Tata Group Chairman N. Chandrasekaran has already held preliminary discussions with potential CEO candidates who have experience in managing large airlines, according to people familiar with the issue.

Current CEO Campbell Wilson, whose contract expires in mid-2027, is also reported to be not interested in continuing with the airline. So the new appointment will, in a sense, be a friendly parting of ways, according to a source.

The main reason that has triggered the move for the change in guard is that Air India is likely to miss the March 31 target fixed for the airline to break even. The Boeing 787 Dreamliner crash in Ahmedabad in June 2025 came as a huge setback for Air India and its revival plans.

A query sent to Air India by IANS on the issue of the appointment of a new CEO was not answered until the time of filing this report.

Although the Tata Group has made big investments to modernise the fleet and expand routes, the airline’s turnaround has been facing hurdles due to delays in aircraft deliveries and refurbishments that were planned for older planes in the fleet.

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The report from Systematix Institutional Equities said that profitability will improve due to sustained sequential advances growth, higher fee income and lower credit costs.

The brokerage forecasted growth momentum in advances to sustain, arising from lower interest rates, benefits due to GST rate reduction and higher tax limits.

Further, it predicted net interest margins to see a dip in Q4 but improve from there on as cost of deposits is expected to trend lower with reprising of existing book and normalisation of unsecured segment slippages, resulting in lower credit cost.

“Although the yield on advances (YOA) continues to decline, the positive impact from prior term deposits’ (TD) rate reductions is expected to become evident this quarter onwards. Further, advantages from Cash Reserve Ratio (CRR) reductions, should help maintain steady margins,” it said.

Banking system advances expanded 4.5 per cent quarter‑on‑quarter and 11.7 per cent year YoY as of December 12, 2025, according to the RBI data. The report said that the fee income is expected to rise with improvement in advances growth while trading gains may decline as benchmark 10 year ‘G-Sec yields’ improves.

Most banks have reduced rates on both savings accounts and term deposits earlier in the cycle to protect their margins. While the savings account rate cuts had an immediate impact on the cost of funds, the benefits from term deposit rate reduction due to the lagged repricing of existing fixed-rate deposits are expected to become more visible from this quarter onward, the report noted.

Another recent report noted that asset quality is expected to be steady for most banks, except some surge in seasonal agri slippages, the brokerage said, adding, Q3 will likely be characterized by steady recovery trends, which will help cushion credit cost impact.

On January 2, Bank Nifty surged to a fresh all-time high of 60,152.35, driven by continued strength in the banking pack.

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Markets also remained cautious amid mixed global cues following a US military operation in Venezuela that resulted in the capture of President Nicolas Maduro.

At the close of trade, the Nifty ended at 26,250.30, slipping 78.25 points or 0.3 per cent.

“The 26,300–26,350 band now stands as a key overhead resistance; a decisive and sustained breakout above this range could revive bullish momentum and open the path toward 26,500 in the near term,” an analyst said.

“On the downside, a clear break below 26,200 may invite a corrective move toward 26,050–26,000,” according to the analyst.

The Sensex also finished in the red, settling at 85,439.62, down 322.39 points or 0.38 per cent.

Earlier in the day, markets had moved higher, with the Nifty touching a fresh record high of 26,373.20.

However, the gains were short-lived as investors booked profits at higher levels, leading to a pullback in the latter half of the session.

Heavyweight stocks such as HDFC Bank, Infosys, HCLTech, Bajaj Finance and TCS were among the top losers on the Sensex, dragging the benchmark indices lower.

On the other hand, shares of Bharat Electronics, Hindustan Unilever, Tata Steel, UltraTech Cement and Axis Bank provided some support and ended the day as top gainers.

The broader market showed a mixed trend. The Nifty Midcap index ended marginally lower by 0.16 per cent, while the Nifty Smallcap index declined by 0.53 per cent.

On the sectoral front, technology and oil and gas stocks saw the maximum pressure, with the Nifty IT and Nifty Oil and Gas indices falling around 1 per cent each.

In contrast, real estate stocks outperformed the market, as the Nifty Realty index rose over 2 per cent.

FMCG and consumer durable stocks also ended higher — reflecting continued buying interest in defensive and consumption-driven sectors.

Looking ahead, Q3 earnings will dominate focus and guide near-term market trends, with sentiment remaining moderately positive, market watchers stated.

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During the programme, Pension Payment Orders were distributed to already retired employees of EPFO Regional Office, Kashmir by Vinay Kumar, Regional Provident Fund Commissioner, Srinagar.

Speaking on the occasion, Vinay Kumar appreciated the efforts of the Regional Office Srinagar for successfully initiating the Centralised Pension Processing Cell system for staff pensioners. He highlighted that the CPPC system will ensure timely and hassle-free disbursement of pensions, while also enhancing transparency and convenience for pensioners.

During the occasion, Social Security Assistant, Yasir Gowhar Mir, was presented with the Best Employee of the Month award for December 2025 in recognition of his outstanding contribution towards the generation of PPOs and the successful operationalisation of the CPPC system in respect of staff pensioners of EPFO Regional Office Srinagar.

The ceremony was attended by officers and staff of EPFO Regional Office Srinagar along with retired employees, who expressed satisfaction over the improved pension processing system.

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The precious yellow metal of 99.9 per cent purity had closed at Rs 1,39,440 per 10 grams on Friday.

Silver prices also extended their sharp rally, climbing by Rs 2,600 to Rs 2,44,000 per kilogram (inclusive of all taxes) from Friday’s close of Rs 2,41,400 per kg.

Traders said both gold and silver were driven by safe-haven demand as geopolitical risks have intensified.

“Gold and silver advanced on Monday, buoyed by geopolitical risks that continue to underpin safe-haven demand and act as a tailwind for bullion, particularly following heightened US actions against Venezuela,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

He noted that US President Donald Trump’s confrontational rhetoric on Colombia and Mexico has also raised concerns over potential regional instability in Latin America, further increasing demand for traditional safe-haven assets.

In the international market, spot gold rose by USD 87.74, or 2.03 per cent, to USD 4,418.24 per ounce.

“Spot gold is trading around the USD 4,420 level, buoyed by the geopolitical risk escalation as the US captured and removed the Venezuelan President Nicolas Maduro,” Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.

Spot silver also increased by USD 2.35, or 3.24 per cent, to USD 75.02 per ounce.

“Silver prices are trading higher due to strong industrial and investment demand, ongoing supply concerns, and global geopolitical tensions,” Satish Dondapati, VP & Fund Manager, Kotak Mutual Fund, said.

Dondapati added that recent price swings in the white metal were mainly caused by higher margin requirements announced by the CME group and China’s silver export restrictions that came into effect from January 1.

Renisha Chainani, Head – Research at Augmont, said silver’s ascent has been structurally supported by governmental measures across the global supply chain.

In November, the US designated silver as a key mineral due to its extensive use in electrical circuits, batteries, solar cells, and anti-bacterial medical tools.

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Growers from Bhaderwah in Doda district—where nearly 4,000 farmers have shifted from traditional maize cultivation to lavender—said the influx of cheaper imported lavender oil has severely impacted domestic prices, eroding incomes and discouraging new cultivation.

“Lavender changed our lives initially. It required less water, gave better returns than maize and opened new market opportunities,” said a group of farmers from Bhaderwah. “But unchecked imports have crashed prices, and many of us are now struggling to even recover our costs.”

The Purple Revolution, promoted under national mission programmes, positioned lavender as a game-changer for hill agriculture in Jammu and Kashmir, particularly in the temperate belt of Bhaderwah. Farmers say the crop helped diversify agriculture, reduced dependence on low-value cereals and generated rural employment, especially for women.

However, growers allege that imported lavender oil and raw material, mainly from overseas markets, are entering India at low tariffs, undercutting locally produced oil. “We are competing with countries where production costs are much lower. Without tariff protection, Indian farmers cannot survive,” said a lavender distiller from the region.

Farmers have demanded a rational increase in import duty on lavender oil and related products to ensure a level playing field. They also sought assured procurement, minimum support mechanisms and expansion of domestic value chains to stabilise prices.

“Our request for Budget 2026 is simple—protect Indian lavender,” said another grower. “If policy support is withdrawn now, farmers will be forced to abandon the crop and return to maize, undoing years of progress.”

Agricultural experts warn that neglecting lavender farmers could weaken confidence in alternative cropping models promoted in ecologically sensitive regions. “Policy consistency is crucial. Farmers took risks based on government assurances. Sudden market shocks can push them back into subsistence farming,” an expert said.

The growers have also sought increased support for processing units, branding of Bhaderwah lavender and export facilitation to strengthen domestic competitiveness.

As Union Budget 2026-27 approaches, lavender farmers say timely intervention is essential to sustain the Purple Revolution in Jammu and Kashmir and protect livelihoods built around the aromatic crop.

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“In our time, winter did not begin until Hoggard was ready,” says 68-year-old Ghulam Hassan of Bandipora, pointing to an empty courtyard where rows of fish once hung. “The smell would spread through the mohalla. No one complained. It meant we were prepared.”

Hoggard, derived from Hokh (dry) and Gadda (fish), evolved as a survival strategy in a land where winter snowfall once sealed off villages for months. With roads blocked and fresh food scarce, families depended on preserved foods—dried fish, turnips and vegetables—to get through the cold season.

“People talk about Wazwan and grand feasts,” Hassan says, smiling faintly. “But it was food like Hoggard that kept poor families alive.”

The preparation of Hoggard begins months before winter. Fishermen from the Hanji community catch snow trout and other local fish during late summer and autumn. The fish are cleaned, lightly roasted, wrapped in cloth and hung under the sun to dry gradually.

“It takes patience,” says Fatima Begum, 56, who has been preparing dried fish since her teenage years. “You must know when the sun is right, when moisture is low. One mistake and the fish spoils.”

She adds that women traditionally handled much of the drying and storage. “Our mothers taught us by showing, not by explaining. Now there is no one to teach.”

When winter sets in, the dried fish are soaked, washed and cooked in mustard oil with garlic, tomatoes, red chilli and fennel. The dish—*Hoch Gaade*—is unmistakable in smell and taste.

But that powerful aroma no longer finds favour with many young Kashmiris.

“My children don’t like it at all,” Fatima says. “My daughter tells me, ‘Don’t cook it when I come from Srinagar. The smell stays in the house.’ It hurts, but what can we do?”

The generational divide is stark. Younger people, accustomed to year-round vegetables, chicken and fast food, find preserved fish overwhelming. “They want pizza and noodles,” Hassan says. “This food belongs to another time for them.”

Improved connectivity has also reduced the need for preservation. Trucks carrying fresh produce now reach even remote villages in winter. “Earlier, we had no choice,” says resident Abdul Rashid. “Now, why struggle with drying fish when vegetables are available?”

For fishing communities, however, the decline of Hoggard is not just about taste—it is about identity.

“This is who we are,” says Mohammad Ashraf, a fisherman whose family has lived off Wular Lake for generations. “When Hoggard disappears, our connection to the lake weakens.”

Ashraf says environmental degradation has made the practice increasingly difficult. “Earlier, our boats returned full. Now, sometimes we come back with almost nothing. Pollution, silt, weeds—the lake is dying.”

According to fishermen, dwindling catches mean there is barely enough fish for daily meals, let alone drying for winter. “How can we make Hoggard when there is no fish?” Ashraf asks.

Many fishermen have already left the trade. “Some work as labourers, some drive autos,” he says. “When fishing goes, the tradition goes with it.”

Observers warn that Hoggard may vanish quietly, without notice. “This is not restaurant food, so no one markets it,” says a Srinagar-based food researcher. “But it tells us how Kashmiris survived winter before electricity, before highways.”

She adds that preserving such traditions is as important as saving monuments. “Once this knowledge is gone, it cannot be revived from books.”

Despite the decline, a few households still prepare Hoggard every winter, holding on to habit and memory. For them, the smell carries comfort.

The post The Fading Aroma of Winter: Kashmir’s sun-dried fish tradition struggles to survive appeared first on Greater Kashmir.

Maduro and his wife Cilia Flores have been indicted in the Southern District of New York and are being brought to the city to face the charges against them. Responding to a question on the situation in Venezuela and Maduro’s capture at a press conference, Mamdani said he “called the president and spoke with him directly to register my opposition to this act”.

“I registered my opposition. I made it clear and we left it at that,” Mamdani said, giving no details of what Trump’s response to him was. The extraordinary international development has come just two days after Mamdani was sworn-in as New York City Mayor. Mamdani was briefed Saturday morning by his administration officials, including his chief of staff and the police commissioner, on the US military capture of the Venezuelan president and his wife, as well as their planned imprisonment in federal custody here in New York City. Mamdani said the “blatant pursuit of regime change” impacts New Yorkers, including Venezuelans who live in the city. “Unilaterally attacking a sovereign nation is an act of war and a violation of federal and international law,” the newly sworn-in mayor said in a statement. “This blatant pursuit of regime change doesn’t just affect those abroad, it directly impacts New Yorkers, including tens of thousands of Venezuelans who call this city home. My focus is their safety and the safety of every New Yorker, and my administration will continue to monitor the situation and issue relevant guidance,” Mamdani said.

US Attorney General Pamela Bondi said in a post on X that Maduro and Flores have been indicted in the Southern District of New York. Maduro has been charged with narco-terrorism conspiracy, cocaine importation conspiracy, possession of machine guns and destructive devices and conspiracy to possess machine guns and destructive devices against the US.

“They will soon face the full wrath of American justice on American soil in American courts,” Bondi said, as she thanked Trump for “having the courage to demand accountability on behalf of the American People, and a huge thank you to our brave military who conducted the incredible and highly successful mission to capture these two alleged international narco traffickers”. Meanwhile, Congressman Raja Krishnamoorthi, a senior member of the House Permanent Select Committee on Intelligence, said while Maduro is an “illegitimate dictator” who has inflicted immense suffering on the Venezuelan people, that reality does not give any president a blank check to use military force without Congress authorisation. “By acting without congressional authorisation and publicly asserting US control over another sovereign nation, President Trump is abusing presidential power and undermining the Constitution’s separation of powers,” Krishnamoorthi said. He said the Trump Administration must immediately account for the safety of US personnel, disclose whether there were any casualties and fully and immediately brief Congress. “The president has now stated that the United States will run Venezuela, committing the country to open-ended responsibility. Neither the American people nor Congress approved that course. This use of force and claimed control erode the rule of law, embolden Moscow and Beijing to push boundaries elsewhere, weaken America’s credibility, and ultimately make Americans less safe,” Krishnamoorthi said.

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The demand was raised during an on-spot inspection of the estate conducted by the Committee on Estimates of the Jammu & Kashmir Legislative Assembly, accompanied by senior officers of the Industries and Commerce Department.

Leaseholders, led by their president Khalid Wani, informed the Committee headed by Chairperson MLA Shameema Firdous that despite allotments being made years ago, possession of land has not been handed over, resulting in stalled projects and loss of livelihood opportunities for local youth. They said the prolonged uncertainty has discouraged entrepreneurs and undermined confidence in the industrial ecosystem.

Taking note of the concerns, the Committee impressed upon the concerned officers to expedite the process. Director Industries (Kashmir) Khalid Majeed informed the members that the matter is in its final stage and a Cabinet Note would be placed shortly after approval of the concerned minister to facilitate immediate handover.

Welcoming the assurance, stakeholders said a swift resolution would help revive investment and accelerate industrial activity in Pampore.

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In a statement, JKEEGA President Er. Pirzada Hidayatullah said a major milestone has been achieved with the approval of the long-pending regularisation proposal for engineering cadres. The approved proposal includes the regularisation of three Chief Engineers, thirteen Superintending Engineers, twenty-eight Executive Engineers and thirty-eight Assistant Executive Engineers, addressing years of stagnation within the department.

“This development reflects strong administrative resolve. Human resource stagnation had become a major bottleneck, but under the present leadership, several long-pending issues are being resolved,” the association said.

JKEEGA noted that the achievements have come despite the Power Development Department being held as an additional charge by the ACS. It said focused efforts to fill vacancies and fast-track promotions have strengthened the engineering hierarchy, leading to visible improvements in billing and collection efficiency and a reduction in AT&C losses through close monitoring of works.

Describing the pace of reforms as unprecedented, the association said the power sector is steadily moving towards self-sustainability.

In view of the progress, JKEEGA has urged Manoj Sinha to assign full-fledged charge of the Power Development Department to Shailendra Kumar, expressing hope that continuity in leadership would help achieve loss-free operations and round-the-clock power supply in Jammu and Kashmir.

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