India’s IOC and HPCL Buy 2 Million Barrels of Venezuelan Merey Crude for April Delivery
India’s state-run refiners, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), have jointly purchased 2 million barrels of Venezuelan Merey crude oil for delivery in the second half of April, according to trade sources familiar with the transaction.
Under the deal brokered by commodities trader Trafigura, one very large crude carrier (VLCC) will transport the cargo to India’s east coast, with IOC lifting around 1.5 million barrels and HPCL taking approximately 500,000 barrels.
This marks HPCL’s first-ever purchase of Venezuelan crude, while IOC—India’s largest refiner—has previously processed Venezuelan oil. The move forms part of a broader strategy by Indian refiners to diversify crude imports and reduce reliance on Russian oil amid evolving global energy dynamics.
The deal follows recent purchases by other Indian firms of Venezuelan cargoes and reflects Tehran’s wider re-entry into global markets after sanctions were eased
Sarvam AI Partners with Tamil Nadu and Odisha to Build Sovereign National Compute Grid
Indian AI firm Sarvam AI has entered strategic partnerships with the governments of Tamil Nadu and Odisha to build a nationwide sovereign computing grid and localized AI ecosystem. The initiative aims to create large-scale AI infrastructure and language models tailored to Indian languages, ensuring wider and more inclusive AI access. CEO Pratyush Kumar said the partnerships will focus on at-scale compute capacity, sovereign AI models, and institutional readiness for adoption.
Under a February 6, 2026 MoU, Sarvam AI and the Odisha government will develop a 50MW AI-optimized facility. The hub will support industrial safety through Vision AI and Odia-to-English voice tools to boost youth employability, while also acting as a national compute backbone for other states. The collaborations signal a shift toward digital self-reliance and full-stack Indian AI development grounded in local data and cultural context.
RBI Issues Draft Norms to Curb Bank Mis-Selling and Digital “Dark Patterns”
The Reserve Bank of India (RBI) has released strict draft guidelines aimed at curbing mis-selling of financial products and eliminating deceptive practices in digital banking. Targeting tactics such as forced third-party bundling and interface “dark patterns,” the proposed rules seek to strengthen customer protection and transparency.
Under the framework, effective from July 1, 2026, banks will be required to obtain explicit, informed customer consent before offering or selling any additional financial products or services. The RBI has also directed lenders to redesign sales and incentive structures so employees are not pressured to push unsuitable products. Clear disclosures, opt-in mechanisms, and fair digital design standards will be mandatory.
The move is intended to ensure ethical sales practices, improve trust in banking channels, and prevent customers from being misled or coerced into unwanted financial commitments.
BHEL OFS Oversubscribed as Titan, Eicher and M&M Post Strong Q3 Earnings
The Indian government has launched an Offer for Sale (OFS) to divest a 3% stake in Bharat Heavy Electricals Limited (BHEL), drawing strong investor interest. The issue was fully oversubscribed by institutional investors on the first day, signalling robust market appetite for the PSU stock. The divestment forms part of the Centre’s ongoing disinvestment and capital-raising strategy.
Meanwhile, several major companies reported solid Q3 earnings. Titan recorded a sharp 61% rise in profit, supported largely by elevated gold prices and strong jewellery demand. Eicher Motors also posted healthy growth backed by steady vehicle sales performance. Mahindra & Mahindra (M&M) reported significant gains as well, driven by momentum in its auto and tractor segments. Together, the updates indicate continued strength across key manufacturing and consumer sectors.
