Business
Ministers yet to seek climate advice on Heathrow expansion
Joshua NevettPolitical reporter
PA MediaThe UK government’s climate change advisory panel has said it has not yet been asked to formally assess how plans to expand Heathrow airport would impact on carbon emissions targets.
The Climate Change Committee (CCC) told the BBC it would give a view on plans to build a third runway at Heathrow if advice was requested.
The government said the expansion must not breach the UK’s legally binding target of lowering emissions to net zero by 2050.
The CCC is required by law to assess whether the target will be met and it has repeatedly cautioned against airport expansion.
The government said it was assessing initial proposals on Heathrow expansion and would engage with the committee during the process.
Ministers can ask the CCC for ad-hoc advice on specific policy issues but is under no legal duty to follow it.
Lord Deben, a former CCC chairman, said there was “limited space for aviation growth” without emissions reductions.
“If they give planning permission for expansion of Heathrow that inevitably means there will be less opportunity for other airports in Britain,” Lord Deben said.
“This must be a sensible, logical decision and the CCC must be involved in giving advice.”
Greenpeace UK said there was an obvious need for independent experts at the committee “to assess the real risks and costs of any expansion”.
“Any attempt to side-step them would show a complete lack of confidence in Labour’s stated position regarding the tests a new runway needs to pass, and more importantly, miss the legal requirement for UK carbon reductions,” Dr Douglas Parr, policy director for Greenpeace UK, said.
The CCC also told the BBC it had not been asked to provide advice on any future expansion of Gatwick Airport.
A decision on a proposed second runway at Gatwick is expected in the coming weeks after Transport Secretary Heidi Alexander said she was “minded to approve” the expansion in February.
Chancellor Rachel Reeves announced the Labour government was backing plans for a third runway at Heathrow in January this year.
Reeves said Heathrow expansion, delayed for decades over environmental concerns, would “make Britain the world’s best connected place to do business” and boost economic growth.
At the time, the government said the expansion “must be delivered in line with the UK’s legal, environmental and climate obligations”.
The expansion of Heathrow has long been opposed by green groups and it is expected to face resistance and probably legal challenges, not least because of its environmental impact.
In July, the CEO of Heathrow Airport, Thomas Woldbye, insisted the expansion proposal was in line with the aviation industry’s target to be net zero by 2050.
But he acknowledged that planning permission would not be granted by the government unless legal limits of emissions were adhered to.
The government wants to review planning guidelines that will shape its decisions to expand Heathrow, Gatwick and other major airports.
Giving evidence to MPs this week, the CCC’s chief economist, Dr James Richardson, said it wasn’t too late to influence the review, which has not been launched yet.
But Labour MP Barry Gardiner said he was seriously worried the CCC was “acquiescing in what the government is planning for aviation”.
He questioned why the government had not sought the CCC’s advice before announcing its support for Heathrow’s expansion.
ReutersThe Climate Change Committee gave its most recent advice on aviation emissions in the Seventh Carbon Budget.
The budget, published in February, said the sector can reach net zero through the roll-out of sustainable aviation fuel, the electrification of planes, and managing growth in demand for flights.
But the committee suggested limiting airport expansion to reduce emissions and warned the development of low-carbon aviation technologies was “uncertain”.
“The aviation sector needs to take responsibility for its emissions reaching net zero by 2050,” the committee said.
“The cost of decarbonising aviation and addressing non-CO2 effects should be reflected in the cost to fly. This will help manage growth in aviation demand in line with net zero.”
A Department for Transport spokesperson said: “The government is assessing initial proposals on Heathrow expansion – a significant step towards unlocking growth, creating jobs, and delivering vital national infrastructure to drive forward our Plan for Change.
“The assessment of proposals is being conducted to support the forthcoming Airports National Policy Statement review, and we will engage the Climate Change Committee throughout this process.
“We have been clear any airport expansion proposals need to demonstrate they contribute to economic growth, can be delivered in line with the UK’s legally binding climate change commitments, and meet strict environmental requirements on air quality and noise pollution.”
Additional reporting by BBC transport correspondent Katy Austin
Business
Apollo Techno Industries IPO Last Day: Issue Receives 50.63x Subscription; GMP Rises To 9.23%
Last Updated:
Unlisted shares of Apollo Techno Industries are trading at Rs 136 apiece in the grey market, which is 4.6% premium over the issue price of Rs 130, indicating weak listing.
Apollo Techno Industries IPO.
Apollo Techno Industries IPO GMP: The initial public offering (IPO) of Apollo Techno Industries Ltd (ATIL) has been closed today, Friday, December 26. The price band of the Rs 47.96-crore IPO has been fixed in the range of Rs 123 and Rs 130. On the final day of bidding on Friday, the IPO received a total of 50.63x times subscription, garnering bids for 12,42,53,000 shares as against 24,54,000 shares on offer.
Its retail category got a 44.81x subscription, while its non-institutional investor (NII) quota got a 98x subscription. Its qualified institutional buyer (QIB) category has received a 25.26x subscription.
ATIL is a manufacturer specialising in trenchless technology and foundation equipment for the construction industry
Apollo Techno Industries IPO GMP Today
According to market observers, unlisted shares of Apollo Techno Industries Ltd are currently trading at Rs 142 apiece in the grey market, which is a 9.23 per cent premium over the issue price of Rs 130. It indicates a weak listing. Its listing will take place on December 31, Wednesday.
The GMP had stood at 4.62 per cent in the morning.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Apollo Techno Industries IPO: More Details
The Apollo Techno Industries Limited IPO is a book-built issue worth ₹47.96 crore, comprising only a fresh issue of 0.37 crore equity shares. There is no offer-for-sale component in the issue.
The IPO opened for subscription on December 23, 2025, and will close on December 26, 2025. The basis of allotment is expected to be finalised on December 29, 2025, while the shares are scheduled to list on the BSE SME platform on December 31, 2025, subject to approvals.
The price band for the issue has been fixed at Rs 123 to Rs 130 per share. The lot size is 1,000 shares. Retail investors are required to apply for a minimum of 2 lots (2,000 shares), translating into an investment of Rs 2.60 lakh at the upper end of the price band. For HNIs, the minimum application size is 3 lots (3,000 shares), amounting to Rs 3.90 lakh.
Beeline Capital Advisors Pvt Ltd is the book running lead manager to the issue, while MUFG Intime India Pvt Ltd is acting as the registrar. The market-making duties will be handled by Spread X Securities Pvt Ltd.
Apollo Techno Industries reported strong financial growth in FY25. The company’s revenue rose 44 percent, while profit after tax (PAT) surged 327 percent for the year ended March 31, 2025, compared with the previous financial year.
Incorporated in 2016, Apollo Techno Industries operates in the manufacturing and technology space, with a focus on equipment used in the construction and infrastructure sector.
The company specialises in trenchless technology and foundation equipment, catering to complex construction requirements. Its product portfolio includes Horizontal Directional Drilling (HDD) rigs, Diaphragm Drilling Rigs, Rotary Drilling Rigs, along with associated spare parts.
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December 26, 2025, 10:51 IST
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Business
New BIS standard for incense sticks: Govt bans certain substances; flags ‘potential impact on human health’ – The Times of India
NEW DELHI: The government issued a notification announcing a new Indian Standard for incense sticks (agarbatti), laying down quality norms and specifying a list of substances prohibited for use in their manufacture.The standard has been developed by the Bureau of Indian Standards (BIS) to ensure safer products and promote responsible and sustainable practices in the incense stick industry, the minister for consumer affairs said in a statement released on National Consumer Day 2025.The ministry released a list of harmful substances. “This includes certain insecticidal chemicals such as alethrin, permethrin, cypermethrin, deltamethrin, and fipronil, as well as synthetic fragrance intermediates like benzyl cyanide, ethyl acrylate, and diphenylamine. Many of these substances are restricted or banned internationally due to their potential impact on human health, indoor air quality, and ecological safety,” it said.According to the notification, the standard classifies agarbattis into machine-made, hand-made, and traditional masala agarbattis, and prescribes norms for raw materials, burning quality, fragrance performance and chemical parameters. This, the ministry said, will ensure safer products and consistent quality for consumers.Agarbattis are deeply embedded in India’s cultural and religious life and are widely used in homes, places of worship, meditation centres.With rising global demand for incense products growing steadily in India and overseas, the international studies and regulatory developments, “particularly in Europe have raised concerns over the use of certain synthetic chemicals in fragranced products, including incense sticks,” the release stated.Some of these substances have been linked to respiratory irritation, allergic reactions, neurological effects and environmental harm when used repeatedly in indoor environments, it added.The standard has been developed by the Fragrance and Flavour Sectional Committee (PCD 18) of BIS after extensive consultations with stakeholders.India is the world’s largest producer and exporter of agarbattis. The industry is estimated at around Rs 8,000 crore annually, with exports worth nearly Rs 1,200 crore to over 150 countries, including the US, Malaysia, Nigeria, Brazil and Mexico.The sector supports a large network of artisans, micro-entrepreneurs and MSMEs, especially in rural and semi-urban areas, and plays a key role in generating employment, particularly for women.The government said the new standard is “expected to enhance consumer confidence, promote ethical and sustainable manufacturing practices, support traditional artisans, and improve access to global markets. The standard reinforces India’s commitment to protecting its cultural heritage while aligning indigenous industries with modern quality and safety expectations. Products complying with this standard can also carry the BIS Standard Mark, helping consumers make informed choices with confidence.“
Business
Ask Dhirendra: ‘If I know markets go up in the long run, why do short-term losses bother me so much?’ – The Times of India
“‘If I know markets go up in the long run, why do short-term losses bother me so much?’This is one of the most honest questions an investor can ask.On paper, you know the logic. You’ve seen all the charts: “Sensex 100 to 70,000”, “Nifty over 20–25 years”, “equity beats inflation in the long run”. You nod wisely when someone says, “Equity is for the long term.”And then one fine day, you open your app, see your portfolio down 8–10 per cent, and your stomach drops.The mind says, “Long term”.The heart says, “Bas, ab yeh band karo.”Let’s start with some sympathy: there is nothing wrong with you. Your brain is not designed for SIPs; it is designed for survival.When our ancestors saw red (blood, fire, and danger) the correct response was to panic and run. Today, your app shows red numbers, and your brain uses the same wiring: “Danger, danger, get out.” The problem is that the stock market is the only place where running at the wrong time converts a temporary fall into a permanent loss.It helps to see what “short term” and “long term” actually look like in numbers.
The market tests patience before it rewards it
When we look at this kind of data at Value Research, the pattern is always similar. Over the course of a year, losses are frequent. Over ten-year periods, they shrink dramatically. So the market is not misbehaving when it falls in a single year. It’s behaving exactly like a market. It is unrealistic to expect a smooth, linear upward graph.There’s another uncomfortable truth. You don’t look at your portfolio like a long-term investor; you look at it like a daily scorecard. Every time you open the app, the number on top becomes a verdict on your intelligence. Up means “I am smart”; down means “I am stupid.” Of course, you don’t want to feel stupid for three months in a row.Now we put some more structure on this feeling.Imagine you start a ₹10,000 monthly SIP in a good, diversified equity fund for 15–20 years. Somewhere along the way, there is a year when the market is down 20 per cent.There are only three things that can happen in that year:
- You panic and stop your SIP or redeem.
- You grit your teeth and do nothing.
- You not only continue but increase your investments.
The cost of doing the wrong thing at the wrong time
When we run such scenarios at Value Research, the surprising part is this: the investor who simply does nothing in bad years often beats the one who keeps jumping around trying to avoid pain.So why can’t we “do nothing” easily?Partly because we confuse volatility with failure, a minus 10 per cent year feels like a verdict on our choice rather than a normal part of the journey. And partly because we mix up time horizons. We say, “This is for my retirement in 2045,” and then behave as if the performance over the last 45 days is all that matters.One practical way to calm yourself is to separate money by purpose. If you put all your money into the market and then need some of it next year, of course, every fall will feel catastrophic. But if you’ve done the boring work—kept an emergency fund, kept short-term money in safer avenues—then the equity money is truly long-term. You’re not going to need it next Diwali, so you don’t have to judge it every Diwali.Another trick is to change what you watch.Instead of staring at the absolute value, look at two different things:
- How much time do you have left before you actually need this money?
- How much of your target have you already accumulated?
At Value Research, our planning tools and advice try to shift people from “portfolio value today” to “probability of meeting your goal over time”. It’s much easier to tolerate a bad year in the market if you see that you’re still broadly on track for your long-term destination.And finally, accept this: you don’t have to enjoy seeing losses. You just have to not overreact to them. The test of a good investment is not whether it goes up every quarter; it’s whether it helps you reach your goals over ten or twenty years, without making you do something foolish in between.So if you know markets go up in the long run but short-term losses still bother you, that just means you’re human. Good. Stay human. Just put a system around your humanity:
- Keep your emergency and near-term money out of harm’s way.
- Use equity only for genuinely long-term goals.
- Decide your SIPs when you are calm, and refuse to renegotiate them with your panicked future self.
Red numbers on a screen are not a verdict on your intelligence. Most of the time, they’re just the market’s way of asking, “Did you really mean it when you said long term?”If the answer is yes, close the app and let time do the arguing for you.If you have any queries for Dhirendra Kumar you can drop us an email at: toi.business@timesinternet.in(Dhirendra Kumar is Founder and CEO of Value Research)
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Apollo Techno Industries IPO Last Day: Issue Receives 50.63x Subscription; GMP Rises To 9.23%
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