Handpicked updates about India’s business and the business of India
In the wildest crossover in millenial-verse, not only does Kyunki Saas Bhi Kabhi Bahu Thi have a version 2 reboot going on but it will now also get the ultimate software update: a cameo feature by Bill Gates himself. No, he will not be seen asking whether you have tried turning your family drama off and on again. Instead, he will talk about women’s and children’s health and the Bill and Melinda Gates Foundation. We did not have this on our 2025 Bingo cards, but honestly, we’re impressed.
Now, let’s get into the Dispatch! 🚀
Today’s reading time is 5 mins.
Green Business
Adani Green Energy Plots Major Fundraising Move
Image credits: Adani Green Energy
Capital Raise in Motion: Adani Green Energy is preparing to tap international capital markets for up to $1 billion, signaling continued growth ambitions despite recent market turbulence and positioning the company to accelerate its renewable build-out.
Governance & Mechanism: The company will seek board approval for a significant fundraising initiative, potentially leveraging a mix of debt and equity—including international green bonds, private placements, or strategic equity investments—with instrument choice guided by market conditions, timing, pricing, and investor appetite.
Context & Positioning: Coming amid heightened scrutiny of the Adani Group after the Hindenburg report, the move underscores renewables as core to Adani Green’s strategy as it steadily expands its solar and wind portfolio; proceeds are expected to fund new project development, upgrade existing infrastructure, and refinance debt to optimize the capital structure and execution capacity.
Investor Signal & What to Watch: Industry analysts view the raise as a deliberate show of financial resilience designed to reinforce investor confidence at a moment when global investors are focused on sustainable energy and India’s renewable sector is attracting international attention; details remain to be confirmed, and markets will closely monitor the board decision and subsequent reaction, as successful execution could mark a pivotal moment for one of India’s most ambitious clean-energy companies.
Business & Exports
Gold's Glittering Ascent: A Market Breakthrough
Image credits: Canada Gold
Record-Breaking Rally: Gold has surged 54% in 2024—the biggest annual jump since 1979—smashing psychological barriers at $3,000 in March and $4,000 in October, with a record high of $4,381 per ounce transforming it from heirloom asset to trillion-dollar investment powerhouse. Geopolitical tensions, economic uncertainty, and investor psychology are powering the rally, with Western investors—rather than traditional emerging market buyers—now steering demand.
Strategic Buffer Reserves: As “FOMO” fuels speculative trading and volatility, central banks are boosting reserves to diversify currency holdings, while institutions lean on gold as a hedge against equity declines, with central banks worldwide adding 166 tonnes in the reserves. The RBI’s own gold reserves have crossed 880 tonnes, valued at nearly $95 billion, underscoring India’s growing strategic asset diversification amid global financial volatility. The bank added 0.6 tonnes in the first half of 2025–26, after a hefty 54.13 tonnes in the previous year.
Risks, Policy Tailwinds & Outlook: Jewellery demand is cooling in China and India (imports are down 26% and 25%), raising the risk that excess supply could pressure prices if momentum fades into 2026. Meanwhile, Federal Reserve rate cuts have energized performance, with strategists seeing potential to exceed $4,500, leaving gold as a dynamic mirror of global uncertainty for investors.
Business India: Dhanda Hai Yeh!
Image credits: Reuters
Insider Trading Clampdown: SEBI cracked down on insider trading at India Energy Exchange, banning eight individuals for allegedly profiting ₹173.14 crore from non-public information; the regulator froze their market access and ordered repayment of illicit gains, reinforcing strict market integrity.
EV Push in Rajasthan: PMI Electro Mobility Solutions will invest ₹1,200 crore in a 65.56-acre facility producing e-buses and key components like motors and batteries, producing 33,000 e-buses annually. Set to come up in Rajasthan’s Ghiloth industrial area near Neemrana on the Delhi–Jaipur highway, the project aims to supply affordable e-buses nationwide and boost the renewable energy sector.
Nestle Profits Dip Amid Growth: Nestle India reported a 17.37% drop in Q3 profit to ₹743 crore. Revenue rose 11% to ₹5,630 crore; total expenses increased 12.9% to ₹4,617 crore. Domestic sales hit a record ₹5,411 crore on strong volume; the stock was up 3.6% intraday.
Reliance Capital Recovery: Lenders to Anil Ambani-promoted Reliance Capital are set to recover about ₹10,090 crore—roughly 43% of verified claims—after Hinduja Group marginally raised its bid to ₹9,660 crore. The recovery trails the ₹12,500–13,000 crore estimated liquidation value and awaits final approval from a Supreme Court hearing.
World 🌏
FBI Targets NBA & Mafia in Illegal Betting and Poker
Image credits: BBC
Crackdown Announced: US prosecutors unveiled a sweeping investigation into illegal sports betting and rigged underground poker games, naming Miami Heat guard Terry Rozier and Portland Trail Blazers head coach Chauncey Billups in separate cases after a coordinated FBI takedown across 11 states.
Sports Betting Allegations: Prosecutors say players and associates used non-public information to manipulate wagers on major platforms, with seven NBA games from February 2023 to March 2024 under scrutiny; Rozier allegedly told a friend he would leave a Hornets game early due to injury, leading to more than $200,000 in bets on his underperformance before he exited after nine minutes with five points. Rozier’s lawyer denied wrongdoing, arguing prosecutors rely on unreliable sources and noting the NBA had previously cleared him, while officials stressed all defendants are presumed innocent as the cases proceed.
Poker Scam Details: Prosecutors describe a high-tech scheme linked to Bonanno, Genovese, Gambino and other crime families that lured victims into private Texas Hold ’Em games with former athletes as “face cards,” then used an X-ray table to read face-down cards, rigged shuffling machines, pre-marked decks readable via special lenses, and concealed cameras feeding a remote operator and a “quarterback” at the table. Authorities estimate at least $7 million was stolen, including a single $1.8 million loss, with proceeds allegedly laundered through cryptocurrency, cash exchanges and shell companies, and enforced by intimidation when victims resisted.
League Response and Road Ahead: The NBA placed Rozier and Billups on immediate leave pending review, emphasizing game integrity and saying it is cooperating with the federal investigation. US officials called the cases among the most brazen integrity violations since sports betting was legalized in many states, warning that more charges could follow as the multi-year probe continues.
DuniyaDIARY 🌏📒
Image credits: Bloomberg
Trade Tensions Remain High: Trump declared all trade talks with Canada terminated after a Reagan anti-tariff ad he called fraudulent. Canada, led by PM Mark Carney, warned it won’t allow unfair U.S. market access if negotiations fail. Meanwhile, the Trump administration is weighing restrictions on “any and all critical software”—seen as a direct response to China’s rare earth export restrictions.
Visa Reforms Defense: The White House defended new H-1B visa reforms as lawful and necessary to protect American workers. Press Secretary Karoline Leavitt said the system has been “plagued by fraud,” depressing wages, and the administration aims to refine it. Despite lawsuits from tech groups and universities, the Trump administration vowed to “fight in court” to uphold the changes.
Intel’s Quarter Surprise: Thanks to sharp cost cuts and big backing from SoftBank, a coming Nvidia stake, and a rare 10% U.S. government investment, Intel’s stock jumped after-hours and is up nearly 90% this year, with gross margin at 40% and EPS at $0.23. Intel sees Q4 revenue at $12.8–$13.8B, but said its 18A chip yields won’t hit industry norms until 2027, even as 2025 capex climbs to $27B.
Frozen Assets Delay: EU leaders agreed to support Ukraine’s financial needs for two years but delayed using €140bn in frozen Russian assets, with a decision set for December amid ongoing legal discussions about deploying Russian funds to aid Ukraine’s defense against the invasion.
Tesla’s Profit Squeeze: Tesla’s Q3 profit fell for the fourth straight quarter despite rising revenue and sales, pushing shares down 3.5%. Higher costs, tariffs, and demand pulled forward by the expiring $7,500 EV tax credit weighed on margins, now at 18%. Musk is pivoting investor focus to robotaxi, AI, and Optimus robots, with analysts split on near‑term EV demand and new models.
Aur Batao 📰
Europa Upset: Sean Dyche’s Nottingham Forest beat Porto 2-0 in the Europa League, while Aston Villa were shocked by Go Ahead Eagles, capping a night of contrasting fortunes for English sides.
Gaganyaan Nearing Launch: ISRO’s Gaganyaan mission is 90% through development, with three uncrewed flights planned—including a humanoid launch by year-end—and a crewed mission targeted for 2027 to send three astronauts into a 400 km orbit for three days.
Bihar Polls Heat Up: Nitish Kumar remains NDA’s projected CM in Bihar, with BJP leaders stressing public trust in him and PM Modi. The NDA slammed the opposition’s INDIA bloc after it named RJD’s Tejashwi Yadav as CM face, highlighting corruption allegations from the IRCTC land-for-jobs case. JDU, LJP (Ram Vilas), and Prashant Kishor criticized the alliance’s promises and social arithmetic, warning of a “return of jungle raj.”
Bengaluru Flying: Bengaluru is close to deciding on a second international airport, with AAI’s expert report due in days. Two sites—along Kanakapura Road and near Nelamangala–Kunigal Road—were inspected. Work is timed to meet the 2033 window when the 150km clause around KIA lifts, with construction expected to take five to six years.
