3 June 2016 | Today’s Latest and Top 10 Business News of India

On Jun 3, 2026

TEN NEWS NETWORK

India News (03/06/2026) :1. Forex Reserves Scale Historic High The Reserve Bank of India (RBI) announced that India’s foreign exchange reserves surged by $3.27 billion, hitting a then-record lifetime high of $363.46 billion.

2. Tata Power Inks Massive Welspun Deal
In one of the largest consolidation moves in India’s green energy landscape, Tata Power Renewable Energy Ltd signed a definitive share purchase agreement to acquire the green energy portfolio of Welspun Energy for an estimated ₹9,249 crore ($1.4 billion).

3. Cabinet Tweaks Aviation FDI Cap
The Indian government aggressively overhauled foreign direct investment (FDI) norms, allowing 100% FDI in India-based airlines under the automatic route. However, foreign carriers remained capped at a 49% stake ownership limit in domestic ventures.

4. BSE Gets RBI Nod for Sovereign Gold Bonds The Bombay Stock Exchange (BSE) received formal approval from the central bank to launch an online bidding platform for the Government’s Sovereign Gold Bond (SGB) scheme, significantly easing retail access to digital gold.

5. Medicine Price Caps Extended to 42 Drugs The National Pharmaceutical Pricing Authority (NPPA) slashed and capped the ceiling prices of 42 essential medicines—including critical drugs for cancer, tuberculosis, and cardiac issues—by up to 15%.

6. Cairn Energy Retrospective Tax Arbitration Commences The high-stakes international arbitration panel, headed by Geneva-based Laurent Levy, held its first procedural hearing in Paris regarding Britain’s Cairn Energy challenging India’s ₹29,047 crore retrospective tax demand.

7. HDFC Ergo Acquires L&T General Insurance In major banking and insurance consolidation, HDFC Ergo General Insurance announced it would acquire 100% of L&T General Insurance in an all-cash deal worth ₹551 crore, further strengthening HDFC’s retail market footprint.

8. BHEL Boosts Power Infrastructure in Bihar State-run Bharat Heavy Electricals Limited (BHEL) successfully commissioned a new 195 MW unit at the Muzaffarpur Thermal Power Station Stage-II in Bihar, expanding power grid capacity for the joint venture between NTPC and BSPGCL.

9. Telecom Spectrum Auction Rules Finalized The Department of Telecommunications (DoT) finalized the ground rules for India’s then-upcoming monster spectrum auction, laying out the baseline pricing structures for premium 4G bands like 700 MHz, which telecom majors later flagged as too expensive.

10. Markets React to Global Oil Uncertainties On the macroeconomic front, the benchmark BSE Sensex traded around the 26,800 mark, caught in a tug-of-war as international crude oil prices hovered closely around $50 per barrel and investors cautiously awaited the upcoming RBI policy review.