Adia backs Tenneco’s India IPO + Renew pledges INR 820 bn in green investments

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WHAT WE’RE TRACKING TODAY

THIS MORNING: India and Saudi Arabia working to sign Bilateral Investment Treaty

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Good morning, friends, and welcome to issue #3 of MENA <> India, where we have a brisk issue to us all off into a well-deserved weekend.

IN THIS MORNING’S ISSUE- ADIA-backed Groww lit up Dalal Street with a stellar debut, soaring in two days and nudging towards an INR 1 tn valuation. Meanwhile, New Delhi and Riyadh are fast-tracking a long-awaited bilateral investment treaty, while Cairo is interested in opportunities in pharma, vaccines, and health-tech.

AND- Indian oil and gas major ONGC is gearing up for a major production push. ReNew announced its biggest India bet — a USD 9.3 bn clean-energy buildout in Andhra Pradesh. SEBI is rolling out reforms to make foreign investors feel a little more at home in India.

WATCH THIS SPACE-

#1- India and Saudi Arabia are fast-tracking talks on a bilateral investment treaty (BIT) designed to boost investment. The news comes after a meeting in New Delhi between Finance Minister Nirmala Sitharaman and Saudi Investment Minister Khalid Al Falih, the Finance Ministry said in a post on X.

The pact would encourage deeper capital flows along the corridor by offering clearer protections for investment on both sides. Indian Commerce Minister Piyush Goyal also met Al-Falih to discuss expanding cooperation across tech, energy, infrastructure, and startups.

REMEMBER- Saudi Arabia has already made significant capital commitments to India, anchored by its USD 100 bn investment pledge during Crown Prince Mohammed bin Salman’s 2023 state visit. Global oil giant Aramco has been among the leaders of that charge.

That push is now being operationalized through the High-Level Task Force onInvestment, which was set up in 2024 to fast-track projects. The task force is co-chaired by Saudi Energy Minister Abdulaziz bin Salman and P. K. Mishra, the principal secretary to Prime Minister Narendra Modi.

#2- Retail inflation in India fell to a record low of 0.25% y-o-y in October, according to government data. Inflation was driven down by a sharp drop in food prices as well as a favourable base effect from last year’s spike and improved supplies after surplus seasonal rains, which bolster agricultural output.

IN CONTEXT- The 0.25% reading is the lowest since India adopted its current consumer price index methodology in 2012.

Policy backdrop: The Reserve Bank of India (RBI) has cut its benchmark repo rate by 100 basis points since February and paused in October. Economists at Goldman Sachs and Barclays expect a final 25-basis-point cut in December before the central bank ends its current easing cycle, Bloomberg reports.

Where does it go from here? Pundits now think inflation will undershoot the Reserve Bank of India’s 2.6% forecast for the fiscal year ending March 2026, Bloomberg notes. The RBI, which maintains a 4% target, forecasts inflation to rebound to around 4% in the next quarter as the base effect fades and food prices stabilize. Reuters also has the story.

#3- Budget consultations kick off in New Delhi: Finance Minister Nirmala Sitharaman has begun consultations with stakeholders from India’s micro, small, and medium enterprises to identify growth bottlenecks and improve competitiveness, per a post on X. The talks mark the start of a broader series of policy consultations ahead of the national budget for FY 2026-27, which will be presented to the parliament this coming February.

#4- Credit rating agency Moody’s reaffirmed India’s medium-term momentum, projecting real GDP growth of 6.4% in 2026 and 6.5% in 2027, supported by infrastructure spending, resilient consumption, and more diversified exports, Business Standard reports. The agency noted that India’s growth has remained steady despite high US tariffs, adding that a potential trade agreement could ease pressure.

Moody’s flagged a fragmented global monetary backdrop, with the US Federal Reserve easing and the Reserve Bank of India holding rates steady. It warned that geopolitical shocks, supply-chain disruptions, and weak sentiment in advanced economies will subdue global growth while emerging markets will maintain momentum.

DATA POINTS-

#1- Dealmaking activity in India strengthened in October, as IPOs and large M&A transactions hit a combined INR 1.4 tn (USD 16.8 bn), up 63% from September, Business Standard reports, citing Grant Thornton Bharat’s October Dealtracker. The month recorded 218 total transactions, including 189 M&A and private-equity deals, even as the total number of transactions dipped 13%.

By the numbers: Activity was most pronounced in banking and financial services, with INR 427 bn (USD 5.1 bn) across 23 transactions, driven by two marquee deals: Emirates NBD’s USD 3 bn acquisition of a 60% stake in RBL Bank and International Holding Company’s USD 1 bn purchase of a 40% stake in Samman Capital.

#2- India’s economy looks set to remain the world’s fastest-growing. The nation’s economy may have grown as much as 7.2% in the second quarter of the government’s fiscal year, just slightly off the blistering 7.8% pace it recorded in the April-June quarter that preceded it, according to a report by India Ratings & Research (Ind-Ra) making the rounds of the Indian press.

Driving growth: Strong domestic consumption, the boost to agriculture from stronger-than-normal monsoons (see above), an uptick in manufacturing growth, and continued government spending. “From the demand side, private consumption is a leading growth driver due to steady real income growth both in upper- and lower-income households,” Ind-Ra writes.

When will we know for certain? The National Statistics Office should release official figures on 28 November. Business Standard and Economic Times have more.

THE BIG STORY ABROAD-

A broad sell-off took hold of equities yesterday as concerns about extreme valuations of AI firms and the US Federal Reserve potentially slowing its easing cycle spurred market jitters. Wall Street posted its worst day in a month, with the S&P 500 sinking 1.7% and the tech-heavy Nasdaq falling 2.3%, as heavyweights like Nvidia and Tesla faced steep losses. Even BTC extended its downturn, falling below USD 100k to its lowest level since May. (Wall Street Journal | Bloomberg | Reuters)

** We have more on the possible trajectory of rate cuts in this morning’s Planet Finance, below.

ALSO- Jeff Bezos’ Blue Origin launched a rocket with a pair of Nasa aircraft heading to Mars, deploying the aircraft 20 minutes later and recovering its booster following its separation from the aircraft in a major milestone for the company, which is competing with Elon Musk’s SpaceX. (Reuters | Bloomberg | AP)

AND A SIGN OF THE TIMES- Three of the songs topping music charts on Spotify this week were generated by AI, with two of them by now-viral AI-generated country artist Breaking Rust. (Guardian)

Tenneco Clean Air India secures USD 129 mn from 58 anchor investors

The Abu Dhabi Investment Authority (Adia) has come in as an anchor investor for the IPO of Tenneco Clean Air India’s USD 430 mn IPO, according to a regulatory filing (pdf). The sovereign wealth fund was one of 58 anchor investors who placed bids for shares worth up to INR 10.8 bn (USD 129 mn). Tenneco Clean Air India is the India subsidiary of the US-based Tenneco Group.

Transaction structure: The order book for the transaction is set to close today (it opened on 12 November) and shares should start trading by Wednesday, 19 November. Bankers said the company will price shares in the INR 378-397 per share range and bumped the size of the offering up to INR 36 bn (USD 430 mn) from the original INR 30 bn (USD 358 mn) on strong demand. At the upper end of the price band, the listing would value Tenneco Clean Air India at about INR 160 bn (USD 1.9 bn).

A Tenneco Group subsidiary is cashing out risk: The entire offering consists of shares being sold by Tenneco Mauritius Holdings, which is taking 100% of the proceeds off the table (after bankers’ fees, of course). No new shares are being issued.

Who else is in? Others in the group of anchor investors included big domestic players (SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Life Insurance, SBI Life Insurance) as well as global majors (BlackRock, Fidelity, Goldman Sachs, Nomura) as well as Norway’s Government Pension Fund Global. Domestic mutual funds took up 54% of shares offered to anchor investors. About 27.2 mn shares were allotted to anchor investors at INR 397 per share, raising USD 129 mn if shares are priced at the top of the range.

What does Tenneco do? It manufactures and supplies clean-air, powertrain, and suspension systems for original equipment manufacturers (OEMs) in India and global markets.

IN CONTEXT- Gulf sovereign wealth funds have become increasingly active in India’s IPO market. Adia was an anchor investor in LG Electronics India ’s INR 34.7bn (USD 425 mn) listing in October. Earlier this week, we noted that it has more recently backed offerings from Lenskart and Emmvee.

ADVISORS- The IPO is being captained by JM Financial, Citigroup Global Markets India, Axis Capital, and HSBC Securities and Capital Markets (India). MUFG Intime India is overseeing the registry.

GROWW IPO OPENS STRONG-

SPEAKING OF ADIA- Adia-backed fintech firm Billionbrains Garage Ventures — which runs India’s largest digital investment platform Groww — made a strong market debut on Wednesday, rising 24% above its issue price and valuing the firm at about INR 761 bn (USD 8.6 bn), Reuters reports. Adia was among the anchor investors in the company’s INR 66.3 mn (USD 754 mn) IPO and is reported to have taken about a 4.7% stake in the issue, Zawya reported.

Groww’s stock extended gains on Thursday, with shares rising as much as 17% intraday to INR 153.50, taking the stock to a 53% premium to its issue price within two days. Investors then started locking in profits, with the stock closing up 4.6% for the day. At the day's high, the company’s market value rose to nearly INR 1 tn.

The INR 66.3 bn (USD 754 mn) IPO is among India’s largest fintech listings this year, marking a rebound in investor sentiment following subdued debuts by including Lenskart Solutions, Orkla India, and Studds Accessories.

Market context: The listing pushed Groww’s market capitalization ahead of domestic rivals Angel One and Motilal Oswal Financial Services, reinforcing optimism about India’s expanding retail investor base. India has added around 10 mn new investors every six to seven months since March 2021, according to NSE data, taking the total to roughly 120 mn by September 2025.

What the pundits are saying: Groww’s IPO was seen as fairly valued, attracting strong demand from institutional investors — qualified institutional buyers subscribed 22 times and non-institutional investors nine times — alongside healthy retail participation. Analysts said the company’s large user base of over 100 mn registered investors and its expanding role in equity and mutual-fund distribution continue to underpin investor optimism, Business Standard reports.

IPO pipeline: Groww’s debut adds momentum to India’s active primary market, where over 300 companies have raised INR 1.46 tn (USD 16.55 bn) so far in 2025. The market is on track to surpass 2024’s record INR 1.8 tn (USD 20.5 bn) in new listings, supported by upcoming issues from Tata Capital, LG Electronics India, and HDB Financial Services.

BACKGROUND- The IPO saw strong institutional participation, with Abu Dhabi Investment Authority, Singapore’s GIC, and Norway’s Norges Bank Investment Management among anchor investors, Reuters reports.

ONGC targets increased crude output by 2027 as key projects ready up

State-owned Oil and Natural Gas Corporation (ONGC) is eyeing significant increases in its output — 21 mn metric tons (mmt) of crude oil and 21.5 bn cubic meters (bcm) of gas by FY 2027, Hindu Businessline reports, quoting Executive Director Ajay Kumar Singh. For the 2026 fiscal year, ONGC has set targets of 19.8 mn tons for oil and 20 bcm for gas. The company will look to stabilize domestic production by commissioning new offshore capacity over the next 12 months.

Projects on track: ONGC’s flagship western offshore field, Mumbai High, showed an uptick after it brought in British energy major BP earlier this year as technical services provider to stabilize output and reverse years of production decline. Also on the west coast, its Daman Upside gas upgradation project in the Arabian Sea is running ahead of schedule, with production set to start by the last quarter of next year. On the east coast, its KG-98/2 deepwater project should resume production in 1Q 2026. The project is a key contributor to India’s domestic hydrocarbon output.

REMEMBER- ONGC Videsh maintains long-standing upstream and offtake ties with MENA producers, including supply agreements with ADNOC. It also holds a 4% stake in Abu Dhabi’s Lower Zakum concession. ONGC leads the Indian consortium operating Block Farsi in Iran and holds full ownership of Block-20 in Iraq’s Western Desert.

RUSSIAN CRUDE-

India is still interested in Russian crude: State-run Indian Oil Corporation (IOC) has invited offers for Russian ESPO and Sokol blends for delivery to Paradip and Vadinar ports between late January and early February, Bloomberg reports, citing what it says is a tender document.

As India’s diversification drive continues, the refiner also sought low-sulfur grades from West Africa and the US. Bidders must certify that cargoes do not originate from sanctioned producers or terminals listed by the US, the UK, the European Union, the United Nations, or India.

The caution comes amid heightened scrutiny of India’s oil imports after US President Donald Trump pushed New Delhi to curb its purchases of Russian crude. Indian refiners, once top buyers of seaborne Russian oil, are adjusting to sanctions on Rosneft and Lukoil. Five of seven Indian refiners have skipped Russian crude for next month, with only IOC and Nayara Energy continuing limited purchases, according to a separate report.

India-US trade deal nears conclusion as New Delhi awaits Washington’s nod

India and the US are close to concluding a trade agreement, with negotiations “largely complete” after five rounds of talks, Times of India reports, quoting Commerce Minister Piyush Goyal. The proposed deal aims to lower American tariffs on Indian exports and establish a “fair, equitable, and balanced” framework, Piyush Goyal said.

Where things stand now: The text of the agreement has nearly been finalized, an unnamed senior Indian government official told the daily, describing the pact as India’s “most comprehensive and WTO-compliant” trade agreement. Washington has yet to publicly respond.

IN CONTEXT- Indian exports to the US have been dented by 50% tariffs imposed by US President Donald Trump earlier this year. A trade pact should ease pressure on the Indian economy, bolstering labor-intensive manufacturing. The talks also align with New Delhi’s broader push to lock-in trade agreements with New Zealand, the EU, and the Gulf Cooperation Council, signalling efforts to deepen economic ties with key global partners.

MEANWHILE- Foreign Minister S Jaishankar met US Secretary of State Marco Rubio on the sidelines of the G7 Foreign Ministers’ Meeting in Canada, with talks centred on trade, supply chains as well as geopolitical flashpoints spanning Ukraine, the Middle East and the Indo-Pacific, per a post on X. The meeting is Washington signalling it is “close” to a new India-US trade pact, with President Donald Trump calling India one of America’s most important strategic partners, according to ANI.

ReNew commits INR 820 bn to full-stack green-energy buildout in Andhra

Adia and Masdar-backed ReNew will invest INR 820 bn (USD 9.3 bn) across the southern state of Andhra Pradesh, marking its largest India commitment to date, Business Standard reports. The plan spans the entire renewable-energy value chain — solar ingot and wafer manufacturing; solar and wind plants; green hydrogen and green molecules — as the firm restarts investment in the state after a five-year gap.

Project pipeline: The announcement comes months after Minister for IT in Andhra Pradesh Lokesh Nara broke ground on ReNew’s INR 220 bn (USD 2.5 bn) hybrid energy project in Anantapur, covering a 4.8 GWp solar-wind farm with battery storage. Andhra is emerging as a major node in India’s decarbonization drive as the state courts large-scale clean-energy investors.

IN CONTEXT- ReNew, among India’s largest renewable energy players, operates more than 13 GW of commissioned and under-construction wind, solar, hybrid, and storage projects nationwide. The Nasdaq-listed firm has expanded aggressively into manufacturing, green hydrogen, and long-duration storage — with multi-GW hybrid parks across Rajasthan and Karnataka as well as a green hydrogen pilot with Indian Oil.

ICYMI: ReNew is backed by a consortium that includes Masdar (Abu Dhabi Future Energy Company), the Abu Dhabi Investment Authority (Adia) via its Platinum Hawk subsidiary, and Canada Pension Plan Investments Board. The three high-profile international investors signaled last month plans to take the firm private. In 2023, ReNew was looking into green hydrogen opportunities in Egypt, having signed a framework agreement during the COP27 climate conference the year before.

Sebi moves to speed FPI onboarding, cut costs and ease short selling

Market regulator the Securities and Exchange Board of India (Sebi) is preparing a broad reform package to revive foreign investor interest and deepen equity market participation, Reuters reports, citing Sebi Chairman Tuhin Kanta Pandey.

Key measures include:

Speeding up foreign portfolio investor registration timelines;
Reducing transaction costs in the cash equities segment to improve liquidity;
Making it easier to short a stock through a more efficient stock-lending and -borrowing framework;
Revising margin requirements in the cash market to strengthen participation and depth;
Deferring the shift to same-day (T+0) settlement while continuing with the T+1 cycle for now.

Pre-IPO relaxations: Sebi is also proposing to ease existing pre-IPO lock-in requirements, excluding promoters and large shareholders who could materially impact company decisions, according to Reuters. The Sebi chief sees the current process as "cumbersome" and suggests that a six-month lock-in can be replaced with an automatic enforcement system that can address current delays and difficulties.

Backdrop: The reforms come as foreign investors have pulled about INR 1.42 tn (USD 17 bn) from Indian equities in 2025 amid weaker exports and higher US tariffs. Sebi’s move aims to bring them back in while balancing stability concerns in a derivatives market now over 300x larger than the spot segment.

IN OTHER SEBI NEWS- A Sebi-appointed panel has separately proposed that the regulator’s chairperson and senior officials disclose their assets and liabilities publicly, aligning with practices at global peers such as the US Securities and Exchange Commission (SEC). The recommendation follows conflict-of-interest allegations involving former Sebi chief Madhabi Puri Buch, Reuters reports.

Outlook: Pandey, who took office in March 2025, said Sebi will continue to pursue a “predictable and transparent” regulatory approach to position India as a competitive global investment hub, with further steps on derivatives oversight to follow after recent rule reviews.

Jio seeks auction route for D2D satellite services

Reliance Jio Infocomm, India’s largest telecom operator, has urged the Telecom Regulatory Authority of India to auction spectrum for direct-to-device (D2D) satellite services instead of allocating it administratively, Press Trust of India reports. The appeal comes as operators remain divided on how India should allocate spectrum for next-generation satellite services.

Spectrum split: The proposal has deepened the divide among telecom operators over the 6 GHz band, a critical resource for 5G and future 6G networks, according to News18. Jio and Vodafone Idea want the entire 1.2k MHz band allocated through auctions, while Bharti Airtel has sought to defer the process, citing limited ecosystem readiness and potential interference with satellite signals.

Experts speak: “Internationally, satellite spectrum is not auctioned in any country,” Pawan Kumar Garg, former advisor to the government of India and telecommunications expert, told EnterpriseAM MENA <> India. “It is neither logical nor technically appropriate to equate terrestrial mobile networks with satellite systems, even for D2D services.”

Appeasing foreign investors: Garg told us that the government needs to factor in the interest of the foreign investors. “If the government were to shift to auctions, foreign operators like Starlink or OneWeb would inevitably rethink their investment,” he noted.

New push from Jio: Jio has also renewed its push in a fresh submission to TRAI this week, asking the regulator to explicitly include both the L-band and S-band in the upcoming consultation on D2D services and to “treat them entirely on par with IMT spectrum” for pricing and assignment, Moneycontrol reports. Jio’s deep coffers would give it an advantage in auctions over its domestic and international rivals whereas it may not have a significant influence over the allocation through administrative process.

THE POLICY BACKDROP- The discussion comes amid TRAI consultations under the Telecommunications Act 2023, which permits administrative allocation for satellite spectrum, a provision Jio continues to oppose, arguing it could distort market access.

Paramita Tripathi appointed as India’s envoy to Kuwait

Paramita Tripathi has taken her post as Indian ambassador to Kuwait, according to a press release. On her first day, she presented credentials to Kuwaiti Assistant Foreign Minister for Protocol Affairs Abdulmohsen Jaber Al-Zaid, reaffirming India’s commitment to bolstering cooperation in trade, energy, and culture.

BIO- A 2001-batch Indian Foreign Service officer, Tripathi previously served in Brussels and Tokyo and held key roles at the External Affairs Ministry, including on the Pakistan and United Nations desks.

India’s latest policy moves aim to boost export competitiveness and attract investment in critical minerals mining

More than USD 5 bn to boost export competitiveness

India’s cabinet approved two schemes with a total outlay of INR 450 bn (USD 5.13 bn) to bolster export competitiveness in labor-intensive sectors, according to a statement. An INR 200 bn (USD 2.9 bn) credit-guarantee scheme will be executed through March 2026, providing up to INR 500 mn in loans without collateral to cushion exporters from the impact of recent US tariff hikes. The second package comprises INR 250 bn (USD 2.8 bn) in spending over six years for affordable trade finance, logistics upgrades and market-access support to small businesses, first time exports, and labor intensive manufacturers.

Tariffs hurt small exporters: The punitive 50% duties from the US have sharply eroded margins in textiles, jewellery, chemicals, and seafood industries. Merchandise exports to the US fell 12% y-o-y in September, Reuters reports. Exporters warned that 55% of India’s US shipments, worth some USD 48 bn, now face a structural cost disadvantage from competitors like Vietnam, China, and Bangladesh, even as Washington signals it is close to a trade deal. These new schemes are aimed at cushioning the export-oriented manufacturers from the tariff bite.

India wants to lure investment in critical minerals

India has approved a broad overhaul of royalty rates for critical minerals in a move aimed at attracting investment and expanding domestic mining capacity, Bloomberg reports. The changes set market-linked royalties for minerals including graphite and introduce first-time royalty rates for caesium, rubidium, and zirconium.

What changed? Royalty on graphites — used in batteries, steelmaking, and industrial applications — will now be calculated as a percentage of sales prices determined by the Indian Bureau of Mines, replacing the earlier fixed per-tonne structure. The government also set the royalty rates for caesium, zirconium, and rubidium, elements that previously had no specified royalty mechanism.

Why it matters: The government said the shift to market-linked royalties will help companies place more rational bids in mineral auctions and strengthen domestic supply chains by reducing import reliance. India currently imports about 60% of its graphite needs, while output of other critical minerals remains limited. The shift is part of New Delhi’s effort to cut reliance on China, which dominates the refining and processing of several of these minerals.

Next steps: The revised royalty rates will apply to upcoming mining auctions, and the government expects the market-linked structure to help bidders submit more rational offers, according to the official statement. The move is aimed at boosting domestic output and reducing import dependence as India seeks to strengthen its position in global critical-mineral supply chains.

Ajman courts Indian investors

The Ajman NuVentures Centre Zone (ANVC) in the UAE aims to register over 10k companies by 2026, with nearly half expected to come from Indian investors, Press Trust of India reports. ANVC plans to hold roadshows in New Delhi, Bengaluru, and Mumbai to attract businesses from India. Some India-based exporters that depend heavily on the US market have begun shifting parts of their operations to the UAE to offset higher American tariffs and leverage the Emirates’ tax-friendly regime, Deccan Herald reports.

RAK lures Ashok Leyland

India-headquartered commercial vehicle manufacturer Ashok Leyland’s electric-mobility subsidiary Switch Mobility has shut its manufacturing plant in Sherburn, UK, and will shift production to its facility in Ras Al Khaimah (RAK), UAE, Times of India reports. The UAE is positioning RAK as a manufacturing base for next-generation mobility, according to RAKEZ & Automobilwoche.

AirTrunk likes India — and Saudi Arabia

Australia-based hyperscale data center operator AirTrunk — owned by US investment firm Blackstone — plans to build its next data center in India, Bloomberg reports. The project is already “pretty advanced,” and comes amid rising AI-driven computing demand across the region, making India an attractive expansion market, Air Trunk CEO Robin Khuda said.

AirTrunk and Saudi Arabia’s Humain (also backed by Blackstone) have announced a USD 3 bn data center campus in the Kingdom, marking AirTrunk’s regional debut, according to Blackstone.

Fed policymakers signal hesitation on December rate cut amid deepening divisions

A growing number of Federal Reserve policymakers are signaling reluctance to push ahead with further rate cuts this year, citing persistent inflation pressures and mixed labor-market data, Reuters reports. The shift comes as short-term futures now price in a less-than-50% chance of another reduction when the Federal Open Market Committee meets on 9-10 December — down from 67% earlier this week.

REMEMBER- The Fed has already delivered two 25 bps cuts this year in September and October, bringing the target range to 3.75-4.00% as Chair Jerome Powell attempts to steer between showing growth and inflation still running near 3%. Powell noted after the October cut that another move in December was “far from” assured, particularly given the delay in official data releases caused by the US government shutdown.

Their take: Fed President San Francisco Mary Daly said that it was “premature” to decide on another move four weeks ahead of the next policy meeting — marking a shift in stance from her vocal support of rate cuts earlier, while Boston Fed’s Susan Collins warned she sees a "relatively high bar" for additional easing absent “notable labor-market deterioration.” Minneapolis Fed’s Neel Kashkari said inflation remains “too high,” adding that while some parts of the US economy are performing well, “some sectors of the labor market look like they’re under pressure.”

The Fed is navigating incomplete macro incomplete data: Private-sector indicators show firms shedding roughly 11k jobs a week through late October, while inflation on about 55% of CPI components remains above 3%, Reuters added, citing Apollo’s partner and chief economist Torsten Slok. “This is the reason why it is difficult for the Fed to cut interest rates in December,”Slok said.

The Fed officials’ remarks also “raise concerns about Powell’s struggle to manage deep splits” among policymakers, Evercore ISI Vice Chairman Krishna Guha wrote in a note picked up by Reuters added.

The debate comes as the Fed’s internal independence faces renewed political strain as the routine reappointment of regional bank presidents could see President Donald Trump hold more sway over the central bank’s leadership and policy direction, Reuters reports.

The process has been thrust into the spotlight by Atlanta Fed President Raphael Bostic’s surprise retirement announcement earlier this week and Trump’s earlier attempt to dismiss Fed governor Lisa Cook — the first such presidential move in the institution’s history. The White House is also expected to name its own choice of Fed chair within months, as Powell’s term expires in May 2026.

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning, with the Hang Seng leading gains (up 1.3%) and the Kospi, Nikkei, and Shanghai Composite trailing behind.

ADX	9,961	-0.3% (YTD: +5.8%)
DFM	5,991	-0.8% (YTD: +16.1%)
Tadawul	11,178	-0.7% (YTD: -7.1%)
EGX30	40,191	-0.1% (YTD: +35.1%)
Boursa Kuwait	8,454	-0.2% (YTD: +22.4%)
QSE	10,957	-1.1% (YTD: +3.7%)
S&P 500	6,737	-1.7% (YTD: +14.6%)
FTSE 100	9,808	-1.1% (YTD: +20%)
Euro Stoxx 50	5,743	-0.8% (YTD: +17.3%)
Brent crude	USD 63.54	+0.9%
Natural gas (Nymex)	USD 4.60	+1.1%
Gold	USD 4,189.4	-0.1%
BTC	USD 98,906	-2.7% (YTD: +4.8%)

THE OPENING BELL-

The S&P BSE Sensex opened in red at 84,197 shedding some 300 points — marking a 0.3% fall in the early trading session. The index is up 7.25 YTD.

Over on the NIFTY 50, the index fell 0.3% to 25,802. The index is up 8.67% YTD.

India-Bhutan energy pact strengthened, Modi inaugurates 1k MW hydro project

India extended a USD 455 mn line of credit to Bhutan, as well as inaugurated the 1k MW Punatsangchhu-II hydroelectric project during Prime Minister Narendra Modi’s two-day visit to the Himalayan nation, Reuters reports. Funded by India, the project will boost Bhutan’s hydropower capacity by nearly 40%, taking total India-backed generation in the country close to 3 GW. Bhutan’s surplus electricity — beyond domestic demand of about 1 GW — will be exported to India.

Indian private majors — including Tata Power, Adani Group, and Reliance Power — have signed agreements with Bhutan’s Druk Green Power Corporation for upcoming hydropower developments.

INDIA + EGYPT-

India and Egypt are working to collaborate in healthcare and pharma, focusing on technology transfer, local drug production, and high-value health investments, according to a press release. The talks between Egyptian Health Minister Khaled Abdel Ghaffar and his Indian counterpart Jagat Prakash Nadda took place ahead of the Third Global Conference on Population, Health, and Human Development in Egypt this week.

Potential JV play: The two sides discussed joint ventures between Indian and Egyptian firms on cancer drugs, vaccines, and biologics to boost Egypt's local manufacturing, develop pharma talent, and strengthen research infrastructure via Indian partnerships. The two nations also agreed to simplify regulatory processes for drug registration, imports, and exports, calling for closer public-private sector coordination.

INDIA + CANADA-

Indian External Affairs Minister S. Jaishankar met his Canadian counterpart Anita Anand on the sidelines of the G7 foreign ministers’ meeting in Niagara, indicating a gradual thaw following prolonged diplomatic tensions under the previous government led by Justin Trudeau, Business Standard reports. Jaishankar asserted that India looked forward to “further rebuilding” ties under the New Roadmap 2025, unveiled during Anand’s India visit just last month.

India is participating in the G7 as a special invitee under Canada’s presidency, Hindu Businessline reports. External Affairs Minister S. Jaishankar joined the outreach session on energy security and critical minerals, stressing the need to reduce global supply volatility through policy coordination and resilient sourcing. He held meetings with counterparts from Saudi Arabia, Ukraine, the EU, Germany, France, Brazil, and the UK.

CALENDAR

NOVEMBER

14 November (Friday): Counting of votes for Bihar Legislative Assembly Elections 2025.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

19 November (Wednesday): Tenneco Clean Air India’s shares to start trading on NSE and BSE.

19 November (Wednesday): ET Global Capability Centers (GCC) Annual Conclave 2025, Sheraton Grand Bengaluru, Bengaluru.

19-21 November (Wednesday-Sunday), Bengaluru Tech Summit 2025, Bangalore International Exhibition Centre (BIEC), Bengaluru.

21-22 November (Friday-Saturday): Global Economic Summit & World Trade Expo 2025, World Trade Center, Mumbai.

21-22 November (Friday-Saturday): BCKIC CSR & Sustainability Conclave 2025, Odisha State Convention Centre, Odisha.

22 November (Saturday): Finance Conclave 2025, The Park, Hyderabad.

22-23 November (Saturday-Sunday): G20 Summit 2025, Johannesburg, South Africa.

26 November (Wednesday): GCC Annual Conclave 2025, Sheraton Whitefield, Bengaluru.

28 November (Friday): Launch of Lawh Wa Qalam: M.F. Husain Museum in Education City, Doha.

DECEMBER

3-7 December (Wednesday-Sunday): ENGIMACH Automation & Manufacturing Technology Expo, Helipad Exhibition Centre (Gandhinagar), Gujarat.

11 December (Thursday), FICCI Commercial Real Estate Conclave, Taj MG Road, Bengaluru.

Signposted to happen sometime in December:

Russian President Vladimir Putin’s India Visit (Details yet to be announced).

JANUARY

Signposted to happen sometime in 2026:

18th BRICS Summit, India (Details yet to be announced).

19-20 January (Monday-Tuesday): International Crop Science Conference and Exhibition 2026, Le Meridien Conference Centre, Dubai.

27-30 January (Tuesday-Friday): India Energy Week 2026, ONGC Advanced Training Institute, Goa.

30 January-1 February (Friday-Sunday):India Agri Expo 2026, Ludhiana Exhibition Centre, Punjab.

31 January (Saturday): Commencement of Budget Session 2026, Parliament of India, New Delhi.

FEBRUARY

1 February (Sunday): Union Budget 2026-27, Parliament of India, New Delhi.

3-6 February (Tuesday-Friday): ChemTECH World Expo 2026, JIO World Convention Centre, Mumbai.

19-20 February (Thursday-Friday): India - AI Impact Summit 2026, New Delhi.

19-20 February (Thursday-Friday): India-AI Impact Summit, Bharat Mandapam, New Delhi.

25 February (Wednesday): World Sustainable Development Summit, Taj Palace, New Delhi.

MARCH

12 March (Thursday): ET Entrepreneur Summit & Awards 2026, Bengaluru.

23-25 March (Monday-Wednesday): Indiasoft 2026: International IT Exhibition & Conference, New Delhi

23-25 March (Monday-Wednesday): 11th Smart Cities Expo, Bharat Mandapam, New Delhi.

23-25 March (Monday-Wednesday): PLASTIWORLD India 2026, Jio World Convention Centre, Mumbai.

Signposted to happen sometime in March 2026

Election Commission of India is expected to announce polling dates for elections in the states of Tamil Nadu, Kerala, West Bengal, Assam, and the union territory, Puducherry.

APRIL

29 April-2 May (Wednesday-Saturday): Bharat Buildcon 2026, Yashobhoomi, Dwarka, Delhi.

7-10 April (Tuesday-Friday), India Rubber Expo 2026, ITPO, Pragati Maidan, Delhi.

JUNE

24-25 June (Wednesday-Thursday): India Homeland Security Expo 2026, Bharat Mandapam, Pragati Maidan, New Delhi.

Signposted to happen sometime in 1H 2026:

Signing of India-Qatar FTA (Details yet to be announced).

DECEMBER

8-11 December (Tuesday-Thursday), Expand North Star 2025, Dubai.

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