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HSBC, a trusted global financial powerhouse, is elevating its support for Mukesh Ambani, Asia's wealthiest individual, by nearly doubling its loan arrangement. What began as a £60 million financing venture in 2021 has since evolved, with three significant extensions, ultimately reaching an impressive £115 million (approximately Rs 1165 crore). This amplified commitment reflects HSBC's unwavering belief in Mukesh Ambani and his remarkable business empire. The loan isn't just another financial transaction; it fuels Ambani's extravagant real estate dream, a grand vision that recently included the £550 million ($732 million) acquisition of Stoke Park, a sprawling 300-acre estate nestled in Buckinghamshire, England. Witness how HSBC is partnering with Ambani to turn real estate into an opulent masterpiece.

Important News of the Day

1. Mukesh Ambani’s luxury real estate bet gets HSBC financing boost

HSBC has nearly doubled the size of a loan arrangement to part of Mukesh Ambani's business empire, bolstering its bet on Asia’s richest person. The London-based bank originally provided a £60 million loan facility to a Reliance Industries Limited (RIL) subsidiary in 2021, which has since been extended three times, with the latest disclosed increase taking it to £115 million. The loan has been increased to around Rs 1165 crore. The move reflects HSBC's growing commitment to Mukesh Ambani and his business ventures. The loan is for Ambani's luxury real estate bet, which includes a £550 million ($732 million) purchase of Stoke Park, a 300-acre estate in Buckinghamshire, England.

2. Microsoft to welcome Amazon as client in $1-billion deal

Microsoft is reportedly set to welcome Amazon as a significant client for its cloud-based 365 productivity suite in a deal worth over $1 billion. The two tech giants have typically been strong competitors and seldom collaborated on this scale, making this deal a milestone for both companies. The 365 productivity suite is a cloud-based suite of tools that includes Microsoft Word, Excel, PowerPoint, and other applications. Amazon Web Services (AWS) offers reliable, scalable, and inexpensive cloud computing services, and it is not clear whether the deal will involve AWS or another Amazon service. This deal comes after the Pentagon cancelled its previous cloud computing award, which was awarded to Microsoft, and split a $9 billion cloud contract between four firms, including Amazon.

3. ‘Fight to save Constitution’: Raghav Chadha hails Delhi HC verdict on govt home

The Delhi High Court has allowed Aam Aadmi Party (AAP) leader Raghav Chadha to remain in his government allocated bungalow after a verdict on Friday. Chadha had been fighting to keep the bungalow, which he claimed was cancelled due to "political vendetta". The MP had also been suspended from the Rajya Sabha, and the Supreme Court had issued a notice to the Rajya Sabha secretariat over the matter. Chadha welcomed the Delhi High Court's decision, calling it a "war to save the constitution" and stating that opposition voices were being "deliberately targeted".

4. Hitachi Energy aims to build India supply chain: Facchin

Hitachi Energy has opened a new factory in Doddaballapur, Bengaluru, with a 100 crore investment. The facility will manufacture power quality products and offer direct and indirect employment opportunities. The factory aligns with the Prime Minister's Mission Innovation to accelerate public and private clean energy innovation to address climate change, make clean energy affordable to consumers, and create jobs and commercial opportunities. Hitachi Energy has a deep-rooted presence in India of six decades, with its widest manufacturing base. Today, 80 percent of Hitachi Energy’s portfolio is locally manufactured in India, and the manufacturing base in India also caters to the global requirements of five products.

5. Adani in talks to develop Sabang port in Indonesia

Adani Ports and Special Economic Zone Ltd (APSEZ) is in talks with the Indonesian government to develop the Sabang Port, which is strategically important. The Sabang Port is located at the northern tip of the Indonesian island of Weh, which is close to the Malacca Strait, a key shipping lane for China. The development of the port could help India counter China's growing influence in the region. The talks are in the final stages, and Gautami Adani is leading the negotiations.

Stock Market Update 📈

1. Coal India, partners to invest $372 million in fertiliser JV to boost output

   Coal India, in collaboration with its partners, is set to inject $372 million into a joint venture focused on enhancing fertilizer production. This significant investment aims to bolster the output of essential fertilizers, contributing to agricultural growth and food security. The venture represents a strategic move to diversify and promote sustainability in the Indian agricultural sector, aligning with the nation's commitment to self-sufficiency and sustainable agricultural practices.

2. Bajaj Finance to acquire 26% in Pennant Technologies for Rs 268 crore

   Bajaj Finance has announced its acquisition of a 26% stake in Pennant Technologies for a total of Rs 268 crore. This strategic investment underscores Bajaj Finance's commitment to expanding its digital capabilities and enhancing customer experiences. Pennant Technologies specializes in providing software solutions and services, which will likely complement Bajaj Finance's operations and bolster its technological infrastructure. This move is part of Bajaj Finance's ongoing efforts to stay at the forefront of the financial services industry.

3. Ericsson India sales jump 3.5 times to about Rs 7,400 cr in Jul-Sept qtr

   In the July-September quarter, Ericsson India reported a substantial surge in sales, increasing by 3.5 times to reach approximately Rs 7,400 crore. This impressive growth underscores Ericsson's expanding presence and success in the Indian market during the mentioned period.

4. Official action indicated for Biocon arm's unit in Malaysia after FDA probe

   Following an investigation by the FDA, official action is looming for a subsidiary of Biocon in Malaysia. The FDA's probe has raised concerns, potentially resulting in regulatory measures against the unit. Further details are anticipated as the situation unfolds.

5. Happiest Minds debuts in generative AI space with PDES unit

   Happiest Minds, a prominent IT services company, has entered the generative AI domain with the launch of their PDES (Programmable Data Engineering and Science) unit. This move marks the company's foray into cutting-edge AI technologies, positioning them to offer innovative solutions and services in the rapidly evolving field of generative AI. The PDES unit is set to drive advancements in data engineering and science, opening new horizons for Happiest Minds in the AI landscape.

6. Revolt Motors looks to ramp up sales infra, roll out new products

   Revolt Motors is gearing up for an expansion, with plans to strengthen its sales infrastructure and introduce a range of new products. The electric vehicle manufacturer is taking strategic steps to boost its market presence and provide consumers with innovative options. This move is set to mark an exciting chapter in Revolt Motors' journey as it continues to make waves in the EV industry.

Breaking News: The Scoop You Can't Miss!

1. Government cuts windfall tax on petroleum crude

The Indian government has reduced the windfall tax on petroleum crude, aviation turbine fuel, and diesel. The windfall tax on petroleum crude has been reduced to 9,050 Indian rupees per ton from 12,100 Indian rupees per ton, effective from October 18. The government has also cut the windfall tax on aviation turbine fuel to 1 rupee per litre from 2.50 rupees per litre and reduced the windfall tax on diesel to 4 rupees per litre from 5 rupees per litre. The windfall tax was imposed on crude oil producers in July last year and extended on exports of gasoline, diesel, and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.

2. Supreme Court says cannot legalize same-sex marriage

India's Supreme Court has declined to legalize same-sex marriage, leaving it to parliament to decide. The court ruled that it cannot make such a law, as it is the domain of parliament. The ruling is a partial victory for LGBTQ Indians who have long campaigned to be recognized as equal citizens in the world’s largest democracy. More than a dozen petitioners from the LGBTQ community had challenged the law that doesn’t allow them to legally marry. The court emphasized the rights of the LGBTQ community and urged the government to uphold their rights and end discrimination against them. The ruling is a historic missed opportunity for the Supreme Court of India to herald in a new era in what has been a long fight for equal rights of LGBTQ people.

3. India offers help to Central Asian states to fight terror, takes a dig at Pak

India's National Security Advisor, Ajit Doval, has offered assistance to Central Asian states to tackle terrorism, drug trafficking, and cyber threats. The move is part of India's efforts to bolster cooperation and connectivity with the strategic region. Doval also took a dig at Pakistan, which has been accused of supporting terrorist activities in the region. The offer was made during a meeting with security officials from seven nations, including Russia, Iran, and five Central Asian countries. The officials flagged concerns over the possible spread of terrorist activities from Afghanistan.

4. Karnataka BJP demands CBI probe over money seized during I-T raids

The Karnataka BJP has demanded a Central Bureau of Investigation (CBI) probe into the seizure of large amounts of cash at premises linked to some government contractors, real estate developers, and their associates in Karnataka, Andhra Pradesh, Telangana, and New Delhi. The Central Board of Direct Taxes has said that the Income Tax Department has seized Rs 94 crore in cash, as well as gold, diamond jewelry worth Rs 8 crore, and 30 luxury watches following raids on government contractors and real estate developers. The BJP leaders have displayed the replica of an ATM machine at the protest, with ‘Congress ATM Sarkar’ written on it, alleging that the Congress government is corrupt and demanding a CBI probe to find the source of the money that was seized during the IT raids.

5. Vedanta invites Japanese firms to invest in electronics manufacturing in India

Vedanta Limited, led by Ani Agarwal, has invited Japanese companies to invest in India's "electronics manufacturing revolution" and form collaborations. The company is in talks to develop a semiconductor chip manufacturing plant in Dholera, Gujarat, and is inviting Japanese leaders to partner with Vedanta to build the country's first electronics manufacturing hub in the state. The hub has the potential to attract hundreds of small and medium businesses and create more than one lakh jobs. The demand for electronics in India is fueled by the Indian government's initiatives such as Make in India, Digital India, and the 100 Smart Cities Mission, which aim to promote local manufacturing, digitalization, and technological advancement across various sectors.

World News 🌎

• Biden considering $100 billion funding request that includes Israel, Ukraine aid

• Palestine President Abbas cancels meeting with Biden after Gaza hospital strike

• Google CEO Sundar Pichai faces social media ire over silence on Palestine

• Putin-Xi meet today! Israel-Hamas war, ‘no-limits’ ties, and more on agenda

• Amid Israel-Hamas conflict, Antisemitism on the rise in Canada, says PM Trudeau

• Tesla asks Biden govt to further strengthen US fuel economy standards

• Republican Jim Jordan plots next move after losing first US House speaker vote

• China's Country Garden Holdings on brink of defaulting on $11 bn overseas debt

• Israel-Hamas war enters 12th day, airstrike kills hundreds in Gaza hospital

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