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Titagarh Rail Systems Ltd (TRSL) announced on Friday that it has secured a contract worth about ₹2,481 crore from the Mumbai Metropolitan Region Development Authority (MMRDA) for work on the Mumbai Metro Line 5 project.

The contract covers the design, manufacture, supply and commissioning of 132 metro coaches, along with comprehensive signalling, telecommunication systems, platform screen doors, depot machinery, and five years of maintenance support.

The scope of TRSL’s assignment spans both Phase 1 (Kapur Bawdi to Kasheli to Dhamankar Naka) and Phase 2 (Dhamankar Naka to Bhiwandi to Kalyan APMC) of the Line 5 corridor, according to company statements.

The order also includes signalling for roughly 24.9 kilometres of track and telecommunication systems across 16 stations.

TRSL Vice Chairman and Managing Director Umesh Chowdhary said the contract underscores the company’s growing strength in delivering end-to-end metro rail solutions, adding that manufacturing will be done at their advanced Passenger Rail Systems facility in Uttarpara near Kolkata.

This award represents TRSL’s second major order for the Mumbai Metro network, following an earlier mandate for Line 6, signalling the firm’s rising profile in India’s metro manufacturing and systems market.

Analysts say the contract strengthens India’s domestic rail-coach and metro-systems ecosystem, aligning with the “Make in India” policy and reducing reliance on imports for high-technology transit systems.

TRSL’s manufacturing facility will deliver the rakes with stainless-steel car bodies and modern interiors, according to disclosures.

From a strategic standpoint, the deal provides TRSL with large-scale, long-term visibility in the urban transit segment, where orders are increasingly comprehensive, covering rolling stock, signalling and system integration.

Given the five-year maintenance component, the contract also locks in service revenue beyond delivery.

However, execution will carry challenges.

Delivering 132 coaches in line with strict technical and safety standards, integrating signalling and control systems across the corridor, and managing project timelines under the metro development schedule are all complex undertakings.

Market watchers note that delays or cost overruns remain risks in large infrastructure-equipment contracts.

For TRSL, the contract may bolster its order book substantially and enhance investor confidence.

But the company must deliver on quality, timely production, and maintenance performance to convert the opportunity into long-term business advantage.

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ACC Cement Ltd, part of the Adani Group, posted a sharp rise in profitability for the second quarter of fiscal year 2025-26, supported by strong volume growth and a significant one-time gain from land sales.

The company reported consolidated profit after tax of approximately ₹1,119 crore for the quarter, compared with about ₹200 crore in the same period last year, marking a profit jump of roughly 460 per cent.

Revenue from operations increased nearly 30 per cent year-on-year to about ₹5,896 crore.

A portion of the profit surge came from a one-time gain of around ₹369 crore realised through the sale of land and assets at the company’s Thane facility earlier this year, which was recognised in the second-quarter results.

Operational metrics also reflected strong momentum.

ACC recorded its highest-ever quarterly output, with cement and related product volumes reaching 10 million tonnes, up from 8.6 million tonnes a year earlier.

Revenue from cement and allied services rose 26 per cent to ₹5,519 crore, while its ready-mix concrete business grew 56 per cent year-on-year to ₹453 crore.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) nearly doubled, rising to approximately ₹846 crore from ₹436 crore in the same quarter last year, and margins improved from 9.4 per cent to 14.3 per cent.

Industry reports noted that the company benefited from favourable sector dynamics, including sustained demand from infrastructure and housing projects.

ACC’s integration into the wider Adani Group ecosystem continues to offer supply-chain advantages, with efficiencies in logistics and energy sourcing contributing to lower operating costs and improved margins.

In addition to internal efficiencies, analysts pointed to improving pricing conditions in key markets and a higher share of premium cement products as contributing factors to revenue growth.

The company remains debt-free, and regulatory filings indicate that its net worth improved during the quarter.

While the exceptional profit increase was partly driven by the non-recurring land-sale gain, analysts emphasised that underlying business performance also strengthened meaningfully, supported by cost control measures, sales volume expansion and increased contribution from value-added products.

ACC stated that it will continue to focus on logistical optimisation, operational efficiencies and widening its premium product portfolio to sustain growth.

The results place ACC among the stronger performers in the domestic cement sector during the quarter, at a time when many peer companies have reported volume-driven growth supported by infrastructure spending and stable cement pricing.

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Swiggy, the Bengaluru-based food delivery and quick-commerce major, is preparing to raise up to ₹10,000 crore through a qualified institutional placement (QIP) as it seeks to strengthen its balance sheet and maintain a competitive edge in India’s rapidly expanding on-demand economy.

The company announced that its board of directors will meet on November 7 to discuss and approve the proposed fundraising plan.

The capital raise, one of the largest by an Indian internet company in recent months, is expected to give Swiggy fresh financial muscle to scale its food delivery and grocery delivery platform, Instamart.

According to reports, the funds will likely be deployed toward technology development, delivery network expansion, marketing, and improving profitability metrics across business segments.

Swiggy stated that the board will consider raising funds “through one or more qualified institutions placement or any other permitted modes under applicable laws, for equity shares or securities up to ₹10,000 crore, in one or more tranches.”

While the company did not specify the size or structure of the offering, industry observers believe that Swiggy is seeking to build a cash buffer ahead of its planned public listing next year.

The move comes as Swiggy faces mounting competition from Zomato in food delivery and from emerging quick-commerce players such as Zepto and Blinkit.

The quick-commerce space has become a major growth driver for Swiggy through Instamart, which has seen strong adoption across metro and tier-1 cities but continues to operate at thin margins.

Analysts say that in this environment of aggressive expansion, liquidity will be critical for maintaining delivery efficiency and customer retention.

Financially, Swiggy has shown strong revenue momentum but remains loss-making.

For the quarter ended September 2025, the company reported a consolidated revenue increase of 54 percent year-on-year to ₹5,561 crore, though its net loss widened to ₹1,092 crore from ₹626 crore in the same period last year.

Despite this, Swiggy’s leadership maintains that the company is on track toward sustainable profitability as it continues to optimize costs and leverage economies of scale.

The fundraising plan follows a period of portfolio reshaping, including the recent ₹2,400 crore divestment of Swiggy’s stake in bike-taxi startup Rapido.

That move was aimed at sharpening focus on the company’s core businesses while generating liquidity for expansion and operational needs.

If approved, the QIP will provide Swiggy additional financial flexibility to pursue growth and potentially reduce dependence on external venture capital funding.

The company’s decision also aligns with a broader trend of late-stage startups tapping equity markets for capital amid volatile private funding conditions.

Market analysts expect investor interest in Swiggy’s QIP to be robust, given the company’s strong brand presence, diversified offerings, and growing customer base.

However, they also caution that investor appetite will depend on Swiggy’s ability to demonstrate a credible pathway to profitability and operational discipline.

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Adani Power Ltd has emerged as the lowest bidder for a 3.2 gigawatt (GW) coal-based power supply tender floated by the northeastern state of Assam, marking another major milestone in the company’s rapid expansion in India’s thermal power sector.

The award has received provisional approval from the state electricity commission, and the final contract is expected to be signed soon, according to company officials.

The Assam government had invited bids to boost its baseload generation capacity in response to rising power demand and the growing intermittency of renewable energy.

The state’s tender is part of a larger national trend, with multiple states — including Rajasthan, Uttar Pradesh, and Gujarat — floating over 22 GW of coal-based tenders in recent months.

This underscores a renewed focus on conventional energy even as India continues to advance its green transition agenda.

Adani Power stated that following the regulatory nod, the next steps would involve formalising the power purchase agreement (PPA) and finalising the project execution plan.

While the company has not disclosed the winning tariff, industry experts said Adani’s pricing was highly competitive, making it the frontrunner for the Assam project.

The contract aligns with Adani Power’s broader ambition to expand its generation capacity from 18 GW currently to 42 GW by fiscal year 2032.

The company plans to add around 12 GW by 2030, backed by an investment commitment of about ₹2 trillion.

It has already placed pre-orders for key power plant equipment, including boilers, turbines, and generators, to accelerate implementation across its upcoming projects.

The Assam tender is viewed as a strategically significant win for Adani Power, given the region’s increasing industrialisation and infrastructure growth.

The project is expected to improve supply stability in the Northeast while complementing the region’s renewable energy initiatives.

Analysts note that coal-based projects like this remain crucial to balancing grid reliability as India transitions toward cleaner energy sources.

However, several challenges remain. Adani Power will need to secure coal linkages, complete environmental clearances, and manage construction logistics in a region with relatively complex terrain.

Additionally, the company faces broader macroeconomic headwinds such as rising input costs and evolving global policies on coal financing and emissions.

For the Assam government, the partnership represents a key step toward ensuring consistent and affordable power supply to both urban and industrial consumers.

It also signals the state’s openness to large-scale private investment in the power sector despite India’s longer-term push toward renewables.

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Air India has approached its parent company Tata Sons and its joint venture partner Singapore Airlines (SIA) for a financial infusion of around ₹10,000 crore as the carrier looks to stabilize operations and strengthen its engineering and safety infrastructure in the aftermath of a fatal crash earlier this year.

According to reports citing people familiar with the matter, the airline has sought the fresh capital support to accelerate ongoing modernization and safety upgrades, overhaul internal systems, and enhance maintenance capabilities.

The request follows the tragic June 2025 crash that killed over 240 people, the deadliest air disaster in India in more than a decade.

The incident has intensified scrutiny from regulators and prompted the carrier to re-evaluate its operating procedures and fleet management standards.

The proposed funding could come in the form of a mix of equity infusion and interest-free loans.

Tata Sons, which holds a 74.9 percent stake in Air India, and Singapore Airlines, which owns the remainder, are currently evaluating the request.

The funds are expected to be channeled toward critical areas such as safety infrastructure, crew training, fleet maintenance, and passenger service improvements.

The move comes amid Air India’s larger restructuring efforts under Tata Sons, which took control of the carrier from the Indian government in January 2022.

The company has since embarked on an ambitious five-year transformation plan called “Vihaan.AI,” aimed at restoring profitability, modernizing its fleet, and reclaiming market leadership on international and domestic routes.

As part of this strategy, Air India has placed record aircraft orders with Airbus and Boeing and initiated the merger of its full-service arm Vistara into its mainline operations.

The merger, expected to be completed in 2025, is designed to create a unified premium airline capable of competing with global peers.

However, the June 2025 crash and subsequent investigations have set back some of these plans. Regulators have directed the airline to implement several corrective measures, including enhanced maintenance checks, stricter pilot training, and independent audits of engineering systems.

The additional funding from Tata Sons and SIA is intended to accelerate compliance and rebuild confidence among passengers and regulators alike.

Industry observers say that despite the heavy investments already made by Tata Sons and SIA — estimated at more than ₹9,500 crore in the previous fiscal year — the latest request underscores the scale of challenges confronting the airline.

Analysts note that the crash has disrupted Air India’s financial trajectory, forcing a renewed focus on operational safety and reliability before the carrier can push ahead with its expansion agenda.

Neither Air India nor its parent companies have publicly commented on the fresh capital request.

Singapore Airlines, however, has confirmed that it continues to work closely with Tata Sons on Air India’s turnaround plan and remains committed to its long-term partnership in India.

The proposed lifeline could prove critical for Air India at a time when competition in the Indian aviation market is intensifying. Rivals such as IndiGo, Akasa Air, and the soon-to-launch Tata-owned low-cost subsidiary are rapidly expanding their fleets and route networks.

For Air India, the infusion would provide much-needed liquidity to strengthen its technical operations and reaffirm its commitment to safety, service quality, and modernization.

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Indian consumer products major Dabur India Limited has unveiled a new investment initiative dubbed “Dabur Ventures”, allocating up to ₹500 crore to back digital-first consumer businesses aligned with its core categories.

The company said the fund will draw exclusively from its internal resources and is intended to acquire stakes in emerging companies that resonate with its journey and digital-first consumer segments.

CEO Mohit Malhotra emphasised the company will remain within its existing product categories—such as personal care, health care, wellness foods, beverages, and ayurveda—while exploring adjacent premium categories targeted at Gen Z and Gen Alpha consumers.

The move comes alongside Dabur’s September quarter results, which showed a net profit of ₹452.6 crore, up 6.4 percent year-on-year, and revenue of ₹3,191.3 crore, representing growth of 5.4 percent despite transitional headwinds associated with the GST reform.

For Dabur, the establishment of the venture arm signals a shift from purely organic growth to a more active external growth strategy, enabling the company to participate in the fast-growing startup and digital ecosystem without straying far from its core competencies.

Market observers note that Indian FMCG majors are increasingly looking at investment or acquisition of direct-to-consumer (D2C) and digitally native brands in order to modernize portfolios and capture younger, tech-savvy consumers.

In its filing, the company clarified that it will “restrict our existing categories and not go beyond them,” focusing on businesses that can scale and have a strong digital footprint.

The new platform, Dabur Ventures, will enable the company to invest in startups and growth-stage brands that bring innovation, niche capabilities, or digital distribution strength, which Dabur can enhance through its brand-building, distribution, and manufacturing infrastructure.

While the size of individual investments or specific targets were not disclosed, the total pool of ₹500 crore over time gives the company flexibility to pursue multiple deals.

Analysts say the move is well-timed. The consumer goods sector in India is undergoing transformation, and digital-first brands are gaining ground in premium and niche categories.

For a legacy firm like Dabur, the venture platform offers a way to tap into that growth without diluting its traditional footprint.

The allocation also indicates that the company sees value in early-stage participation, rather than waiting for established valuations.

For investors and stakeholders, the announcement offers two key takeaways: first, Dabur is positioning itself for future-oriented growth by combining its strengths with external innovation; second, it continues to safeguard its category focus and distribution engine, thus maintaining strategic coherence.

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SpaceX-owned Starlink has officially begun its first round of hiring in India, marking the start of its operational rollout as the company prepares to launch satellite-based broadband services in the country by late 2025 or early 2026.

The recruitment drive signals that Starlink is moving beyond regulatory groundwork and into the execution phase of its India entry.

According to the company’s careers portal, Starlink is currently seeking professionals for several finance and accounting roles, including accounting manager, payments manager, senior treasury analyst, and tax manager.

All these positions are based in Bengaluru, which will function as the company’s primary operational hub in India.

In its job postings, SpaceX said that as Starlink expands its global footprint to provide high-speed, low-latency satellite broadband, its Indian arm is looking for candidates who can help manage financial operations and compliance frameworks for the local market.

The accounting manager will be responsible for overseeing financial reporting and ensuring adherence to Indian regulatory requirements, while the payments manager will handle processing systems and risk operations for domestic transactions.

Starlink emphasized that all applicants must be based in India with valid work authorization.

The company also clarified that remote or hybrid work models are not available, signaling its intent to establish a strong on-ground presence.

The hiring drive comes as Starlink continues preparations for the commercial launch of its satellite internet service.

The company is setting up ground infrastructure, conducting government-mandated security trials, and coordinating with Indian authorities on compliance protocols.

Earlier this week, Starlink reportedly demonstrated its satellite broadband technology to law enforcement agencies in Mumbai, showcasing lawful interception and other security features — a key prerequisite for obtaining spectrum clearance from the Department of Telecommunications (DoT).

SpaceX has already established three ground stations in Mumbai, which will act as the central node for Starlink’s operations in India.

The company has applied for permission to set up three additional gateway stations in Mumbai, Chennai, and Noida, with plans to expand to nearly ten locations, including Kolkata, Chandigarh, and Lucknow, once services go live.

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