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Amid slowing global sales and store closures in China, Ikea has high hopes for India. View More

In this articleXAU=MANAPPURAM-INMUTHOOTFIN-INUSBFollow your favorite stocksCREATE FREE ACCOUNT .ido-promo__content { box-sizing: border-box; width: 100%; background-color: #f0f0f0; padding: 2px 20px 2px 20px; font-family: Lyon, Helvetica, Arial, sans-serif; font-size: 18px; line-height: 1.66; } This report is from this week's "Inside India" newsletter, which brings you timely, insightful news and market commentary on the emerging powerhouse — Subscribe today Hello, this is Priyanka Salve, writing to you from Singapore. Welcome to the latest edition of Inside India — your one-stop destination for stories and developments from the world's fastest growing large economy. This week, I dive into the world's largest furniture retailer, Ikea, and its big plans in India even as it contends with sluggish sales in key markets as well as store closures in China.Enjoy!Any thoughts on today's newsletter? Share them with the team. The big story Ikea, the world's largest furniture retailer, has seen a slowdown in sales globally. And while it has closed several large stores in China, the Swedish company is doubling down on neighboring India. Patrik Antoni, CEO of Ikea India, has been appearing in playful Instagram reels teasing store launches in India — "a priority market" for the company. Currently, there are six Ikea stores in India, and the company is aiming for around 30 within five years, which will be a mix of large and small stores and pick-up points for online deliveries. Ikea views India not only as a potential major retail market but also as a possible export hub, supported by the India‑EU free trade agreement that was finalized on Jan. 26. Further, 30% of the company's India sales currently come from locally sourced raw materials, a figure it aims to lift to 50% by 2030, according to Antoni. This growing local sourcing ecosystem, strengthened by rising domestic demand and export‑friendly policies, positions India as an increasingly strategic base for Ikea. "India is a long-term market for us, and we are building with the next 100 years in mind," Antoni told CNBC in an email interview. He added that the India-EU trade pact signals "a strong economic alignment between two important markets," and this could boost India's role "as a production and export base within our global network."India's furniture and home décor market, valued at over $25 billion in 2024, is projected to reach $40.8 billion by 2033, as per the Indian commerce ministry-backed organization IBEF. But Ikea forecasts even faster expansion, expecting the market to hit $48 billion by 2030 — momentum the company is keen to capture.Globally, Ikea's retail sales have declined over the past two years, falling to 44.6 billion euros ($51.7 billion) in the financial year ended Aug. 31 2025 from 45.1 billion euros in the prior year. Europe accounts for more than 70% of its sales, followed by North America (17%) and Asia (around 9%). Meanwhile, in China — another major market for the company— growth has slowed sharply. Ikea is closing seven large-format stores in the country to focus on smaller outlets as a weak housing market and intensifying competition from online retailers takes a toll. "We will shift from scale-based expansion to precision-driven penetration," the Swedish retailer said. Girls take selfie picture in front of IKEA store in Bangalore, India, 17 September, 2022. IKEA is the world's leading Swedish home furnishing retailer which expands across multiple cities in India. (Photo by Indranil Aditya/NurPhoto via Getty Images)Nurphoto | Nurphoto | Getty Images Banking on India's growth India is dominated by smaller furniture and interiors players, with no domestic brand operating at Ikea's scale, as per the IBEF. Also, housing sales since the pandemic have seen strong growth, with a marginal slowdown in 2025, according to data from real estate consultancy Knight Frank."We are truly inspired by this potential," Antoni said, noting that evolving lifestyles and expanding real estate categories are creating fresh opportunities.Ikea's India sales rose by around 6% in the financial year ended August 2025, with furniture being the leading category, the company said. The company's EBITDA, excluding fixed costs, also improved by over 10%, it said. Although India's current contribution — 18.5 billion rupees ($196.7 million) — to Ikea's global revenue remains modest, the company expects retail operations in the country to turn profitable by its financial year ending Aug. 2028 and is doubling down on its expansion plan.Ikea currently operates three large-format stores in Hyderabad, Navi Mumbai and Bengaluru, as well as city stores in Mumbai and West Delhi. Pune, its newest store, opened earlier this month. A new store format, known as "Lykli," was due to open in the northern city of Gurugram in "late 2025," described by the company as "a key destination for entertainment, social connections and retail therapy," complete with office facilities and community spaces.When asked about the timeline for that store, the company did not disclose details but said that Gurugram will be the first large-format store in North India and will be followed by another Lykli store in Noida in the state of Uttar Pradesh.The in‑store "touch and feel" experience is vital for IKEA in India, where offline outlets generate 70% of sales compared with 30% from e‑commerce, Antoni said.Ikea's expansion strategy will prioritize six key markets: Mumbai, Delhi National Capital Region, Bengaluru, Hyderabad, Pune and Chennai. Last year, Ikea India recorded nearly 110 million "customer interactions," and the Swedish firm now hopes to get a bigger share of their wallets.— CNBC's Anniek Bao contributed to this story.Need to knowUnited Spirits sells its Indian Premier League franchise, RCB. A consortium comprising Blackstone and serial American sports investor David Blitzer among others, has acquired the Indian Premier League's Royal Challengers Bengaluru franchise in a 166 billion rupees ($1.78 billion) deal. India's private sector activity in March slowed to its lowest level since October 2022. HSBC's flash India Composite PMI, which measures the monthly change in the combined manufacturing and services output, slowed to 56.5 in March from 58.9 in February.Novo Nordisk faces competition from Indian generic drugmakers: The first wave of generic versions of Novo Nordisk's GLP-1 weight-loss drugs launched in India over the weekend, with at least five domestic drugmakers undercutting the original price by up to 80%. Coming upMarch 30: External debt data for January to March.March 30: Industrial output data for February.March 31: RBI releases Balance of Payment data for January to March. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Shares of Ceigall India increased by 4% to ?275 as the company announced two Power Purchase Agreements with MSEDCL for solar projects totaling 337 MW. The projects have an estimated value of ?1,369 crore and are expected to be completed in 18 months. View More

India's Power Ministry has ordered imported coal-based power plants to run at full capacity for three months starting April 1. This directive aims to prevent electricity shortages during the summer. Peak power demand is projected to reach 270 Gigawatts. This measure ensures sufficient power supply to meet the anticipated surge in demand across the country. View More

New Delhi: The Power Ministry is believed to have directed imported coal-based thermal plants to operate at full capacity for three months from April 1, to avoid any electricity shortage amid the estimated peak demand of 270GW during this summer. Sources said that in letters sent to imported coal-based plants in the country, the power ministry invoked Section 11 of the Electricity Act, asking them to run at full capacity. The step has been taken to ensure optimal power availability, considering the prevailing demand-supply scenario and the expected rise in electricity demand in the coming months, according to the letter. The ministry has estimated the peak power demand to be over 270GW during this summer season (April onwards). However, during last summer (April 2025 onwards), the peak power demand was 242.77 GW in June, 2025. Live Events According to government estimates, peak power demand was expected to touch 277 GW in the summer of 2025. The peak power demand touched an all-time high of about 250 GW in May 2024. The previous all-time peak power demand of 243.27 GW was recorded in September 2023. The peak power demand met or the highest supply during February rose slightly to 243.15 GW from 238.06 GW recorded in February 2025. There are about 15 imported coal-based thermal power projects in the country which have got this directive from the power ministry, the sources said. The order shall remain valid for the generation and supply of power from April 1, 2026, to June 30, 2026, they further stated. Earlier this month, Tata Power arm Coastal Gujarat Power Ltd (CGPL), which operates the 4000 MW Mundra plant, informed about signing supplementary power purchase agreements (PPA) with GUVNL (Gujarat). The plant supplies 50 per cent of the output to Gujarat. The company will ink supplementary PPAs with Maharashtra, Rajasthan, Punjab, and Haryana subsequently. The company had suspended operations at all units of the Mundra plant on July 2, 2025 and has been suffering losses due to the temporary closure of the plant. The 4,000 MW Mundra Ultra Mega Power Project (UMPP) in Kutch, Gujarat, is a coal-based thermal power plant with five 800 MW units providing electricity to Gujarat, Maharashtra, Punjab, Haryana, and Rajasthan. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)

Nayara Energy will shut its Vadinar refinery for 35 days from early April. This will take 8% of India's refining capacity offline. The shutdown could tighten domestic fuel supply. This comes amid import constraints for crude, natural gas, and LPG. Nayara has adequate buffer and product reserves. Other refiners usually adjust to maintain supplies. View More

New Delhi: Rosneft-backed Nayara Energy plans to shut operations for about 35 days from early April, taking roughly 8% of India's refining capacity offline and potentially tightening domestic fuel supply amid constraints in crude, natural gas and LPG imports due to the Iran war , people familiar with the matter said. The company had deferred maintenance at its 20 million tonnes-a-year Vadinar refinery in Gujarat -India's second-largest-last year after EU sanctions. European vendors critical for maintenance, including suppliers of chemicals and catalysts, had declined to work with Nayara following the sanctions. Nayara is now set to proceed with the shutdown after completing most pre-turnaround activities, said the people cited above. Most of Nayara's output is sold in the domestic market, with exports limited after last year's sanctions. A significant share is supplied to state-run refiners that sell more than they produce, with the rest sold through Nayara's network of nearly 7,000 petrol pumps. Nayara did not respond to ET's query. However, a source close to the company said: "Nayara has adequate buffer and product reserves during this shutdown period to ensure the fuel stations are adequately stocked and that there is no disruption". Refinery shutdowns are routine, with other refiners typically adjusting to maintain supplies. However, with crude imports down about a fifth and LPG supply 'worrisome', the outage of a large refinery could strain domestic availability, an industry executive said. Refined products such as aviation turbine fuel (ATF), petrol and diesel have become costlier in global markets, while retail fuel prices in India remain unchanged. This has led to losses in the retail business for both state-run and private refiners, which are paying higher crude costs. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)

Partnership to develop renewable projects for round-the-clock supply to Nxtra facilities pan-India View More

According to a regulatory filing, the company will ink PPAs with Maharashtra, Rajasthan, Punjab, and Haryana. View More

Kalpataru Projects International Ltd, KPIL, has announced new orders totaling approximately Rs 4,439 crore for its Transmission and Distribution business. These significant contracts span projects in Africa, India, and Sweden. This achievement surpasses KPIL's annual order intake target of Rs 26,000 crore, highlighting the company's strong performance in the power transmission and distribution sector. View More

New Delhi: Kalpataru Projects International Ltd (KPIL) on Thursday said the company with its subsidiaries, have secured orders worth about Rs 4,439 crores in the Transmission and Distribution (T&D) business. These include order of 400kV transmission line and associated substations in Africa: orders for transmission line projects in India and order for substation project in Sweden, a company statement said. Also Read: Transmission and powergen demand lift capital goods; Siemens Energy, KOEL in focus According to the statement, KPIL, one of the leading EPC players in the power transmission and distribution (T&D) and civil infrastructure sector , along with its subsidiaries, have secured notification of awards/comfort letters/confirmation of consummation of contract of about Rs 4,439 crore in the transmission and distribution (T&D) business. Manish Mohnot, MD & CEO, KPIL, said in the statement, "The T&D business allows us to leverage our market-leading position and integrated capabilities to deliver world-class EPC solutions. With these wins, we have surpassed our annual order intake target of Rs 26,000 crore." Live Events Also Read: Kalpataru Projects International bags orders worth Rs 2,720 crore KPIL is one of the largest specialised EPC companies engaged in power transmission & distribution, buildings & factories, water supply & irrigation, railways, oil & gas pipelines, urban mobility (flyovers & metro rail), highways and airports. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)

The Investing Club holds its "Morning Meeting" every weekday at 10:20 a.m. ET. View More

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Monday's key moments. 1. Stocks surged Monday after President Donald Trump said the U.S. and Iran had "productive" discussions in recent days about a resolution to the Middle East conflict, and that he was halting strikes on Iranian power plants and energy infrastructure. That drove the three major averages up roughly 2% and pushed international oil benchmark Brent crude down 10% to $100 per barrel. Within our portfolio, Qnity Electronics rallied over 5%, among the largest gainers in the S & P 500 . Capital One , an economically sensitive stock, climbed almost 3%, as the fall in oil prices provides relief to consumers. On the tech side, Broadcom and Nvidia roughly 4% and 1.5%, respectively. The market ended last week firmly oversold at minus 7 on the S & P Short Range Oscillator , our trusted momentum indicator. Jim Cramer believes instead of selling into the bounce, "I personally want things to let ride" because of the fast changes in investor psychology. At the same time, Director of Portfolio Analysis Jeff Marks mentioned that for investors looking to raise cash, booking some gains is rational. We have ample cash at the Club, though. 2. Another Club outperformer on Monday was GE Vernova , whose shares were up 5% and set a fresh 52-week high of nearly $921 during the session. A bullish note from Morgan Stanley added fuel to the rally in the gas turbine maker's shares. The analysts raised their price target on the stock to $960 from $871 and reiterated their buy-equivalent rating. The firm said continued strong AI-related demand is pushing gas turbine prices even higher, which is good for GE Vernova's margins. Jim noted that GE Vernova's gas turbines are sold out for years. Morgan Stanley added that the company's electrification business — home to products like transformers and switchgear, which help distribute the electricity its turbines generate across the grid — will support "incremental medium-term growth." 3. Jim said some investors might've been too quick to write off Apple's business in China following a pair of Wall Street research notes. Bank of America said its supply chain checks suggest Apple will introduce its first foldable iPhone this year, with analysts expecting higher demand from China. In a separate note, Morgan Stanley said its late 2025 survey found upgrade intention rates in China reaching all-time highs. Analysts also said interest in the foldable iPhone was surprisingly high, especially in China. "We kind of give up on China – we're really kind of missing the point of one of the most major markets," Jim said. In its latest quarterly earnings report , Apple's China business showed strength after some recent challenges. 4. Stocks covered in Monday's rapid fire at the end of the video were: Synopsys , Venture Global , and MongoDB . (Jim Cramer's Charitable Trust is long Q, COF, AVGO, NVDA, GEV, AAPL, GLW. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Delhi Electricity Regulatory Commission (DERC), city's power regulator, informed the central agency, Appellate Tribunal for Electricity (APTEL), in January that total regulatory assets in Delhi stand at ?38,552 crore View More

Electricity rates in Delhi may increase from April. The Delhi government plans to pay over Rs 38,000 crore in pending dues to three power discoms. This payment is a result of a Supreme Court directive. The government intends to provide subsidies to lessen the impact on consumers. Regulatory assets have accumulated due to no tariff hike for a decade. View More

New Delhi: The electricity rates in the city are likely to rise from April as the Delhi government is preparing for disbursal of pending dues of over Rs 38,000 crore to the three power discoms, officials said on Sunday. The government is, however, planning to subsidise the hike in power tariff to cushion the impact on the consumers, they said. The Supreme Court in August last year directed that the regulatory assets, including carrying costs of Rs 27,200 crore, be paid to Delhi's three private discoms, BRPL, BYPL and TPDDL, in seven years. Regulatory assets - costs that are expected to be recovered in future - have risen sharply due to a lack of any power tariff hike in the past decade under the Aam Aadmi Party rule. Delhi Electricity Regulatory Commission (DERC), city's power regulator, informed the central agency, Appellate Tribunal for Electricity (APTEL), in January that total regulatory assets in Delhi stand at Rs 38,552 crore. Live Events As per DERC filing, the outstanding amount includes Rs 19,174 crore for BRPL, Rs 12,333 crore for BYPL and Ra 7,046 crore for TPDDL. The amounts are approved expenditures incurred by the discoms for supplying electricity. The original regulatory asset amounts have increased due to piling up interest because of the delay in recovery, they said. The court had also directed DERC to prepare a recovery plan, account for carrying costs (interest) and conduct a detailed audit explaining the prolonged delay in cost recovery. The recovery is likely to be made through an increased regulatory asset surcharge in electricity bills over a seven-year period. Delhi Power Minister Ashish Sood in March last year said the discoms were authorised to recover Rs 27,000 crore accumulated as regulatory assets, hinting that the electricity rates may go up in the city. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)