Author: Sreelatha M

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Rupee hits record low above ₹89

he Indian rupee tumbled past ₹89 against the US dollar on Friday, marking its lowest level ever and recording the steepest single-day fall since May.

Market watchers point to several factors driving the slide. A strong dollar, fueled by upbeat US economic data and diminishing chances of a Fed rate cut, has put pressure on emerging-market currencies. US sanctions on certain Indian firms involved in Iranian oil transactions have further spooked investors.

Domestically, a widening trade deficit, slowing exports, and surging imports, especially gold, are straining the currency. Foreign capital outflows, with investors pulling billions from Indian equities this year, have compounded the weakness.

Analysts expect the rupee could test ₹90 or higher if these pressures continue. The Reserve Bank of India intervened after the ₹89 threshold was breached, though its governor reiterated there is no fixed target for the rupee.

For businesses, a weaker rupee raises import costs, especially for oil, machinery, and technology, while exporters face a mixed picture due to global demand constraints. Consumers may also feel the impact as imported goods, overseas travel, and dollar-denominated payments become costlier.

The rupee’s historic slide highlights India’s exposure to global market volatility and domestic trade pressures. Without a shift in these dynamics, analysts warn the currency could remain under pressure in the near term, keeping businesses and markets on alert.

Also Read: Centre reshuffles top bureaucrats across key ministries

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Corporate

Adani Group backs indology with ₹100 crore funding

Gautam Adani, Chairman of the Adani Group, announced a ₹100 crore contribution to support a new initiative aimed at preserving and promoting India’s ancient knowledge systems. The announcement was made at the inaugural Adani Global Indology Conclave, a three-day event held at the Adani Corporate House in Ahmedabad.

Organised in collaboration with the Ministry of Education’s Indian Knowledge Systems (IKS) division, the conclave focuses on reviving Indology—the academic study of India’s civilisation, languages, philosophies, sciences, and cultural heritage. The funding will be used to develop the Bharat Knowledge Graph, a first-of-its-kind digital framework designed to structure, preserve, and future-proof India’s knowledge in the era of Artificial Intelligence.

“This is the repayment of a civilisational debt,” Mr Adani said, highlighting that the initiative will also support scholars and technologists working on the project. He added that without proactive efforts to protect cultural frameworks, human behaviour risks being shaped by “the cold logic of machine algorithms.”

As part of the initiative, the Adani Group and IKS will run a five-year programme supporting 14 PhD scholars across leading institutions. Research will cover disciplines such as linguistics, computational linguistics, ancient astronomy, heritage studies, traditional sciences, indigenous healthcare, traditional engineering, sustainability, political thought, and classical literature. Scholars were selected through a rigorous national consultation involving IITs, IIMs, IKS-focused universities, and senior academics. The programme aims to integrate classical knowledge with modern tools such as data science, systems thinking, and multimodal archiving.

Swami Avimukteshwaranand Saraswati, Jagadguru Shankaracharya of Jyotir Math, who was the guest of honour, praised the initiative for supporting India’s vision of becoming a Vishwaguru (global teacher).

Aligned with the National Education Policy (NEP) 2020, the initiative seeks to bring ancient Indian wisdom into contemporary education and research, making traditional knowledge relevant in modern academic and technological contexts. Rooted in the ethos of Vasudhaiva Kutumbakam treating “the world as one family”, the project reflects the Adani Group’s commitment to nation-building, soft power, and civilisational leadership.

Also Read: Adani Enterprises wins Golden Peacock ESG Award

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Centre reshuffles top bureaucrats across key ministries

The central government has carried out a major reshuffle of top bureaucrats, shifting several senior officers to key ministries.

Amit Agrawal, a 1993‑batch IAS officer of the Chhattisgarh cadre, has been appointed Secretary of the Department of Telecommunications (DoT). He was previously Secretary of the Department of Pharmaceuticals and has held important roles, including leading the Unique Identification Authority of India (UIDAI) and serving in the Ministry of Electronics & IT. Agrawal’s appointment comes at a critical time as India pushes to expand telecom networks, strengthen regulatory frameworks, and promote indigenous technology.

Neeraj Mittal, 1992‑batch IAS officer (Tamil Nadu cadre), who has been leading the telecom department since September 2023, will now serve as Secretary of the Ministry of Petroleum & Natural Gas (MoPNG). During his tenure at DoT, he oversaw major initiatives such as the rollout of around 1 lakh 4G sites by BSNL and efforts to develop India’s homegrown telecom technology stack.

Other notable changes include Manoj Joshi taking over the Department of Pharmaceuticals, V. Vidyavathi moving from Tourism to the Department of Empowerment of Persons with Disabilities, and Srivatsa Krishna becoming the new Tourism Secretary. Atish Chandra will become Secretary of Agriculture & Farmers Welfare from February 2026, and Sunil Paliwal has been appointed Chairman of the Inland Waterways Authority of India with Secretary-level rank.

The reshuffle aims to place experienced officers in crucial ministries to strengthen governance, accelerate policy implementation, and support India’s priority sectors, including telecom, energy, health, and infrastructure.

Also Read: Microsoft AI chief flags risks of superintelligence

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Corporate

₹895 crore Sudeep Pharma IPO fully subscribed on Day 1

Sudeep Pharma’s initial public offering opened to a solid start on November 21, with the issue getting fully subscribed on the first day itself. The Vadodara-based ingredient manufacturer is looking to raise ₹895 crore through the offer, which includes a fresh issue of ₹95 crore and an offer-for-sale of around ₹800 crore by existing shareholders.

Retail and non-institutional investors drove most of the early demand, helping the issue cross 100% subscription quickly. Participation from qualified institutional buyers was comparatively slower but is expected to build as the issue progresses until it closes on November 25.

The grey market premium remained steady at ₹110–₹130, indicating that the stock could list 18–20% above the upper price band of ₹593 if current sentiment holds. Market watchers estimate a possible listing range of ₹700–₹715 based on prevailing trends.

Sudeep Pharma manufactures excipients and mineral-based ingredients used across the pharmaceutical, food, nutraceutical and personal care industries. The company plans to use its fresh capital mainly for machinery purchases at its Gujarat facility and for general corporate requirements.

Analyst views remain mixed. Some brokerages highlight the company’s wide product portfolio, established client base and steady financial performance as positives. Others point out that the IPO’s valuation appears elevated compared to peers, making it more favorable for long-term investors rather than those focused on immediate gains.

With a strong Day-1 performance supported by retail enthusiasm and a healthy grey market premium, investors will now be watching how institutional interest shapes up as the issue continues through the remaining subscription period.

Also Read: Groww Q2 profit up 12% despite revenue dip

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NHAI opens public investment route for national highways

The National Highways Authority of India (NHAI) has taken a major step to involve ordinary citizens in the country’s road-building story. It has launched a new company called Raajmarg Infra Investment Managers Pvt Ltd (RIIMPL), which will run a fresh public investment platform known as the Raajmarg Infra Investment Trust (RIIT).

This means that for the first time, people who use highways every day can also invest in them,  just like buying units of a mutual fund  and earn returns from toll revenues.

To guide this new initiative, some of India’s biggest financial institutions have joined hands. The list includes State Bank of India, Punjab National Bank, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank, Yes Bank, NaBFID, and Bajaj Finserv Ventures. Together, they will help NHAI run this trust professionally and transparently.

NHAI’s Finance Member, NRVVMK Rajendra Kumar, has been appointed as the Managing Director and CEO of RIIMPL, reflecting the agency’s commitment to strong leadership from day one.

NHAI’s chairman, Santosh Kumar Yadav, described this as a natural next step in India’s road monetisation journey. Over the years, NHAI has developed a reputation for successfully converting highway assets into long-term revenue streams. It has already monetised assets worth nearly ₹49,000 crore through the toll-operate-transfer model and raised about ₹43,600 crore through private InvITs.

Now, with RIIT, a similar opportunity is being opened up for the public. NHAI plans to place around 1,500 km of fully built, operational national highways into this trust over the next three to five years. Since these roads are already generating toll income, the InvIT offers a stable investment option for retail buyers.

RIIMPL will run the trust according to strict SEBI InvIT regulations, ensuring transparency, accountability, and investor protection at every step.

If everything goes according to plan, the first public issue of units is expected in February 2026, allowing everyday investors, not just large funds, to buy a piece of India’s highway network.

Also Read: US removes 200+ food tariffs, India, Brazil gain big

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US removes 200+ food tariffs, India, Brazil gain big

The US has lifted tariffs on more than 200 food and farm products in a major policy shift aimed at lowering grocery prices and improving food supply. The decision, approved by President Donald Trump and effective from November 13, removes duties on items such as tea, coffee, spices, nuts, fruits, vegetables, and processed foods.

For India, the move is a significant boost. Exporters of tea, coffee, spices, cashews, ready-to-eat foods, and certain fruits and roots are expected to gain the most. Industry estimates suggest that India could see additional export earnings of USD 2.5–3 billion as products that earlier faced higher tariffs now become more competitive in the country’s. market. Officials say the decision restores a fair trade environment after Indian goods were subjected to steep duties in recent years.

However, experts caution that India may not benefit equally across all categories. For example, items such as bananas, tomatoes, and juices, also covered under the tariff rollback, are sectors where India has limited export share. Exporters also point out that gains will depend on logistics, pricing, and the ability to meet strict US. food safety standards.

The tariff changes also offer relief to Brazil. Earlier this year, the US imposed heavy duties, up to 40 percent, on Brazilian beef, coffee, cocoa and tropical fruits. Those penalties have now been partially reversed. The rollback, which is retroactive, may even qualify Brazilian exporters for refunds on earlier shipments. While some tariffs remain on a few items, Brazilian officials have welcomed the decision as a positive step toward stabilizing trade ties with Washington.

For American consumers, the tariff removal is expected to help bring down food inflation, one of the key economic concerns in the US. The administration believes that cheaper imports will reduce pressure on household budgets in the coming months.

Also Read: Reliance halts Russian oil for Jamnagar export refinery

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TCS, TPG join hands for $1 billion AI data centre investment

Tata Consultancy Services (TCS) has partnered with global private equity firm TPG, raising $1 billion to expand its AI-focused data centre business, HyperVault. The total investment in the venture could reach ₹18,000 crore over the coming years.

Under the deal, TPG may hold 27.5–49% of HyperVault. The funds will help TCS develop gigawatt-scale AI-ready data centres, equipped for high-performance computing, low-latency networking, and rapid data storage for AI applications.

India’s current data centre capacity is around 1.5 GW, but the demand for AI infrastructure is expected to push this figure to 10 GW by 2030, according to TCS.

HyperVault centres will feature energy-efficient designs, liquid cooling, and high-density racks, making them ideal for AI workloads. TCS Chairman N. Chandrasekaran said the partnership will strengthen the company’s ability to serve “hyperscalers and AI companies.”

TPG Executive Chairman Jim Coulter highlighted the venture as a “climate-positive” opportunity, sitting at the intersection of technology, real estate, and green energy.

This collaboration marks a major step for TCS in its ambition to become a leader in AI infrastructure and services, leveraging next-generation data centres to support emerging technologies.

Also Read: Capillary Technologies lists at ₹560, 3% below IPO price

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Capillary Technologies lists at ₹560, 3% below IPO price

Capillary Technologies, a SaaS company in Bengaluru, specialising in customer engagement and loyalty solutions, made its stock market debut on Thursday. The shares opened at ₹560 on the BSE, about 3% lower than the IPO price of ₹577. On the NSE, the stock listed at ₹571.90, slightly below the issue price.

The IPO, which raised around ₹878 crore, was highly oversubscribed, attracting about 53 times more applications than shares on offer. The issue included a fresh share sale of ₹345 crore and an offer-for-sale worth ₹533 crore.

Although the listing started below the IPO price, the stock gained momentum in later trade, reflecting growing investor confidence. Market observers noted that the subdued listing could be due to cautious investor sentiment, despite strong demand during the IPO.

Capillary Technologies plans to use the IPO proceeds to fund growth initiatives, including technology development and expanding its SaaS offerings.

Also Read: Groww Q2 profit up 12% despite revenue dip

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Groww Q2 profit up 12% despite revenue dip

Groww  reported a 12% rise in net profit for the quarter ending September 30, 2025,  as Billionbrains Garage Ventures, the parent company behind Groww, posted a net profit of ₹471 crore compared to ₹420 crore in the same period last year. This growth comes despite a 9.5% drop in revenue, which fell to ₹1,018 crore from ₹1,125 crore a year ago.

The investment platform, attributed the profit growth to tighter cost control and operational efficiency. Total expenses fell significantly to  ₹432 crore, with employee benefits at ₹124 crore and other operating costs at ₹291 crore. EBITDA margins improved to 59.3%, up from 53.4% last year.

Groww’s user base continues to expand, with 19 million transacting users, up 27% year-on-year. Total customer assets rose 33% to ₹2.7 lakh crore, with mutual funds accounting for 53% of these assets. The company is also expanding into non-broking services, including wealth management and commodities trading, aiming to diversify revenue sources.

This quarter is particularly significant as it is Groww’s first full report after its public listing earlier this month. While revenue declined, the rising profit, growing user base, and increasing customer assets suggest a healthy underlying business.

Also Read: L&T to make all-terrain BvS10 Sindhu vehicles

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Hindustan Unilever announces Kwality Wall’s demerger

Hindustan Unilever Ltd (HUL), India’s leading FMCG company, is separating its ice-cream business into a new, independent company called Kwality Wall’s (India) Limited (KWIL). The move aims to allow the ice-cream unit to focus on growth while giving HUL shareholders a direct stake in the new company.

The company has announced 1 December 2025 as the effective date for the demerger. The record date for eligibility to receive shares in Kwality Wall’s is 5 December 2025. Shareholders holding HUL stock on that day will receive one Kwality Wall’s share for every HUL share they own.

Post-demerger, the Unilever Group will retain 61.9% of the new company, with the rest distributed among HUL shareholders. Kwality Wall’s will inherit HUL’s ice-cream assets, including five manufacturing plants and over 1,200 employees. The company’s total assets are valued at more than ₹900 crore.

HUL says the ice-cream business operates very differently from its other FMCG segments, requiring specialized cold chain logistics and distribution. By creating a separate entity, Kwality Wall’s can make faster decisions, pursue market opportunities, and innovate in line with consumer trends.

HUL’s stock rose following the announcement, reflecting investor optimism. The current share price is approximately ₹2,429.00 on the NSE today. Analysts believe the demerger could unlock additional value for shareholders, as the ice-cream business will now have its own board, management, and market visibility.

Once Kwality Wall’s is listed on the stock exchanges, its market price will be determined independently. HUL management expects the spin-off to strengthen both companies, offering shareholders clearer choices and a focused growth path for the ice-cream business.

Also Read: Adani sells 13% AWL stake to Wilmar for ₹4,646 crore