Author: Staff Writer

Larsen & Toubro (L&T), one of India’s leading engineering and construction conglomerates, has announced the receipt of significant orders from Hindalco Industries and Tata Steel, collectively valued between ₹2,500 crore and ₹5,000 crore.

The orders, awarded under L&T’s Minerals & Metals business, mark a substantial boost to the company’s industrial infrastructure portfolio and reflect growing investment in India’s metals and mining sector.

The largest of the contracts comes from Hindalco Industries for the development of a 180 KTPA aluminium smelter and an associated gas treatment centre at a greenfield project in Odisha.

L&T’s responsibilities include civil and structural construction, engineering, procurement, and installation of the plant. This order reaffirms the company’s long-term collaboration with Hindalco, which spans over three decades and has seen L&T contribute to multiple expansions of Hindalco’s alumina, aluminium, and copper plants across India.

Analysts note that the project’s scale and technical complexity underscore L&T’s engineering capabilities and its capacity to deliver large, integrated industrial solutions.

In parallel, L&T has secured a major order from Tata Steel for the construction of a 1 MTPA coke oven battery at the company’s Jamshedpur facility.

The project scope encompasses engineering, manufacturing, supply, construction, and installation, positioning L&T as a key partner in Tata Steel’s ongoing modernization and capacity expansion initiatives.

Industry observers highlight that this project not only strengthens L&T’s relationship with Tata Steel but also signals confidence in India’s steel and allied sectors amid global supply chain uncertainties.

The new orders come at a time when L&T’s Minerals & Metals division has been expanding its footprint across India, winning multiple contracts in recent months.

These projects, spread across diverse states and industrial segments, demonstrate the company’s growing leadership in delivering complex infrastructure for the metals and mining industry.

L&T’s portfolio now includes both greenfield projects and modernization efforts, reinforcing its reputation as a versatile and reliable contractor for large-scale industrial undertakings.

The market response to these developments has been positive, with investors viewing the orders as an endorsement of L&T’s sustained growth prospects.

The contracts also highlight broader trends in India’s industrial sector, where private players are ramping up investment in metals, mining, and associated infrastructure to meet rising domestic demand and reduce reliance on imports.

Experts believe that L&T’s successful execution of such projects will further solidify its position as a premier engineering and construction firm in the country.

With these wins, L&T has demonstrated its ability to secure and execute large-scale projects that require advanced technical expertise, financial stability, and project management excellence.

The contracts from Hindalco and Tata Steel not only reinforce L&T’s prominence in India’s industrial landscape but also signal continued confidence in the company’s capability to drive growth in the metals and mining sector for years to come.

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State Bank of India (SBI) has been named World’s Best Consumer Bank 2025 by the New York-based financial publication Global Finance at its annual awards ceremony held during the International Monetary Fund/World Bank meetings, the bank announced on Thursday.

Simultaneously, SBI and Global Finance jointly recognised the Indian lender as Best Bank in India 2025.

In its statement, SBI said the twin awards validate its global banking status and reflect the bank’s sustained investment in technology, digital channels and inclusive financial services.

The awards were conferred in recognition of the bank’s ability to deliver “world-class banking experiences” across its vast customer base while maintaining technological leadership and geographic reach.

SBI serves over 520 million customers and adds approximately 65,000 new customers each day, according to commentary by the bank’s Group Chairman, Challa Sreenivasulu Setty.

The bank’s flagship mobile banking app is used by more than 100 million customers, with 10 million daily active users, the bank reported. “Serving 520 million customers and adding 65,000 new customers daily requires significant investment in technology and digitalisation,” Setty said.

Commerce and Industry Minister Piyush Goyal congratulated SBI on the achievement, describing it as an important milestone for India’s banking sector and for financial inclusion efforts.

“Heartiest congratulations to the entire SBI family on this well-deserved recognition,” Goyal commented in a social media post. “SBI’s steadfast commitment to financial inclusion and its continuous efforts to serve every section of society is a testament to the pivotal role it is playing in advancing India’s growth story.”

Industry observers note that the Global Finance awards evaluate banks on criteria such as customer service, innovation in digital banking, market reach and financial performance.

In last month’s research article, Global Finance recognised SBI’s transformation into a digitally-driven, customer-focussed bank with special emphasis on vernacular voice-banking, 24/7 digital support and omni-channel engagement, especially across rural and semi-urban areas.

For SBI, this recognition comes at a time when the bank continues to push its ‘Digital First, Consumer First’ strategy.

The bank has significantly expanded its branch and ATM network, built an integrated digital platform, and launched new services aimed at India’s emerging credit and savings segments.

According to bank-disclosed metrics, it has a deposit base of over Rs 54.7 lakh crore and advances exceeding Rs 42.5 lakh crore as of June 2025.

SBI said the awards “reinforce its position as a global banking leader committed to innovation, financial inclusion and customer excellence.”

In a statement, the bank added that the recognition underscores its large-scale delivery of banking services, technological investments and ability to expand across India’s diverse geography.

As SBI moves into the next phase of its growth, the awards are expected to enhance its brand reputation both domestically and globally, and may help cement partnerships and business expansion.

The bank’s achievement also signals a wider recognition of India’s banking system on the global stage, especially as Indian lenders ramp up digitisation and customer-centric services.

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Microsoft on Thursday unveiled a sweeping update to its AI assistant, Microsoft Copilot, introducing a dozen major features aimed at transforming the tool into a more conversational, collaborative, and deeply integrated companion across its ecosystem.

According to the company’s announcement, the Fall 2025 release equips Copilot with group-work support allowing up to 32 users to collaborate in a single chat, a new personalized memory function enabling the assistant to recall user-specific details for future engagements, and enhanced integrations with core products such as Outlook, Google apps, and the Edge browser.

The update also introduces a new animated avatar, “Mico,” designed to bring a more natural and emotionally responsive interface to voice and chat interactions.

Microsoft’s Edge browser is also receiving its own Copilot Mode upgrade. Among the improvements are “Journeys,” which organize browsing sessions into topic-oriented themes, and “Actions,” which allow Copilot to perform tasks such as unsubscribing from email lists or booking hotel reservations.

These additions reflect Microsoft’s ambition to make Copilot not just a search assistant but a proactive digital companion capable of managing complex user tasks.

In the enterprise space, the update highlights the expansion of Copilot-powered agents across Microsoft 365 applications such as Teams and SharePoint, enabling users to delegate multi-step workflows to the assistant.

Microsoft said Copilot Studio now offers model choice, allowing users to select from different AI engines—including those from Anthropic—to build and deploy specialized agents with varying capabilities.

Microsoft AI Chief Mustafa Suleyman described the release as part of a broader shift from “AI hype to real-world utility,” emphasizing that “technology should work in service of people, not the other way around.”

He added that the new Copilot aims to integrate more seamlessly into users’ daily workflows, enhancing productivity while maintaining accessibility and personalization.

Industry analysts say the update raises the stakes in the competitive generative AI assistant market.

While rivals such as OpenAI and Alphabet continue to advance their own AI platforms, Microsoft’s strategy leverages its massive install base across Windows 11, Microsoft 365, and Edge to position Copilot as the central access point for AI functionality.

The rollout of 12 new features underscores Microsoft’s push to make Copilot a ubiquitous presence across personal, professional, and enterprise environments.

However, some challenges persist. Advanced features such as group collaboration, the Mico voice avatar, and cross-app orchestration are initially being released only in the United States, with global rollout plans still unspecified.

Privacy and data governance issues also loom large as Copilot gains memory functions and greater autonomy. Microsoft has said it is reinforcing transparency controls, enterprise-level safeguards, and model-selection flexibility to address these concerns.

The update is now available to early testers and enterprise customers, with broader availability expected in the coming months.

By expanding Copilot’s reach from productivity apps to a full-stack digital assistant, Microsoft is doubling down on its strategy to make AI a natural and indispensable part of both work and everyday life.

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Google and Anthropic on Thursday announced a landmark agreement under which Google will supply up to one million of its custom-built Tensor Processing Units (TPUs) to the AI startup, marking one of the largest chip deals in the generative AI era.

The memorandum of understanding, valued in the “tens of billions of dollars,” will deliver well over one gigawatt of computing capacity to Anthropic by 2026 — a quantum leap in infrastructure terms, given that a gigawatt of compute is roughly equivalent to powering 350,000 homes.

Under the agreement, Anthropic will utilize Google’s TPUs to train and serve its next-generation model family, including the enterprise-oriented Claude chatbot.

In a blog post, Anthropic said the deal significantly expands its compute resources while deepening its long-standing partnership with Google Cloud.

For Google, the move underscores its bid to become not just a platform provider but a critical infrastructure enabler in the AI arms race. By opening up its TPU fleet to an external partner at scale, it positions itself as an alternative to rival hardware suppliers such as Nvidia and strengthens its influence in the fast-growing market for generative AI infrastructure.

Analysts say the timing and scale of the agreement reflect the fierce competition to secure hardware and cloud services at a moment when both training and serving large AI models demand enormous compute and power budgets. With Anthropic already relying on Amazon Web Services and Nvidia hardware, the expansion into Google’s chips signals a multi-platform strategy aimed at resilience and performance.

Anthropic, founded in 2021 by former OpenAI executives, was recently valued at about $183 billion following a $13 billion fundraising round. The company has emphasized safety, alignment, and enterprise use cases for Claude, targeting business clients amid mounting demand for generative AI solutions.

In a statement, Google Cloud CEO Thomas Kurian said Anthropic’s decision to expand its use of TPUs reflected the “strong price-performance and efficiency” its teams have experienced over several years. Anthropic noted that the collaboration would help ensure the responsible deployment of Claude models at scale.

While the financial terms were not disclosed beyond the “tens of billions” estimate, analysts expect it to be among the largest infrastructure deals ever signed between a cloud provider and an AI company. Industry experts have suggested that such large-scale agreements may draw attention from competition and national security regulators in the United States and Europe.

For Anthropic, the partnership offers a competitive edge in model training speed, scaling capacity, and cost efficiency. For Google, it reinforces its cloud and AI hardware ecosystem at a critical moment when the company faces growing competition from Amazon, Microsoft, and Nvidia in the enterprise AI infrastructure market.

Both companies have said they plan to maintain multi-cloud and multi-hardware strategies, indicating that the partnership is not exclusive.

With deliveries set to ramp up in 2026, the agreement could set a precedent for how AI developers and infrastructure providers collaborate to meet the ever-growing demand for computing power in the generative AI era.

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Starlink, the satellite internet service owned by Elon Musk’s SpaceX, has begun mandatory security testing in India, marking a significant step toward its anticipated commercial rollout.

The trials are part of the clearance process required by Indian regulators before Starlink can begin offering broadband services to the public.

According to government officials familiar with the process, the security trials represent one of the final regulatory stages for Starlink’s entry into the Indian market.

The company has already secured provisional approvals from the Department of Telecommunications (DoT) and the Indian National Space Promotion and Authorization Centre (IN-SPACe).

It now awaits a final pricing framework from the Telecom Regulatory Authority of India (TRAI), which will set parameters for satellite broadband services in the country.

Once the framework is issued, Starlink could begin commercial operations as early as 2026.

Starlink is simultaneously setting up infrastructure across the country. It plans to establish ground gateway stations in several major cities, including Mumbai, Noida, Hyderabad, Kolkata, and Lucknow.

Three ground stations are already operational in Mumbai, and work is underway to complete at least nine more across India.

These stations will link Starlink’s low-Earth orbit satellites to the terrestrial network and are essential for obtaining full regulatory clearance.

Security testing is a crucial component of India’s satellite communication licensing process.

Under existing rules, all data transmitted through satellite networks must be routed domestically, and only Indian nationals are allowed to operate the gateway stations until specific security permissions are granted for foreign staff.

Authorities have emphasized that the trials are designed to ensure complete data sovereignty and protect against potential misuse of satellite communications.

Earlier this year, Starlink received provisional spectrum approval from the DoT to conduct limited trials in India.

The company has been allowed to import a restricted number of user terminals for demonstration purposes, though these cannot yet be used for commercial services until security clearances are finalized.

Industry experts view Starlink’s progress as a major development for India’s broadband landscape, particularly in rural and remote regions where terrestrial connectivity remains limited.

The Indian government has been pushing for greater private-sector participation in space-based communication services as part of its broader “Digital India” and “BharatNet” initiatives.

Analysts say Starlink’s entry could complement these programs by extending high-speed connectivity to underserved areas.

However, challenges remain. Starlink will need to balance affordability and scalability in a market known for having some of the lowest data prices in the world.

The company will also face competition from Bharti-backed OneWeb, Reliance Jio’s satellite venture with Luxembourg-based SES, and Amazon’s Project Kuiper, which are also preparing to enter the Indian market.

Government officials have underscored that strict security and compliance requirements will continue to apply to all satellite operators.

This includes mandatory registration of network equipment, local data storage, and real-time sharing of operational details with Indian authorities.

With security trials underway and regulatory discussions advancing, Starlink’s long-awaited commercial debut in India appears closer than ever.

The company’s performance during these trials, along with its ability to meet India’s rigorous security and pricing standards, will determine how quickly it can transition from testing to nationwide service.

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FMCG major Hindustan Unilever Ltd (HUL) reported a 3.8% increase in consolidated net profit to ₹2,694 crore for the second quarter ending September 2025, compared with ₹2,595 crore in the same quarter a year ago.

Revenue for the quarter rose 2.1% to ₹16,034 crore, up from ₹15,703 crore in the corresponding period of 2024.

The company posted a consolidated Underlying Sales Growth (USG) of 2% and flat Underlying Volume Growth (UVG) for the quarter, reflecting a transitory impact from recent Goods and Services Tax (GST) reforms and prolonged monsoon conditions in certain parts of the country.

Total expenses rose 3.32% to ₹12,999 crore, while total income, including other revenue, increased 1.5% to ₹16,388 crore.

HUL’s board approved an interim dividend of ₹19 per share for fiscal year 2026 at a meeting held on Thursday.

The company’s performance highlights resilience amid temporary market adjustments caused by regulatory changes, which temporarily affected consumption patterns and product pricing.

Priya Nair, CEO and Managing Director of HUL, said the company delivered a competitive performance with a USG of 2% and an EBITDA margin of 23.2% for the quarter.

She noted that the recent GST reforms are expected to drive consumption by increasing disposable income and enhancing consumer sentiment, though the market needed time to adjust to the changes.

Nair added that the company anticipates normal trading conditions to return from early November, enabling a gradual and sustained market recovery.

Shares of HUL were trading at ₹2,597.60 apiece on the BSE on Thursday, up 0.23%, reflecting positive investor sentiment after the earnings announcement.

Analysts at Bloomberg and Reuters observed that while the quarter saw modest growth, HUL’s performance remained stable amid macroeconomic headwinds, highlighting the company’s strong portfolio and distribution network.

Industry experts noted that HUL’s steady earnings underscore the resilience of India’s FMCG sector despite regulatory transitions and weather-related challenges.

The company’s focus on premiumization, digital initiatives, and rural penetration continues to support growth, even as GST adjustments temporarily moderated consumer demand.

The results mark HUL’s continued ability to navigate structural shifts in the market, maintain profitability, and provide consistent shareholder returns.

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A cyberattack on Tata Motors–owned Jaguar Land Rover (JLR) earlier this year has been identified as one of the most damaging ransomware incidents in British corporate history, affecting over 5,000 companies across the supply chain.

According to new research by cybersecurity analysts, the breach, attributed to the Russia-linked LockBit ransomware gang, caused widespread disruption to production, logistics, and supplier networks across the United Kingdom and Europe.

The ransomware attack, which targeted JLR’s parent company Tata Motors in late April, forced the luxury automaker to temporarily halt operations at multiple sites, including its main manufacturing plants in Solihull and Halewood.

The disruption also spread to several suppliers, leaving thousands of firms unable to fulfill parts orders or process invoices. Investigations revealed that the breach originated from a compromised supplier system that provided access to JLR’s digital infrastructure.

Researchers said the scale of the breach made it one of the largest supply-chain cyber incidents in British history. The attack reportedly disrupted the operations of logistics companies, component manufacturers, and dealerships connected to JLR’s systems.

Cybersecurity firm Sophos described the breach as an example of “ransomware contagion,” in which one attack on a central node spreads rapidly through interconnected systems.

The LockBit ransomware group, known for targeting multinational corporations, claimed responsibility for the incident and demanded a ransom payment to prevent the release of stolen data.

Although JLR did not confirm the details of the ransom negotiations, reports suggest that sensitive internal documents and production schedules were among the data exfiltrated during the breach.

The UK’s National Cyber Security Centre (NCSC) and law enforcement agencies launched a joint investigation into the incident.

JLR said in a statement that it had contained the attack and restored most of its systems within days, emphasizing that customer data remained secure.

The company has since enhanced its cybersecurity protocols and initiated a review of third-party vendor access.

It also said that the breach highlighted the need for stronger digital resilience across the automotive supply chain.

Industry analysts said the JLR attack underscores the growing vulnerability of large manufacturers to ransomware threats, particularly in an era of increasingly digitalized operations.

The incident followed a string of high-profile cyberattacks on global automakers and suppliers, including incidents involving Toyota and Continental AG.

The UK government has reiterated its warnings to businesses about the risks of ransomware and has urged organizations to improve their cyber hygiene and incident response systems.

Experts say the fallout from the JLR breach could cost hundreds of millions of pounds in direct and indirect losses, making it the most financially damaging cyberattack in the UK’s corporate history.

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Dubai Islamic Bank (DIB), the world’s first full-service Islamic bank and the largest in the United Arab Emirates, has announced a strategic partnership with HCLTech, a global technology services company, to accelerate the adoption of artificial intelligence (AI) across its operations.

The deal, unveiled during the GITEX GLOBAL 2025 technology show in Dubai, marks a deliberate move by the bank to embed intelligent systems throughout its banking ecosystem in line with Shariah-compliant, ethical finance principles.

Under the collaboration, Dubai Islamic Bank plans to leverage HCLTech’s full-stack AI capabilities, including advisory services and alliances with global hyperscalers and technology partners, to deploy scalable, responsible AI solutions across its infrastructure.

The bank intends to apply these capabilities to personalize customer engagement, streamline decision-making, enhance process efficiency, and strengthen risk and compliance frameworks—all while upholding the integrity and transparency demanded by Islamic finance standards.

DIB’s Chief Operating Officer emphasized that the bank’s innovation strategy is anchored in responsibility and purpose.

He noted that the partnership with HCLTech marks a pivotal step in achieving an AI-driven future that boosts value for customers and employees while reinforcing governance structures.

Meanwhile, HCLTech’s Middle East country head highlighted that the combined effort would unlock innovation, boost operational agility, and deliver differentiated experiences for the bank’s clientele.

The collaboration arrives at a time when the Middle East fintech and banking sectors are increasingly turning to AI and digitalization to gain competitive advantage.

At GITEX GLOBAL 2025, major deals and innovations in artificial intelligence, data infrastructure, cybersecurity, and digital banking were featured, underscoring the region’s ambitions to emerge as a global tech hub.

The bank’s commitment to integrating AI sits squarely within its broader objective of leading the evolution of Islamic finance.

DIB has long positioned itself as a pioneer in Shariah-compliant banking, with operations across the Middle East, Asia, and Africa, and assets exceeding USD 95 billion according to recent disclosures.

The partnership is expected to bolster DIB’s ability to deliver future-ready services while maintaining the ethical and governance standards intrinsic to Islamic financial institutions.

For HCLTech, the agreement strengthens its footprint in the financial services sector in the Middle East and aligns with its strategy of partnering with major regional banks to deploy AI at scale.

The firm, with over 226,000 employees across 60 countries and revenues of around USD 14.2 billion for the 12 months ending September 2025, brings deep domain expertise in technology services and a strong track record in working with banks and financial institutions globally.

As the partnership moves into implementation, key areas to watch will include how swiftly AI capabilities are embedded within the bank’s operations, how governance and Shariah-compliance are maintained in AI deployment, and what measurable impact the initiative produces in terms of customer experience, operational efficiency, and risk management.

With DIB seeking to position Islamic finance not just as an alternative but as a technologically advanced proposition, the collaboration with HCLTech could set a new benchmark for responsible innovation in faith-based banking.

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The Nifty 50 breached the 26,000 mark for the first time in over a year on Thursday, signalling renewed investor confidence amid a wave of positive developments on both domestic and global fronts.

The rally was fuelled by optimism over a potential India–US trade agreement, sustained foreign fund inflows, strong buying in information technology stocks, and a strengthening rupee.

As of 10:21 a.m. IST, the benchmark Sensex was up 786 points, or 0.93 percent, at 85,212, while the Nifty 50 advanced 218 points, or 0.85 percent, to 26,087.

The milestone marked a significant comeback for the broader market, which has been gaining steadily on the back of easing global uncertainty and improving macroeconomic indicators.

Market sentiment improved sharply after reports suggested that India and the US were narrowing differences over tariff terms, with discussions focusing on reducing duties on certain goods to about 15–16 percent.

The prospect of a deal that could expand trade volumes between the two economies has sparked optimism among investors, particularly in export-oriented sectors.

Analysts observed that such an agreement could significantly improve India’s trade balance and boost market confidence ahead of the festive season.

Foreign institutional investors continued their buying streak for the fifth straight session, purchasing shares worth nearly ₹100 crore during the special one-hour Diwali trading window earlier in the week.

The steady inflows are being seen as a vote of confidence in India’s economic outlook, underpinned by solid macroeconomic fundamentals and robust corporate earnings.

The technology sector led the gains, with the Nifty IT index rising over 2 percent.

Stocks such as Infosys, HCL Technologies, Tech Mahindra, and Tata Consultancy Services advanced strongly after the US administration clarified that existing H-1B visa holders and certain international graduates would be exempt from a new $100,000 visa fee.

The clarification eased concerns about higher operating costs for Indian IT firms with significant exposure to the US market.

The rupee also strengthened, appreciating by 13 paise to 87.80 against the US dollar in early trade. Analysts attributed the movement to upbeat domestic equity sentiment, foreign inflows, and expectations of progress in trade negotiations.

From a technical standpoint, market experts noted that the Nifty’s strong momentum has kept it close to its upper Bollinger band, indicating continued bullishness.

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E-commerce unicorn Meesho has become embroiled in a legal dispute with its key technology partner, Amazon Web Services India Private Limited (AWS), as revealed in the company’s draft red-herring prospectus (DRHP).

The dispute centres on alleged unpaid cloud service dues amounting to ₹127.45 crore (approximately US $14.44 million) claimed by AWS under a Private Pricing Addendum (PPA) signed in February 2022.

According to the DRHP, AWS initiated arbitration proceedings under the Arbitration and Conciliation Act, 1996, before a three-member arbitral tribunal in New Delhi.

The claim covers “spend commitment shortfall payment amount, pending service fees, interest on the respective payments and the cost of arbitration” tied to the special pricing agreement that Meesho entered into for cloud infrastructure and services.

Meesho has contested AWS’s claim, disputing the invoices and challenging the enforceability of the minimum-commitment clause in the PPA.

The company has alleged “deficiencies in the services provided by AWS” and argued that the contractual minimum spend commitment should not bind it under the terms of the addendum.

In a counter-move, Meesho filed a counterclaim on January 31 2025 for ₹86.49 crore, attributing the amount to business losses “due to disruption of business and inadequate support provided by AWS, salary costs incurred due to migration from services procured from AWS, along with interest and costs.”

AWS responded with its reply in March 2025, and the proceedings before the arbitral tribunal remain pending.

The arbitration dispute occurs at a critical juncture for Meesho, which is gearing up for one of India’s most anticipated tech initial public offerings (IPO) in 2026.

The DRHP indicates that the company plans to raise fresh funds of about ₹4,250 crore, of which approximately ₹1,390 crore is earmarked for strengthening technology and cloud infrastructure, among other strategic investments.

Beyond the AWS arbitration, the DRHP outlines a broader portfolio of legal and financial challenges for Meesho.

The company faces tax and vendor disputes aggregating more than ₹710 crore, including a tax demand of ₹572 crore. These proceedings are cited in its filing as key diligence points for investors.

Meesho processes a large volume of transactions — it recorded 1.59 billion orders in the financial year ended March 2025 — and its business model relies heavily on cloud-based systems for operations, payments, recommendation engines, and fulfilment services.

The arbitration dispute thus underscores both the company’s operational dependence on AWS and the potential cost and risk implications of a conflict with a major cloud provider.

While Meesho remains cash-flow positive and among India’s fastest-growing e-commerce platforms, the arbitration with AWS and its broader litigation exposure are likely to feature prominently in investor disclosures and regulatory scrutiny as the IPO process advances.

The company acknowledges in its DRHP that any adverse outcome of the AWS dispute could have a material impact on its business and operating model.

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