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ET Intelligence Group: In a fiscal year when finance sector indices struggled to deliver returns, newly-listed firms from the sector drove record fundraising in the primary market. Together, they raised ₹49,795 crore through initial public offerings (IPOs)-the highest annual tally for the sector in a decade, surpassing the ₹42,283 crore mobilized over the previous six years combined. Financial services companies accounted for 28% of the ₹1.8 lakh crore raised by 109 mainboard firms in FY26, marking the strongest year ever both in terms of the number of issuances and total proceeds, which increased 9% year-on-year. The total sample covers companies listed between April 2025 and March 2026 across the NSE and BSE main boards.129889255 The year's two largest IPOs were from the finance sector: Tata Capital (₹15,512 crore) and HDB Financial Services (₹12,500 crore). They, together with ICICI Prudential AMC (₹10,603 crore) and Groww, or Billionbrains Garage Ventures, (₹6,632 crore), accounted for 26% of the total IPO mop-up. This highlights the sector's role in sustaining primary market momentum despite weak secondary market sentiment. The BSE Financial Services index slipped over 1% while the Sensex fell nearly 5% during the year, weighed down by concerns over the conflict in West Asia. Apart from financial services, major sectors that raised IPO money in FY26 include consumer durables (₹17,522.9 crore), capital goods (₹10,740.3 crore), and fast-moving consumer goods (₹9,374.5 crore). The other big IPOs during FY26 were by LG Electronics, which raised ₹11,607 crore, Lenskart Solutions (₹7,278.8 crore), and Meesho (₹5,421 crore). The top 10 IPOs collected ₹81,063 crore, forming 46% of the total IPO kitty in FY26. In FY25, the top 10 IPOs collected ₹92,680 crore or 57% of the total IPO sum of ₹1.6 lakh crore.

New Delhi: The Centre has firmed up the rules under all four labour codes and could notify them shortly for implementation in April, officials said.A senior government official told ET that the labour and employment ministry has finalised the rules and these will be notified soon after vetting by the law ministry. The four codes-the Code on Wages, the Code on Social Security, the Industrial Relations Code, and the Occupational Safety, Health and Working Conditions Code-have streamlined India's regulatory framework by consolidating 44 labour laws to 29 provisions.The government had notified the labour codes with effect from November 21, 2025, and had put out the draft rules across the 4 codes in public domain for consultation as mandated by law.Views were received till January, after which they were considered by the ministry to finalise the rules in the central sphere.The rules, once notified, will pave the way for social security for unorganised workers, including gig and platform workers, mandatory annual health check-up for workers above 40 years, statutory minimum wages for all and unemployment benefits, etc.The government will immediately set up a social security fund to extend comprehensive social security coverage to 400 million unorganised workers.

KOLKATA/NEW DELHI: Indian gold and jewellery retailers are taking a sharp hit from the escalating West Asia conflict, with sales in key Gulf markets falling by as much as 70% in March compared with a year earlier, according to industry executives.Chains such as Malabar Gold & Diamonds, Kalyan Jewellers, Joyalukkas and Titan Company's Tanishq, which together command a significant presence in the region, are witnessing weak footfall and cautious spending, even as most stores remain open in markets such as the UAE.In a region estimated to be a $2 billion jewellery market, Indian players account for about half of total sales. While festive demand around Eid provided some support in relatively less affected pockets such as Saudi Arabia, companies say expansion plans in the Gulf have been put on hold indefinitely amid prolonged uncertainty.Also Read: JICA plans to scale up private investment operations in IndiaIn an email response to ET, Titan Company said that while many Damas and Tanishq UAE stores are open on most days, consumer sentiment and sales were adversely impacted during March, although Eid sales in less affected markets such as Saudi Arabia and the UAE were reasonably strong. "While retail expansion plans are currently impacted, our transformation journey continues without any let-up," it said.Tanishq has 13 stores in the GCC region and Mia has one store. Titan acquired a 67% stake in Middle East jewellery company Damas last year, which operates 123 stores across the GCC.Joy Alukkas, chairman of the Joy Alukkas Group, which has 50 stores across the UAE, Oman, Qatar, Bahrain, Kuwait and Saudi Arabia, said, "The first week after the war broke out, the situation was at its worst. Now, while stores are open, volume offtake has been hit. People are buying more gold coins and bars rather than jewellery due to a drop in gold prices."ET emailed Kalyan Jewellers and Malabar Gold & Diamonds, both of which have a significant presence in the GCC, to assess the impact of the US-Iran conflict on their operations in Gulf countries, but neither company responded.Also Read: Banks told to use Grameen Credit Score to assess rural borrowersAshish Garg, board director at the Dubai Gold & Jewellery Group, said tourists, Asian expatriates and Arab expatriates are the primary buyers of gold and diamond jewellery. "Tourists are not coming because of the current geopolitical situation. Asian expatriates are the major buyers for Indian retail chains, but they are holding back purchases. Mostly, bullion buying is happening among them. Indian retail jewellers do not cater as much to Arab expatriates, as they prefer different design aesthetics," he said.Indian jewellery chains are exploring the US and the Far East as alternative markets to route jewellery from their GCC operations, in an attempt to offset some of the lost business."Expansion in the Gulf region - our most crucial global market - is on hold indefinitely, as there is no clarity on when the situation will improve. Even if conditions begin to normalise in India, buying sentiment in West Asia remains depressed," said an executive at one of India's largest jewellery retail chains.According to analysts, gold and jewellery remain the largest Indian consumer sector by value sales dependent on West Asia, contributing an average of 20-25% annually. While packaged consumer goods makers such as Reliance Consumer Products, Marico, Dabur and Godrej Consumer Products also have significant businesses in the region, their combined contribution by value is smaller.

Following the government’s decision to bar households with piped natural gas (PNG) connections from retaining or obtaining subsidised domestic LPG, around 6,000 PNG users have surrendered their LPG connections as of March 28. Petroleum and Natural Gas Secretary Neeraj Mittal, speaking on Sunday, thanked those who have given up their LPG connections and urged more PNG consumers to follow suit so cylinders can be made available to households without piped gas access. “Join this strong group of do-good citizens who have come forward to give up LPG to help those who don’t have PNG. Give up yours today,” Mittal said in a post on X. On March 14, the Ministry of Petroleum and Natural Gas amended the Liquefied Petroleum Gas (Regulation of Supply and Distribution) Order, 2000, under the Essential Commodities Act. The revised rules make it mandatory for households with PNG connections to surrender their domestic LPG connections.— neerajmittalias (@neerajmittalias) The order also bars government oil companies and their distributors from issuing new LPG connections or refilling cylinders for consumers who already have PNG supply. It states that such consumers must immediately surrender their LPG connections and cannot apply for new ones. The move aims to prioritise LPG availability for households that do not have access to piped gas. India imports about 88% of its crude oil, 50% of its natural gas and 60% of its LPG requirements. Before the recent escalation involving US-Israel strikes on Iran and Tehran’s retaliation, a significant share of these imports came from West Asia, including countries such as Saudi Arabia and the UAE. The ongoing conflict has disrupted supplies due to a blockade of the Strait of Hormuz, a key transit route for Gulf energy exports. While India has partly offset crude disruptions by sourcing oil from countries like Russia, gas supplies to industrial users have been curtailed and LPG availability for commercial establishments has been reduced. In response, gas allocation has been prioritised for households and transport, with full supply to PNG and CNG users. Industrial and commercial consumers are receiving around 80% of their usual supply, while fertiliser plants are operating at 70–75% capacity, with additional LNG cargoes being arranged. The government has also accelerated the expansion of city gas distribution networks by easing approvals and promoting a shift from LPG to PNG. More than 2.9 lakh new PNG connections were added in March alone. Companies such as Indraprastha Gas, Mahanagar Gas, GAIL Gas and BPCL are offering incentives to encourage PNG adoption. Despite geopolitical disruptions, LPG deliveries remain stable, with no reported shortages. Daily refill deliveries have crossed 55 lakh cylinders, and measures to curb diversion have been tightened. Commercial LPG supply has been restored to around 70% of pre-crisis levels, with priority given to hospitality, food services and key industries. To manage supply, the government has increased kerosene allocations to states and intensified action against hoarding and black marketing, conducting around 2,900 raids and seizing nearly 1,000 cylinders in recent days. States have been directed to enhance monitoring, hold daily briefings, counter misinformation and fast-track approvals for gas infrastructure. The government has also urged the public not to believe rumours. Consumers in areas with PNG access, including those in rented homes, will be required to transition, with officials treating gas as a basic utility similar to electricity and water. Around 60 lakh consumers are estimated to be eligible for the shift, with about 2.2 lakh already having moved from LPG to PNG in recent days. The government is targeting 12.6 crore PNG connections by 2032 as part of its push to expand city gas distribution networks.