Cross border deals, investments and mergers continue

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WHAT WE’RE TRACKING TODAY

THIS MORNING: State Bank of India sees economy growing 7.2% in 2Q + Indian firms are flocking to Abu Dhabi

Good morning, friends. We have a packed issue dominated by energy, IPO, and electronics manufacturing news leading the way on this midweek morning.

India’s energy sector in India is bustling, with headlines including a new long-term LPG supply agreement with the US and Jackson’s investment of INR 80 bn (USD 903 mn) in a solar manufacturing facility in central India. Pundits are looking at the IPO boom with a critical eye even as PhysicsWallah made a strong debut. And 17 projects in India have secured approvals under the subsidy scheme for electronics manufacturing.

Also making headlines this morning: SBI is forecasting 7.5% growth in 2Q with flattening employment numbers despite a widening trade deficit. There are more Indian firms in Abu Dhabi. And Iran is eyeing cryptocurrencies to settle trade deals with BRICS partners, including India.

^^ We have the rundown on all of this below.

HAPPENING THIS MORNING- Tenneco Clean Air India shares will make their debut on the Mumbai stock exchanges and the ET Global Capability Centers and Bengaluru Tech summits also kick off today.

WATCH THIS SPACE-

#1- State Bank of India, the nation’s largest lender, sees real GDP growth in India hitting 7.5% in 2Q FY2026 (July to September), Hindu Businessline reports. The bank’s call is underlined by a pick-up in investment activity, the ongoing recovery in rural consumption, and sustained growth in the services and manufacturing sectors. Reforms to the “indirect taxation system” also bolstered consumption.

IN CONTEXT- India already notched a very strong 1Q, with the economy expanding at a 7.8% clip compared to 6.5% the same period a year ago

#2- Merchandise trade deficit surges thanks to gold imports, US tariffs: India’s merchandise trade deficit ballooned to a record USD 41.6 bn in October from USD 32.1 bn in September, driven by a jump in gold imports and a sharp fall in US-bound exports during the second month of 50% US tariffs imposed on Indian goods, the Ministry of Commerce and Industry said. Merchandise exports slipped to USD 34.3 bn while imports rose to USD 76 bn.

Oil, gold imports up: Gold imports climbed to USD 14.7 bn in October from USD 9.6 bn in September, while crude imports rose to USD 14.8 bn from USD 14 bn in September, Reuters reports.

#3- India’s unemployment rate held steady at 5.2% in October for those aged 15 and above, unchanged from September according to the Periodic Labour Force Survey. Labour force participation increased for the fourth straight month to 55.4% in October. Rural unemployment rate saw a marginal dip to 4.4% in October from 4.6% the month before, while the rate in urban rates inched up to 7.0% from 6.8%.

IN CONTEXT: The unemployment rate has hovered in a relatively narrow 5.1-5.6% band since April despite uneven hiring momentum across sectors.

#4- India to rich nations: You first. New Delhi wants developed economies to hit net zero “far earlier” than current timelines and scale up climate finance from “bns to tns” to help the Global South catch up, Bloomberg reports. Speaking at the COP30 summit in Brazil, Environment Minister Bhupender Yadav argued that deeper cuts by wealthy nations are essential to preserve “carbon space” for developing economies.

Where India stands: The world’s third-largest emitter — which has a 2070 net-zero target — intends to publish its revised climate targets (NDCs) for the 2031-2035 period by next month. The government estimates it needs over USD 10 tn to meet its long-term climate goals. Hindu Businessline also has the story.

#5- Iran is making headlines in India with a pitch to use crypto to settle trade with BRICS partners, getting pickup in The Hindu and Business Standard, among others. File this under “wishful thinking”: Tehran is looking for a sanctions workaround, but New Delhi has been clear that de-dollarization is not on its agenda.

Speaking of Iran: Tehran has suspended visa-free entry for ordinary Indian passport holders from November 22 after what Business Today writes was a spike in cases of Indians being duped with fake job offers or onward-travel assurances. Indians must now obtain a visa for entry or transit.

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SIGN OF THE TIMES-

Reliance Industries pivots to Kuwait as US sanctions squeeze Russian flows. India’s largest private refiner has secured 1 mn bbl of heavy crude from Kuwait Petroleum Corporation (KPC) as it scrambles to replace Russian barrels ahead of a looming US sanctions deadline, Reuters reports. The rare spot deal includes 500k bbl of Kuwait Heavy and 500k bbl of Eocene crude, which became available after unplanned maintenance at KPC’s Al Zour refinery.

Why it matters: The US pressure campaign is working. Reliance has effectively hit pause on Russian orders to comply with US Treasury sanctions on Moscow’s oil majors (Rosneft and Lukoil) before a 21 November wind-down deadline.

The leverage: Unlike state-owned peers, Reliance has significant exposure to the US financial system and cannot risk secondary sanctions.
The pivot: The refiner has aggressively ramped-up purchases from the Middle East to fill the gap, snapping up orders from Saudi Arabia, Iraq, Qatar, and the UAE in recent weeks.

Market churn: Reliance is now so long on Middle Eastern crude that it was reportedly offering cargoes for resale to domestic and international buyers last month to balance its books.

DATA POINTS-

#1- Indian firms are flocking to Abu Dhabi. The number of Indian companies registered with the Abu Dhabi Chamber of Commerce has surged at a 38.4% CAGR since 2019, making them the capital’s second-largest business community, the Chamber reports.

By the numbers: The Chamber logged nearly 3.3k new Indian registrations in 2024 alone — a 31.1% y-o-y jump — bringing the total active count to some 17k as of September 2025.

Where they’re working: It is mostly about trade and building. Wholesale and retail account for 45% of Indian firms, followed by construction at 14%, with the remainder spread across professional services, IT, manufacturing, and logistics.

Why it matters:Dubai has long been the central hub for Indian businesses in the UAE. We see the Abu Dhabi Chamber report in context of the always-on rivalry between the Emirates’ two power centers as Abu Dhabi looks to widen its non-oil business footprint.

#2- India's FX reserves declined by USD 2.6 bn to USD 687 bn in the week ending November 7, per Reserve Bank of India data. This drop was primarily due to a USD 2.4 bn fall in foreign currency assets to USD 562 bn and a USD 195 mn dip in gold holdings to USD 101 bn. Reserves, which have inched down over the last month, remain robust: They’re enough to cover >11 months of imports.

THE BIG STORY ABROAD-

A tech-led slump in US markets and the Epstein files are dominating headlines in the international press this morning.

Anthropic will receive up to USD 15 bn in new funding from Microsoft and Nvidia, the latest wager on the fast-growing Claude developer. It’s part of a broader funding round expected to value Anthropic at more than USD 300–350 bn. (Reuters | The Financial Times | Semafor | CNBC)

Markets are not buying it: US tech stocks fell sharply on Tuesday as mounting concerns over “frothy” AI valuations triggered a broad sell-off across global markets. The tech-heavy Nasdaq Composite closed 1.2% lower, with major AI-linked names leading the declines as Nvidia slid 2.8%, while Microsoft shed 2.7% and Amazon declined 4.4%.

What to watch for today: The pullback comes ahead of Nvidia’s earnings due out today. Investors are watching closely for signs the AI boom is durable. (The Financial Times | Semafor | CNBC | Reuters)

IN OTHER AI NEWS: Google made waves with the release of its advanced Gemini 3.0 model, which tops the industry benchmarks.

ALSO- President Donald Trump received Crown Prince Mohammed Bin Salman in the White House. Trump cleared future F-35 deliveries to Saudi and designated the Kingdom as a major non-Nato ally, while the Crown Prince pledged to increase Saudi’s investment package in the US to a whopping USD 1 tn.

AND- The US Congress voted overwhelmingly on Tuesday to release the Justice Department’s files on the disgraced financier Jeffrey Epstein, a move enabled by Trump’s abrupt reversal after months of resisting the measure. The legislation is now awaiting Trump’s signature. (Reuters | CNN | The Financial Times | New York Times | Bloomberg)

India signs first long-term LPG import deal with US

India has signed its first structured long-term liquefied petroleum gas (LPG) import deal with the US, securing nearly 2.2 mn tonnes of supply for the contract year 2026, Petroleum Minister Hardeep Singh Puri said in a post on X. The volume is roughly equivalent to 10% of India’s annual LPG imports and marks the country’s first term-linked procurement arrangement with US suppliers.

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Supply + pricing: The LPG will be sourced from the US Gulf Coast, with pricing linked to Mount Belvieu, the global benchmark for LPG contracts. The agreement is structured as a one-year contract for 2026, the minister said, describing it as a “historic first” for India’s LPG supply chain.

Why does it matter? The contract forms part of India’s broader effort to diversify LPG supply sources and secure affordable, reliable volumes for a rapidly growing domestic market. Structured cargoes from the US are intended to strengthen energy security and support the government's consumer protection measures amid volatility in global LPG prices.

Rising subsidy bill: Last year, a hike in LPG prices cost the government a subsidy bill of INR 400 bn (USD 4.8 bn) to shield low-income households, according to the minister. Even as global LPG prices rose over 60% last year, beneficiaries of the government-subsidized Ujjwala cooking-gas scheme continued to pay up to INR 550 (USD 6.6) per cylinder, compared with an actual market cost of about INR 1.1k (USD 13.2).

IN CONTEXT- India imported about 20.5 mn tonnes of LPG in 2024, with more than 90% of volumes sourced from Middle Eastern suppliers, Reuters reports. India’s LPG imports reached a record 21 mn tonnes in 2024, up 13% from the previous year, reflecting continued demand growth, Argus Media reports. From 2026, India plans to source roughly 10% of its cooking gas imports from the US at cheaper costs as part of the broader push to diversify supply routes and reduce reliance on MENA suppliers. Since India largely relies on imports to meet its LPG demands, it is seeking to diversify sources to ensure sustained supplies at lower cost to keep subsidy costs in check.

Who signed it: The agreement was concluded by India’s three state-run fuel retailers — Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL). Teams from the companies recently visited the US to finalize discussions with major producers, Puri said.

Indian jet fuel reaches US West Coast

MEANWHILE- India has shipped its first-ever jet fuel cargo to the US West Coast, seizing a rare arbitrage window created by supply disruptions due to repairs at a key refinery in California, Reuters reports. About 60k tonnes of aviation turbine fuel were loaded at India-based conglomerate Reliance Industries ’ Jamnagar facility in late October, and are scheduled to arrive in Los Angeles in early December.

Madhya Pradesh lands major INR 80 bn green energy investment from Jakson Group

Jakson Engineers has kicked off its INR 80 bn (USD 910 mn) project to build a 6 GW integrated solar manufacturing complex in central India’s Madhya Pradesh, Press Trust of India reports. With a budget of USD 227 mn, the first phase of the project involves building a 3 GW cell manufacturing plant and a 4 GW module production facility.

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The facility will boost domestic PV panel production in line with the government's policy to achieve self-reliance. In phase two, the firm will build a 6 GW solar wafer plant and an additional 3 GW each of cell and module manufacturing facilities. The project will be completed in three years, creating 4k jobs, according to a Jakson press release. The plant is projected to begin rolling out its first modules in May 2026, with cell production starting in September 2026.

IN CONTEXT- Madhya Pradesh’s largest solar investment: The state’s Chief Minister Mohan Yadav is pitching Madhya Pradesh as a manufacturing and logistics hub for India’s clean-energy transition.

What’s Jakson? Founded in 1947, Noida-based Jakson Group is a diversified energy and engineering company spanning engineering, procurement, construction, distributed solar, modules, and gensets. The company has supplied solar solutions across MENA markets including the UAE and Qatar, as well as Uzbekistan. It has offices in Dubai and Riyadh.

47% of Indian enterprises deploy GenAI at scale

Indian enterprises are accelerating generative AI deployment, with 47% now running multiple GenAI use cases in production, even as spending remains tightly capped, according to the EY-Confederation of Indian Industry (CII) report. Another 23% of organizations are still in the pilot stage, signalling a shift from experimentation to operational use. Some 76% of Indian business leaders foresee a significant business impact with the deployment of GenAI.

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Budget caution: Over 95% of surveyed organizations allocate under 20% of their IT budgets to AI and machine learning, while only about 4% spend over that threshold, according to the report. The survey covered 200 organizations across 20+ industries, including government bodies, Indian subsidiaries of multinationals, startups, and global capability centers.

Focus areas: Over the next 12 months, firms expect to channel most AI spending toward operations, where 63% foresee increased investment, followed by customer service at 54% and marketing at 33%. These functions are seen as offering faster returns through automation, workflow simplification, and productivity gains, according to the report.

Deployment model: Nearly 91% of decision-makers said deployment speed is the most important factor in deciding whether to buy or build AI tools. Most organizations are relying on hybrid implementation models that combine internal teams with external vendors, cloud providers, and co-innovation partners.

Workforce shift: Companies are also reporting changes in job roles linked to standardized and repeatable tasks, with 64% seeing early signs of role transformation. The survey says organizations are beginning to adopt a “new workforce pyramid” as AI reshapes task distribution and skill requirements. A talent shortage persists, with 59% citing difficulty in hiring skilled AI professionals.

IN CONTEXT- India’s digital economy was valued at INR 28.94 tn (USD 368 bn) in 2022/23, government estimates show. India’s IT spending is expected to reach USD 160 bn in 2025, ETTelecom reports, citing a Deloitte estimate. As GenAI adoption rises faster than IT budgets, firms are prioritizing targeted deployments with clearer returns over company-wide rollouts.

WANT TO NERD-OUT OVER AI? Go play with Google’s new Gemini 3.0 model, released last night. It’s giving fits to Anthropic and OpenAI, with benchmarks suggesting it edges out the latter’s popular (and cutting edge) 5.1 model — for now, at least.

PhysicsWallah’s hot debut caps breakneck IPO fundraising run

Shares of Indian edtech firm PhysicsWallah surged 45% as it made its debut on the National Stock Exchange, closing at INR 158 (USD 1.90) after starting the day at INR 109 (USD 1.20). That gave the platform a market value of c. INR 425 bn (USD 5.1 bn) at the close of trading.

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Appetite wasn’t particularly wild in the subscription period, with investors placing orders for about 1.8x more shares than were on offer — not a shockingly high oversubscription rate. Had the investment bankers left lots of upside on the table during the marketing period by pricing the offering on the lower side, demand would have been significantly higher. That suggests the first-day pop could be retail investors piling into a well-known name.

Appetite by the numbers: Bankers initially sought a USD 3.1 bn valuation for PhysicsWallah. Qualified institutional buyers were interested, but total bids came in at just USD 414 mn excluding shares allocated to anchor investors. Those anchor investors included Goldman Sachs, Fidelity, ICICI Prudential, and 35 domestic mutual funds, who were allocated INR 1.5 bn (USD 19 mn) in the anchor round.

What’s next? The loss-making company plans to deploy proceeds from the IPO to expand offline centers, cover lease payments, invest in subsidiaries, and look at possible acquisitions as it scales its hybrid model amid intense scrutiny of the sustainability of edtech businesses.

By the numbers: The IPO comprised a fresh issue of INR 3.1 bn (USD 37 mn) and an offer for sale of INR 380 mn (USD 5 mn), with the employee quota subscribed 3.5x and founders holding 80.7% pre-offer equity, according to Economic Times.

ADVISORS- The book-running lead managers for the transaction were Kotak Mahindra Capital, JP Morgan India, Goldman Sachs India, and Axis Capital. MUFG Intime India was the registrar. Shardul Amarchand Mangaldas provided counsel on matters related to Indian law.

Concerns about aftermarket performance

India’s IPO boom hasn’t translated into strong investor returns, with the key IPO index trailing the benchmark Nifty 50, Bloomberg reports. Nearly 40% of the Bombay Stock Exchange (BSE) IPO Index’s 108 companies are trading below their issue price and one-third have fallen more than 25%, even as IPO fundraising is on track to match last year’s record INR 1.75 tn (USD 21 bn).

Split market: Bloomberg’s analysis shows that while the IPO gauge posted strong gains in 2019 and 2021, it fell more than 30% in 2022 and has failed to keep up pace with the Nifty 50 in 2025. The decline reflects weak performance among many new-listed firms, even as a few large offerings have seen strong debuts. Electric scooter manufacturer Athar Energy and solar-panel manufacturer Waaree Energies have more than doubled since listing, but overall investor sentiment remains cautious amid volatile secondary market conditions and tighter liquidity.

Chief economic advisor raises eyebrow

CEA flags IPOs as early investors exit: India’s equity markets are expanding, but initial public offerings are increasingly serving as exit routes for early investors rather than channels for raising long-term capital The Hindu reports, citing Anantha Nageswaran, the chief economic advisor to the Modi government. Using IPOs as exits undermines the spirit of capital markets, Nageswaran said, urging long-term investment.

AND- “Wrong milestones” risk misallocating savings: Nageswaran cautioned that India cannot depend solely on bank credit for long-horizon financing. He advised against celebrating metrics such as market-cap ratios or high derivative volumes, arguing they do not signal financial sophistication, and instead risk diverting domestic savings from more productive investments.

Indian firms log strongest earnings rebound in a year

India’s corporate earnings are recovering at the strongest rate in over a year, supported by cooling inflation, tax cuts and monetary-policy measures that have helped broaden the rebound in consumption, Reuters reports. Bombay Stock Exchange (BSE) 500 companies posted 16.6% income growth in 2Q 2026, up from 10.7% in the 1Q. Retail inflation fell to 0.25% in October, the lowest on record, driven by a sharp fall in food prices and lower taxes on consumer goods.

A 10-quarter high? Brokerage Jefferies told Reuters that its coverage universe recorded a 10-quarter high in revenue growth, helped by festive spending and higher lending activity.

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Who’s doing well? Bottom-line growth was led by telecom operators, oil marketing companies, metal producers, technology firms, non-bank lenders, cement makers, and capital-goods players. Autos lagged due to weaker numbers from India-based Tata Motors, while large banks also underperformed.

Around 40% of Nifty 50 companies beat earnings estimates, while 28% missed them. For constituents of the MSCI India index, revenue rose 8% y-o-y and net income increased 9% y-o-y, with nearly half outperforming analyst expectations.

Big contributors: Telecom operators Bharti Airtel, steelmaker Tata Steel, Indian conglomerate Reliance Industries, lender HDFC Bank, and IT-services tech firm Tata Consultancy Services were among the largest contributors to quarterly earnings, the newswire added.

IN CONTEXT- India’s listed market capitalization remains near the INR (USD 5 tn) mark, keeping the country among the world’s largest equity markets, according to CEIC data. Inflation is softening and earnings are broadening across sectors, making the durability of the recovery critical to sustaining momentum in mid- and large-cap indices, the newswire added.

Global investors circle Hygenco as India scales green hydrogen

Global capital lines up for Hygenco: Gurugram-based green hydrogen producer Hygenco Green Energies is set to sell a minimum 49% stake for USD 125 mn to a consortium that comprises the World Bank’s International Finance Corporation (IFC), Siemens and Singapore’s Fullerton Fund Management, in an agreement valuing the firm at about USD 250 mn, Mint reports, citing unnamed sources. IFC plans to invest USD 50 mn, with Siemens and Fullerton bringing in the remaining USD 75 mn.

Prelude to an IPO? Transactions like this that bring in a development finance institution such as the IFC and a global strategic such as Siemens often take place when a private-sector company is looking to send the signal that an IPO — while not imminent — could be in the cards somewhere down the line. The high-quality additions to its cap table would also make Hygenco more attractive down the road to a big strategic acquirer.

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The agreement, on which Avendus advised, will support Hygenco’s USD 2.5 bn rollout of green hydrogen projects and its target of 10 GW in assets by 2030.

Strategic shift to clean molecules: The Gurugram-based firm, 51% owned by its founders and 49% by SBI Ventures’ Neev Fund II, has emerged as a frontrunner as India targets 5 mn tonnes of green hydrogen by 2030.

REMEMBER- The UAE’s Masdar was competing with several global investors to acquire up to 49% of Hygenco last year, with an equity value of around USD 400 mn, Mint reports. Beijing’s Asian Infrastructure Investment Bank, Australia’s Macquarie Group, Japan’s Sojitz Corporation, Mitsubishi Heavy Industries, Marubeni Corporation, and Malaysia’s Gentari were all in the running and had signed NDAs.

Global players crowd India’s hydrogen play: IFC, which holds a USD 8 bn India portfolio, is raising annual commitments to USD 10 bn by 2030, as per the business daily. Siemens has been scaling its India footprint in electrification and automation after buying New Delhi-based C&S Electric for USD 310 mn. Fullerton, active in India since 2007, recently backed mobility firm Routematic through its carbon-focused fund.

India’s JSW agrees to buy 51% of Oman’s South Minerals Port Company

India’s JSW wants majority control of Oman’s new port SPV: JSW Overseas, a subsidiary of India’s second-largest private commercial port operator, inked a definitive agreement to acquire a 51% stake in Omani special-purpose vehicle South Minerals Port Company (SAOC) from state-owned Minerals Development Oman (MDO) for an undisclosed sum, ScanX Trade reports. JSW will nab the equity via a fresh capital subscription into the newly-formed special purpose vehicle (SPV) — leaving MDO with the remaining 49%.

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Tied to a new port built in Dhofar: SAOC will build and operate a USD 419 mn bulk-minerals port in Oman’s Dhofar governorate, designed to handle 27 mn tons of cargo per year, including exports of limestone, gypsum, and dolomite from MDO-linked concessions. Construction is expected to run for about 36 months, with commercial operations due 1H 2029.

Currently pending clearances: Completion is subject to customary regulatory approvals in Oman, with the SPV structure isolating project risk and enabling the port to be financed on the basis of long-term mineral throughput agreements.

The pitch: The move marks JSW’s entry into Oman’s port infrastructure sector and forms part of the company’s plan to lift cargo-handling capacity to 400 mn tons per annum (mtpa) by 2030 — up from 177 mtpa currently.

IN CONTEXT- JSW Infrastructure has also been considering roughly USD 420 mn in capacity upgrades at its Jaigarh and Dharamtar terminals in India, with the Oman transaction effectively adding an international leg to the firm’s expansion efforts.

What’s in it for Oman: The project would bring foreign capital into Oman’s mineral-export corridors and supports Dhofar’s push to widen its economic base beyond hydrocarbons. A dedicated bulk-minerals port gives the Sultanate a way to monetize its limestone, gypsum, and dolomite resources more efficiently, shifting more value into Omani infrastructure rather than relying solely on raw-material concessions.

Minerals angle: This development aids JSW to strategically leverage Oman's substantial mineral reserves, which are critical inputs for its steel and cement businesses in India while securing a long-term supply security.

India signs off on 17 electronics component projects

#1- India has cleared 17 electronics component manufacturing projects worth INR 71.7 bn (USD 865 mn) under the government’s electronics component manufacturing scheme (ECMS), according to a press release. The approved units — spread across key western, northern, and southern manufacturing hubs — are expected to produce INR 651 bn (USD 7.8 bn) worth of electronic goods and create nearly 11.8k direct jobs.

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Who won? Key beneficiaries include Jabil Circuit India, Aequs Consumer Products, Uno Minda, Syrma Mobility, Rakon India, Meena Electrotech, Chain Services, Zetchem Supply and ASUX Safety Components.The projects aim to add manufacturing capacity for components such as camera modules, precision enclosures, SFP optical transceivers, oscillators, and multi-layer PCBs.

Electronics push: Electronics and IT Minister Ashwini Vaishnaw said the scheme is designed to deepen India’s electronics value chain, strengthen component manufacturing, and support the country’s target of reaching around INR 41 tn (USD 500 bn) in electronics production by 2031. He added that the next phase of the programme will focus on improving design capabilities, developing supply-chain resilience, and introducing a new skilling framework for advanced manufacturing.

RETAIL-

#2- Ikea to open new Bengaluru store: Sweden-based home-furnishings multinational Ikea has leased 120k sq ft of retail space at Purva Zentech Park in the southern Indian city of Bengaluru to launch a new retail store, Hindu Businessline reports. The space is expected to be handed over in 1Q 2026.

TRADE-

#3- India has launched a probe into suspected transshipment of Chinese steel through Nepal after preliminary checks showed consignments entering India under forged manufacturer credentials and in volumes Nepal cannot produce, Business Standard reports. Officials have ordered a full investigation.

INFRASTRUCTURE-

#5- KEC International has landed new contracts for infrastructure projects in MENA and the Americas, Businessworld reports. The new orders include 400 kV transmission line projects in the UAE as well as additional supply orders for towers, poles, and hardware across undisclosed locations in the Middle East. KEC is the engineering, procurement, and construction arm of Mumbai-based RPG Group.

Markets see widespread sell-offs amid growing AI bubble fears

Markets continued to see sell-offs for the fourth consecutive session due to investors’ anxiety over soaring AI companies’ valuations and the instability of the artificial intelligence boom. Sundar Pichai, CEO of Google parent company Alphabet, also warned in an interview with the BBC that “no company is going to be immune” to the impacts of the AI bubble bursting. He described the current AI investment wave as "extraordinary" while acknowledging that it has an “element of irrationality.”

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US markets saw steep declines: The S&P 500 closed down 0.8%, while the Dow Jones fell 1.1%, and the tech-heavy Nasdaq shed 1.2% during yesterday’s trade. Also driving the fall is speculation over US interest rates not getting cut as “quickly as hoped,” The Guardian reports, citing commentary from policymakers. Nervousness over tech giant Nvidia’s earnings and worry around massive debt over AI infrastructure are also adding to market volatility.

Could Nvidia’s earnings offer some comfort? US chipmaker Nvidia will release its quarterly results later today. Investors will also be on the lookout for September’s US jobs report, which will see the light tomorrow after government-shutdown related delays.

Behind the numbers: “A selloff in the world’s largest technology companies drove stocks to their longest slide since August, underscoring the US market’s narrow reliance on a handful of growth giants. Wall Street has grown increasingly concerned that AI isn’t yet generating enough revenue or profits to justify the massive spending on infrastructure,” Bloomberg wrote.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning as investors assess the fallout from the sell-off. Japan’s Nikkei, the Shanghai Composite, and the Hang Seng are all in the green, looking at moderate gains, while the Kospi is down 0.2%.

ADX	9,882	-0.3% (YTD: +4.9%)
DFM	5,899	-1.0% (YTD: +14.3%)
Nasdaq Dubai UAE20	4,715	-0.6% (YTD: +13.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	3.9% 1 yr
Tadawul	11,099	+0.4% (YTD: -7.8%)
EGX30	40,501	-1.4% (YTD: +36.2%)
S&P 500	6,617	-0.8% (YTD: +12.5%)
FTSE 100	9,552	-1.3% (YTD: +16.9%)
Euro Stoxx 50	5,535	-1.9% (YTD: +13.1%)
Brent crude	USD 64.56	-0.5%
Natural gas (Nymex)	USD 4.38	+0.2%
Gold	USD 4,061	-0.2%
BTC	USD 92,590	+0.4% (YTD: -1.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.8	+0.3% (YTD: +9.1%)
S&P MENA Bond & Sukuk	152.03	+0.1% (YTD: +8.6%)
VIX (Volatility Index)	24.69	+10.3% (YTD: +42.3%)

THE OPENING BELL-

The S&P BSE Sensex opened slightly low this morning at 84,672 recorded at 9:25 IST. The index is up 7.8% YTD.

Over on the NIFTY 50, the index also opened slightly low at 25,858. The index is up 9.1% YTD.

Venezuela seeks Indian investment in mining, critical minerals

Venezuela has signaled interest in expanding cooperation with India in critical minerals and is seeking Indian investment in exploration and mining, Press Trust of India reports. The Venezuelan government said it wants to broaden economic engagement with India beyond oil and called for reviving the India-Venezuela Joint Committee mechanism, which last met nearly a decade ago, The Hindu reports. India proposed widening cooperation in pharma and automobiles with Venezuela, encouraging the country to adopt Indian pharmacopeia to streamline drug regulatory processes.

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PLUS: Trade and tax talks with Bahrain are inching forward: External Affairs Minister S. Jaishankar and Bahraini Foreign Minister Abdullatif bin Rashid Al Zayani had a call to discuss trade and investment, Press Trust of India reports. The call came after the two met in New Delhi earlier this month to launch talks on a comprehensive trade agreement and pact on double-taxation, according to Hindu Businessline.

Other movement on the trade file worth knowing about this morning:

Trade in Moscow’s orbit: Commerce Secretary Rajesh Agrawal met Eurasian Economic Union officials in Moscow to review progress on a proposed India-EAEU trade agreement. (press release)
And with Russia itself: India and Russia hope to finalize a set of new agreements during President Vladimir Putin’s visit to New Delhi in the first week of December. (Press Trust of India | Hindu Businessline)
Pharma with China: New Delhi has opened talks with Beijing on a reverse-trade arrangement that would see bulk drugs imported from China, processed into finished dosage forms in India, and exported back. The Indian Pharmaceutical Exports Promotion Council (Pharmexcil) says the model could unlock USD 6 bn in exports to China at the cost of just USD 4 bn worth of imports. (Business Standard)

CALENDAR

NOVEMBER

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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