{"id":90459,"date":"2026-06-10T00:00:00","date_gmt":"2026-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?post_type=issue&#038;p=90459"},"modified":"2026-06-10T10:05:51","modified_gmt":"2026-06-10T10:05:51","slug":"calculating-the-cost-of-iran-war","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/mena-india\/issues\/calculating-the-cost-of-iran-war\/","title":{"rendered":"Calculating the cost of Iran war"},"content":{"rendered":"<section id=\"90462\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"90462\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/this-afternoon-fitch-trims-indias-growth-forecast-to-6-4\/\">\r\n                            THIS AFTERNOON: Fitch trims India\u2019s growth forecast to 6.4%                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/this-afternoon-fitch-trims-indias-growth-forecast-to-6-4\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/this-afternoon-fitch-trims-indias-growth-forecast-to-6-4\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/this-afternoon-fitch-trims-indias-growth-forecast-to-6-4\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS AFTERNOON: Fitch trims India\u2019s growth forecast to 6.4%&url=https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/this-afternoon-fitch-trims-indias-growth-forecast-to-6-4\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/this-afternoon-fitch-trims-indias-growth-forecast-to-6-4\/&title=THIS AFTERNOON: Fitch trims India\u2019s growth forecast to 6.4%\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+AFTERNOON%3A+Fitch+trims+India%E2%80%99s+growth+forecast+to+6.4%25+https%3A%2F%2Fenterpriseam.com%2Fmena-india%2F2026%2F06%2F10%2Fthis-afternoon-fitch-trims-indias-growth-forecast-to-6-4%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/this-afternoon-fitch-trims-indias-growth-forecast-to-6-4\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img loading=\"lazy\" decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/ent.news\/internal\/90463.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"90463\" data-permalink=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/this-afternoon-fitch-trims-indias-growth-forecast-to-6-4\/file-photo-the-fitch-ratings-logo-is-seen-at-their-offices-at-canary-wharf-financial-district-in-london-5\/\" data-orig-file=\"https:\/\/ent.news\/internal\/90463.jpg\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"FILE PHOTO: The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London\" data-image-description=\"&lt;p&gt;FILE PHOTO: The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016.  REUTERS\/Reinhard Krause\/File Photo&lt;\/p&gt;\n\" data-image-caption=\"\" data-medium-file=\"https:\/\/ent.news\/internal\/90463.jpg\" data-large-file=\"https:\/\/ent.news\/internal\/90463.jpg\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90462\" class=\"content-area-description single-story post-90462 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-energy tag-rbi tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good afternoon, friends.<\/strong> The macroeconomic fallout from the US-Iran war is in focus today, after Fitch trimmed India&rsquo;s growth forecast on the back of surging energy costs**.**<\/p>\n<p><strong>The big story today:<\/strong> India&rsquo;s bill to shield the economy from rising energy prices was clocked at USD 13 bn in the first 78 days of the Iran war. On top of that, subsidies on fertilizers in India will expand to another USD 36 bn, double the budgeted allocation.<\/p>\n<p><strong>Plus:<\/strong> Meta has inked a pact with Reliance to build its first dedicated AI data center in Gujarat, while quick-commerce player Zepto is braving the markets and targeting a USD 1 bn listing in Mumbai. Let&rsquo;s dive right in.<\/p>\n<p class=\"tag-border-left\">Fitch cuts India growth forecast<\/p>\n<p><a id=\"wwtt1\"><\/a><strong>Fitch Ratings has lowered India&rsquo;s FY 2027 GDP growth forecast to 6.4% from 6.7%<\/strong>, citing the economic fallout from the US-Iran war and higher energy prices that are expected to weigh on household spending and business activity, as per its <a href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/global-economic-outlook-june-2026-04-06-2026\" target=\"_blank\">Global Economic Outlook<\/a> report. The revised projection marks a slowdown from the 7.4% growth estimated for FY 2026.<\/p>\n<p><strong>Rising oil prices and supply disruptions are increasing inflationary pressures, eroding real incomes<\/strong>, and raising operating costs for businesses, Fitch noted. The agency expects higher fuel and energy costs to dampen consumer demand despite continued government spending and infrastructure investment.<\/p>\n<p><strong>Why it matters:<\/strong> India remains particularly vulnerable because it imports the bulk of its energy and has been among the economies most exposed to disruptions in Middle East energy flows. Recent fuel-price hikes have already started feeding into inflation expectations. Fitch joins a <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/22\/moodys-flags-macro-strain-as-growth-seen-slowing-to-6\/\" target=\"_blank\">growing list of global agencies lowering India&rsquo;s growth outlook<\/a> as the war-driven energy shock ripples through the economy.<\/p>\n<p class=\"tag-border-left\">Defending the INR<\/p>\n<p><a id=\"wwtt2\"><\/a><strong>The Reserve Bank of India (RBI) will offer a concessional foreign exchange swap facility for new overseas borrowings by state-run companies<\/strong>, lowering hedging costs as it looks to draw more USD inflows and ease pressure on the INR, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-09\/india-s-rbi-offers-discounted-fx-swaps-at-1-5-to-draw-inflows?srnd=phx-india-v2\" target=\"_blank\">Bloomberg<\/a> reports.<\/p>\n<p><strong>The central bank will charge a fixed annual swap premium of 1.5% for borrowings<\/strong> with an average maturity of three years and above. That is lower than the current market cost of FX cover, with forward premiums now at around 2.5-3%.<\/p>\n<p><strong>The facility lowers the cost of protecting overseas loans from a depreciating INR.<\/strong> A state-run company can raise funds abroad and hedge the currency risk through a bank. The bank can then use the RBI facility by selling USD to the central bank in multiples of USD 1 mn with an agreement to buy the USD back when the swap ends.<\/p>\n<p><strong>The timeline:<\/strong> The facility will cover new overseas borrowings raised through 31 December 2026 and will stay open until 15 January 2027. At maturity, the bank will return the INR funds to the RBI and pay the 1.5% annual swap premium.<\/p>\n<p><strong>Why it matters:<\/strong> High hedging costs have made overseas borrowing less attractive for Indian firms, even when external funding is available. By lowering that cost for state-run companies, the RBI is opening another route for USD inflows after the INR hit a record low against the USD last month. For the India-MENA markets, the move comes as India&rsquo;s currency position remains sensitive to energy-import costs and wider external volatility.<\/p>\n<p class=\"tag-border-left\">Urals markdown<\/p>\n<p><a id=\"wwtt3\"><\/a><strong>Indian refiners have regained a price advantage on Russia&rsquo;s Urals crude for the first time since the Iran war.<\/strong> Urals crude shipped from Russia&rsquo;s western ports to India&rsquo;s coast traded at USD 3.9 \/ bbl markdown to Dated Brent on Friday, providing some price relief to Indian refiners, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-08\/russian-oil-fetches-discount-in-india-first-time-over-two-months?srnd=phx-india-v2\" target=\"_blank\">Bloomberg<\/a> reports, citing Argus Media data.<\/p>\n<p><strong>The shift:<\/strong> Urals moved below the international benchmark on 29 May for the first time since mid-March. However, on Friday, the Urals grade was priced at a bigger markdown, trading at USD 93.5 \/ bbl for deliveries along India&rsquo;s coast. At Russia&rsquo;s western ports, the average price was USD 73.4 \/ bbl.<\/p>\n<p><strong>Why it moved:<\/strong> The price advantage returned as Brent stayed below USD 100 \/ bbl and near-term crude spreads weakened, pointing to a less tight physical market. Lower Chinese buying and higher US exports have also helped absorb part of the Middle East supply shock.<\/p>\n<p><strong>India buying rose:<\/strong> The Iran war helped Russia increase shipments to India, aided by US approval for some purchases of sanctioned Russian barrels to ease market pressure. Russian crude deliveries to India averaged around 1.76 mn bbl \/ d last month, up 63% from February.<\/p>\n<p><strong>Why it matters:<\/strong> India had already leaned harder on Russian crude in April, when Russia&rsquo;s share of the country&rsquo;s crude basket hit an <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/08\/russia-grabs-37-of-indias-total-oil-import-bill-in-april\/\" target=\"_blank\">11-month high<\/a>, even as refiners paid more for those barrels than for crude from other suppliers. The latest price shift gives refiners more room to negotiate after Russian supply became costlier to secure. It also shows that India&rsquo;s crude costs remain tied to Gulf supply risk and to Russia&rsquo;s need to stay competitive in key Asian markets.<\/p>\n<p class=\"tag-border-left\">Extended duty waiver on petchem imports?<\/p>\n<p><strong>India&rsquo;s Commerce Ministry is mulling an extension of customs duty exemptions on select petrochemical imports<\/strong> to shield domestic manufacturers from elevated input costs, <a href=\"https:\/\/www.business-standard.com\/economy\/news\/govt-considering-extending-duty-relief-on-petrochemical-imports-beyond-june-126060901237_1.html\" target=\"_blank\">Business Standard<\/a> reports.<\/p>\n<p><strong>Why it matters:<\/strong> The government initially waived import duties on 40 petrochemical products back in April to provide a financial cushion for vital downstream industries &mdash; particularly pharma, chemicals, and plastics &mdash; that have grappled with surging raw-material prices since the outbreak of the war.<\/p>\n<p class=\"tag-border-left\">Data point<\/p>\n<p><strong>INR 1.05 tn (USD 11 bn) &mdash; that is the value of India&rsquo;s transaction activity in May 2026 across 196 transactions<\/strong>, according to Grant Thornton Bharat&rsquo;s Dealtracker (<a href=\"https:\/\/ent.news\/2026\/6\/599.pdf\" target=\"_blank\">pdf<\/a>). Excluding public market activity, India recorded 190 M&amp;A and private equity transactions worth INR 977 bn (USD 10.2 bn), down 10% in volume and 53% in value from April.<\/p>\n<p class=\"tag-border-left\">Happening this week<\/p>\n<p><strong>Prime Minister Narendra Modi will visit France and Slovakia beginning Friday<\/strong>, according to an External Affairs Ministry <a href=\"https:\/\/www.mea.gov.in\/press-releases?dtl\/41280\/Visit_of_Prime_Minister_to_France_and_Slovakia_June_1318_2026\" target=\"_blank\">press release<\/a>. Modi will meet French President Emmanuel Macron in Nice on Sunday, where the two leaders will review the India-France bilateral relationship. He will then visit Slovakia from 14-16 June, marking the first visit by an Indian prime minister to Slovakia since its independence in 1993. Modi will also attend the G7 Summit in Evian on 16-17 June and the VivaTech Summit in Paris on 18 June.<\/p>\n<p class=\"tag-border-left\">The big story abroad<\/p>\n<p><strong>Geopolitical tensions are escalating once again<\/strong> after the US <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-09\/us-launches-new-strikes-against-iran-after-helicopter-shot-down?srnd=homepage-middle-east\" target=\"_blank\">launched<\/a> retaliatory airstrikes against Iran. The strikes follow Tehran shooting down a US helicopter over the Strait of Hormuz, with US forces <a href=\"https:\/\/www.wsj.com\/world\/middle-east\/apache-helicopter-crash-coast-oman-4de26c6d?mod=hp_lead_pos1\" target=\"_blank\">targeting<\/a> Iranian air defense and radar sites near the strait. &ldquo;The mission is a proportional response to unjustified Iranian aggression,&rdquo; the US Central Command said in a <a href=\"https:\/\/x.com\/CENTCOM\/status\/2064457103134343170\" target=\"_blank\">statement<\/a>. The exchange threatens the stability of the already-fragile ceasefire and complicates negotiations for a peace agreement.<\/p>\n<p><strong>Everyone wants a piece of SpaceX:<\/strong> The IPO has <a href=\"https:\/\/www.reuters.com\/world\/spacex-ipo-demand-is-approaching-four-times-oversubscribed-source-says-2026-06-09\/\" target=\"_blank\">so far attracted<\/a> over USD 250 bn in orders, with investors lining up to get a piece of what is expected to be the largest-ever IPO. The figure is expected to rise further as the company continues its marketing push. The artificial intelligence and spaceflight player was looking to raise USD 75 bn from the offering.<\/p>\n<p><strong>The tech jitters are back:<\/strong> The S&amp;P 500 and Nasdaq Composite closed lower on Tuesday, dragged down by a sector-wide tech selloff as investors shift their focus to defensive sectors. Some think SpaceX has something to do with it, noting that investors are repositioning ahead of the historic USD 1.75 tn listing, further worsening the pressure on mega-cap tech stocks.<\/p>\n<p><strong>Also worth reading this morning:<\/strong> The Wall Street Journal is out with a piece diving into <a href=\"https:\/\/www.wsj.com\/tech\/ai\/economists-weigh-in-on-the-future-of-work-and-ai-f59311e9?mod=hp_lead_pos7\" target=\"_blank\">The Future of Work and AI<\/a>. With insight from 16 economists, the piece looks at what AI means for the economy, employees, and the workplace.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/mena-india\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><strong>***<\/strong> <strong>YOU&rsquo;RE READING EnterpriseAM MENA - India, your C-suite briefing<\/strong> on the movement of trade, investment, people, and ideas along one of the world&rsquo;s most exciting corridors. Every Monday, Wednesday, and Friday at 2:30pm UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day.<\/p>\n<p><strong>Were you forwarded this briefing?<\/strong> <a href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" target=\"_blank\">Tap or click here to sign up without charge for your own copy<\/a>. <strong>***<\/strong><\/p>\n<p class=\"tag-border-left\">Circle your calendar<\/p>\n<p><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays, and news triggers.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/rbi\/\">RBI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"90464\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"90464\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE BIG STORY TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/78-days-of-the-iran-war-cost-the-indian-government-usd-13-bn-to-control-fuel-prices\/\">\r\n                            78 days of the Iran war cost the Indian government USD 13 bn to control fuel prices                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/78-days-of-the-iran-war-cost-the-indian-government-usd-13-bn-to-control-fuel-prices\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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REUTERS\/Bhawika Chhabra&lt;\/p&gt;\n\" data-image-caption=\"\" data-medium-file=\"https:\/\/ent.news\/internal\/90465.jpg\" data-large-file=\"https:\/\/ent.news\/internal\/90465.jpg\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90464\" class=\"content-area-description single-story post-90464 post type-post status-publish format-standard has-post-thumbnail hentry category-the-big-story-today tag-aviation tag-crude tag-energy tag-oil-gas tag-the-big-story-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>India&rsquo;s state-run oil marketing companies (OMCs) received nearly INR 1.23 tn (USD 12.9 bn) in government support to hold fuel prices for 78 days<\/strong> following the Iran war, <a href=\"https:\/\/www.thehindubusinessline.com\/economy\/west-asia-shock-fires-up-subsidy-bill\/article71080665.ece\" target=\"_blank\">Hindu Businessline<\/a> reports, citing officials. The support now sits alongside the government&rsquo;s aviation turbine fuel (ATF) price-stabilization scheme for domestic airlines as the government tries to contain the fuel shock without fully absorbing it on public balance sheets.<\/p>\n<p><strong>The fuel cushion is still under strain.<\/strong> OMCs are losing around INR 6.5 bn (USD 68 mn) a day by selling fuel below global crude-linked prices. This comes despite four gasoline and diesel price hikes since 15 May.<\/p>\n<p><strong>The government is taking a hit of INR 10 per liter on fuel after slashing the excise duties on 27 March.<\/strong> The government also launched an INR 100 bn (USD 1.05 bn) fund earlier this month to subsidize jet fuel for domestic airlines.<\/p>\n<p><strong>Added to this, the fertilizer ministry has raised a demand of INR 3.4 tn (USD 35.7 bn) to cover subsidies to farmers.<\/strong> This accounts for a 100% surge in the fertilizer subsidy check which was budgeted at INR 1.7 tn in the country&rsquo;s national budget announced in February. The government subsidy on each bag of urea has increased by 55% to INR 4.5k from 2.9k before the war.<\/p>\n<p><strong>How will the government fund the bill?<\/strong> The finance ministry is likely to double down on the divestments and asset sales in the current fiscal year to offset unplanned expenditure. This will include a USD 1 bn secondary share sale in Life Ins. Corporation and expedited timelines on the IDBI spin-off which had generated interest from the Dubai-based Emirates NBD. For now, the government is inclined toward measures to boost capital inflows rather than curbing the outflows, the news outlet notes.<\/p>\n<p class=\"tag-border-left\">Controlling ATF prices<\/p>\n<p><strong>Meanwhile, the USD 1 bn ATF subsidy scheme became operational today<\/strong>, offering jet fuel at INR 115 per liter (USD 1.21 per liter) to domestic airlines for three years, <a href=\"https:\/\/www.reuters.com\/business\/energy\/india-raises-jet-fuel-price-local-airlines-stabilisation-scheme-kicks-sources-2026-06-09\/\" target=\"_blank\">Reuters<\/a> reports. The fixed rate is 10% higher than the previous price, but it gives airlines a ceiling against further spikes if they opt in.<\/p>\n<p><strong>The catch:<\/strong> The scheme gives airlines price certainty, not cheaper fuel. Carriers that opt in will pay the fixed rate for up to three years, even if global prices fall, while those that stay out will remain on market-linked rates. The money will go to OMCs as no-interest advances to cover under-recoveries &mdash; the gap between market-linked ATF prices and the rates charged to airlines.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/aviation\/\">AVIATION<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/crude\/\">Crude<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/oil-gas\/\">Oil &amp; Gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/the-big-story-today\/\">THE BIG STORY TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"90466\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"90466\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">TECH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/meta-partners-with-reliance-for-built-to-suit-ai-data-center-in-india\/\">\r\n                            Meta partners with Reliance for built-to-suit AI data center in India                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/meta-partners-with-reliance-for-built-to-suit-ai-data-center-in-india\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/meta-partners-with-reliance-for-built-to-suit-ai-data-center-in-india\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/meta-partners-with-reliance-for-built-to-suit-ai-data-center-in-india\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Meta partners with Reliance for built-to-suit AI data center in India&url=https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/meta-partners-with-reliance-for-built-to-suit-ai-data-center-in-india\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/meta-partners-with-reliance-for-built-to-suit-ai-data-center-in-india\/&title=Meta partners with Reliance for built-to-suit AI data center in India\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Meta+partners+with+Reliance+for+built-to-suit+AI+data+center+in+India+https%3A%2F%2Fenterpriseam.com%2Fmena-india%2F2026%2F06%2F10%2Fmeta-partners-with-reliance-for-built-to-suit-ai-data-center-in-india%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/meta-partners-with-reliance-for-built-to-suit-ai-data-center-in-india\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img loading=\"lazy\" decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/ent.news\/internal\/90467.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"90467\" data-permalink=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/meta-partners-with-reliance-for-built-to-suit-ai-data-center-in-india\/544-3\/\" data-orig-file=\"https:\/\/ent.news\/internal\/90467.jpg\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"544\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/ent.news\/internal\/90467.jpg\" data-large-file=\"https:\/\/ent.news\/internal\/90467.jpg\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90466\" class=\"content-area-description single-story post-90466 post type-post status-publish format-standard has-post-thumbnail hentry category-tech tag-india-focus tag-jio-platforms tag-reliance-industries tag-tech wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Reliance Industries has inked a pact to lease its first dedicated, built-to-suit AI-enabled data center in India to Meta<\/strong>, as per an <a href=\"https:\/\/nsearchives.nseindia.com\/corporate\/kavinavora_10062026083811_SE_10062026.pdf\" target=\"_blank\">exchange filing<\/a>. Located in Reliance&rsquo;s mega campus in Jamnagar, Gujarat, the facility will debut with a 168 MW capacity with options to scale further.<\/p>\n<p><strong>&ldquo;Building India&rsquo;s first built-to-suit data center for a global technology leader of Meta&rsquo;s scale demonstrates India&rsquo;s readiness to be at the forefront of the global AI revolution,&rdquo;<\/strong> Reliance Chairman Mukesh Ambani said. The data center will be supported by clean energy and utilize desalinated seawater for cooling. It bolsters the Indian conglomerate&rsquo;s ambitions to become a primary provider of AI and cloud infrastructure in one of the world's fastest-growing tech markets.<\/p>\n<p><strong>Why it matters:<\/strong> Meta has been a long-term investor in Reliance&rsquo;s digital ecosystem since its USD 5.7 bn <a href=\"https:\/\/about.fb.com\/news\/2026\/06\/meta-partners-with-reliance-on-ai-enabled-data-center-in-india\/\" target=\"_blank\">investment<\/a> in Jio Platforms in 2020. In 2024, the two formed a JV to develop AI tools and enterprise platforms using Meta&rsquo;s Llama model, backed by an INR 8.6 bn (USD 89.7 mn) pledge. India&rsquo;s data-center market is <a href=\"https:\/\/www.reuters.com\/world\/india\/meta-ties-up-with-ambanis-reliance-ai-data-center-india-2026-06-10\/\" target=\"_blank\">projected<\/a> to nearly double to USD 13.1 bn by 2034. The pact lends Meta the physical infrastructure &mdash; power grid access and industrial cooling &mdash; which remain the primary constraint for regional AI scaling.<\/p>\n<p><strong>Where have we seen this before?<\/strong> The GCC holds heft in executing similar cross-border tech alliances. Microsoft&rsquo;s <a href=\"https:\/\/news.microsoft.com\/source\/2024\/04\/16\/microsoft-invests-1-5-billion-in-abu-dhabis-g42-to-accelerate-ai-development-and-global-expansion\/\" target=\"_blank\">USD 1.5 bn investment<\/a> in Abu Dhabi&rsquo;s AI heavyweight, G42, gave it a minority stake, a board seat, and G42 moved its entire core data platform onto Microsoft Azure. Microsoft gained a highly connected regional anchor to deploy advanced AI across the Middle East, Central Asia, and Africa. Similarly, Google Cloud partnered directly with Saudi Arabia&rsquo;s Public Investment Fund (PIF) to construct an <a href=\"https:\/\/www.pif.gov.sa\/en\/news-and-insights\/press-releases\/2024\/pif-and-google-cloud-to-create-advanced-ai-hub-in-saudi-arabia\/\" target=\"_blank\">AI hub<\/a> near Dammam.<\/p>\n<p><strong>What&rsquo;s next:<\/strong> The Meta-Reliance ties could serve as a template for future India-GCC digital infrastructure partnerships, where access to land, power, and capital increasingly determines AI scale. Meta&rsquo;s local data-center footprint is also likely to improve uptake of its Llama models among Indian enterprises, increasing pressure on rival cloud and AI providers.<\/p>\n<p class=\"tag-border-left\">Jio BlackRock gears up for India ETF debut<\/p>\n<p><strong>Jio BlackRock Asset Management is gearing up to launch its first exchange-traded funds (ETFs) in India by August<\/strong>, <a href=\"https:\/\/www.reuters.com\/legal\/transactional\/jio-blackrock-prepares-etf-debut-by-august-after-building-2-billion-india-fund-2026-06-09\/\" target=\"_blank\">Reuters<\/a> reports, citing the CEO of Jio BlackRock Sid Swaminathan. The firm is looking to establish an early foothold in the country&rsquo;s rapidly expanding but underpenetrated passive investment landscape.<\/p>\n<p><strong>The backstory:<\/strong> A heavyweight alliance between Reliance&rsquo;s Jio Financial Services and global titan BlackRock, the entity has already amassed roughly INR 180 bn (USD 1.9 bn) in assets under management (AUM) within its first year of operation. Its initial ETF offerings will focus on equity markets. Rising retail participation and product innovation could accelerate ETF adoption in India over the long term, Swaminathan said.<\/p>\n<p><strong>Why it matters:<\/strong> The move mirrors BlackRock&rsquo;s global success in ETFs, with its iShares franchise managing USD 5.1 tn worldwide. In India, passive strategies remain an untapped frontier, accounting for just 18.5% of the mutual fund industry&rsquo;s cumulative average AUM of INR 81.9 tn (USD 859 bn).<\/p>\n<p><strong>Expanding product suite:<\/strong> For specialized investment vehicles, the company will rely on a traditional network of human advisers and distributors rather than a purely digital interface. This high-touch distribution strategy arrives as a cooling domestic equity market prompts local investors to actively hunt for global safe havens. Driven by persistent foreign portfolio investor outflows, India&rsquo;s benchmark Nifty 50 index has retreated 11.1% so far in 2026.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/india-focus\/\">India Focus<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/jio-platforms\/\">Jio Platforms<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/reliance-industries\/\">Reliance Industries<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/tech\/\">TECH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"90468\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"90468\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/despite-lack-of-profitability-zepto-targets-usd-1-bn-market-debut\/\">\r\n                            Despite lack of profitability, Zepto targets USD 1 bn market debut                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/despite-lack-of-profitability-zepto-targets-usd-1-bn-market-debut\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/despite-lack-of-profitability-zepto-targets-usd-1-bn-market-debut\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/despite-lack-of-profitability-zepto-targets-usd-1-bn-market-debut\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Despite lack of profitability, Zepto targets USD 1 bn market debut&url=https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/despite-lack-of-profitability-zepto-targets-usd-1-bn-market-debut\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/despite-lack-of-profitability-zepto-targets-usd-1-bn-market-debut\/&title=Despite lack of profitability, Zepto targets USD 1 bn market debut\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Despite+lack+of+profitability%2C+Zepto+targets+USD+1+bn+market+debut+https%3A%2F%2Fenterpriseam.com%2Fmena-india%2F2026%2F06%2F10%2Fdespite-lack-of-profitability-zepto-targets-usd-1-bn-market-debut%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/despite-lack-of-profitability-zepto-targets-usd-1-bn-market-debut\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img loading=\"lazy\" decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/ent.news\/internal\/90469.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"90469\" data-permalink=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/despite-lack-of-profitability-zepto-targets-usd-1-bn-market-debut\/ghaziabaduttarpradeshindia-aug282022zeptogrocerydeliveryboy-3\/\" data-orig-file=\"https:\/\/ent.news\/internal\/90469.jpg\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"Ghaziabad,,Uttar,Pradesh,,India-aug,28,2022:,Zepto,Grocery,Delivery,Boy\" data-image-description=\"&lt;p&gt;Ghaziabad, Uttar Pradesh, India-Aug 28 2022: Zepto Grocery delivery boy resting outside warehouse, they use electric bikes for delivery, a 10-minute instant grocery and essentials delivery service&lt;\/p&gt;\n\" data-image-caption=\"\" data-medium-file=\"https:\/\/ent.news\/internal\/90469.jpg\" data-large-file=\"https:\/\/ent.news\/internal\/90469.jpg\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90468\" class=\"content-area-description single-story post-90468 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-ipo-watch tag-quick-commerce tag-retail wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Indian quick-commerce platform Zepto is planning to raise up to<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-08\/zepto-publicly-files-for-planned-1-billion-india-ipo\" target=\"_blank\"><strong>INR 110 bn (USD 1.1 bn)<\/strong><\/a> <strong>through its listing in Mumbai.<\/strong> The listing will include a fresh issue of shares worth INR 80.1 bn (USD 837 mn) alongside an offer-for-sale by existing shareholders, as per an <a href=\"https:\/\/www.axiscapital.co.in\/contents\/Zepto%20Limited%20-%20UDRHP-I-1780938548.pdf\" target=\"_blank\">exchange filing<\/a>.<\/p>\n<p><strong>Offer details:<\/strong> The secondary share sale will see existing institutional investors offload up to 113.5 mn shares, including Nexus Venture Partners and Contrary ZEP Holdings. Zepto&rsquo;s co-founders and promoter entities are skipping the OFS entirely, ensuring that equity dilution rests solely on its venture capital and institutional lines.<\/p>\n<p><strong>Advisors:<\/strong> Zepto has appointed Axis Capital, Morgan Stanley, Goldman Sachs, Motilal Oswal, HSBC, JM Financial, and IIFL Capital as bookrunning lead managers for the issue. Kfin Technologies is the registrar for the issue.<\/p>\n<p><strong>Growth accelerates, but so do losses:<\/strong> Zepto&rsquo;s top line more than doubled to INR 226.2 bn (USD 2.4 bn) in FY 2026, amid strong demand for 10-minute delivery services across urban India. However, it clocked INR 59.1 bn (USD 617 mn) in losses as the company ramped up spending on dark stores, logistics infrastructure, and customer acquisition. Operating a network of 1.1k urban dark stores that handle 1.7 mn daily orders requires a continuous, capital-intensive runway to survive.<\/p>\n<p><strong>Why it matters:<\/strong> Gulf sovereign wealth funds are among the largest backers of India&rsquo;s quick-commerce sector, making this public debut a crucial bellwether for their return potential. Qatar Investment Authority holds a major stake in rival Swiggy, while Abu Dhabi Investment Authority and Mubadala maintain exposure to India&rsquo;s digital retail landscape via Reliance. Zepto's valuation could be the clearest benchmark for how global investors price growth, profitability, and long-term value in India&rsquo;s fast-expanding digital retail market.<\/p>\n<p><strong>Sound smart:<\/strong> In the Gulf, significantly higher average order values provide a much friendlier cushion for unit economics than in India. However, low population densities and higher customer acquisition costs present their own hurdles. If Zepto fails to chart a clear path to profitability within India&rsquo;s hyper-dense urban centers, global institutional investors will likely begin to question the long-term viability of standalone instant-delivery models that lack the safety net of infrastructure or energy companies.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/ipo-watch\/\">IPO WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/quick-commerce\/\">quick commerce<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"90470\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"90470\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/the-biggest-winners-from-ai-may-not-be-tech-companies-but-the-picks-and-shovels-suppliers-behind-them\/\">\r\n                            The biggest winners from AI may not be tech companies but the picks-and-shovels suppliers behind them                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/the-biggest-winners-from-ai-may-not-be-tech-companies-but-the-picks-and-shovels-suppliers-behind-them\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The gainers include everyone from Caterpillar and Hochtief to steel producer Nucor and power-management company Eaton.<\/p>\n<p><strong>&ldquo;[A]nything that can spin an engine is going to end up in a data center<\/strong>,&rdquo; Dell&rsquo;Oro&rsquo;s Alex Cordovil said. Investors are increasingly wagering on the infrastructure behind AI &mdash; companies supplying the power, cooling, wiring, and equipment &mdash; rather than the companies building the models themselves.<\/p>\n<p><strong>This comes as spending on data center infrastructure is hitting record levels:<\/strong> Alphabet, Microsoft, Amazon, Meta, and Oracle are projected to spend a combined USD 700 bn on AI infrastructure this year alone, helping push US data-center construction spending to a record USD 50 bn this past April. Global data-center capacity is expected to double by 2030.<\/p>\n<p><strong>The biggest winners aren&rsquo;t always obvious:<\/strong> Corning &mdash; the 175-year-old company behind Pyrex glass &mdash; has seen its shares rise more than 270% after signing optical-fiber agreements with Meta and Nvidia. Eaton reported data-center orders were up 240% in 1Q, while gas turbines once considered obsolete now carry backlogs of up to seven years as AI companies scramble for power.<\/p>\n<p><strong>Gulf investors are also putting their money into these enterprises:<\/strong> The Abu Dhabi Investment Authority (Adia) has <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/05\/this-morning-adia-cashes-in-on-innio-usd-2-4-bn-ipo-irh-passes-up-zambia-export-duty-waiver-for-unprocessed-copper\/\" target=\"_blank\">recently capitalized<\/a> on the USD 2.4 bn IPO of German gas-engine maker Innio, whose equipment helps power AI-era data centers. The stock jumped 23% on its Nasdaq debut, underscoring investor appetite for the infrastructure underpinning the AI boom.<\/p>\n<p><strong>The catch:<\/strong> Bain estimates the tech industry would need to generate USD 2 tn in annual AI revenue to justify the spending trends we&rsquo;re currently seeing. The OECD has also warned of a potential repricing of AI assets if geopolitical tensions keep energy prices elevated. For now, though, investors seem happy backing the businesses building the AI boom.<\/p>\n<p class=\"tag-border-left\">MARKETS THIS MORNING-<\/p>\n<p><strong>Asia-Pacific markets fell in early trading this morning<\/strong> as flaring geopolitical tensions and Wall Street's tech selloff rattle investors. South Korea&rsquo;s Kospi was leading losses, down 2.6%, and Japan&rsquo;s Nikkei was down 0.9%. The Shanghai Composite and Hang Seng also opened lower. In the US, equities are expected to open in the red, with futures down.<\/p>\n<div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Sensex<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">74,309<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: -12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>NIFTY 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">23,318<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: -10.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,534<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: -4.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,763<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: -4.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,070<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">52,305<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +25.05%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Boursa Kuwait<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,600<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.9% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>QSE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,273<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.09% (YTD: -4.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,386<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +7.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,190<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,027<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +4.08%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 91.1<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.1<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4,193<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 61,013<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.6%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>The values in the table above are listed according to the market position as of 3:30pm IST \/ 2pm GST.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/artificial-intelligence\/\">artificial intelligence<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/mena-india\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"90472\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/90472\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90472\" class=\"content-area-description single-story post-90472 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">15-17 June (Monday-Wednesday): Prime Minister Narendra Modi to attend <\/span><span><a href=\"https:\/\/in.diplomatie.gouv.fr\/en\/meeting-between-minister-jean-noel-barrot-and-his-indian-counterpart-subrahmanyam-jaishankar\">G7 Summit<\/a><\/span><span style=\"font-weight:400\"> in Evian, France.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">18-21 June (Thursday-Sunday): <\/span><span><a href=\"https:\/\/bharatbuildcon.com\/\">Bharat Buildcon<\/a><\/span><span style=\"font-weight:400\">, Yashobhoomi, Dwarka, Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">24-25 June (Wednesday-Thursday): <\/span><span><a href=\"https:\/\/homelandsecurityexpo.in\/datesvenue.php#\">India Homeland Security Expo<\/a><\/span><span style=\"font-weight:400\">, Bharat Mandapam, Pragati Maidan, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">26 June (Friday): Muharram.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">Signposted to happen sometime in 1H 2026:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400\"><span style=\"font-weight:400\">Signing of <\/span><span><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/india-qatar-trade-deal-by-q3-next-year-piyush-goyal\/articleshow\/124350957.cms\">India-Qatar FreeTrade Agreement<\/a><\/span><span style=\"font-weight:400\"> (Details yet to be announced);<\/span><\/span><\/li>\n<li><span style=\"font-weight:400\"><span style=\"font-weight:400\">India-EU Trade and Technology Council <\/span><span><a href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/40336\/Joint_Press_Release_on_the_11th_India__EU_Foreign_Policy_and_Security_Consultations_and_the_6th_IndiaEU_Strategic_Partnership_Review_Meeting_in_Brusse\">Ministerial Meeting<\/a><\/span><span style=\"font-weight:400\">, Brussels, Belgium;<\/span><\/span><\/li>\n<li><span style=\"font-weight:400\"><span style=\"font-weight:400\">India to host the <\/span><span><a href=\"https:\/\/www.brics2026.gov.in\/\">Brics Summit<\/a><\/span><span style=\"font-weight:400\">.<\/span><\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">1-3 July (Wednesday-Friday): <\/span><span><a href=\"https:\/\/seafoodexpobharat.com\/index\">Seafood Expo Bharat<\/a><\/span><span style=\"font-weight:400\">, Chennai Trade Centre, Chennai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">3-4 July (Friday-Saturday): <\/span><span><a href=\"https:\/\/www.railtransexpo.com\/\">Rail &amp; Transit Expo (RailTrans)<\/a><\/span><span style=\"font-weight:400\">, Bharat Mandapam, New Delhi<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">3-4 July (Friday-Saturday): <\/span><span><a href=\"https:\/\/sfia.co.in\/soms-exhibition-enquiry\/\">SOMS International Exhibition &amp; Conference<\/a><\/span><span style=\"font-weight:400\">, Gandhinagar, Gujarat.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">8-10 July (Wednesday-Friday): <\/span><span><a href=\"https:\/\/indiaesa.info\/events\/ongoing-upcoming-events\/india-energy-storage-week-iesw-2026-international-conference-expo\">India Energy Storage Week<\/a><\/span><span style=\"font-weight:400\">, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">14-17 July (Tuesday-Friday): <\/span><span><a href=\"https:\/\/www.bharat-tex.com\/\">Bharat Tex<\/a><\/span><span style=\"font-weight:400\">, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">22-24 July (Wednesday-Friday): <\/span><span><a href=\"https:\/\/expo.railanalysis.com\/\">Rail &amp; Metro Technology Conclave<\/a><\/span><span style=\"font-weight:400\">, Bharat Mandapam, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">AUGUST<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">15 August (Saturday): Independence Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">26 August (Wednesday): Prophet Mohammad&rsquo;s Birthday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">1-3 September (Tuesday-Thursday): <\/span><span><a href=\"https:\/\/www.google.com\/aclk?sa=L&amp;pf=1&amp;ai=DChsSEwjR1K6gpvGSAxU_pGYCHQZsAUYYACICCAEQABoCc20&amp;co=1&amp;ase=2&amp;gclid=CjwKCAiAkvDMBhBMEiwAnUA9BXlzJ_51NnncbXFGJPknsl9U8fuH_2DYylYR6Njl1Wiro3vTSETD5xoCGwwQAvD_BwE&amp;cid=CAASWeRoxAKDvnN10uiAgADiP_tr-86MYgXL7w9NjAhW4jdTGhvec5zS3oLBMjYOXZ64qxxGvmWVO_5G_EzEFZoHOVFiOomp4ms3w-qvO03Ts6UmEToguhBh-lrZ&amp;cce=2&amp;category=acrcp_v1_32&amp;sig=AOD64_1xqDEmbs2G1Mj41_lmIhdI16_KWQ&amp;q&amp;nis=4&amp;adurl=https:\/\/www.powergen-india.com\/?utm_term%3Dindia%2520energy%2520week%25202026%26utm_campaign%3DWebsite%2Btraffic-Search-Middle%2BEast%26utm_source%3Dadwords%26utm_medium%3Dppc%26hsa_acc%3D1807191727%26hsa_cam%3D22568575893%26hsa_grp%3D190514884962%26hsa_ad%3D784973768390%26hsa_src%3Dg%26hsa_tgt%3Dkwd-2400878034891%26hsa_kw%3Dindia%2520energy%2520week%25202026%26hsa_mt%3Db%26hsa_net%3Dadwords%26hsa_ver%3D3%26utm_term%3Dindia%2520energy%2520week%25202026%26utm_campaign%3DWebsite%2Btraffic-Search-Middle%2BEast%26utm_source%3Dadwords%26utm_medium%3Dppc%26hsa_acc%3D1807191727%26hsa_cam%3D22568575893%26hsa_grp%3D190514884962%26hsa_ad%3D784973768390%26hsa_src%3Dg%26hsa_tgt%3Dkwd-2400878034891%26hsa_kw%3Dindia%2520energy%2520week%25202026%26hsa_mt%3Db%26hsa_net%3Dadwords%26hsa_ver%3D3%26gad_source%3D1%26gad_campaignid%3D22568575893%26gbraid%3D0AAAAADNNyGn8-eBzAmsh-acyTdAdwavkR%26gclid%3DCjwKCAiAkvDMBhBMEiwAnUA9BXlzJ_51NnncbXFGJPknsl9U8fuH_2DYylYR6Njl1Wiro3vTSETD5xoCGwwQAvD_BwE&amp;ved=2ahUKEwilpKOgpvGSAxVzg2MGHXWoGhYQ0Qx6BAgfEAE\">India Energy Week<\/a><\/span><span style=\"font-weight:400\">, Dwarka, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">1-6 September (Monday-Saturday): <\/span><span><a href=\"https:\/\/dubaifashionweek.org\/\">Dubai Fashion Week<\/a><\/span><span style=\"font-weight:400\">, Dubai Design District.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">7 September (Sunday): Opec+ meet to discuss production policy for October.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">7-9 September (Monday-Wednesday): <\/span><span><a href=\"https:\/\/iphex-india.com\/\">iPHEX 2026<\/a><\/span><span style=\"font-weight:400\"> International Pharmaceutical Exhibition,  Bharat Mandapam, New Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">8-11 September (Tuesday-Friday): <\/span><span><a href=\"https:\/\/www.globalfintechfest.com\/\">Global Fintech Fest<\/a><\/span><span style=\"font-weight:400\">, Mumbai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">9 September (Tuesday): <\/span><span><a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/du-announces-the-third-edition-of-envision-r79dykvz\">Envision 2025<\/a><\/span><span style=\"font-weight:400\">, Atlantis, The Royal, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">17-19 September (Thursday-Saturday): <\/span><span><a href=\"https:\/\/www.semiconindia.org\/\">Semicon India Conference<\/a><\/span><span style=\"font-weight:400\">, Yashobhoomi, Delhi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">2 October (Friday): Gandhi Jayanti (Mahatma Gandhi&rsquo;s Birthday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">20 October (Tuesday): Dussehra.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">24 November (Tuesday): Guru Nanak Jayanti.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">8-11 December (Tuesday-Thursday): <\/span><span><a href=\"https:\/\/expandnorthstar.com\/\">Expand North Star<\/a><\/span><span style=\"font-weight:400\">, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">25 December (Friday): Christmas Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">Signposted to happen sometime in 2H 2026:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400\"><span style=\"font-weight:400\">Monsoon Session of Parliament is expected to be held in July\/August in New Delhi (TBA);<\/span><\/span><\/li>\n<li><span style=\"font-weight:400\"><span style=\"font-weight:400\">Reserve Bank of India&rsquo;s Monetary Policy Committee meeting for the September cycle (TBA);<\/span><\/span><\/li>\n<li><span style=\"font-weight:400\"><span><a href=\"https:\/\/www.indiamobilecongress.com\/\">India Mobile Congress<\/a><\/span><span style=\"font-weight:400\"> will likely be held in October in New Delhi (TBA).<\/span><\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:700\">JANUARY 2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><span style=\"font-weight:400\">30 January-3 February (Saturday-Wednesday): <\/span><span><a href=\"https:\/\/printpackipama.com\/\">Printpack India<\/a><\/span><span style=\"font-weight:400\">, India Expo Centre, Greater Noida (Delhi NCR).<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Fitch trims India\u2019s growth forecast | Meta\u2019s tie-up with Reliance | Russian crude gets cheaper<\/p>\n","protected":false},"featured_media":90461,"menu_order":0,"template":"","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-90459","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"fd618a76-dae7-4ca2-85aa-3e8972760708","teaser":"Fitch trims India\u2019s growth forecast | Meta\u2019s tie-up with Reliance | Russian crude gets cheaper"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Calculating the cost of 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