Jio listing elevates Reliance above Tata in market value

Reliance Group has overtaken Tata Group as India's most valuable business conglomerate after Jio Platforms made a powerful stock market debut on Wednesday, lifting the combined market capitalisation of Mukesh Ambani's listed companies above that of its longstanding rival.

Jio Platforms shares closed at Rs 1,419, gaining 26.8% over their initial public offering price of Rs 1,119. The performance valued the telecommunications and digital services company at approximately Rs 13.1 lakh crore, placing it second among India's listed companies, behind parent Reliance Industries.

The listing pushed Reliance Group's aggregate market capitalisation towards Rs 30 lakh crore, surpassing Tata Group, valued at approximately Rs 25 lakh crore. The change ended Tata's longstanding leadership among diversified business groups measured by the combined market value of their listed companies.

Reliance Industries retained its position as India's largest listed company, with a market capitalisation of approximately Rs 15.7 lakh crore at Wednesday's close. Jio Platforms displaced Bharti Airtel from second place, reshaping corporate rankings and highlighting investor demand for telecommunications businesses with substantial digital operations.

Jio's debut followed India's largest initial public offering, which raised Rs 30,213 crore. The issue attracted subscriptions exceeding 22 times the shares offered, demonstrating strong institutional and retail participation despite volatility across domestic equity markets.

Shares opened at Rs 1,358 on both major exchanges, representing a premium of approximately 21.4% to the offer price. Further buying during Wednesday's session carried the stock higher, producing a closing valuation exceeding its initial listing valuation of approximately Rs 12.5 lakh crore.

The offering attracted more than 13 million applications, while combined demand across the public issue and anchor placement exceeded Rs 7.4 lakh crore. The subscription was completed within approximately 100 minutes of opening, establishing an exceptionally strong response for an offering of its size.

The market debut also placed Jio ahead of several established financial and technology companies. HDFC Bank and ICICI Bank remained among the country's five largest listed businesses, while Tata Consultancy Services slipped further down the rankings.

Tata Group's diversified portfolio includes information technology, automobiles, steel, consumer products and hospitality. Its aggregate listed valuation had previously provided a substantial advantage over competing conglomerates, although market fluctuations and changes in individual company valuations have narrowed that difference.

The new rankings require an important qualification. Reliance Industries retains majority ownership of Jio Platforms, meaning the market capitalisations of the parent and subsidiary overlap economically. Adding their listed valuations provides a conventional conglomerate ranking but does not represent an equivalent increase in underlying shareholder wealth.

Reliance's ownership of Jio Platforms is expected to stand at approximately 64.4% following the offering, compared with 66.35% beforehand. The separate listing nevertheless establishes a publicly traded valuation for Jio's operations, allowing investors to assess the digital business independently.

Jio's telecommunications operations serve more than 500 million subscribers, making the company one of the world's largest mobile network operators by customer numbers. Telecommunications remains its principal earnings contributor, although management is pursuing expansion into artificial intelligence, cloud computing and enterprise digital services.

For the financial year ended March 2026, Jio Platforms recorded revenue of approximately Rs 1.47 lakh crore, representing growth of 14.6%. Net profit increased 15.1% to about Rs 30,049 crore, reflecting continued expansion in its core operations.

International investors have substantial interests in the business. Meta and Google are among its shareholders, alongside global investment firms that participated in earlier fundraising rounds. Their involvement has supported Jio's development beyond mobile connectivity into broader technology services.

The flotation gives investors direct access to those operations while creating a separately quoted market benchmark for the company's financial performance. Its valuation will depend on earnings growth, competitive conditions, capital expenditure and the commercial performance of its expanding digital portfolio.

Market participants are also assessing whether Jio's strong debut can sustain investor interest in large public offerings. Several major flotations have struggled to maintain their issue prices, making the performance of a transaction of this scale particularly significant for capital market sentiment.

Jio will not immediately qualify for inclusion in the Nifty 50 benchmark index. Exchange requirements governing derivatives trading and index eligibility must first be satisfied, potentially delaying its entry despite its substantial market capitalisation.

The listing ceremony in Mumbai brought together four generations of the Ambani family, with Mukesh Ambani joined by relatives spanning his mother and grandchildren. His son Akash Ambani, managing director of Reliance Jio Infocomm, has outlined ambitions to expand the company's digital services into additional technology markets.

AI pushes IT services beyond billable-hour model

Artificial intelligence is accelerating a fundamental change in India’s IT services industry, pushing outsourcing contracts away from billing for employee hours towards pricing based on productivity, savings and measurable business results.

Major providers including Tata Consultancy Services, Infosys, HCLTech, Wipro, Tech Mahindra and Cognizant are adjusting delivery models as corporate customers demand that AI-generated efficiency translate into lower costs. The shift threatens a decades-old model in which revenue growth was closely connected to adding engineers and charging clients for their time.

India’s technology sector is expected to cross $315 billion in revenue in FY26, with direct employment approaching six million. Yet the industry's growth strategy is increasingly based on value and specialised capabilities rather than expanding headcount. AI has moved from experimentation to industrial-scale deployment, while providers are adopting outcome-based and risk-sharing contracts as automation increases productivity.

Under traditional time-and-material contracts, customers essentially paid for the number of people assigned to a project and the hours they worked. Generative AI is weakening that relationship. Coding assistants, automated testing, software agents and AI-powered maintenance tools allow smaller teams to perform work that previously required substantially larger groups.

Customers consequently want part of those efficiency gains. Some contracts are being structured around specific targets such as faster processing, reduced technology expenditure, improved customer service or quicker software development rather than the size of the delivery team.

The transition is also changing competition. Persistent Systems and Coforge have posted considerably stronger growth than several larger rivals, benefiting from demand for rapid AI pilots and specialised services. During the April-June quarter, Persistent's dollar revenue rose about 16 per cent while Coforge recorded growth of roughly one-third. Growth among several of the largest providers was around 1-3 per cent.

Outcome pricing carries risks for suppliers. Technology companies must estimate in advance how much productivity AI can deliver, potentially exposing themselves to margin pressure when promised efficiencies fail to materialise. Contracts linked to business results can also create disputes over whether the technology provider was responsible for an outcome affected by other parts of a customer's operations.

Tech Mahindra chief executive Mohit Joshi has warned against assumptions that AI productivity will improve by 70-80 per cent over five to seven years while providers guarantee prices despite rising technology infrastructure costs. Some companies have walked away from contracts where pricing or productivity commitments were considered commercially unsustainable.

The labour impact is becoming equally significant. Entry-level software work historically provided the foundation of the industry's employment pyramid, with large numbers of graduates recruited for coding, application maintenance and testing. AI can automate growing portions of these tasks, reducing demand for some conventional junior roles while raising requirements for engineers capable of working with AI systems, cloud platforms, cybersecurity, data and industry-specific technology.

Hiring is therefore moving from volume towards skills. Campus recruitment requirements have shifted from basic coding and cloud knowledge towards AI and machine learning, advanced data analytics and DevOps, while AI and machine-learning positions command some of the industry's highest skills premiums.

That does not mean graduate recruitment is disappearing. Infosys said 10,766 fresh graduates completed training at its Mysuru education centre during FY26, with generative AI and prompt engineering incorporated into foundation training. About 84 per cent of its 328,594 employees are now AI-aware.

TCS has also intensified retraining. More than 270,000 employees had advanced AI skills by the end of FY26, compared with about one-third of that level a year earlier. The company recorded $2.3 billion in annualised AI revenue during the March quarter and is preparing thousands of forward-deployed engineers to work directly with clients on AI implementation.

The changing economics are influencing acquisitions and large contracts as well. TCS this week agreed to buy Porsche's technology consulting subsidiary MHP for an enterprise value of €320 million as part of a five-year partnership valued at €1.25 billion. The programme is designed to expand AI across engineering, manufacturing, operations and customer experience, illustrating how providers are positioning themselves deeper inside clients' businesses rather than supplying technology labour alone.

Tata Sierra.ev gains built-in 5G connectivity

Tata Motors Passenger Vehicles and Tata Communications have partnered to equip the Sierra. ev with built-in 5G cellular connectivity, strengthening the electric SUV’s role as a software-defined vehicle capable of receiving continuous digital upgrades.

The arrangement integrates Tata Communications’ MOVE Connected Vehicle Platform with Tata Motors Passenger Vehicles’ N. IO software-defined vehicle architecture. The combination is designed to provide persistent connectivity for infotainment, vehicle diagnostics, emergency functions and over-the-air software updates throughout the vehicle’s operating life.

The Sierra. ev will use the 5G connection to support faster software downloads, secure content streaming, remote vehicle support and real-time diagnostics. Owners will also be able to purchase additional digital subscription packages, creating scope for services and features to be added after the vehicle has been sold.

The technology marks a shift in how Tata Motors Passenger Vehicles is approaching vehicle development. Rather than treating software as a fixed component installed during manufacturing, the N. IO platform allows functions to evolve through updates delivered remotely. That approach brings passenger vehicles closer to smartphones and other connected devices whose capabilities can change after purchase.

Sven Patuschka, chief technology officer at Tata Motors Passenger Vehicles, said increasingly software-defined vehicles would make intuitive digital connectivity central to customer experience. He described the Sierra. ev as an important step in that transition, with the Tata Communications network providing the digital infrastructure needed for continuous innovation.

The system is also intended to support artificial intelligence-enabled applications as vehicle software becomes more sophisticated. Reliable high-bandwidth connections can allow data generated by cars to be processed more rapidly, supporting personalisation, predictive maintenance and services that depend on near-real-time communication between the vehicle and cloud infrastructure.

Safety-related functions form another part of the deployment. Embedded connectivity can maintain emergency calling services and enable remote assistance when required, while diagnostic data can help identify vehicle problems without the owner first taking the car to a workshop.

Tata Communications executive vice-president Vivek Manglik said vehicles were developing into intelligent digital ecosystems capable of running an expanding range of applications and services. He said the underlying digital infrastructure would be critical to expanding those capabilities securely while improving convenience and personalisation.

The Sierra. ev already offers the iRA. ev connected-car suite with about 70 functions and advanced 5G connectivity. Connected services include remote controls, trip-related functions and over-the-air updates. Tata Motors Passenger Vehicles is offering four years of iRA. ev services from activation, beginning with one year of its higher-tier Ultra Pack followed by three years of Essential Pack access, with options for customers to renew or upgrade.

Connectivity is increasingly becoming a competitive differentiator in the passenger-vehicle market as manufacturers move beyond conventional infotainment systems. Cars capable of downloading software remotely can receive bug fixes, revised interfaces and, where the vehicle architecture permits, additional functions without requiring physical service-centre visits.

The model also provides manufacturers with new commercial opportunities. Digital subscriptions can generate revenue after a vehicle has left the showroom, while real-time data can improve maintenance planning and help companies understand how vehicle features are being used. Such systems, however, also place greater emphasis on cybersecurity, data management and reliable telecommunications coverage.

The Sierra. ev incorporates several other technology-heavy features, including Level 2+ advanced driver-assistance functions on higher variants, digital displays, surround-view systems and app-based infotainment. Its connected platform is designed to provide the communications backbone needed for such technologies to develop further over the vehicle lifecycle.

India’s telecommunications network has expanded sharply since the introduction of commercial 5G services, giving carmakers a larger infrastructure base for connected-vehicle applications. The country had more than 1.28 billion wireless subscribers at the end of March 2026, while wireless data consumption during the January-March quarter reached nearly 77,953 petabytes.

For Tata Communications, connected vehicles represent an extension of its enterprise connectivity and Internet of Things operations. Its MOVE platform is designed to manage cellular connectivity for mobile assets across networks while giving businesses tools to control services and data connections.

US sanctions four India-based firms over Iran trade

The United States has sanctioned four India-based companies over alleged purchases and handling of Iranian petroleum and petrochemical products, extending Washington’s new economic pressure campaign against Tehran to businesses operating in India.

The companies named are Portease Partners LLP, Sadashiva Overseas Limited, PP Softtech Private Limited and Prakrutees Infra Impex India Private Limited. Three individuals associated with the businesses — Indrismiya Ashrafmiya Sheikh, Harish Ramachandra Rangi and Prashant Garg — have also been targeted.

The measures form part of “Operation Economic Outcast”, a broad sanctions drive announced by the administration of President Donald Trump to restrict revenue available to Iran and increase the cost for foreign companies continuing commercial dealings with Tehran.

Sadashiva Overseas Limited was accused of importing about $69 million worth of Iranian-origin petroleum products from several companies between February 2024 and June 2025. The transactions included purchases involving Bonjoure Commodity FZE, an entity already subject to US sanctions.

PP Softtech Private Limited allegedly imported about $25 million worth of Iranian-origin petroleum products between January 2024 and June 2025. Its director, Prashant Garg, was separately designated as part of the action.

Prakrutees Infra Impex India Private Limited was accused of importing roughly $25 million of Iranian petroleum products from several suppliers between May 2023 and February 2026.

Portease Partners LLP, described as a customs broker, allegedly facilitated multiple shipments of Iranian petrochemical products into India. Its designated partners Sheikh and Rangi were included in the sanctions action because of their roles in the company.

Washington said the companies knowingly engaged in significant transactions involving the purchase, acquisition, sale, transport or marketing of petroleum or petroleum products originating in Iran. The designations were made under existing executive authorities governing sanctions on Iran’s energy sector.

The action potentially restricts the targeted businesses’ access to the US financial system and freezes property or interests in property falling within US jurisdiction. Companies dealing with designated entities can also face heightened compliance scrutiny from international banks, insurers, shipping companies and commodity traders.

The inclusion of India-based businesses comes as Washington expands pressure beyond companies directly operating in Iran and focuses increasingly on overseas intermediaries that facilitate trade, shipping, payments and procurement.

Operation Economic Outcast has targeted close to 60 individuals, companies and vessels across several jurisdictions. The wider campaign covers Iran-linked petroleum trading, maritime networks, military procurement, missile-related activity and other channels Washington says generate or move funds for Tehran.

The administration has also warned governments and private businesses that continued economic engagement with Iran could expose them to secondary sanctions. Such measures allow Washington to penalise foreign entities even when transactions do not directly involve US companies or citizens, particularly when dealings involve designated sectors or sanctioned counterparties.

The latest strategy represents an intensification of economic pressure after months of disruption to energy markets and shipping around the Gulf. Iranian crude exports have already fallen sharply from levels recorded before the conflict, while restrictions around the Strait of Hormuz and greater scrutiny of tanker movements have complicated Tehran’s ability to reach overseas buyers.

China remains the largest destination for Iranian crude, although volumes have declined substantially under tighter enforcement and shipping constraints. Independent refiners have historically accounted for much of the trade, often using intermediaries, alternative payment arrangements and complex shipping structures.

India had largely stopped direct purchases of Iranian crude after US sanctions waivers expired in 2019, although trade in other products and humanitarian goods continued. The latest designations illustrate Washington’s increasing focus on identifying petroleum-origin transactions further down the trading chain rather than concentrating only on direct crude imports.

The measures could prompt additional compliance reviews among India-based commodity traders, customs brokers, shipping agents and financial institutions handling international payments. Businesses involved in petroleum products may face greater demands to document product origin, suppliers, beneficial ownership and payment routes before banks or insurers approve transactions.

Weather disruption forces Delhi flight diversions

Heavy rain and thunderstorms disrupted operations at Delhi’s Indira Gandhi International Airport on Monday, forcing at least 15 arriving flights to divert and causing hundreds of delays and more than two dozen cancellations as unstable weather swept across the capital.

Twelve of the diverted aircraft were sent to Jaipur, two to Chandigarh and one to Lucknow after conditions around Delhi deteriorated. International services were among the affected flights, while several aircraft approaching the airport were forced to abandon landings or alter their arrival plans as thunderstorms reduced the operational window available to pilots and air traffic controllers.

The disruption spread rapidly through the airport’s tightly packed schedule. More than 280 flights were delayed during the day and at least 20 were cancelled, with later data putting cancellations at 26. Delhi airport normally handles more than 1,300 aircraft movements daily, making weather-related interruptions capable of producing cascading delays well beyond the capital as aircraft and crews fall out of their planned rotations.

Airlines warned passengers that departures and arrivals could continue to be affected and advised travellers to verify flight status before leaving for the airport. IndiGo said schedules had been disrupted by the weather, while Air India cautioned that services operating to and from Delhi could be affected. SpiceJet also issued passenger guidance as rainfall complicated both airport operations and journeys to the terminals.

Thunderstorms, lightning and gusty winds of around 30 to 40 kmph accompanied the rain across parts of Delhi. Weather authorities issued a red alert for heavy rainfall for parts of the city during the intense spell, increasing the likelihood of temporary restrictions on flight movements when visibility, wind direction or runway conditions moved outside safe operating limits.

Rainfall varied sharply across the capital. Chhatarpur recorded 28 mm between 8.30 am and 11.30 am, while Lodi Road received 24.6 mm. Pitampura recorded 18.5 mm during the same period, with considerably lower totals at the Ridge, Mayur Vihar, Safdarjung and Ayanagar, reflecting the localised intensity typical of monsoon thunderstorms.

The aviation disruption came alongside widespread problems on Delhi’s roads. Waterlogging was reported at several locations, while traffic slowed on important routes connecting residential and commercial districts with the airport. Gurgaon and other parts of the National Capital Region were also affected, adding another layer of uncertainty for passengers attempting to reach terminals for scheduled departures.

Weather diversions are used when pilots and air traffic controllers determine that conditions at the intended airport may prevent a safe landing within operational or fuel limits. Aircraft may be placed in holding patterns while crews wait for conditions to improve, but prolonged thunderstorms can force flights towards designated alternate airports. Jaipur is frequently used as an alternative for Delhi-bound services because of its proximity and airport infrastructure.

Heavy rain alone does not necessarily halt modern airline operations, but thunderstorms present more complex hazards. Strong winds, lightning, rapidly changing visibility and wind shear can affect approaches and departures, while standing water can alter braking performance on runways. Airport capacity can therefore decline even when individual flights remain technically capable of operating, creating queues that ripple through arrival and departure schedules.

Monday’s disruptions underline Delhi airport’s exposure to seasonal weather at a time when passenger and aircraft volumes leave limited room for recovering schedules after prolonged interruptions. Flight delays can continue even after conditions improve because aircraft diverted elsewhere must refuel and reposition, crews can approach regulatory duty limits, and subsequent departures may be waiting for aircraft that have not yet arrived.

Resona deepens Tata Capital partnership for India growth

Japan’s Resona Bank has expanded its ties with Tata Capital through a business cooperation agreement aimed at helping Japanese companies secure financing, identify partners and pursue investment opportunities across India.

The non-exclusive memorandum of understanding announced on Monday builds on Resona Bank’s $20 million commitment as a limited partner in Tata Capital Growth Fund III LP. The vehicle invests in Tata Capital Growth Fund III, an India-focused growth equity fund managed by Tata Capital.

The partnership gives Resona’s corporate clients access to Tata Capital’s extensive domestic network and financial-services expertise as Japanese companies increase their exposure to manufacturing, sales, procurement and research and development operations across the country.

Tata Capital and Resona Bank will explore business matching, introductions and financing opportunities generated through their respective networks. The arrangement is designed particularly for companies assessing market entry, capacity expansion or broader commercial partnerships.

Resona’s investment strengthens the Japanese institutional presence in Tata Capital’s growth-equity franchise, which has maintained relationships with investors from Japan over successive funds. Tata Capital has previously established alliances with Japanese financial groups in areas ranging from private equity and investment banking to structured finance, leasing and cross-border transactions.

Rajiv Sabharwal, managing director and chief executive of Tata Capital, said the partnership combines Tata Capital’s understanding of the domestic market with Resona Bank’s relationships among Japanese businesses. He said Tata Capital Growth Fund III would support companies seeking to participate in the country’s expanding economy.

Mamoru Saito, executive officer at Resona Bank, described India as an increasingly important market for Japanese companies, particularly for manufacturing, sales, procurement and research and development. The agreement reflects a broader shift among Japanese financial institutions towards building local partnerships capable of supporting customers beyond traditional trade finance.

Tata Capital Growth Fund III is targeting about $250 million and is structured as a Category II alternative investment fund. It received its registration in September 2024. Its investment strategy focuses on growth-stage businesses operating across areas linked to urbanisation, strategic services and manufacturing, while also examining opportunities in healthcare, financial services, consumer businesses and technology.

The Asian Development Bank approved an investment of up to $25 million in the fund in June, underscoring growing institutional interest in mid-market companies. The fund is expected to target profitable small and medium-sized businesses capable of using additional equity capital to expand operations, create jobs and strengthen their market positions.

The Resona commitment therefore carries significance beyond its $20 million size. The Japanese bank can combine financial exposure to growing companies with commercial access for its corporate customers, potentially creating opportunities for investments, supplier relationships, technology partnerships and acquisitions.

Japanese companies have maintained a substantial presence across sectors such as automobiles, auto components, electronics, industrial machinery, chemicals and financial services. Businesses are also evaluating the country as an alternative manufacturing and sourcing base as companies diversify supply chains and seek exposure to faster-growing consumer markets.

Financial institutions have responded by broadening their role from lending towards advisory services, private equity connections, acquisition financing and local-market introductions. Resona already operates an Asian network encompassing representative offices and banking partnerships across several major economies, allowing it to support customers pursuing cross-border expansion.

The bank has relationships with multiple lenders operating in India, including Axis Bank, YES Bank and State Bank of India, as part of its overseas network. Its collaboration with Tata Capital adds access to a diversified non-bank finance platform with lending, wealth distribution, commercial finance and private-equity capabilities.

Tata Capital, the Tata group’s flagship financial-services company, has expanded rapidly across consumer and corporate credit. Its consolidated loan book stood above ₹2.2 trillion in the 2024-25 financial year, while profit after tax exceeded ₹36 billion. The company listed on domestic stock exchanges in October 2025.

Its growth-fund platform provides another channel for connecting international capital with privately held businesses. Unlike conventional lending, growth-equity investment allows companies to obtain longer-term capital without immediately increasing debt, an increasingly important option for businesses undertaking expansion, acquisitions or technological upgrades.

DP World pushes for longer Nhava Sheva tenure

DP World is seeking an extension of its concession to operate the Nhava Sheva International Container Terminal at Jawaharlal Nehru Port, reinforcing its long-term commitment to one of the country’s most important container gateways.

The Dubai-headquartered ports and logistics group has opened discussions with the Jawaharlal Nehru Port Authority over continuing operations beyond the existing concession period, which is due to expire on June 30, 2027. The request comes as DP World prepares to deploy an additional $5 billion across ports, logistics and supply-chain infrastructure in the country over the coming years.

Nhava Sheva International Container Terminal, known as NSICT, became the country’s first privately operated container terminal after a 30-year build-operate-transfer agreement was signed in July 1997. The facility has since become an established component of the container-handling network at Jawaharlal Nehru Port near Mumbai.

DP World took control of the terminal after acquiring P&O Ports in 2006. Its continued presence at Nhava Sheva now forms part of a wider strategy to integrate port terminals with rail, warehousing, freight forwarding, coastal shipping and inland logistics operations.

Discussions over the concession have gained urgency because the adjacent Nhava Sheva Gateway Terminal, also operated by DP World, has a concession running until 2031. Port authorities have examined the possibility of aligning the two concession periods so the adjoining facilities could eventually be offered as a larger combined terminal.

The proposed approach would potentially allow the two terminals to operate as a more integrated facility, offering greater berth flexibility and improving the ability to accommodate larger container vessels. Combining terminal operations could also help reduce infrastructure duplication and improve utilisation of available waterfront capacity.

A four-year extension for NSICT has previously been considered as one possible route to align its tenure with the neighbouring terminal. However, the issue involves legal and commercial questions because the original concession agreement does not provide an automatic mechanism for extending the operating period.

Commercial terms are likely to play a central role in the negotiations. The NSICT concession operates under a royalty model, with payments linked to container volumes and annual escalation provisions. Any extension would have to balance revenue expectations for the port authority against the economics of operating and upgrading an ageing terminal.

DP World’s interest in maintaining its Nhava Sheva presence comes alongside a substantial expansion of its infrastructure network. The company has already invested about $3 billion over three decades and has committed another $5 billion to strengthen integrated logistics, multimodal connectivity and maritime infrastructure.

Its network spans more than 200 locations and supports port terminals, inland container depots, rail freight services, warehouses and supply-chain operations. More than 24,000 direct and indirect jobs are linked to the company’s activities across the country.

DP World is also developing a major greenfield container terminal at Tuna Tekra in Deendayal Port in Gujarat. The project is designed with an initial annual capacity of about 2.19 million twenty-foot equivalent units and a berth of around 1,100 metres, with provision for further expansion. Completion is targeted for 2027.

The company operates container terminals at several strategic maritime locations, including Nhava Sheva and Kochi, while expanding inland freight corridors designed to connect manufacturing centres more efficiently with ports.

Jawaharlal Nehru Port remains central to that strategy because of its position serving the Mumbai metropolitan region and industrial belts across western, central and northern parts of the country. The port is connected to the Dedicated Freight Corridor and has invested in common rail infrastructure capable of handling longer and double-stack container trains.

NSICT’s original concession marked a turning point in the development of private participation at major ports. The model helped introduce private capital, equipment and operating expertise into container terminal development at a time when cargo volumes were expanding rapidly.

The port has since developed into a multi-terminal complex involving several private operators, increasing competition and overall container-handling capacity. DP World also operates the 330-metre Nhava Sheva Gateway Terminal, which has design capacity of about 800,000 TEUs annually.

Extending the older terminal’s concession would therefore have implications beyond DP World’s existing operations. A decision could influence how the port structures future tenders, combines neighbouring assets and seeks private investment while maintaining competition among terminal operators.

Rupee slips to 95.74 as market pressures persist

The rupee weakened to around 95.74 against the US dollar on Monday as subdued domestic equities, elevated crude prices and uncertainty surrounding fresh US sanctions on Iran kept currency traders cautious.

The currency closed at about 95.7450 per dollar, extending pressure seen during the previous week while remaining confined to a comparatively narrow trading band. Persistent dollar demand from importers was partly offset by foreign currency inflows and intervention by the Reserve Bank of India, limiting the extent of depreciation.

The closing level was weaker than Friday's 95.6950, when the rupee had ended almost unchanged on the day but recorded a decline of roughly 0.3% for the week. The move on Monday kept the currency within sight of the psychologically important 96-per-dollar level, which traders have watched closely during bouts of volatility linked to Middle East tensions.

The Reserve Bank of India has remained active across currency markets, with dollar sales through state-run banks helping curb speculative pressure. Its interventions have contributed to unusually low short-term volatility despite substantial swings in crude oil and other global assets.

Two-week realised volatility in the rupee has fallen below 2%, while one-month implied volatility has eased to about 4%, below its year-to-date average of roughly 5.2%. Dealers expect the currency to remain broadly within a 95.50-96.50 range in the near term unless geopolitical developments trigger a sharper move in oil or the dollar.

Domestic equity weakness added to the cautious tone. The Sensex fell about 172 points to 77,369.11, while the Nifty 50 slipped below 24,250. Investors remained wary ahead of details of Washington's planned sanctions against Tehran, even as crude prices retreated from their latest highs during Monday's session.

Brent crude fell below $93 a barrel during trading after gaining more than 5% in the previous week. Prices had climbed as negotiations involving Washington and Tehran reached an impasse and uncertainty persisted over shipments through the Strait of Hormuz.

The pullback in oil offered some relief to the rupee but did little to remove the broader risk confronting the currency. India imports close to 90% of its crude requirements, leaving the economy sensitive to sustained increases in energy costs. Higher crude prices raise the country's import bill, increase demand for dollars from refiners and can place additional pressure on inflation.

Brent has remained around the low-$90s despite disruptions surrounding Hormuz, substantially above levels that prevailed before the escalation in Middle East tensions. Market forecasts have also shifted higher, with expectations that persistent supply constraints could push Brent towards $100 a barrel later this year.

Iran-related risks have become an important driver of currency and bond markets. Washington is preparing tougher economic sanctions aimed at increasing pressure on Tehran and potentially restricting its oil trade. Iran has warned that intensified economic pressure could have consequences for energy flows from the Gulf, adding uncertainty to a region that remains crucial to global petroleum supplies.

The dollar also strengthened modestly against a basket of major currencies, rising about 0.2% and adding pressure on several Asian currencies. Regional equity markets were mostly weaker as investors reduced exposure to risk ahead of the US sanctions announcement and key economic signals from the Federal Reserve.

Capital inflows have nevertheless provided the rupee with an important cushion. Measures introduced by the RBI to strengthen external liquidity have attracted tens of billions of dollars, boosting the central bank's capacity to manage disorderly currency movements.

The central bank's large foreign exchange reserves and continuing inflows have enabled it to resist abrupt declines, while importer hedging and month-end corporate dollar requirements remain sources of downward pressure. Its interventions have also prevented the rupee from moving decisively beyond 96 per dollar during periods of heavier selling.

Private operators set for 11-airport leasing round

The government has moved closer to leasing 11 Airports Authority of India airports to private operators after a key appraisal panel gave in-principle clearance to the plan, opening the way for one of the country’s largest airport monetisation rounds.

The airports will be offered in five bundles under the public-private partnership model, pairing larger, commercially stronger facilities with smaller airports that may require financial support. The proposed concessions are expected to run for 50 years, while ownership of the airports will remain with the Airports Authority of India, or AAI.

The five proposed groups comprise Amritsar and Kangra; Varanasi, Kushinagar and Gaya; Bhubaneswar and Hubballi; Raipur and Chhatrapati Sambhajinagar, formerly Aurangabad; and Tiruchirappalli and Tirupati.

The Public Private Partnership Appraisal Committee has granted in-principle approval for the transaction, marking an important step before the government proceeds towards detailed bid documentation and the competitive auction process.

Authorities are also examining restrictions on how many bundles a single company can win. The move follows concerns that further consolidation could increase concentration in the airport sector, where a relatively small number of private groups already handle a substantial share of passenger traffic.

The proposed safeguards could become one of the most closely watched features of the auction. Adani Airport Holdings and GMR Airports operate several of the country’s largest airports, while international infrastructure companies and investment groups are also expected to study the opportunity.

Earlier preparations for the transaction had attracted interest from operators including Adani, GMR, France-based Vinci Airports and the National Investment and Infrastructure Fund. The final field of bidders will become clear only after tender conditions and qualification requirements are issued.

The government intends to use the bundling mechanism to make smaller airports commercially viable by linking them with stronger traffic-generating facilities. Revenue from the larger airport in a package could effectively support investment and operating requirements at the smaller facility, reducing the burden on AAI.

Investment requirements associated with the 11 airports have been estimated at about ₹8,622 crore as capacity expansion and infrastructure upgrades are pursued. The precise capital expenditure obligations imposed on successful bidders will depend on the concession agreements and traffic projections incorporated into the tender documents.

AAI has also been targeting substantial proceeds from airport monetisation. Earlier estimates indicated that leasing the 11 airports could generate roughly ₹6,000 crore for the authority, giving it additional resources to build and upgrade aviation infrastructure elsewhere.

The model follows previous airport privatisations under which private concessionaires assumed responsibility for operations, management and development while the underlying assets remained publicly owned.

Delhi and Mumbai were transferred to PPP operators in 2006. A later auction resulted in Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram being awarded under 50-year concessions. Those six airports were won by Adani Enterprises through competitive bidding based on per-passenger fees payable to AAI.

The forthcoming transaction differs significantly because airports are being offered in clusters rather than exclusively as individual assets. The policy is designed partly to ensure that bidders cannot concentrate solely on profitable airports while leaving lower-traffic facilities dependent on public financing.

Varanasi is among the most commercially significant assets in the programme, serving a major tourism and pilgrimage centre and Prime Minister Narendra Modi’s parliamentary constituency. Tirupati also handles substantial pilgrimage-linked passenger traffic, while Amritsar is an important international and domestic gateway for Punjab.

Kushinagar and Gaya have strategic importance for Buddhist tourism, although their traffic volumes are considerably smaller. Kangra serves the Dharamshala region, while Hubballi provides connectivity to a major commercial centre in Karnataka.

The government has previously identified 25 AAI airports for monetisation as part of its broader infrastructure asset programme. Airport leasing is intended to unlock capital from operational public assets while bringing private investment into terminals, passenger services and commercial development.

The structure has nevertheless intensified debate over competition. Finance authorities have raised concerns about the possibility of an oligopolistic market if the same groups continue acquiring multiple airports, prompting proposals to limit the number of bundles that any one bidder may secure.

TDCX expands Hyderabad base as India workforce surges

TDCX is expanding its operations in Hyderabad with a new campus at Meenakshi Eco Park, increasing capacity as its India workforce grows by more than 600% over three years.

The expansion strengthens the Singapore-headquartered customer experience specialist’s presence in one of the country’s largest technology hubs and underlines India’s growing importance in supporting global technology, digital economy and high-growth clients.

The Meenakshi Eco Park facility gives TDCX additional space to scale customer experience operations, technology functions and specialised services as demand from international clients becomes increasingly complex. The company entered the market in 2022 with a 45,000-square-foot office at Skyview 20 in Hyderabad, establishing the city as both a service delivery location and a digital innovation hub.

Since then, TDCX has expanded rapidly as companies seek a combination of skilled labour, multilingual capabilities and technology expertise. Its headcount in the country has risen by more than sixfold over three years, making the Hyderabad operation an increasingly significant part of its global delivery network.

The expansion comes as customer experience outsourcing is being reshaped by artificial intelligence, automation and growing demand for higher-value services. Large technology companies are increasingly looking beyond traditional contact-centre functions, seeking partners capable of handling digital advertising, e-commerce, trust and safety, fintech, mobility and technically demanding customer interactions.

TDCX has positioned its operations around that shift. Its services combine customer support with revenue operations, content and community management, digital transformation, AI-enabled analytics and consultancy. The company says its model is designed to combine automation with human judgement, particularly where customer queries or platform decisions require more complex handling.

Hyderabad provides access to a large pool of technology and engineering professionals as well as employees experienced in business process management. The city has become an important global capability centre destination, attracting major investments from technology, financial services and digital businesses seeking skilled workers and comparatively competitive operating costs.

Meenakshi Eco Park, in Hyderabad’s western technology corridor, is emerging as a major commercial development. The project has a planned built-up area of about six million square feet and has attracted large corporate occupiers. Uber has leased more than 900,000 square feet at the development under a long-term agreement, while investment management company Invesco has also taken substantial office space there.

TDCX’s move reflects a broader transformation in the outsourcing sector, where companies are placing greater emphasis on specialised skills rather than simply increasing the number of customer service agents. Generative AI can now resolve routine inquiries, summarise conversations and provide real-time assistance to employees, encouraging service providers to direct more workers towards complex customer interactions, technical support and revenue-generating functions.

The company is also using AI-supported tools in its customer operations. Such systems can assist agents by retrieving information, suggesting responses and analysing customer sentiment while automation handles repetitive processes. Human employees remain central to interactions requiring judgement, empathy or an understanding of regulatory and cultural factors.

TDCX operates across Asia-Pacific, Europe and the Americas and employs more than 20,000 people across its global network. Its operations cover more than 50 languages and dialects, allowing multinational clients to consolidate customer experience programmes across different markets.

India is becoming an increasingly important part of that network because of its combination of English-language proficiency, engineering talent and established outsourcing infrastructure. While traditional business-process work remains substantial, employers are increasingly recruiting workers with skills in data analytics, software development, cybersecurity, artificial intelligence and digital operations.

That development is also altering competition for talent in Hyderabad. Global capability centres, cloud computing companies, financial institutions and technology groups are expanding in the city, increasing demand for employees who combine technical proficiency with communication and customer-management skills.

TDCX initially identified Hyderabad as its entry point because of the city’s technology ecosystem and availability of specialists in areas including frontend development, user interface and user experience design, Angular, React and full-stack engineering. Its technology teams have worked on software intended to generate deeper insights into customer behaviour and improve service outcomes.

The new campus provides additional capacity for the next phase of that strategy. TDCX is expected to use its expanded Hyderabad footprint to support international businesses seeking round-the-clock digital customer operations while developing capabilities around AI-assisted services and other technology-intensive customer experience functions.

Copper gains ground in India’s electric vehicle boom

Copper is becoming an increasingly strategic input for India’s automotive manufacturing industry as electric vehicles, advanced electronics and charging infrastructure lift demand for the highly conductive metal.

Prime Minister Narendra Modi highlighted the scale of the transformation in his Independence Day address on August 15, saying about 25 lakh electric vehicles were sold in 2025-26, compared with roughly 1.5 lakh in 2009-10. The figures underline how electrification has moved from a niche segment towards a sizeable part of the wider vehicle market.

The shift has consequences well beyond battery production. Electric vehicles use copper in traction motors, high-voltage wiring, inverters, battery-management systems, charging connections and power electronics. Conventional vehicles are also becoming more copper-intensive as manufacturers add advanced driver-assistance systems, sensors, infotainment, connectivity and electronically controlled functions.

Battery-electric cars can require several times as much copper as comparable internal-combustion vehicles, although the precise quantity varies by vehicle size, motor architecture and battery configuration. Industry estimates commonly place copper content in a typical battery-electric passenger vehicle at around 60-80 kg, against roughly 20-25 kg for a conventional model.

India’s expanding electric two-wheeler, three-wheeler, passenger-car and commercial-vehicle markets therefore represent an increasingly important source of metal demand. Charging networks add another layer, requiring copper for cables, transformers, switchgear and grid connections as public and private charging installations expand.

The trend coincides with wider growth in electronics manufacturing. Vehicles increasingly resemble mobile electronic platforms, incorporating semiconductor-based control units, radar and camera systems, digital displays and sophisticated electrical architectures. Even before full electrification, rising electronic content was increasing the amount of copper wiring and connectors required per vehicle.

This development is creating opportunities for manufacturers of copper rods, wires, foils, busbars, connectors and specialised alloys. Suppliers capable of producing high-conductivity components to automotive specifications are becoming more important as carmakers localise components and seek shorter supply chains.

The challenge lies in securing enough material. Domestic copper demand is estimated at about 1.8 million tonnes annually, while refined production remains substantially lower. Imports have expanded sharply over the past decade, reflecting both rising consumption and limitations in domestic mining and processing capacity.

The government’s long-term Copper Vision anticipates demand increasing sixfold by 2047 and envisages about five million tonnes a year of additional smelting and refining capacity by 2030. The strategy also places greater emphasis on recycling, overseas mineral assets and long-term concentrate supply arrangements.

Hindalco Industries remains a major domestic refined-copper producer, while Adani Group’s Kutch Copper complex has added substantial new smelting capacity. Hindustan Copper, the country’s principal domestic copper miner, is seeking to expand production and strengthen access to overseas resources.

Supply security has consequently become intertwined with foreign economic policy. Companies and state enterprises have been exploring copper opportunities in resource-rich countries including Chile and Peru. Hindustan Copper has pursued arrangements involving concentrate sourced from Chile, while major private groups have examined opportunities in overseas mines and long-term raw-material partnerships.

The international backdrop adds urgency. Global copper demand is being pushed higher by electric vehicles, renewable power, electricity grids, data centres and other digital infrastructure. Current projections show copper recording the largest absolute increase in demand among several key energy-transition minerals through 2040.

Mine development, however, typically takes many years. Ore grades are declining at some established deposits, while new projects face high capital costs, environmental approvals and geopolitical risks. Even with announced projects proceeding, global copper supply could remain materially below projected requirements during the next decade.

For vehicle manufacturers, copper availability is only one part of the equation. Prices can affect the cost of motors, wiring harnesses, chargers and power-electronic assemblies. Automakers are responding through lightweight wiring designs, higher-voltage systems and engineering changes that reduce material use without compromising conductivity or safety.

Recycling could also assume a larger role. Copper can be repeatedly recovered without losing its fundamental electrical properties, giving scrap from vehicles, electrical equipment and industrial machinery significant economic value. Building stronger collection and secondary-refining systems could reduce import exposure as vehicle scrappage volumes rise.

SEBI blocks two firms after Sensex auction trades

The Securities and Exchange Board of India has barred Copthall Mauritius Investment Limited and Mansi Share and Stock Broking Private Limited from the securities market after detecting alleged manipulation during the BSE Sensex closing auction, and ordered the impounding of about ₹3.68 crore in alleged wrongful gains.

The action followed trading on August 13, when weekly derivatives contracts linked to the Sensex expired. SEBI issued an ex-parte interim order on August 19, only six days after the disputed transactions, marking a swift regulatory intervention in the Closing Auction Session, or CAS, introduced at the beginning of the month.

SEBI calculated prima facie wrongful gains of ₹2.96 crore for Copthall and ₹71.64 lakh for Mansi, taking the combined amount to ₹3,67,80,773. Copthall is a Mauritius-based investment entity owned by JPMorgan Chase, while the restriction on Mansi applies to its proprietary trading account.

The case centres on unusually aggressive orders placed in Sensex constituent shares during the closing auction. Copthall allegedly entered large buy orders at prices materially above reference levels, pushing the indicative equilibrium prices of several stocks higher. Its derivatives portfolio included long call and short put positions that stood to gain from an upward movement in the benchmark.

Surveillance data identified three abrupt Sensex movements during the auction, involving swings of 362.02 points, 132.67 points and 405.08 points over intervals ranging from two seconds to 28 seconds. During one two-second surge, Copthall accounted for 99.91% of the relevant buy-order value, while its share was 96.09% during another sharp movement.

Many of those orders were placed close to the permitted upper price boundary and across multiple Sensex constituents within seconds. A substantial proportion was later cancelled after influencing the indicative auction price, strengthening SEBI's preliminary view that the trading pattern had been designed to affect price discovery rather than simply execute genuine investment demand.

Mansi allegedly employed an opposite strategy. The brokerage placed aggressive sell orders in eight Sensex constituents at prices significantly below their reference levels, temporarily suppressing the benchmark's indicative equilibrium price. Its outstanding put-option positions benefited from the downward move. Most of the sell orders were subsequently withdrawn after the relevant derivatives positions had been squared off.

SEBI has not alleged at this stage that Copthall and Mansi acted together. Its preliminary examination indicates that the two entities independently used opposing strategies during the same closing auction, each producing price movements favourable to its own derivatives positions. A detailed investigation remains under way.

Pending that investigation, both entities have been restrained from accessing the securities market and from participating directly or indirectly in equity-market closing auctions. They cannot place, modify or cancel CAS orders until further directions. Restrictions have also been imposed on debits from relevant bank and demat accounts, while disposal of assets requires regulatory permission. The entities have been directed to provide inventories of their assets, investments and accounts within 15 days.

The enforcement action is significant because CAS has been operating only since August 3. The system replaced the earlier method of calculating closing prices of futures-and-options stocks from the volume-weighted average of trades during the final 30 minutes of continuous trading. Under the auction method, orders are accumulated near the close and matched at a single equilibrium price intended to reflect maximum executable volume.

The 20-minute mechanism begins at 3.15 pm and was introduced to improve end-of-day price discovery and bring the market closer to practices used by major global exchanges. The official closing price is particularly important because it affects benchmark calculations, derivatives settlements, portfolio valuations and the net asset values of funds.

Its early implementation has nevertheless produced sharp movements in the Nifty 50 and Sensex around the close, exposing liquidity differences between exchanges and creating challenges for derivatives traders. SEBI Chairman Tuhin Kanta Pandey has ruled out abandoning the system while signalling that operational weaknesses will be addressed.

Regulators are also working with brokers to deepen liquidity during the auction process. Brokers are expected from September to begin accepting orders during the five-minute transition period between 3.15 pm and 3.20 pm, when order entry has so far been unavailable. Exchanges have separately improved visibility of indicative benchmark prices and introduced shorter-duration securities-lending contracts to make hedging and short-selling easier.

Banks accelerate offshore bond funding

Banks have raised about $4 billion through international bond markets this year, as cheaper hedging, strong investor demand and expanding foreign-currency business revive offshore borrowing after years of relatively subdued issuance.

HDFC Bank, ICICI Bank, Axis Bank and State Bank of India have been among the principal issuers, while another group of lenders is preparing deals that could keep the fundraising cycle active through the remainder of 2026. The rush has broadened from large banks to lenders making their first appearances, or returning after lengthy absences, in the international debt market.

The revival has been driven largely by a Reserve Bank of India initiative introduced in June that sharply reduced the cost of hedging qualifying overseas borrowings. The facility allows eligible foreign-currency borrowings with minimum maturities of three years to be swapped at a fixed annual rate of 1.5 per cent, reducing one of the biggest disadvantages banks face when raising dollars abroad.

HDFC Bank was among the first major beneficiaries, raising $750 million through five-year senior unsecured bonds issued through its International Financial Services Centre banking unit at GIFT City. The securities carry a coupon of 5.067 per cent and mature in June 2031.

Axis Bank followed with an $800 million dual-tranche transaction. It sold $500 million of perpetual Additional Tier 1 capital notes carrying a 6.875 per cent coupon and $300 million of five-year senior unsecured notes paying 5.348 per cent. The senior securities mature in June 2031.

ICICI Bank has emerged as one of the most active borrowers. After returning to the public dollar market in July with a $1 billion five-year issue — its first such benchmark transaction since 2017 — the lender raised another $750 million in August. The second transaction was priced at 105 basis points above the five-year US Treasury yield after investor demand exceeded $2.2 billion.

State Bank of India has also stepped up overseas fundraising. The lender raised $600 million through a private placement of three-year dollar bonds after postponing an earlier planned public transaction when heavy supply pushed borrowing costs higher. It subsequently returned to the public market with plans for at least $500 million of five-year bonds through its London branch, with bankers expecting the eventual size to potentially reach $1 billion.

The next phase is likely to involve a wider pool of borrowers. Kotak Mahindra Bank, YES Bank, IDFC First Bank and Federal Bank have accelerated plans to raise a combined $1.85 billion through dollar bonds with maturities of up to five years. Kotak is entering the international bond market for the first time, while YES Bank is returning after the restructuring that followed its 2020 crisis.

Their plans have gained urgency after the central bank brought forward the closing date for a separate zero-cost foreign-exchange swap facility covering Foreign Currency Non-Resident deposits to August 31 from September 30. The measure had attracted $52.3 billion in such deposits between June and mid-August, prompting the earlier closure. Other concessional windows covering external commercial borrowings and overseas foreign-currency borrowings remain available until the end of December.

Banks have sought foreign-currency liabilities partly to support lending and deposit businesses linked to overseas customers while diversifying funding beyond domestic deposits. International issuance can also broaden the institutional investor base, particularly among global asset managers, pension funds and banks seeking investment-grade Asian credit.

Pricing remains sensitive to US Treasury yields and the volume of simultaneous supply. SBI had delayed a planned $1 billion deal in June when competing issuance increased borrowing costs, illustrating how an overcrowded calendar can erode some of the advantage provided by cheaper hedging.

That constraint has not halted the broader expansion. Overseas fundraising by banks reached about $6.3 billion after the central bank's June measures, compared with roughly $850 million earlier in the year, while lenders were preparing billions of dollars of additional bond and loan transactions before the end-August deposit-swap deadline.

Sebi warns against attempts to manipulate closing auction

Securities and Exchange Board of India Chairman Tuhin Kanta Pandey has warned market participants against attempts to manipulate the newly introduced Closing Auction Session, saying the regulator has stronger surveillance capabilities under the mechanism and will act sternly against misconduct.

Pandey said on Wednesday that any attempt to undermine or “defame” the Closing Auction Session, or CAS, through manipulation would attract regulatory action. He also reinforced Sebi’s position that the mechanism, introduced on August 3, is here to stay despite concerns raised by brokers and other market participants during its opening weeks.

The warning comes as Sebi and stock exchanges work to improve liquidity and price discovery during the 20-minute auction that determines closing prices for eligible shares. The regulator has asked brokers to facilitate order placement during the five-minute transition between 3.15 pm and 3.20 pm from September, a change aimed at increasing participation before orders are matched.

CAS operates between 3.15 pm and 3.35 pm on trading days. During its initial phase, it applies to shares in the equity cash market on which derivative contracts are available. Other securities continue to use the earlier method for calculating closing prices.

The previous framework determined the closing price using the volume-weighted average price of trades conducted during the last 30 minutes of continuous trading. Under CAS, buy and sell orders are brought together in a separate auction, with the closing price established around the level at which the maximum executable quantity can be matched.

Pandey said Sebi’s ability to identify manipulation is greater under the auction framework than under the volume-weighted average system. The regulator views the mechanism as an important market-structure reform designed to make closing-price formation more transparent and bring domestic practices closer to those followed by major international markets.

The rollout initially produced sharp movements in benchmark indices and prompted concerns over thin liquidity during the auction. The Nifty 50 and BSE Sensex experienced unusual closing-stage divergences during some sessions, drawing attention from traders, brokers and institutional investors.

Market participants have linked some of the early volatility to limited depth in the securities lending and borrowing market. Short-selling constraints can make it difficult for participants to respond quickly when auction prices diverge from levels prevailing during continuous trading.

Sebi has maintained that it has not detected manipulation behind the unusual price movements observed since CAS began. Pandey earlier said cautious participation during the initial phase contributed to some of the differences in closing levels and argued that greater familiarity with the mechanism should improve liquidity.

Institutional participation has already strengthened. Mutual funds accounted for only about 5-6 per cent of activity during the first day of the closing auction, but their share subsequently climbed to roughly 20-25 per cent. Greater participation from institutions, arbitrage desks and other large market players is expected to narrow price discrepancies and deepen the auction order book.

Stock exchanges have also introduced adjustments intended to make the system easier for traders to follow. Indicative index prices are now displayed during the closing auction, giving participants greater visibility into the potential effect of individual share prices on benchmark indices.

Shorter-tenure contracts have also been introduced in the securities lending and borrowing segment, addressing concerns that the earlier structure provided insufficient flexibility for participants seeking to hedge or arbitrage positions around the closing auction.

Sebi has indicated that feedback from brokers and investors remains under examination even as it rules out abandoning CAS. Pandey said earlier this week that the regulator was analysing issues raised during implementation and would consider changes where required to make the mechanism function more efficiently.

The auction is particularly significant for passive investment products such as exchange-traded funds and index funds. Closing prices influence index calculations, portfolio valuations and the execution of large institutional orders. Sebi expects a deeper closing auction to reduce tracking errors and provide investors with a more representative end-of-day price.

Closing auctions are already standard features at several major international exchanges, where substantial institutional trading takes place around the market close. Sebi designed the domestic framework around the principle of establishing a single equilibrium price through the matching of aggregate supply and demand rather than relying on an average of earlier trades.

India prepares first Arctic cargo voyage to Russia

India is preparing to send its first cargo vessel through Russia’s Northern Sea Route in 2027, opening a new maritime option that could deepen commercial links with Moscow while testing the economics and operational risks of Arctic shipping.

The plan has emerged from talks between New Delhi and Russia’s Arkhangelsk region over the commercial potential of the route. Arkhangelsk, on the Northern Dvina River near the White Sea, is an established cargo and industrial centre and is increasingly being positioned as a western gateway for traffic moving through Russia’s Arctic waters.

The Northern Sea Route, or NSR, runs for roughly 5,600 km along Russia’s northern coastline between the Barents Sea region and the Bering Strait. It can provide a significantly shorter connection between parts of Europe and Asia than routes through the Suez Canal, although the commercial advantage varies sharply depending on a ship’s origin, destination, season, cargo and ice conditions.

For India, the proposed voyage would be significant because New Delhi and Moscow have spent several years examining alternatives to established trade corridors. Their July 2024 summit declaration formally backed cooperation in developing shipping between the two countries through the Northern Sea Route, while the issue remained part of bilateral discussions during the Russia-India annual summit in December 2025.

Interest has grown as Russia expands Arctic infrastructure and seeks to increase the NSR’s role in international commerce. Transit cargo on the route reached a record 3.2 million tonnes in 2025, while the number of container transit voyages rose to 24 from 14 a year earlier. The total number of voyages along the route climbed 14% to 1,521. Russia also operates a large nuclear-powered icebreaker fleet to support navigation through difficult conditions.

The commercial attraction lies principally in distance and time. A China-Europe container transit through the NSR in 2025 took about 20 days, compared with around 40 days using the longer southern route. Such savings, however, cannot automatically be applied to India-Russia trade because geography is less favourable for some cargo movements originating from ports in the Arabian Sea or along India’s western coast.

A pilot voyage would therefore allow shippers to test actual freight costs, insurance charges, ice-class requirements, port handling, navigation support and seasonal reliability before considering regular services. Thick Arctic ice still restricts much of the route for long periods, and conventional vessels may require icebreaker assistance or specialised hull specifications.

Studies of Arctic shipping also caution that shorter distance does not always translate into proportionate savings. Lower operating speeds, weather constraints, sea-ice diversion, higher insurance premiums and specialised vessel requirements can erode some of the theoretical cost advantage over Suez. Environmental risks are also greater in remote Arctic waters, where oil spills, mechanical failures and rescue operations can be more difficult to manage.

Russia nevertheless continues to accelerate use of the corridor. During the 2026 navigation season, crude shipments towards Asia began at a faster pace than the previous year, while additional domestically built Arc7 ice-class LNG carriers entered service. These ships are designed to operate in severe Arctic conditions and can move through ice that would stop ordinary commercial vessels.

China’s expanding role is another factor shaping India’s calculations. Russia and China have developed container links across the NSR, and a roadmap envisages increasing bilateral cargo traffic on the route to 20 million tonnes by 2030. Regularised Arctic services between Chinese and European ports are also demonstrating that container traffic can move through the corridor during favourable navigation periods.

For New Delhi, the Arctic route would complement rather than immediately replace established maritime corridors. India is already pursuing the International North-South Transport Corridor through Iran and the Caspian region, while the Chennai-Vladivostok maritime corridor has been promoted as another link with Russia’s Far East.

Arkhangelsk could become particularly relevant if cargo arriving through Arctic waters can connect efficiently with Russia’s rail and inland logistics network. Its location gives Russia a potential distribution point for goods moving between the NSR, European Russia and neighbouring markets.

Delhi Police defends force as court orders scrutiny

Delhi Police has rejected allegations that excessive force was used against student protesters at Jantar Mantar, telling the Supreme Court that officers exercised restraint while confronting a crowd that attempted to march towards Parliament on July 20. The court, however, has decided to constitute a high-powered committee to examine competing allegations of violence by police personnel and protesters.

The police defence was presented in a counter-affidavit as the Supreme Court considered a batch of petitions seeking an independent investigation into the handling of demonstrations linked to protests over examination paper leaks. Police said the proposed march towards Parliament had no permission and described the attempt to proceed beyond the designated protest area as unlawful.

Police estimated that more than 30,000 protesters were present around Jantar Mantar and adjoining areas, spread across roughly three kilometres, while about 5,000 police personnel had been deployed to manage the gathering. The affidavit said sections of the crowd breached barricades and the situation deteriorated as demonstrators attempted to advance towards Parliament.

Authorities maintained that force was applied in stages and only after attempts at crowd control failed. They disputed allegations that their response amounted to indiscriminate violence, arguing that photographs and video clips cited by petitioners presented an incomplete account of the confrontation.

The police also alleged that anti-social elements and people with criminal records had entered the demonstration and contributed to violence. More than 240 police and security personnel were injured, the affidavit said, while around 200 protesters and other members of the public suffered injuries. The figures presented to the court are higher than some initial assessments issued immediately after the July 20 confrontation.

Petitioners have offered a sharply different account. They have alleged indiscriminate baton charges, use of tear gas, electronic batons and projectile weapons against demonstrators, many of whom were students. One of the petitions specifically challenges the alleged use of pellet guns for civilian crowd control.

The Supreme Court had already found that the allegations disclosed a prima facie case warranting an independent and impartial examination. Material placed before the court included claims that students sustained pellet and rubber-bullet injuries, that one person suffered serious damage to his eyesight and that journalists and other civilians were assaulted. The court has also taken note of allegations that protesters attacked police personnel with stones and other objects.

A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and V Mohana has sought to keep scrutiny focused on both sides of the confrontation. Earlier proceedings produced the court's observation that neither a police officer who used excessive force nor a criminal posing as a student protester should receive protection.

The court had previously directed authorities to preserve CCTV recordings, drone footage, body-camera recordings, police wireless communications and other evidence connected with the demonstrations. It also ordered protection of protesters' personal and digital information and directed that children below 18 without criminal antecedents who had been detained or arrested in connection with the protests be released.

The July 20 confrontation developed after protesters participating in the youth-led movement gathered at Jantar Mantar and attempted to march towards Parliament. The campaign had grown around anger over examination irregularities and demands for greater accountability in the education system. Police used batons and tear gas as demonstrators pushed towards restricted areas, while protesters accused the authorities of attempting to suppress a largely student-driven movement.

The dispute has consequently moved beyond the question of whether police were entitled to stop an unauthorised march. The proceedings now centre on whether the methods employed were proportionate to the threat faced and whether individual officers or protesters crossed legal limits.

Delhi University suspends scholar after professor assault

Delhi University has suspended a Faculty of Law PhD scholar and barred him from its premises after he allegedly assaulted a professor inside a campus building, prompting a police case and an independent university inquiry.

Shubham Singh, 31, was suspended with immediate effect following the incident at Umang Bhawan at about 10.30 am on Monday, August 17. The scholar, admitted to the Faculty of Law during the 2024-25 academic session, has also been prohibited from entering university premises while disciplinary proceedings are under way.

The professor has been identified as Anupam Jha, a Faculty of Law teacher who has served at the university for 23 years. CCTV footage of the episode shows a man waiting near the entrance before approaching the professor. The footage circulating online appears to show the confrontation developing rapidly, with others nearby attempting to intervene.

Delhi Police have registered an FIR at Maurice Nagar police station and begun an investigation. The university has separately constituted a three-member committee to establish the circumstances surrounding the confrontation and recommend further action. The committee is headed by chemistry professor Rajeev Gupta and includes professors Vipul Singh and Sudha Singh.

Jha has said he suffered an injury to his elbow and bruising to his hand during the episode. He said Singh was not his student and that interaction between them had been limited. Jha linked the dispute to an earlier encounter following Singh's PhD admission process, saying the scholar had confronted him in July 2025 over questions asked during an admission interview.

Singh has presented a different account of the background to the confrontation. He described his actions as stemming from accumulated frustration connected with the PhD interview process and questions raised during his admission attempts. Singh completed his LLB in 2020 and LLM in 2024 before enrolling for doctoral research at the Faculty of Law.

The scholar said his proposed research concerned the continuation of colonial-era approaches to relations between the state and religion. He said questions during the admission process about terminology used in the proposal had remained a source of dissatisfaction. The university inquiry is expected to examine these claims alongside CCTV material, accounts from those present and other evidence surrounding the alleged assault.

The disciplinary order was issued by the Office of the Proctor under provisions governing student conduct. University Proctor Manoj Kumar Singh confirmed that an inquiry had been ordered after the institution received CCTV footage relating to the incident. The entry ban was imposed under Ordinance XV-B, which provides the university with disciplinary powers in cases involving student misconduct.

The episode has intensified concern among Delhi University teachers over safety on campus. The Democratic Teachers' Front said suspending the scholar did not by itself adequately address the seriousness of the incident and called for swift disciplinary measures as well as enforceable safeguards to protect teachers from violence, intimidation and abuse.

The teachers' organisation said the assault should not be viewed as an isolated episode. It referred to another case in which Faculty of Law teachers were allegedly subjected to verbal abuse and argued that repeated incidents were undermining confidence among faculty members that threats or attacks would bring sufficiently strong institutional action.

Faculty groups have also pointed to an October 2025 confrontation at Dr Bhim Rao Ambedkar College, affiliated with Delhi University, where Delhi University Students' Union joint secretary Deepika Jha was accused of slapping professor Sujit Kumar during a dispute. That incident was recorded on video and triggered protests by teachers as well as a university-level investigation.

Delhi University later imposed disciplinary action against Deepika Jha, while the episode remained a reference point for faculty organisations pressing the administration to adopt a firmer response to physical confrontations involving teachers. The Democratic Teachers' Front has now sought clear preventive measures and faster action whenever faculty members face violence or threats.

Pant becomes first India batter with 100 Test sixes

Rishabh Pant became the first player from India to hit 100 sixes in Test cricket on Tuesday, adding a world pace record to the landmark during the opening Test against Sri Lanka at Galle.

The wicketkeeper-batter reached three figures for career Test sixes when he launched fast bowler Lahiru Kumara over the boundary during India’s second innings on the fourth day. The stroke also completed Pant’s 20th Test half-century and underlined his position as one of the most aggressive batters in the longer format.

Pant reached 100 sixes in his 89th Test innings, comfortably the quickest any batter has attained the milestone. Adam Gilchrist had previously required 130 innings, while Ben Stokes took 151 and Brendon McCullum 170.

The 28-year-old also became only the fourth player to reach 100 Test sixes. Stokes leads the all-time list with 138, followed by former New Zealand captain McCullum with 107. Pant moved alongside former Australia wicketkeeper Gilchrist on 100.

Pant had entered the Galle Test with 97 sixes from 50 matches. He struck one maximum during his first-innings 39, taking him to 98, before clearing the ropes twice in the second innings to become the first player from India to reach the century mark.

Virender Sehwag and Rohit Sharma had previously set the benchmark among players from India with 91 Test sixes each. Pant has passed them despite playing significantly fewer matches, reflecting the unusually high frequency with which he has attacked the boundary during his Test career.

His milestone six came during an important phase of India’s second innings. Pant walked in with the score at 81 for three after captain Shubman Gill was dismissed, with India seeking to build on a first-innings advantage of 178 runs.

Pant was initially measured, waiting until his 13th delivery for his first boundary. He then accelerated sharply. A powerful six off Kumara sent the ball out of the ground and forced a replacement before Pant targeted the Sri Lanka attack more aggressively as India sought to stretch the lead beyond manageable proportions.

The landmark arrived when Pant again attacked Kumara. His fifty came from 53 balls, with the six taking his career tally to 100. He continued to score quickly and was eventually dismissed for 66 from 69 deliveries, an innings that contained a succession of unconventional attacking strokes.

Pant’s contribution strengthened India’s already commanding position after the tourists had controlled much of the match. India made 462 in their first innings, built around Devdutt Padikkal’s maiden Test century. Padikkal scored 167, while KL Rahul contributed 82 and Dhruv Jurel made 51.

Sri Lanka responded with 284 despite a century from Sonal Dinusha and 80 from Niroshan Dickwella. Left-arm spinners Manav Suthar and Ravindra Jadeja shared seven wickets, giving India a sizeable advantage before their second innings began.

Pant’s achievement adds another distinctive record to a Test career defined by high-risk batting in demanding situations. Since making his debut against England at Nottingham in 2018, he has established himself as a rare wicketkeeper capable of changing the course of Test matches through sustained attacking play.

His six-hitting rate is particularly striking because Test cricket traditionally offers fewer opportunities for sustained power hitting than limited-overs formats. Pant required 4,918 deliveries faced to reach 100 sixes, substantially fewer than the other players to have achieved the landmark.

Gilchrist needed 6,578 deliveries to complete his century of sixes, while Stokes required 9,042 and McCullum 9,756. Pant’s numbers therefore reflect not simply longevity but the frequency with which he has used the aerial route throughout his career.

CEA urges return of lower ethanol petrol

Chief Economic Adviser V Anantha Nageswaran has called for lower-ethanol petrol such as E10 to be restored alongside E20, arguing that motorists should have a choice while compatibility problems affecting parts of the older vehicle fleet are addressed.

Nageswaran’s intervention marks a significant shift in the debate over the nationwide move to E20, petrol containing 20 per cent ethanol. Writing with Department of Economic Affairs consultant Akash Poojari, he said restoring a lower blend at fuel stations could ease much of the public concern surrounding the transition. The authors made clear that the views expressed were personal.

The proposal comes after E20 became the only petrol blend available nationally from April 1, 2026. The transition forms part of the government’s strategy to reduce dependence on imported crude oil, support domestic ethanol production and lower transport emissions. The government had previously said there was no proposal to return to E0 or E10 petrol.

Nageswaran did not endorse claims that E20 is broadly damaging vehicle engines. Available evidence, including testing and service data, has not established widespread engine failures attributable to the fuel. Automakers have also said extensive testing of older vehicles has failed to show systemic engine damage caused by E20.

The more difficult issue involves older vehicles whose fuel-system components were designed for lower ethanol concentrations. Nageswaran and Poojari estimated that the country has about 75 million to 80 million older two-wheelers, some equipped with rubber seals that were not designed for higher ethanol exposure. Replacing such components across the existing fleet would require an extensive retrofit programme that could take years.

Ethanol can interact differently with some older rubber and polymer components used in fuel systems. The government’s original ethanol roadmap acknowledged that vehicles moving to E20 needed both material compatibility and suitable engine calibration. Testing has nevertheless produced a more nuanced picture, with research finding no broad problems among tested two-wheelers while identifying possible risks to some rubber components and particular engine configurations in E10-designed vehicles.

Fuel economy has become another focus of consumer complaints. E20 contains less energy per litre than conventional petrol because ethanol has lower energy density. Automobile industry representatives have acknowledged that fuel efficiency can fall by roughly 3 per cent to 3.5 per cent in some vehicles, although the effect varies according to engine design, driving conditions and calibration.

Authorities have resisted suggestions that ethanol blending alone explains every mileage complaint. Fuel consumption is affected by vehicle condition, traffic, driving behaviour, tyre pressure and other factors. Oil companies have also rejected claims that ethanol blending inherently causes fuel contamination, while inspections have covered about 90,000 filling stations as concerns over petrol quality intensified.

The controversy has exposed a gap between the rapid pace of ethanol policy and the age profile of the vehicle fleet. E20-compatible passenger vehicles became widely available only in the past few years, while millions of cars and two-wheelers still on the road were designed when E5 or E10 was the prevailing specification. Some older vehicle manuals explicitly recommend lower ethanol concentrations.

Carmakers including Maruti Suzuki, Hero MotoCorp and Toyota Kirloskar Motor have defended E20. Maruti Suzuki has said it serviced more than 15 million older cars over two years without finding ethanol-related problems and tested E10-era vehicles using E20 without identifying significant concerns. Industry officials maintain that normal engines can tolerate the fuel, although ageing components may require inspection or replacement.

The government has strong economic reasons for maintaining ethanol blending. Higher domestic ethanol consumption reduces demand for imported petroleum and creates another market for agricultural feedstocks. The programme reached the 20 per cent blending target years ahead of the original timetable, while policy is already moving towards flex-fuel vehicles capable of operating on blends ranging from E20 to E85 or higher.

Russia battles renewed fuel shortages after refinery strikes

Fuel shortages have returned across parts of Russia as fresh drone strikes on oil refineries disrupt production, forcing regional authorities to tighten petrol sales and Moscow to expand emergency imports.

At least 10 regions are facing renewed pressure on filling-station supplies after conditions had improved towards the end of July. Petrol was unavailable at some stations in the Moscow region on Monday, although diesel remained more widely available. Officials have identified difficulties in Orenburg, Lipetsk, Tver, Krasnodar, Zabaykalsky, Primorsky, Krasnoyarsk, Oryol, Tuva and Khakassia.

Wholesale gasoline volumes have also weakened sharply. Sales on the St Petersburg International Mercantile Exchange have fallen by an average of about 20% since the beginning of August compared with the second half of July, indicating that the disruption extends beyond isolated retail shortages.

The renewed squeeze follows another series of Ukrainian drone attacks against refining infrastructure in late July and August. Several plants have either halted operations or suffered damage requiring prolonged repairs, reducing the ability of oil companies to convert Russia's large crude reserves into petrol and other fuels needed domestically.

One of the most significant disruptions occurred at the Orsknefteorgsintez refinery in the Orenburg region after a drone attack on August 11 caused a fire and damaged processing equipment. The facility, capable of processing about 5.76 million tonnes of crude annually, equivalent to roughly 115,000 barrels a day, subsequently halted processing.

The Gazprom Neftekhim Salavat complex in Bashkortostan was also hit as attacks reached energy facilities far from Ukraine. The refinery is one of Russia's larger oil-processing sites and forms part of a network increasingly exposed to long-range drone operations designed to restrict Moscow's capacity to produce and distribute refined fuels.

Russia's fuel difficulties had already intensified from May as refinery outages coincided with higher seasonal consumption. By July, shortages and controls had spread widely enough for the federal government to introduce measures aimed at keeping additional fuel inside the country. These included restrictions on exports, adjustments to fuel-quality requirements and greater use of imports.

Moscow extended its gasoline export ban until the end of 2026 as it sought to protect domestic availability. Diesel exports have also faced restrictions during periods of acute pressure, highlighting the government's willingness to sacrifice overseas sales when filling stations inside Russia run short.

Imports are now becoming an increasingly important part of the response. Russia has brought gasoline in by rail from Belarus and Kazakhstan while turning to seaborne supplies from Asia. An Oman-flagged tanker carrying about 68,000 tonnes of gasoline originally loaded at Vadinar arrived at the Arctic port of Vitino in early August, with the cargo being transferred to rail for domestic distribution. At least two additional gasoline cargoes are expected at Russian ports during the second half of August.

The unusual import flows underline the consequences of losing refining capacity. Russia remains one of the world's largest oil producers and exporters, but crude availability alone cannot prevent petrol shortages when conversion plants are damaged, undergoing repairs or operating below normal levels.

Authorities initially appeared to have contained the crisis by late July. Restrictions were eased or removed in several regions after supplies were redirected and imports increased. That improvement proved fragile as another sequence of refinery strikes tightened the market again.

Regional responses have varied according to the severity of local shortages. Some authorities have restricted the quantity drivers can purchase, while others have tightened controls over retail pricing or prioritised deliveries to essential users. Orenburg introduced particularly strict controls after the disruption at Orsk, reflecting concern that local supplies could deteriorate while refinery operations remain suspended.

The shortages are also exposing weaknesses in Russia's internal fuel logistics. Refined products often need to be moved over vast distances by pipeline, rail and road, meaning production losses at individual refineries can create shortages hundreds or thousands of kilometres away. Redirecting fuel to one vulnerable territory can consequently reduce availability elsewhere.

The government has said oil companies are increasing deliveries to the areas under greatest pressure. The continuing fall in exchange sales, however, suggests the domestic market remains vulnerable to additional refinery shutdowns at a time when summer travel and agricultural activity are maintaining demand.