Business
Budget tax hikes could see food prices soar, major supermarket boss warns
Tax hikes in the Budget could push soaring food prices even higher, the chief executive of Sainsbury’s has warned.
Simon Roberts said that customers were already holding back spending ahead of this month’s announcement, days after Rachel Reeves laid the ground to break her manifesto pledge by increasing income tax.
In a major speech on Tuesday, the chancellor put the country on notice of “hard choices” ahead, saying that “we will all have to contribute”, as she tries to fill a multibillion-pound hole in the nation’s finances.
Economists have warned Ms Reeves that a combination of sluggish economic growth, higher borrowing and Labour U-turns mean she must raise taxes or tear up her flagship borrowing rules in the Budget, a move which would risk creating turmoil in the markets.
Mr Roberts warned that inflationary pressures had already significantly impacted the supermarket sector this year, adding: “What we don’t want to see is further impacts that may cause further inflation. No one wants to see inflation go any higher.”
Marks and Spencer boss Stuart Machin also warned that Ms Reeves’s pre-Budget speech had fuelled customer worries over tax hikes and said shoppers were now “planning for the worst”.
The industry has already absorbed significant hits, including a rise in national insurance contributions in April which cost Sainsbury’s an extra £140 million, Mr Roberts said.
New red tape on packaging also added “tens of millions” to its expenses, with prices raised in response, he added.
The warnings came as the Bank of England held interest rates at 4 per cent, despite policymakers saying they believed inflation had “peaked”.
The Bank’s governor Andrew Bailey told a press conference that he wanted to see more evidence over the longer term that inflation would not rise again.
Members of the nine-strong committee voted five to four in favour of maintaining the rate, which is used to dictate mortgage rates and other borrowing costs.
Tony Blair’s think tank has warned Ms Reeves that she must slash taxes again before the next election if she breaks her key manifesto pledge and hikes them in the Budget.
It has also said any any tax hikes, such as raising VAT or income tax, must be done in tandem with pro-business policies to break Britain’s “tax-and-spend doom loop”.
MUMBAI: Serious Fraud Investigation Office (SFIO) has opened a formal probe into IndusInd Bank after a Dec 23, 2025 letter triggered an investigation under the Companies Act, 2013, over accounting lapses tied to internal derivative trades.In a filing, the bank said SFIO, under the MCA, seeks information after the lender flagged on June 2 issues spanning internal derivatives, unsubstantiated “other assets/liabilities”, and microfinance interest/fee income. It disclosed the update on Dec 18, pledged full cooperation, and posted details on its website.Derivatives irregularities have hit P&L by about Rs 1,960 crore as of March 31, 2025, eroding reported net worth by roughly 2.3% as of Dec 2024. Earlier profits were overstated as notional gains flowed into P&L while losses sat parked as assets, inflating NII and earnings quality. The derivatives irregularities saw several members of the senior management stepping down with the board bringing in Rajiv Anand from Axis Bank to head the private lender.The bank recognised the losses, absorbed pain in its FY25 earnings which tipped the bank into a Q4 FY25 net loss after one-off write-offs/provisions. Capital/net worth took a 2–2.5% post-tax hit, trimming buffers and nudging growth appetite and capital pricing.The derivatives loss resulted in the shares of the bank sliding as investors reassessed earnings credibility and governance. The scrutiny also sharpened on the board/management/audit committees, intensifying regulatory pressure and SFIO oversight.
MUMBAI: Navi Mumbai International Airport (NMIA) opens to commercial operations on Thursday after years of missed deadlines, opening a second gateway for air travel in the Mumbai region. The day will see four airlines operating about 30 domestic flights at India’s newest greenfield airport. The first scheduled arrival will be an IndiGo flight from Bengaluru, touching down at 8 am, while the first departure will also be operated by IndiGo, a morning service from Navi Mumbai to Hyderabad, scheduled to take off at 8.40 am. The terminal building will open to departure passengers around 6.40 am, said an NMIA spokesperson.“On Day One, domestic services will be operated by IndiGo, Air India Express, Akasa Air and Star Air connecting NMIA to nine destinations across India. The airport will handle 15 scheduled departures on the first day,” said an NMIA spokesperson.“During the initial phase, NMIA will operate between 8 am and 8 pm, with up to 24 scheduled daily departures to 13 destinations and the capability to manage up to 10 aircraft movements per hour. From Feb 2026, operations are planned to progressively scale up to round-the-clock services,” the spokesperson added. “Passenger services from day one will be supported by Digi Yatra-enabled contactless processing at designated touchpoints, along with trained terminal staff across kerbside, check-in, security and boarding areas,” the spokesperson said. Conventional check-in counters too will be available for passengers not opting for Digiyatra. Retail and food and beverage offerings have been curated with a focus on affordability and local preferences, the airport said.In its initial phase, NMIA opens with terminal 1 and one operational runway; the terminal building has a capacity to handle 20 million passengers annually, but it is expected to touch that number before mid-2026. The terminal building can accommodate about 2-3 million passengers beyond its declared capacity. The new airport is 45-50 km from North Mumbai, 35-40 km from South Mumbai and 35-45 km from the eastern suburbs.
Business
Logistics IPO: Yatayat Corporation files Sebi papers to raise funds; growth surge puts road freight firm in focus – The Times of India
Logistics and transportation services provider Yatayat Corporation India Ltd has filed draft papers with markets regulator Sebi to raise funds through an initial public offering, as the road freight segment continues to see strong demand, PTI reported.According to the draft red herring prospectus (DRHP), the proposed IPO will comprise a fresh issue of up to 77 lakh equity shares along with an offer for sale (OFS) of up to 56 lakh equity shares by a promoter, taking the total offer size to as many as 1.33 crore shares.The company said proceeds from the fresh issue will be used primarily to meet working capital requirements and for general corporate purposes.Yatayat Corporation operates in the road logistics space, with a focus on Full Truck Load (FTL) transportation, offering point-to-point freight movement across major logistics corridors in the country. Its operations are supported by a network of 34 branches and one warehouse spread across 12 states.The company services a diversified client base spanning agriculture and agri-inputs, building materials and construction, chemicals and allied industries, energy and power, engineering and industrial manufacturing, IT and technology solutions, metals and mining, textiles and apparel, as well as other industrial and consumer segments.On the financial front, Yatayat Corporation reported revenue from operations of Rs 448.13 crore in FY25, up from Rs 348.34 crore in FY24. Profit after tax rose to Rs 30 crore in FY25, compared with Rs 15 crore in the previous financial year.Unistone Capital has been appointed as the sole book-running lead manager to the issue, the draft papers showed.
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