A fire broke out at the HPCL Rajasthan Refinery Limited (HRRL) facility in Rajasthan, one day before Prime Minister Narendra Modi was scheduled to inaugurate it. The incident occurred at a project valued at ₹79,459 crore, structured as a joint venture between Hindustan Petroleum Corporation Limited (HPCL) and the Government of Rajasthan. The timing is acutely sensitive: a pre-inauguration fire at a flagship state-backed infrastructure project raises immediate questions about operational readiness and commissioning protocols. HRRL represents one of India's larger downstream energy investments, and any delay to its formal launch would carry both political and commercial weight. The incident will likely prompt a review of safety clearances before the inauguration proceeds, with market attention on whether HPCL's project timeline and capital deployment schedule are affected. The status of the inauguration event and the extent of damage to refinery infrastructure are the two critical facts to watch as the situation develops.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
