Category: Corporate

India's only listed online gaming firm, Nazara Technologies Ltd, saw fresh selling pressure on Thursday, August 21, after the Lok Sabha passed the Promotion and Regulation of Online Gaming Bill, 2025.

The legislation, which now moves to the Rajya Sabha, proposes to ban all pay-to-play online games, including those categorised as games of skill or chance. If enacted, it would effectively suspend the operations of all regulated real-money gaming (RMG) platforms in India, sending shockwaves across the sector.

At 12:16 p.m., Nazara’s stock traded at ₹1,106 on the NSE, down 9.3 percent and marking a 15-week low. The decline followed a 13 percent drop in the previous session. Delta Corp, another listed company with gaming exposure, erased intraday losses on Wednesday to settle with minor gains.

What the Bill Proposes

The Bill is aimed at addressing concerns over the addictive and immersive design of online money gaming platforms, which policymakers argue can cause severe financial and mental health risks, particularly for young users.

Key provisions include:

• Complete ban on all forms of pay-to-play RMG, including poker, rummy, and fantasy sports.
• A regulatory authority under the Ministry of Electronics and Information Technology to monitor compliance.
• Penalties for operators and intermediaries offering banned games, ranging from hefty fines to criminal liability.
• Measures to promote non-monetised, skill-based gaming and eSports as legitimate forms of digital entertainment.

Government representatives argued during the debate that while gaming technology and eSports have potential as industries, real-money gaming has crossed into predatory territory, often trapping minors and vulnerable players in cycles of debt. The bill also cited research linking excessive RMG participation to issues such as stress, insomnia, and social isolation.

Industry bodies, however, criticised the sweeping nature of the legislation, warning it could wipe out billions in investments and jeopardise thousands of jobs. They argued for a regulatory approach instead of an outright ban.

Nazara’s Position

In a stock exchange filing, Nazara clarified that it has no direct exposure to RMG. Its only link is via its 46.07 percent stake in Moonshine, which owns and operates PokerBaazi. The company reiterated that as per its latest reported financials, the contribution of RMG to its consolidated revenue and EBITDA was nil.

Speaking to CNBC-TV18, Nitish Mittersain, founder and CEO of Nazara Technologies, admitted that a ban would put its ₹805 crore investment into PokerBaazi at risk, but stressed that the firm’s core businesses remain resilient. “Our fundamental platform is strong, and we are exploring other opportunities beyond real-money gaming,” he said.

Market Reaction

Domestic brokerage ICICI Securities downgraded Nazara, cutting its target price from ₹1,500 to ₹1,100 per share. The brokerage assigned a zero valuation to Moonshine, down from ₹400 earlier. However, it maintained that Nazara’s other verticals — gamified early learning, publishing, gaming arcades, and eSports via Nodwin Gaming — remain unaffected.

Analysts also noted that the formal recognition of eSports as a sport in India could be a structural positive for companies like Nazara, even though short-term earnings will likely take a hit from the uncertainty around RMG.

The Indian equity benchmarks continued their upward trajectory on Thursday, buoyed by strength in Reliance Industries and key banking stocks, as well as encouraging Asian market trends and evolving global cues.

By around 11:40 a.m. IST, the BSE Sensex was trading approximately 300 points higher, settling near 82,146, while the NSE Nifty hovered slightly above 25,120. This extended the ongoing market rally into its sixth consecutive day, underlining sustained resilience in Indian equities despite mixed signals from global markets.

Among the prominent gainers were Dr. Reddy’s Laboratories, Cipla, Reliance Industries, ICICI Bank, and Larsen & Toubro, each climbing up to 2% intraday. Banking stocks, in particular, saw broad-based support, with nine of the dozen Bank Nifty constituents trading in positive territory.

Key Drivers Behind the Market Momentum

Reliance and financials lead the charge: Reliance Industries rose by over 1%, propelling gains in the broader oil & gas index. Financials also outperformed, gaining around 0.5%, driven by optimism over a proposal to exempt health and life insurance premiums from taxes—a move that boosted sentiment in insurance stocks. Banking names like ICICI Bank and HDFC Bank added weight to the rally, giving the sector an edge over others.

Firm regional cues: Markets in Asia put in a mixed-to-positive performance, with South Korea’s Kospi and the Shanghai Composite in the green. These gains helped cushion investor appetite in domestic markets, counterbalancing concerns over slower growth signals from the U.S.

Anticipation ahead of Fed: Investors are closely monitoring the U.S. Federal Reserve Chair’s remarks at the Jackson Hole symposium for signals on interest rate direction. The commentary is expected to shape expectations for the next phase of monetary policy, potentially impacting foreign fund inflows into emerging markets, including India.

Market dynamics and policy tailwinds: The rally has been underpinned by earlier momentum from proposed GST reforms and S&P’s recent sovereign credit upgrade for India. Small-cap and mid-cap indices also performed well, with select stocks like Jupiter Wagons surging on strong order wins and mid-tier banks gaining on expectations of robust quarterly earnings.

Rupee and volatility cues: The rupee appreciated 14 paise to 86.93 against the U.S. dollar, aided by strong domestic equities and improved risk appetite. Meanwhile, India’s volatility index slipped 1.3 percent to 11.63, reflecting lower near-term market uncertainty and encouraging steady institutional participation.

Market Outlook

On the technical front, the Nifty is trading close to its upper Bollinger band, suggesting the possibility of near-term consolidation. Analysts suggest that while a sharp decline is unlikely, a mild pullback toward the 25,000–24,980 levels could occur before the index attempts another upswing. On the upside, resistance is seen around 25,150–25,200, where profit-booking may cap immediate gains.

For the Sensex, immediate support lies near 81,850, while resistance is pegged around 82,400. If the index breaches the upper range decisively, further upside toward 82,700 cannot be ruled out. However, given the overbought conditions in several large-cap stocks, intermittent corrections may surface.

Market participants remain cautiously optimistic, with strong domestic liquidity and policy support seen as key buffers against global headwinds. Investors are expected to track upcoming global central bank signals, crude oil price movements, and foreign portfolio investment trends to gauge sustainability of the rally.

Vedanta Ltd’s ambitious plan to demerge its diversified business units has encountered significant hurdles, with the central government raising objections that could delay or reshape the proposed corporate restructuring. The objections center around regulatory and compliance concerns, particularly in sectors where Vedanta operates under sensitive government oversight, including natural resources and energy.

The demerger plan, announced in late 2023, envisioned splitting Vedanta into six independent listed entities covering aluminum, oil and gas, power, steel and ferrous materials, base metals, and the semiconductor/display business. The move was positioned as a strategy to unlock shareholder value, simplify operations, and provide focused growth pathways for each vertical. However, as of August 2025, the government has expressed reservations about certain aspects of the restructuring, citing both sectoral sensitivities and implications for strategic industries.

According to officials, the government is particularly cautious about segments such as oil and gas and base metals, where Vedanta holds critical assets and licenses. Concerns have reportedly been raised regarding whether the separation of businesses could impact accountability, resource management, or future regulatory compliance. Additionally, officials have indicated that a clearer roadmap on how Vedanta plans to manage liabilities, inter-company transactions, and governance standards post-demerger is required.

Vedanta had earlier secured shareholder and board approvals for the demerger, with the process slated for completion in FY26. The group’s management projected that the new structure would offer investors greater visibility into each business, enabling differentiated valuations and attracting sector-specific investments. For Vedanta Resources, the London-based parent struggling with high debt levels, the restructuring was also expected to create opportunities for unlocking capital and raising funds more efficiently.

However, the government’s intervention has cast uncertainty on the timelines and shape of the proposed plan. Market watchers note that Vedanta’s stock has reflected this ambiguity, showing volatility since reports of the objections surfaced. While investors had initially welcomed the demerger as a value-creation opportunity, fresh regulatory headwinds have tempered optimism.

Industry experts suggest that Vedanta may need to rework parts of its proposal, offering stronger assurances on compliance and governance mechanisms to gain government approval. This could include enhanced disclosures, tighter regulatory oversight of sensitive businesses, and a phased restructuring approach rather than a single sweeping demerger.

The development comes at a time when Vedanta is simultaneously pushing large-scale investments, including its semiconductor and display ventures, in alignment with India’s technology and manufacturing ambitions. Any delay in restructuring could complicate its capital-raising plans, given its reliance on unlocking value through differentiated listings.

The Ministry of Corporate Affairs and sectoral regulators are expected to hold further consultations with Vedanta in the coming weeks. While the government has not rejected the plan outright, the current objections underline the complexity of restructuring a conglomerate with such extensive operations in critical industries.

UltraTech Cement has initiated the sale of up to a 6.49% to 6.5% stake in its subsidiary, India Cements, in a strategic move aimed at adhering to regulatory requirements under India’s minimum public shareholding norms.

The Offer for Sale (OFS), spanning from August 21 to August 22, involves up to 2.01 crore equity shares, and will be conducted via the stock exchange mechanism. UltraTech’s board and its Committee of Directors and Officers approved the sale, which will trim its holding to approximately 75%, in compliance with regulations limiting promoter holdings to 75%.

Valued at around ₹745 crore (approximately $85.6 million), based on the company’s valuation of ₹11,466 crore as of August 21, this divestment allows UltraTech to realign its shareholding structure without sacrificing strategic control.

The announcement triggered a modest stock market response: India Cements shares rose about 2.9%, reaching ₹380.70in early trade. Meanwhile, UltraTech’s share price remained virtually unchanged, reflecting investor acceptance of the mandated reshuffle.

This step follows UltraTech’s acquisition of a majority stake in India Cements in July 2024, which brought its holding close to 81.5%, exceeding the allowable promoter threshold. The divestment serves as a measured effort to comply with SEBI’s minimum public shareholding rule, requiring at least 25% of a listed company’s shares to be publicly held.

In the past, UltraTech secured Competition Commission of India approval and completed its open offer to India Cements shareholders, culminating in the present shareholding structure.

This financial maneuver comes at a time when UltraTech is doubling down on operational expansion. The cement giant, with an installed capacity of 192.26 MTPA as of Q1 FY26, is on track to surpass 200 MTPA by FY26, ahead of schedule.

Infosys has significantly raised its performance bonuses for the first quarter of fiscal 2025–26, offering an average payout of 80% to eligible employees—mainly those in Band 6 and below—a notable jump from the previous quarter's average of around 65%. This decision underscores the company’s confidence in its growth momentum and its intent to strengthen employee engagement and retention in a highly competitive IT services market.

The enhanced bonus structure comes on the back of strong Q1 earnings. Infosys reported an 8.7% year-on-year rise in net profit to ₹6,921 crore and a 7.5% revenue growth to ₹42,279 crore, both of which exceeded market expectations. These results have enabled the company to prioritize employee rewards at a time when peers in the IT industry are tightening compensation due to global economic pressures.

Bonuses for employees in levels PL4, PL5, and PL6 are staggered based on performance ratings, reflecting a push to reinforce a high-performance culture. For PL4 employees, which include senior engineers and analysts, outstanding performers received up to 89% of their eligible bonus, while others meeting expectations received 80%. Even those needing improvement saw a payout of around 80%. For PL5 employees, typically track leads and mid-level roles, bonuses ranged between 78% and 87%. In the PL6 category, covering managerial roles, payouts varied between 75% and 85%. These performance-linked payouts demonstrate Infosys’s effort to reward both consistency and excellence.

The letters confirming these payouts have already been rolled out through Infosys’s internal e-docket system, creating a wave of optimism within the company’s workforce. 

The timing is particularly significant as the IT sector has been navigating a period of uncertainty, with other leading players like TCS, HCLTech, and Wipro facing challenges such as delayed salary hikes and cautious hiring practices.

Marking a breakthrough for Indian aviation, Indian Oil Corporation (IOC) has signed a memorandum of understanding with Air India to supply sustainable aviation fuel (SAF), positioning India at the forefront of the global push for cleaner air travel.

Starting this coming December, IOC will produce SAF at its Panipat refinery using used cooking oil collected from hotels and restaurant chains such as ITC and Haldiram’s. The refinery will generate about 35,000 tonnes annually, transforming everyday kitchen waste into green jet fuel.

Sustainable aviation fuel, made from non-petroleum feedstocks, can reduce carbon emissions by up to 80% over its lifecycle and can be blended up to 50% with traditional aviation turbine fuel. India has already mandated 1% blending in jet fuel for international flights from 2027, giving this initiative strong policy backing.

IOC is the first Indian company to obtain ISCC CORSIA certification, a global endorsement under the UN aviation body ICAO’s carbon reduction framework. This certifies IOC’s capacity to deliver fuel that meets the highest international standards of sustainability and emissions reduction. “This MoU with Air India is a strategic step in India’s transition to sustainable aviation,” said IOC Chairman Arvinder Singh Sahney. “Our certified green fuel will not only decarbonise air travel but also set a benchmark for the industry.”

For Air India, the agreement is aligned with its net-zero 2050 goal set by the International Air Transport Association (IATA). CEO Campbell Wilson called the pact a crucial step toward greener skies. “We are committed to supporting India’s sustainability agenda and ensuring our growth aligns with the planet’s needs,” he said.

The MoU was signed by IOC’s Executive Director (Aviation), Shailesh Dhar, and Air India’s Group Head of Governance, Regulatory and Corporate Affairs, P. Balaji, in the presence of Sahney and Wilson.

With this partnership, India is not only preparing to meet global climate commitments but also turning everyday waste into fuel for the future. For passengers, it means flying cleaner without changing the experience, but with the assurance that each journey contributes a little less to the planet’s carbon load.

The Indian equity benchmark indices recovered from early morning losses to trade higher on Wednesday, buoyed by strong buying in IT, FMCG, and metal stocks. The rebound came after a choppy start to the session, with global and domestic cues shaping investor sentiment.

The Sensex, which slipped 146.64 points to touch 81,497.75 in early trade, rebounded sharply to quote at 81,852 around 1 pm. The Nifty, which had dropped 47.5 points to 24,933.15, also crossed back above the psychological 25,000 mark, trading at 25,043. Market breadth tilted positive, with 2,143 stocks advancing against 1,383 declines, while 134 remained unchanged.

Among the top gainers were Infosys, TCS, Wipro, HUL, and ETERNAL, with IT stocks rising up to 4 percent intraday. Market analysts attributed the buying momentum to expectations surrounding the upcoming Jackson Hole symposium hosted by the US Federal Reserve. The three-day event, scheduled to begin on August 21 in Wyoming, will feature a closely watched address by Fed Chair Jerome Powell on the economic outlook and monetary policy. Ahead of the meeting, global investors turned risk-on, boosting IT counters, which derive a large portion of revenue from overseas markets.

FMCG stocks also saw renewed investor interest, extending the gains they have witnessed since Prime Minister Narendra Modi’s Independence Day address on August 15. In his speech, the Prime Minister hinted at sweeping reforms to the GST rate structure ahead of the festive season. According to market observers, the prospect of tax rationalisation has lifted expectations of a demand boost across consumption-driven sectors, with FMCG, automobiles, and select financial stocks expected to benefit.

The rally was further supported by improving diplomatic signals between India and China. Reports suggested that Beijing has eased curbs on exports of key industrial inputs, including fertilisers, rare earth magnets, and tunnel-boring machines. Chinese Foreign Minister Wang Yi, during his recent visit to New Delhi, reportedly conveyed assurances to External Affairs Minister S. Jaishankar regarding smoother trade flows. Analysts noted that the development has improved sentiment, though uncertainties remain given the looming August 27 deadline for the imposition of a 25 percent secondary tariff on Indian exports.

Currency movement also played its part in lifting investor mood. The rupee strengthened to its highest level this month, breaching the 87-mark against the US dollar, supported by positive global cues and optimism over easing geopolitical tensions. Reports of US President Donald Trump pushing for a peace initiative in Ukraine, along with Hamas agreeing to a truce deal in Gaza mediated by Qatar and Egypt, helped calm global markets.

From a technical perspective, traders remained cautiously optimistic. Anand James, Chief Market Strategist at Geojit Financial Services, said the bounce off the 24,850 level in the Nifty was a constructive signal. “As long as 24,850 holds, our preferred strategy would be to buy on dips, with upsides capped between 25,096 and 25,200,” he said.

With global central banks in focus and geopolitical headlines influencing investor behaviour, analysts said the current rebound could face hurdles. However, Wednesday’s rally suggested that domestic investors continue to find confidence in select sectors, particularly IT and FMCG, amid improving external signals.

Indian banking tycoon Uday Kotak has urged Prime Minister Narendra Modi’s government to provide direct fiscal support to small and medium-sized enterprises (SMEs) as India braces for the economic fallout of US President Donald Trump’s sweeping tariff regime.

In an interview with the Financial Times, Kotak — founder of Kotak Mahindra Bank, India’s third-largest private lender — described Trump’s tariffs as a “major shock” to India’s economy. He warned that the country could not afford to remain in a “comfort mindset” and must instead treat the current crisis as a wake-up call to accelerate reforms.

Earlier this month, Trump slapped an additional 25 per cent levy on Indian imports, on top of the 25 per cent reciprocal tariffs already in place, citing India’s imports of discounted Russian oil. The White House argues that India’s purchases indirectly finance Moscow’s war in Ukraine. The move has escalated trade tensions between Washington and New Delhi, India’s largest trading partner.

Calls for Urgent Government Action

Kotak said the tariffs underscored the vulnerability of India’s economy and highlighted the need for a structural response. He called for “direct fiscal support” to SMEs in manufacturing, research, and technology, sectors he described as crucial to India’s resilience.

“Once you give that capital support, private equity, entrepreneurs’ equity [and] risk capital will come additionally,” Kotak told the Financial Times. Without such backing, he warned, Indian businesses risk losing competitiveness on the global stage.

Kotak’s remarks follow similar appeals from other leading industrialists. Anand Mahindra, chair of Mahindra Group, has urged the government to boost liquidity for SMEs and accelerate infrastructure investment. Harsh Goenka, chair of RPG Enterprises, has called for a dedicated fund to help exporters access new markets and attract supply chains relocating from China.

Modi’s Reform Push

Prime Minister Modi has attempted to reassure investors and industry leaders by pledging sweeping reforms, including reducing goods and services taxes and cutting regulatory red tape. He has doubled down on his Atmanirbhar Bharat(“self-reliant India”) vision, arguing that tariffs present an opportunity to strengthen domestic manufacturing.

Yet, the challenges are formidable. Manufacturing currently accounts for about 14 per cent of India’s GDP — far below Modi’s stated target of 25 per cent. Economists estimate that India’s GDP must grow at an average of 8 per cent annually to achieve developed economy status by 2047, the centenary of independence. Tariffs on Indian exports to the US could shave off nearly half a percentage point from annual growth, according to analysts.

Trade War as a Pivot Point

Kotak, one of the most influential voices in Indian finance, emphasized that while the macroeconomic fundamentals remain stable — with fiscal and current account deficits under control — India cannot afford complacency.

“The uncertainty of Trump’s tariff regime has created a sense of urgency for transforming India,” he said. “It offers a great opportunity to pivot.”

He argued that policymakers and businesses must prioritize productivity, efficiency, and building globally competitive brands, while encouraging manufacturers to aim beyond India’s large domestic market. Without such efforts, Kotak warned, India risks slipping into the “middle-income trap.”

India’s per capita GDP currently stands at about $2,700, compared to China’s $13,300 and nearly $89,000 in the United States. Kotak cautioned that India’s “cruise-level” growth trajectory would not be sufficient to bridge this gap quickly enough.

Growing Pressure on New Delhi

The chorus of concern from top Indian business leaders highlights the growing pressure on New Delhi to mitigate the fallout of Trump’s tariffs while sustaining high growth rates. With the 2025–26 budget season approaching, industry groups are likely to intensify calls for targeted support for SMEs, tax relief, and measures to strengthen India’s export competitiveness.

Whether the Modi government can translate this moment of crisis into a catalyst for long-promised structural reforms may determine if India can meet its ambition of becoming a developed economy by 2047.

San Francisco-based analytics firm Databricks has secured a valuation of more than $100 billion in its latest funding round, marking a 61% jump from less than a year ago and underscoring the surging investor appetite for artificial intelligence (AI) startups. The company said on Tuesday it has signed a term sheet for a Series K round, though it did not disclose the total amount being raised.

The fresh milestone highlights not only the market’s confidence in Databricks’ long-term prospects, but also the concentration of capital around a select group of firms seen as leaders in foundational AI and data infrastructure. “This valuation level indicates a concentration of late-stage capital into companies identified as market leaders in foundational technology sectors,” noted Derek Hernandez, senior research analyst at PitchBook.

From $62 Billion to $100 Billion in Under a Year

Databricks’ rapid valuation leap comes less than 12 months after it raised $10 billion in one of the largest venture capital funding rounds in history. That round, which valued the company at $62 billion, was hailed as a signal of investor conviction in platforms that enable enterprise AI adoption.

The company, founded in 2013 by the creators of Apache Spark at the University of California, Berkeley, provides a unified analytics and AI platform that helps businesses integrate data engineering, machine learning, and collaborative AI model development. Over the years, it has become central to the enterprise AI ecosystem, positioning itself as a rival to other cloud data giants like Snowflake.

Today, Databricks serves around 15,000 customers globally, including major names such as payments company Block, energy major Shell, and electric vehicle maker Rivian. The firm employs roughly 8,000 people worldwide.

The AI Rush and Corporate Demand

Databricks said it expects to use a portion of the latest funds for product development and to fuel acquisitions in the AI segment. As companies and governments worldwide scramble to harness efficiencies from AI, demand for enterprise-grade infrastructure that can manage data securely and at scale has intensified.

“AI hallucinations are hard to remove completely,” Naveen Rao, Vice President of AI at Databricks, recently remarked, highlighting the need for robust tools to manage generative AI’s unpredictability. The company is betting that corporations will continue to seek enterprise-focused AI systems that offer reliability alongside innovation.

Investors See Big Market, Durable Advantage

According to PitchBook’s Hernandez, the investor logic is simple: “The total addressable market will be large enough to support multiple high-value companies, and Databricks will maintain a durable competitive advantage.”

Analysts point to Databricks’ hybrid focus on both data and AI as key to its strength. Unlike pure AI players, it offers a full-stack ecosystem that integrates data storage, cleaning, and model training, making it an essential partner for large enterprises.

Its closest rival, Snowflake, has a current market capitalization of around $66 billion, which suggests investors see Databricks’ growth trajectory as even more ambitious.

A Shift in Startup Financing

The rise of Databricks also reflects broader shifts in startup financing. Traditionally, firms approaching valuations above $10 billion would look to tap public markets through an initial public offering (IPO). But in recent years, many companies have chosen to stay private longer, partly due to higher interest rates and unpredictable public market conditions.

“What used to be a pre-IPO round is now often Series G or later, and the capital coming in is frequently functioning like public equity, just without the public oversight,” said Chris Lawrence, founder and managing partner of Labyrinth Capital Partners.

Key Players at a Glance

• Databricks: AI and data analytics firm founded in 2013, now valued at over $100 billion. Customers include Block, Shell, and Rivian.
• Snowflake: Cloud-based data warehousing company with a market capitalization of about $66 billion; a key rival to Databricks.
• OpenAI: Developer of ChatGPT, reportedly in talks for an employee share sale valuing it at around $500 billion.
• SpaceX: Elon Musk’s space exploration firm, among the few other private companies with valuations north of $100 billion.

Private market investors, sitting on record levels of “dry powder” (unallocated capital), have been eager to deploy funds into late-stage winners like Databricks. The company’s valuation surge is part of a broader trend where late-stage venture financing increasingly mirrors the scale of public equity markets.

AI Leaders Attracting Unprecedented Capital

Databricks is not alone in commanding astronomical valuations. Earlier this month, reports suggested OpenAI, the maker of ChatGPT, was preparing to close an employee share sale valuing it at around $500 billion. The trend underscores how a handful of AI-focused companies are rapidly redefining startup valuation benchmarks.

For Databricks, the Series K round cements its position among the most valuable private technology firms globally, putting it in rarefied company alongside names like SpaceX and OpenAI.

As the AI gold rush accelerates, Databricks’ leap past $100 billion is less about a single company and more about the reshaping of venture capital itself—where late-stage startups can now command valuations once reserved for tech titans on Wall Street.

Mahindra & Mahindra, one of India’s leading SUV manufacturers, has laid out its ambitious "Global Vision 2027" strategy with the introduction of the NU_IQ platform — a modular, multi-energy architecture designed to redefine its future SUV portfolio. Set to underpin both internal combustion engine (ICE) and electric vehicle (EV) models, the platform will form the foundation for new-generation SUVs tailored for India as well as global markets from 2027 onwards.

The versatility of the NU_IQ was showcased through four bold concept vehicles: the Vision.S, Vision.T, Vision.SXT, and Vision.X. Together, these prototypes provide a glimpse of Mahindra’s future design direction and the adaptability of the new platform.

Concepts That Chart a New Path

Each Vision concept reflects Mahindra’s intent to expand its SUV portfolio across diverse segments. The Vision.S hints at a compact SUV that could join the Scorpio family, marrying rugged DNA with modern design and robust off-road ability. The Vision.T, evolving from the 2023 Thar.e concept, emphasizes the “Born Iconic” character of the Thar, with a muscular stance, vertical grille, and dedicated off-road hardware.

Building on this, the Vision.SXT reimagines the Thar’s spirit in a pickup avatar, adding utility through a loading bay and catering to adventure enthusiasts. Meanwhile, the Vision.X points toward a sporty crossover designed to sit below the XUV700, potentially anchoring the XEV lineup. Collectively, the concepts underline how the NU_IQ platform can accommodate different body styles, market needs, and consumer lifestyles.

A Platform Engineered for Tomorrow

The NU_IQ represents a significant departure from Mahindra’s reliance on ladder-frame construction, embracing a more versatile monocoque design. This architecture supports multiple powertrains — petrol, diesel, hybrid, and electric — alongside front-wheel and all-wheel-drive configurations. Its flat-floor layout, applied across both ICE and EV versions, is a first in its class, enabling maximized cabin space and improved passenger comfort.

Safety and performance remain central to the design. Mahindra is targeting 5-star ratings in both Global NCAP and Euro NCAP, while offering ground clearance of up to 227 mm for confident all-terrain capability. The integration of Mahindra’s NU_UX digital interface will further enhance the driving experience, providing advanced connectivity and intuitive controls.

Scaling Up for Global Reach

The NU_IQ strategy is matched by aggressive production expansion. At its Chakan plant, Mahindra will add 240,000 units of annual capacity, taking the total output to around 7.5–7.6 lakh vehicles. To make room, certain commercial vehicle operations will be shifted to other plants. Beyond Chakan, the company is evaluating new greenfield sites for post-2027 production, reflecting a long-term commitment to scaling both domestic and international operations.

The platform’s flexibility is also key to Mahindra’s global aspirations. By developing vehicles that meet stringent international safety and emission standards, the company is positioning itself for new markets, including an EV-first push in the UK.

The Road Ahead

With NU_IQ, Mahindra is not just introducing a new platform but signalling a future-ready strategy. The Vision concepts reflect a broad spectrum of possibilities — from rugged off-roaders to lifestyle crossovers — while the underlying architecture ensures adaptability to evolving technologies and market demands. Together, they underscore Mahindra’s goal of balancing its strong brand identity with innovation and global competitiveness.