Author: Shelly M

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Corporate

Air India gets its first custom Boeing 787 Dreamliner since privatisation

Air India was handed over its first customised Boeing 787 Dreamliner since returning to private ownership, marking a key step in the airline’s long-term transformation under the Tata Group. The aircraft, a Boeing 787-9, is the first wide-body jet built to Air India’s specific requirements after more than eight years.

The handover was completed at Boeing’s Everett facility in the United States, where ownership of the aircraft was formally transferred to the airline. Unlike earlier Dreamliners inducted during government ownership, the newly delivered jet has been manufactured with Air India’s own cabin design, layout and onboard features, reflecting the carrier’s revised product strategy.

Once it receives regulatory clearance from India’s aviation authorities, the aircraft is expected to be deployed on long-haul international routes. The Dreamliner features a three-class configuration comprising business class, premium economy and economy seating, aimed at improving comfort and consistency across Air India’s long-distance network.

The delivery assumes added significance as it represents the airline’s first “line-fit” wide-body aircraft since its privatisation in 2022. Since then, Air India has embarked on an ambitious fleet renewal programme that includes one of the largest aircraft orders in global aviation history, spanning both Boeing and Airbus models.

Industry executives view the induction of the customised Dreamliner as a visible sign of Air India’s shift away from ageing aircraft and legacy interiors. The airline has been working simultaneously on refurbishing older planes, introducing new service standards and expanding its international footprint.

The Boeing 787-9 is expected to play a central role in Air India’s long-haul strategy due to its fuel efficiency, extended range and lower operating costs compared to older wide-body aircraft. The model is well suited for routes connecting India with Europe, North America and parts of East Asia.

Air India’s fleet modernisation push extends beyond wide-body aircraft. Its group airlines have also begun inducting next-generation narrow-body jets to support domestic and regional growth. Together, these additions are intended to support higher frequencies, improved reliability and a more competitive global offering.

As more customised aircraft are scheduled for delivery in the coming months, Air India is positioning itself to rebuild its brand as a full-service international carrier, with the latest Dreamliner marking a symbolic and operational milestone in that journey.

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Beyond

Trump pulls US out of 66 international organisations

US President Donald Trump has ordered to withdraw from more than 60 international organisations, including several UN agencies and the India–France-led International Solar Alliance (ISA), calling the memberships “redundant” and contrary to American priorities.

On Wednesday, Trump signed an executive order instructing US departments to immediately cease participation in and funding for 31 United Nations bodies and 35 non-UN organizations, according to a White House statement.

The affected entities cover areas including climate change, conservation, counterterrorism, and human rights, among others.

The Trump administration cited that these bodies operate in ways that conflict with US national interests, security, economic growth, or sovereignty. Participation in or funding for these entities will be halted to the extent allowed by law.

Among the bodies on the list is the International Solar Alliance, a global initiative led by India and France focused on climate action. Over 100 countries are signatories, with more than 90 having ratified full membership.

Speaking on X, US Ambassador to the UN Mike Waltz said the withdrawal ensures the United States will no longer “fund or participate in international organisations that do not serve, or actively work against, American interests.”

Secretary of State Marco Rubio added that the 66 organisations were found to be “redundant, mismanaged, poorly run, or pursuing agendas that conflict with the US mission, sovereignty, and prosperity.”

The United Nations confirmed it has received the list of organisations affected and said it will issue an official response on Thursday.

Trump’s move represents one of the most significant rollbacks of US involvement in multilateral institutions in recent years, and it is expected to have far-reaching implications for international cooperation on issues ranging from climate change to security and development.

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Beyond

Trump backs bill proposing 500% tariffs on countries buying Russian oil

US President Donald Trump has backed a proposed sanctions bill that would allow Washington to impose import tariffs of up to 500% on goods from countries that continue to buy Russian oil and gas, a move that could sharply escalate global trade tensions and strain relations with major economies such as India and China.

The bipartisan legislation, introduced in the US Senate, is aimed at intensifying economic pressure on Moscow by targeting nations that the United States believes are indirectly funding Russia’s war effort through continued energy purchases. The bill would give the US president broad authority to levy exceptionally high duties on imports from countries that buy Russian crude, refined petroleum products or other energy supplies.

Supporters of the proposal argue that existing sanctions have failed to fully curb Russia’s energy revenues and that secondary measures are necessary to close loopholes. Senator Lindsey Graham, one of the bill’s key sponsors, has said President Trump has indicated his support for the measure, significantly improving its chances of advancing in Congress. Lawmakers backing the bill say the threat of extreme tariffs would force countries to reconsider their energy ties with Moscow.

If enacted, the proposal could have major implications for India, which has emerged as one of the largest buyers of Russian crude since Western sanctions were imposed. Indian refiners have taken advantage of discounted prices to secure supplies, citing energy security and affordability. New Delhi has consistently maintained that its purchases are legal, transparent and in line with national interest, but the proposed US move raises the risk of fresh trade friction between the two countries.

China and Brazil, which have also continued to trade energy with Russia, could face similar exposure. Analysts warn that tariffs at such levels would effectively block access to the US market for many exporters, potentially disrupting global supply chains and increasing costs for American consumers. Sectors ranging from industrial goods and consumer products to pharmaceuticals and textiles could be impacted if trade flows are curtailed.

Financial markets have begun to assess the potential fallout, with investors concerned that the bill could add a new layer of uncertainty to an already fragile global trade environment. Export-oriented economies are seen as particularly vulnerable if Washington chooses to aggressively enforce the measure.

The proposed tariffs represent a sharp escalation from previous sanctions, which largely focused on restricting direct trade with Russia. By targeting third countries, the United States would be extending its sanctions regime beyond its traditional boundaries, a move that critics argue could undermine multilateral trade rules and invite retaliation.

The Trump administration has defended the approach as necessary to prevent sanctioned oil from circulating in global markets and to reduce funding flows to governments viewed as hostile to US interests. However, it remains unclear how broadly the tariff powers would be applied or whether waivers could be granted to strategic partners.

As the bill moves through the legislative process, governments and businesses around the world are closely watching for signs of how aggressively Washington intends to deploy one of the most severe trade measures proposed in recent years.

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Corporate

Adani eyes jet manufacturing through Embraer partnership

The Adani Group is preparing to enter aircraft manufacturing through a partnership with Brazilian aerospace company Embraer, marking a significant expansion of its aviation ambitions beyond airports and maintenance services.

Adani Aerospace recently signed a memorandum of understanding with Embraer to set up a final assembly line in India for the manufacturer’s regional jets. These aircraft are typically deployed on short and medium haul routes and can accommodate between 70 and 146 passengers.

An official announcement is expected at the Hyderabad Air Show next month, though the companies have not yet disclosed details.

The initiative aligns with the government’s broader Make in India push, and officials are said to be considering indirect incentives to support the project. These may include fiscal benefits for airlines that place orders from the proposed Indian assembly line, with incentives tapering as order volumes increase.

Embraer already has a meaningful footprint in India, with nearly 50 aircraft across commercial, defence and business aviation segments currently in operation. In commercial aviation, regional carrier Star Air operates Embraer jets and may expand its fleet, while several start-up airlines are evaluating Embraer aircraft amid long delivery timelines from Airbus and Boeing.

India is the world’s fastest-growing aviation market, with airlines having placed over 1,800 aircraft orders, prompting government efforts to attract global aircraft manufacturers to establish local production facilities.

For the Adani Group, the move complements its plan to invest ₹1 lakh crore in airport infrastructure over five years. The group has already expanded into MRO facilities, flight simulation training, and plans to enter engine MRO and passenger-to-freighter conversions, aiming to build a comprehensive aviation services platform.

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Corporate

China asks tech firms to pause Nvidia H200 chip orders

Chinese authorities have asked some local technology firms to temporarily stop placing orders for Nvidia’s H200 AI chips, sources say, as the government moves to encourage the use of domestically developed artificial intelligence processors.

The guidance highlights China’s effort to reduce reliance on foreign semiconductor technology amid growing U.S.-China tensions over advanced chip exports. Nvidia has been navigating a delicate situation, with the US restricting some AI chip exports while Chinese companies look to secure supply for their AI initiatives.

Officials in Beijing are reportedly discouraging stockpiling of US chips until a final policy decision is made regarding access to Nvidia’s high-performance H200.

A spokesperson for the Chinese Embassy in Washington, Liu Pengyu, said the country aims to “develop its own capabilities while cooperating internationally to keep global supply chains stable.”

Nvidia CEO Jensen Huang said that demand from China remains high, but that the company is treating current orders as indications of interest rather than formal approval from Beijing.

The H200 chip, a predecessor to Nvidia’s latest Blackwell processors, continues to be subject to US export licensing rules, including a special revenue-sharing condition imposed last year.

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Leaders

Vedanta chairman Anil Agarwal’s son dies at 49

Agnivesh Agarwal, the eldest son of Vedanta Group chairman Anil Agarwal, passed away at the age of 49 in the United States, days after sustaining injuries in a skiing accident. He died following a sudden cardiac arrest while undergoing treatment, according to the family.

In an emotional message shared on social media, Anil Agarwal described the loss as the “darkest day” of his life, saying the family was devastated by the sudden turn of events.

“Today is the darkest day of my life. My beloved son, Agnivesh, left us far too soon. He was just 49 years old, healthy, full of life, and dreams. Following a skiing accident in the US, he was recovering well in Mount Sinai Hospital, New York. We believed the worst was behind us. But fate had other plans, and a sudden cardiac arrest snatched our son away from us,” Agarwal wrote in a post on X.

He said Agnivesh was admitted to Mount Sinai Hospital in New York. However, his condition deteriorated unexpectedly.

Born in Patna on June 3, 1976, Agnivesh studied at Mayo College, Ajmer, and later played a key role in setting up Fujeirah Gold and served as Chairman of Hindustan Zinc.

Tributes have poured in from industry leaders and associates, remembering Agnivesh as a capable professional and a warm, grounded individual.

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Corporate

Sensex slides 150 points; Nifty slips below 26,100

Indian equities traded lower on Thursday, extending their losing streak into a fourth consecutive session, as concerns over US tariffs, sustained foreign fund outflows and weak global cues continued to weigh on investor sentiment.

The BSE Sensex was down 218 points, or 0.26 per cent, at 84,743, while the NSE Nifty 50 slipped 84 points, or 0.32 per cent, to 26,057 levels. Selling pressure remained broad-based, particularly among heavyweight stocks.

On Wednesday, benchmarks had closed lower for a third straight session, with the Sensex ending at 84,961.14 and the Nifty at 26,140.75, as geopolitical tensions and persistent institutional selling dampened sentiment.

The top losers were TCS, Tech Mahindra, Asian Paints, Maruti Suzuki, Infosys, UltraTech Cement, HCL Technologies, Tata Steel, Reliance Industries, Sun Pharma, Kotak Mahindra Bank and Power Grid, declining up to 2 per cent. While, only nine Sensex stocks were trading higher, led by ICICI Bank, BEL, Adani Ports, HDFC Bank, HUL, Bajaj Finance, Titan, Axis Bank and Eternal.

Broader markets also remained under pressure, with the Nifty MidCap index down 0.66 per cent and the Nifty SmallCap index slipping 0.38 per cent.

Sectorally, losses were led by metals, with the Nifty Metal index falling 1.75 per cent, followed by IT down 0.85 per cent and pharma lower by 0.6 per cent. Investors remain cautious ahead of earnings announcements and global macro cues.

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1 Minute-Read

Atomberg plans $200 million Mumbai IPO

Atomberg Technologies Pvt., backed by Temasek Holdings, is said to be exploring an initial public offering (IPO) in Mumbai that could raise around $200 million, according to reports. The IPO is expected to include a mix of fresh shares and secondary sales by existing investors and could launch as early as next year.

The company has recently held discussions with investment banks about a possible listing and is likely to appoint advisers in the coming weeks, reports said.

The Mumbai-based consumer electronics maker is also backed by Steadview Capital and Jungle Ventures and is the latest firm preparing to tap India’s strong IPO market. Indian companies have raised about $19.6 billion through listings so far this year, following a record $21 billion in 2024, according to Bloomberg data.

Founded in 2012 by Manoj Meena and Sibabrata Das, Atomberg started as a fan manufacturer and has since expanded into mixer grinders, water purifiers and smart locks. In 2023, the company raised $86 million from Temasek, Steadview Capital, Jungle Ventures and Inflexor Ventures in a combination of primary and secondary transactions, according to Avendus Capital, which advised on the fundraise.

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Corporate

Government didn’t guide LIC’s Adani investments, says FM

Finance Minister Nirmala Sitharaman said the government did not issue any directions or advice to the Life Insurance Corporation of India (LIC) regarding its investments in the Adani Group. Responding to a question in the Lok Sabha, she emphasised that LIC’s decisions were made independently and in line with its standard operating procedures (SOPs).

Sitharaman said LIC has always made investment decisions based on company fundamentals, strict due diligence and regulatory norms. Over the years, the insurer has invested in several Adani Group companies after these checks. LIC currently holds shares worth ₹38,658.85 crore and debt worth ₹9,625.77 crore in various Adani firms.

She clarified that the Finance Ministry “does not issue any advisory or direction to LIC” on how it should invest its funds. Investment decisions, she said, are taken solely by LIC, governed by the Insurance Act, IRDAI rules, and regulations issued by SEBI and the RBI.

Her statement comes after a Washington Post report alleged that finance ministry officials pushed LIC to invest in the Adani Group earlier this year when the conglomerate was under global scrutiny. The report highlighted LIC’s ₹5,000-crore investment in secured non-convertible debentures of Adani Ports & SEZ in May 2025.

Sitharaman said the investment followed LIC’s due diligence process and board-approved policies. She added that LIC routinely invests in India’s largest companies. As of September 30, 2025, its investments in Nifty 50 firms amounted to ₹4.3 lakh crore, nearly 46% of its total equity portfolio.

The minister also detailed LIC’s internal oversight structure. Its investment operations are reviewed by concurrent auditors, statutory auditors, system auditors, internal vigilance teams, and are periodically inspected by IRDAI. “There is no direct oversight by the government on LIC’s investments,” she said.

Among private companies, LIC’s largest equity exposure is in Reliance Industries (₹40,901 crore), followed by Infosys, TCS, HDFC Bank, and Hindustan Unilever. Its biggest debt exposure is also with HDFC Bank (₹49,149 crore).

Within the Adani Group, LIC’s highest exposure is in Adani Total Gas (₹8,646 crore), ranking 25th among all its investments. Holdings in other Adani firms, including Adani Enterprises, Ambuja Cements, Adani Ports, Adani Energy Solutions, Adani Green Energy, and ACC fall further down the list.

Sitharaman also noted that LIC’s shareholdings of 1% or more in any listed company are already publicly available, as required under SEBI rules.

LIC, India’s largest institutional investor with assets of over ₹41 lakh crore, has repeatedly said its investments in the Adani Group were made independently, without any pressure from the Finance Ministry.

In an earlier statement, LIC said its decisions follow strict due diligence and comply fully with regulatory guidelines, adding that the Department of Financial Services “has no role” in its investment choices.

Also Read: Rupee slips to all-time low of 89.76 against dollar

Categories
Beyond

Rupee slips to all-time low of 89.76 against dollar

The Indian rupee dropped to a new all-time low of 89.76 per US dollar on December 1, even as the country posted an impressive 8.2% GDP growth for the July–September quarter.

The strong economic data lifted stocks to record highs and nudged the 10-year government bond yield up to 6.553%, near a one-week high. However, the growth did little to support the currency.

Since November 3, the currency has fallen nearly one full rupee against the dollar and is now one of the worst-performing major currencies of 2025, ahead of only the Turkish lira and Argentine peso.

Foreign investor sentiment remains weak. Overseas investors sold about $400 million worth of Indian equities on Friday, taking total outflows this year to more than $16 billion. Traders also said that the maturity of large positions in the non-deliverable forwards market added pressure on the rupee.

Meanwhile, data released on Friday showed the RBI’s forward book rising above $63 billion in October, indicating continued efforts to manage volatility, with state-run banks seen offering dollars intermittently. The maturity of large positions in the non-deliverable forwards (NDF) market also weighed on the currency, according to traders.

The rupee remains weighed down by the lack of progress on a US–India trade deal, higher importer demand for dollars and a balance-of-payments position that has turned less supportive.

Hopes for tariff relief faded after no concrete agreement emerged on reducing the steep 50% tariffs imposed on Indian exports.

India’s external sector continues to face pressure, with the merchandise trade deficit hitting an all-time high in October, further dampening sentiment and adding to downward pressure on the rupee.

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