Category: Corporate

India’s largest two-wheeler manufacturer, Hero MotoCorp, on Wednesday announced its official launch in France, marking its 52nd international market.

The entry is being executed through a strategic distribution partnership with French firm GD France, and kicks off with the debut of the Euro 5+-compliant model, the Hunk 440.

The French debut took place at the U.T.A.C. Mortefontaine testing facility near Paris, with Hero showcasing the Hunk 440 alongside dealer and industry-representative sessions.

The Hunk 440, positioned in the A2 licence category common in Europe, boasts a 440-cc engine generating 27 bhp and 36 Nm of torque, dual-channel ABS, USD KYB front forks, a full-digital TFT display with navigation capability, and LED lighting.

It will be offered in two color variants — Twilight Blue and Phantom Black — at a starting price of €3,599 (including VAT).

According to Hero’s Executive Vice-President Sanjay Bhan, the French launch represents a “milestone in our journey of global expansion”, building on its presence across Italy, Spain and the UK.

GD France’s CEO Ghislain Guiot remarked that the partnership is designed to provide French riders a “unique combination of technology and value” underpinned by a robust after-sales network.

In France, the distribution arrangement between Hero and GD France includes the establishment of more than 30 sales and service outlets initially, with a plan to expand to over 50 dealerships by 2026 and full network deployment by 2028.

Hero is also offering an extended promotional warranty: a standard three-year warranty plus an additional two years under a launch offer, effectively giving up to five years of warranty coverage for customers in the French market.

The move into France is part of Hero’s broader strategy to strengthen its foothold in European markets.

Analysts note that by entering developed markets with Euro 5+-compliant machines and a clearly defined dealer-network strategy, the company is aiming to shift its narrative from value-focused commuter bikes into more performance-oriented segments.

While the French market entry focuses on one model initially, the expectation is that Hero will gradually expand its range and deepen its presence.

From Hero’s perspective, the expansion into France comes at a time when growth in its traditional domestic markets is being tempered by cost pressures and intense competition.

Penetrating Europe offers not only higher margin opportunities but also brand-elevation potential. For GD France, the alliance gives them access to a global two-wheeler leader looking to scale in developed markets.

Also Read: Coal India Q2 Net Profit Falls About 30% to ₹4,263 Crore

India’s state-run refiner Indian Oil Corporation Ltd (IOC) has affirmed that it will “absolutely not” stop importing Russian crude oil provided it stays within the boundaries of international sanctions.

The comments come amid renewed U.S. and European Union measures against major Russian oil entities.

Anuj Jain, IOC’s Director (Finance), told analysts on October 28 that the company remains open to purchasing Russian-sourced crude “as long as we are complying with the sanctions. Russian crude is not sanctioned. It is the entities and the shipping lines which have got sanctions.”

He added, “If somebody comes to me with a non-sanctioned entity, and the price cap is being complied with and the shipping is okay, then I will continue to buy it,” according to news agency Reuters.

The firm emphasized that while it remains committed to abiding by all international sanctions, it continues to view Russian crude as a viable source.

IOC Chairman Arvinder Singh Sahney echoed that stance, noting that the company “will abide by all sanctions imposed by the international community.”

New U.S. sanctions, effective from October 22, targeted Russian oil giants Rosneft and Lukoil as part of the West’s effort to pressure Moscow over its invasion of Ukraine.

The European Union also imposed transaction bans on Rosneft, along with restrictions on other Russian oil entities, according to S&P Global Commodity Insights.

Indian refiners had anticipated that these sanctions could prompt some scaling back of Russian crude purchases.

However, because the sanctions are primarily targeted at certain entities and shipping channels—and not a blanket ban on Russian oil itself—IOC is leveraging that distinction to continue imports.

The company said Russian supplies currently account for about 19 to 20 percent of its overall crude oil import basket.

The decision reflects India’s broader strategy of balancing its energy security interests with the need to remain sanction-compliant. Officials say India has adequate supply alternatives but views discounted Russian barrels—often priced several dollars below global benchmarks—as economically attractive.

Analysts at S&P Global Commodity Insights observed that a complete halt by IOC appears unlikely in the short term unless the U.S. escalates measures to include broader trade penalties for oil-importing countries.

They point out that Indian compliance with U.S. sanctions has historically been high and that the Indian government may seek exemptions rather than risk secondary sanctions.

India’s Petroleum and Natural Gas Minister Hardeep Singh Puri has reiterated that the country is not concerned about crude-oil availability, noting that global supplies remain sufficient to meet domestic and export growth.

While some Indian refiners are reviewing their Russian crude exposure or temporarily pausing new orders as they assess compliance risks, IOC’s public position signals that Russian barrels will remain part of its sourcing mix—for now.

Whether this approach will withstand further international pressure—and how it will affect India’s relations with Western partners—remains a matter closely watched by industry and policy-makers alike.

Also Read: Eli Lilly, NVIDIA Partner to Build AI Supercomputer for Drug Discovery

In a significant boost to India’s energy security, Qatar’s national energy company QatarEnergy has signed a 17-year sales and purchase agreement (SPA) with India’s Gujarat State Petroleum Corporation (GSPC) for the supply of up to 1 million tonnes per annum (MTPA) of liquefied natural gas (LNG). 

According to the terms of the deal, LNG supplies will begin in 2026 and will be delivered ex-ship to various import terminals in India. 

QatarEnergy’s President & CEO, Saad Sherida Al Kaabi, described the agreement as an extension of a longstanding partnership between the two entities.

He said in a statement that the long-term SPA “highlights our continued commitment to supporting India’s growing energy needs” and reinforces QatarEnergy’s role in delivering safe and reliable LNG supplies to India. 

The agreement builds on an earlier long-term deal between the two firms signed in 2019, reflecting growing collaboration between QatarEnergy and GSPC. 

From an Indian perspective, the deal comes at a pivotal time as India accelerates its efforts to expand LNG import capacity and diversify its energy mix in line with its net-zero ambition for 2070. 

Energy analysts say this arrangement helps India further strengthen its supply chain for natural gas — an increasingly important fuel as the country transitions away from coal and oil toward cleaner alternatives.

For QatarEnergy, the deal opens up a long-term dependable market in India, the world’s third-largest LNG importer, and underlines the Gulf state’s strategic role in global LNG trade.

The five-year gap between signing and commencement (i.e., from 2026) aligns with India’s infrastructure expansion timeline, including development of new LNG import terminals. 

Market commentators note that the 1 MTPA annual volume is modest compared to India’s overall LNG imports, but the duration and reliability of the contract carry strategic value. 

With global LNG supply more contested and long-term contracts less common than in past decades, this agreement signals both companies’ willingness to lock in long-term partnerships in a shifting energy landscape.

The ex-ship delivery mechanism means that QatarEnergy bears responsibility for shipping the cargoes to India’s terminals, reducing GSPC’s logistical burden. 

The timing of the deal is also notable given India’s push to raise natural gas’ share in its overall energy consumption. The country currently has eight operational LNG import terminals with a combined capacity of about 52.7 MTPA, and aims to add more capacity by 2030. 

For India’s state-owned GSPC, this supply contract provides a stable long-term feedstock for its growing downstream and trading ambitions, and strengthens its position in the domestic gas market.

Also Read: Eli Lilly, NVIDIA Partner to Build AI Supercomputer for Drug Discovery

India’s largest coal producer, Coal India Limited (CIL), on Wednesday reported a substantial year-on-year decline in its consolidated net profit for the quarter ended September 30, 2025 (Q2 FY26).

The company posted a profit of ₹4,262.64 crore, down by roughly 32% from ₹6,274.80 crore in the same period a year ago. 

Revenue from operations also slipped, coming in at around ₹30,186.70 crore, representing a year-on-year drop of about 3.2%. 

The company’s total expenses rose by about 7% to ₹26,421.86 crore from ₹24,670.70 crore in Q2 FY25. 

CIL attributed the weaker performance to a combination of factors: subdued demand, heavier rainfall disrupting operations and lower realisations in its e-auction/business mix.

The company’s production in September declined by about 3.9% to 48.97 million tonnes from 50.94 million tonnes a year earlier, as monsoon-time rains hampered mining operations. 

The decline in revenue and rising input and operational costs squeezed margins, with the earnings-before-interest-tax-depreciation-and-amortisation (EBITDA) margin contracting to 22.25% from 27.63% the prior year. 

Despite the weaker earnings, the board approved a second interim dividend of ₹10.25 per equity share (face value ₹10) for FY26, with a record date set at November 4 and the payment scheduled by November 28. 

Analysts noted that CIL’s results point to heightened headwinds in the domestic coal sector.

With thermal power plants drawing down inventories and limiting new purchases, coal offtake slowed.

Additionally, the mining major’s realisation in certain channels fell and its cost structure faced pressure from elevated fuel, logistics and labour costs. 

Shares of Coal India reacted negatively to the results, falling over 2% in intraday trading following the announcement. 

Looking ahead, CIL has set an ambitious annual production target of 875 million tonnes and dispatch target of 900 million tonnes for FY26, even as it grapples with near-term softness in demand and margin pressures. 

Also Read: Eli Lilly, NVIDIA Partner to Build AI Supercomputer for Drug Discovery

In a bold step into the future of pharmaceutical innovation, Eli Lilly and Company has joined forces with NVIDIA Corporation to construct what the companies describe as the most powerful artificial-intelligence supercomputer ever built for the pharmaceutical industry. 

The collaboration, announced October 28, 2025, aims to dramatically accelerate the discovery and development of new medicines by harnessing next-generation computing power and deep learning models. 

Under the partnership’s terms, Lilly will host and operate the system within its own facilities, utilising more than 1,000 of NVIDIA’s latest generation Blackwell Ultra GPUs and a DGX SuperPOD architecture built specifically for large-scale life-science workflows. 

The infrastructure is designed to support “millions of virtual experiments in parallel”, enabling the company’s scientists to explore vast chemical and biological spaces with far greater speed and scale than traditional approaches. 

Lilly emphasises that the initiative is not just about speed but about intelligence: the supercomputer will power an “AI factory” in which models will not only be trained on decades of Lilly’s internal data, but deployed across functions including molecule design, biomarker discovery, clinical trial optimisation and manufacturing efficiency. 

The companies say the installation is expected to be operational by January 2026, with the hardware being deployed in Lilly’s headquarters in Indianapolis and powered entirely by renewable electricity within its existing data-centre footprint. 

NVIDIA’s Mission Control software will orchestrate the workloads across the DGX SuperPOD, enabling efficient scheduling, monitoring and orchestration of AI operations within a highly regulated pharmaceutical environment. 

From an industry perspective, the move signals a broader shift in drug discovery: the combination of deep biology, high-performance computing and AI is increasingly seen as a key to reducing the decade-long timelines and multi-billion-dollar cost burdens typical of bringing a new medicine to market. 

Lilly says the supercomputer will support its federated AI platform, TuneLab, which gives smaller biotech partners access to Lilly-trained models while preserving data privacy via federation. 

Analysts note that while many pharmaceutical companies have begun deploying AI in pockets, few have committed to building in-house hardware of this scale. 

Lilly’s strategy may provide a competitive edge by keeping its data and models within its own secure infrastructure rather than depending solely on cloud services. 

Also Read: Apple Joins $4 Trillion Market-Cap Club After iPhone 17 Surge

In a strategic move ahead of its public listing, SBI Mutual Fund, via its alternative investment vehicles, has committed ₹100 crore to acquire shares in India’s leading eyewear retailer, Lenskart Solutions Limited.

This investment was made through two of its funds – the SBI Optimal Equity Fund (AIF) and the SBI Emergent Fund (AIF) – in a pre-IPO transaction in which roughly 24.87 lakh equity shares were purchased at a price of ₹402 per share. 

The shares were acquired from one of Lenskart’s promoters, Neha Bansal.

Prior to the deal, she held a 7.61 per cent stake in the company’s fully diluted share capital; following the transaction she continues to hold approximately 7.46 per cent. 

Lenskart’s forthcoming initial public offering (IPO) is scheduled to open on October 31, 2025, and the investment by SBI’s funds underlines institutional confidence in the eyewear retailer’s growth story and market positioning. 

According to reports, the transaction effectively values Lenskart at around $7.7 billion (approximately ₹64,000 crore at prevailing conversion rates).

This marks a considerable premium over earlier valuations of the company. 

Lenskart, founded in 2008 and having launched its online eyewear business circa 2010, has since expanded into a strong omni-channel presence with both e-commerce operations and physical retail stores across India, and increasingly in international markets. 

The funding will support its expansion plans, including scaling of company-owned physical stores, upgrading digital infrastructure, pursuing potential acquisitions and bolstering brand marketing. 

This pre-IPO deal comes on the heels of another significant transaction: billionaire investor Radhakishan Damani (via his investment vehicle) had invested around ₹90 crore in Lenskart through a separate pre-IPO share purchase. 

Analysts see the move by SBI’s funds as reflective of not only the strength of Lenskart’s business model in the consumer-retail space but also the broader appetite for high-growth consumer brands in India’s capital markets.

By entering ahead of the IPO, the funds lock in exposure at a defined entry price, while positioning for potential upside once the company lists.

The investment also signals a vote of confidence in Lenskart’s ability to convert its scale and brand reach into sustained profitability and growth.

For SBI Mutual Fund, this represents a diversification into private market opportunities ahead of public listing, leveraging its AIF structures to participate in a pre-IPO equity transaction.

Also Read: Jindal Steel Names Gautam Malhotra CEO After Disappointing Q2

In a significant leadership change, Jindal Steel Ltd (JSL) on Tuesday announced the appointment of Gautam Malhotra as its Chief Executive Officer, even as the company reported a below-expectations performance for the second quarter of the fiscal year.

Malhotra, who joined Jindal Steel in May 2024, has since worked across its mining, production, human resources, logistics, technology and sales verticals.

The appointment signals a strategic push by the company’s board to accelerate operational and commercial transformation.

For the quarter ended September 30, JSL posted a consolidated net profit of ₹635.08 crore, down about 26.2 percent year-on-year from ₹860.47 crore in the same period last year.

Revenue from operations rose modestly by 4.21 percent to ₹11,685.88 crore, up from ₹11,213.31 crore a year earlier.

Despite the increase in revenue, JSL’s margin contraction and lower profit raise fresh concerns about its near-term growth trajectory.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell around 12 percent year-on-year to ₹1,875 crore, while the EBITDA margin slipped to 17.8 percent from 24.4 percent a year earlier.

Production volumes also dipped. JSL reported total production of 2.00 million tonnes (MT) in the quarter, down 5 percent sequentially, while sales were 1.87 MT, a decrease of 2 percent from the previous quarter.

Export share rose to 10 percent from 7 percent in the prior quarter, but the overall decline in performance was noted by analysts.

In a positive move on the investment front, the company’s net debt stood at ₹14,156 crore at the end of the quarter, slightly lower than ₹14,400 crore at the end of June 2025, offering some relief to investors.

Capital expenditure for the quarter was reported at ₹2,699 crore, largely driven by expansion work at the Angul plant in Odisha.

Jindal Steel is also advancing its Angul facility, where a new blast furnace has more than doubled hot-metal capacity to 8.85 million tonnes per annum (mtpa) from 4.25 mtpa, and with the addition of a basic oxygen furnace it has raised crude steel capacity to 9 mtpa at the site.

The company remains on track to reach a total capacity of 15.6 mtpa by the end of this financial year.

The appointment of Malhotra comes after a five-year period during which JSL did not have a designated CEO, underscoring the board’s decision to bring in stronger executive leadership to navigate challenges in a competitive steel industry.

Analysts highlight that while Malhotra brings extensive experience across operational and commercial domains, he does not have a traditional steel-industry background, prompting closer scrutiny of his execution capabilities.

For JSL, the dual message to markets is clear: the company is recognising near-term headwinds while simultaneously laying the groundwork for a strategic reset.

Scaling up production, improving margin performance and leveraging new leadership under Malhotra will be key to regaining investor confidence.

With commodity cycles remaining volatile and competition intensifying, the steelmaker’s next set of results will be closely watched for signs of turnaround momentum.

Also Read: Apple Joins $4 Trillion Market-Cap Club After iPhone 17 Surge

Apple Inc. briefly vaulted past the $4 trillion market-capitalization mark on Tuesday, becoming the third publicly traded company to touch that valuation after Nvidia and Microsoft, as a rally in its shares was fueled by stronger-than-expected early demand for the iPhone 17 lineup.

Shares of Apple climbed as traders cheered data showing the iPhone 17 series had outperformed the previous generation in its initial days on sale, helping to allay investor concerns about the company’s pace in artificial-intelligence development.

The stock briefly traded near $270, pushing the company’s market value just above $4 trillion before it retreated slightly by the close.

Analysts and market watchers attributed the move mainly to upbeat handset sales in key markets such as the United States and China.

The milestone follows a sequence of tech giants reaching the same rarefied valuation this year: Nvidia led the way after a blistering AI-driven surge in its stock, and Microsoft subsequently joined the $4 trillion club as its cloud and AI businesses accelerated.

Apple’s entrance, even if brief, underscores how mainstream product cycles can still reshape investor sentiment in an era otherwise dominated by excitement around enterprise AI platforms.

Market data show the move was supported by tangible metrics: industry trackers reported a double-digit uptick in early iPhone 17 sales compared with the last cycle, with stronger uptake in both the U.S. and Chinese markets.

That sales momentum has translated into renewed confidence about Apple’s near-term revenue trajectory, including positive spillovers to services and accessories, though some investors caution that hardware cycles can be cyclical and short-lived.

Despite the headline milestone, commentators noted that Apple’s stock performance this year has been more modest than that of its AI-centric peers.

While Nvidia and Microsoft have seen larger percentage gains tied to AI optimism, Apple has trailed on a year-to-date basis — a point that keeps some analysts asking whether the company’s longer-term valuation should reflect a deeper AI strategy beyond device sales.

Still, the firm’s steady ecosystem revenues, growing services business and disciplined capital returns have been highlighted as stabilizing factors that underpin the recent price move.

Investors will next turn their attention to Apple’s forthcoming quarterly results for clearer confirmation that handset demand and services growth will sustain the company’s elevated valuation.

For now, the brief entry into the $4 trillion club is likely to intensify scrutiny of how consumer hardware cycles and enterprise AI narratives interact to reshape the market leadership landscape among Big Tech.

Also Read: L&T Strengthens Saudi Footprint With Multiple Contracts

Larsen & Toubro (L&T) has expanded its footprint in Saudi Arabia with a series of major new awards spanning heavy engineering, energy, and luxury-resort infrastructure, reinforcing the Indian conglomerate’s growing role in the kingdom’s ambitious industrial and tourism development drive.

In its heavy engineering vertical, L&T has secured a significant order linked to a refinery and integrated petrochemical complex in Saudi Arabia.

Industry reports describe the contract as part of a revamp involving a high-oil-flow catalytic cracking component, including reactor and regenerator works.

The project underscores L&T’s strong credentials in complex downstream assignments and its expanding role in Saudi Arabia’s refinery modernization and petrochemical expansion programs.

The company’s heavy engineering division has also received orders connected to the Jafurah gas project — Saudi Arabia’s flagship unconventional gas initiative led by Saudi Aramco.

The Jafurah project is one of the world’s largest shale gas developments, representing an estimated investment exceeding $100 billion.

L&T’s involvement in the project reinforces its position as a preferred contractor for specialized fabrication and process equipment as the kingdom moves from early-stage gas production to the development of supporting infrastructure.

Analysts believe that contractors like L&T will continue to benefit from the project’s phased expansion, which includes midstream and downstream monetization of gas and associated liquids.

Meanwhile, L&T’s construction arm has been awarded a major engineering, procurement, and construction (EPC) contract for Amaala, the ultra-luxury tourism destination located along Saudi Arabia’s northwestern Red Sea coast.

The contract covers the development of renewable generation systems, power utilities, and water management infrastructure for the destination, aligning with Saudi Arabia’s broader vision to integrate sustainability and low-carbon systems into its tourism sector.

Amaala is part of the kingdom’s Vision 2030 plan to diversify its economy by investing in non-oil industries, including luxury tourism, hospitality, and renewable energy.

These recent awards mark a continuation of L&T’s international growth momentum.

Over the past few years, the company has steadily strengthened its presence in the Gulf Cooperation Council (GCC) region, particularly in Saudi Arabia, the UAE, and Qatar.

With the kingdom pursuing a dual strategy of expanding its non-oil economy and developing massive energy infrastructure, Indian engineering and construction companies such as L&T are increasingly emerging as vital partners in execution.

Industry observers say the latest Saudi contracts validate L&T’s technical and project management capabilities, especially in high-value sectors such as process plants, offshore fabrication, and sustainable utilities.

They also demonstrate the company’s ability to align with global trends emphasizing local partnerships, renewable integration, and advanced engineering solutions.

The company is expected to share more details regarding order size and execution timelines in its upcoming financial disclosures.

For now, the Saudi contracts further cement L&T’s reputation as one of India’s most globally integrated engineering giants and position it favorably to capitalize on the kingdom’s multibillion-dollar transformation agenda under Vision 2030.

Also Read: Uber, NVIDIA to Launch Global Robotaxi Delivery Fleets

Uber Technologies Inc. has announced a major partnership with chipmaking giant NVIDIA to accelerate the development and deployment of next-generation robotaxi and autonomous delivery fleets powered by artificial intelligence.

The collaboration marks a significant step in Uber’s strategy to expand its global autonomous vehicle operations using NVIDIA’s advanced AI and self-driving technology platforms.

According to Uber, the partnership will see the integration of NVIDIA’s latest DRIVE AGX Hyperion platform, featuring the safety-certified DriveOS operating system and full-stack DRIVE AV software, purpose-built for Level 4 (L4) autonomy.

These systems will power Uber’s forthcoming autonomous fleets, capable of operating without human intervention under specific conditions.

As part of the initiative, automotive major Stellantis will be among the first original equipment manufacturers (OEMs) to supply Uber with at least 5,000 NVIDIA-DRIVE-powered Level 4 vehicles for robotaxi operations across the United States and international markets.

Uber will oversee the comprehensive management of these fleets, including remote assistance, maintenance, cleaning, charging, and customer support.

“NVIDIA is the backbone of the AI era, and is now fully harnessing that innovation to unleash L4 autonomy at enormous scale, while making it easier for NVIDIA-empowered AVs to be deployed on Uber,” said Dara Khosrowshahi, CEO of Uber. “Autonomous mobility will transform our cities for the better, and we’re thrilled to partner with NVIDIA to help make that vision a reality.”

NVIDIA’s founder and CEO Jensen Huang called the Uber collaboration a milestone in the broader transformation of mobility. “Robotaxis mark the beginning of a global transformation in mobility — making transportation safer, cleaner, and more efficient. Together with Uber, we’re creating a framework for the entire industry to deploy autonomous fleets at scale, powered by NVIDIA AI infrastructure,” Huang said.

The partnership will extend beyond fleet development to build a scalable, open technology ecosystem for Level 4 autonomy.

Uber and NVIDIA said they will collaborate with a range of autonomous driving partners—including Aurora, Avride, May Mobility, Momenta, Motional, Nuro, Pony.ai, Waabi, Wayve, and WeRide—to advance self-driving solutions across ride-hailing, trucking, and last-mile delivery sectors.

Both companies are also working on a “robotaxi data factory” powered by NVIDIA’s Cosmos platform for physical AI, which will help accelerate model training and validation.

Uber aims to collect more than three million hours of driving data specific to robotaxi operations, which will be used to improve AI training models and enhance autonomous decision-making capabilities. NVIDIA will provide GPUs, simulation tools, and data infrastructure to support these efforts.

Industry analysts say the tie-up underscores the growing convergence between mobility platforms and AI computing firms, as companies seek to commercialize autonomous transport at scale.

With Uber’s operational network and NVIDIA’s hardware and software ecosystem, the partnership could help bring robotaxi technology closer to mainstream deployment.

If successful, the initiative may mark one of the most ambitious efforts yet to deploy fully autonomous fleets globally — transforming the way passengers and goods move through urban environments and positioning both Uber and NVIDIA at the forefront of the next major shift in transportation technology.

Also Read: HDFC Bank Puts Bankers on Leave Amid Credit Suisse Bond Probe