company is testing a small number of driverless vehicles in its Robotaxi ride-hail service in Austin, Texas.The spring software update also included changes to the in-vehicle capabilities of AI chatbot Grok, made by Musk's xAI, which is now owned by his rocket maker SpaceX. Drivers can now say, "Hey Grok" to wake the app and start using it hands-free in Tesla EVs.Musk has promised, for more than a decade, that Tesla is on the brink of delivering driverless, or "robotaxi-ready," vehicles to customers. That hasn't happened yet, although its systems have evolved.— CNBC's Michael Bloom contributed to this report. watch nowVIDEO1:1601:16Tesla reports 358,000 first-quarter vehicle deliveries, down 14% from last quarterSquawk on the Street Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Steelmakers are poised for a significant profit surge in the March quarter, driven by a new protectionist measure and seasonal demand. Higher prices and increased volumes are expected to outweigh rising coking coal costs, with SAIL anticipated to lead profit growth. India's steel sector also saw a notable increase in production and exports while imports declined. View More

A protectionist measure introduced in late December, along with seasonal strength in the January-March period, is set to drive a sharp sequential rise in profits for steel makers in the March quarter. Higher prices and volumes are expected to offset the impact of rising coking coal costs. State-owned Steel Authority of India ( SAIL ) is likely to report the sharpest sequential profit growth, with earnings seen rising threefold from the December quarter, analysts said. A growth in Tata Steel 's consolidated bottom line, however, will be weighed down by losses in its UK operations. JSW Steel , Tata Steel, SAIL and Jindal Steel are among the largest listed integrated steel producers in the country. Average hot-rolled coil prices rose 12-15% sequentially in the March quarter as producers implemented multiple price increases, supported by a 12% safeguard duty that came into effect in late December. "Average retail steel price rose ₹6,300-9,800/t QoQ, much higher than what steel companies might report amid project-led sales and contracts," analysts at Nuvama Institutional Equities said. Live Events Sequential volume growth of about 7% is also expected to lift operating profit, or earnings before interest, tax, depreciation and amortisation (Ebitda), by ₹2,000-3,000 per tonne. This comes despite a $15-20 per tonne increase in coking coal costs and a ₹100 per tonne rise in iron ore prices during the quarter. Between April 2025 and February 2026, India's steel production rose 10.4% to 146.8 million tonnes, while consumption increased 7.2% on-year to 147 million tonnes. Imports fell 25% on-year to 6.95 million tonnes, while exports rose 40% to 7.76 million tonnes, making India a net exporter of steel during the period. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Despite the government’s TReDS push, experts say the RBI’s move to ease onboarding lacks clarity as credit ratings continue to be a key bottleneck, limiting MSME participation. View More

Finance has always been a perennial problem for micro, small, and medium enterprises (MSMEs) in the country. In the Union Budget 2026-27 , Finance Minister Nirmala Sitharaman announced scaling up the Trade Receivables Discounting System ( TReDS ) to alleviate MSMEs’ credit flow. The platform has so far unlocked more than Rs 7 lakh crore in liquidity. To further expand its reach, the government, in the Budget, proposed making TReDS mandatory for all CPSE procurement from MSMEs while encouraging private sector adoption. In line with the government’s TreDS push, the Reserve Bank of India (RBI) in its April monetary policy announced that it will simplify TreDS onboarding norms by removing due diligence requirements for MSMEs. The change, it says, is aimed at easing registration and accelerating access to funds. “It is proposed to dispense with the requirement of due diligence of MSMEs while onboarding on TReDS platforms,” says RBI Governor Sanjay Malhotra during the policy announcement. For the uninitiated, TReDS is an RBI-regulated digital platform, launched in 2014, that enables MSMEs to quickly convert invoices into cash by auctioning them to banks and non-banking finance companies (NBFCs), without the need for collateral, helping ease working capital constraints. As of early 2026, TReDS has facilitated more than Rs 3.5 lakh crore in cumulative invoice financing, according to government data. Despite the policy push on TReDS, experts, however, say the RBI’s proposal lacks clarity and fails to address the core challenge; credit ratings remain a persistent bottleneck. They argue that TReDS works well for MSME-large corporate deals but is less robust for unrated “small-to-small” transactions. Live Events They explain, “On TReDS, the financier bears the risk if the buyer defaults, making the lenders wary when the purchaser is small, unrated, or financially weak, as underwriting such entities is both costly and risky. As a result, a credit gap emerges.” iStockDespite the policy push on TReDS, experts, however, say the RBI’s proposal lacks clarity and fails to address the core challenge; credit ratings remain a persistent bottleneck. The platform works best when MSME sellers transact with large, creditworthy corporations, according to them. “But when both—buyer and seller—are small, the lack of a strong credit profile makes invoice discounting difficult, and the problem is compounded by limited digital readiness among small buyers, who may struggle to approve invoices on time,” they note. “The core issue lies in the requirement for an investment-grade credit rating of BBB and above A, AA, or AAA, while avoiding lower-rated entities for participation on the TReDS platform. Out of nearly 60 million MSMEs in India, only a negligible number, estimated at fewer than 10, currently meet this threshold. As a result, invoices raised on such MSMEs cannot be discounted by their suppliers through NBFCs or other financiers on the platform, limiting access to formal liquidity,” says Pankaj Chadha, Chairman of the Engineering Export Promotion Council of India (EEPC India). According to Chadha, the fundamental issue lies within the credit rating framework itself. Rating agencies assess firms across all sizes using uniform benchmarks, without adequately accounting for scale differences. “This means a small MSME, for instance in the steel sector, is evaluated against large corporations, creating a structural disadvantage,” says Chadha. He notes that the parameters such as financials, returns, and operational metrics are not contextualised to the MSME segment, making it difficult for smaller firms to achieve investment-grade ratings. As a result, firms without BBB-or-higher ratings face higher collateral requirements and are effectively excluded from bill discounting platforms such as TReDS, he observes. In fact, industry stakeholders have raised this matter with the banking regulator, suggesting that while rating methodologies may remain unchanged, benchmarking should be peer-based. They believe that introducing slabs within the MSME segment and comparing firms of similar size and capacity could facilitate more realistic assessments. “The matter has been taken up with the RBI. The proposal has been acknowledged and referred to the relevant internal team for examination. Discussions are ongoing, and stakeholders have sought a formal consultation to arrive at a workable solution,” informs Chadha. “The issue remains under consideration, with expectations of progress in the coming months. It’s still a work in progress,” he says. Anil Bhardwaj, Secretary General, Federation of Indian Micro and Small and Medium Enterprises (FISME), expressed similar concerns, noting that MSMEs in India face a structural disadvantage under the current credit rating framework, which is largely designed for large, listed corporates and long-term investment risk assessment. He pointed out that, as highlighted by FISME to the RBI, rating models disproportionately focus on scale, capital structure, and market share, resulting in most MSMEs being clustered in the BBB or below category, regardless of their repayment track record. “This creates a systemic bias, where even viable enterprises are classified as sub-investment grade, resulting in higher borrowing costs, additional collateral requirements and restricted access to credit,” he says. “Although the RBI has clarified that external ratings are not mandatory, banks, particularly public sector banks (PSBs), continue to insist on them, making ratings a de facto requirement,” says Bhardwaj. “Concerns around opaque pricing, limited competition among rating agencies, weak sectoral understanding, and lack of effective grievance redressal further compound the problem, turning ratings into a barrier rather than an enabler of MSME finance,” he adds. With most MSMEs structurally rated BBB or below due to scale biases, experts say, these businesses face restricted access to finance or higher discounting costs, despite TReDS risk being driven largely by the buyer’s creditworthiness, not the MSME supplier. iStockThe ratings should weigh behavioural metrics, account conduct, repayment discipline, and banking history, along with sector risks, say experts. “By using MSME ratings as a filtering criterion, the system mis-specifies risk and undermines the very objective of TReDS, which is to ease working capital constraints. Additionally, benchmarking MSMEs against large corporates further distorts risk perception, leading to fewer bids, higher financing costs, and inefficient price discovery, thereby limiting the platform’s effectiveness as a liquidity tool,” says Bhardwaj. Something more fundamental is at play here. An email seeking RBI’s response on the issue remained unanswered at the time of publication. Deeper systemic issues Experts say the TReDS challenges reflect deeper systemic issues in MSME credit access in India, with a fundamental mismatch between risk assessment models and the realities of MSME operations. Lenders over-rely on ratings and bureau scores, overlooking ground realities like delayed payments, sector volatility, and cash-flow cycles. “There is also a clear institutional bias in favour of large corporates, which often enjoy better ratings despite questionable trade practices, while MSMEs are penalised for temporary or technical stress. Fragmentation across TReDS platforms, lack of interoperability, and uneven participation by financiers further mirror the broader inefficiencies in the credit ecosystem,” says Bhardwaj. Vikesh Agrawal, COO of solar finance provider NetZero Finance, says banks rely on internal credit models, but with over 63 million MSMEs, most remain unrated. The credit rating agencies need structured, regularly updated data, yet many ratings lapse as “Issuer Not Co-operating (INC)” due to compliance challenges, adds Agrawal. “Credit ratings act as a two-sided sword; unrated MSMEs face lower risk weights (under Basel framework) than those rated below investment grade (BBB-), which increases banks’ regulatory capital adequacy burdens (20%-150% risk weights),” says Agrawal. According to the RBI’s 2024-25 Annual Report, MSME credit outstanding stands at Rs 25.6 lakh crore, yet a CRISIL study indicates 60-70% of MSMEs remain unrated or below investment grade, limiting TReDS access. RBI data shows only 18% of eligible MSMEs actively use TReDS. As per industry body FICCI’s estimate, there is a gap of Rs 10 lakh crore in invoice financing. Sundeep Mohindru, Founder & Promoter, M1xchange, says the MSMEs are rated in isolation despite trade-linked risk; many remain unrated or sub-investment grade, which limits credit and forces them to costly borrowing (16-24%), even though invoice discounting places the risk on the buyer, rather than the MSME. iStockExperts say the TReDS challenges reflect deeper systemic issues in MSME credit access in India, with a fundamental mismatch between risk assessment models and the realities of MSME operations. “Ratings continue to evaluate MSMEs independently based on their balance sheet, without adequately factoring in supply chain linkages. This traditional methodology ignores rich transaction data, such as golden sources like GST filings, banking flows, and receivables behaviour, which are far more indicative of repayment capacity. This creates a structural disconnect; even operationally strong MSMEs, embedded in credible supply chains, remain excluded, highlighting that the issue is not just risk perception, but a misalignment between how creditworthiness is assessed and how MSMEs actually function,” adds Mohindru. “It’s important to clarify that on TReDS, financing is fundamentally anchored to the buyer’s credit profile rather than the MSME’s standalone rating, which is why discounting rates typically have a super-prime range of RoI offered, ranging from nearly 7-10%. However, constraints emerge when MSMEs supply to lower-rated or unrated buyers; liquidity becomes limited as financiers naturally gravitate towards higher-rated counterparties, restricting participation,” notes Mohindru. To overcome this constraint, the government, however, has introduced the CGTMSE scheme for securing the credit of low-rated or unrated buyers. As a result, banks or NBFCs will get confidence to finance the receivables of MSMEs supplying to such buyers. Neha Bahadur, General Manager-Head of Business, C2treds, says MSMEs supplying to lower-rated buyers face limited discounting access—BBB+ thresholds and benchmarking against large corporates distort risk assessment, indirectly excluding even sound businesses. “This results in limited participation, even though TReDS is designed as an invoice-backed financing mechanism. As industry data shows, despite strong growth, TReDS still covers only a small portion of overall MSME receivables, indicating structural constraints in scaling access,” adds Bahadur. However, Pratik Singhania, Vice President and Head-Credit Policy, ICRA , says credit ratings must remain relative to ensure comparability and transparency, as they guide capital norms, exposure limits, and risk-based pricing, enabling consistent risk differentiation across entities regardless of size, sector, or structure. Singhania says TReDS invoices are discounted “without recourse” to MSMEs, with risk assessed on the buyer’s profile. “So, an MSME’s own rating does not materially limit its participation on TReDS, as the buyer’s creditworthiness is the key driver of the transaction,” adds Singhania. Need for a differentiated MSME rating framework Chadha says they have flagged this to the banking regulator, asking it to retain methodologies but shift to peer-based benchmarking with MSME slabs by size or capacity for more realistic assessments. Bhardwaj says, “I think there is a compelling case for a differentiated rating mechanism tailored specifically to MSMEs, in line with global best practices where small businesses are assessed using portfolio-based and cash-flow-driven approaches rather than capital market frameworks.” “Such a mechanism should prioritise real-time cash-flow analysis using GST data, bank transaction history, and receivables cycles, instead of relying predominantly on balance-sheet strength. It should incorporate transaction-level risk, especially in platforms like TReDS, by anchoring credit assessment to the buyer’s creditworthiness,” adds Bhardwaj. The ratings should weigh behavioural metrics, account conduct, repayment discipline, and banking history, along with sector risks, say experts. “The shift needs to be towards transaction- and cash flow-based assessment, where creditworthiness is evaluated on the basis of real business activity rather than static financials. This includes leveraging banking and GST data, assessing the strength of an MSME’s relationship with its buyers, analysing receivables quality and payment track record, and incorporating behavioural indicators, such as repayment discipline and transaction consistency,” adds Mohindru. Agrawal said ample data in the form of GST (over 140 million entities) and bank statements can power a robust framework. A robust framework can use GST to map supplier-buyer links and ecosystem scores, assess plant or machinery, output vs capacity, and team credentials, triangulate with purchase-sales data to verify formal operations, and score cash sales via assessed income, he adds. “Given digital availability, credit rating agencies can test scoring models for ongoing monitoring, standardising evolved surrogate lending models from MSME-focused banks and NBFCs. This prevents ratings from lapsing into 'Issuer not cooperating' status, enabling seamless data provision,” adds Agrawal. Bahadur acknowledges that the system must shift to transaction-and cash-flow-based risk assessment, factoring in buyer–supplier history, GST or e-invoicing data, payment behaviour, and credit enhancements like insurance or guarantees. The rating agencies introduced a separate SME grading scale for better differentiation, and after SEBI’s September 2018 notification, they moved this activity to dedicated group entities; experts believe this can be used to enable a more meaningful relative differentiation among MSMEs. “Such SME gradings can be used by market participants to supplement conventional credit ratings and facilitate a more nuanced assessment of MSMEs based on their relative strengths and risk characteristics,” says Singhania. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

The trials, covering 10 units with a combined capacity of about 18,000 MW, will determine the extent to which such plants can shift to domestic supplies, people familiar with the matter said. The exercise is evaluating operational feasibility, including the impact on efficiency, combustion and equipment performance. View More

New Delhi: India has begun testing whether power plants designed to run on imported coal can blend domestic fuel , as part of a broader push to increase local sourcing and reduce exposure to volatile global markets. The trials, covering 10 units with a combined capacity of about 18,000 MW, will determine the extent to which such plants can shift to domestic supplies, people familiar with the matter said. The exercise is evaluating operational feasibility, including the impact on efficiency, combustion and equipment performance. The government is pushing plants to reduce dependence on imported coal amid ample domestic availability, aiming to limit vulnerability to supply chain disruptions. It is seeking to increase blending wherever feasible. Some imported coal-based power producers have agreed to conduct trial runs. An industry expert said the move could help manage fuel costs and reduce exposure to global price volatility. However, some plants have cited technical constraints, including designs suited to low ash-content coal, specific size of coal requirements, stringent emission norms and space limitations. Live Events India still needs to import coking coal for industries such as steel and high-grade thermal coal mostly for imported coal-based plants as these are not sufficiently available within domestic reserves. The country imported about 250 million tonnes of coal, both thermal and coking coal, annually in the last few years. About 39.2 million tonnes of imported thermal coal was used by imported coal-based power plants in FY26 compared with 48.3 million tonnes a year back. The initiative aligns with efforts to increase domestic coal utilisation. India's coal output surpassed 1 billion tonnes in FY26. In January 2024, the coal ministry said imported coal-based plants would be encouraged to switch to or blend more domestic fuel as output rises. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

A boiler explosion at Vedanta’s Singhitarai power plant in Chhattisgarh’s Sakti district killed 11 workers and injured 22 others on Monday. The affected personnel were working for a sub-contractor operating and maintaining the unit. Vedanta said it is providing medical assistance to the injured and coordinating with authorities, while an investigation has been launched to determine the cause of the blast. View More

Mumbai: A boiler exploded at a power plant operated by Vedanta in Chhattisgarh on Monday, killing eleven people and injuring 22 workers. The incident at one of the boiler units at Vedanta's Singhitarai plant in the afternoon involved personnel from its sub-contractor NGSL that operates and maintains the unit, a Vedanta spokesperson said. Vedanta operates a 1,200 MW power plant at Singhitarai in Sakti district. This plant was acquired by the company in 2022 under the Insolvency and Bankruptcy Code. The project was amalgamated with Vedanta in 2023, and started commercial operations in 2025. Also Read: Vedanta questions metrics behind Adani’s winning bid for JAL "Our immediate priority is to ensure the best possible medical assistance and treatment for all those affected. We are extending full support to the injured and are closely coordinating with medical teams and local authorities," the spokesperson said. Live Events The company is in the process of ascertaining details, and a thorough investigation has been initiated in coordination with its partner and relevant authorities, the person said. Natural resources major Vedanta is also in the business of aluminium, oil and gas, zinc, lead, silver, iron ore and steel. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Crude steel demand ?is expected ?to gain 2.2% next year ?to 1.76 ?billion tonne View More

The government has revised pricing norms for low-grade iron ore, including Banded Haematite Quartzite and Jasper, to encourage its utilization. This move aims to curb wastage, enhance resource utilization, and ensure a steady supply to the steel industry by making beneficiation economically viable. View More

New Delhi: The government on Tuesday announced the amendment of rules to revise the pricing norms for low-grade iron ore , a move aimed at curbing wastage and enhancing utilisation of such reserves to ensure a steady supply to the steel industry . The move is expected to bring low-grade resources into viable use, addressing depletion of high-grade deposits and promoting mineral conservation through scientific mining practices . Also Read: New scheme in works to support domestic critical mineral processing plants "The Ministry of Mines has notified the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Third Amendment) Rules, 2026 on 10th April, 2026, providing the methodology for publication of average sale price (ASP) of Haematite Iron Ore below the threshold value, including for Banded Haematite Quartzite (BHQ) and Banded Haematite Jasper (BHJ)," an official statement said. The amendment provides a framework for pricing iron ore with iron (Fe) content below the threshold level of 45 per cent, including Banded Haematite Quartzite (BHQ) and Banded Haematite Jasper (BHJ), the mines ministry said. Live Events Banded Haematite Quartzite and Banded Haematite Jasper are low-grade, Precambrian iron-bearing rocks often treated as low-grade ore. Under the revised rules, the average selling price (ASP) for iron ore, with 35 per cent to below 45 per cent Fe content, will be fixed at 75 per cent of the ASP of 45 per cent to below 51 per cent grade ore. While for ore with Fe content below 35 per cent, the ASP will be 50 per cent of the same benchmark. The threshold value of a mineral is the limit below which the material obtained after mining can be discarded as waste. Advancements in processing and beneficiation technologies have made sub-threshold iron ore resources , such as BHQ and BHJ, viable for upgrading into high-grade ore suitable as feedstock for steel production. Also Read: From waste to wealth: How metal powders are becoming a strategic resource To enable this, a dedicated policy framework was essential for low-grade ore beneficiation, the ministry said. Before this amendment, no distinct pricing applied to such low-grade ores. Consequently, the ASP of higher-grade (45-51 per cent Fe) ore determined royalties and levies, rendering beneficiation economically unfeasible, the ministry said. "Bringing low-grade resources into the usable category will address the concern of depletion of high-grade iron ore resources and will lead to a steady supply of minerals to the steel industry. Utilisation of low-grade iron ore resources will be in the interest of mineral conservation as well as promote scientific and optimal mining of iron ore resources. As a result, the country will continue to be self-sufficient in iron ore," the ministry said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

As India’s fintech sector recalibrates after the 2021 funding surge, growth is no longer being rewarded in isolation. View More

Beyond the 2021 funding frenzy, a more substantial and subtle evolution is shaping India's fintech landscape. Capital has not vanished; it has just become more selective, requiring founders to showcase tangible business metrics over mere storytelling. Sagar Agarvwal, Founder and Managing Partner at Beams Fintech Fund, in a conversation with Economic Times Digital discusses how the current funding slowdown is actually a structural reset. He details how this reset is altering the evaluation, funding, and long-term resilience building of growth-stage fintech companies. Edited excerpts. Economic Times (ET): The funding winter narrative is well known, but you argue this is more of a “reset” than a slowdown. What fundamentally changed in how growth-stage fintechs are being evaluated post-2021? Sagar Agarvwal (SA): What changed is not the opportunity set, but the lens of evaluation. In 2021, capital was underwriting potential - TAM narratives, user growth, and top-line velocity. Today, capital is also underwriting proof of the potential - unit economics, profitability pathways, and balance sheet discipline. There is a clear shift from “growth” to “cash flow visibility.” Investors now require evidence of operating leverage also. The reset is essentially a graduation to fundamentals. ET: The real squeeze seems to be at the Series B–C stage. Why is this segment under the most stress, and what does it reveal about how earlier growth was built? Live Events SA: This segment is not under any stress but going through a calibrated change where narrative meets numbers. At Series B & C, companies have to start producing positive unit economics with clear repeat and retention numbers and investors want to see these numbers. From here on, the path to IPO also starts becoming visible and this is where investors are becoming selective and compared to earlier, public benchmarks are now available to underwrite the assets better. ET: You have backed companies where nearly 75% are profitable. What specific metrics or signals tell you a company has crossed from ‘growth at all costs’ to ‘sustainable scale’? SA: A company transitions from ‘growth at all costs’ to ‘sustainable scale’ when every incremental revenue contribution begins to drive profitability. This is supported by strong and improving retention metrics that lead to high repeat business, alongside a core business that is performing consistently while cross-sell opportunities scale. Additionally, discipline in underwriting, stable cohort performance, and reduced dependence on external capital are strong indicators that the business has achieved sustainable scale. ET: In today’s market, what are the top three non-negotiables a founder must demonstrate to successfully raise capital at the growth stage? SA: In today’s market, founders need to demonstrate a highly predictable business model with clear visibility on profitability and monetisation. Strong governance and compliance are equally critical, especially in fintech where regulatory scrutiny continues to increase. Capital efficiency, the ability to do more with less, measured through returns on incremental capital has become a key filter. Finally, team stability and continuity at scale are essential indicators of execution capability. ET: There is a visible shift from generalist VC money to specialist fintech capital. What advantage do sector-focused funds like Beams have in underwriting risk today? SA: As a sector-focused fund, our advantage lies in a combination of network depth, pattern recognition, and granular risk assessment. Strong relationships across banks, NBFCs , regulators, and ecosystem partners allow us to create meaningful network leverage. We also enable cross-pollination across portfolio companies and LPs, driving collaboration at scale. Having seen multiple cycles across fintech sub-sectors, we are able to better underwrite business transitions, while our ability to assess risks across credit, fraud, and regulatory exposure helps distinguish between optical growth and real, risk-adjusted growth. ET: Credit-led fintechs, embedded finance, and AI-driven risk models are gaining traction. Where do you see the smartest capital flowing over the next 2–3 years and what is overhyped? SA: Over the next 2–3 years, smart capital is likely to flow into B2B fintech and SaaS infrastructure platforms that enable financial institutions through lending operating systems, collections technology, compliance tools, and risk analytics. These businesses tend to be high-margin, sticky, and scalable without significant balance sheet intensity. Payments will continue to evolve as an ecosystem play, particularly in value-added segments such as cross-border payments, merchant SaaS integrations, and bundled software-financial service offerings. Wealth and savings platforms targeting underpenetrated segments like the mass and emerging affluent with strong unit economics and clear monetisation will also attract interest. Additionally, asset-light, risk-calibrated credit models in areas like supply chain finance, MSME lending, and embedded credit will see traction, especially where underwriting is data-driven and distribution is integrated. On the other hand, low value-add “wrapper” businesses are increasingly being exposed. Models that sit on top of existing financial rails without meaningful differentiation whether through proprietary data, distribution, or product innovation are finding it difficult to sustain margins or retain customers in an environment where capital no longer subsidises CAC. The winners will be those that combine distribution strength with risk control, rather than relying solely on technology layers. ET: Many fintechs scaled rapidly on the back of cheap capital and aggressive customer acquisition. How are you stress-testing business models today for resilience in a tighter liquidity environment? SA: We run three key stress tests to evaluate resilience. First, we assess unit economics under normalised customer acquisition costs by stripping away incentives to see if the model still holds. Second, we test credit portfolios under stress scenarios, including higher default rates and tighter liquidity. Third, we evaluate liquidity dependency to understand how reliant the business is on continuous external funding. In addition, we closely examine cohort durability to ensure that customers acquired during high-burn phases remain profitable over time. ET: As more fintechs eye public markets, what separates companies that are truly IPO-ready from those that may struggle under public market scrutiny? SA: Public markets reward consistency, transparency, and predictability, not just growth. IPO-ready companies typically demonstrate sustainable profitability or a clear near-term path to it, along with high-quality revenues, strong governance, and robust disclosure standards. They also exhibit resilience across cycles. In contrast, companies with volatile earnings, unclear monetisation strategies, or governance gaps often struggle under public market scrutiny, where risk is priced far more rigorously than potential. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

India is launching a new scheme to boost critical mineral processing. Public sector companies will bid for four copper mines in Chile. Domestic copper production is set to increase significantly. Plans are also underway to extract gold from mining residue. These initiatives aim to strengthen India's mineral sector and global presence. View More

The centre is preparing a new scheme to support setting up critical mineral processing units in the country, Union Mines Secretary, Piyush Goyal said Friday. Speaking to journalists in New Delhi, he said it is important to develop processing value chain within the country. Goyal also said a consortium of public sector undertakings will bid to acquire four copper mines in Chile. “The new mineral processing scheme will work along with existing ones of specialty steel and battery manufacturing ,” the secretary said without divulging details of fund allocation or tentative timeline for approvals. “We will initially target processing facilities for two minerals,” Goyal said, adding Indian private sector players have committed raw material supplies for these future units through imports from their overseas acquisitions. Elaborating on the critical mineral acquisition plans, he said plans are afoot to improve domestic copper availability while also eyeing overseas assets. “A consortium of public sector undertakings will shortly submit bids to acquire four copper mines from Codelco (National Copper Corporation of Chile),” he said. According to Goyal, India will be scaling up domestic ore production and “hopes to become an exporter next year.” He said domestic copper ore production stood at 4.3 million tonnes per annum (mtpa), which will rise to 12 mtpa in 2030. Live Events India has also set eyes on unlocking its gold trapped in mining residue. “The gold tailings policy is ready,” Goyal said, adding the Mines Ministry has sought direction from the High Court on the way forward for monetising gold tailings with Bharat Gold Mines Limited (BGML). .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Vishal Nirmiti has secured Securities and Exchange Board of India approval for its IPO, comprising a fresh issue and offer for sale, with proceeds aimed at working capital, debt reduction and supporting growth across railway and EPC infrastructure segments View More

Railway infrastructure company Vishal Nirmiti has received approval from the capital markets regulator Sebi to launch its IPO, paving the way for the civil engineering and infrastructure player to tap the primary market. The IPO comprises a fresh issue of Rs 125 crore along with an offer for sale of up to 0.15 crore equity shares by existing shareholders. The shares are proposed to be listed on both the BSE and NSE. The proceeds from the fresh issue are expected to be used primarily to fund working capital requirements and reduce debt, with Rs 65 crore earmarked for working capital and Rs 20 crore for loan repayment. Incorporated in 1994, Vishal Nirmiti operates across manufacturing and EPC segments, with a strong focus on railway infrastructure. The company manufactures pre-stressed concrete sleepers for railways and undertakes fabrication of mild steel pipes and related components for irrigation and hydro projects. It also executes EPC contracts across railways, renewable energy and industrial infrastructure. The company has a pan-India presence with operational facilities across multiple states and is led by a promoter group with over four decades of industry experience. Live Events Its business model spans both manufacturing of infrastructure components and execution of large-scale projects, providing diversification across revenue streams. Financially, the company has reported strong growth, with revenue rising 31% and profit after tax jumping significantly in the last financial year, indicating improving operating leverage and execution momentum. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)