Apple has requested an Indian court to prevent the Competition Commission of India from seeking its global financial records while it challenges the underlying antitrust law's validity. The US tech giant is embroiled in a high-stakes legal battle with the CCI, whose investigation accused Apple of abusing its position on its app store, allegations Apple denies. Apple fears potential fines up to $38 billion if the watchdog uses its global turnover for penalty calculations. Despite Apple's challenge to India's 2024 penalty rules, the CCI issued a December 31 order demanding financials. Apple's January 15 filing asks Delhi High Court to halt the investigation entirely. The court will hear the matter January 27. (PC: Reuters)

India and the United Arab Emirates have signed a long-term liquefied natural gas agreement worth over $2.5 billion. The deal was sealed between ADNOC Gas and Hindustan Petroleum Corporation Ltd. Under the agreement, ADNOC Gas will supply 500,000 tonnes of LNG to India each year for ten years. ADNOC said the contract makes India its largest natural gas customer. From 2029, Indian firms are expected to take over 20% of ADNOC Gas’s annual output. The agreement was signed during UAE President Mohamed bin Zayed’s visit to New Delhi, where both sides also discussed trade and defence cooperation. (PC: X)

Gold prices stayed near record highs, with spot gold around $4,675 per ounce, driven by rising global trade-war risks and a flight to safe-haven assets. U.S. President Donald Trump’s tariff threats and push regarding Greenland soured market sentiment, weakening the dollar and triggering sell-offs in stocks and bonds. Silver also traded close to its record level, though slightly lower. Investors favoured precious metals amid heightened geopolitical uncertainty and expectations of lower interest rates, which reduce the cost of holding bullion. Continued tensions and potential escalation of trade disputes could push gold above $4,700. (PC: Reuters)

IT major Tata Consultancy Services has said job cuts may continue in 2026 if needed. The company has let go of around 30,000 employees in the last six months. TCS said the exits are part of an ongoing restructuring plan announced in 2025. The company added that there is no fixed target for layoffs. Every exit will follow an internal process and valid reasons. TCS’ total workforce fell to about 5.82 lakh by December 2025. The move comes as firms adjust to AI tools, lower demand, and cost pressures. Tighter office attendance rules and delayed appraisals have also raised employee concerns.

India's National Investment and Infrastructure Fund (NIIF), KKR, and Sembcorp are competing to acquire renewable energy supplier Sprng Energy from Shell Plc in one of India's biggest renewable M&A deals. Shell purchased Sprng from Actis for $1.5 billion three years ago and has since expanded the company's 5GW energy generation portfolio. The three contenders submitted non-binding offers in late December, with Macquarie also showing interest. Shell is reviewing strategic options to unlock long-term value, driven by shareholder pressure to focus on core exploration and production. Shell previously attempted partial divestments last year, but valuation mismatches stalled those efforts. The sale could become the largest renewable energy M&A deal this year. (PC: iStock)

Reliance Industries Limited strongly denied Bloomberg's report claiming three Russian oil tankers were heading to its Jamnagar refinery. RIL clarified it received no Russian oil cargo in approximately three weeks and expects no deliveries in January. The company expressed deep displeasure that Bloomberg published the report despite RIL's denial, accusing the publication of ignoring its clarification and tarnishing its image. Bloomberg had reported three vessels carrying 2.2 million barrels of Urals crude were signaling Jamnagar as their destination for early January delivery. The world's largest oil refining complex in Gujarat faces heightened scrutiny following US sanctions on Russian oil producers Rosneft and Lukoil since October 2025. (PC: Times Now)

Shares of major Indian tobacco firms fell sharply on January 1, 2026, after the government announced a new excise duty on cigarettes set to take effect from February 1. The finance ministry’s order imposes levies ranging from ₹2,050 to ₹8,500 per 1,000 cigarettes depending on length, on top of the existing 40% Goods and Services Tax, significantly raising costs for producers and smokers. ITC’s stock dropped over 4% and Godfrey Phillips fell around 8%, marking notable declines in the market as investors reacted to the expected impact on sales and profitability. The tax change is part of broader efforts to curb tobacco use and increase revenue. (PC: Reuters)

The Union Cabinet on 31 December 2025 approved a major relief package for debt-ridden telecom firm Vodafone Idea, freezing its adjusted gross revenue (AGR) dues of ₹87,695 crore and granting a five-year moratorium on payments. The dues will now be rescheduled for payment over a 10-year period from FY2032 to FY2041, with the Department of Telecommunications to reassess the frozen amount under audit guidelines. AGR liabilities for FY18 and FY19 remain payable under existing schedules. The move aims to bolster Vodafone Idea’s financial stability, protect the government’s stake, and maintain competition in the telecom sector. Shares fell sharply on the news. 

India has imposed a three-year import duty on select steel products to curb a rise in cheap shipments, mainly from China. The tariff will be 12 per cent in the first year, 11.5 per cent in the second, and 11 per cent in the third. The move follows complaints from local producers over a surge in low-priced imports that hurt domestic sales. India is the world’s second largest crude steel maker. The government had earlier placed a 12 per cent temporary duty for 200 days, which ended in November. An industry body had also sought anti-dumping action through the trade remedies office in August. (PC: India Today)

India is reportedly seeking over $30 billion in compensation from Reliance Industries Ltd (RIL) and its partner BP over alleged under‑production of natural gas from the D1 and D3 offshore fields in the KG‑D6 block of the Krishna‑Godavari Basin. Government submissions to a three‑member arbitration tribunal claim the companies failed to meet production targets, causing losses of gas and value. Final arguments concluded in November 2025, and a decision is expected by mid‑2026. However, Reliance has strongly denied any $30 billion claim, calling reports “factually incorrect”.