Live News Blog

• L&T Technology Services (LTTS) has signed a five-year contract with Nokia to support its engineering and R&D operations in India.
• LTTS will establish a dedicated Offshore Development Centre (ODC) focused on next-generation telecom solutions.
• The centre will combine data-centre-grade computing capabilities with AI infrastructure engineering, supporting technologies including 5G.
• The contract aligns with LTTS’ Lakshya 31 strategy, which emphasises AI infrastructure and advanced engineering services.
• LTTS shares rose in Monday’s trading following the announcement, according to Moneycontrol.
• The financial value of the contract has not been disclosed.

• Union Commerce Minister Piyush Goyal said India and the European Union aim to sign their free trade agreement (FTA) by the end of 2026.
• Following the conclusion of negotiations, the European Commission has sought authorisation from the EU Council to sign the agreement.
• Goyal said the pact could come into effect by March-April 2027, subject to the required approvals and procedures.
• India expects to source semiconductor equipment, defence equipment and data-centre-related capabilities from Europe.
• Goyal also urged Indian entrepreneurs in Europe to help Indian MSMEs expand into European markets.

• The Sensex and Nifty 50 rebounded sharply from their intraday lows on Monday after a steep early decline.
• Metal and pharma stocks led the recovery, with bargain buying emerging after four consecutive sessions of losses.
• Infosys weighed on sentiment after cutting its FY27 revenue growth guidance to 1–2%, from 1.5–3%.
• Elevated Brent crude prices and ongoing West Asia tensions kept investors cautious.
• Markets also remained focused on the US Federal Reserve’s October 27–28 meeting, while foreign portfolio investors (FPIs) continued heavy net selling in October.

Centre May Consider Cutting 12.5% LTCG Tax on Equities in Budget 2027-28 bigbreakingwire.in

• Israel had reportedly been preparing to strike Iran in recent days, but the US asked it to wait, signalling the possibility of a joint operation later, according to CNN.
• A conversation between Israeli military chief Eyal Zamir and the Chairman of the US Joint Chiefs of Staff reportedly included concerns that an attack could negatively affect the US elections.
• The US military is reportedly prepared to launch an attack on Iran within 96 hours of receiving an order from President Donald Trump.
• The reports indicate that military options remain under consideration, but they do not confirm that Trump has ordered an attack.

• Tata Motors’ acceptance period for its €3.91 billion bid for Iveco is due to end on Monday, October 26, unless extended.
• Shareholder acceptances reached around 35% by October 22, up from 31.2% on October 19, according to Borsa Italiana data.
• Tata Motors needs 80% acceptance to meet its target, leaving a substantial gap ahead of the deadline.
• On October 9, Tata raised its offer to €14.40 per share after Petrus Advisers rejected the original bid.
• Tata has said it will not increase the offer price further, while some major investors continue to hold out.

Samsung and SK Hynix to Begin 8-Layer HBM4 Shipments to Nvidia in Q2 2027

• Mass production planned for next year: Samsung Electronics and SK Hynix have reportedly scheduled mass production and deliveries of 8-layer HBM4 memory for Nvidia around Q2 2027, according to ZDNet Korea.
• Nvidia’s Rubin Ultra systems in focus: An industry source said Nvidia plans to use 8-layer HBM4 in its Rubin Ultra-based NVL rack-scale systems, depending on system configuration.
• 12-layer HBM4 remains the priority: The 12-layer version is expected to remain the main focus this year, while the share of 8-layer HBM4 could rise significantly from mid-2027.
• Memory competition intensifies: The planned shipments highlight the race between Samsung and SK Hynix to supply advanced high-bandwidth memory for Nvidia’s next-generation AI infrastructure.

Iranian Parliamentary Delegation Meets Om Birla in India as Pezeshkian Plans Moscow Visit

• Iranian delegation visits New Delhi: An Iranian parliamentary delegation arrived in India to attend the 12th BRICS Parliamentary Forum, according to Iranian media reports.
• Meeting with Lok Sabha Speaker: The delegation met Lok Sabha Speaker Om Birla on Monday morning to exchange views on parliamentary and other relevant issues.
• Diplomatic discussions at Iranian Embassy: On Sunday evening, delegation members met Iranian Ambassador to India Mohammad Fathali and Iran’s Supreme Leader representative in India, Abdulmajid Hakim Elahi.
• Pezeshkian plans Moscow visit: Iranian Foreign Minister Abbas Araqchi said President Masoud Pezeshkian plans to travel to Moscow this week for discussions on energy-related issues.
• Natural gas cooperation on agenda: Pezeshkian is expected to discuss energy matters with representatives of 11 other natural gas-producing countries, according to Iran’s IRNA news agency.

BlackRock Poised to Turn Positive on Indian Stocks but Seeks Clearer Signals

• BlackRock signals potential shift: Ben Powell of BlackRock Investment Institute told The Economic Times that the firm is “poised” to turn tactically constructive on Indian equities but wants more evidence before changing its stance.
• Indian markets face pressure: The Sensex and Nifty 50 have declined in 2026 amid sustained foreign investor selling.
• ₹4.55 lakh crore FII outflows: Foreign investors have sold approximately ₹4.55 lakh crore worth of Indian stocks, weighing on market sentiment.
• High crude prices pose a risk: Powell highlighted elevated oil prices as a concern for India, a major energy importer, because higher crude costs can pressure inflation, corporate margins and economic growth.
• Valuation outlook has evolved: In July, Powell said India’s valuation premium had disappeared. His latest comments suggest potential optimism, but the firm is still assessing the evidence.

179 S&P 500 Companies to Report Earnings This Week as Investors Assess AI Risks

• Busy earnings week ahead: Approximately 179 S&P 500 companies, representing 36% of the index, are scheduled to report quarterly results this week, according to FactSet.
• Big Tech in focus: Investors will closely watch results from Amazon, Alphabet and Microsoft, whose performance has played a significant role in the S&P 500’s gains.
• Earnings growth remains strong: Analysts expect S&P 500 companies’ third-quarter earnings to increase 29.5% year-on-year, based on FactSet’s Friday report.
• AI investment concerns persist: Investors are questioning the sustainability of AI-driven market gains amid concerns over valuations and the durability of AI-related spending.
• Oil prices and bond volatility add pressure: Elevated gasoline prices and fluctuations in bond markets are adding to uncertainty ahead of major earnings announcements.
• Higher expectations raise the stakes: Investors are becoming less tolerant of disappointing results, meaning even companies that beat Wall Street estimates may struggle to lift their share prices.

BPCL Cuts Russian Oil Purchases Sharply as Middle East Crude Supply Improves

• Russian crude purchases reduced: Bharat Petroleum Corporation Ltd. (BPCL) has significantly cut its Russian crude oil purchases for November as declining commercial viability makes the supplies less attractive.
• Russian oil remains attractively priced: A BPCL executive said Russian crude prices remain favourable, but the economics of buying the oil have weakened.
• Middle East procurement resumes: BPCL has gradually resumed crude purchases from the Middle East as regional supplies improve.
• Supply expected to increase: The company expects Middle Eastern crude oil availability to rise further in November.
• Red Sea shipments continue: A BPCL executive said substantial volumes of crude oil are being transported from the Red Sea region.
• Indian oil executive: Russian oil imports dropped in November as Middle Eastern oil prices fell.

Jio Platforms’ $3.1 Billion IPO Generates Just 0.65% in Fees for 19 Underwriting Banks

• Record IPO, lower banking fees: Jio Platforms Ltd. reportedly paid ₹1.96 billion ($20.7 million) in fees to 19 underwriting banks for its approximately $3.1 billion IPO, according to filing documents cited by Sina Finance.
• Fees account for just 0.65%: The underwriting fees represent around 0.65% of the total offering, below the fee levels recorded in several previous major Indian IPOs.
• Hyundai paid significantly more: Hyundai Motor India paid bankers approximately ₹4.9 billion for its ₹278 billion IPO in 2024, equivalent to roughly 1.76% of the offering.
• Paytm and Swiggy also paid higher fees: Paytm’s parent, One 97 Communications, paid about ₹3.2 billion on its ₹183 billion IPO in 2021, while Swiggy paid approximately ₹2.8 billion for its ₹113 billion share sale.
• Competition squeezes commissions: Intense competition among investment banks is driving down underwriting fees on high-profile deals, as banks compete for prominent roles in major IPOs.
• Strategic value for banks: Underwriters may accept lower commissions to gain deal credentials, improve industry rankings and strengthen their chances of securing future large transactions.

Bank of Japan Expected to Hold Rates on Friday but Keeps December Hike in Play

• Rate decision expected to remain unchanged: The Bank of Japan (BOJ) is widely expected to hold interest rates at its Friday policy meeting while signalling that further monetary tightening remains possible.
• Nearly 14-year inflation battle nearing success: The BOJ may indicate that Japan has largely achieved its long-standing 2% inflation target, while warning that prices could rise faster than expected.
• December rate hike remains possible: Policymakers could raise rates in December or wait until January, depending on incoming economic data and market conditions.
• Gradual tightening approach: Sources familiar with the BOJ’s thinking said moderate price and wage increases favour gradual rate hikes rather than an aggressive tightening cycle.
• Inflation forecast may rise: The BOJ could slightly increase its inflation forecast for the next fiscal year and signal that underlying inflation is broadly around its 2% target.
• Balancing inflation and market stability: Mitsubishi UFJ Morgan Stanley Securities strategist Naomi Muguruma described the moment as pivotal, noting that the BOJ must manage inflation risks without disrupting already strained financial markets.

France Ranked Most Exposed to Debt Crisis Among 43 Advanced Economies as Bond Yields Hit 23-Year High

• France tops debt-crisis risk ranking: The International Monetary Institute (IMI) ranked France as the most exposed of 43 advanced economies to a potential debt crisis, followed by Belgium, Italy, the United States and the United Kingdom.
• French bond yields cross 5%: France’s 10-year government bond yield briefly exceeded 5% on October 21, its highest level since 2002, amid political protests and a budget dispute.
• Moody’s maintains France’s rating: Moody’s kept France’s credit rating at Aa3 with a negative outlook on Friday, avoiding the downgrade that markets had feared, according to Le Monde.
• Fiscal and political pressures persist: France’s budget uncertainty and political instability continue to weigh on investor confidence and government borrowing costs.

Indian Oil Prices Hit 15-Year High as Diesel Losses Near ₹20 per Litre; Bond Yields Surge

• Oil prices strain Indian refiners: Average Indian oil prices have reached a 15-year high, while oil marketing companies (OMCs) are reportedly losing nearly ₹20 per litre on diesel by selling below cost, according to ICRA and Business Standard.
• Government subsidy burden rises: Fertiliser subsidies are heading towards a record level, adding pressure to government finances amid elevated energy costs.
• 10-year G-sec yield hits highest since March 2023: India’s benchmark government bond yield rose nearly 30 basis points in October, amid expectations of further RBI rate hikes.
• Fiscal deficit may exceed budget target: Bank of Baroda economist Madan Sabnavis expects the fiscal deficit to reach 4.6% of GDP, above the government’s budgeted target of 4.3%.
• Brent eases after rally: Brent crude traded below $116 per barrel in early Asian trading on Monday, while US West Texas Intermediate hovered near $102, following last week’s rally driven by Houthi attacks on Saudi Arabia and fears of renewed conflict involving Iran.
• Global markets face pressure: Higher oil prices weighed on Australian equities, with the S&P/ASX 200 expected to open lower as investors assessed geopolitical risks and the outlook for energy supplies.

India-EU Free Trade Agreement Signing Targeted for December 17–18 in Brussels

• Signing dates under discussion: India and the European Union are working towards signing their free trade agreement (FTA) around December 17 or 18 in Brussels, Hindustan Times reported.
• Modi’s Brussels visit expected: The proposed signing could coincide with Prime Minister Narendra Modi’s expected visit to Brussels.
• EU approval process underway: The European Commission submitted proposals on signing and concluding the agreement to the EU Council for approval in September, following the conclusion of negotiations in January.
• Signing will not activate the deal immediately: The European Parliament must give its consent, and the EU Council must complete the formal conclusion process before the agreement can take effect.
• Timetable remains uncertain: Sources said the proposed dates are still subject to change until officially announced.

Saudi Arabia to Store Crude Oil in Singapore From 2027 to Strengthen Asia’s Energy Security

• Strategic oil storage planned: Saudi Arabia plans to store crude oil in underground caverns on Singapore’s Jurong Island starting in the second half of 2027, according to officials from both countries.
• Supply security in focus: The initiative comes amid severe disruptions to Asian oil supplies through the Strait of Hormuz during the US-Israel conflict involving Iran.
• Asia’s dependence on Middle East crude: Before the conflict, around two-thirds of Asia’s crude oil supplies came from the Middle East, highlighting the region’s exposure to supply disruptions.
• Saudi Aramco to sign agreement: Saudi Aramco is expected to sign a memorandum of understanding with Singapore’s Energy Market Authority and Jurong Group, with negotiations targeted for completion within a few months.
• Benefits for both countries: The arrangement is intended to strengthen Saudi oil supply chains across Southeast Asia while improving Singapore’s energy security and resilience.

SK Hynix Plans $12.1 Billion Special Dividend After Kioxia Stake Sale

• Massive shareholder payout planned: SK Hynix is reportedly considering a special dividend of 16 trillion won (approximately $12.1 billion), funded by proceeds from selling its stake in Japanese memory-chip maker Kioxia.
• 80% of net proceeds targeted: According to South Korea’s Dong-A Ilbo, citing investment banking sources, the proposed payout would return around 80% of the approximately 20 trillion won net profit from the stake sale to shareholders.
• Announcement expected October 28: The company is reportedly expected to disclose its shareholder-return plans alongside its third-quarter financial results on Wednesday.
• Company has not confirmed the dividend: SK Hynix said it is considering various options to return capital to shareholders but has not made a final decision on a special dividend.

Bank of Japan Expected to Hold Rates at 1.25% as Ueda Signals Further Hikes

• BOJ rate decision in focus: The Bank of Japan is expected to keep its policy rate unchanged at 1.25% at its October meeting, according to MaceNews.
• Ueda signals further tightening: Governor Kazuo Ueda indicated that consecutive rate hikes are unnecessary, but rates may need to rise further towards a neutral level.
• December or January hike possible: MaceNews sees the BOJ raising rates to 1.50% in December or January, followed by a potential increase to 1.75% in March or April, maintaining a pace of roughly one hike every three to four months.
• Board remains divided: Hawkish members Hajime Takada and Naoki Tamura may push for another increase, while Toshiro Asada and Ayano Sato have opposed recent rate hikes.
• Tokyo inflation data awaited: October’s three key Tokyo CPI indicators are expected to come in between 2.7% and 2.8%, partly reflecting the fading impact of government support measures.
• Additional economic data due: September employment, industrial production and retail sales figures will provide further clues about Japan’s economic momentum.
• Fed decision also in focus: Markets are pricing in a 90% probability that the US Federal Reserve will leave interest rates unchanged this week, according to the supplied report.

Musk Says SpaceX Secures $40 Billion GPU Financing, Warns of Cloud Computing Industry Consolidation

• $40 billion GPU financing: Elon Musk said SpaceX has completed a $40 billion debt financing arrangement to purchase graphics processing units (GPUs), with deliveries expected in the first and second quarters.
• Starlink and launch revenue support credit access: Musk said SpaceX’s investment-grade credit rating and revenue from its Starlink satellite internet and launch businesses help the company maintain access to financing.
• Limited immediate impact: Musk said the financing is primarily intended to cover GPU purchases and would have little impact on the current quarter.
• Cloud computing firms face debt pressure: Musk warned that more than 200 new cloud computing companies could face consolidation as tighter debt-market conditions make financing harder to secure.
• Survival may become concentrated: Musk suggested that only a small number of these companies may ultimately survive the industry shakeout.

UPI Processes 24.07 Billion Transactions in September as India Opens ₹169-Crore RBI Data Centre

• UPI crosses 24 billion monthly transactions: India’s Unified Payments Interface processed 24.07 billion transactions in September, up 22.6% year-on-year, according to NPCI data.
• Daily transactions hit a record: UPI’s daily transaction volume reached a record 802 million, highlighting the continued expansion of digital payments.
• Sitharaman highlights global leadership: Finance Minister Nirmala Sitharaman said UPI handles more than 2,400 crore transactions monthly and described it as the world’s largest real-time payment system, ANI reported.
• RBI opens ₹169-crore data centre: Prime Minister Narendra Modi inaugurated the Reserve Bank of India’s new data centre in Bhubaneswar. Sitharaman described it as “the vault of the digital age.”
• Massive growth since 2016–17: Sitharaman said UPI’s annual transaction volume has grown approximately 13,000 times since 2016–17.
• Financial inclusion expands: She said digital payments are helping bring financial products, including credit and insurance, within reach of first-time users.

France’s Bond Sell-Off Puts ECB Leadership Race in Focus as 10-Year Yield Tops 5%

• Crisis management becomes key issue: Bloomberg reported that the race to succeed European Central Bank (ECB) President Christine Lagarde is increasingly centred on candidates’ ability to handle financial market turmoil.
• French borrowing costs surge: France’s 10-year government bond yield exceeded 5% on October 21, its highest level since 2002, amid political instability, a fractured parliament and budget disputes.
• Two leading contenders emerge: A Bloomberg survey found that nine economists backed former Dutch central bank chief Klaas Knot, while 12 favoured Bank for International Settlements chief Pablo Hernández de Cos.
• Bond-market volatility raises stakes: France’s debt concerns and renewed pressure from bond investors are making crisis-response capabilities a central consideration for eurozone policymakers.
• Lagarde succession draws scrutiny: With Lagarde nearing the end of her tenure, governments are assessing which candidate could best manage potential financial instability across the eurozone.