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Business Standard
Oct 29, 2025, 05:01 AM
Indian Capital Market Stocks Fall Amid Sebi's Proposed Mutual Fund Regulation Changes

Indian Capital Market Stocks Fall Amid Sebi's Proposed Mutual Fund Regulation Changes

Capital market stocks todayCapital market stocks, including stock broking and asset under management companies (AMCs), came under pressure selling on Wednesday with the Nifty Capital Markets index slipping 3 per cent on theNational Stock Exchange (NSE) in the intraday trade.At 09:24 AM, Nifty Capital Markets index was trading as the top loser among thematic indices, down 2.2 per cent at 4,539.20, as compared to 0.21 per cent rise in the Nifty 50. The capital markets index slipped 3 per cent to 4,500.90 in the intraday trade.The index had hit a record high of 4,768, more-than-doubling or zooming 137 per cent from its 52-week low of 2,009.60, the NSE data shows.Among stocks, Nuvama Wealth Management, Computer Age Management Services (CAMS), HDFC Asset Management Company, Motilal Oswal Financial Services, 360 One WAM, Nippon Life India Asset Management, and KFin Technologies from the Capital Markets index declined in the range of 5 per cent to 9 per cent on theNSEin the intraday trade.ALSO READ:Stock Market LIVE: Sensex, Nifty off highs; smallcaps weak; capital market stocks under pressureAlso ReadRobust Q2, GST tailwind lift M&M Fin to 52-wk high; brokerages lift targetsJM Financial initiates coverage on Endurance Tech with a 'Buy'; here's whyAnalysts split on Shree Cement post Q2 show: should you buy, sell, or hold?SRF's chemicals biz leads Q2 growth; analysts stay bullish; check targetsChennai Petroleum posts strong Q2; analysts upbeat on GRM, earnings outlookWhy are capital market-related stocks falling today?Broking and AMC stocks were falling in trade today following a consultation paper, released by the Securities and Exchange Board of India (Sebi), on overhauling the mutual fund (MF) regulations to simplify the rules and reduce costs for investors. This is the second such consultation paper; the earlier one was released in May 2023.Sebi has proposed changes in MF regulations, including lower brokerage cost, statutory levies like STT, CTT, GST, and stamp duty to be excluded from the total expense ratio (TER) limits, and performance-linked fees.The reduction in the cap on brokerage and transaction costs, with cash market brokerage falling from 12 to 2 bps and derivative transactions from 5 to 1 bps. Regulator noted investors are being double charged - once at management fees and also at brokerage level. Besides, the regulator proposed removing the additional 5 bps that fund houses previously collected via exit loads.ALSO READ:Cipla Q2 preview: Pharma major may see stable qtr; check key estimates hereThe exclusion of statutory levies means that these statutory taxes can be charged over and above the capped brokerage costs. The fund houses could be allowed to charge performance-based differential fees. AMCs now allowed other activities like advisory services to specific Family Offices or Global Endowment funds etc."The development is mainly negative for brokerages and AMCs to a certain extent. Significant reduction in brokerage fees paid by MF industry to brokerages is likely to impact revenue for brokerages. In the near-term, AMC may share the burden but shall ultimately pass on," ICICI Securities said in a note.The removal of an additional 5 bps TER can have an impact on the earnings of AMCs if they absorb the hit, or it could have an impact on distributors if the AMCs cut commissions to offset the hit. For customers, it will lower the TERs. If the distributors' commissions are cut, Anand Rathi, 360 One, and Nuvama could see earnings cut, according to Motilal Oswal Financial Services (MOFSL).The brokerage firm said that its estimates suggest that forAnand Rathi, a 5bps cut in commissions could lead to about 4.8 per cent hit on earnings. For 360 One, the hit would be 2 per cent on earnings if the commissions are cut on MFs, while the AMC hit of 5bp would be less than 0.5 per cent.The reduction in the cap of brokerage rates paid by AMCs would not impact AMCs in terms of financial performance but would have an impact on brokers' realisations. For customers, this will lower the overall expense charged to the scheme, MOFSL said.
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Business Standard
Oct 29, 2025, 04:45 AM
Cipla Q2FY26 Results Preview: Revenue Growth Expected Amid US Market Pressure

Cipla Q2FY26 Results Preview: Revenue Growth Expected Amid US Market Pressure

Cipla Q2FY26 results preview:India’s leading pharmaceutical company, Cipla, is expected to report steady year-on-year (Y-o-Y) growth in revenue and profit for theJuly–September quarter of FY26, supported by continued traction in its domestic, Africa, and Europe businesses. However, muted performance in the US market due to pricing pressure and lower gRevlimid sales could weigh on overall profitability. Sequentially, while revenue is likely to rise, margins may come under pressure amid higher R&D expenses.The Mumbai-headquartered pharma major is scheduled to announce its July–September quarter (Q2FY26) results on Thursday, October 30, 2025.According to brokerages tracked by Business Standard,Ciplamay see its revenue increase by 4.5 per cent Y-o-Y to ₹7,369.2 crore against ₹7,051 crore in the September quarter of FY25. Similarly, on a quarter-on-quarter (Q-o-Q) basis, the topline may grow by 5.9 per cent compared to ₹6,957.5 crore in Q1FY26.The pharma major is expected to report a profit after tax (PAT) of ₹1,361.6 crore for the September 2025 quarter, against ₹1,302.5 crore in Q2FY25, implying an increase of only 4.53 per cent Y-o-Y. On a quarterly basis, profits could fall by a significant 24.5 per cent. The company reported a PAT of ₹1,801.9 crore in the June quarter of FY26 (Q1FY26).According to brokerage forecasts, the company's earnings before interest, tax, depreciation and amortisation (Ebitda) is likely to slightly decrease by nearly 1 per cent to ₹1,869.1 crore in Q2FY26 compared to ₹1,885.6 crore in the year-ago period. However, on a sequential basis, Ebidta may increase 5.1 per cent from ₹1,778.1 crore in the June 2025 quarter.Also ReadNuvama retains 'Hold' on Cipla, raises target after Eli Lilly diabetes dealLilly and Cipla to market tirzepatide in India under new brand YurpeakCipla rallies 4%, hits 52-week high; Choice Broking sees more upsideLupin, Granules: Which pharma stocks to buy, sell amid US tariff flip-flop?Nifty Pharma down 2.5% as Trump slaps 100% import tariffs; impact decodedHere's what brokerages expect from Cipla Q2FY26 results:Kotak Institutional EquitiesAccording to Kotak Institutional Equities, Cipla’s domestic business is expected to post around 7 per cent Y-o-Y growth in Q2FY26, coming off a low base of 4.7 per cent in the same quarter last year, partly impacted by the GST effect. In the US market, the brokerage expects slightly weaker gRevlimid sales due to pricing pressure, along with relatively stable Q-o-Q performance in Lanreotide and Albuterol, leading to an estimated US revenue of about $220 million, around 3 per cent lower sequentially.Sales from the “One Africa” region are projected to rise 9 per cent Y-o-Y, supported by 8 per cent growth in South Africa and a favourable INR-ZAR movement. The brokerage also expects a 10 per cent increase in sales from Europe and the rest of the world. Overall, Cipla’s Q2FY26 revenue is forecast to grow 5 per cent Y-o-Y and 6 per cent sequentially.Kotak estimates the company’s gross margin to contract by 130 basis points Q-o-Q to 67.5 per cent, while Ebitda may decline 4 per cent Y-o-Y to ₹18 billion, with margins slipping 230 basis points to 24.4 per cent.Systematix Institutional EquitiesSystematix Institutional Equities expects the pharma major to post low single-digit Y-o-Y growth in its US generics business for Q2FY26, as continued weakness in gRevlimid sales is likely to be partly offset by new launches such as gAbraxane. As per AIOCD AWACS data, the company’s India-branded formulations segment is likely to report modest 7.5 per cent Y-o-Y growth.Key factors to watch during the Q2 earnings call include updates on the company’s product pipeline, particularly progress on gAdvair and other upcoming launches, the brokerage said.Choice Institutional EquitiesThe brokerage expects Cipla to maintain its growth momentum in Africa, with mid-single-digit expansion anticipated across other regions. The brokerage sees a slight moderation in margins, driven by higher R&D spending in line with the company’s guidance. Key monitorables for the quarter include the performance of Cipla’s new US biosimilar and updates on the launch timeline for its GLP-1 portfolio.
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Economic Times logo
Economic Times
Oct 29, 2025, 04:34 AM
New Mexico's Universal Child Care Program Remains Unaffected by Federal Government Shutdown

New Mexico's Universal Child Care Program Remains Unaffected by Federal Government Shutdown

SynopsisNew Mexico's ambitious universal child care program, set to launch November 1, 2025, remains unaffected by the ongoing federal government shutdown. State officials confirmed the initiative is primarily funded by state resources, including the Early Childhood Trust Fund and legislative appropriations, ensuring no disruption for families. Eligibility is open to working or studying families, with specific provisions for vulnerable groups.
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Business Standard logo
Business Standard
Oct 29, 2025, 04:28 AM
India's Stock Market Enters Phase of Consolidation After Decade-Long Rally

India's Stock Market Enters Phase of Consolidation After Decade-Long Rally

India’s stock market, which dominated emerging market (EM) performance for most of the past decade, is now witnessing a phase of relative consolidation as peers such as China and Taiwan stage a strong comeback.In the past 12 months, the MSCI China Index has surged 35 per cent, the MSCI EM Index has gained 26 per cent, while the MSCI India Index has remained nearly flat in dollar terms, reflecting a pause in relative momentum after a long rally.Outperformance gives way to consolidationThe latest underperformance follows a five-year stretch of strong gains. Between October 2020 and October 2025, domestic equities rose 13.7 per cent annually, compared to a 5 per cent rise in the MSCI EM Index. In the preceding five-year period (October 2015–October 2020), however, EMs outperformed India with 5.4 per cent returns versus 3.6 per cent for Indian equities.From a 10-year perspective, MSCI India has delivered an annualised return of 8.6 per cent, comfortably ahead of the MSCI EM’s 5.9 per cent, according to an analysis by Motilal Oswal Financial Services.Also ReadStrong Q2, EV gains power bullish view on TVS Motor Company; targets raisedSRF's chemicals biz leads Q2 growth; analysts stay bullish; check targetsStock Market close: Sensex down 150 pts, Nifty at 25,936; PSU Bank, Metal indices up 1%; Realty dragHyundai India Q2 preview: Margins seen rising on richer mix, cost controlTarget @₹7,000: IndiGo set to fly higher as Anand Rathi initiates with BuyMotilal Oswal’s equity strategists described the current phase as “a period of healthy consolidation” amid a broader rotation within emerging markets. With corporate earnings recovery, valuation normalisation, and India’s rising share in global GDP, the brokerage said the medium-term outlook remains constructive.Fundamentals still supportiveThe note added that supportive fiscal and monetary conditions, a growing domestic investor base, and a robust return on equity relative to EM peers underpin India’s long-term potential for renewed market momentum.While geopolitical uncertainties and global risk aversion may cause near-term volatility, India’s diversified corporate landscape and structural growth drivers continue to make it a core allocation within EM portfolios, the brokerage said.Motilal Oswal attributed India’s decade-long rally to strong macroeconomic fundamentals, resilient corporate earnings, and a surge in domestic investor participation. Between 2015 and 2025, India’s average GDP growth exceeded 6 per cent, compared with the EM average of around 4 per cent, and well above China’s 4.5 per cent growth pace.Earnings growth remains robustAggregate earnings for MSCI India companies grew at a compound annual rate of 16 per cent during FY22–25 and are projected to rise 11 per cent in FY26 and 16 per cent in FY27, following a muted 2 per cent increase in FY25.Despite moderating from record levels, Indian equities continue to trade at a premium to global peers. As of October 2025, the MSCI India Index was valued at 25.2 times trailing earnings — about 55 per cent above the EM average of 16.2 times, though below its long-term average premium of 78 per cent.
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Business Standard logo
Business Standard
Oct 29, 2025, 04:20 AM
TVS Motor Company's Q2FY26 Performance Drives Brokerage Confidence

TVS Motor Company's Q2FY26 Performance Drives Brokerage Confidence

Two- and three-wheeler maker TVS Motor Company’s strongSeptember quarter(Q2FY26) performance and improving outlook across domestic, export, and electric vehicle (EV) segments have led most brokerages to stay positive on the stock, with a few raising their target prices.TheStreetexpects the company’s consistent outperformance, new launches, and EV traction to sustain earnings momentum, even as some brokerage houses flag valuation concerns.Japanese brokerage firm Nomura said it expects ‘outperformance across all segments,’ emphasising that the company’s EV three-wheeler ramp-up and Norton luxury bike launch offer potential upside. It maintained a ‘Buy’ rating and lifted its target price to ₹3,970, implying a 12 per cent upside.The brokerage noted thatTVS Motor’s Q2FY26revenue rose 29 per cent year-on-year (Y-o-Y), with an Ebitda margin of 12.7 per cent (Nomura estimate: 13.5 per cent, consensus: 12.8 per cent). “PLI was ~0.6 per cent of revenue in Q2,” it added, while consolidated PAT stood at ₹800 crore, about ₹110 crore lower than standalone profits as subsidiary losses narrowed.Nomura pointed out that the company invested ₹550 crore in subsidiaries during the quarter and expects domestic two-wheeler volume growth of around 8 per cent for the industry in H2, with TVS likely to outperform. It added that festive growth in Vahan registrations was 24 per cent for the industry and 32 per cent for TVS.Also ReadGrowth revival in H2 key for Supreme Industries after weak Q2 showpremiumPNB Housing delivers steady Q2; analysts bullish on growth, margin outlookNew launch traction for Dr Reddy's key to offsetting price erosionInCred Equities upgrades Tata Steel to 'Add'; stock hits fresh 52-week highInCred upgrades SAIL to 'Add', lifts target; stable outlook supports upsideThe brokerage said, “We expect TVS to outperform the 2W industry, led by the success of recent launches, rising scooter share and healthy traction in export markets.” It, however, trimmed FY26-28F Ebitda margins by 40-50 basis points (bps) due to lower PLI accruals and cut EPS estimates by 5-6 per cent. Nomura values the stock at 33x FY28F earnings per share (EPS), discounted to December 2027, and sees “strong 25 per cent EPS CAGR over FY26-28F and 15 per cent potential EPS growth in the medium term.”Motilal Oswal Financial Services upgraded the stock to ‘Buy,’ from ‘Neutral,’ with a target price of ₹4,159. The brokerage said, “Continued outperformance to support premium valuation.” It noted that Q2 PAT at ₹910 crore was below its estimate of ₹990 crore, as higher depreciation and losses on fair valuation of TVS Supply Chain impacted results. However, Motilal Oswal remains upbeat on growth prospects, on the back of the company’s robust product pipeline and sustained market share gains.“Backed by GST rate cuts, management expects 2W demand momentum to sustain in H2 and TVS to continue outperforming going forward,” it said. Motilal Oswal projectsTVS Motorto deliver revenue/Ebitda/PAT CAGR of 21 per cent/25 per cent/29 per cent over FY25-28E, and believes the automaker’s consistent market share gains and gradual margin improvement will “help sustain its premium valuations in the long run.”Emkay also maintained its ‘Buy’ rating, with a sum-of-the-parts-based target price of ₹4,200. It said TVS Motor ‘logged a healthy Q2, with 29 per cent Y-o-Y revenue growth and 12.7 per cent EbitdaM,’ adding that the company outpaced peers with ~32 per cent festive growth, compared to the industry’s 24 per cent.Analysts at Emkay noted that the company is ‘a key beneficiary of India’s EV transition, backed by its strong e-2W portfolio (iQube) and recent launches (e.g. Orbitor, Cargo E-3W).’ It expects TVS to deliver 20 per cent/25 per cent/28 per cent CAGR in revenue/Ebitda/core EPS over FY25–28E, citing structural growth drivers from EV penetration and export recovery.Those at Nuvama Institutional Equities also stayed positive with a ‘Buy’ call and a target price of ₹4,100, saying “Revenue/Ebitda soared 29 per cent/40 per cent Y-o-Y to ₹11,910 crore/1,510 crore, broadly in line with our estimates.” The brokerage slightly trimmed its FY26E/27E EPS estimates by 3-4 per cent but remains confident of sustained double-digit growth across both domestic and export markets.It added, “TVSL has been gaining share across markets and we reckon its domestic share shall rise from 18 per cent in FY25 to 19 per cent by FY28E.” Nuvama expects margin expansion ahead due to better scale/mix, higher PLI benefits and cost savings, projecting revenue and earnings CAGR of 15 per cent and 27 per cent, respectively, over FY25–28E.Choice Institutional Equities, however, retained a ‘Reduce’ rating with a target price of₹3,400, amid expensive valuations despite operational strength. The brokerage noted, “In Q2FY26, TVS Motor registered total volume growth of 23 per cent Y-o-Y against the industry's 11 per cent Y-o-Y, driven by robust demand across segments.”It highlighted strong domestic ICE growth (21 per cent Y-o-Y), international volume surge (31 per cent Y-o-Y), and EV sales up 7 per cent Y-o-Y, with iQube crossing 700,000 units. Choice said, “This diversified outperformance across domestic, international; ICE and EV segments underscores the company’s superior execution and competitive strength.”While it revised EPS estimates marginally lower, it maintained its cautious stance on valuation, noting it remains “positive on the long-term growth prospects of TVSL.”The Street remains bullish on TVS Motor, with brokerages reiterating or upgrading Buy calls, and targets clustering between ₹3,970 and ₹4,200. That said, most brokerages expect sustained outperformance led by new launches, expanding EV portfolio, and export momentum.
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Business Standard
Oct 29, 2025, 04:05 AM
Bank of Baroda Q2 Results Preview: Weak Earnings Expected Amid Treasury Income Pressure

Bank of Baroda Q2 Results Preview: Weak Earnings Expected Amid Treasury Income Pressure

Bank of Baroda Q2 results preview:Government-owned Bank of Baroda could report a weak set of earnings for the September 2025 quarter, predict analysts.Though they remain divided on the quantum of decline in the public sector bank’s net profit for Q2FY26, they unanimously see a hit on bottom-line due to weak treasury income and margin pressure.Bank of Baroda (BoB) Q2 results: Date, timeBank of Barodahas informed the stock exchanges that a meeting of Board of Directors of the bank will be held on Friday, October 31, 2025, to consider and approve the unaudited (reviewed) standalone and consolidated financial results of the bank for the quarter/six months ended September 30, 2025.BoB Q2 2025 results expectations:NomuraThe global brokerage expects weak treasury income to weigh on Bank of Baroda’s Q2 net profit, estimating the PAT to fall to ₹4,390 crore from ₹5,237.9 crore year-on-year, noting a decline of around 16 per cent.On a quarterly basis, the decline is seen at 3 per cent from ₹4,541.4-crore profit recorded in Q1FY26.Also ReadGAIL's valuations attractive, says Motilal Oswal; tariff hike key catalystAnalysts split on Shree Cement post Q2 show: should you buy, sell, or hold?Stocks to Watch today: Adani Green, Shree Cement, Mazagon, Oil India, HudcoSuraj Estate Developers spikes 14% on posting Q2 results; details hereJindal, Tata Steel rally up to 4%, near record highs; JSW Steel at new highIt also expects the bank to report poor operating performance with net interest income (NII) at ₹11,760 crore, up 1 per cent Y-o-Y and 3 per cent Q-o-Q, and pre-provision profit (PPoP) at ₹7,340 crore, down 23 per cent Y-o-Y and 11 per cent Q-o-Q.Nomura has baked in net interest margin (NIM) compression of 26 basis points (bps) Y-o-Y and 7 bps Q-o-Q at 2.8 per cent, credit cost decline of 38 bps Y-o-Y and 20 bps Q-o-Q at 0.5 per cent, and return on asset (RoA) dip of 32 bps Y-o-Y and 5 bps Q-o-Q at 1 per cent for the quarter under review.PL CapitalAnalysts at PL Capital see a sharper decline of 30 per cent Y-o-Y in Bank of Baroda’s Q2 net profit at ₹3,650.5 crore. Sequentially, it would be a 20 per cent de-growth.Further, it expects NII to drop 2 per cent Y-o-Y to ₹11,383.1 crore from ₹11,622.1 crore (Q2FY25), but rise 3 per cent Q-o-Q from ₹11,049.5 crore (Q1FY26).Moreover, in-line with the decrease in net profit, PL Capital notes BoB to report a near 28 per cent slide in PPoP, at ₹6,869.3 crore, compared to ₹9,477 crore operating profit seen in Q2FY25.As against a PPoP of ₹8,236.5 crore seen in Q1FY26, it would be drop of around 17 per cent.That said, the brokerage sees BoB’s loan growth at 12 per cent Y-o-Y and 6 per cent Q-o-Q at ₹12.57 trillion. It sees NIM at 2.7 per cent, down 5bps Q-o-Q.As for the bank’s asset quality, PL Capital expects gross non-performing asset (GNPA) ratio to improve to 2.13 per cent from 2.28 per cent Q-o-Q.Kotak Institutional EquitiesThe brokerage sees Bank of Baroda’s operating profit declining 32 per cent Y-o-Y, to ₹6,433.9 crore, as there would be pressure on revenue growth (NIM and weak treasury income).It has assumed NIM contraction of 10bps Q-o-Q (2.58 per cent), factoring in the rate cut. Non-interest income, meanwhile, is seen falling 36 per cent on year and 29.5 per cent over the previous quarter to ₹3,293.6 crore.It expects BoB’s reported loan growth to come at 11 per cent Y-o-Y (₹12.57 trillion), with deposit growth seen at 9 per cent Y-o-Y (₹14.90 trillion).The brokerage sees the PSU bank’s slippages rising, while RoA and RoE falling in the quarter.“We expect slippages at ~1.3 per cent (₹3,800 crore) mostly driven from retail and SME. Credit costs could normalise off a low base. Key discussion would be the loan growth, deposit related challenges, and NIM outlook in the near term,” it said.Overall, Bank of Baroda Q2 net profit is seen at ₹3,591.6 crore, a drop of 31 per cent Y-o-Y and 21 per cent Q-o-Q.Elara CapitalElara Capital analysts note a conservative weakness in Bank of Baroda. It estimates the lender’s profit at ₹4,829.5 crore, down just 8 per cent Y-o-Y and a clocking a growth of 6 per cent Q-o-Q.It sees PPoP at ₹8,234 crore, down 13 per cent Y-o-Y and flat sequentially.
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Times of India logo
Times of India
Oct 29, 2025, 03:52 AM
Global Job Market Turbulence: Layoffs, Uncertainty, and the Need for Resilience

Global Job Market Turbulence: Layoffs, Uncertainty, and the Need for Resilience

This undated combination of photos shows clockwise from top left the company logos for Amazon, Target, Lufthansa Group, UPS, ConocoPhillips, Intel, Microsoft, Procter & Gamble and Nestle. (AP Photo, file)The hum of the global job market has dimmed to an uneasy silence. For millions, the comforting rhythm of employment has been interrupted by pink slips and hiring freezes. Once-booming industries, from tech to transport, now speak the language of “restructuring” and “efficiency.” Beneath these corporate euphemisms lie anxious workers and uncertain futures.Amid this turbulence, the US economy seems suspended in a delicate balance, a “no-hire, no-fire” limbo, as analysts describe it. Companies are treading carefully, expanding only in niche roles while tightening belts elsewhere. The reason? A complex blend of geopolitics, tariffs, automation, and shifting consumer habits.And for those within federal offices, the picture is just as grim.Since President Donald Trump’s return to office, the public sector has seen thousands of job cuts, compounded by a government shutdown nearing its fourth week, leaving many without pay and all without answers.The layoff ledger: Who’s cutting backThe corporate landscape tells a sobering story. Across sectors, giants have tightened their grip on spending, and, by extension, their payrolls.Amazon has announced 14,000corporate job cuts, around 4% of its workforce, redirecting funds to its swelling investments in artificial intelligence. CEO Andy Jassy’s cost-cutting spree continues to reshape the company’s once-sprawling human infrastructure.UPS has slashed 48,000 jobs this year, closing 93 operational facilities as it struggles to realign with reduced shipping volumes and global trade slowdowns.Target has let go of 1,800 employees, roughly 8% of its corporate workforce, in what it calls a move to “streamline decisions.”Nestlé is cutting 16,000 jobs worldwide over the next two years, citing rising commodity prices and tariff headwinds as major pressure points.Lufthansa Group plans to eliminate 4,000 positions by 2030, shifting administrative work toward digital platforms and AI-based systems.Novo Nordisk has announced 9,000 layoffs, 11% of its workforce, even as demand for its blockbuster drugs Ozempic and Wegovy soars.ConocoPhillips is reducing up to a quarter of its global staff, part of a massive restructuring effort amid fluctuating oil prices and rising production costs.Intel, caught in the semiconductor race, is shrinking its “core” workforce from 99,500 to 75,000 through layoffs and attrition.Microsoft, after laying off 6,000 earlier this year, has followed with another 9,000 job cuts, most within its gaming and management divisions.Procter & Gamble plans to reduce its workforce by 7,000 employees, blaming tariff hikes and rising operational expenses.Across these names, spanning continents and industries, a single narrative emerges: Survival.The human cost of efficiencyBehind each layoff statistic lies a life disrupted, a mortgage unpaid, a child’s college plan deferred, a confidence quietly bruised. For many, it’s not just about losing a paycheck but a sense of purpose. The psychological fallout of unemployment, experts say, can rival that of grief.Economists argue that these job cuts, while painful, are not purely acts of desperation. They are also recalibrations, necessary responses to shifting market realities.But for those caught in the crossfire, pragmatism offers little comfort.Staying afloat in a shifting tideIn a job market increasingly ruled by automation, volatility, and unpredictability, resilience has become the new currency. Yet resilience doesn’t mean blind optimism. It means adaptation, strategic, informed, and human.Relearn and reinventThe days when a single skill could last a lifetime are gone. Upskilling is no longer optional; it’s survival.Professionals must invest in continuous learning, be it AI literacy, data interpretation, or communication refinement. Platforms like Coursera, LinkedIn Learning, and company-sponsored programmes offer powerful avenues to reinvent one’s skillset.Build a personal brandIn uncertain times, visibility matters. Maintaining a strong digital footprint through professional networking platforms, industry writing, or mentorship can make a worker stand out in crowded applicant pools.Authenticity, not self-promotion, wins in the long run.Cultivate financial foresightWhen job security wavers, financial security cushions the blow. Experts recommend building an emergency fund covering at least six months of expenses and diversifying income streams, whether through consulting, freelancing, or passive investments.Stay connected, stay humanNetworking isn’t transactional, it’s relational. During layoffs and transitions, emotional support often comes from peers, former colleagues, or industry circles.Nurturing these connections can open unforeseen doors when algorithms fall silent.Prioritize mental balanceJob loss or instability can take a toll on mental health. Seeking therapy, joining professional support groups, or even volunteering can provide perspective and restore a sense of control in uncertain times.A new definition of workThe job market of today isn’t broken; it’s transforming. What it demands is not just technical competence but emotional intelligence, adaptability, and a willingness to evolve with the tide.As companies recalibrate and economies shift, one truth endures: The human spirit, flexible, inventive, and deeply resilient, remains the most irreplaceable asset of all.In the end, staying afloat is not merely about surviving layoffs or recessions. It’s about reimagining work itself and finding purpose even when the current pulls hardest.Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
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Business Standard
Oct 29, 2025, 03:49 AM
Trump Acknowledges US Constitution Bars Him from Seeking Third Term

Trump Acknowledges US Constitution Bars Him from Seeking Third Term

US PresidentDonald Trumpon Wednesday (IST) acknowledged that it was "pretty clear" that the US Constitution did not allow him to seek a third term, despite having repeatedly hinted at the possibility in recent months,Bloombergreported.Speaking to reporters aboard Air Force One, Trump said, “If you read it, it’s pretty clear, I’m not allowed to run", adding that the "sad thing" was that he was currently enjoying high political support.Trump's remarks came after House Speaker Mike Johnson on Tuesday said that he did not “see the path” forTrump to seek a third term. Johnson added, “It’s been a great run, but I think the president knows, and he and I have talked about, the constrictions of the Constitution, as much as so many of the American people lament that."Johnson added that he does not see a way of amending the Constitution, since it takes roughly a decade to do that, and added that the amendment would require approval by two-thirds of both the House and Senate, followed by ratification from three-fourths of the US states. "I don’t see the path for that, but I can tell you that we are not going to take our foot off the gas pedal", he noted.Trump to throw his name in the 2028 hat?Trump, on several occasions, claimed that he would be willing to seek a third term, despite the 22nd Amendment of the Constitution barring him from doing so. On October 23, Steve Bannon, a former White House advisor to Trump, in an interview withThe Economist, said that members of Trump's inner circle are serious about him serving a third term, adding that they have a "plan".Also ReadSouth Korea trade deal appears elusive as Trump seeks $350 bn investmentUS troops to be paid despite shutdown, says Vance, seeks Democrats' backingFord's enormous F-150 becomes unlikely part of Japan's efforts to woo TrumpTrump admin shortlists five candidates to replace Fed Chair Jerome PowellAsian stocks take a breather as investors eye US Fed moves, tech earningsResponding to Bannon's claim, Trump kept his possibility of running for a third term open. Speaking to reporters aboard Air Force One, Trump said, "I would love to do it. I have the best numbers ever."Earlier in March this year, just two months after Trump came to office for the second term, he claimed of eyeing a third term. Speaking toFox Newsat the time, Trump said, "People are asking me to run, and there’s a whole story about running for a third term. I don’t know, I never looked into it. They do say there’s a way you can do it, but I don’t know about that."Can Trump run for a third term? Here's what the US Constitution saysThe 22nd Amendment to the US Constitution clearly prohibits more than two terms for a president in office. The amendment was added after Franklin D Roosevelt was elected as the president four times. While the Constitution caps the number of presidential terms, it allows one narrow exception.Under the 22nd Amendment, if a vice-president or another successor serves less than two years of a predecessor’s term—due to resignation or death—that individual may still run for two full terms, giving a possible total of up to 10 years in office.The only way a president could legally pursue a third term would be through repealing the 22nd Amendment. Doing so would require approval by two-thirds of both the House of Representatives and the Senate, followed by ratification from three-fourths of state legislatures.Trump names potential successorsSpeaking to reporters earlier this week, Trump also hinted at several potential successors to lead the Republican Party and as top contenders for the 2028 Presidential race, including Secretary of State Marco Rubio and Vice President JD Vance.Trump praised both Rubio and Vance and said, "We have some really good people", pointing towards Rubio, and added, "We have great people -- I don't need to get into that. One of them is standing right here."Praising Vance, Trump noted, "Obviously, JD is great. The vice president is great. I'm not sure anyone would run against those two."
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Oct 29, 2025, 03:40 AM
Trump Rules Out Third Presidential Term, Citing Constitutional Limitations

Trump Rules Out Third Presidential Term, Citing Constitutional Limitations

Donald TrumpUS President Donald Trump said on Wednesday that he is "not allowed" to contest for a third presidential term, even though he currently has what he calls his strongest polling numbers."I have my highest poll numbers that I've ever had, and you know, based on what I read, I guess I'm not allowed to run, so we'll see what happens... It's too bad," Trump said aboard Air Force One.Trump also indicated that he does not plan to take legal steps to challenge the rule that limits presidents to two terms. "If you read it, it's pretty clear, I'm not allowed to run it's too bad," he told reporters while travelling to South Korea, as quoted by news agency Associated Press.Under the 22nd Amendment of the US Constitution, a president cannot be elected more than twice. The amendment says: "No person shall be elected to the office of the president more than twice, and no person who has held the office of president, or acted as president, for more than two years of a term to which some other person was elected president shall be elected to the office of the president more than once."Despite this, the idea of a third term has been raised multiple times by Trump and his supporters.Trump has previously joked about remaining in office for 25 years. During a recent meeting with congressional leaders, hats reading "Trump 2028" were seen on his desk. Some Republican leaders have also publicly supported the possibility. Last week, Steve Bannon — a former Trump adviser — claimed there was a "plan" that could allow Trump to seek another term, though he did not explain how.On October 27, Trump was asked by reporters about running again.Trump answered: "I haven't really thought about it. But I have the best poll numbers that I've ever had."To change the Constitution, two-thirds of both the House of Representatives and the Senate must approve the amendment, followed by ratification from three-fourths of US states. While Republicans currently control both chambers of Congress, they do not have the required two-thirds majority. Democrats currently control 18 state legislatures.Supporters of Trump have pointed to a possible legal path around the restriction. They argue that the amendment only mentions being "elected" and does not prohibit a person from becoming president through "succession." Following this argument, Trump could run as vice president in 2028 with another candidate — possibly his current vice president, JD Vance. If they won, the elected president could resign, allowing Trump to return to the presidency.Bannon told The Economist: "Trump is going to be president in '28, and people ought to just get accommodated with that. At the appropriate time, we'll lay out what the plan is."Trump, however, downplayed the possibility of using a succession strategy. "I think people wouldn't like that," he said. "It's too cute. It wouldn't be right."Trump has kept the discussion about a third term open, but he has not given any details about how he plans to pursue it.
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Oct 29, 2025, 03:38 AM
Bira 91's Parent Company Loses Control of Pub Business Amid Financial Struggles

Bira 91's Parent Company Loses Control of Pub Business Amid Financial Struggles

Bira 91’s parent company, B9 Beverages, has lost control of its pub business, The Beer Cafe, after its largest shareholder, Kirin Holdings of Japan, and its lender, Anicut Capital, took over shares pledged as collateral, according to a report byThe Economic Times. The move comes as the Indian craft beer maker struggles with steep losses and mounting debt.According to recent filings with the Registrar of Companies, Kirin Holdings and Anicut Capital have jointly taken possession of the shares in BTB (Better Than Before), the company that operates The Beer Cafe chain of 42 outlets, along with other food and beverage ventures.The restructuring effectively removes B9 Beverages from any ownership stake in BTB.B9 Beverages challenges lender action in courtFounder and CEO Ankur Jain has disputed the takeover, insisting that BTB “remains a wholly owned subsidiary” of B9 Beverages. Jain said the company has taken the matter to court, alleging that some lenders acted in violation of contractual terms, the news report said.The Delhi High Court, on October 17, issued an interim order restricting Anicut Capital from selling or creating any third-party interest in BTB shares until the case is resolved.ALSO READ:Investors flag operating issues as Bira91 looks to raise fresh capitalAlso ReadInvestors flag operating issues as Bira91 looks to raise fresh capitalpremiumBira 91 employees seek ouster of founder Ankur Jain over unpaid duesBS BFSI Summit 2025 LIVE updates: Top policymakers, CEOs to share their insightsStock Market LIVE: Sensex gains 100 pts, Nifty tests 26k; Cohance Life crashes 10%, Nuvama Wealth 6%Bank of Baroda Q2 results preview: date, time, what to expect, profit, NIMDeepening financial strain at B9 BeveragesB9 Beverages has been under growing financial pressure. In FY24, the company reported a net loss of ₹748 crore on revenue of ₹638 crore, alongside negative cash flows of ₹84 crore. The company’s total losses reached ₹1,904 crore, while liabilities exceeded assets by over ₹619 crore as of March 31, 2024.Sales volumes also fell sharply to 6-7 million cases in FY24 from 9 million in the previous year.Kirin Holdings currently owns about 20.1 per cent of B9 Beverages, while Peak XV Partners holds 14.6 per cent. Jain and his family together control around 17.8 per cent, with the remainder held by smaller investors and family offices.B9 Beverages had acquired BTB in 2022 through an all-stock transaction. BTB contributes roughly 35 per cent of the beer maker’s total revenue and manages multiple hospitality and beverage ventures, including The Beer Cafe, Bira 91 Taprooms, Thrsty (cloud bar), Instacrave (cloud kitchen) and Burger Brewery.Employee unrest over unpaid salariesThe company has also been facing internal unrest. Earlier this month, over 250 employees petitioned the board and key investors, demanding a change in leadership and the removal of CEO Ankur Jain.The petition, filed after a company-wide town hall in September, cited governance lapses, lack of transparency, and delays in salary payments. Employees also highlighted pending vendor dues and legal disputes with creditors as reasons for their concern.
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Oct 29, 2025, 03:37 AM
Groww Solidifies Leadership as India's Largest Retail Broker

Groww Solidifies Leadership as India's Largest Retail Broker

Groww has cemented its position as India’s largest retail broker, commanding a 26.3 per cent market share in active clients as of September 2025.According to Nuvama Institutional Equities, the fintech platform’s remarkable rise has been driven by a potent mix of scale, efficiency, and product expansion – three factors that continue to power its leadership in the online broking landscape.Leading retail broker: Fast-growing client base, volume shareGroww’s active client base has grown at a remarkable FY21-25 compound annual growth rate (CAGR) of 101.7 per cent, sharply outpacing the industry’s 27 per cent and AngelOne’s 48.3 per cent.As of September 2025, Groww commanded 11.9 million active clients with a 26.3 per cent market share – an expansion of over 2,200 basis points (bps) since FY21.Nuvama noted that Groww accounted for 51 per cent and 40 per cent of incremental NSE active clients in FY24 and FY25, respectively, well ahead of AngelOne’s 22.6 per cent and 17.4 per cent.Also ReadIPO-bound Groww launches commodities trading services on platformTata Capital, Groww: BFSI sector gears up for ₹58,000-crore IPO pushGroww eyes ₹7K cr public issue; GK Energy to float ₹465 cr IPO on Sep 19Street Signs: Outpaced on the global racetrack, 'Growwing' against the tidepremiumGroww gets Sebi approval for $1 billion IPO at $7-8 billion valuationIn the cash segment, its active clients rose 47.7 per cent during FY24-Q1FY26 to 10.3 million, pushing its retail average trading daily volume (ADTV) share up 1,048 bps to 23.1 per cent. Even with a 25.9 per cent fall in F&O active clients, Groww’s derivative ADTV share surged 684 bps to 14.4 per cent, highlighting deeper engagement among active users.Revenue anchored in core broking; margins resilient to F&O slowdownGroww continues to derive the bulk of its revenue from its core broking operations – 84.6 per cent in FY25 and 79.6 per cent in Q1FY26 – higher than AngelOne’s 63 per cent and 60.4 per cent. The company’s granularity in transactions is visible through its lower order intensity (0.6 per client per day in FY25 versus AngelOne’s 0.9), which reflects more retail-oriented, diversified participation.Notably, Groww’s F&O revenue share dropped from 90.2 per cent in FY24 to 62 per cent in Q1FY26, indicating a lower reliance on high-risk derivatives. Nuvama estimates that a 5 per cent drop in F&O orders would impact Groww’s revenue, Ebdat, and APAT by only 2.5 per cent, 4.8 per cent, and 4.4 per cent, respectively – less severe than AngelOne’s 2.3 per cent, 10 per cent, and 5.2 per cent.Low client acquisition cost boosts profitabilityGroww’s disciplined marketing spend and high organic reach underpin its strong margins, analysts noted. The company spent just 12-12.5 per cent of revenue on marketing in FY25-Q1FY26 versus AngelOne’s 20-22.6 per cent. Despite this, its activation rate exceeded 33 per cent, outpacing AngelOne’s 22.5–27.5 per cent.Customer acquisition cost per client fell to ₹616 in FY25 (₹807 in FY24), compared with AngelOne’s ₹1,014. Even on an activated-client basis, Groww’s CAC was only ₹1,441 versus AngelOne’s ₹6,076. These efficiencies have driven Ebdat margins to a robust 59.7 per cent and a superior FY25 RoE of 49.5 per cent.That said, Groww’s dominance stems from its scale-driven client growth, resilient revenue model, and disciplined cost structure. While new verticals like lending, asset management, and insurance are yet to scale, they provide optionality for future growth – cementing Groww’s leadership in India’s retail investing boom.
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Oct 29, 2025, 03:33 AM
Amazon India to Lay Off 800-1,000 Employees Amid Global Workforce Reduction

Amazon India to Lay Off 800-1,000 Employees Amid Global Workforce Reduction

E-commerce giant Amazon India is likely to lay off 800-1,000 employees as part of its global workforce reduction, according to a report byThe Economic Times. The move comes as the company doubles down on its artificial intelligence (AI) and automation efforts.The layoffs are expected across functions such as finance, marketing, human resources, and technology, primarily affecting employees who are part of global teams, the report said, adding that the number of impacted roles could rise.Amazon layoffsBeth Galetti, senior vice-president of people experience and technology atAmazon, said in an internal note that the reductions aim to make the company “stronger by further reducing bureaucracy, removing layers, and shifting resources” toward priority areas and customer needs.ALSO READ:Amazon to cut 14,000 corporate jobs as spending on AI acceleratesThe internal email also included a previous memo from Chief Executive Officer Andy Jassy, who had stressed “reducing layers, increasing ownership, and cutting bureaucracy” across the organisation.Also ReadAmazon to cut 14,000 corporate jobs as spending on AI acceleratesAmazon's automation drive could reshape global logistics and workforcepremiumAmazon to cut 30,000 corporate jobs starting Tuesday, largest since 2022Amazon crosses $20 billion ecommerce exports target from India in 10 yearsAmazon revamps cloud gaming service Luna with new features, multiplayerEmployees impacted by the layoffs are expected to be informed starting today.Gradual downsizingAmazon’s latest round of job cuts follows a series of smaller reductions across its global operations over the past two years. According toReuters, the company has reduced staff in several divisions, including devices, communications, and podcasting.ALSO READ:Amazon's automation drive could reshape global logistics and workforceEarlier this year,Bloombergreported that about 110 roles were axed in Amazon’s Wondery podcast unit. In July 2025, several hundred employees were laid off from the Amazon Web Services (AWS) cloud division, whereas in May, nearly 100 positions were cut from the devices and services business.Tech layoffs continueThe job cuts come amid a broader wave of consolidation in the technology industry. Data from Layoffs.fyi shows that 112,732 tech workers have lost their jobs so far in 2025, across 218 companies.The scale of layoffs, while smaller than in previous years, reflects an ongoing trend of cost reduction and restructuring. In 2024, tech companies cut 153,000 jobs, while 2023 saw a record 264,220 layoffs across 1,193 firms.
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Oct 29, 2025, 03:28 AM
India Approves Terms of Reference for 8th Central Pay Commission

India Approves Terms of Reference for 8th Central Pay Commission

The Union Cabinet on October 28, 2025 approved the Terms of Reference (ToR) for the 8th Central Pay Commission (8th CPC), which will review salaries, allowances and pension benefits for central government employees and pensioners.The new pay commission is expected to make its recommendations within 18 months of its constitution.The government has named Justice Ranjana Prakash Desai (a former Supreme Court judge) as its Chairperson.The commission will include one part-time member (Professor Pulak Ghosh of IIM Bangalore) and a Member-Secretary (Pankaj Jain, SecretaryIt has 18 months from its formation to submit recommendations, and the changes will likely be made effective from January 1, 2026.Also ReadCabinet clears terms of reference for 8th Pay Commission: Check details8th pay panel payout likely to trigger rate hike cycle in FY27: Reportpremium8th pay commission payout may trigger rate hike cycle in FY27: ReportPay, performance, prudence: 8th Pay Commission must heed ground realitiespremiumGovt seeks inputs from states, central ministries on 8th pay commissionIt covers nearly 50 lakh (5 million) central government employees and approximately 69 lakh (6.9 million) pensioners. Once implemented, the Commission’s recommendations will benefit nearly 5 million Central government employees including Defence services personnel and nearly 6.9 million pensioners.Why is this important?Pay Commissions are the mechanism by which the government periodically reviews and resets pay, allowances, benefits and pension rules for its workforce.The last major review (the 7th CPC) had its recommendations implemented beginning January 1, 2016.With rising cost of living, inflation and changing service conditions, central employees, and pensioners have been awaiting a fresh revision.What will the ToR ask the commission to look at?According to the approved ToR:The commission must keep in view economic conditions of the country and the need for fiscal prudence.The unfunded liability from non-contributory pension schemes.Impact on State Governments’ finances, since many states adopt central recommendations.Current emoluments, working conditions, and benefits available to employees in Central PSUs & private sector, for benchmarking.The current pay-and-allowance structure of central government staff (and in a comparative sense, central PSUs and even private sector). Pension schemes, including the unfunded liabilities of non-contributory pension systems.Interestingly, one clause present in the previous (7th) CPC—to look at “global best practices”—has been omitted this time.What’s the timeline & process?Once constituted, the 8th CPC will submit its report within 18 months.Although the actual implementation date is not yet confirmed, many expect the new pay structure to become effective from January 1, 2026.After submission, the Cabinet will decide on the recommendations, and then formal government orders (notifications) will follow.What might it mean for you (if you’re a central government employee or pensioner)?Salary and pension revision:Very likely changes in basic pay, allowances (Dearness Allowance, House Rent Allowance, etc.), and pension terms. Some estimates suggest hikes could range between 30-34 % (depending on fitment factor, etc.).Dearness Allowance and basic pay linkage: One of the debates is whether DA will be merged with basic pay once it crosses a threshold — this has happened in earlier revisions. (It remains speculative for 8th CPC).Pensioners’ benefits: Since pensioners fall under the remit, their benefits may also see revision — this impacts large numbers of retired employees.Budget & fiscal implications:With fresh hikes, the government will need to manage finances, especially since the ToR insists on fiscal prudence. This might moderate how aggressive revisions can be.State governments follow suit:Although central recommendations are binding only for central employees, States often adopt them. So, the ripple effect may impact state government pay and budgets.Things to watch / caveatsFitment factor unknown: The “fitment factor” (which multiplies basic pay) is not yet decided, so exact raise amounts are speculative.Allowances vs. basic pay trade-offs: Sometimes the basic pay is increased but allowances may change or freeze, so net gain may vary.Time lag: Even after recommendations, there can be delays in implementation, arrears, etc.State adoption is variable: States might adopt central figures partially or with modifications, so state employees should temper expectations accordingly.Budgetary pressures: With large numbers of employees & pensioners, implementation cost is high — the government may phase or moderate changes.What isn’t covered (yet): Some employee demands such as cashless medical benefit overhaul, old pension scheme reinstatement for post-2004 recruits, and an increase in “standard consumption norm” didn’t make the final ToR this round.
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Oct 29, 2025, 03:22 AM
India Maritime Week 2025: A Summit for Sustainable Blue Economy

India Maritime Week 2025: A Summit for Sustainable Blue Economy

The 5-day IMW 2025 that began on Monday witnessed deliberations by policymakers, thought leaders and maritime experts across port infrastructure, green energy, and defence shipbuilding. India Maritime Week 2025 has reaffirmed the nation’s commitment to a blue economy driven by technology, innovation, and sustainability. As part of the summit, several focused sessions were held on Green Maritime, Inland Waterways, Maritime Safety and Security, Cruise and Passenger Economy, and Fortifying Global Supply Chains.
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Oct 29, 2025, 03:08 AM
Trump Expects Productive Meeting with Xi Jinping Amid Ongoing Tensions

Trump Expects Productive Meeting with Xi Jinping Amid Ongoing Tensions

Donald Trump - Xi Jinping (file - ANI)US President Donald Trump on Wednesday said he expects “a lot of problems” to be resolved during his upcoming meeting with Chinese leader Xi Jinping, but indicated that the sensitive issue of Taiwan might not come up in their talks, reported AFP.Speaking to reporters aboard air force one, Trump said, “I think we're going to have a great meeting with President Xi of China, and a lot of problems are going to be solved.”When asked whether the two leaders would discuss Taiwan, Trump replied, “I don't know that we'll even speak about Taiwan. I'm not sure. He may want to ask about it. There's not that much to ask about. Taiwan is Taiwan.”Trump and Xi are expected to meet Thursday on the sidelines of the APEC summit in Gyeongju, South Korea.Trump also said he might lower fentanyl-related tariffs on China, "I expect to be lowering that because I believe that they're going to help us with the fentanyl situation.""China's going to be working with US law enforcement on fentanyl," he added.The comments come as tensions remain high between Washington and Beijing over a range of issues - including trade, technology, and Taiwan, which China claims as its own territory.Trump’s remarks suggest he may seek to focus on broader diplomatic and economic concerns during the meeting rather than delve into contentious sovereignty questions.
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Oct 29, 2025, 03:06 AM
Shree Cement's Strong Q2FY26 Results: Brokerages Split on Valuation

Shree Cement's Strong Q2FY26 Results: Brokerages Split on Valuation

Brokerages remain split on the country’s third-largest cement producer by capacity, Shree Cement, after the company reported a strong set of numbers for theJuly–September 2025 quarter(Q2FY26).While Nuvama Institutional Equities has reiterated its ‘Hold’ rating on the stock, Choice Institutional Equities has maintained a ‘Sell’ call, citing expensive valuations and limited upside.Shree Cementreported an over fourfold rise in consolidated net profit to ₹309.82 crore in Q2FY26, against ₹76.64 crore in the same period last year, aided by higher volumes and product premiumisation. Revenue from operations grew 17.43 per cent year-on-year to ₹4,761.07 crore from ₹4,054.17 crore in Q2FY25.Nuvama: Focus on realisations; cost leadership intactAccording to Nuvama, Shree Cement continued to prioritise realisations over volumes during the quarter. Volumes improved 4 per cent YoY, while blended realisation dipped 1.5 per cent QoQ.The company’s Ebitda came in at ₹851 crore, 5 per cent higher than Nuvama’s estimate, translating into an Ebitda per tonne of ₹1,078.Also ReadShree Cement Q2 FY26 results: Net profit jumps fourfold to ₹310 croreGST cut to lift cement demand, margins; UltraTech, Nuvoco among top picksWhy is JM Financial bullish on UltraTech, JK Cement? All details hereIndia Inc's earnings pulse weakens after Q1: Top 5 EPS upgrades, downgradespremiumReliance, IndiGo, Shree Cement: 5 infra stocks worth your portfolioThe brokerage has revised its FY26E Ebitda estimate upwards by 2 per cent and maintained its ‘HOLD’ rating with a revised target price of ₹31,120 (earlier ₹30,873), based on 18x Q2FY28E EV/Ebitda.“SRCM’s capex plan shall help deliver sustained volume growth, and cost efficiency measures would allow it to maintain cost leadership in the cement industry,” Nuvama said in its report.The brokerage expects the company to clock volumes of 37–38 MnT in FY26E, with capacity likely to reach 69 MnT by end-FY26E and 72–75 MnT by FY28E.CATCH STOCK MARKET LIVE UPDATES TODAYChoice: Premium valuations leave little room for upsideIn contrast, Choice Institutional Equities remains cautious on the counter. The brokerage said Shree Cement trades at FY28E EV/Ebitda and EV/CE multiples of 15.5x and 3.3x, respectively — making it one of the most richly valued cement companies under its coverage.At 6.7 per cent/9.3 per cent (FY26E), Shree Cement’s ROE/ROCE fails to cover its cost of equity and capital of around 12.5 per cent, even under optimistic assumptions, the brokerage noted.The firm’s cash and equivalents stood at ₹11,800 crore, accounting for nearly 11.5 per cent of its market capitalisation. Choice termed this high cash level an “overhang”, citing an absence of a proportional capacity expansion plan.“There is limited scope for SRCM’s best-in-class management to improve ROCE through cost-cutting initiatives. Its cost structure is already among the most efficient in the sector, supported by about 60 per cent renewable power usage and minimal room to save further on logistics or raw materials,” the brokerage said.Choice also noted that the company does not intend to expand capacity beyond 80 MnT by FY28/29E, and expects cash reserves to stay elevated at ₹127 billion by FY28E.While acknowledging the company’s strong governance standards, brand equity, and operating efficiency, Choice said valuations remain stretched.The brokerage forecasts Ebitda CAGR of 15.3 per cent over FY25–28E, driven by annual volume growth of 6 per cent and realisation growth of 6.0/1.0/1.0 per cent in FY26E/27E/28E, respectively.“We value SRCM at ₹26,900 per share using our EV/CE framework, assigning an EV/CE multiple of 3.3x for FY27E and FY28E,” it added. Although ROCE is expected to improve from 7.2 per cent in FY25 to 10.2 per cent in FY28E, the brokerage said returns would still not cover the cost of capital.“At our target price of ₹26,900, the FY28E implied EV/Ebitda multiple stands at 15.1x, which is quite high given its return profile. Risk to our Sell rating includes stronger-than-expected sector tailwinds and investor apathy towards its valuation multiple,” Choice said.
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Oct 29, 2025, 03:04 AM
Indian Real Estate Sees Surge in Institutional Investments Amid Global Volatility

Indian Real Estate Sees Surge in Institutional Investments Amid Global Volatility

Institutional investments in Indian real estate totaled $1.76 billion in Q3 2025, down slightly by 2% quarter-on-quarter (QoQ) but up 83% year-on-year (YoY). The composition of investors, however, showed a decisive structural shift — foreign investment share fell to just 8%, its lowest in four years, while India-dedicated domestic funds accounted for more than half of all inflows.Foreign Capital Retreats Amid Global VolatilityForeign investments dropped precipitously to $140.69 million in Q3 2025, compared with $1.19 billion in Q2 2025, marking an 88% QoQ decline and 68% YoY fall. Their share in total institutional inflows fell from 66% in Q2 2025 and 46% in Q3 2024 to just 8% this quarter.Note: Co-investment refers to joint funding by foreign and domestic investors.Also ReadRaymond Realty Q2 FY26 results: Profit jumps over 12x to ₹60.2 croreAditya Birla Real Estate posts ₹15.7 crore loss amid weak Q2 salesOffice rentals in top cities surge 6% in 9M 2025, vacancy dips 3%: AnarockCo-investment in Indian realty surges over 6-fold in Sep quarter: ReportNadiadwala Grandson buys two luxury flats in Mumbai's Prabhadevi for ₹37 crDomestic Investors Take Center StageIn contrast, India-focused institutional investors — including real estate funds, domestic financial institutions, and sovereign-backed entities — increased their participation by 166% quarter-on-quarter and 115% year-on-year, investing $892.22 million in Q3 2025.Their share in overall institutional investments rose to 51%, from 19% in the previous quarter and 43% in Q3 2024, the highest ever quarterly contribution from domestic investors.This trend reflects rising confidence among local investors in India’s economic stability and the long-term potential of its real estate market, particularly across the commercial, warehousing, and premium residential segments.“Domestic investors are now driving India’s real estate capital flows. Their growing role highlights the sector’s financial maturity and the shift toward self-sustaining growth,” said Shrinivas Rao, FRICS, CEO, Vestian, in the company’s latest quarterly report.Co-Investments Surge as Foreign Funds Partner LocalsThe co-investment model — where foreign investors partner with domestic institutions or developers — has emerged as a preferred structure amid global volatility.In Q3 2025, co-investment inflows rose to $726.58 million, up 173% quarter-on-quarter and a massive 562% year-on-year, accounting for 41% of total institutional inflows compared to just 15% in the prior quarter.This hybrid approach allows foreign funds to share risk, leverage local expertise, and maintain exposure to Indian assets while navigating global macro headwinds.“Foreign investors are not abandoning India — they’re simply becoming more collaborative,” said Rao. “Co-investment partnerships are bridging the confidence gap and anchoring foreign capital in domestic structures.”Key points:Foreign investment share: down to 8% (4-year low)Domestic investment share: 51% (up 115% YoY)Co-investments: up 562% YoYTotal inflows: $1.76 billion (+83% YoY)Commercial sector: still dominant with 79% share of total institutional inflowsWhere is money going?The commercial sector accounted for the largest share of investments (79%), surpassing its earlier record of 61% in the last quarter and 71% in the same quarter a year ago. In terms of value, investments soared to nearly USD 1.4 Bn, registering a robust annual growth of 104%.The residential sector attracted investments worth $191.7 million in Q3 2025, accounting for 11% of the total—down from 21% in the previous quarter. This reflects a sharp quarterly decline of 49%, despite registering a 6% year-on-year growth.The industrial and warehousing sector accounted for a nominal 5% of the total institutional investments. However, investments surged by 168% over the previous quarter to USD 85.8 Mn, primarily due to the growing demand for logistics parks.Note: Commercial assets include office, retail, co-working, and hospitality projects."Driven largely by the commercial asset class, institutional investments in Indian real estate have surged by 83% year-on-year, reaffirming the sector’s strong resilience amid global headwinds. While foreign investors adopt a cautious approach, the significant rise in the share of domestic investments and co-investments underscores the growing confidence of domestic investors in India’s growth story," said Srinivas.
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Oct 29, 2025, 02:52 AM
Orkla India's ₹1,667 Crore IPO Opens for Subscription on October 29

Orkla India's ₹1,667 Crore IPO Opens for Subscription on October 29

Orkla India IPO:Theinitial public offering(IPO) of Orkla India, an Indian food company, opens for public subscription on Wednesday, October 29, 2025. The mainline offering comprises entirely an offer for sale (OFS) of 22.8 million equity shares aggregating to ₹1,667.54 crore.Incorporated in 1996,Orkla Indiaoffers a diverse range of food products, from breakfast to lunch and dinner, snacks, beverages, and desserts. It owns brands like MTR Foods, Eastern Condiments, and Rasoi Magic. The company has a significant presence in the states of Karnataka, Kerala, Andhra Pradesh and Telangana.Ahead of its IPO, Orkla India raised ₹499.6 crore from 30 institutional investors via an anchor book on October 28. The company allocated 6.84 million equity shares to anchor investors at the upper end of the price band of ₹695 to ₹730.Prominent institutional investors participating in the anchor round include Nippon Life India, Aditya Birla Sun Life AMC, Ashoka WhiteOak, Nomura Funds, Government Pension Fund Global, Jupiter Global Fund, Pinebridge Global Funds, Baroda BNP Paribas MF, LIC MF, and Edelweiss. Other participants include Tata Investment Corporation, Bajaj Finserv MF, Aurigin Master Fund, Viridian Asia Opportunities Master Fund, Société Générale, and Copthall Mauritius Investment.Orkla India IPO reviewDomestic brokerage Angle One has assigned a 'Subscribe' rating to the issue, saying at the upper band price of ₹730, Orkla India is valued at a post-IPO P/E of 31.68x, which appears fairly priced considering its diversified product portfolio, strong market presence across key FMCG categories, resilient financial performance and long-term growth visibility. Analysts at Anand Rathi believe that the IPO is fully priced and recommend a 'Subscribe-Long Term' rating to the IPO.Orkla India IPO GMPOn Wednesday, the unlisted shares of Orkla India were trading at ₹807, up ₹77 or 10.5 per cent compared to the upper band price, according to the sources tracking unofficial markets.Also ReadOrkla India IPO opens Oct 29: Analysts split on prospects; should you bid?Orkla India IPO: Leading food brand, hidden risks; what you should knowIPO signals strong commitment from Norway parent, says Orkla IndiapremiumIPO Calendar: Quiet week ahead with 3 new issues, no listings scheduledOrkla India sets IPO price band at ₹695-730; check key dates, lot sizeHere are the key details of the Orkla India IPO:Orkla India IPO key datesThe subscription window for the issue will close on Friday, October 31, 2025. The share allotment process is expected to be completed by Monday, November 3, 2025. The company is expected to list its shares on the NSE and BSE on Thursday, November 6, 2025.Orkla India IPO lot sizeOrkla India has set the price band for the issue in the range of ₹695 to ₹730 per share. The lot size for an application is 20 shares.Orkla India IPO registrar, lead managerKfin Technologies is the registrar for the issue. ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company are the book-running lead managers.Orkla India IPO objectiveAs per the Red Herring Prospectus (RHP), the company will not receive any proceeds from the funds raised through the issue, as the entire offer comprises a sale of shares by existing shareholders.
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Times of India
Oct 29, 2025, 02:50 AM
India to Host US-Style Collegiate Esports Tournament 'May Madness' with Asymmetrical Learning and Collegiate Esports Commissioner's Cup

India to Host US-Style Collegiate Esports Tournament 'May Madness' with Asymmetrical Learning and Collegiate Esports Commissioner's Cup

India is set to experience the U.S. collegiate esports phenomenon, May Madness, through a partnership between Asymmetrical Learning and the Collegiate Esports Commissioner’s CupPUNE: The Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL) incubated Asymmetrical Learning led by Siddharth Rahalkar, has partnered with the Collegiate Esports Commissioner’s Cup (CECC) to bring the U.S.collegiate esports phenomenon, May Madness, to India.“The concern is not with esports, but with money-based gaming,” said S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY), said in a statement issued here. “Esports represent skill, discipline, and digital learning - not gambling. Through the new law, our aim is to provide a clear national framework that supports legitimate, competitive gaming, encourages educational and social innovation, and helps India become a global leader in this emerging field.”Increasing vernacular content, corporate esports leagues, and policy support continue to strengthen engagement and economic potential across the sector.You Can Also Check:Pune AQI|Weather in Pune|Gold Rate Today in Pune|Silver Rate Today in PuneBuilding on this momentum, the Collegiate Sports Management Group (CSMG), owner and operator of the Collegiate Esports Commissioner’s Cup (CECC), has signed its first international licensing deal with Acceler Edtech Private Limited (AEPL), the parent company of Asymmetrical Learning.Together, they aim to establish a structured, nationwide collegiate esports framework that mirrors CECC’s successful U.S.model and nurtures the next generation of esports talent in India.Siddharth Rahalkar Founder of Asymmetrical Learning, added in the statement: “Our partnership with CSMG allows us to leverage this moment to bring organised collegiate esports to students nationwide. By recognising esports as a competitive sport, the Act enables us to design tournaments that foster critical thinking, teamwork and digital literacy, skills essential for success in modern education and careers.”The collaboration will bloom as the first global presence of CECC, the largest collegiate esports championship in North America. It will follow the example of the U.S. tournament, which brings together university-level gamers from their respective conferences, seeking to establish a healthy ecosystem of scholastic esports in high schools and colleges throughout India.“India’s new Online Gaming Act opens the door for scholastic esports.We’re partnering with Asymmetrical Learning to bring organised competition to Indian schools and universities, enriching academics and inspiring students right now.“We are thrilled to partner with CSMG to bring CECC May Madness to India,” said Siddharth. “The Promotion and Regulation of Online Gaming Act, 2025, has created a supportive environment by officially recognizing esports as a legitimate sport. India’s students are deeply passionate about gaming, but the scholastic infrastructure is still emerging.Together with CSMG, we aim to deliver world-class standards that help students compete, connect, and pursue global esports careers.”Two years ago, Asymmetrical Learning was incubated at NSRCEL, the innovation and entrepreneurship hub of the Indian Institute of Management Bangalore (IIMB), one of India’s leading and visionary startup accelerators. This incubation offers Asymmetrical Learning access to mentorship, research support, and a network of industry leaders shaping the future of education and technology.Acceler Edtech is registered with the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.The collaboration underscores how educational esports can serve as a bridge for cultural and academic exchange between India and the U.S., fostering collaboration, shared learning, and long-term partnerships. The global gaming market, already among the fastest-growing entertainment markets, is experiencing exponential investment, and esports is a high-potential and under-explored element of the Indian market.
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Business Standard logo
Business Standard
Oct 29, 2025, 02:49 AM
SRF Reports Strong Q2FY26 Profit, Led by Chemicals Business

SRF Reports Strong Q2FY26 Profit, Led by Chemicals Business

Chemicals company SRF reported a strong year-on-year (Y-o-Y) jump in profit for the September quarter (Q2FY26), led by a sharp improvement in its chemicals business, even as performance in other segments remained mixed.Brokerages maintained a positive stance onSRF, highlighting continued margin strength, steady volume growth, and the company’s strategic capex expansion.Emkay Global Financial Services saidSRF’s second-quarterearnings were broadly in line with expectations, driven by healthy margins and strong showings from the chemicals segment.The company reported earnings before interest, tax, depreciation and amortisation (Ebitda) of ₹780 crore, up 44 per cent Y-o-Y but down 7 per cent sequentially (Q-o-Q). The figure was marginally below Emkay’s estimate of ₹800 crore and lower than the Street consensus of ₹820 crore.According to Emkay, the Y-o-Y margin improvement was led by firm refrigerant gas pricing in export markets, higher volumes in specialty chemicals, operational efficiencies, and better realisations in packaging films and aluminum foil. The brokerage noted that SRF’s management maintained its FY26 revenue growth guidance of 20 per cent for the chemicals business, while revising its overall capital expenditure target to about ₹2,200–2,300 crore for the year.Also ReadChennai Petroleum posts strong Q2; analysts upbeat on GRM, earnings outlookSyrma, Kaynes surge up to 7%; what's driving EMS stocks on Tuesday?Target @₹7,000: IndiGo set to fly higher as Anand Rathi initiates with BuyHindalco, SBI Life rally up to 44% so far in 2025; market cap near ₹2 trnBata India shares tumble 6% as Q2 earnings miss street's estimates“Healthy margin performance was led by strong refrigerant gas pricing and operational efficiency gains,” Emkay said in a note. “We expect earnings momentum to continue in the second half, driven by volume growth in chemicals.” The brokerage retained an “Add” rating on SRF with an unchanged target price of ₹3,250.The chemicals business remained the star performer in the quarter, with revenue rising 23 per cent year-on-year to ₹1,670 crore. The segment’s Ebit margin surged to 28.9 per cent from 18.1 per cent a year earlier, aided by better realisations and efficiency improvements.SRF also announced an expansion of its tie-up with Chemours for manufacturing and distributing advanced fluoropolymers and fluoroelastomers. The associated project outlay was increased to ₹745 crore from ₹595 crore earlier, with commissioning expected by December 2026.The company also acquired 300 acres of land in Gopalpur, Odisha, for ₹280 crore to support its chemicals business expansion.Performance in other verticals was mixed. Revenue from the performance films and foil business was flat year-on-year at ₹1,410 crore, though margins improved to 8.4 per cent from 5.8 per cent due to higher value-added product sales, stronger BOPP realizations, and recovery in operations in Thailand and Hungary.The technical textiles business, meanwhile, saw revenue decline 11 per cent Y-o-Y to ₹470 crore, as Chinese imports pressured margins despite higher volumes of nylon tyre cord and belting fabric.Nuvama Institutional Equities echoed Emkay’s positive tone, saying SRF “reported solid Q2FY26 results” despite a minor miss versus Street expectations. The brokerage highlighted strong traction in the chemicals division, particularly fluorochemicals, and maintained a “Buy” rating with a revised target price of ₹3,841, up from ₹3,622 earlier.“SRF’s fluorochemicals segment continues to capitalise on robust global demand across refrigerants and fluoropolymers, achieving record volumes in Q2,” Nuvama said. The brokerage added that domestic and export prices for HFC-32 have risen sharply over the past year, providing sustained margin tailwinds.Nuvama also cited SRF’s specialty chemicals division as the “cornerstone of structural growth,” supported by new agrochemical and pharmaceutical intermediates. The firm expects the launch of new active ingredients, including Tetraniliprole, to drive growth from Q4FY26 onwards.The brokerage noted that the Odisha land acquisition would serve as the foundation for an integrated chemical complex, expanding both specialty and fluorochemical capacities.While near-term global headwinds in agrochemicals could delay demand recovery, Nuvama believes SRF’s medium-term outlook remains intact, underpinned by the China+1 diversification trend and resilient domestic demand for refrigerants.Both brokerages agreed that SRF’s chemicals division would remain the primary growth engine, supported by capacity expansion, strategic partnerships, and a deep innovation pipeline. Despite near-term softness in other businesses, the long-term investment case remains compelling.“SRF is well-positioned to sustain strong margins and benefit from global shifts in the chemical supply chain,” Nuvama said.
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Deccan Herald logo
Deccan Herald
Oct 29, 2025, 02:47 AM
Heatwaves and Air Pollution: Climate Change's Devastating Impact on India's Health and Economy

Heatwaves and Air Pollution: Climate Change's Devastating Impact on India's Health and Economy

New Delhi: People in India each experienced nearly 20 heatwave days in 2024 on average, of which about six-and-a-half days would not be expected were it not for climate change, according to a new global report published by The Lancet journal. Estimates suggest that an exposure to heat in 2024 resulted in a loss of 247 billion potential labour hours per year -- a record high of nearly 420 hours per person -- and 124 per cent more than that during 1990-1999. The agriculture sector accounted for 66 per cent, and construction sector for 20 per cent of the losses in 2024, according to the '2025 Report of The Lancet Countdown on Health and Climate Change'. A reduced capacity of labour due to the extreme heat is associated with a potential loss of income of USD 194 billion in 2024, it said. An international team of 128 experts from 71 academic institutions and UN agencies, led by University College London, were involved in producing the ninth edition of the report. Published ahead of the 30th UN Conference of the Parties (COP30), the report provides the most comprehensive assessment to date of the connections between climate change and health, they said. They added that a continued over reliance on fossil fuels and failure to adapt to climate change is costing people's lives, health, and livelihoods, with 12 of 20 indicators tracking health threats reaching unprecedented levels. Heat-related deaths have surged 23 per cent since the 1990s, to 546,000 a year, while the average spread potential of dengue has risen by up to 49 per cent globally since the 1950s, the team said. "In 2024, people in India were exposed to 19.8 heatwave days each, on average. Of these, 6.6 days of exposure would not have been expected to occur without climate change," they wrote in a country-related data sheet, accompanying the report. Further, during 2020-2024, an average of 10,200 deaths per year in India could be traced to PM2.5 pollution from forest fires -- an increase of 28 per cent from rates during 2003-2012, it said. Human-caused PM2.5 pollution was responsible for more than 17 lakh deaths in 2022 -- up by 38 per cent since 2010 -- with use of fossil fuels such as coal and liquid gas contributing to 44 per cent of the deaths, the report said. Use of petrol for road transport contributed to 2.69 lakh deaths, it said.
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Times of India
Oct 29, 2025, 02:44 AM
Top Stocks to Buy: Tata Steel, Jai Corp, and Vadilal Industries Offer Favorable Risk-Reward Opportunities

Top Stocks to Buy: Tata Steel, Jai Corp, and Vadilal Industries Offer Favorable Risk-Reward Opportunities

Top stocks to buy (AI image)Stock market recommendations:According to Mehul Kothari, DVP - Technical Research, Anand Rathi Shares and Stock Brokers, the top stocks to buy today are Tata Steel, Jai Corp, and Vadilal Industries:Tata Steel – All-Time High Breakout + Ichimoku StrengthBuy near: ₹181–₹175 | Stop Loss: ₹166 | Target: ₹200Tata Steel has given a strong breakout above its previous all-time high, confirming the continuation of a long-term uptrend after months of consolidation.The price is trading well above the Ichimoku cloud with both conversion and base lines turning upward, while all key EMAs (20/50/100/200) are aligned positively.The breakout zone offers a favourable risk–reward opportunity with potential for sustained momentum.Jai Corp – Cup & Handle Breakout + 200-DEMA SupportBuy near: ₹170 | Stop Loss: ₹160 | Target: ₹190Jai Corp has been consolidating just above its 200-DEMA for several weeks and has now confirmed a breakout in price. The overall structure resembles a bullish cup-and-handle formation on the daily chart, indicating a potential trend reversal and renewed buying interest.Sustaining above ₹170 could trigger further upside toward ₹190 in the near term.Vadilal Industries – Trend Reversal from Rising Trendline + Early Momentum Build-UpBuy near: ₹5,520–₹5,480 | Stop Loss: ₹5,200 | Target: ₹6,100 | Time Frame: 90 DaysVadilal Industries has rebounded sharply from its rising trendline support that has held firm since March, signaling the continuation of a long-term uptrend. The price has crossed above the Ichimoku cloud, with conversion and base lines turning upward, reflecting a fresh bullish crossover setup. All key EMAs are converging and starting to slope upwards, indicating early momentum buildup and a favourable risk–reward zone for accumulation.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
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INC42 News logo
INC42 News✓
Oct 29, 2025, 02:31 AM
Airbound Aims to Revolutionize Healthcare Logistics in India with Precision-Crafted Drones

Airbound Aims to Revolutionize Healthcare Logistics in India with Precision-Crafted Drones

Epic tells us the story of medicinal herbs being flown to save a dying soul. Bengaluru-basedAirboundAirboundAn Advanced Hardware & Technology Funded Company Based Out Of BengaluruSectorAdvanced Hardware & TechnologyStageSeedTotal Funding$10.30 Mn+Powered By:Explore full profilevows to do the same job for ailing patients today. What changed in the 7,000 to 14,000 years in between is precision. The saviour in theRamayanacouldn’t spot the right plant and brought the entire mountain, instead, from the Himalayas to Lanka deep down south. But the startup is set to send the right medicine to the right patient right away, thanks to lower payload and higher degree of precision automation. The concept ofairborne healthcare supplieswas tested on the quiet outskirts of Hoskote in Bengaluru recently, when five drones took to the skies with a sharp 90-degree take-off, zipped through the mid-day breeze with birds, and landed in effortless accuracy at the target spot. It was more than a demonstration. It was a promise – a glimpse of how medical deliveries by drone could soon take shape in India’s revolutionary digital landscape. Behind the airshow was Airbound, a young drone startup preparing to deliver blood samples, test reports, and other critical medical supplies to and from the city’s one of the top cardiac care facilities, Narayana Hospital. “The mission is simple,” founder and chief executive Naman Pushp told Inc42. “We want to make healthcare logistics faster, more reliable, and independent of Bengaluru’s gridlocked roads. Or, for that matter, independent of the roadway transport constraints in any cities, towns, or villages.” Airbound, however, is not the first to propose healthcare supply through drones. Earlier this year,TechEagle partnered with Apollo Hospitalsto introduce 10-minute diagnostic drone delivery. Skye Air, which enables quick commerce deliveries in Bengaluru,proposed medical deliveriesas a business proposition. Even TSAW Drones made some progress in its medical delivery services. In light of the competition, Airbound claims its flagship TRT drones are distinct in nature. The vertical take-off and landing (VTOL) drones work with quadcopters and have a blended wing body that was never flown in India, according to the 20-year-old founder. Pushp believes that with the drone’s unique design (see below) and the choice of material and components, Airbound can reshape drone-based healthcare logistics in India. The dream that Pushp cradled was nurtured by the backing of senior leaders at Tesla, Anduril, and Physical Intelligence, as well as VCs like Lightspeed and Humba Ventures. But the story behind the making of the startup is of three years of hard toil and sustained focus in collecting a bunch of scattered ideas to give shape to Airbound in 2023. “I was 15, attending online classes when the Covid-19 pandemic struck. I came across communities of engineers working on various projects to help others in those trying times,” recollected Pushp. Many of those projects never saw the light of the day, but Pushp was undeterred. Although he was not initially focussed on medical deliveries by drones, the idea shaped up gradually. A year later, he created a virtual model of this drone. This design impressed gradCapital and the VC, which is known for backing startups launched by college students, cut its first $25,000 cheque for Pushp. Soon after graduating in 2022, Pushp went for a pre-seed round, backed by Lightspeed. And, Airbound came up as a company next year. If the pandemic prepared the field for Pushp’s idea to germinate, then inspiration from American tech firm Zipline helped it proliferate. Functioning since 2016, Zipline is today known for delivering life-saving drugs in remote parts of Africa. “When I am in a place where there are no medical supplies, I will not think about biscuits. This gave me clarity on what I should do. If I am doing 100 deliveries a day, the most value I can add is by doing healthcare deliveries and connecting people to healthcare supplies,” said the founder. Airbound is capable of manufacturing one drone a day, raising the scale from two a month. Pushp claimed that the feat makes it the largest drone maker in the country. The company plans to use$8.6 Mn it raised in a recent seed fundinground to scale drone manufacturing and improve reliability of its vehicles. The claims, however, raise many doubts and so does the extraordinary growth trajectory of the company in a sector that even today depends heavily on imported components or CKD (completely knocked down) parts. Then what drove some of the marquee names to back a student founder even before his brainchild went into commercialisation? Inc42 took a deep dive to decode the technology. Airbound ventured into the drone space through the niche design area of blended wing body (BWB) aircraft, where only a handful of global players like Nautilus, JetZero, and Northrop Grumman, are developing commercial and fighter aircraft. These carriers are known for their unconventional design, where the wing and fuselage or the main body are blended to form the aircraft. This makesBWB aircraft aerodynamically more efficientand reduces power consumption, while making them more environment-friendly. The Airbound founder explained that most aircraft in use today have a fuselage in the middle of two jutted-out wings. The wings generate the lift, but the fuselage adds to the dead weight. “This dead space is needed to carry people or cargo. But the idea of BWB is to merge the fuselage and the wings, ensuring that the fuselage enhances the lift.” Pushp refers to it as an aircraft that doesn’t need a runway. “The other VTOL designs that you see are like an aeroplane, with a bunch of propellers on top, which increases weight, drag, and interferes with the lift. We realised that this idea of something that takes off vertically, then rotates, and flies forward, is more efficient. We call our product a zero-compromise VTOL.” Airbound has come up with another novel idea of using carbon fibre, which is extremely lightweight, to replace steel or any other heavier material. Quadcopters, or the four-rotor Indian drones, need 100 KgF thrust to lift a 100 Kg payload. The current VTOL quadcopters, Pushp said, need 30-50 KgF thrust to lift a similar payload. That’s the kind of ratio they follow. Airbound TRT, on the other hand, needs only 5-8 KgF of thrust to lift a 100 Kg payload.Its 2.5 Kg Airbound TRT drone can lift a 1 Kg payload.As the startup scales and manufacturing becomes more efficient, it looks to achieve a milestone where a 1.2 Kg aircraft will be able to lift a 3 Kg payload. That explains how Airbound’s technology can reduce energy consumption and increase delivery efficiency. It now costs around INR 24 for each delivery. The company aims to bring it below INR 5 as it scales manufacturing in the next one year. Ultimately, it aims to reduce it to INR 1 per delivery. While the founder did not divulge the exact cost of making a drone, he said that it would be down to INR 30,000 to INR 50,000 in the next few years, as the company plans to make at least a few hundred drones a day. The plans may sound probabilistic, given the countless external variables at play, investors chose to bet on the brain more than the brainchild. That’s what reflected from Airbound’s early investors like gradCapital and Lightspeed. “When I met Naman, he was a 16-year-old boy showing me models of this drone on a computer and describing how it would fly. There was no real drone, yet he was writing equations about it. At that point, the engineering intuition I saw in him was at the level of an MIT PhD. To me, it was clear he was a prodigy,” Abhishek Sethi, partner and CEO of gradCapital, told Inc42. Sethi said that Pushp’s initial hypothesis of building a VTOL to save money on the runway and one that would be much better than a quadcopter didn’t change. “Even his design idea for the aircraft hasn’t changed. When we invested, the idea to use carbon fibre wasn’t there, but we had the conviction that he would end up discovering a material to make the best aircraft.” Airbound has achieved autonomy to a large extent in terms of technology. Its aircraft control tech stack RUDRA allows a single pilot to operate more than 100 aircraft if their paths are checked, and take-offs and landings are given as commands. At a 40 Km range and 60 Kmph speed, which its TRT drones are capable of, Airbound can complete three to five deliveries on a single charge within 30 minutes. Its design and the use of carbon fibre are proprietary. Though the startup imports some of the components, like the motors and propellers, Airbound plans to start manufacturing its own propellers in-house in the near future. Airbound has so far filed for one patent on the BWB aircraft design in the US. Regulatory hurdles have been the biggest bottleneck for businesses in India. Airbound’s TRT drones need a type certificate issued by aviation regulator DGCA for its commercial operations. The biggest challenge for the company is that its timeline for getting the certification is yet unclear. “With type certification, a design gets locked. We are in a process of continuous improvement, and we cannot pass on those to our customers if you lock everything behind a type certificate,” complained the founder. The company is trying to get as many improvements as possible in its first iteration before moving for the type certification. As Airbound aims at a trillion deliveries a day – a distant dream, beyond doubt – it first needs to clear the regulatory hurdles. In fact, it is yet to receive a UIN from the regulator. The pilots with Narayana Hospital are set to take off. The hospital’s founder and chairman, Dr Devi Shetty, has confirmed that this pilot with Airbound will help the institution improve the speed and reliability of its medical deliveries. Airbound is also in talks with a few quick commerce platforms for pilots, but Pushp said that n...
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Deccan Herald
Oct 29, 2025, 02:24 AM
Karnataka High Court stays government order on gatherings at state-maintained properties

Karnataka High Court stays government order on gatherings at state-maintained properties

Bengaluru: In a setback to the state government, the Dharwad bench of the Karnataka High Court on Tuesday stayed till Nov 17 a controversial government order that banned congregation of more than 10 persons at any place maintained by the government. In his interim order, Justice M Nagaprasanna observed the order takes away the rights conferred upon citizens under chapter III of the Constitution. The government order dated October 18, 2025, was issued close on the heels of the RSS proposing to take out route marches across the state to commemorate its centenary celebrations. The order, issued by the Home Department, requires prior permission for any gathering of more than 10 persons on properties maintained by the state government, including schools, colleges, playgrounds, parks, roads and water bodies. These premises include the ones managed by local authority or department, boards, corporation, the order said, adding congregation of more than 10 people in violation of the order could also be penalised under BNS. The order, which was seen as an attempt to curb the route marches of the RSS, was challenged by two organisations from Hubballi — Punashcetana Seva Samsthe and We Care Foundation — and two individuals: Rajeev Malhar Patil Kulkarni from Dharwad and Uma Satyajit Chavan from Belagavi. Senior advocate Ashok Haranahalli, representing the petitioners, submitted that the government order violates Articles 13, 14, 19 and 21 of the Constitution. He said that restricting public gathering is governed under section 31 of the Karnataka Police Act. “The government is not competent to issue an executive order when the field is occupied by the statute. Parks and roads vest in the local authorities under two other statutes, The Karnataka Parks, Play-fields and Open Spaces (Preservation and Regulation) Act and Karnataka Municipal Corporations Act. Suppose I am a part of the laughter club or walking group, how does it become an unlawful assembly,” he asked, arguing that the rights guaranteed under Article 19 (1) (b) (freedom of speech and expression) cannot be taken away by issuing an executive order. When the court sought a clarification on the issuance of the order, the government advocate sought time to seek instructions. Justice Nagaprasanna noted that when provisions under the Karnataka Police Act regulate the conduct and behaviour and action of persons constituting assemblies and processions, the government order has, prima facie, taken away the rights conferred upon citizens under chapter III of the Constitution, specifically the freedoms under Article 19 (1)(a) and (b). “It is trite that fundamental rights cannot be curtailed by executive orders. Article 13(2) of the Constitution holds a bar against such encroachment, that Chapter III of the Constitution can only be abridged by a law and not by an administrative order, or a Government Order," the judge said."Therefore, the impugned Government Order runs contrary to Article 13(2) and, thereby, takes away the fundamental right under Article 19(1)(a) and (b). Allowing it to operate would prima facie mean to permit liberty granted to citizens under Articles 19(1)(a) and (b) to be taken away by an executive order,” Justice Nagaprasanna observed.
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Times of India logo
Times of India
Oct 29, 2025, 02:17 AM
Cyclone Montha Weakens After Landfall in Andhra Pradesh; Heavy Rainfall and Strong Winds Continue

Cyclone Montha Weakens After Landfall in Andhra Pradesh; Heavy Rainfall and Strong Winds Continue

As per the latest update on IMD’s official post on X, Cyclone Montha [pronounced Mon-Tha], which had intensified into a Severe Cyclonic Storm over the Bay of Bengal earlier this week, has now weakened into a Cyclonic Storm after making landfall over the coastal districts of Andhra Pradesh.According to the India Meteorological Department (IMD), the system continues to move northwestwards and is expected to gradually lose strength over the next several hours, even as another weather disturbance, a Depression over the East Central Arabian Sea, continues to develop in parallel.Landfall completed; cyclone weakensAt 2:30 a.m. IST on October 29, the cyclonic storm Montha was positioned approximately 20 km west-northwest of Narsapur, 50 km northeast of Machilipatnam, 90 km west-southwest of Kakinada, and 230 km southwest of Visakhapatnam.IMD confirmed that the cyclone had weakened from a Severe Cyclonic Storm to a Cyclonic Storm as it moved inland.Andhra Braces for Cyclone Montha Landfall; IMD Warns of Heavy Rain, Strong WindsThe system is expected to continue its northwestward trajectory across coastal Andhra Pradesh. IMD also suggests that it will maintain its current intensity for the next six hours before weakening further into a deep depression.The storm’s weakening, however, has not diminished the risk of severe weather over the region.Heavy to very heavy rainfall continues to lash parts of Krishna, East Godavari, and West Godavari districts, while strong winds persist in coastal belts. The IMD has warned of localised flooding, uprooted trees, and damage to houses, electric poles, and power lines in some areas.Weather predictions post Cyclone MonthaTheIndia Meteorological Department’s (IMD)All India Weather Summary and Forecast Bulletin, issued on October 28 and valid till November 3, projects a prolonged spell of rain, thunderstorms, and gusty winds over large parts of the country.The ongoing influence of Severe Cyclonic Storm “Montha”, currently weakening after landfall near Kakinada in Andhra Pradesh, along with a developing Depression over the East Central Arabian Sea, is expected to shape the nation’s weather pattern for much of this week.According to the IMD, scattered to fairly widespread rainfall is forecast over southern, eastern, and northeastern India, while isolated showers are expected across the northwest.No significant temperature fluctuations are likely in most regions over the next five to seven days.On October 29, heavy to very heavy rainfall is likely over Odisha, Andhra Pradesh, Telangana, Vidarbha, Chhattisgarh, and Saurashtra and Kutch, with isolated extremely heavy downpours over parts of Odisha. The IMD has also predicted heavy rainfall in Bihar, Jharkhand, Madhya Pradesh, Maharashtra, Kerala, and coastal regions including Konkan and Goa.As Cyclone Montha weakens and moves inland, its associated moisture will push the rainfall belt northwards. On October 30, Bihar, East Madhya Pradesh, East Uttar Pradesh, and Saurashtra and Kutch are likely to experience heavy to very heavy rainfall, while Arunachal Pradesh, Assam, Meghalaya, Jharkhand, Odisha, Chhattisgarh, Telangana, and Vidarbha may receive heavy rain.Thunderstorms with gusty winds reaching 40–50 kmph are forecast over East Uttar Pradesh, with slightly lower wind speeds over adjoining eastern and northeastern states.Squally winds are also expected along the Gujarat and Konkan coasts as well as over the Bay of Bengal, driven partly by the Arabian Sea depression’s circulation.The IMD warns of potential flash floods and minor road damage in Bihar, Jharkhand, and Madhya Pradesh as heavy rains intensify over the Gangetic plains and central India.By October 31, the weather activity will gradually extend to northeastern India. Arunachal Pradesh, Assam, Meghalaya, Bihar, Sub-Himalayan West Bengal, and Sikkim are expected to record heavy to very heavy rainfall, while Nagaland, Manipur, Mizoram, and Tripura will witness isolated heavy showers.In western India, Saurashtra and Kutch will continue to see heavy rainfall due to the influence of the Arabian Sea system, which will maintain strong squally winds along the Gujarat and north Konkan coasts.As the week progresses, the focus of rainfall shifts decisively to the northeastern states. On November 1, Arunachal Pradesh, Assam & Meghalaya are forecast to experience heavy to very heavy rain, while Nagaland, Manipur, Mizoram, Tripura, and Sub-Himalayan West Bengal and Sikkim will receive heavy showers.By November 2 and 3, activity will taper off gradually, but Assam and Meghalaya will continue to receive moderate to heavy rainfall. No significant thunderstorm or wind activity is expected beyond isolated lightning in the region.As for the cyclone affected coastal regions, fishermen have been advised to stay away from the sea, as sea conditions continue to remain rough to very rough along the Andhra Pradesh and Odisha coasts. The storm surge, though moderate due to the cyclone’s reduced strength, is still expected to inundate low-lying areas near the coast, especially around Kakinada and Machilipatnam.With the Arabian Sea depression also under close observation, India’s coastal states are bracing for a few more days of turbulent weather.
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Financial Express
Oct 29, 2025, 02:09 AM
India Aims to Become Hub for Global Electronics Manufacturing

India Aims to Become Hub for Global Electronics Manufacturing

A day after the government approved seven projects worth Rs 5,532 crore under the electronics component manufacturing scheme, Electronics and IT MinisterAshwini Vaishnawtells Rishi Raj that the next step will entail designing and manufacturing equipment and materials used in electronics production. Excerpts: In domestic manufacturing, the beginning was made with smartphones, then to IT hardware, semiconductors, AI mission and now electronics components manufacturing. What’s next on the agenda? In electronics manufacturing, we have followed a clear and steady strategy. We began with manufacturing finished products in India. This helped us build scale and skills. Next, we moved to modules and components. We are working on designing and manufacturing equipment used in electronics production. Next, we will go for manufacturing materials used in electronics production. Step by step, we are developing the entire ecosystem for electronics manufacturing in India. For the semiconductor ecosystem, global leaders in chemicals and specialty gases are planning to set up operations in India. We are also promoting these industries as part of our broader semiconductor strategy. 2026 will be the last year for smartphone PLI. Any thoughts on extending it further? Any such demands by the industry?Today, India is the second-largest mobile phone manufacturer in the world. In the last 11 years, our mobile phone production has grown 29 times, reaching nearly Rs 5.5 lakh crore. Exports have risen 131 times, crossing Rs 2 lakh crore. In the July-September quarter, we exported 4.9 million iPhones. This is a new record. The industry is in constant dialogue with us and we value their feedback. Further policy actions will be taken in consultation with stakeholders. The US Administration has turned very protectionist and China also keeps putting hurdles in our path. How do you view these developments in our quest to emerge as a hub for global electronics manufacturing? The world is witnessing a major realignment of supply chains. India has emerged as a stable and trusted partner amid global uncertainties. This trust and the capabilities of our engineers is helping us grow our electronics exports. Electronics exports have grown eight times in the last 11 years. We are rapidly becoming an integral part of the global value chain. We have become the largest smartphone exporter to the US, surpassing all other countries. We have a rich and abundant talent pool in India. We are home to 20% of the design workforce in semiconductors. We are continuously building the AI talent pool also. This is an asset to India as well as the world too. You have often said that the time has come for India to become a product nation. The focus on products is happening both at the end of government and industry. But what about monetisation of such products? Do you think we can achieve global standards? India is steadily transforming into a product nation and innovation-led economy. The focus is creating globally competitive products backed by Indian IPR (Intellectual Property Rights). Our homegrown startups are designing technologies that are in demand worldwide. For example, VerveSemi, a DLI-approved startup, is developing advanced semiconductor IPs for electric vehicles, aerospace and smart-energy systems. There are many such examples of Indian innovators creating products for global markets. This shift towards product-based innovation is driving monetisation opportunities and creating high-value jobs. Zoho and its product suite are in the news these days. You have also shifted to its products. It’s definitely a good move, but what will it take for the company to achieve scale both domestically and globally? Scaling a software product requires innovation, readiness for global markets, and network effect. Zoho has over 120 million users in 150 countries and offers more than 55 applications to 700,000 organisations. Having built this capability, it is now in a position to provide a suite of services to us. We followed a transparent bidding process through which Zoho was selected. And now we have shifted email and office work to the Zoho suite of products. Many more Indian apps and services will be supported as a part of PM’s Atmanirbhar Bharat vision. It’s often seen that self-reliance and digital sovereignty give companies and their products a head-start but with time they start losing traction. How can homegrown models achieve sustenance? Sustaining self-reliance depends on various factors including innovation, ability to scale, and the ecosystem present. The foundation of any organisation has to go beyond initial enthusiasm. It requires systems and processes that ensure homegrown technologies evolve in sync with global benchmarks. Our strategy follows this path. India Stack, IndiaAI Mission and India Semiconductor Mission provide budding innovators with resources such as DPIs, EDA tools for semiconductor designs, AIKosh for Indian data sets, etc. Strong R&D linkages between startups, academia, and industry are vital for translating research into better products. And finally, providing targeted incentives through schemes like the Design Linked Incentive (DLI) for semiconductors and the IndiaAI Mission ensures that innovation is sustained and IP creations are rewarded. When startups build on trusted digital infrastructure and export-ready standards, they naturally achieve resilience and long-term viability. You have been a proponent of India becoming a part of the global value chain in electronics manufacturing. Where are we currently and what targets of domestic value addition have you set? Because of these two initiatives, within the next five years we will aim to reach a level of value addition that other countries achieved in three decades. What’s the progress of IndiaAI Mission and on producing homegrown foundational models? Under the IndiaAI Mission, twelve startups have been selected to build homegrown foundational AI models. These include small, medium, and large parameter models designed for real-world Indian use cases. At the large scale, Sarvam AI is developing open-source language models with 120 billion parameters. IIT Bombay-led BharatGen is building a model scalable up to one trillion parameters. Sarvam AI also plans to reach that scale soon. At the medium scale, Fractal Analytics, Tech Mahindra Maker’s Lab and Zenteiq are developing AI tools for fields like life sciences and robotics. At the domain level, startups are focusing on sectoral models. Intellihealth is building a healthcare AI system for diagnosis and prediction of systemic disorders, including epilepsy. We are backing this innovation with a common compute facility of more than 38,000 GPUs for startups and researchers. Your ministry has just come out with proposals seeking public consultation for creating a legal framework to curb deepfakes, basically by AI labelling. Do you think it will be effective and foolproof? Our society and trust are adversely affected by synthetic content. We have published rules to label synthetic content. Large sections of society have welcomed this move.
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Business Standard
Oct 29, 2025, 02:08 AM
Gold Price Today: Indian Gold Prices Dip ₹10 to ₹1,20,810 as Silver Tumbles ₹100

Gold Price Today: Indian Gold Prices Dip ₹10 to ₹1,20,810 as Silver Tumbles ₹100

Gold Price Today: Theprice of 24-carat golddipped ₹10 in early trade on Wednesday, with ten grams of the precious metal trading at ₹1,20,810, according to theGoodReturnswebsite. Theprice of silvertumbled ₹100, with one kilogram of the precious metal selling at ₹1,50,900.The price of 22-carat gold decreased by ₹10, with ten grams of the yellow metal selling at ₹1,10,740.The price of ten grams of 24-carat gold stood at ₹1,20,810 in Mumbai, Kolkata and Chennai.In Delhi, the price of ten grams of 24-carat gold stood at ₹1,20,960.In Mumbai, the price of ten grams of 22-carat gold was ₹1,10,740, the same as in Kolkata, Bengaluru, Hyderabad, and Chennai.Also ReadGold prices fall ₹10 to ₹1,23,270; silver down ₹100, trades at ₹1,54,900Should you shift more savings into gold as stock market underperforms?Gold prices tumble 6% in biggest drop since 2013 as investors rush to buyGold braces for turbulence ahead of central bank, geopolitical triggersGold prices dip ₹10 to ₹1,24,360; silver down ₹100, trading at ₹1,54,900In Delhi, the price of ten grams of 22-carat gold stood at ₹1,10,890.The price of one kilogram of silver in Delhi, Kolkata, and Mumbai stood at ₹1,50,900.The price of one kilogram of silver in Chennai stood at ₹1,64,900.ALSO READ:Gold loan or gold overdraft? Know the smarter way to borrow against goldUS gold pricesedged higher on Wednesday as bargain hunters stepped in after bullion dropped to a three-week low in the previous session, with investors now awaiting the Federal Reserve's rate decision later in the day.Spot gold was up 0.7 per cent at $3,977.49 per ounce as of 0114 GMT after dropping to its lowest since October 7 on Tuesday.US gold futures for December delivery rose 0.2 per cent to $3,991.70 per ounce.The Fed is widely expected to cut interest rate at the end of its policy meeting on the day, and investors are watching out for any forward-looking language from Fed Chair Jerome Powell.Elsewhere, spot silver gained 0.7 per cent to $47.36 per ounce, platinum rose 0.4 per cent to $1,593 and palladium climbed 1.7 per cent to $1,417.22.(with inputs from Reuters)
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The New Indian Express
Oct 29, 2025, 02:04 AM
TITLE: India's Sustainable Logistics Revolution: The Rise of Inland Water Transport

TITLE: India's Sustainable Logistics Revolution: The Rise of Inland Water Transport

Add TNIE As A Trusted Source Imagine a future India where goods glide on barges instead of trucks, logistics corridors slide along rivers instead of highways, and the carbon footprint shrinks even as trade expands. That future is not fantasy—it is within reach. For India to be Viksit Bharat and truly Atmanirbhar, Inland Water Transport (IWT) has to be the backbone of a sustainable logistics revolution. Rivers have carried India’s trade for 4,000 years. They connected Lothal to Rome, Bengal to Burma, and Assam to the rest of Southeast Asia. However, roads and railways, with their glitter of speed and steel, pushed rivers into the background. Today, in an age of climate warnings and economic pressures, the tide is turning. Not out of romance, but out of necessity. Under Prime Minister Narendra Modi’s leadership, inland waterways have received unprecedented policy focus. Cargo movement on National Waterways has climbed from 18.1 million metric tonnes in 2013-14 to 145.84 million metric tonnes in 2024-25. Operating costs confirm the logic: Rs 1.20 per tonne-km by water, compared to Rs 1.40 by rail & Rs 2.28 by road. Waterways are economical and fuel-efficient.Waterways consume just 0.0048 litres per tonne-km, against 0.0313 litres by road, & 0.0089 litres by rail. This is an eye opener for any supply chain management. And here’s the real clincher: greenhouse gas emissions per tonne-km on rivers are just a fifth of what roads produce. Every barge sailing down the Ganga or Brahmaputra is not only carrying goods but also cleaning up India’s carbon conscience.
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Times of India
Oct 29, 2025, 02:00 AM
Tata Trusts Denies Reappointment of Mehli Mistry as Lifelong Trustee

Tata Trusts Denies Reappointment of Mehli Mistry as Lifelong Trustee

MUMBAI: Mehli Mistry,Ratan Tata's long-time confidant, executor of his will, and a man widely seen as custodian of the late chairman's legacy, has been denied reappointment as lifelong trustee of the Tata Trusts.The decision was taken after Noel Tata, chairman of the Trusts, and vice-chairmen Venu Srinivasan and Vijay Singh declined to give their consent, marking a rare break from the convention of unanimity in the apex bodies that controlTata Sons.Three others, Pramit Jhaveri, Darius Khambata and Jehangir Jehangir, were in favour of Mistry's reappointment while Ratan Tata's brother Jimmy Tata abstained from the vote. Since the resolution concerned him, Mistry did not participate in the vote.The two main philanthropic arms of Tata Trusts - Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT) - follow different voting systems: as per the trust deed, a simple majority is required at SDTT and unanimity at SRTT. For appointments and removals of trustees, however, unanimous consent is required. Based on these provisions, Mistry's three-year tenure at the Trusts formally ended Tuesday, on a 3-2 vote.Noel Tata needs to manage growing internal divisionsFour trustees, Noel Tata, Srinivasan, Singh and Khambata, sit on both SDTT and SRTT. Others are Jhaveri at SDTT and Jehangir Jehangir and Jimmy Tata at SRTT. The vote across the two trusts thus stood at three against Mistry's reappointment and two in favour.Mistry had earlier described the process of trustee renewal as a "procedural formality," referring to an Oct 17, 2024 resolution passed unanimously by the Trusts, which said on "expiry of tenure of any trustee, that trustee will be reappointed by the concerned Trust without any limit being attached to the period of tenure."When Srinivasan was made a lifelong trustee last week, Mistry had backed the move but added a caveat in writing: "Should any trustee elect not to pass this resolution reappointing Srinivasan, or an identical unanimous resolution for all other trustees as and when their respective tenures expire, then in such event, I do not provide my formal approval for the reappointment of Srinivasan".A senior lawyer, however, said there cannot be such conditional approval to a resolution: it must be either yes or no.His probable legal recourse, if any, could only involve action against the Trusts on the grounds that three trustees violated the unanimous Oct 17, 2024 resolution. But this would mean questioning the rules laid down in the original trust deed. If Mistry proceeds legally, he will be the second Mistry to take on a Tata in less than a decade, setting the stage for a potential Mistry vs Tata scenario.If his removal raises the prospect of a courtroom battle, it also underscores growing divisions within the Trusts that together hold about 66% of Tata Sons.For Noel Tata, the development presents immediate challenges: managing internal discord and addressing the possibility of another Mistry-versus-Tata standoff, nine years after the first one that shook the group in 2016. Interestingly, Mehli, who is Cyrus's first cousin, had proposed Noel as Trusts chairman soon after Ratan Tata's passing in 2024.Differences among trustees widened last month when Mistry, Jhaveri, Khambata, and Jehangir voted to remove Singh as the Trusts' nominee on the board of Tata Sons.The four raised governance concerns saying they were not kept informed by nominee directors on matters related to investments of over Rs 100 crore by Tata Sons as per the Articles of Association. Consensus within Tata Trusts is now becoming a crucial issue for Tata Sons as it navigates growth and a debate over a public listing. The issue of governance will now continue to loom over India's largest conglomerate as it moves forward, posing questions for regulators and investors.
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Financial Express
Oct 29, 2025, 01:51 AM
Cyclone Montha Weakens into Cyclonic Storm Over Coastal Andhra Pradesh

Cyclone Montha Weakens into Cyclonic Storm Over Coastal Andhra Pradesh

Cyclone Montha Live Tracker:Cyclone Montha, which was earlier intensified into a severe cyclonic storm, has now weakened into a cyclonic storm over coastal Andhra Pradesh, according to the latestIndia Meteorological Department(IMD) update. In the past six hours, it moved northwest at a speed of about 10 kmph and was centered at 2:30 am today (October 29, 2025) near latitude 16.5°N and longitude 81.5°E. The storm was located about 20 km west-northwest of Narsapur, 50 km northeast of Machilipatnam, 90 km west-southwest of Kakinada, 230 km southwest of Visakhapatnam, and 470 km southwest of Gopalpur in Odisha. It is expected to continue moving northwest across coastalAndhra Pradeshand maintain its strength for around six hours before weakening into a deep depression later. According to the latest observations, the rear part of the storm has already moved inland. The system is being closely tracked by Doppler Weather Radars in Machilipatnam and Visakhapatnam, along with data from coastal observatories, automatic weather stations, ships, buoys, and satellites. Odisha Chief Minister Mohan Charan Majhion Tuesday said that the state was largely spared from major damage after Cyclone Montha made landfall on the Andhra Pradesh coast around 7 pm. While the storm brought strong winds, Odisha escaped serious impact, though precautionary measures continued across the state. After reviewing the situation at the State Disaster Management Authority (SDMA) control room, Majhi said only minor incidents of landslides and uprooted trees were reported in a few places. He noted that the damage was much less than expected and expressed gratitude that the state had avoided a major disaster. Majhi also said that the rainfall was lower than forecast. Gajapati and Ganjam districts recorded around 115 mm of rain each, compared to the earlier prediction of over 200 mm. Even Malkangiri district, which lies close to where the cyclone hit in Andhra Pradesh, did not see heavy rainfall. He further informed that 17,817 people had been safely evacuated to more than 2,000 cyclone shelters, against the initial plan to move around 32,000 people. The biggest relief, he said, was that there were no reports of casualties. The IMD said that the cyclone began making landfall around 7 pm on Tuesday. It added that the cyclone crossed the Andhra Pradesh and Yanan coasts between Machilipatnam and Kalingapatnam, to the south of Kakinada. In an update posted on X, the IMD said, “Latest observations indicate that the Landfall process has commenced. The landfall process will continue for the next 3-4 hours.” The department added, “It will continue to move north-northwestwards and cross Andhra Pradesh coast between Machilipatnam and Kalingapatnam around Kakinada during the next 3-4 hours as a severe cyclonic storm with a maximum sustained wind speed of 90-100 kmph gusting to 110 kmph.” Keep tracking this space for live updates on Cyclone Montha: #watch| Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi visited the control room at the Special Relief Commissioner's office to review the situation ahead of the landfall of Cyclone Montha.Revenue and Disaster Management Minister Suresh Pujari and other senior officials…pic.twitter.com/MeiX5iA7dz #watch| Khordha, Odisha: Chilika Lake becomes turbulent in Khordha district due to weather changes caused by Cyclone Montha.pic.twitter.com/MplFI0ax0G to ensure passenger safety, Indian Railways has cancelled a total of 61 trains between October 27 and October 30, 2025. The cancellations include 4 trains on October 27, 48 on October 28, 8 on October 29, and 1 on October 30. Major Train Disruptions and Adjustments Some of the key trains affected include: 07166 Bhubaneswar-New Hyderabad Spl on October 29 17479 Puri-Tirupati on October 30 18464 Bengaluru-Bhubaneswar Prashanti on October 29 Additionally, 9 trains have been short-terminated or short-originated, 6 trains diverted, and 9 rescheduled to minimise disruption. Railway officials are closely coordinating with the IMD and disaster management authorities to monitor weather conditions. Field teams have been deployed for round-the-clock inspection of tracks, signaling systems, and overhead power lines to ensure swift restoration of services after the cyclone passes. #watch| Bhubaneswar, Odisha | High alert in Odisha amid cyclone ‘Montha’, Odisha Minister for Revenue & Disaster Management, Suresh Pujari says, "We have been having meetings with various officials...Today the Chief Minister also chaired a meeting in this regard...All types of…pic.twitter.com/e9bQ7kwoZM Latest observations indicates that the#landfallprocesshas commenced. The#landfallprocess will#continuefor next 3-4 hours.The Severe Cyclonic Storm “#montha” [Pronunciation: Mon-Tha] over westcentral Bay of Bengal moved north-northwestwards with a speed of 15 kmph during…pic.twitter.com/AMVOGxGv9G In the wake of Severe Cyclonic Storm (SCS) Montha, more than 35 flights between Telangana’s Shamshabad airport and various destinations in Andhra Pradesh were cancelled on Tuesday, GMR Airports said. Flight Operations Disrupted Amid High Alerts A total of 30 IndiGo, two Air India, and five Air India Express flights between Hyderabad, Vijayawada, Visakhapatnam, and Rajahmundry were cancelled as the cyclone approached the Andhra coast near Kakinada. According to the India Meteorological Department (IMD), the storm is expected to make landfall between Machilipatnam and Kakinada by Tuesday evening or night, packing winds of 90–100 kmph, gusting up to 110 kmph. The severe cyclonic storm 'Montha', currently over the west-central Bay of Bengal, is moving north-northwestwards at 10 kmph and is about 100 km off Machilipatnam and 180 km off Kakinada, the India Meteorological Department (IMD) said on Tuesday. Storm Details and Expected Impact 'Montha', whose name means a fragrant flower in Thai, is likely to cross the Andhra Pradesh coast between Machilipatnam and Kalingapatnam, near Kakinada, during the evening and night as a severe cyclonic storm. The system is expected to bring maximum sustained winds of 90–100 kmph, gusting up to 110 kmph, with Visakhapatnam around 270 km away from the cyclone’s centre. Heavy to very heavy rainfall lashed parts of southern and eastern Rajasthan, with Nainwa in Bundi district recording the highest at 130 mm in the last 24 hours till Tuesday morning, officials said. Udaipur, Kota, and nearby districts are expected to see further heavy rainfall today. Light to moderate rain with thunderstorms is also forecasted in Ajmer, Jaipur, Bharatpur, and Jodhpur divisions. Union Minister for Railways, Communications, and IT Ashwini Vaishnaw reviewed the Indian Railways’ preparedness ahead of Cyclone Montha, which is expected to impact the coastal regions of Andhra Pradesh, Odisha, and Telangana on Tuesday. Railways on high alert across eastern zones According to an official note, Vaishnaw instructed all concerned railway zones to implement precautionary measures to ensure safety and operational continuity during the cyclone. He emphasized the importance of activating divisional war rooms, mobilising manpower, and keeping essential materials and machinery ready, particularly across Vijayawada, Visakhapatnam, and Guntur divisions. A senior railway official said, “The minister has asked East Coast, South Coast, and South Central zones to mobilise resources for emergency response and take necessary precautions.” Railways are also closely monitoring train movements to minimise passenger inconvenience in the event of disruptions. Union Minister Ashwini Vaishnaw reviewed cyclone preparedness, directing railways to take precautionary measures in anticipation of Cyclone Montha's impact on the East Coast, particularly in Andhra Pradesh, Odisha, and Telangana. Key actions: - Activation of divisional war rooms - Readying essential materials, machinery, and manpower especially in Vijayawada, Visakhapatnam, and Guntur divisions - Monitoring train operations to minimize passenger inconvenience - ECoR, SCoR, and SCR zones to mobilize resources for emergency response and take necessary precautions Train services at Visakhapatnam Railway Station in Andhra Pradesh have been temporarily halted as a precautionary measure due to Cyclone Montha. Several inbound and outbound trains have been suspended or delayed The weather office has issued red alerts - the highest level of warning - for 19 districts in Andhra Pradesh, forecasting extremely heavy rainfall. Neighboring Tamil Nadu, Telangana, Kerala, and Karnataka are also expected to experience moderate to heavy showers. Authorities in Andhra Pradesh have shifted 38,000 people from low-lying areas to relief camps, while Odisha has begun relocating 32,000 residents. Nearly 4 million people are estimated to be in vulnerable zones as evacuations continue across 1,200 villages. The Indian Railways has cancelled 32 trains passing through Visakhapatnam as a precautionary measure ahead of Cyclone Montha, which is expected to make landfall near Kakinada on Tuesday night. East Coast Railway Chief Public Relations Officer (CPRO) Deepak Rout said that local memos and other trains scheduled to depart on Tuesday have been cancelled to ensure passenger safety. “We have taken several precautions for Cyclone Montha. To minimise inconvenience, 32 trains passing through Visakhapatnam have been cancelled. The list of cancelled trains has been uploaded on our social media and digital platforms,” Rout told ANI. The Meteorological Department on Tuesday issued a storm warning for Tamil Nadu ports as Cyclone Montha moves towards Andhra Pradesh. Regional Meteorology Centre (RMC) Director B Amudha said port authorities in Chennai, Ennore, and Kattupalli have been asked to hoist Local Warning Signal No. 4. A distant warning signal No. 2 has also been issued for Cuddalore, Nagapattinam, Puducherry, and Karaikal ports. “The warning is issued when a cyclone is present in the sea and strong winds are expected n...
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Oct 29, 2025, 01:41 AM
Indian Markets Expected to Open Positively as Key Stocks Make Headlines

Indian Markets Expected to Open Positively as Key Stocks Make Headlines

The global markets, along withGIFT Nifty, indicate that the domestic indices will open on a positive note. Here are updates on all the stocks making headlines. You can check these stocks to stay informed about all key developments. Earlier on Tuesday, theNSE Nifty 50closed the session 30 points or 0.11% lower at 25,936, while theBSE Sensexdeclined 150 points or 0.18% to close at 84,628. Stocks to watch on October 29, 2025 Bharat Petroleum Corporation (BPCL)and Oil India (OIL) signed a non-binding agreement on Tuesday to develop a refinery and a petrochemical complex at an investment of Rs 1 lakh crore in Andhra Pradesh. BPCL also signed agreements with Numaligarh Refinery (NRL) and Oil India on a Rs 3,500-crore cross-country pipeline, and with Fertilisers and Chemicals Travancore (FACT) to market organic fertilisers from its Kochi biogas plant. Signature Globalhas raised Rs 875 crore through a private placement of non-convertible debentures (NCDs) to the International Finance Corporation (IFC), the lending arm of the World Bank. The NCDs, which are assigned ‘A+’ stable ratings by Care Edge Ratings, are listed on the BSE. Having a coupon rate of 11%, the tenure of the NCDs is for three years, two months and 30 days. The NCDs will mature on January 15, 2029. Adani Green Energy’snet profit more than doubled to Rs 583 crore in Q2FY26 compared with Rs 276 crore in the corresponding quarter of the previous financial year. The company’s revenues were flat at Rs 3,008 crore against Rs 3,005 crore in Q2FY25. EBITDA went up 17.4% to Rs 2,603 crore in the September quarter, while EBITDA margins rose from 73.8% in Q2FY25 to 86.5% in Q2FY26. PNB Housing Financeis re-entering the corporate lending space with plans to build a calibrated construction finance portfolio that will account for 5% of its overall loan book by FY27. The company, which currently maintains a retail-heavy (99.6%) book, is looking to diversify while staying anchored in its core strengths of catering to the affordable and emerging market segments, particularly in tier-III and IV cities. KPI Green Energyon Tuesday announced that it has received commissioning approval for 40.96 MW of solar and wind-solar hybrid power projects. These projects have been developed for clients of KPI Green Energy and its subsidiary Sun Drops Energia Private. CreditAccess Grameenreported a 32.3% YoY decline in consolidated net profit to Rs 126 crore for the September quarter, compared with Rs 186 crore in the same period last year. Net interest income rose 6.2% to Rs 1,028 crore from Rs 968 crore. The company’s assets under management grew 3.1% YoY to Rs 25,904 crore, while disbursements increased 33% to Rs 5,322 crore. Star Health and Allied Insurance Companyreported a net profit of Rs 54.9 crore for Q2 FY26, down 50.7% from Rs 111.3 crore in the same quarter last year. Gross Premium Written (GWP) for the quarter rose marginally by 1.2% to Rs 4,423 crore from Rs 4,371 crore a year ago. For the half year ended September 30, 2025 (H1 FY26), the company posted a net profit of Rs 518 crore, marking a 21% YoY growth under IFRS. The growth was supported by a healthier loss ratio and improved operating efficiency. Swan Defence and Heavy Industriessaid it has signed an exclusive Teaming Agreement (TA) with Mazagon Dock Shipbuilders (MDL) during the flagship India Maritime Week 2025 (IMW 2025) held in Mumbai. The collaboration will focus on the design and construction of Landing Platform Docks (LPDs) for the Indian Navy. Adani Total Gasreported a net profit of Rs 164 crore for the second quarter, down 11.9% from Rs 186 crore in the same period last year. Revenue for the quarter rose 20% YoY to Rs 1,576.4 crore from Rs 1,318.5 crore in Q2 FY25, driven by higher volumes across its CNG and PNG segments. Tata Capital, in its first quarterly results since listing, reported an 11% quarter-on-quarter rise in net profit to Rs 1,097 crore for the July–September quarter, compared with Rs 990 crore in the previous quarter. The company’s net total income grew 4% sequentially to Rs 3,774 crore from Rs 3,626 crore in Q1 FY26. Assets under management (AUM) stood at Rs 2,43,896 crore as of September 30, 2025, up 3% from Rs 2,37,508 crore as of June 30, 2025.
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Business Standard
Oct 29, 2025, 01:40 AM
Stocks to Watch Today: Indian Markets Set to Open Higher Amid Positive Global Cues

Stocks to Watch Today: Indian Markets Set to Open Higher Amid Positive Global Cues

Stocks to Watch Today, Wednesday, October 29, 2025:Indian equity benchmarks are set to open higher on Wednesday, taking cues from firm trends in GIFT Nifty futures. Market sentiment is expected to be driven by September-quarter earnings, active primary market participation, institutional flows, and global developments.At 6:52 AM, GIFT Nifty futures were up 50.50 points at 26,140.50, hinting at a positive start for domestic equities.In the Asia-Pacific region, Japan’s Nikkei 225 climbed over 1 per cent on Wednesday to reach a new record high amid mixed trading, as investors awaited the Federal Reserve’s upcoming interest rate decision — widely expected to bring a second consecutive 25-basis-point cut. South Korea’s Kospi edged up 0.17 per cent, while Australia’s S&P/ASX 200 slipped 0.16 per cent.Overnight in the US, all three major Wall Street indices closed at record highs for a second straight session on Tuesday. Nvidia shares surged after the company announced plans to build artificial intelligence supercomputers for the US Energy Department, fueling optimism about corporate earnings ahead of key reports from major tech firms this week. The S&P 500 rose 0.23 per cent, the tech-heavy Nasdaq gained 0.8 per cent, and the blue-chip Dow Jones Industrial Average advanced 0.34 per cent.Meanwhile, here are some stocks to watch during today’s session:September quarter resultsAdani Green Energy:The company reported a 25 per cent year-on-year (YoY) increase in consolidated net profit to ₹644 crore for the second quarter of FY2025-26 (Q2FY26), up from ₹515 crore in the same period last year (Q2FY25). The company’s revenue from operations rose 20 per cent to ₹2,776 crore, compared to ₹2,308 crore in Q2FY25.Also ReadSuraj Estate Developers spikes 14% on posting Q2 results; details hereJindal, Tata Steel rally up to 4%, near record highs; JSW Steel at new highIDBI Bank rallies 9% on heavy volumes; stock nears 52-week highHyundai India Q2 preview: Margins seen rising on richer mix, cost controlTrading resumes at MCX after more than 4-hr outage due to technical glitchTata Capital:The Tata Group’s non-banking financial company (NBFC) posted a 33 per cent YoY rise in consolidated net profit to ₹1,128 crore in Q2FY26, supported by higher net interest income (NII) and fee income. NII grew 23 per cent YoY to ₹2,637 crore, while fee income surged 59 per cent YoY to ₹588 crore. Tata Capital’s shares closed 0.64 per cent higher at ₹330.95 on the BSE.TVS Motor Company:The company reported a 42 per cent rise in net profit to ₹795.48 crore for Q2FY26, compared to ₹560.49 crore in Q2FY25, driven by record two-wheeler and three-wheeler sales. Total income rose 25 per cent to ₹14,037 crore from ₹11,229.5 crore a year earlier. The company’s overall two-wheeler and three-wheeler sales, including exports, increased 23 per cent to a record 1.51 million units in Q2FY26, up from 1.23 million units in Q2FY25.Shree Cement:The cement maker reported a more than fourfold increase in consolidated net profit to ₹309.82 crore in Q2FY26, compared to ₹76.64 crore in Q2FY25, driven by higher sales volumes and premiumisation. Revenue from operations rose 17.43 per cent to ₹4,761.07 crore, up from ₹4,054.17 crore in the same quarter last year.Raymond Realty:The real estate player’s net profit for Q2FY26 surged to ₹60.2 crore, a sharp increase from ₹4.92 crore in Q2FY25. Revenue jumped 207.9 per cent year-on-year to ₹696.5 crore. Managing Director Harmohan Sahni attributed the strong performance to execution efficiency and robust demand trends during the quarter.Mahindra Finance:The company reported a 45 per cent YoY increase in net profit to ₹564 crore in Q2FY26, up from ₹389 crore in Q2FY25. Net interest income rose 14.6 per cent to ₹2,279 crore from ₹1,988 crore a year earlier. The company’s loan book expanded 13 per cent YoY, while total disbursements grew 3 per cent to ₹13,514 crore.Other stocks in the news todayInfoBeans Technologies:The company has informed the exchanges that its promoters are considering — over the next twelve (12) months — a sale of up to 3 per cent and/or a pledge of up to 10 per cent of the company’s total issued equity share capital to meet their family needs.Mazagon Dock Shipbuilders:The defence shipyard and Navratna company under the Ministry of Defence has signed an exclusive Teaming Agreement (TA) with Swan Defence and Heavy Industries Limited (SDHI), India’s largest shipbuilding and heavy fabrication company, for collaboration in the design and construction of Landing Platform Docks (LPD5) for the Indian Navy.PNB Housing Finance:Crisil Ratings has assigned its ‘Crisil AA+/Stable’ rating to ₹3,410 crore non-convertible debentures, enhanced the rated amount on total bank loan facilities from ₹4,000 crore to ₹9,000 crore, and reaffirmed its ‘Crisil AA+/Stable/Crisil A1+’ ratings on the existing debt instruments and bank facilities.Signatureglobal (India):The real estate player has announced that it has raised ₹875 crore through a private placement of Non-Convertible Debentures (NCDs) to the International Finance Corporation (IFC), a member of the World Bank Group. “Signature Global will utilise the proceeds to develop mid-income and sustainable housing projects. A portion will also be utilised to reduce existing debt,” the company said in an exchange filing.Oil India, BPCL:The company has signed two Memoranda of Understanding (MoUs) with Bharat Petroleum Corporation Limited (BPCL) and Numaligarh Refinery Limited (NRL). Further, OIL and BPCL signed a non-binding MoU to explore collaboration in developing BPCL’s upcoming Greenfield Refinery and Petrochemical Complex near Ramayapatnam Port in Nellore district, Andhra Pradesh.Housing and Urban Development Corporation (Hudco):The company has signed non-binding Memorandums of Understanding (MoUs) with Paradip Port Authority, Odisha (PPA), Visakhapatnam Port Authority (VPA), and Mumbai Port Authority (MbPA) during the ongoing “India Maritime Week 2025.”Q2FY26 results todayLarsen & Toubro, NTPC Green Energy, Hindustan Petroleum Corporation, Coal India, CG Power and Industrial Solutions, Varun Beverages, Bharat Heavy Electricals, NMDC, Steel Authority of India, United Breweries, Radico Khaitan, NLC India, LIC Housing Finance, Mahanagar Gas, and Railtel Corporation of India are among the companies scheduled to release their Q2FY26 results today.
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Financial Express
Oct 29, 2025, 01:37 AM
Global Markets Trade on Mixed Note as Nifty Rises and Sensex Falls

Global Markets Trade on Mixed Note as Nifty Rises and Sensex Falls

The global markets are trading on a mixed note. TheGIFT Niftyis trading 56 points, or 0.21% higher, at 26,146. Here are domestic as well as key global cues to watch before the market opens that include crude oil prices, FII and DII data, business groups that most affect, sectoral performance, etc. Earlier on Tuesday, theNSE Nifty 50closed the session 30 points or 0.11% lower at 25,936, while theBSE Sensexdeclined 150 points or 0.18% to close at 84,628. Key global and domestic cues to know on October 29, 2025 The future contracts tied to the US equity benchmarks were little changed.Dow Jones Industrial Averagefutures fell by 33 points, or 0.07%. S&P 500 futures were flat, while the Nasdaq 100 futures rose 0.02%. TheAsian marketsrose across the board as they awaited the Federal Reserve’s interest rate decision, widely believed to bring a second straight 25 basis point cut. Japan’s Nikkei 225 rose over 1% to hit a fresh record high. The Topix was flat. South Korea’s Kospi rose 0.17%, while the small-cap Kosdaq lost 0.25%. Hong Kong markets are closed for the holidays. TheUS DollarIndex (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading 0.04% lower at 98.68 on Wednesday morning. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee depreciated 0.01% to close at 88.26 to the dollar on October 28. Thecrude oil pricestraded on a higher note on Wednesday morning. WTI crude prices were trading at $60.32, up by 0.29%, while Brent crude prices were trading at $64.58, a rise of 0.29%. Foreign institutional investors (FII)were the net buyers of shares worth Rs 10,339.80 crore. On the other hand, the Domestic institutional investors (DII) were the net buyers of shares worth Rs 1,081.55 crore on October 28, 2025, according to the provisional data available on the NSE. Therate for 24-carat gold todayis Rs 1,19,930 per 10 grams, trading near its all-time high. However, the safe haven’s price is trading below the Rs 1.30 lakh mark. The price of gold has fallen by 2% over the past one week. The 22 kt gold rate today is Rs 1,09,936 per 10 grams. The 18-carat gold price today is Rs 89,948.
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Times of India
Oct 29, 2025, 01:16 AM
HDFC Bank Investigates Mis-Selling of Credit Suisse Bonds by Dubai Branch

HDFC Bank Investigates Mis-Selling of Credit Suisse Bonds by Dubai Branch

MUMBAI:HDFC Bank, the biggest private sector lender in India, has sent at least two of its mid-management level employees on compulsory leave as it is investigating mis-selling of additional tier 1 (AT1) bonds of Swiss bank Credit Suisse by its Dubai branch, Bloomberg reported.Last month the financial sector regulator in Dubai had banned HDFC Bank from onboarding new customers after it found there were lapses by the lender while offering services to clients. In 2023 Credit Suisse was forced to merge with Swiss major UBS to prevent it from collapsing. Subsequently, all AT1 bond holders had lost money including some in Dubai who were sold these bonds by HDFC Bank as safe investments.
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Business Standard
Oct 29, 2025, 01:00 AM
Indian Finance Industry Notables

Indian Finance Industry Notables

Tuhin Kanta PandeyChairman, SebiTuhin Kanta Pandey took charge as the chairman of the Securities and Exchange Board of India (Sebi) in March 2025 and has since then driven reforms to improve ease of doing business and reducing the compliance burden on market intermediaries.Pandey is a retired officer of the Indian Administrative Service and has more than three decades of administrative experience, having held several key positions in the Union and Odisha governments.He has made four Ts — trust, transparency, teamwork, and technology — guiding principles of Sebi’s policies.Also ReadTop regulators, CEOs to speak at BS BFSI Insight Summit 2025 in MumbaiIndia's pharma, healthcare deals surge 166% to $3.5 bn in Q3: ReportWarner Bros. Discovery sale unlikely to impact Indian market majorlypremiumCentre hikes non-urea fertiliser subsidy to ₹37,952 cr for rabi 2025Centre to set up transport authority to drive multimodal corridorsPandey leads Sebi’s initiatives to strengthen investor trust by curbing misleading social media content and fraudulent market activity. He has also led awareness and investor education campaigns, working with market infrastructure institutions to promote safe and informed participation. These include measures such as verified UPI handles for registered intermediaries, the ‘Sebi Check’ facility to authenticate market players, and the ‘Sebi vs Scam’ outreach to educate investors.From ‘Niveshak Shivir’ events for unclaimed assets to programmes promoting municipal bonds, Pandey is expanding Sebi’s relationship with investors beyond Tier-I cities.For listed entities, he has championed reforms to streamline disclosures on related-party transactions and simplify norms for initial public offerings.Pandey holds a master’s degree in Economics from Panjab University, Chandigarh, and an MBA from the University of Birmingham, United Kingdom.Ajay SethChairman, IrdaiAjay Seth is a seasoned civil servant and an accomplished policy leader with over three decades of experience in public administration, economic policy, and financial governance. He was appointed chairman of the Insurance Regulatory and Development Authority of India (Irdai) in July 2025. He assumed office on September 1, succeeding Debasish Panda, for a three-year term.Seth, an Indian Administrative Service officer of the 1987 batch, retired from the government after serving as secretary of the Department of Economic Affairs where he played a key role for four years in shaping India’s macroeconomic and fiscal policies. His government career spans over three decades and he has deep expertise in public finance, taxation, and social sector administration. He has a B. Tech in Mechanical Engineering from Indian Institute of Technology Roorkee and an MBA from Ateneo de Manila University. Seth is recognized for his reform-oriented leadership. He played a pivotal role in transforming Karnataka’s commercial tax administration — an achievement that earned him the Prime Minister’s Award for Excellence in Public Administration in 2013.S RamannChairperson, PFRDASivasubramanian Ramann became the chairperson of the Pension Fund Regulatory and Development Authority (PFRDA) in June 2025. He took charge at a time when the government is doubling down on expanding insurance for the financially underserved and strengthening social security cover.Under his leadership, PFRDA is working on new pension schemes for gig workers, MSMEs, and farmer producer organisations. Efforts are on to introduce more flexible withdrawal options for pension schemes.Before becoming PFRDA’s chairperson, Ramann was the Deputy Comptroller & Auditor General and Chief Technology Officer in the Office of the Comptroller and Auditor General of India. Ramann served as an officer of the 1991 batch of the Indian Audit & Accounts Service.With his vast experience in public finance, technology, and financial regulation, Ramann will guide PFRDA in its objective to strengthen the pension system.He has previously held various leadership positions, including Chairman and Managing Director (MD) of the Small Industries Development Bank of India, MD and Chief Executive Officer of National E-Governance Services Ltd (NeSL), and Principal Accountant General of Jharkhand.NeSL, between December 2016 and April 2021,-- was shaped up as the country’s first information utility, responsible for digitally storing financial information related to debts, defaults, and security interests. Ramann has a Bachelor’s degree in Economics and an MBA from the University of Delhi.M NagarajuSecretary, Department of Financial ServicesM Nagaraju, an Indian Administrative Service officer of the 1993 Tripura batch, is the Secretary of the Department of Financial Services in the Finance Ministry. He has built a diverse and impactful career in various domains, including public order, revenue and development, tribal welfare, finance, international economic relations, industries, commerce, healthcare, and state finances.Colleagues describe him as a hands-on civil servant who encourages his team to do better. Nagaraju, in his current role, goes on on-the-ground inspections at state-owned bank branches to help drive a culture of improved service and accountability among bank employees. Former and serving government colleagues describe him as disciplined, punctual, and approachable — someone who values feedback from the ground and acts on it.In his state government tenure, Nagaraju held key positions such as district magistrate and director of tribal welfare. He has served as secretary and principal secretary in critical departments, including health, women and child development, finance, and industries and commerce.He was director in the Finance Ministry’s Department of Economic Affairs from 2004 to 2008, focusing on Japan, North America, and World Bank divisions. From 2008 to 2012, he was advisor to the executive director at the World Bank in Washington, D.C. Nagaraju has a post-graduate degree from the University of Hyderabad.He is a visiting fellow at the University of Pennsylvania in 2012-13 and a visiting research scholar at Stonehill College in 2018-19.V Anantha NageswaranChief economic advisor, IndiaV Anantha Nageswaran, a writer and a teacher, became the Chief Economic Advisor (CEA) to the Indian government in January 2022. Nageswaran is one of the closest advisors to Finance Minister Nirmala Sitharaman on all things economic, including the Union Budget. He writes the country’s annual Economic Survey ahead of the Budget.Nageswaran, in his last Economic Survey tabled before Parliament on January 31 this year, had presented a strong case for deregulation so as “to raise our game in a new level playing field when globalisation is no longer going to provide the tailwind”. Prime Minister Narendra Modi on February 16 announced the setting up of a deregulation commission to further reduce the role of the state in all spheres of governance.Nageswaran was at the forefront of the finance track discussions, representing India its G20 presidency.He has taught at several business schools in India and in Singapore and has published extensively. He was the dean of the Institute for Financial Management and Research Graduate School of Business and a distinguished visiting professor of economics at Krea University.He was a part-time member of the Economic Advisory Council to the Prime Minister from 2019 to 2021. Nageswaran holds a post-graduate diploma in Management from the Indian Institute of Management, Ahmedabad, and a doctoral degree from the University of Massachusetts in Amherst.T Rabi SankarDeputy Governor, RBIT Rabi Sankar is a deputy governor at the Reserve Bank of India (RBI). He was appointed deputy governor in May 2021 for an initial three-year term. His tenure was extended for one year in April 2024 (with effect from May 2024), and again for one year in April 2025 (with effect from May 2025). Some of the departments he looks after include currency management, payment and settlement systems, financial markets regulation, and foreign exchange.His career at the RBI spans over three decades, having joined the central bank in 1990 and holding various roles in multiple departments. Before becoming deputy governor, he served as executive director for the Department of Payment and Settlement Systems, Information Technology, Fintech, and Risk Monitoring Department.In these roles, he contributed significantly to strengthening India’s financial system infrastructure, particularly in areas related to digital payments, technology, and risk management.Sankar worked as a consultant for the International Monetary Fund from 2005 to 2011, focusing on developing government bond markets and debt management strategies.Additionally, he is chairman of the Indian Financial Technology and Allied Services and serves on the Board of Directors of the Reserve Bank Information Technology Pvt Ltd and the Governing Council of the Institute for Development and Research in Banking Technology.He has a Master of Philosophy in Economics from Jawaharlal Nehru University, New Delhi.Poonam GuptaDeputy Governor, RBIPoonam Gupta took over as the deputy governor of the Reserve Bank of India on May 2 for a three-year term. She looks after the all-important Monetary Policy Department, in addition to the Department of Economic and Policy Research, Statistics and Information Management, Financial Markets Operations Department, Financial Stability Department, and International Department.Before joining the central bank, she was the director general of the National Council of Applied Economic Research (NCAER), leading works on issues related to economic growth, international financial architecture, central banking, macroeconomic stability, public debt, and state finances. She was the first woman director general of the New Delhi-based prestigious think tank.She was a member of the Economic Advisory Council to the Prime Minister and a convener of the advisory council to the 16th Finan...
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Business Standard
Oct 29, 2025, 01:00 AM
Business Standard BFSI Insight Summit: India's Largest Financial Sector Event Returns

Business Standard BFSI Insight Summit: India's Largest Financial Sector Event Returns

Come October 29, India’s largest financial sector event – the Business Standard BFSI Insight Summit – will return in a bigger form. The three-day summit is being held at the Jio World Convention Centre, in Mumbai’s Bandra-Kurla Complex. The summit will bring together more than 120 distinguished speakers and panellists, including topnotch policymakers, regulators, bankers, chief executives, economists, specialists and fintech innovators.The event, from October 29 to October 31, will feature keynote addresses, fireside chats, and high-powered panel discussions exploring the most critical developments shaping India’s financial landscape, from monetary policy and inflation management to the evolution of digital banking, insurance penetration, and the future of artificial intelligence (AI) in finance.This year’s edition will host some of the most influential figures in the financial world, including Securities and Exchange Board of India (Sebi) Chairman Tuhin Kanta Pandey; Insurance Regulatory and Development Authority of India (Irdai) Chairman Ajay Seth; Pension Fund Regulatory and Development Authority (PFRDA) Chairman S Ramann; Department of Financial Services’ Secretary M Nagaraju; Chief Economic Advisor V Anantha Nageswaran; Reserve Bank of India (RBI) Deputy Governors T Rabi Sankar and Poonam Gupta; State Bank of India (SBI) Chairman C S Setty; veteran banker and non-executive Chairman of Jio Financial Services K V Kamath; former whole-time member of Sebi Ananth Narayan G, and Arundhati Bhattacharya, Chairperson & CEO of Salesforce, India.The proceedings will open on October 29 with the summit’s inauguration by SBI Chairman Setty, followed by a conversation with M Nagaraju, Secretary, Department of Financial Services, which will set the tone of the summit. This will be followed by a fireside chat with Setty.The fireside conversation with Poonam Gupta will be the first interaction she will have with a media house since she took charge as Deputy Governor of RBI in charge of monetary policy in May.Also ReadBS BFSI Summit: Top experts from the finance world to share their insightsBS BFSI Summit: Tuhin Kanta Pandey to C S Setty, here are the key speakersTop regulators, CEOs to speak at BS BFSI Insight Summit 2025 in MumbaiFrom ideas to industry: How research labs can power India's Green FrontierpremiumNCLAT rejects plea to stop Aakash EGM amid Byju's insolvency caseRabi Sankar, on October 30, will headline a fireside chat on “AI and Technology in Banking”, discussing how digital innovation and cyber resilience are reshaping India’s banking architecture.The conversations come at a critical juncture for the economy when the Monetary Policy Committee (MPC) has kept the policy repo rate unchanged at 5.50 per cent for two consecutive meetings, signalling a cautious, “dovish pause” as it watches incoming data. The committee has also revised down its FY26 inflation projection to about 2.6 per cent, reflecting the disinflationary impact of recent GST rationalisation and easing food-price trends. At the same time the central bank and several economists continue to flag upside risks from external tariff shocks and trade restrictions. Some commentators warn that core or food inflationary pressures could still prove sticky, which tempers any rush to move to a sustained ‘accommodative’ stance despite softer headline prints.A major highlight of this year’s event will be the session on India’s Inflation Target Framework where former members of the RBI’s MPC will discuss the framework’s roadmap for the next 10 years. The Flexible Inflation Targeting is due for review by March 2026, and RBI has invited comments on the aspects which need to be reviewed.Nageswaran will deliver a keynote address outlining India’s macroeconomic outlook amid shifting global dynamics followed by a conversation, while Sebi Chairman Pandey will share his insights on the evolving capital markets landscape and the regulator’s priorities for deepening investor participation.Pandey leads Sebi’s initiatives to strengthen investor trust by curbing misleading social media content and fraudulent market activity. He has also led awareness and investor education campaigns, working with market infrastructure institutions to promote safe and informed participation. These include measures such as verified UPI handles for registered intermediaries, the ‘Sebi Check’ facility to authenticate market players, and the ‘Sebi vs Scam’ outreach to warn investors against fraudsters.The insurance and the financial sector will be keenly awaiting comments from Ajay Seth who took charge as the Chairman of Irdai last month. Given the recent developments around GST rate rationalisation, Bima Sugam initiatives, his comments will provide a roadmap for the sector for the next few years.The three-day summit will also feature thematic discussions by heads of foreign banks, public and private banks, and Life & General insurance companies, besides on important issues including NBFC transformation, insurance reforms, fintech innovation, wealth management, bank business models, and microfinance sector challenges. Sessions on Unified Payments Interface, cybersecurity, cryptocurrencies, GIFT City, and the future of AI in financial services will explore how technology continues to redefine competition and consumer trust in the BFSI ecosystem.While heads of leading private equity firms will discuss the opportunities and challenges in terms of deploying capital, CEOs of some of India’s leading mutual fund houses will debate on how soon the industry can double its assets under management.Likewise, while chief investment officers from leading fund houses will share their views on the recent muted returns and the likely outlook, three prominent market stalwarts — Ridham Desai of Morgan Stanley, Mark Matthews of Julius Baer, and Shankar Sharma of GQuants — will discuss the likely road for markets. A fireside chat with Lalit Keshre, cofounder and CEO of India’s leading stock broker Groww, will provide insights on the increasing penetration and growing investor appetite.
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Business Standard
Oct 29, 2025, 01:00 AM
Fintech Conference Speakers and Topics

Fintech Conference Speakers and Topics

The Business Standard BFSI Insight Summit 2025, the nation’s largest financial sector event, will convene top policymakers, regulators, and industry executives in Mumbai from October 29 to October 31.The summit’s broad focus is charting the future of the financial services industry at a critical economic juncture. At the heart of the summit will be discussions on the Monetary Policy Committee’s cautious stance and the upcoming review of the Inflation Target Framework for the next ten years. Likewise, a major theme will be technology’s disruptive role, including sessions on artificial intelligence and cyber resilience in banking, fintech, cryptocurrencies, and the Unified Payments Interface.Other sessions will cover the macroeconomic outlook and the growth trajectory for India, wealth management, NBFC transformation, and strategies for doubling mutual fund assets.Public Sector Banks: Day 1Ashwini Kumar Tewari, State Bank of IndiaAshwini Kumar Tewari is managing director (corporate banking and subsidiaries) with the country’s largest lender, State Bank of India (SBI). Tewari, who started his career with SBI in 1991 as a probationary officer, became managing director in January 2021. Prior to this assignment, he was MD (risk, compliance and stressed assets).Also ReadBS BFSI Summit: Tuhin Kanta Pandey to C S Setty, here are the key speakersTop regulators, CEOs to speak at BS BFSI Insight Summit 2025 in MumbaiServices sector risks falling into 'low-wage job trap': NITI Aayog reportRelief for Vodafone Idea may trigger govt equity dilution, say brokeragesMax Healthcare's 10,000-bed expansion built with zero debt: MD Abhay SoiBefore being elevated as MD, he served as MD and chief executive officer of SBI Cards and Payment Services.Besides being instrumental in forging key business partnerships with the likes of Google Pay and PayTM, he also steered the company through the immediate aftermath of Covid.He has also worked in SBI’s overseas business network and was country head of the US operations of the bank from April 2017 to July 2020.An electrical engineer by degree, he is a Certified Associate of Indian Institute of Bankers (CAIIB).Rajneesh Karnatak, Bank of IndiaRajneesh Karnatak assumed charge as managing director and chief executive officer of Bank of India (BoI) on April 29, 2023.Before his elevation, he was working as executive director (ED) in Union Bank of India from October 21, 2021 to April 2023. Karnatak has over 30 years of banking experience and started as probationary officer with Oriental Bank of Commerce in 1994.He was chief general manager of Punjab National Bank (PNB) until his appointment as ED at Union Bank. As general manager in the erstwhile Oriental Bank of Commerce (OBC), he has headed large corporate credit branches and verticals such as credit monitoring, digital banking and mid corporate credit.Post amalgamation of OBC into PNB, Karnatak also headed credit review & monitoring division and corporate credit division.He is a post graduate in commerce (M.Com) and also Certified Associate from Indian Institute of Bankers (CAIIB).Debadatta Chand, Bank of BarodaChand assumed charge as managing director and chief executive officer of Bank of Baroda (BoB) on July 1, 2023. Prior to moving to the corner office, he served as executive director at BoB since March 2021 and was overseeing corporate & institutional credit, corporate & institutional banking, treasury & global markets, mid-corporate business, and trade & foreign exchange.Chand began his career in 1994 as an officer at Allahabad Bank and later worked as manager at the Small Industries Development Bank of India (Sidbi). In 2005, he joined PNB as chief manager and steadily progressed to the position of chief general manager.He holds a B.Tech, an MBA, and CAIIB qualification. Additionally, Chand has a PG Diploma in Equity Research and is a certified portfolio manager.Asheesh Pandey, Union Bank of IndiaAsheesh Pandey, the managing director and chief executive officer of Union Bank of India, is a seasoned banker with nearly three decades of experience. He is recognised for his tech-forward approach and for steering complex institutional integrations and digital transformations.Pandey has served Union Bank for over two decades, rising through the ranks from assistant general manager in the late 1990s to chief general manager and chief operating officer by 2021. He managed critical portfolios, including industrial finance, international banking, and credit monitoring. He led the project team that established Union Bank’s insurance and mutual fund joint ventures. Pandey’s mandate in those years was shaped by innovative digital solutions, such as early adoption of WhatsApp banking, video KYC, doorstep banking, and robust analytics tools for monitoring — a reflection of his vision for modern banking.MPCAshima GoyalAshima Goyal is emeritus professor of economics at the Indira Gandhi Institute for Development Research. She has provided consultancy to Asian Development Bank, Department of Economic Affairs, Global Development Network, United Nations Development Programme, the Reserve Bank of India (RBI), UN Economic and Social Commission for Asia and the Pacific and World Bank.Goyal is active in the Indian policy debate; and has served on several government committees, including the Economic Advisory Council to the Prime Minister and the RBI Technical Advisory Committee for Monetary Policy, and boards of educational and financial institutions.She is a former Member of RBI's Monetary Policy Committee (MPC), an independent director at Edelweiss Financial Services and SBI General Insurance. Goyal edits a Routledge journal in macroeconomics and finance, and was a visiting fellow at the Economic Growth Centre, Yale University, US, and a Fulbright Senior Research Fellow at Claremont Graduate University, US. Goyal holds a Ph.D. (economics) from Bombay University and M.Phil from Delhi School of Economics.Mridul Kumar SaggarMridul Saggar is the professor of practice (economics) at the Indian Institute of Management (IIM), Kozhikode. Saggar has three decades of experience in various central banking functions. He was earlier the executive director at RBI, overseeing the central bank’s monetary policy and economics research functions. He was also one of the six members of the RBI’s MPC and also of its Financial Markets Committee. Earlier, he had served as head of the International Department of RBI.Saggar also served as chief economist of Kotak Institutional Equities during 2008-10. Currently, he is also on-boarded as an expert by the International Monetary Fund (IMF) to render expert advice to IMF member countries in the area of monetary policy as part of IMF missions. A Ph.D. from IGIDR and a mid-career fellow at Princeton University, his research interests cover macroeconomics, international finance, monetary policy and monetary operations.Janak RajJanak Raj is a senior fellow at the Centre for Social and Economic Progress. He also works specifically on inter-linkages between economic growth and human development, fiscal federalism in the health sector, climate finance and multilateral development bank reforms.He is currently also a member of the JM Financial Centre for Financial Research at IIM Udaipur.He has more than four decades of work experience, including in the RBI, the IMF and Ministry of Finance (Department of Financial Services).Janak Raj served as an executive director in the RBI and as a member of its statutory MPC. He also served as principal advisor of the Monetary Policy Department and International Department of the RBI and headed its Department of Economic Policy and Research.At the IMF Washington DC, he was senior advisor to the executive director for Bangladesh, Bhutan, India and Sri Lanka. He holds a PhD in economics from IIT Bombay.Chetan GhateChetan Ghate is the director of the Institute of Economic Growth in New Delhi. He is also a professor of economics at Indian Statistical Institute. He holds a Ph.D. in economics from Claremont Graduate University, California, and has completed his M.A. in economics from the Delhi School of Economics. His research focus is in the fields of macroeconomics, monetary economics, economic growth and development, and the Indian macroeconomy.Ghate has held several visiting faculty positions in India and abroad, and has been closely involved with the RBI in an advisory capacity. He was a member of the RBI’s first MPC until October 2020. In September 2013, he served as a member of the expert committee to revise and strengthen the Monetary Policy Framework. In 2014, he was awarded the Mahalanobis Memorial Gold Medal, given to the best research economist in India under the age of 45.Foreign BanksK Balasubramanian, Citi IndiaK Balasubramanian is the India subcontinent sub-cluster and banking head for Citi. He is credited with helping build Citi’s corporate banking business in India, covering large corporates, multinational clients, and servicing foreign direct investment and foreign institutional investment flows. Balasubramanian is a seasoned banker and has worked in multiple markets, covering clients across major industries and geographies in India. He joined Citi India in 1996 and has spent over two decades in various roles. He is a commerce graduate from St Xavier’s College, Kolkata, and a qualified chartered accountant and cost accountant.Hitendra Dave, HSBC IndiaHitendra Dave is the chief executive officer (CEO) of HSBC India, a position he has held since 2021. He has been associated with HSBC since 2001 and has more than three decades of experience in Indian financial markets. Dave holds a postgraduate degree in business administration and a bachelor’s degree in economics from Delhi University.Before becoming CEO, he served as head of global banking and markets, India, and played a key role in strengthening HSBC’s leadership in foreign exchange, capital markets, and treasury solutions. Under his leadership, H...
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Economic Times
Oct 29, 2025, 12:22 AM
Indian Regulator Proposes Mutual Fund Fee Structure Changes for Greater Transparency and Cost Efficiency

Indian Regulator Proposes Mutual Fund Fee Structure Changes for Greater Transparency and Cost Efficiency

SynopsisIndia's capital markets regulator has proposed significant changes to mutual fund fee structures, aiming for greater transparency and cost efficiency for investors. These proposals include reducing expense ratios for equity mutual funds and excluding statutory levies from total expense ratio limits. The move seeks to ensure investors benefit more from the industry's economies of scale.
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Times of India logo
Times of India
Oct 29, 2025, 12:19 AM
Ahmedabad: The City Where Conmen Need Only Your Phone Number

Ahmedabad: The City Where Conmen Need Only Your Phone Number

Ahmedabad: Once, conmen needed disguises and fake IDs. Now, all they need is your phone number. Every hour, a Gujarati loses an average of Rs 6.06 lakh to investment fraud alone, shows data from CID crime.Crooks siphoned off Rs 678.71 crore from Gujarat through five major categories of online fraud between Jan and Sep 2025, revealed the data. From retirees investing online to professionals falling for fake calls, victims say one mistake can wipe out a lifetime of savings.The state recorded 1.42 lakh cybercrime complaints on theNational Crime Records Bureau (NCRB)portal between Jan and Sep this year — about 22 every hour.Nearly half of these, 72,544, came from Ahmedabad, Surat, Vadodara, Rajkot, and Gandhinagar, while the rest were from smaller towns and rural areas, say officers.You Can Also Check:Ahmedabad AQI|Weather in Ahmedabad|Gold Rate Today in Ahmedabad|Silver Rate Today in AhmedabadFake identity, OTP scams, card fraud, investment fraud, and online cheating formed the bulk of the cases. Of the total, 72,061 complaints fell under these five categories, with fake identity scams alone accounting for 27,816 complaints and losses worth Rs 137.27 crore.Financial or investment frauds, though fewer in number (9,240), caused the biggest monetary blow: Rs 397.04 crore. Each such complaint involved an average loss of over Rs 4.30 lakh.The average per case amount was less thanRs60,000 for the remaining fake identity, OTP fraud, online cheating, and card fraud, say officers.Cybercriminals have now perfected social engineering tactics — exploiting trust, fear, and human emotion rather than technology alone, say officers.Many of these victims are elderly, recently retired, or simply too trusting of the messages that arrive on their phones. "They manipulate victims into sharing details or making transfers, often posing as officials, investors, or even relatives in distress. These scams are designed to sound believable.Many victims are well-educated, but they are caught off guard. Unfortunately, several realise what is happened only hours later when the money trail has gone cold," says an official.Many victims delay reporting due to shame or fear of ridicule. However, reporting frauds within the first 30 minutes to the national cybercrime helpline, 1930, can help freeze stolen funds before they vanish. "That half-hour window is crucial as banks and investigating agencies can often freeze the stolen funds before they vanish through multiple accounts," says K L N Rao, DGP (CID Crime) . "Quick reporting can make the difference between total loss and partial recovery."Several victims shared their experiences, revealing how even the most cautious can fall prey.A 66-year-old retired employee of a major oil company lost Rs 55 lakh after being lured into a cryptocurrency investment scam. The fraudster, posing as a successful Bitcoin investor on Facebook, moved the conversation to WhatsApp, sent fake screenshots of profits, and convinced the man to download a trading app and transfer money into it."It was my retirement fund. I thought I was investing wisely, but they stole the funds by cutting off my access to it," the victim says.Another 62-year-old retiree lost Rs 66 lakh after clicking a link sent by someone claiming to represent a reputed investment firm. "I had just received my provident fund and had searched for investment options and apps online. The cybercrooks approached me, promising expert guidance and high investment returns.I downloaded an app that enabled them to withdraw Rs 66 lakh from my bank account," he says quietly.A 52-year-old Delhi resident flew to Gandhinagar after being summoned by the local cybercrime department. Her account had received Rs 1.5 lakh from a fraud victim, unknowingly making her a money mule. The woman explained, "I was investing through an app. Six months later when I tried to withdraw funds for a trip to the UK, I could transfer only Rs 1.5 lakh to my account.When the cops called me, I realised that not only was my account used for cheating, but I also was cheated out of Rs 2.5 lakh," she recalls.She was both a victim of an investment scam and an unwitting accomplice in another.For others, the scams began not with greed but fear. A 46-year-old man from Navrangpura was conned out of Rs 57 lakh after receiving a call claiming his Aadhaar card was used for illegal transactions in Mumbai."The caller said he was from the Data Protection Board and later, the Mumbai police. He even sent me an FIR with my name and Aadhaar number. It looked real. I panicked," he recalls. Ashamed and traumatised, he says he faced ridicule from neighbours and relatives who mocked his "gullibility"."People think it can't happen to them — until it does," he adds.Cybercrime officers say many victims delay reporting due to embarrassment, self-blame, or fear of social stigma."But early reporting is everything. The sooner people inform the helpline or the police, the better the chance of freezing and recovering their money," an official added.As cybercriminals sharpen their manipulation skills, experts urge citizens to be cautious but also kind — both to themselves and to others who fall victim. "This is not about being careless; it's about being human," said a senior investigator. "And the faster you act, the better your chance to fight back."
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Times of India
Oct 29, 2025, 12:17 AM
Gurgaon Residents Face 5% Water and Sewage Bill Hike Over Five Years

Gurgaon Residents Face 5% Water and Sewage Bill Hike Over Five Years

Gurgaon: Residents in sectors 1 to 57 are set to see a 5% hike in their water and sewage bills. The revision will cover five years — 2020-2025 — as the annual increase in tariffs had not been applied over these years."The gap is now being corrected," an MCG official said.MCG has attributed the hike to meeting "rising maintenance and supply costs". In a letter issued recently, MCG executive engineer (headquarters) Pradeep Kumar directed the private agency, which prepares and distributes bills, to revise charges in line with a 2018 Haryana Shehri Vikas Pradhikaran (HSVP) notification. According to HSVP tariff schedule, water and sewage charges for residential consumers on metered supply have risen gradually from Rs 2.5 per kilolitre (KL) in 2018 to Rs 2.6 in 2023, Rs 2.7 in 2024, Rs 2.8 in 2025, Rs 3.04/KL in 2026 and Rs 3.1/KL in 2027 for the first 10 KL, reflecting the cumulative effect of the 5% annual hike.Similarly, rates for group housing societies, commercial units and industrial users have been revised proportionately.You Can Also Check:Gurgaon AQI|Weather in Gurgaon|Gold Rate Today in Gurgaon|Silver Rate Today in Gurgaon"The hike in rates will be applicable to metered and unmetered connections," the MCG official said.As per the HSVP notification, consumers using 10-20 KL of water per month will pay Rs 5.7/ KL in 2025, compared to Rs 5 in 2018.For higher usage, above 20-30 KL, the rate increases from Rs 8/KL in 2018 to Rs 9.2/ KL in 2025, while consumption above 30 KL will cost Rs 11.5/KL in 2025, up from Rs 10 in 2018.For unmetered connections, charges are based on plot size.A plot up to 50 square metres will attract Rs 57.8/KL per month in 2025, compared to Rs 50 in 2018.For plots between 50 and 100 sqm, the rate will rise from Rs 100 in 2018 to Rs 115.7 in 2025 and for plots up to 500 sqm, from Rs 250/KL in 2018 to Rs 289.4/KL each month.MCG takes bulk water supply from GMDA and then distributes it to the residents.In 2024-25, MCG generated a revenue of Rs 21.5 crore from water and sewerage charges.For the same fiscal year, MCG estimated an income of Rs 40 crore. In 2025-26, the corporation has set a target of Rs 50 crore from water and sewerage charges.For the bulk water supply from GMDA, MCG paid Rs 92.34 crore to GMDA in 2024-25. In 2025-26, MCG has allocated funds of Rs 120 crore, which is a dip from the allocation of Rs 170 crore in 2024-25.An MCG official said this is one of the steps to boost its revenue from water and plug the gap between the expenditure incurred and revenue generated from it.MCG is planning to develop an integrated IT system for billing, grievance redressal and management of new water connections. The task has been assigned jointly to the corporation's IT division and a private firm.
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Times of India
Oct 29, 2025, 12:11 AM
Kolkata's Nightlife: A Dark Truth Behind the Psychedelic Lights

Kolkata's Nightlife: A Dark Truth Behind the Psychedelic Lights

12n A nightclub off EM Bypass near Kadapara during Durga Puja: A group of women were touched, groped and harassed by a group of men on the dance floor. When one of them complained to the club authorities, they were asked to "adjust" as it was too crowded.The group had to leave in disgust and fear.n A nightclub in Sector V in July: A young couple were harassed by a group of men as one of them tried to touch the woman on the dance floor. As a brawl ensued, bouncers escorted both groups out. As the couple was about to leave, the men attacked them, broke their car's windshield and left the man with a bloodied nose.Behind the psychedelic lights of Kolkata's nightlife lies a dark truth — the harassment and intimidation of women at bars and nightclubs.For many women, partying at nightclubs over food and drinks is often accompanied by a sneaking feeling of insecurity, of the possibility of the fun turning into a nightmare in an instant. The unspoken rule that a majority of women follow is ‘stay alert and stick to your group'.You Can Also Check:Kolkata AQI|Weather in Kolkata|Gold Rate Today in Kolkata|Silver Rate Today in KolkataA day after TOI reported on a homemaker, along with her family and friends, being terrorised for 90 minutes by a group of hoodlums who molested, assaulted and attacked them following a bar brawl inside a club at a star hotel, many women recounted their experience, the dangers of being in a "charged-up place, with alcohol flowing freely"."I went to a popular club near the Park Circus connector last winter, a place I thought was safe and well-managed.But that night, a drunk man kept staring at me. I was with friends but his gaze made me deeply uncomfortable. When I went to the restroom, he followed me. Thankfully, some staff members and other guests spotted him and stopped him. My male friend tried to warn him but he didn't stop. I left soon after, feeling unsafe," said a 23-year-old woman, who has since stopped frequenting nightclubs.A 29-year-old techie from Salt Lake faced an even scarier incident at a Sector V pub last year. "A group of men started commenting about us. We ignored at first but after a while, they got bolder and came too close on the dance floor. One of them touched me inappropriately. As I screamed, my friends came to my rescue. But instead of throwing the harassers out, the bouncers asked us to leave. Outside, those men came up to us again, and a fight broke out.Some of us got injured. It was terrifying how easily the scene spiralled out of control," she said, adding they were too scared to even lodge a complaint. That was the last time she went to a nightclub.Even when women mustered the courage to lodge a complaint, there has been little difference at times. In July, a woman, partying with her girl friends at a Sector V pub, was allegedly teased, assaulted and molested by a group.They sought police help on 100, an FIR was registered but the matter stopped there. No one was pulled up.Sometimes, even employees at pubs can behave disrespectfully. An architecture student recalled: "When we reached a pub in central Kolkata, it was packed. They asked us to wait at the cafe next door. There, some waiters gathered around our table and started staring at my friend, an Irish national. The ogling turned so brazen and uncomfortable that we decided to walk out.These men not only spoiled the evening but also maligned the image of my city."These accounts highlight the need for clubs to take more proactive measures to protect their patrons. "It is crucial for establishments to train their staff to recognise and address harassment promptly and effectively. Creating a culture where patrons can report inappropriate behaviour without fear of dismissal or retaliation is essential," said a young professional, who chooses her party venues carefully."Kolkata prides itself in being culturally progressive and safe for women. But a lot needs to be done in these blind spots, including the bars and nightclubs," said Madhuja Duttagupta, a gender rights activist.
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Times of India
Oct 29, 2025, 12:07 AM
Telangana High Court Rejects Civil Suit Against Realty Firm

Telangana High Court Rejects Civil Suit Against Realty Firm

12Hyderabad: Telangana high court has recently allowed a revision petition filed by a city-based realty firm, setting aside the trial court's order that refused to reject a civil suit filed against the company.Justice Laxmi Narayana Alishetty, while delivering the verdict, noted that the "plaintiffs have got the plaint cleverly drafted, thereby creating an illusion of cause of action, which is impermissible in law and has to be curtailed at the threshold, and moreover their case was barred by limitation".The dispute involved several parcels of land measuring around 30 acres in Ibrahimpatnam, Rangareddy district, originally owned by one Mohammed Gouse Ali Khan.The plaintiffs, his descendants, sought to declare four sale deeds executed between 2013 and 2017 as null and void, claiming the properties were unlawfully sold and seeking restoration of possession.You Can Also Check:Hyderabad AQI|Weather in Hyderabad|Gold Rate Today in Hyderabad|Silver Rate Today in HyderabadThey alleged that after their family moved to Hyderabad, land grabbers tampered with revenue records and deleted their mother's name as pattadar.The realty firm, which purchased the land through a registered sale deed in 2017, argued that the suit filed in 2020 was hopelessly barred by limitation, since the earliest disputed transaction dated back to 1967, and that no valid cause of action existed.They also contended that the plaintiffs had no title as the alleged oral gift (Hiba) under Muslim law was invalid due to lack of possession transfer.Upholding these contentions, Justice Alishetty noted: "After sleeping over their rights and having allowed multiple transactions to take place in the subject properties, the plaintiffs awoke after a long period of nearly five decades to file the present suit," and hence the suit, even based on the title of their predecessors, cannot be said to be filed within the limitation period of 12 years from the date when the defendants had already taken possession.Moreover, except for alleging that land grabbers encroached on their properties, the plaintiffs did not mention any details. "Furthermore, except for making bald pleadings that the defendants have illegally encroached on the properties and got their names mutated in the revenue records, the plaintiffs did not mention specific details to support their allegations," the judge observed.Citing Supreme Court precedents, the judge ruled that the trial court erred in dismissing the defendant's plea under the Civil Procedure Code and directed that the suit be rejected at the threshold.
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Financial Express logo
Financial Express
Oct 29, 2025, 12:00 AM
Vishal Mega Mart: A Quiet Value Retailer

Vishal Mega Mart: A Quiet Value Retailer

The market has a habit of rediscovering India’s middle class as if it were a fresh idea each time. In the last decade, that crown belonged toD-Mart— the grocery chain that turned frugality into a business superpower and made value buying sound glamorous. Now, as India’s consumption story shifts from metros to smaller towns, investors are asking a familiar question again: Is the next D-Mart already in front of us, quietly expanding under the nameVishal Mega Mart? Walk into any Tier-2 city high street and the evidence is hard to miss. A Vishal signboard, a modest façade and shoppers carrying plastic baskets. It isn’t jazzy. It doesn’t need to be. Vishal’s stores have become the department store of middle India, a place where families shop not for brands but for bargains. But this wasn’t always the case. For anyone who remembers Vishal’s earlier avatar, that transformation is remarkable. A decade ago, the retailer was struggling with poor inventory control and heavy debt. That changed when private-equity majors Advent International and Carlyle Group bought control in 2018. They shut loss-making outlets, redesigned store layouts and brought professional discipline to everything from sourcing to logistics. What emerged was a different beast. A value retailer built for India. Over the next few years, the results began to show. Vishal emerged leaner, sharper and far more focused on profitability. Vishal ended FY25 with Rs 11,260 crore in revenue, Rs 688 crore in profit and a 14% operating margin, across 696 stores and 12.2 million square feet (sq. ft.) of retail space. D-Mart, by comparison, clocked Rs 57,790 crore in FY25 revenue and Rs 3,290 crore in profit from 415 stores covering 17.2 million sq. ft., with 8% operating margins and 5.7% net margins. Vishal has already overtaken D-Mart in store count. Yet it earns only about one-fifth of its revenue. The reason is simple but revealing: Vishal runs smaller stores (≈17,500 sq. ft.) generating about Rs 9,000 per sq. ft. annually, versus D-Mart’s Rs 35,000+. Scale in retail isn’t just about how many shops you open; it’s about how much each sq. ft. sweats. At first glance, the two share the same DNA. This includes relentless cost control; fast inventory turns and the belief that low prices drive high volumes. Yet under the hood, they run on different fuels. D-Mart is a groceries-first engine where customers come for daily essentials. About three-fourths of its revenue comes from FMCG and food staples, making it a high-frequency, low-ticket business that compounds quietly every day. Vishal, in contrast, derives around 44% of sales from apparel and 28% from general merchandise, leaving groceries and FMCG at about 28%. That difference explains much of the revenue gap. Grocery-led models like D-Mart’s churn inventory rapidly, with the same customer returning multiple times a month. Meanwhile,Vishal’sapparel-heavy basket drives higher margins, typically in the mid-30% range versus D-Mart’s 12–14%, but slower rotation. You can postpone buying a shirt or a pant. But you can’t postponebuying rice. So, while D-Mart thrives on frequency, Vishal thrives on variety. One sells necessity, the other sells affordability. D-Mart’s online arm, DMart Ready, operates in 25 cities and earned ₹3,502 crore in FY25, still loss-making as it builds out logistics for its grocery-focused, high-frequency model. Vishal’s digital network, smaller but more integrated, spans 670 stores across 445 cities and 10 million users. Here each order flows through a nearby outlet, reinforcing volumes and margins rather than chasing app-scale growth. That focus on control runs deeper than logistics. It shapes what Vishal sells, how it prices and how it keeps its shelves full. This brings us to its biggest weapon: private labels. Roughly three-fourths ofVishal’srevenue now comes from private labels. By owning what it sells, the company controls sourcing, quality and pricing while avoiding supplier mark-ups. That’s how Rs 199 jeans and Rs 99 towels still leave room for profit. Every rupee saved in procurement is a rupee passed to the shopper. And that keeps baskets full. Stores are leased, not owned; sizes are modest (20,000–25,000 square feet); distribution is regional to cut freight and stock-outs; advertising is minimal. The model is built to be boring and that’s the charm. That quiet efficiency has begun to show up in the numbers. Revenue grew 21% year-on-year to about Rs 3,140 crore, while net profit rose 37% to around Rs 206 crore. Operating margins expanded to roughly 15% from 14% a year earlier. Same-store sales grew by about 11%, while the company added 23 gross new stores (net 21). As of June,Vishaloperated roughly 717 stores across 472 cities, covering nearly 12.4 million sq. ft of retail space. Private labels now make up close to 76% of total sales, showing that the cost advantage is still widening. Management credited higher operating leverage and better merchandise mix for the margin improvement, rather than any dramatic shift in pricing. This wasn’t a blockbuster quarter, but it was steady. Even steady stories have weak spots. For Vishal, the first is margin sustainability amidst rising rentals, wages and logistics costs mean operating leverage can only do so much. Gains ahead will be incremental, not dramatic. Competition is another pressure point as apparel and grocery peers expand aggressively, bidding up rents and staff costs. Vishal’s counter is discipline: fewer stores, better locations and locked-in leases. Private-label growth too may be nearing its ceiling. As three-fourths of sales are already in-house brands, growing further will be harder, especially in branded FMCG categories. Consumer sentiment adds another layer of risk as growth still hinges on new shoppers rather than bigger bills, signalling share gains more than a consumption revival. Apart from this, promoter holding fell from 74.6% in March 2025 to 54.2% by June, after a block deal that boosted liquidity but raised questions on timing. While none of this breaks the story, it shows how much vigilance is needed to keep the model steady in a business built on thin margins and big ambitions. Vishal’s next phase is about depth, not just scale. It plans to expand further into Tier-2 and Tier-3 towns with smaller-format stores, roughly half its current size, targeting populations of 50,000 to 100,000. The idea is to test markets quickly without heavy upfront costs. Its quick-commerce arm already links 670 stores across 445 cities, serving around 10 million users. The goal isn’t to rival grocery apps but to extend its value offerings with same prices, shorter distances and faster delivery. Private labels remain central. Apparel is fully in-house, but there’s room to grow in general merchandise and FMCG by improving design and brand perception rather than chasing volume. By FY27, Vishal expects to reach about 900 stores, funding expansion mostly through internal accruals. In a sector often obsessed with scale, that restraint could be its quiet advantage. At current levels, the stock trades near 100x earnings, rich for a retailer with 6% net margins and Return on Equity (RoE) in low double digits. D-Mart, for comparison, trades around 101x earnings with net margins near 4.5% and RoE close to 14%. Investors are effectively betting that Vishal can maintain faster expansion without losing cost discipline. If that balance holds, the rich valuations may prove sensible. But if not, the market will do what it always does and reprice the story. The hunt for India’s next D-Mart may be the wrong question. Vishal Mega Mart isn’t a copy; it’s a reflection of the same idea built on value, discipline and scale. Its execution has been steady and its opportunity large, but apparel and general merchandise follow a different rhythm from groceries. Margins can rise faster, yet they can slip just as quickly. For now, the market seems to get that. The stock shows confidence without hype. Vishal may never be the next D-Mart, and maybe it doesn’t need to be. Sometimes quiet compounding is success enough. Note: We have relied on data fromhttp://www.Screener.inthroughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information. The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only. Manvi Aggarwal has been tracking the stock markets for nearly two decades. She spent about eight years as a financial analyst at a value-style fund, managing money for international investors. That’s where she honed her expertise in deep-dive research, looking beyond the obvious to spot value where others didn’t. Now, she brings that same sharp eye to uncovering overlooked and misunderstood investment opportunities in Indian equities. As a columnist for LiveMint and Equitymaster, she breaks down complex financial trends into actionable insights for investors. Disclosure: The writer and his dependents do not hold the stocks discussed in this article. The website managers, its employee(s) and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.
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Financial Express
Oct 29, 2025, 12:00 AM
India's Wealthy: Beyond the Headlines and Valuations

India's Wealthy: Beyond the Headlines and Valuations

Every year when theM3M Hurun India Rich listdrops, I scroll through it with a mix of awe and disbelief. Another year, another batch of ultra HNIs.Bigger valuations, bigger homes, bigger numbers. And every time, the little girl in me, the same one who was taught to believe money fixes everything – thinks,“Wouldn’t it be nice to have more than you could ever spend?” After all, that’s what most of us were raised to chase: study hard, work harder, make it big. But somewhere between admiration and curiosity, I found myself wondering, are the rich trulyhappy? Or does happiness stagnate after a certain number of zeroes? India is getting wealthier faster than ever before. The latest Wealth Report 2025 now has 8.7 lakh millionaire households, almost double from a few years ago. What’s different this time iswhothese millionaires are. Thenew faces of India’s richare young, self-made, and restless. Aravind Srinivas, a 31-year-old AI entrepreneur, is now worth over ₹21,000 crore.Aadit Palicha and Kaivalya Vohra, the Zepto foundersare barely out of their twenties, each with fortunes of approximately ₹4,000 crore. And then there’s Hardik Kothiya, whose solar startup turned him into a green-energy millionaire before 35. They’re joined by familiar names likeShah Rukh Khan, now officially a billionaire actor-entrepreneur, and Nikhil Kamath, who’s redefining success, which looks less like a fancy corner office and more like conscious capitalism. So what do they do with all that wealth? India’s affluent class today spends big on real estate, luxury travel, education abroad, overseas investments and accessories. But there’s a visible shift, from possessions toexperiences. Private islands, farm-to-table retreats, art residencies, or meditative wellness escapes in the Himalayas. The rich aren’t just collecting objects, they’re collecting moments. And yet, despite the indulgence, only 6 in 10 millionaires rate themselves as “very happy”. The rest circle somewhere between “satisfied” and “could be better”. Psychologists call it thesatiation point. The stage where more money stops buying more happiness. It’s the point where comfort is guaranteed, but meaning starts feeling distant. Many of India’s wealthy now admit that while money gives them freedom, it doesn’t automatically translate into fulfilment.Nikhil Kamath, for instance, often talks about purpose, mindfulness, and using wealth responsibly. Several young founders echo the same, they’ve stopped chasing status and started chasingsignificance. In fact, across interviews and surveys, four common themes emerge about what truly drives satisfaction among India’s wealthy: Because no matter how high your net worth climbs, you can’t enjoy a private jet if you’re too burnt out to board it. Interestingly, thepursuit of happiness among the rich isn’t uniform. Millionaires in Tier-2 and Tier-3 cities often reporthigher satisfaction scoresthan those in metros. Less chaos, closer communities, slower pace, their wealth seems to buy them not extravagance, butbalance. It’s proof that happiness may have less to do with how much you earn and more to do withhow you live. Maybe that’s why I keep going back to these lists every year. Behind the headlines and valuations are people still figuring out how to live, not just how to earn. What the wealthiest Indians seem to be learning, just like the rest of us, is that happiness isn’t found in more, it’s found in enough. Enough time to breathe. Enough freedom to say no. Enough balance to enjoy what you’ve built. In the end, India’s richest aren’t chasing more things, they’re chasing the same thing we all are: a life that feels good to live. The purpose of this article is to share insights, data points, and thought-provoking perspectives on investing. It is not investment advice. If you wish to act on any investment idea, you are strongly advised to consult a qualified advisor. This article is strictly for educational purposes. The views expressed are personal and do not reflect those of my current or past employers. Sneha Virmani is a content strategist and writer with over a decade of experience. She is an alumna of Lady Shri Ram College, Delhi University (Economics & Psychology). Sneha specialises in storytelling-led content strategies and consumer education campaigns. Her work brings context and clarity, with a no-jargon approach designed to engage everyday readers.
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Financial Express
Oct 29, 2025, 12:00 AM
Indian Auto Component Industry Poised for Recovery and Growth

Indian Auto Component Industry Poised for Recovery and Growth

Theautomotive industryglobally is seeing a significant transformation due to technological innovations and the shift towards clean mobility. It’s driven by Personalization, Autonomous, Connected, andElectric mobilitymegatrends. While global growth remains subdued, India continues to stand out due to its growing economy, rising per capita income, strong domestic demand, increasing localization, and electrification. The auto sector, which was sluggish in FY25, is poised for a recovery in FY26, aided by the recent reduction in goods and services tax (GST) and savings on account of income tax rationalization. At the same time, government initiatives such as FAME India, PLI Scheme for the automobile and auto components industry, and thePM E-Drive Schemeare giving a further boost to the decarbonization agenda, driving demand forauto ancillaries. China+1 shift is also positioning India as a major beneficiary. This creates a favorable environment for them, many of which are diversifying and expanding into newer product categories to capture higher value per vehicle. These figures also reflect this. The Indian auto component industry achieved its highest-ever turnover of $74.1 billion in FY2025. Minda Corp. estimates the Indian auto ancillary market to grow at an 18% CAGR from $74 billion in FY24 to $200 billion by FY30. Auto component export is also expected to grow at 28-32% per annum from $23 billion in FY25 to $70-100 billion by then. For investors, auto ancillary stocks also offer a way to participate in the broader growth of the auto sector. Here are three stocks that provide such an opportunity… Uno Mindais a global technology leader in auto components and systems manufacturing. The company manufactures a variety of auto components, including lighting, switches, alloy wheels, horns, seating systems, sensors, controllers, and electric vehicle (EV) components. Over 95% of its portfolio is powertrain-agnostic, serving internal combustion engine (ICE), hybrid, & electric vehicles. Its product portfolio serves two-wheelers (2W), three-wheelers (3W), four-wheelers (4W), commercial vehicles, and off-road vehicles. ForUno Minda, EVs are a key pillar of growth, driven by the growing demand from e-two-wheeler (E2W) and e-three-wheeler (E3W) companies. The company estimates the EV kit value potential at ₹37,636, which is three times its current ICE kit value of ₹11,936. To drive long-term growth, Uno Minda is investing in products that increase the value of content per vehicle. It has entered the vehicle sunroof segment in partnership with AISIN Corporation of Japan. Production is expected to begin in FY27, which will aid revenue growth. It is also focusing on advanced lighting, including OLED lamps and adaptive lighting systems. It is investing ₹34.5 billion in expansion over the next five years. This includes commissioning an additional 30,000 wheels per month capacity for 4W alloy wheels at Bawal and expanding the annual capacity of 2W alloy wheels at Supa to 8 million wheels. It is also integrating its 2W lighting plants in Sonipat and Bahadurgarh into a new integrated facility in Kharkhoda to improve operational efficiency. Aggressive Expansion Pipeline The company is expanding its EV portfolio for both 2W and 4W. Under 4W, Minda is focusing on high-voltage EV components such as EV inverters, motors, and e-axles for passenger and commercial vehicles. For this purpose, it is building a new greenfield plant in Pune, which is expected to be operational by the second quarter of FY27. Uno Minda has also partnered with StarCharge for EV supply equipment. It has secured orders, and deliveries are expected to begin by Q3FY26. It has also completed the acquisition of the joint venture with FRIWO, which will strengthen its integrated offerings for the E2W and E3W markets. It is alsoinvesting ₹2.1 billion in setting up a casting divisionfor EV components. From a financial perspective, revenue in the first quarter of FY26 increased 16% year-over-year to ₹44.2 billion. This increase was driven by 30% growth in other segments (camera modules, sensors), seating (+17%), switches (+16%), lighting (+13%), and castings (+9.8%). This was offset by an 8% decline in acoustic devices due to lower demand in the European auto market. Strong Financial Performance Geographically, India contributed 89% of revenue, and international (11%). Channel-wise, Original Equipment Manufacturers (OEM) contributed 93% of revenue, followed by Aftermarket (7%). Segment-wise, 93% of revenue came from 2W (46%) and 4W (47%), while the remaining came from Commercial Vehicles (4%) and 3W (2%). EBITDA surged by 16% to ₹4.7 billion, with margins at 10.7%. Profit after tax (PAT) increased by 21% to ₹2.4 billion. Minda Corpis a significant player in the global automotive industry with a legacy spanning over six decades. Its primary business verticals are Electrical Distribution System, EV System &Electronics, Light Weighting &Plastics, Driver Information System, and Vehicle Access. Minda offers a diverse product range, including access systems, EV-specific components, electronics, lightweight plastics, and sunroofs. EVs are expected to drive a minimum 20-30% increase in content per vehicle. The combined kit value for Powertrain Specific e2W products offered by Minda is estimated to be ₹30,000-35,000. It offers extensive EV products, including EV Traction Motors, Motor Controller Units, DC-DC Converters, HV Wiring Harness Connection Systems, and TFT Instrument Clusters. Minda Corp has implemented an aggressive expansion plan under its Vision 2030. Starting with balance sheet management, it plans to reduce debt-to-equity from 0.6X to 0.3X. It has reduced working capital days from 53 (FY22) to 31 in FY25, which is expected to generate ₹10 billion in cash by FY30. It also plans to invest ₹20 billion over the next five years. Minda Corporation Vision 2030 Within the revenue mix, the plan is to increase the share of passenger vehicles to 25% by FY30, up from 14% in FY25. At the same time, the share of 2W/3W will decline from 47% to 40%, commercial vehicles (28% to 25%), and aftermarket (11% to 10%). Overall, the company plans to expand its revenue by 3.5X to ₹175 billion (₹50.5 billion in FY25) by FY30. Of this, ₹15 billion is expected to come from exports, up from ₹4.2 billion in FY2025. With the changing revenue mix, EBITDA margins are also expected to increase from 11.4% to above 12.5% ​​in FY30. With improved efficiency, return on capital employed is also likely to increase from 20% to over 25%. It is setting up two new greenfield plants in die casting and instrument clusters to support its expansion plan. Portfolio Expansion Through JVs To achieve its goal, Minda is also expanding its product portfolio through joint ventures (JVs). This includes aJV with HCMF Taiwan, aiming to achieve a 15% market share and ₹5 billion revenue by FY30. With a focus on localization, it has also signed a technology agreement with SANCO China, with a revenue target of ₹3 billion.Minda has also set up a JV with Toyodenso(Japan), targeting Rs 6.5 billion by FY30. From a financial perspective, revenue grew 16% year-over-year to ₹13.8 billion in Q1FY26. This growth was driven by a 19% increase in the Information & Connected Systems vertical and a 13% increase in the Mechatronics, Aftermarket & Others vertical. By end market, 2W and 3W contributed 47% to revenue, followed by Commercial (29%), Passenger Vehicles (15%), and Aftermarket (9%). Wiring harnesses remained the largest contributor to revenue (30%), followed by accessories (23%), die casting (15%), clusters (15%), and others (17%). EBITDA increased 18.6% to ₹1.5 billion, while margins stood at 11.3% (+23 bps). However, due to a 230% increase in finance costs, PAT increased only 1.7% to ₹650 million. Lumax Autois part of the DK Jain Group of Companies. The company’s product portfolio is EV-agnostic, covering four main areas: Advanced Plastics (56% of revenue in FY25), Structures and Control Systems (19%), Mechatronics (11%), Alternative Fuels (8%), and Aftermarket (8%). Segment-wise, Lumax primarily serves the PV (passenger vehicle) sector, which accounted for 55% of FY2025 revenue, followed by 2/3W (25%), aftermarket (11%), and commercial vehicles (9%). To drive its next phase of growth, Lumax has unveiled a mid-term plan for FY26-31, called the “20-20-20-20 Northstar” strategy. NorthStar: A Four-Part Strategy The company plans to grow its revenue at a minimum of 20% CAGR, which could triple its revenue from ₹36.3 billion (FY25) to ₹110 billion by FY31. This is expected to be driven by new product segments in clean and future mobility, software-driven solutions, premiumization, and acquisitions. Clean mobility is expected to contribute 20% to total revenue, up from 6% in FY25. Revenue Growth of Minimum 20% CAGR Next comes margins, which are expected to increase from 14% (FY25) to 20% in FY31, and return on capital employed 18% to over 20% by then. In the clean mobility space, the company acquired Greenfuel, an industry leader in alternative fuel systems. Greenfuel is expected to add ₹3-3.5 billion to Lumax’s revenue in FY26. Lumax’s other subsidiaries, such as Lumax Alps, Lumax Yokowo, and Lumax Ituran, are also expected to grow 30-40% annually. The company delivered a strong performance in the first quarter of FY26. Revenue grew 36% year-over-year to ₹10.2 billion, driven by aftermarket growth (+16%) and new product launches. EBITDA increased 19% to ₹1.3 billion, while margins stood at 13.2%. Profit after tax (PAT) increased 28.6% to ₹540 million. From a valuation perspective, all three stocks are trading at a premium not only to their historical benchmarks but also to the industry average. Uno Minda is trading at a price-earnings (P/E) multiple of 66.8X, which is higher than the 10-year median (48.1X). Similarly, Minda and Lumax are trading at twice their 10-year median. All three are also trading significantly higher than the industr...
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Financial Express
Oct 28, 2025, 11:53 PM
India Must Change Strategy to Gain Global Attention in AI, Energy, and Defence Sectors

India Must Change Strategy to Gain Global Attention in AI, Energy, and Defence Sectors

Harsh Goenka insisted on Tuesday that India needed to change its strategy towards the AI, energy and defence sectors in order to reach the global state. The prominent businessman cited the recent All-In Summit in Los Angeles to underscore his point — noting that the country had found no mentions as top leaders debated the future of AI, energy and defence. “At a global summit where Elon Musk, Mark Cuban and Eric Schmidt debated the future of AI, energy and defence, India wasn’t mentioned even once. Why? Because we still haven’t built the deep, scalable ecosystems that make a nation unavoidable in global conversations,” Goenka opined in an X post. The RPG Group chairman also contended that it was necessary for India to “actually rise” in order to gain global attention. The Indian economy has surged forward in recent months — becoming the fourth largest in the world earlier this year. Despite these advancements, Goenka noted that the innovation landscape of India appeared to be falling short when compared against countries like the US and China. He highlighted several emerging sectors including deep tech, clean energy, and artificial intelligence to emphasise his stance. “We celebrate our digital wins, but the world is debating chips, fabs, supply chains, and energy grids- the industries that define power and leverage. We need the urgency, ambition and reform zeal to unleash innovation, scale, and efficiency. The world won’t notice our rise because we say so. They’ll notice only when we actually rise,” he added. The remarks also came mere days after Goenka — a prolific social media user — posted a lengthy thread outlining the key differences between India and China. He noted that the two countries had been at roughly similar starting points in 1990. But Beijing had surged ahead in recent years to now have a GDP “nearly five times” that of India. “China’s model delivered speed and scale, but with rising debt, ageing, and centralised risk. India’s offers stability, inclusion, and resilience, but needs sharper focus on jobs, skills, and manufacturing productivity. China shows what discipline and direction can achieve. India must now show what democracy and diversity can deliver. The coming decades will decide not who copies whom, but who adapts best to a changing world,” he concluded. India’s path was slower but more democratic:– Stronger in services than manufacturing.– Reforms evolved through consensus.– Growth driven by entrepreneurship and consumption, not central planning.
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Financial Express
Oct 28, 2025, 11:41 PM
US Federal Reserve Expected to Announce Rate Cut Amid Government Shutdown

US Federal Reserve Expected to Announce Rate Cut Amid Government Shutdown

US Federal Reserve Chair Jerome Powell is likely to announce a rate cut today amid US government shutdown. The two-day Federal Open Market Committee (FOMC) meeting is underway on October 28-29, and the final decision of the Fed members will be announced by Powell on October 29 at 2 pm ET. followed by a press conference at 2.30 pm ET. The live streaming of the FOMC meeting can be watched on the YouTube channel of the US Fed. In September, Powell announced the central bank’s first interest rate cut of 2025, indicating increasing concern about a significant slowdown in the labor market. He noted that in this less dynamic and somewhat softer labor market, the employment risks appear to have risen. The US Fed is expected to continue with another rate cut of 25bps in today’s FOMC meeting to put the policy rate in the 3.75%-4.00% range, followed by another in the FOMC meeting on December 9-10. Therefore, the Powell press conference will become a key event to watch. All eyes will be on Powell, as he is expected to either decisively indicate a rate cut in December or steer away from that decision. “Despite the expectation of a cut, the Fed is signalling caution: it consistently emphasizes ‘meeting-by-meeting’ data dependence, and some officials remain wary about cutting too fast given inflation risks. Market expectations are very high for the cut and for multiple cuts this year; if the Fed disappoints, by cutting less or signalling fewer cuts, markets could react negatively in equities, bonds, risk assets,” says Jigar Trivedi, Senior Research Analyst at Reliance Securities. The US Fed heavily monitors US inflation and job market data sets for determining monetary policy. But this time, the US Fed faces roadblocks. The US government shutdown has resulted in numerous economic and other reports remaining unpublished, which in turn has hindered the US Federal Reserve’s ability to make informed decisions due to the absence of this crucial data. The unemployment rate, last estimated, was at 4.3% in August and Fed officials have shown concern about rising unemployment. The US CPI data for September was, however, released after a delay on October 24. US inflation came in lower than expected, and the core CPI has also increased less than expected. The annual inflation rate in the US rose to 3% in September 2025, the highest since January, from 2.9% in August and below forecasts of 3.1%. The all items less food and energy index or the core index, also rose 3.0 percent over the last 12 months. Currently, the US economy is experiencing a unique challenge characterized by sticky inflation and a falling job market. Within the Fed, there are differing viewpoints: some officials support further interest rate cuts in the near term, while others believe that inflation poses a more significant threat and advocate for maintaining higher interest rates for an extended period.
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