Newspaper Summary - 081125

 The sources indicate a major milestone for the Light Combat Aircraft (LCA) Mk1A Program in November 2025, highlighted by Hindustan Aeronautics Ltd (HAL) signing a significant contract with General Electric (GE), USA, for the supply of 113 F404-GE-IN20 engines and associated support packages.

Key details about the LCA Mk1A Program:

• Engine Deal: The contract is valued at approximately $1 billion or ₹8,868 crore. This acquisition brings the total number of F404 engines ordered from GE for the LCA Mk1A program to 212 (113 for the next batch of 97 aircraft, plus the 99 engines ordered in 2021). The remaining 32 engines will serve testing, maintenance, and operational requirements.
• Production and Delivery: Deliveries of these new engines are set to commence in 2027 and continue through 2032, aligning with the LCA Mk1A production schedule.
• Procurement Context: This deal supports the larger ₹62,370 crore contract the Defence Ministry signed with HAL on September 25 for 97 LCA Mk1A aircraft (68 single-seaters and 29 twin-seaters) for the Indian Air Force (IAF).
• Indigenization Status: The LCA Mk1A aircraft is slated to feature over 64 per cent indigenous content, incorporating key locally developed systems such as the UTTAM Active Electronically Scanned Array (AESA) Radar. However, the aircraft's induction into the IAF has been delayed due to weapon and other integration challenges.
• Market Response: Following this news, Hindustan Aeronautics (Hindustanaeronautics) stock registered a gain of 18.76 points, closing at ₹4626.60.

In the larger context of Key Business & Regulatory Developments (Nov 2025):

This defense development occurs amid positive economic forecasts, with the Chief Economic Advisor projecting GDP growth "north of 6.8%" in FY26, driven partly by strong consumer sentiment following the GST 2.0 reforms. Regulatory activity is prominent, as the Securities and Exchange Board of India (SEBI) announced plans to comprehensively review the underdeveloped short-selling and Securities Lending and Borrowing Mechanism (SLBM) frameworks. Additionally, the IT sector's mid-tier firms are expected to outperform larger peers in FY26, and major product news included the weight-loss drug Mounjaro becoming India’s top-selling drug brand in October 2025.

The sources detail a period of unprecedented retail buoyancy and shifting dynamics in the Automobile Sector leading into November 2025, largely influenced by macroeconomic tailwinds and recent regulatory changes.

The 42-day festival period (ending around November 2025) delivered the highest-ever sales and growth across all vehicle categories, with overall vehicle retails surging 21 per cent year-on-year (y-o-y). Passenger Vehicle (PV) retail sales rose over 23 per cent (to 766,918 units) and two-wheeler retail sales jumped 22 per cent (to 4,052,503 units) compared to the same period in 2024. The market expects this positive momentum to extend into November.

Key Automobile Sector Trends:

• GST 2.0 Impact and ICE Resurgence: The surge in sales, particularly for compact and sub-4-metre cars, is widely attributed to the GST 2.0 reforms, which improved affordability and boosted middle-class consumption. However, the recent GST Council cut on conventional fuel (ICE) vehicles (from 28% to 18%) left Electric Vehicles (EVs) (already taxed at 5%) untouched, significantly narrowing the price gap. This resulted in ICE vehicles "roaring back", causing the market share of EV sales (across scooters, bikes, and cars) to fall to its lowest level in the current financial year in October.
• EV Challenges: The electric two-wheeler market share dropped from 8.09% in September to 4.56% in October. Furthermore, some manufacturers experienced production setbacks in the electric portfolio in July-August due to a shortage of rare earth magnets, although some companies, like Bajaj Auto, adapted by shifting to alternate light rare earth (LRE)-based magnets.
• Inventory and Finance Stress: Despite record sales, PV inventory levels remained high between 53 and 55 days in October, causing financial pressure and cash flow challenges for dealers. In the financial sector supporting auto sales, companies like Cholamandalam Investment and Finance Company Ltd (CIFCL) noted a seasonal decline in asset quality in vehicle finance in Q2FY26 (Gross NPAs reached 4.57%) due to monsoons affecting transport operators, though correction is anticipated with the festive season increase in transport movement.
• Corporate Strategy: Bajaj Auto reported a record quarter with net profit surging 53 per cent. The company is focusing on expanding its EV presence by launching a new Chetak electric platform soon and accelerating the acquisition of premium motorcycle manufacturer KTM in Austria.

In the Larger Context of Key Business & Regulatory Developments (Nov 2025):

The auto sector's strength aligns with the Chief Economic Advisor's projection that India’s GDP growth will be "north of 6.8%" in FY26, underpinned by strong consumer confidence fueled by the GST reforms. Concurrently, other notable developments include the IT sector expecting mid-tier firms to outperform industry giants in FY26 by pivoting quickly to AI and engineering opportunities, and major regulatory movement as SEBI plans a comprehensive review of the underdeveloped short-selling and Securities Lending and Borrowing Mechanism (SLBM) frameworks.

The sources highlight a strong Macro-Economic outlook for India heading into November 2025, heavily underpinned by domestic consumption, alongside significant Regulatory shifts focused on market stability, financial modernization, and governance of emerging technologies.

Macro-Economic Environment and Outlook

1. GDP Growth and Consumption Drivers: The predominant theme is the confident economic buoyancy, largely driven by domestic factors:

• Optimistic Forecast: The Chief Economic Advisor (CEA) V. Anantha Nageswaran is "more comfortable" projecting GDP growth for FY26 "north of 6.8 per cent". He noted that growth could be even higher if India succeeds in striking a trade deal with the US.
• RBI Projections: The Reserve Bank of India’s Monetary Policy Committee recently revised the FY26 GDP growth projection upward to 6.8 per cent (from 6.5 per cent earlier).
• Fueling Factors: This growth confidence stems from higher consumption post GST 2.0 and interest rate cuts. The GST 2.0 reforms are explicitly cited for delivering "unprecedented retail buoyancy" and improving affordability, which boosts middle-class consumption.
• Inflation Control: Complementing the growth forecast, the RBI revised its FY26 retail inflation projection downward to 2.6 per cent (from 3.1 per cent earlier).

2. International Trade Headwinds: Despite domestic strength, trade policy remains a challenge:

• High US Tariffs: The US has imposed steep trade tariffs on India, reaching 50 per cent, which is described as among the highest globally.
• Export Decline: India’s exports to the US declined 12 per cent year-on-year to $5.46 billion in September, severely impacting labor-intensive sectors like textiles and gems and jewelry.
• WTO Challenge: India formally challenged US safeguard measures related to copper product imports (imposed July 30, 2025) at the WTO, submitting a proposal to impose tariffs of $87 million on US goods in retaliation.
• Forex Movement: The country's forex reserves dropped by $5.623 billion to $689.733 billion for the week ended October 31.

Key Regulatory and Governance Developments (Nov 2025)

1. Capital Market Regulatory Overhaul (SEBI): The Securities and Exchange Board of India (SEBI) is initiating major reforms to modernize capital markets:

• Short Selling/SLBM Review: SEBI announced it will soon form a working group to comprehensively review the frameworks for short selling and the Securities Lending and Borrowing Mechanism (SLBM). The SEBI Chairman noted that the current mechanism "remains significantly underdeveloped as compared to other jurisdictions". The goal is to improve price discovery and facilitate interlinkage between the cash and derivatives segments.
• New Trading Mechanisms: SEBI plans to introduce a closing auction framework soon, tailored to align with global jurisdictions while meeting India's specific requirements.
• MF Restrictions: SEBI acted to stop mutual funds from investing in private share placements of unlisted companies, citing that equity investments must only be in listed or 'to be listed' securities, stressing the fiduciary responsibilities of MFs.

2. Banking Regulation and Financial Stability (RBI): RBI Governor Sanjay Malhotra addressed the evolution of banking regulation, stating that recent prudential measures are based on the reality that Indian banks have stronger capital buffers, improved asset quality, and better profitability compared to a decade ago.

• Stability vs. Efficiency: Malhotra stressed the RBI’s attempt to "strike the right balance" between promoting efficiency/innovation and maintaining financial stability, noting that short-term growth at the cost of stability has severe long-term consequences.
• Incremental Change: He clarified that recent regulatory proposals are incremental and do not represent a "sea change," emphasizing that they create a multi-layered defense against systemic risk.

3. Governance and Legal Shifts:

• AI Governance Framework: India has adopted a "mature and pragmatic approach" to AI regulation, choosing to adapt existing laws instead of rushing new rigid legislation. The government's draft rules require social media platforms to watermark and tag algorithmically modified content and hold platforms accountable for unidentified deepfakes. This approach faces pushback from organizations like Nasscom, which prefer outcome-based rules focusing on preventing harm (e.g., disinformation) rather than regulating the process or mechanism.
• In-House Legal Privilege: The Supreme Court delivered a crucial ruling on October 31, clarifying that in-house counsel on a company’s payroll cannot claim client-attorney privilege when questioned by investigative agencies. This ruling is expected to prompt companies to rethink how they share confidential information with their internal legal teams.

The sources reveal that in the context of Key Business & Regulatory Developments (November 2025), India is actively grappling with the opportunities and risks associated with emerging technologies, adopting a nuanced and pragmatic approach to Technology and AI Governance, particularly concerning deepfakes and data privacy.

1. AI Governance Philosophy (Pragmatism over Rigidity):

• India has adopted a "mature and pragmatic approach" to AI Governance, choosing to adapt existing laws instead of rushing into rigid new legislation.
• This "middle-path approach" contrasts with the European Union's rule-driven model and the US's market-based system.
• The government's strategy reflects the belief that flexibility is crucial in a field advancing quickly.

2. Key Regulatory Proposals and Industry Pushback (Deepfakes and Watermarking):

• The Ministry of Electronics and IT (Meity) released draft rules on October 22 that would require social media platforms to watermark and tag algorithmically modified content.
• These rules also propose holding social media platforms and AI generators accountable for any unidentified deepfakes.
• The industry body Nasscom and Big Tech firms are pushing back against these proposals, deeming them "expensive and impractical".
• Nasscom argues that the correct approach is to focus on assessing AI content based on its impact and preventing harm (like disinformation), rather than regulating the mechanism or process of generation. Nasscom prefers outcome-based rules and warned that implementing a "whole-of-government approach" will require constant effort and is "not a trivial task".
• An executive close to Meta Platforms suggested that tagging every piece of content with watermarks and metadata is a massive commercial exercise that risks India becoming the "most expensive nation to run social media platforms on".
• An analyst noted that the current definition of "algorithmically modified content" is "too wide" and difficult for companies to implement.

3. Applications and Ethical Dilemmas of AI (Grief Tech):

• A rapidly growing "grief tech" sector is using AI and deepfake technology to resurrect the deceased.
• Families are commissioning AI-generated avatars with cloned voices to deliver blessings at weddings or pep talks. The demand is driving growth in regional language grief-tech, which could open up markets in Tier 2 and 3 cities.
• However, this trend raises significant ethical and legal concerns:
  • Psychologists caution that prolonged exposure to AI avatars can "delay the sense of closure" required for mourning and may even re-traumatize the grieving.
  • The sources highlight the risk of "monetizing mourning," where the living continuously pay for the illusion of the dead.
  • There is currently no specific law in India that safeguards people from AI misuse, as posthumous personality rights are not formally recognized.
  • Legal experts advise families to refrain from consenting to AI recreations, as creating new content using a deceased person's likeness could be treated as "deception" and attract criminal liability.
  • The technology can be weaponized; a chatbot claiming to be the late actor Sushant Singh Rajput asked provocative questions about justice, creating an insidious vector for social engineering.

4. Technology in the Business Sector:

• IT Industry: Mid-tier IT firms are expected to outperform large peers in FY26 due to their agility in pivoting toward "AI-led and engineering-driven opportunities". Efficiency and savings driven by AI are influencing client conversations alongside transformation needs.
• Insurance: Insurers are increasingly deploying AI to drive business growth, enhance customer experience, and hasten processes, moving from a testing phase to a "strategic enabler for change". AI tools are used for optimized onboarding, personalized engagement, and risk management. For instance, Tata AIA Life Insurance Company deployed a Gen AI-powered Underwriting Rule Engine (URE) that instantly analyzes consumer data to assess risk, often eliminating the need for manual intervention.

In the Larger Context of Key Business & Regulatory Developments (Nov 2025):

The intense focus on AI governance occurs amid broader economic optimism, with the Chief Economic Advisor projecting GDP growth "north of 6.8%" in FY26. Financial regulators are also undergoing major reviews; SEBI is preparing a comprehensive review of the underdeveloped short-selling and Securities Lending and Borrowing Mechanism (SLBM) frameworks, and the RBI is ensuring that bank regulations evolve with the times to strike a balance between promoting efficiency and maintaining financial stability. Technology is also reshaping other sectors, such as EdTech, which is undergoing consolidation and a "valuation reset".

The corporate landscape in November 2025 is defined by strong Q2 earnings across major industrial sectors, underpinned by favorable macroeconomic conditions, and an active, though cautiously regulated, primary capital market marked by key IPOs and strategic fundraises.

Corporate Earnings (Q2 FY26) Highlights

Several major listed companies reported significant performance improvements, often driven by domestic demand and disciplined operations:

• Manufacturing and Metals:

  • Hindalco Industries reported a consolidated Profit After Tax (PAT) rise of 21.2 per cent year-on-year (y-o-y) to ₹4,741 crore in the September quarter. Revenue increased 2.8% q-o-q to ₹66,058 crore. This strong performance was attributed to robust domestic aluminium sales, disciplined cost management, and the release of working capital through inventory drawdown.
  • Bajaj Auto saw its consolidated net profit surge 53 per cent to ₹2,122 crore. This was buoyed by strong overseas sales and rising demand for premium motorcycles, benefiting from the GST cuts and festival demand.
  • Arvind Ltd posted a 70 per cent y-o-y increase in profit after tax (PAT) to ₹107 crore in Q2FY26, aided largely by a higher provision for deferred tax.
  • Nalco (National Aluminium Company Ltd) reported a 36.7 per cent increase in consolidated profit to ₹1,429.94 crore for the quarter.
  • PFC (Power Finance Corporation) posted a nearly 9 per cent rise in consolidated net profit to ₹7,834.39 crore.

• Consumer and Retail:

  • Nykaa (FSN E-Commerce Ventures Ltd) demonstrated explosive profitability growth, with net profit spiking 154 per cent y-o-y to ₹33 crore. Consolidated revenue grew 25 per cent to ₹2,346 crore, and the company achieved its highest EBITDA margin (6.8 per cent) since its IPO.
  • Britannia Industries reported a 23 per cent y-o-y rise in net profit to ₹655 crore on consolidated sales growth of 4.1 per cent (₹4,752 crore). The company noted a disruption due to GST implementation in the third month of the quarter, which impacted the top line by 2–2.5 per cent.
  • Trent Ltd reported muted growth for Q2FY26, with revenue rising 15.9% to ₹4,817.68 crore and net profit up 11.34% to ₹373.42 crore, both missing analyst estimates.

• IT and Financial Services:

  • IT Mid-Caps are notably expected to outpace large peers for the second consecutive year in FY26, leveraging agility in pivoting to AI-led and engineering-driven opportunities.
  • Petronet LNG saw its net profit decline 5 per cent to ₹805.75 crore due to reduced gas volumes.

IPO and Fundraising Activity

The primary market remained robust, supported by strong investor interest, alongside a key regulatory intervention aimed at protecting retail investors.

• Successful Listings/Fundraising:

  • Groww (Billionbrains Garage Ventures) saw its IPO highly subscribed at 17.60 times overall, with Qualified Institutional Buyers (QIBs) subscribing 22.02 times and retail investors 9.43 times. The company raised ₹6,632 crore and plans to use the proceeds for technology investment and augmenting its NBFC capital base.
  • PhysicsWallah followed a unique strategy, deliberately pricing its IPO modestly at ₹103–109 per share (valuing it at ₹31,000 crore), prioritizing listing gains for retail investors over maximizing headline valuation.
  • Tenneco Clean Air India Ltd announced its price band of ₹378-397 for its ₹3,600 crore IPO, targeting a valuation over ₹16,000 crore.
  • Swiggy, the food and delivery major, announced plans to raise up to ₹10,000 crore through a Qualified Institutional Placement (QIP) to strengthen cash reserves and fund growth and new experiments in quick commerce.
  • Globally, data center firm Yotta is pursuing a Nasdaq listing to raise $463 million, primarily for expanding data center infrastructure.

• Listing Disappointments and Valuation Concerns:

  • Studds Accessories had a lackluster debut, closing 4 per cent below its IPO price of ₹585, despite receiving strong subscription of 73.25 times.
  • Lenskart faced strong caution ahead of its listing, with Ambit Capital initiating coverage with a Sell rating, arguing that the valuation premium was difficult to justify given its low Return on Capital Employed (RoCE) of 9 per cent compared to peers’ 35-40 per cent.

Context of Key Business & Regulatory Developments (Nov 2025)

The corporate performance and IPO rush are situated within a positive economic climate but one facing significant regulatory scrutiny:

• Macroeconomic Drivers: The Chief Economic Advisor’s forecast of GDP growth "north of 6.8%" in FY26 sets a robust foundation for corporate profitability. This growth is tied directly to strong consumer sentiment driven by the GST 2.0 reforms.
• Regulatory Clampdown on Risk: SEBI is actively working to temper speculation and risk in the capital markets, notably by banning mutual funds from investing in private share placements of unlisted companies to protect investors from illiquidity and opaque valuation. This occurred as SEBI also announced a major review of the short selling and SLBM frameworks to improve price discovery and stability.
• Sectoral Transitions: The profitability gains in the auto sector (Bajaj Auto) reflected a shift in consumer behavior following the GST tax cut on conventional fuel vehicles. Meanwhile, the technology sector is experiencing a valuation reset, particularly in EdTech, with consolidation activity such as UpGrad reportedly seeking to acquire Unacademy at a fraction of its previously raised capital.

The Securities and Exchange Board of India (SEBI) is undertaking a multi-pronged regulatory revamp aimed at improving market infrastructure, enhancing price discovery, and strengthening investor protection in November 2025.

Key Regulatory Actions by SEBI:

• Review of Short Selling and SLBM: SEBI Chairman Tuhin Kanta Pandey announced that a working group will soon be formed to comprehensively review the frameworks for short selling and the Securities Lending and Borrowing Mechanism (SLBM). Pandey noted that the current SLBM is "significantly underdeveloped as compared to other jurisdictions". The review's goal is to improve price discovery and facilitate better interlinkage between the cash and derivatives segments.
• Ban on MF Investments in Unlisted Shares: SEBI recently directed mutual funds (MFs) to desist from investing in private share placements of unlisted companies. This action was taken because regulations mandate that MF equity investments must only be in listed securities or ‘to be listed’ securities. This restriction is designed to uphold the fiduciary responsibilities of mutual funds and mitigate risks associated with lack of transparent valuation, illiquidity (as IPO plans can be deferred indefinitely), and the possibility of large write-offs if IPO prices are lower than the pre-IPO valuation.
• Market Structure Modernization: SEBI plans to introduce a closing auction framework soon, aligning with global jurisdictions while being suitably designed for Indian requirements. This mechanism aims to reduce end-of-day volatility, improve price discovery, and help large investors execute trades.
• Review of Governance and Disclosure: SEBI is also preparing a comprehensive review of the Listing Obligations and Disclosure Requirements (LODR) 2015 and Settlement Regulations. These regulations ensure listed firms meet specific corporate governance standards and provide timely, transparent disclosures.
• Derivatives Strategy: The regulator’s approach to derivatives remains focused on deepening the cash equities market to spur capital formation, using a data-oriented, calibrated, and consultative approach. NSE’s CEO indicated that any discontinuation of weekly options expiries would have a limited financial impact on the exchange, though SEBI is using new data to potentially curb retail options frenzy.

In the Larger Context of Key Business & Regulatory Developments (Nov 2025):

SEBI’s focus on tightening market rules and improving governance takes place amid a backdrop of robust economic optimism, where the Chief Economic Advisor projects India’s GDP growth "north of 6.8 per cent" in FY26. This strong economic footing, driven by consumption post-GST 2.0 reforms, supports a heated capital market environment, necessitating the regulatory focus on stability.

Parallel regulatory developments include the Reserve Bank of India’s (RBI) commitment to maintaining financial stability over short-term growth, with the Governor stating that prudential rule books must evolve in a calibrated manner. SEBI’s simultaneous action—promoting efficiency (SLBM reform) and protecting investors (MF ban)—reflects this shared regulatory mandate to balance innovation and prudence. Furthermore, in corporate governance, the Supreme Court recently narrowed the scope of legal privilege for in-house counsel, requiring companies to rethink sharing confidential information with internal legal teams.

The Energy and Infrastructure sectors are characterized by significant public and private investment, strong corporate earnings, and a major push towards renewable and sustainable energy solutions during November 2025.

Energy Sector Performance and Projects:

• Financial Strength (Q2 FY26): State-owned financiers and power companies reported robust results, reflecting sector stability. Power Finance Corporation (PFC) posted a nearly 9 per cent rise in consolidated net profit to ₹7,834.39 crore, driven by higher revenues. Orient Green Power Company, focused on wind energy, saw its net profit rise 22 per cent to ₹81 crore.
• Fossil Fuel/Gas: Petronet LNG, India’s largest LNG importer, reported a 5 per cent drop in net profit to ₹805.75 crore due to reduced gas volumes. Conversely, Chennai Petroleum Corporation Ltd (CPCL), the sole refinery meeting Tamil Nadu's energy needs, is planning to open its first fuel retail outlets by the end of the year to gain better visibility and mitigate price volatility risk.
• Leadership Change: The Public Enterprise Selection Board (PESB) recommended Deepak Gupta as the next Chairman and Managing Director (CMD) of GAIL India, recognizing his expertise in project and construction management within the hydrocarbon value chain.

Renewable Energy and Sustainability Initiatives:

• Peak Power Renewable Project: ReNew Energy Global secured a substantial $477 million financial package from the Asian Development Bank (ADB) for a large-scale clean energy project in Andhra Pradesh. This marks the ADB's first project financing a peak power renewable energy scheme. The project integrates 837 Megawatt-peak (MWp) of wind and solar capacity with a 415 megawatt-hour (MWh) Battery Energy Storage System (BESS), designed to deliver 300 MW of peak power and generate about 1,641 GWh of clean energy annually.
• Solar Manufacturing and Supply: Saatvik Green Energy's subsidiary received new orders totaling ₹299.40 crore for supplying solar photovoltaic modules to independent power producers and EPC players in India.
• Biomass and Circular Economy: Biofuel Circle launched pilot projects to produce energy products from wasteland and plans to increase its network of biomass banks from 60 to 106 by March 2026. This initiative aims to cover over 2 lakh farmers and is projected to replace about 1.3 million tonnes of $\text{CO}_2$ annually by diverting biomass from fossil fuel use.

Infrastructure and Heavy Construction:

• Industrial Infrastructure: Arcelor Mittal Nippon Steel received approval from the Steel Ministry for laying a slurry pipeline for its Anakapalle project in Andhra Pradesh, following clearance from the Union Ministry of Environment, Forest and Climate Change (MoEF). This slurry pipeline is noted for creating an "environment-friendly pathway" for iron ore transport.
• Road and Ash Management: Refex Industries secured an order worth ₹30.12 crore for the transportation of pond ash to National Highways Authority of India (NHAI) Road Projects.
• Thermal Power Expansion: State-owned CIL entered a joint venture with Damodar Valley Corporation (DVC) to expand a thermal power project in Jharkhand at an estimated cost of ₹21,000 crore and will jointly explore future thermal and renewable energy opportunities.
• Urban Infrastructure: The Dewas Municipal area is tendering a significant sewerage network project, including construction of an STP and sewerage pipelines, budgeted at ₹5778.85 Lakh.

In the Larger Context of Key Business & Regulatory Developments (Nov 2025):

The high volume of investment, major project announcements, and strong Q2 earnings in Energy and Infrastructure underpin the optimistic macroeconomic forecast presented by the Chief Economic Advisor, who projects GDP growth "north of 6.8 per cent" in FY26. This activity is fueled by confidence in private capex and sustained consumer strength. Concurrently, various financial entities like PFC, GAIL, ONGC Videsh, and Indian Oil Corporation are exploring establishing Global/Regional Corporate Treasury Centres (GRCTC) in Gift City, utilizing a revised regulatory framework intended to align with international best practices.

The Energy and Infrastructure sectors are characterized by significant public and private investment, strong corporate earnings, and a major push towards renewable and sustainable energy solutions during November 2025.

Energy Sector Performance and Projects:

• Financial Strength (Q2 FY26): State-owned financiers and power companies reported robust results, reflecting sector stability. Power Finance Corporation (PFC) posted a nearly 9 per cent rise in consolidated net profit to ₹7,834.39 crore, driven by higher revenues. Orient Green Power Company, focused on wind energy, saw its net profit rise 22 per cent to ₹81 crore.
• Fossil Fuel/Gas: Petronet LNG, India’s largest LNG importer, reported a 5 per cent drop in net profit to ₹805.75 crore due to reduced gas volumes. Conversely, Chennai Petroleum Corporation Ltd (CPCL), the sole refinery meeting Tamil Nadu's energy needs, is planning to open its first fuel retail outlets by the end of the year to gain better visibility and mitigate price volatility risk.
• Leadership Change: The Public Enterprise Selection Board (PESB) recommended Deepak Gupta as the next Chairman and Managing Director (CMD) of GAIL India, recognizing his expertise in project and construction management within the hydrocarbon value chain.

Renewable Energy and Sustainability Initiatives:

• Peak Power Renewable Project: ReNew Energy Global secured a substantial $477 million financial package from the Asian Development Bank (ADB) for a large-scale clean energy project in Andhra Pradesh. This marks the ADB's first project financing a peak power renewable energy scheme. The project integrates 837 Megawatt-peak (MWp) of wind and solar capacity with a 415 megawatt-hour (MWh) Battery Energy Storage System (BESS), designed to deliver 300 MW of peak power and generate about 1,641 GWh of clean energy annually.
• Solar Manufacturing and Supply: Saatvik Green Energy's subsidiary received new orders totaling ₹299.40 crore for supplying solar photovoltaic modules to independent power producers and EPC players in India.
• Biomass and Circular Economy: Biofuel Circle launched pilot projects to produce energy products from wasteland and plans to increase its network of biomass banks from 60 to 106 by March 2026. This initiative aims to cover over 2 lakh farmers and is projected to replace about 1.3 million tonnes of $\text{CO}_2$ annually by diverting biomass from fossil fuel use.

Infrastructure and Heavy Construction:

• Industrial Infrastructure: Arcelor Mittal Nippon Steel received approval from the Steel Ministry for laying a slurry pipeline for its Anakapalle project in Andhra Pradesh, following clearance from the Union Ministry of Environment, Forest and Climate Change (MoEF). This slurry pipeline is noted for creating an "environment-friendly pathway" for iron ore transport.
• Road and Ash Management: Refex Industries secured an order worth ₹30.12 crore for the transportation of pond ash to National Highways Authority of India (NHAI) Road Projects.
• Thermal Power Expansion: State-owned CIL entered a joint venture with Damodar Valley Corporation (DVC) to expand a thermal power project in Jharkhand at an estimated cost of ₹21,000 crore and will jointly explore future thermal and renewable energy opportunities.
• Urban Infrastructure: The Dewas Municipal area is tendering a significant sewerage network project, including construction of an STP and sewerage pipelines, budgeted at ₹5778.85 Lakh.

In the Larger Context of Key Business & Regulatory Developments (Nov 2025):

The high volume of investment, major project announcements, and strong Q2 earnings in Energy and Infrastructure underpin the optimistic macroeconomic forecast presented by the Chief Economic Advisor, who projects GDP growth "north of 6.8 per cent" in FY26. This activity is fueled by confidence in private capex and sustained consumer strength. Concurrently, various financial entities like PFC, GAIL, ONGC Videsh, and Indian Oil Corporation are exploring establishing Global/Regional Corporate Treasury Centres (GRCTC) in Gift City, utilizing a revised regulatory framework intended to align with international best practices.

The article concerning Tiger Global is reproduced below:

Tiger Global Exits Ather Energy, Sells Stake for ₹1,204 cr

Tiger Global, one of the earliest investors in electric two-wheeler maker Ather Energy, has sold its entire stake for ₹1,204 crore. The US-based private equity firm has exited the company completely, according to regulatory filings. The transaction valued Ather at about ₹5,790 crore. The sale comes after the company registered a 37 per cent decline in operating revenue in the July-September quarter (Q2) due to subdued demand and fierce competition. This quarter's result for Ather reverses the trend seen in the year-ago period, when its operating revenue had risen 74 per cent. Tiger Global had led multiple funding rounds for Ather Energy since 2017, the filings showed.

The sources provide a direct forecast regarding the North-East monsoon's status as the season approaches its halfway mark in November 2025.

The India Meteorological Department (IMD) has issued an extended range forecast projecting that the North-East monsoon may remain in a weak phase over the South Peninsula this week.

Specific details from the forecast:

• Current Status: The North-East monsoon may stay weak over the South Peninsula.

Specific details from the forecast:

• Current Status: The North-East monsoon may stay weak over the South Peninsula. Satellite pictures available at 5 pm on Friday indicated only "passing showers" at a few places over the southern parts of Tamil Nadu.
• Near-Term Outlook (Current Week): The ongoing isolated heavy rainfall over Tamil Nadu may continue for a couple of days more. Light to moderate rain or thunderstorms are forecast over Coastal Andhra Pradesh, Yanam, Rayalaseema, and South Interior Karnataka.
• Mid-Term Outlook (November 13-19): The week following the current one (November 13–19) may see easterly to north-easterly winds causing light to moderate, scattered to fairly widespread rain with isolated heavy falls over the extreme South Peninsula, mainly the southern parts of Tamil Nadu and adjoining Kerala.
• Longer-Term Outlook (US Model): The US Climate Forecast System (US Model) expects a largely dry spell to persist, although this dry phase is likely to ease from around December 6, potentially bringing normal to slightly above normal rainfall over Tamil Nadu, Kerala, and Karnataka.
• External Factors: Short-to-medium numerical predictions from the IMD suggest that a remnant from Typhoon Kalmaegi may enter the North-East Bay and likely set up a cyclonic circulation or low-pressure area over the central and west Bay in the next three to four days. This is anticipated to primarily benefit South Tamil Nadu and mainly Sri Lanka.

The sources contain one specific article related to Robusta coffee.

The article, titled Robusta coffee gains as typhoon hits Vietnam, states that Robusta coffee futures on the ICE rose. This increase occurred even though Typhoon Kalmaegi was reported to have spared top producer Vietnam’s coffee regions.

Key details provided:

• Price Movement: Robusta coffee futures rose 1.4 per cent to $4,592 a tonne by 1122 GMT.
• Context: The price gain was observed as investors were "on edge".
• Vietnam Outlook: Overall, Vietnam's 2025/26 coffee production is projected to rise 9.3 per cent on-year.
• Related Market: In the same commodity report, Arabica coffee edged up 0.1 per cent to $3.7925 per lb.