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Adani Power Limited (APL), a key player in India’s energy landscape and part of the Adani portfolio of companies, announced a robust set of results for the second quarter of FY26, marked by higher sales volumes, stable earnings, and continued capacity expansion. 

The company’s ability to deliver consistent performance despite volatile market conditions reinforces its leadership and operational strength in India’s power sector.

During Q2 FY26, Adani Power achieved a 7.4% year-on-year increase (YoY) in consolidated power sales to 23.7 billion units (BU), overcoming a challenging environment caused by early and prolonged monsoons that tempered power demand growth. 

Total revenue rose to ₹14,308 crore, up from ₹14,063 crore in Q2 FY25, supported by efficient operations and expanded capacity, despite lower merchant tariffs and subdued import coal prices. 

EBITDA remained stable at ₹6,001 crore, while the company delivered a strong Profit After Tax (PAT) of ₹2,906 crore, underscoring its financial resilience.

In a major growth milestone, Adani Power secured 4.5 GW of new long-term Power Purchase Agreements (PPAs) — 2,400 MW with Bihar DISCOM, 1,600 MW with Madhya Pradesh DISCOM and 570 MW with Karnataka DISCOM (by October 2025). 

Additionally, the acquisition of 600 MW Vidarbha Industries Power Limited through the Corporate Insolvency Resolution Process has taken APL’s total operational capacity to 18,150 MW, strengthening its national footprint.

For the first half of FY26, Adani Power’s total sales stood at 48.3 BU, up 4.4% year-on-year, with revenue at ₹28,882 crore and PAT at ₹6,212 crore, reaffirming the company’s steady trajectory.

Commenting on the results, S. B. Khyalia, CEO, Adani Power Limited, said, “Adani Power has once again demonstrated robust and stable financial performance this quarter, highlighting our operational efficiency and strategic discipline. With 4.5 GW of new PPAs and a clear roadmap to expand to 42 GW by FY32, we are accelerating towards our goal of powering India’s growth sustainably and reliably.”

Despite slower all-India demand growth of just 3.2% in Q2 FY26 due to weather anomalies, Adani Power’s consistent operational performance and disciplined expansion strategy continue to position it at the forefront of India’s energy transformation.

Also Read: Jindal Steel Names Gautam Malhotra CEO After Disappointing Q2

In a significant boost to India’s energy security, Qatar’s national energy company QatarEnergy has signed a 17-year sales and purchase agreement (SPA) with India’s Gujarat State Petroleum Corporation (GSPC) for the supply of up to 1 million tonnes per annum (MTPA) of liquefied natural gas (LNG). 

According to the terms of the deal, LNG supplies will begin in 2026 and will be delivered ex-ship to various import terminals in India. 

QatarEnergy’s President & CEO, Saad Sherida Al Kaabi, described the agreement as an extension of a longstanding partnership between the two entities.

He said in a statement that the long-term SPA “highlights our continued commitment to supporting India’s growing energy needs” and reinforces QatarEnergy’s role in delivering safe and reliable LNG supplies to India. 

The agreement builds on an earlier long-term deal between the two firms signed in 2019, reflecting growing collaboration between QatarEnergy and GSPC. 

From an Indian perspective, the deal comes at a pivotal time as India accelerates its efforts to expand LNG import capacity and diversify its energy mix in line with its net-zero ambition for 2070. 

Energy analysts say this arrangement helps India further strengthen its supply chain for natural gas — an increasingly important fuel as the country transitions away from coal and oil toward cleaner alternatives.

For QatarEnergy, the deal opens up a long-term dependable market in India, the world’s third-largest LNG importer, and underlines the Gulf state’s strategic role in global LNG trade.

The five-year gap between signing and commencement (i.e., from 2026) aligns with India’s infrastructure expansion timeline, including development of new LNG import terminals. 

Market commentators note that the 1 MTPA annual volume is modest compared to India’s overall LNG imports, but the duration and reliability of the contract carry strategic value. 

With global LNG supply more contested and long-term contracts less common than in past decades, this agreement signals both companies’ willingness to lock in long-term partnerships in a shifting energy landscape.

The ex-ship delivery mechanism means that QatarEnergy bears responsibility for shipping the cargoes to India’s terminals, reducing GSPC’s logistical burden. 

The timing of the deal is also notable given India’s push to raise natural gas’ share in its overall energy consumption. The country currently has eight operational LNG import terminals with a combined capacity of about 52.7 MTPA, and aims to add more capacity by 2030. 

For India’s state-owned GSPC, this supply contract provides a stable long-term feedstock for its growing downstream and trading ambitions, and strengthens its position in the domestic gas market.

Also Read: Eli Lilly, NVIDIA Partner to Build AI Supercomputer for Drug Discovery

In a bold step into the future of pharmaceutical innovation, Eli Lilly and Company has joined forces with NVIDIA Corporation to construct what the companies describe as the most powerful artificial-intelligence supercomputer ever built for the pharmaceutical industry. 

The collaboration, announced October 28, 2025, aims to dramatically accelerate the discovery and development of new medicines by harnessing next-generation computing power and deep learning models. 

Under the partnership’s terms, Lilly will host and operate the system within its own facilities, utilising more than 1,000 of NVIDIA’s latest generation Blackwell Ultra GPUs and a DGX SuperPOD architecture built specifically for large-scale life-science workflows. 

The infrastructure is designed to support “millions of virtual experiments in parallel”, enabling the company’s scientists to explore vast chemical and biological spaces with far greater speed and scale than traditional approaches. 

Lilly emphasises that the initiative is not just about speed but about intelligence: the supercomputer will power an “AI factory” in which models will not only be trained on decades of Lilly’s internal data, but deployed across functions including molecule design, biomarker discovery, clinical trial optimisation and manufacturing efficiency. 

The companies say the installation is expected to be operational by January 2026, with the hardware being deployed in Lilly’s headquarters in Indianapolis and powered entirely by renewable electricity within its existing data-centre footprint. 

NVIDIA’s Mission Control software will orchestrate the workloads across the DGX SuperPOD, enabling efficient scheduling, monitoring and orchestration of AI operations within a highly regulated pharmaceutical environment. 

From an industry perspective, the move signals a broader shift in drug discovery: the combination of deep biology, high-performance computing and AI is increasingly seen as a key to reducing the decade-long timelines and multi-billion-dollar cost burdens typical of bringing a new medicine to market. 

Lilly says the supercomputer will support its federated AI platform, TuneLab, which gives smaller biotech partners access to Lilly-trained models while preserving data privacy via federation. 

Analysts note that while many pharmaceutical companies have begun deploying AI in pockets, few have committed to building in-house hardware of this scale. 

Lilly’s strategy may provide a competitive edge by keeping its data and models within its own secure infrastructure rather than depending solely on cloud services. 

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In a significant leadership change, Jindal Steel Ltd (JSL) on Tuesday announced the appointment of Gautam Malhotra as its Chief Executive Officer, even as the company reported a below-expectations performance for the second quarter of the fiscal year.

Malhotra, who joined Jindal Steel in May 2024, has since worked across its mining, production, human resources, logistics, technology and sales verticals.

The appointment signals a strategic push by the company’s board to accelerate operational and commercial transformation.

For the quarter ended September 30, JSL posted a consolidated net profit of ₹635.08 crore, down about 26.2 percent year-on-year from ₹860.47 crore in the same period last year.

Revenue from operations rose modestly by 4.21 percent to ₹11,685.88 crore, up from ₹11,213.31 crore a year earlier.

Despite the increase in revenue, JSL’s margin contraction and lower profit raise fresh concerns about its near-term growth trajectory.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell around 12 percent year-on-year to ₹1,875 crore, while the EBITDA margin slipped to 17.8 percent from 24.4 percent a year earlier.

Production volumes also dipped. JSL reported total production of 2.00 million tonnes (MT) in the quarter, down 5 percent sequentially, while sales were 1.87 MT, a decrease of 2 percent from the previous quarter.

Export share rose to 10 percent from 7 percent in the prior quarter, but the overall decline in performance was noted by analysts.

In a positive move on the investment front, the company’s net debt stood at ₹14,156 crore at the end of the quarter, slightly lower than ₹14,400 crore at the end of June 2025, offering some relief to investors.

Capital expenditure for the quarter was reported at ₹2,699 crore, largely driven by expansion work at the Angul plant in Odisha.

Jindal Steel is also advancing its Angul facility, where a new blast furnace has more than doubled hot-metal capacity to 8.85 million tonnes per annum (mtpa) from 4.25 mtpa, and with the addition of a basic oxygen furnace it has raised crude steel capacity to 9 mtpa at the site.

The company remains on track to reach a total capacity of 15.6 mtpa by the end of this financial year.

The appointment of Malhotra comes after a five-year period during which JSL did not have a designated CEO, underscoring the board’s decision to bring in stronger executive leadership to navigate challenges in a competitive steel industry.

Analysts highlight that while Malhotra brings extensive experience across operational and commercial domains, he does not have a traditional steel-industry background, prompting closer scrutiny of his execution capabilities.

For JSL, the dual message to markets is clear: the company is recognising near-term headwinds while simultaneously laying the groundwork for a strategic reset.

Scaling up production, improving margin performance and leveraging new leadership under Malhotra will be key to regaining investor confidence.

With commodity cycles remaining volatile and competition intensifying, the steelmaker’s next set of results will be closely watched for signs of turnaround momentum.

Also Read: Apple Joins $4 Trillion Market-Cap Club After iPhone 17 Surge

Apple Inc. briefly vaulted past the $4 trillion market-capitalization mark on Tuesday, becoming the third publicly traded company to touch that valuation after Nvidia and Microsoft, as a rally in its shares was fueled by stronger-than-expected early demand for the iPhone 17 lineup.

Shares of Apple climbed as traders cheered data showing the iPhone 17 series had outperformed the previous generation in its initial days on sale, helping to allay investor concerns about the company’s pace in artificial-intelligence development.

The stock briefly traded near $270, pushing the company’s market value just above $4 trillion before it retreated slightly by the close.

Analysts and market watchers attributed the move mainly to upbeat handset sales in key markets such as the United States and China.

The milestone follows a sequence of tech giants reaching the same rarefied valuation this year: Nvidia led the way after a blistering AI-driven surge in its stock, and Microsoft subsequently joined the $4 trillion club as its cloud and AI businesses accelerated.

Apple’s entrance, even if brief, underscores how mainstream product cycles can still reshape investor sentiment in an era otherwise dominated by excitement around enterprise AI platforms.

Market data show the move was supported by tangible metrics: industry trackers reported a double-digit uptick in early iPhone 17 sales compared with the last cycle, with stronger uptake in both the U.S. and Chinese markets.

That sales momentum has translated into renewed confidence about Apple’s near-term revenue trajectory, including positive spillovers to services and accessories, though some investors caution that hardware cycles can be cyclical and short-lived.

Despite the headline milestone, commentators noted that Apple’s stock performance this year has been more modest than that of its AI-centric peers.

While Nvidia and Microsoft have seen larger percentage gains tied to AI optimism, Apple has trailed on a year-to-date basis — a point that keeps some analysts asking whether the company’s longer-term valuation should reflect a deeper AI strategy beyond device sales.

Still, the firm’s steady ecosystem revenues, growing services business and disciplined capital returns have been highlighted as stabilizing factors that underpin the recent price move.

Investors will next turn their attention to Apple’s forthcoming quarterly results for clearer confirmation that handset demand and services growth will sustain the company’s elevated valuation.

For now, the brief entry into the $4 trillion club is likely to intensify scrutiny of how consumer hardware cycles and enterprise AI narratives interact to reshape the market leadership landscape among Big Tech.

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Uber Technologies Inc. has announced a major partnership with chipmaking giant NVIDIA to accelerate the development and deployment of next-generation robotaxi and autonomous delivery fleets powered by artificial intelligence.

The collaboration marks a significant step in Uber’s strategy to expand its global autonomous vehicle operations using NVIDIA’s advanced AI and self-driving technology platforms.

According to Uber, the partnership will see the integration of NVIDIA’s latest DRIVE AGX Hyperion platform, featuring the safety-certified DriveOS operating system and full-stack DRIVE AV software, purpose-built for Level 4 (L4) autonomy.

These systems will power Uber’s forthcoming autonomous fleets, capable of operating without human intervention under specific conditions.

As part of the initiative, automotive major Stellantis will be among the first original equipment manufacturers (OEMs) to supply Uber with at least 5,000 NVIDIA-DRIVE-powered Level 4 vehicles for robotaxi operations across the United States and international markets.

Uber will oversee the comprehensive management of these fleets, including remote assistance, maintenance, cleaning, charging, and customer support.

“NVIDIA is the backbone of the AI era, and is now fully harnessing that innovation to unleash L4 autonomy at enormous scale, while making it easier for NVIDIA-empowered AVs to be deployed on Uber,” said Dara Khosrowshahi, CEO of Uber. “Autonomous mobility will transform our cities for the better, and we’re thrilled to partner with NVIDIA to help make that vision a reality.”

NVIDIA’s founder and CEO Jensen Huang called the Uber collaboration a milestone in the broader transformation of mobility. “Robotaxis mark the beginning of a global transformation in mobility — making transportation safer, cleaner, and more efficient. Together with Uber, we’re creating a framework for the entire industry to deploy autonomous fleets at scale, powered by NVIDIA AI infrastructure,” Huang said.

The partnership will extend beyond fleet development to build a scalable, open technology ecosystem for Level 4 autonomy.

Uber and NVIDIA said they will collaborate with a range of autonomous driving partners—including Aurora, Avride, May Mobility, Momenta, Motional, Nuro, Pony.ai, Waabi, Wayve, and WeRide—to advance self-driving solutions across ride-hailing, trucking, and last-mile delivery sectors.

Both companies are also working on a “robotaxi data factory” powered by NVIDIA’s Cosmos platform for physical AI, which will help accelerate model training and validation.

Uber aims to collect more than three million hours of driving data specific to robotaxi operations, which will be used to improve AI training models and enhance autonomous decision-making capabilities. NVIDIA will provide GPUs, simulation tools, and data infrastructure to support these efforts.

Industry analysts say the tie-up underscores the growing convergence between mobility platforms and AI computing firms, as companies seek to commercialize autonomous transport at scale.

With Uber’s operational network and NVIDIA’s hardware and software ecosystem, the partnership could help bring robotaxi technology closer to mainstream deployment.

If successful, the initiative may mark one of the most ambitious efforts yet to deploy fully autonomous fleets globally — transforming the way passengers and goods move through urban environments and positioning both Uber and NVIDIA at the forefront of the next major shift in transportation technology.

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Microsoft and OpenAI have announced a new definitive partnership agreement that restructures their relationship and sets out how the companies will collaborate as artificial intelligence advances toward Artificial General Intelligence (AGI).

The deal marks the latest evolution of a partnership that began in 2019, initially as Microsoft’s investment in a research-focused startup and later becoming one of the most influential alliances in global technology.

Under the new arrangement, Microsoft is supporting OpenAI’s plan to transition to a public benefit corporation, or PBC.

Following a recapitalization tied to this structural shift, Microsoft’s investment in the newly formed OpenAI Group PBC is valued at approximately $135 billion.

This represents about 27 percent ownership on an as-converted diluted basis across all stakeholders, including employees, outside investors, and the OpenAI Foundation.

Prior to recent funding rounds, Microsoft held roughly 32.5 percent in the company’s for-profit entity.

The agreement preserves core components that defined the collaboration to date.

OpenAI remains Microsoft’s exclusive partner for frontier AI models, and Microsoft continues to hold exclusive rights to OpenAI’s model-related intellectual property and Azure cloud API access until OpenAI formally declares AGI.

However, that declaration will no longer be solely determined by OpenAI. Under the new terms, the claim that AGI has been achieved must be independently verified by a panel of external experts.

The deal also introduces new flexibility for both organizations. Microsoft’s intellectual property rights related to OpenAI models and products now extend through 2032 and include rights to post-AGI models under certain safety and governance restrictions.

Microsoft’s rights to research-related IP—defined as confidential methods used to build models and systems—remain in place until either AGI is independently verified or until 2030, whichever occurs first.

Research IP does not include model architecture, weights, inference or finetuning code, or any hardware and data-center-related IP, which Microsoft retains rights to.

The revised terms expand OpenAI’s freedom to collaborate beyond Microsoft. OpenAI may now jointly develop products with third parties.

API-based products must continue to run on Microsoft’s Azure cloud, but non-API products may be hosted on any cloud provider. Microsoft also gains the right to pursue AGI development independently or with other partners.

If Microsoft uses OpenAI’s intellectual property to pursue AGI before OpenAI declares it, the development is subject to substantial compute limits designed to protect against uncontrolled escalation.

Financially, the agreement allows OpenAI to provide API access to U.S. national-security customers regardless of cloud provider, and permits the company to release open-weight models that meet agreed capability criteria.

OpenAI has also contracted to purchase an additional $250 billion worth of Azure cloud services, though Microsoft will no longer hold the right of first refusal to serve as the company’s primary compute provider.

The revenue-sharing agreement between the companies remains in place until AGI is verified, with payments now spread over a longer period.

The companies framed the announcement as a progression into a new phase of collaboration—one that balances shared innovation with greater autonomy.

In the joint statement, Microsoft emphasized that, as the partnership moves forward, both organizations are positioned to continue creating “real-world value” while expanding opportunities for users, developers, and businesses.

The agreement underscores the rapidly shifting landscape of AI development, where strategic partnerships, cloud computing scale, governance, and intellectual property rights are increasingly intertwined with the race toward advanced, general-purpose AI systems.

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Newgen Software Technologies Ltd reported robust financial performance for the quarter ended September 30, 2025, with consolidated revenue increasing 11 % year-on-year to ₹400.8 crore and profit after tax rising 16.2 % to ₹81.7 crore. 

EBITDA for the quarter reached ₹102.4 crore, marking a 23.4 % increase compared with the same period a year ago, while the EBITDA margin improved to 25.5 % from 23.0 % in Q2 FY25. Profit before tax (PBT) rose to ₹105.3 crore, up 13.8 % year-on-year.

Subscription revenues emerged as a key growth driver during the quarter, climbing 20 % to ₹126 crore. 

Revenue from product and license sales stood at ₹74 crore, and implementation and related services accounted for ₹93 crore.

Together, annuity streams including support, cloud/SaaS, maintenance and subscription contributed ₹234 crore to total revenue.

Management highlighted an increased focus on expanding its footprint in target verticals and geographies. 

The company added fifteen new client logos during the quarter and reported strong traction in its EMEA markets.

Chairman & Managing Director Diwakar Nigam said the growth momentum stemmed from solid subscription numbers and large-deal breakthroughs in mature markets.

CEO Virender Jeet added that Newgen is deepening its presence in the banking vertical and expanding into insurance policy administration systems (PAS). 

He stressed the company’s commitment to an “AI-first” strategy and continuous investment in product innovation and cloud-native SaaS solutions.

The company’s performance comes amid a challenging macro-environment where many software firms are under pressure from softening demand and increased competition. 

Yet Newgen’s growth in annuity-based revenue and improving margins appear to have given it a competitive edge. 

The margin improvement in particular is notable, reflecting better operating leverage and disciplined cost controls.

For the half-year ended September 30, the company reported an 11.5 % year-on-year increase in net profit to ₹1,314.63 crore, with revenue rising 6.74 % to ₹7,214.49 crore.

Looking ahead, the management expressed optimism about continuing to scale the subscription business, capturing large deals in key markets and leveraging its product platform for growth. 

However, it also acknowledged the need to navigate broader global macro-risks, including currency fluctuations and softening enterprise spending.

In summary, Newgen Software’s Q2 performance stands out for its double-digit revenue growth, strong profit uptick and margin improvement — underpinned by recurring revenue strength and strategic vertical expansion. 

As the company pivots further toward cloud-native solutions and AI-driven platforms, its results may set the tone for how mid-cap software firms can maintain growth momentum in an otherwise cautious environment.

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