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Rupee strengthens to 90.40 against dollar

Indian rupee strengthened slightly against the US dollar in early trade on Thursday, rising by 7 paise to 90.40 at the interbank foreign exchange market.

The rupee opened the session at 90.52 against the dollar and gradually moved higher as the morning progressed. Forex dealers said the modest rise was supported by a slightly positive tone in domestic equity markets and easing pressure from the US currency in early Asian trade.

However, market participants remained cautious, limiting sharp gains in the rupee. Traders said investors are closely watching developments related to the India–US trade talks, with optimism tempered by the absence of detailed announcements or formal agreements so far. While statements from both sides have raised hopes of progress, markets are waiting for concrete clarity before taking stronger positions.

The rupee’s movement is also being influenced by expectations around the Reserve Bank of India’s monetary policy stance. Any signals from the central bank on interest rates, inflation outlook, or intervention in the foreign exchange market are likely to play a key role in determining the currency’s near-term direction.

Global factors continue to weigh on sentiment. The US dollar index, which measures the greenback’s strength against a basket of major currencies, remained firm, while crude oil prices stayed elevated. Higher oil prices are a concern for India, as the country depends heavily on imports to meet its energy needs. Rising crude prices tend to increase the country’s import bill and can put pressure on the rupee.

Forex experts said that while the rupee’s early gain is a positive sign, volatility is expected to continue in the coming days due to global economic uncertainty, geopolitical developments, and shifting expectations around interest rates in major economies.

Overall, the rupee’s rise to 90.40 reflects cautious optimism in the market, supported by domestic factors but restrained by global risks.

Also Read: Gold at ₹1,59,450, Silver trades above ₹3.20 lakh

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Corporate

Walmart strikes $1 trillion market value

Walmart Inc., the world’s largest retailer, has reached a $1 trillion market capitalization, becoming the first traditional retailer to join the exclusive club of U.S. companies valued at a trillion dollars. The milestone puts Walmart alongside tech giants like Apple, Microsoft, Amazon, and Alphabet.

The company’s shares have risen roughly 26% over the past year, reflecting investor confidence in its digital transformation and growth strategies. Analysts say Walmart’s success shows that a combination of technology investments and strong retail fundamentals can create significant shareholder value.

Walmart has invested heavily in artificial intelligence (AI) to improve supply-chain efficiency, inventory management, and customer experience. The retailer has also expanded its online marketplace, offering over half a billion items, and introduced services like one-hour delivery and the Walmart+ membership program, aiming to compete with Amazon Prime.

In addition, Walmart has built a digital advertising business, generating higher-margin revenue and strengthening its competitive edge. The company’s focus on value pricing and convenience has attracted a broad customer base, appealing to both traditional bargain shoppers and digitally savvy consumers.

Walmart is only the second non-tech company to reach the trillion-dollar mark after Berkshire Hathaway, highlighting its transformation from a conventional retail chain into a tech-powered omnichannel retailer.

Walmart’s leadership is also evolving, with new initiatives aimed at innovation and technology-driven growth to stay ahead of competitors such as Amazon, Target, and other discount retailers.

The milestone is seen as a signal that traditional companies can thrive in the digital era without losing their core business strengths.

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1 Minute-Read

SC orders SIT probe in Anil Ambani bank fraud

The Supreme Court directed a Special Investigation Team (SIT) to probe alleged bank loan fraud involving Anil Dhirubhai Ambani Group (ADAG), reportedly worth around ₹40,000 crore.

The bench criticised the CBI and ED for delays and limited FIR filings despite multiple bank complaints, noting each complaint warrants separate action. The court emphasised the probe must be fair, thorough, and timely.

Anil Ambani’s counsel submitted an undertaking that he will not leave India without the Court’s permission. The SC stressed accountability and transparency in investigating alleged collusion by company and bank officials.

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Beyond

SEBI rules out immediate futures and options curbs

The Securities and Exchange Board of India (SEBI) has said it will not make any immediate changes to the futures and options (F&O) market, despite the recent increase in Securities Transaction Tax (STT) on derivatives. SEBI Chairman Tuhin Kanta Pandey clarified that the regulator is not planning any new restrictions or banning weekly F&O contracts at this time.

The 2026 Union Budget had raised the STT on futures from 0.02% to 0.05% and increased the tax on options premiums to 0.15%. The move was aimed at reducing speculative trading and protecting small investors. Some in the market had expected SEBI to take further action following the hike.

Pandey reassured investors that SEBI prefers a careful and data-driven approach. He specifically said there is no plan to ban weekly expiry F&O contracts, and the current rules will remain in place for now.

Following SEBI’s statement, market sentiment improved. The Nifty Capital Markets index and shares of firms like MCX and Angel One went up, while the broader market also recovered from earlier losses.

SEBI’s position shows its focus on market stability. Instead of acting immediately, the regulator plans to study market trends and consult stakeholders before considering any changes. This approach is aimed at protecting investors while maintaining a healthy derivatives market.

Investors welcomed SEBI’s cautious stance, as it ensures no sudden restrictions will disrupt trading. The regulator appears committed to balancing investor protection with market growth, taking decisions only after thorough review.

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Leaders

Vinay Tonse named Yes Bank MD & CEO

The Reserve Bank of India (RBI) has approved Vinay Muralidhar Tonse as the new Managing Director and CEO of Yes Bank for a three‑year term. He will succeed Prashant Kumar, whose extended tenure ends in April 2026.

Tonse, a former SBI Managing Director, brings extensive experience in retail banking and operations. His appointment is subject to shareholder approval and aligns with Yes Bank’s plans to strengthen governance, expand services, and boost customer outreach.

The market reacted positively to the news, with shares drawing investor attention following the announcement. Yes Bank confirmed that Tonse meets all regulatory requirements and is not barred by any authority from holding the position.

This leadership change comes as Yes Bank continues to implement strategic growth initiatives and leverage past restructuring efforts, including backing from global partners.

Also Read: Senior Peak XV partners exit to launch new VC firm

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Leaders

Senior Peak XV partners exit to launch new VC firm

Three senior partners of Peak XV, a leading venture capital (VC) firm in India, have resigned to launch their own investment firm. The departing partners are Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma. Agrawal and Mittal had been with Peak XV and its predecessor Sequoia Capital India for over a decade, while Sharma brought expertise in SaaS and fintech investments.

Peak XV confirmed the departures and said the decision was made after internal discussions. The firm cited differences over economics and executive payouts as the main reason for the exits. Peak XV’s leadership said these changes are normal and are in the long-term interest of the firm and its investors.

The move comes amid a period of senior-level changes at Peak XV since it split from Sequoia Capital India in 2023. The firm has been restructuring and focusing on new areas, including artificial intelligence. To fill the leadership gap, Peak XV promoted Abhishek Mohan to managing director and Saipriya Sarangan to chief operating officer.

The departing partners said they want to pursue their entrepreneurial ambitions and build a new investment firm with trusted colleagues. Industry experts see this as part of a growing trend where experienced VC investors in India are starting their own specialised funds.

Despite the exits, Peak XV remains committed to its investment plans and sees the leadership changes as an opportunity to strengthen its team and continue backing innovative startups.

Also Read: Alphabet expands Bengaluru offices, adds thousands of AI jobs

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Corporate

Alphabet expands Bengaluru offices, adds thousands of AI jobs

Alphabet Inc, the parent company of Google, is planning a major expansion in India, with a focus on Bengaluru, one of the country’s top tech cities. The company is leasing a new office tower in the Whitefield tech corridor and is considering two more buildings, creating a massive new campus for its growing workforce.

If Alphabet occupies all three towers, the new space could accommodate up to 20,000 employees, more than doubling its current staff in India, which is around 14,000. The first office is expected to be ready in the coming months, with the other two set to open next year.

A company spokesperson confirmed Alphabet’s strong presence in Bengaluru and other Indian cities, while highlighting that the new tower lease reflects its long-term plans in the country. The company, however, did not comment on the total number of employees or future expansion plans.

Experts say the expansion is partly due to tighter U.S. visa rules, which have made it harder for American tech companies to bring talent from abroad. With these restrictions, India is emerging as a key hub for global tech and AI talent, and companies like Alphabet are increasingly investing in local growth.

Bengaluru, already known as India’s Silicon Valley, is quickly becoming a global centre for artificial intelligence. Several AI companies are setting up shop here, and local talent is gaining worldwide recognition. For Alphabet, this expansion is not just about more office space—it’s a bet on India’s growing role in shaping the future of technology.

Industry insiders see this as a long-term commitment, showing that global tech giants are not just outsourcing to India, they are building major operations here. For Bengaluru, it’s another step in solidifying its place on the world’s technology map.

With more jobs, more innovation, and a growing focus on AI, Alphabet’s plans are set to strengthen India’s position in the global tech ecosystem, while giving thousands of professionals a chance to be part of cutting-edge technology projects right at home.

Also Read: Bajaj Finance shares drop 6% as Q3 provisions weigh

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Corporate

Bajaj Finance shares drop 6% as Q3 provisions weigh

Shares of Bajaj Finance fell sharply after the lender reported its Q3 results, as investors reacted nervously to a spike in credit provisions, despite healthy business growth and a supportive broker outlook.

For the December quarter, Bajaj Finance posted a year-on-year decline in net profit, largely due to higher provisioning for potential loan losses and one-time costs. While the company continued to grow its loan book at a strong pace, the higher buffers taken to protect against future stress weighed on earnings and market sentiment.

The stock came under pressure even though the company’s core operations remained resilient. Net interest income rose strongly, supported by steady demand for consumer and SME loans. Assets under management also recorded robust growth, highlighting that borrowing activity remains intact across segments.

Adding a contrasting note, global brokerage JPMorgan upgraded the stock, citing confidence in Bajaj Finance’s long-term growth story, strong franchise, and improving asset quality over time. However, the upgrade failed to calm near-term concerns, as investors focused on the immediate impact of elevated provisions on profitability.

Market participants remain cautious, noting that while Bajaj Finance continues to deliver on business expansion and customer acquisition, credit costs and regulatory-related expenses could keep earnings under pressure in the short term.

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Corporate

Adani Defence and Leonardo join hands to build helicopters in India

Adani Defence & Aerospace and Italian aerospace major Leonardo have come together in a strategic partnership that could reshape India’s helicopter manufacturing landscape. The collaboration, announced this week, signals a shared commitment to building advanced helicopters in India while developing a strong, self-reliant aerospace ecosystem.

At its core, the partnership blends Leonardo’s global experience in helicopter design and technology with Adani Defence’s growing manufacturing and systems integration capabilities. The aim is not just to assemble helicopters locally, but to gradually build end-to-end capability — from production and testing to training and long-term maintenance.

The tie-up comes at a time when India’s armed forces are preparing for significant fleet modernisation. Over the next decade, the military is expected to require a large number of helicopters across roles such as transport, surveillance, utility and maritime operations. By manufacturing helicopters in India, the partnership hopes to ensure quicker availability, reduced dependence on imports and better lifecycle support.

Equally important is the focus on people and skills. The proposed ecosystem includes training programmes for pilots and technicians, development of maintenance, repair and overhaul (MRO) facilities, and the creation of a local supplier network. This approach is expected to generate high-skill employment and open opportunities for Indian small and medium enterprises to enter the aerospace supply chain.

Executives from both companies have described the alliance as a long-term commitment rather than a transactional deal. For Adani Defence, it represents a step toward building sovereign defence capability and positioning India as a serious aerospace manufacturing hub. For Leonardo, it reflects confidence in India’s industrial potential and its role as a strategic partner in the global defence market.

Beyond military use, the partnership could also support civil and commercial helicopter demand in the future, including emergency medical services, offshore operations and regional connectivity. As capabilities mature, India could emerge as a base for exports and global support services.

Industry observers say the collaboration fits squarely within the government’s ‘Make in India’ and ‘Aatmanirbhar Bharat’ vision, where international partnerships help accelerate domestic capability.

Also Read: Asia IT shares slide as AI triggers global tech sell-off

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Corporate

Asia IT shares slide as AI triggers global tech sell-off

Asian software and IT stocks fell sharply after a heavy sell-off in U.S. technology markets, as investors grew increasingly nervous about the disruptive impact of new artificial intelligence tools on traditional software and services businesses.

The market jitters were triggered by recent announcements from U.S.-based AI startup Anthropic, which unveiled advanced automation features for its AI model, Claude. The tools are designed to perform complex tasks across areas such as legal research, marketing, sales, coding and data analysis. While Anthropic has said the outputs are meant to assist professionals rather than replace them, investors fear that such technology could significantly reduce demand for conventional software products and subscription-based services.

These concerns sparked a sharp global reaction. In the U.S. and Europe, software, data and professional services companies suffered steep losses, wiping out nearly $300 billion in market value in a single session. Shares of major information and analytics firms, including legal and financial data providers, dropped by double digits, dragging down broader tech indices such as the Nasdaq and the S&P 500.

The negative sentiment quickly spilled over into Asian markets. Software and IT stocks across the region declined as investors reacted to the overnight rout in global tech shares. India’s IT sector was among the worst hit, with shares of leading exporters such as Infosys, Tata Consultancy Services (TCS), Wipro and HCLTech falling as much as 6–7%. The sector is particularly vulnerable because a large share of its revenue comes from U.S. and European clients, where spending sentiment is closely tied to technology trends.

China’s software services stocks also came under pressure, with sector indices falling around 3%. Technology shares in Hong Kong and parts of Japan weakened as well, reflecting broader concerns that rapid AI adoption could disrupt existing business models faster than companies can adapt.

However, the sell-off was not uniform across the tech space. Hardware and semiconductor stocks held up better in parts of Asia, supported by expectations that demand for AI-related chips and infrastructure will continue to grow. South Korea’s market, for instance, found support from chipmakers seen as direct beneficiaries of the AI boom.

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