The global economic narrative this week was dominated by a shift towards protectionism, forcing countries to recalibrate trade strategies and seek new geopolitical alignments. The United States, while reporting a surprisingly robust economic performance with its second-quarter GDP (gross domestic product) revised upwards to an annualised 3.3% from 3.0%, has simultaneously weaponised trade policy. New duties were imposed on Indian goods, with tariffs on some items rising sharply to 50%, and an additional US$18bn (billion) in levies targeting Chinese electric vehicles (EVs), batteries and solar cells.
In response, a new trilateral axis appears to be solidifying, with Russia moving to deepen its economic ties with China; their bilateral trade hit a record US$245bn in 2023 . India, meanwhile, is navigating a delicate balancing act, with its imports of discounted Russian crude set to rise to a four-month high in September, despite Western pressure. This dynamic is forcing a broader diversification of alliances, exemplified by India's decision to hire the US-based lobbying firm Mercury Public Affairs to promote its trade interests in Washington, and deepening its economic engagement with Japan.
The automotive industry is facing a multifaceted challenge from slowing domestic demand, geopolitical trade pressures and a transition to new fuel sources. Wholesale passenger vehicle (PV) sales dropped 3.1% in July, prompting the Society of Indian Automobile Manufacturers (SIAM) to call for an early reduction in goods and services tax (GST). In a proactive move to sidestep looming US tariffs, which could hit 89% of component exports, Indian auto-component-makers are considering setting up offshore production facilities in the US and Mexico.
India's solar module exports to the US, which surged from US$0.04bn in FY20-21 to US$1.1bn in FY22-23, are now facing headwinds from new duties and regulatory scrutiny under the Uyghur Forced Labor Prevention Act (UFLPA).
A patchwork of developments across other sectors illustrates the broader dynamism of the Indian economy. Strong monsoon rains provided a welcome respite for the power grid; wholesale electricity prices on the Indian Energy Exchange were down 33% from a year earlier. In retail, uncertainty over a potential GST rate cut has prompted auto and consumer electronics dealers to scale back festive-season stocking, signalling a more subdued run-up to the peak retail period.
In a sign of increasing urban and consumer vitality, Indian real estate investment trusts (REITs) are preparing to expand into new asset classes such as warehousing and data centres, while medical tourism is booming, with the number of foreign patients expected to double to 1.3mn (million) by 2024. Finally, India's digital payments infrastructure continues its global expansion, with cross-border Unified Payments Interface (UPI) transactions surging more than twentyfold from 37,060 in FY23-24 to 755,445 in FY24-25, reshaping international remittance and commerce. The trends of the major indices in the course of the week's trading are given in the table below:
News
Reliance Industries (RIL) unveiled a major strategic pivot at its 48th annual general meeting, announcing the global expansion of Reliance Jio and the formation of a new artificial intelligence (AI)-focused joint venture (JV) with Meta Platforms. With Jio surpassing 500mn subscribers and reporting FY24-25 revenue of Rs1.28 lakh crore, the company is poised to take its home-grown telecom technologies worldwide. Simultaneously, RIL will launch Reliance Intelligence Limited, a wholly-owned subsidiary leading its AI ambitions, backed by a Rs855 crore investment in partnership with Meta to develop and distribute enterprise AI solutions across global markets. It also announced a deepened partnership with Google to accelerate AI adoption across its telecom and digital platforms, especially Jio. Mukesh Ambani confirmed that the collaboration will drive affordable, AI-powered solutions for Indian consumers and enterprises across telecom, retail, financial services and new energy. Central to this initiative is the establishment of a dedicated Jamnagar Cloud region, powered by Reliance’s clean energy and connected via Jio’s advanced network which will host Google Cloud’s latest-generation AI infrastructure.
HCL Tech entered into a global partnership with Thought Machine to accelerate the digital transformation of financial institutions. The collaboration centres on deploying Thought Machine’s Vault platform, a cloud-native core banking and payments solution, to replace legacy systems with intelligent, autonomous infrastructure.
Jaiprakash Power Ventures approved a proposal to explore the development of a 50MW (megawatt) solar PV (photovoltaic) power plant at its existing Jaypee Bina thermal power plant site in Madhya Pradesh. The solar facility will complement the company’s 500MW thermal operations at Bina. The estimated investment for the project is Rs300 crore, subject to necessary approvals, including lender clearances.
Zaggle Prepaid Ocean Services signed a five-year referral agreement with Standard Chartered Bank to expand its corporate client base. Under the arrangement, Zaggle will offer its prepaid payment instruments platform to businesses referred by the Bank. The partnership aims to enhance digital payment efficiency and broaden Zaggle’s reach in the enterprise segment.
JSW Steel incorporated APJSW, a JV with Andhra Pradesh Mineral Development Corporation (APMDC), to develop the Konijedu Marlapadu integrated iron ore project. JSW Steel holds an 89% stake, while APMDC retains 11% as free ride equity. The Rs1,075 crore project will mine and beneficiate low-grade iron ore, producing 1.3MT (million tonnes) annually.
Eris Lifesciences received ANVISA’s (Agência Nacional de Vigilância Sanitária-- Brazilian regulatory agency) approval for one of its sterile injectable facilities in Ahmedabad, operated under its subsidiary Swiss Parenterals, acquired in 2024. The inspection was conducted in April 2025, with approval for the second injectable unit expected soon. This follows earlier ANVISA clearance for its oral dosage unit, reinforcing Eris’s regulatory standing in Brazil. Both facilities are already EU-GMP (European Union good manufacturing practices) and PIC/s certified, supplying markets across Mexico, Chile, Argentina and Peru.
Gland Pharma received US food and drug administration (US FDA) approval for its abbreviated new drug application (ANDA) filing of Vasopressin in 5% dextrose injection (40 units/100mL) and tentative approval for the 20 units/100mL variant. Both formulations are bio-equivalent to VASOSTRICT, marketed by PH Health Limited. The drug is used to raise blood pressure in adults with vasodilatory shock unresponsive to fluids and catecholamines. The approval strengthens Gland Pharma’s injectable portfolio in the US market.
Oil and Natural Gas Corporation (ONGC) commenced natural gas sales from its block located in the Rajasthan Kutch Onland Exploratory Asset (RKOEA). The Chinnewala Tibba block spans 73sqkm (square kilometre) near the Indo-Pak border and holds promising reserves. ONGC is supplying 100,000SCMD (standard cubic meters per day) to Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) via its Gamnewala gas collection station.
Unichem Laboratories received an establishment inspection report (EIR) from the US FDA for its Roha API (active pharmaceutical ingredient) facility following an inspection. The inspection was classified as voluntary action initiated (VAI), indicating compliance with regulatory standards and only minor observations. This outcome supports continued exports to the US market and affirms the facility’s adherence to quality and safety norms. No critical deficiencies or data integrity issues were reported.
Texmaco Rail & Engineering and Rail Vikas Nigam entered into a JV to undertake railway manufacturing and infrastructure projects. RVNL will hold a 51% stake, while Texmaco will own 49%, backed by a Rs4.90 crore investment. The new entity will focus on rolling stock production, EPC contracts, and depot operations, targeting both domestic and international markets. The partnership aligns with India’s railway modernization and Make in India objectives, leveraging both firms’ complementary strengths .
Genus Power Infrastructures Limited issued a clarification denying market rumours about its Rajasthan projects’ alleged blacklisting in Goa and exposure to US tariffs. The company confirmed that Rajasthan contracts remain intact, with no liquidated damages imposed. It attributed smart metering delays to a nationwide trend, citing the ministry of power’s extension of the Revamped Distribution Sector Scheme (RDSS) deadline to 31 March 2028.
Orders
Waaree Energies secured a 452MW solar module order through its US subsidiary, Waaree Solar Americas, from a leading American developer of utility-scale solar and storage projects. The modules will be supplied across FY25–26 and FY26–27.
BLS International Services secured a Rs2,055.35 crore contract from UIDAI (Unique Identification Authority of India) to establish and operate district-level Aadhaar Seva Kendras across India. The six-year engagement encompasses appointment-based and walk-in Aadhaar enrolments, updates and related services.
Investment/ Acquisition / Stake Stale
Hitachi Energy India will invest Rs300 crore to expand its insulation and components facility in Mysuru (Karnataka), doubling production capacity for Extra High Voltage (EHV) class pressboard and laminated board used in power and distribution transformers. The project includes replacing the site’s fossil fuel boiler, positioning it among the world’s first ultra-low carbon pressboard facilities. This initiative forms part of the company’s previously announced Rs2,000 crore investment plan in India over the next four to five years.
Kernex Microsystems (India) in consortium secured a Rs209.82-crore order from DFCCIL for deploying the KAVACH train collision avoidance system. The contract covers survey, design, supply, installation, testing and commissioning across 931km of the eastern dedicated freight corridor. Work spans the New Boraki–New Khurja, New Bhaupur–New Unchdih and New Sonnagar sections to enhance freight rail safety.
Apollo Micro Systems was approved by DRDO as the production agency for the Multi-Influence Ground Mine (MIGM) – Vighana under the defence corridor production policy. The company also signed a technology transfer agreement with DRDO for the omni-directional multi-EFP warhead used in the NASM SR missile. These developments enhance its advanced defence manufacturing capabilities and reinforce its role in India’s indigenous defence programmes.
ABB India secured a Rs173.55-crore domestic order from Siemens Gamesa Renewable Power Chennai, for 3.X wind turbine converters and electrical cabinets. The equipment will be supplied on a built-to-print basis from ABB’s Nelamangala facility. Monthly deliveries are scheduled to begin in January 2026 and continue through December 2026.
Samhi Hotels, via subsidiary Barque Hotels, signed an agreement to lease for a 260-room mid-scale hotel in Hyderabad’s financial district. The property will be developed by Aurean Eskar Homes LLP, after which it will undertake fit-outs and branding. Its scope of work is estimated to cost between Rs125 crore and Rs143 crore.
Sanathan Textiles commenced commercial production at its new Wazirabad (Punjab) facility, with phase-1 starting at 350TPD (tonnes per day) and expected to reach 700TPD within three to four months. Phase-2 will add capacity to 950TPD, raising total installed yarn manufacturing capacity to 570,500MTPA (metric tonnes per annum) across Punjab and the existing Silvassa plant. The expansion is aimed at strengthening the company’s domestic market position and enhancing its global presence.
Top gainers and losers of the major indices for the week are given in the table below:
