Pune: CM Devendra Fadnavis on Monday said people questioning the performance of BJP should first look in the mirror before asking what the party had done in Pune. Although he didn’t name his deputy, Ajit Pawar, observers said he was likely alluding to the NCP chief’s recent corruption charges levelled against BJP over its governance in Pune and Pimpri-Chinchwad civic bodies.“I decided that I would be speaking on the development of cities in my campaign rallies [for the 29 municipal corporations going to polls on Jan 15]. However, in Mumbai, I will have to respond [to the criticism by the opposition]. If I do not speak there, some people may think we are weak,” Fadnavis said without referring to the Thackeray cousins, Sena (UBT) president Uddhav and MNS chief Raj. Mahayuti allies BJP and NCP are contesting against each other in Pune Municipal Corporation (PMC) and Pimpri-Chinchwad Municipal Corporation. Ajit Pawar’s NCP has formed an alliance with his uncle Sharad Pawar’s NCP (SP). Recently, the deputy CM alleged that the development in both cities had slowed down because of BJP’s corrupt governance and that he is now part of the govt with those who had levelled corruption charges against him in the past. State BJP chief Ravindra Chavan hit back, saying if they started speaking against him, it would create trouble for the NCP chief. On Monday, it was Fadnavis’s turn to respond to the criticism. “The political campaign in Pune is heating up, with members from both sides speaking against each other. I just want to say if we go back in the past to speak about Pune’s development, some people will be in trouble as they will struggle to list out what they did for the city,” he said. Citing the example of the Pune Metro project, he said before BJP won the PMC election in 2017, the party (NCP) that earlier governed the local body only made an announcement about it but it never took off. “It was only after BJP started governing in 2017 that the project gained momentum,” Fadnavis said.

NEW DELHI/ MUMBAI: Indian stock market indices were in the red on Monday, while the rupee extended its weakness against the US dollar, amid concerns over American President Donald Trump’s fresh comments over tariffs.The bellwether BSE sensex closed 0.4% or 332 points lower at 85,440 points, while NSE closed 0.3% lower at 26,250. The sensex was dragged down by HDFC Bank, tech stocks and Reliance.The rupee weakened for the fourth straight session and closed 10 paise lower at 90.30 against the US dollar, as geopolitical uncertainty strengthened the greenback’s appeal. The Indian currency has lost 55 paise since Dec 30, 2025, when it closed at 89.75 a dollar.Most Asian markets, however, gained, while Wall Street’s main indices surged on Monday, with the blue-chip Dow hitting an all-time high due to soaring financial stocks, while energy firms rose after a US military strike that captured Venezuelan President Nicolas Maduro.Investors bet the move against Venezuela’s leadership would allow American firms access to the world’s largest oil reserves. S&P’s energy index gained 1.3%, with heavyweights Exxon Mobil and Chevron rising 1% and 4%, respectively. Defence-related stocks also advanced after Washington’s military action. Lockheed Martin rose 2.5% and General Dynamics climbed 2.8%. The broader aerospace and defence index gained 1.2% to hit an all-time high. The price of US crude jumped 1.4% to $58.1 a barrel with brent rising 1.2% to $61.5 a barrel.

MUMBAI: Reserve Bank of India on Monday warned non-banking financial companies in Mumbai to tighten underwriting and monitor risks closely, marking the third caution in eight days.The RBI met managing directors and CEOs of select NBFCs, including govt NBFCs, housing finance companies and microfinance institutions. The governor said while NBFCs play a key role in credit transmission, they must maintain sound underwriting standards, closely track asset quality, follow customer-centric and ethical practices, lend responsibly, and ensure prompt grievance redressal to preserve confidence and support orderly growth.The meeting underlined risks flagged earlier in the Trend and Progress of Banking report and the Financial Stability Report. The Financial Stability Report released on Dec 31, had warned that funding dependence remains a core vulnerability. “NBFCs remain heavily dependent on bank borrowings, creating contagion risks between the two sectors,” the report said. Concentration risk has also risen, with banks acquiring nearly 80% of securitised assets from a limited set of NBFCs, creating “correlated risk,” where stress at a few large originators could affect multiple banks.Asset quality indicators show mixed signals with segments like microfinance still showing signs of stress. Rapid growth in fintech-led unsecured lending has also drawn scrutiny. “Fintech firms have seen rapid growth in unsecured personal loans. There is higher impairment observed in small-ticket loans (up to Rs 50,000) and among borrowers with loans from multiple lenders,” the report said. It added that impairments were relatively higher in small-ticket loans and among borrowers with unsecured loans from five or more lenders.

MUMBAI: London-based private equity (PE) firm Apax Partners has picked up an over 35% minority stake in iD Fresh Food in a deal pegged at more than Rs 1,500 crore, said people aware of the matter. As part of the transaction, Apax Partners has acquired some stakes from the company’s existing shareholders Premji Invest and TPG NewQuest, giving them partial exits. ID Fresh Food and Apax Partners did not disclose the financial specifics and contour of the deal. PE investors are betting on the local food and beverages space amid a growing consumer market. Helped by higher disposable incomes and a wider exposure to global trends, Indians are experimenting with new formats, brands and seeking better choices. A young population and rising digital adoption have also changed the way people consume things. Last month, US-based L Catterton bought a minority stake in Haldiram Snacks Food while General Atlantic is set to take a bite of Balaji Wafers. Bengaluru-based iD Fresh Food makes idli, dosa batter and a range of other items such as Indian flatbreads and value-added dairy products, operating in the convenient foods space, a category that has been finding traction among consumers. With Apax Partners on board, the company will step up growth in India and Gulf markets, besides foraying into new regions. “iD Fresh sits at the intersection of several powerful, long-term trends in India—rising incomes, rapid urbanisation, and consumers’ desire for convenient yet fresh, clean label food at home. The company has delivered strong, consistent growth while scaling profitability,” said Rohan Haldea, partner at Apax in a statement on Monday.