The India Decade e-paper, Tuesday, 13 October 2026

Hewlett Packard Enterprise (HPE) has mounted an extraordinary operational turnaround, transforming itself from a legacy hardware vendor into a central provider of enterprise AI and networking infrastructure. Investors who once viewed HPE as a mature, slow-growth business are taking a fresh look as record quarterly earnings, expanding order backlogs, and strategic acquisitions align to push the share price to 52-week highs.

The company's latest fiscal third-quarter results provided clear evidence that this market re-rating is backed by hard financial performance rather than speculative noise. HPE reported record quarterly revenue of $12.21 billion, up 34 per cent year-on-year, topping Wall Street expectations of $12.09 billion. Adjusted non-GAAP earnings per share came in at $1.11, representing a 152 per cent increase from $0.44 in the same period last year and comfortably exceeding consensus estimates of $0.95.

Investment research firm Zacks recently assigned HPE its highest rating, a Zacks Rank #1 (Strong Buy), placing it alongside technology hardware leaders like Nvidia and TSMC. Drivers of this momentum include structural surges in enterprise computing demand, record AI server orders, and a transformative boost from its $14 billion integration of Juniper Networks.

How are AI servers and the Nvidia partnership fueling HPE?

At the heart of HPE’s bullish case is its expanding footprint in artificial intelligence infrastructure. For the fiscal third quarter, HPE’s Cloud & AI segment generated $9.0 billion in revenue, up 25 per cent year-on-year, with segment operating margins jumping from 7 per cent a year ago to 17 per cent. Within this division, server revenue rose 35 per cent to $6.8 billion, while AI systems revenue accounted for $1.6 billion.

Demand for AI compute continues to outpace HPE’s ability to ship finished hardware. The company reported $2.4 billion in new AI systems orders during Q3 alone—a sequential increase of more than 30 per cent. This drove HPE’s total AI systems order backlog up by 14 per cent sequentially, reaching between $6.3 billion and $7.6 billion depending on reporting definitions. HPE Chief Executive Antonio Neri attributed the gap between orders and immediate revenue to industry-wide component supply constraints, including DDR5 memory and semiconductor wafer availability, rather than any weakening in enterprise commitments.

HPE is also differentiating itself from competitors by partnering deeply with Nvidia on hardware architectures designed for autonomous "agentic" AI. The introduction of the HPE ProLiant Compute DL394 Gen12 server marks a notable strategic turn. Powered by Nvidia’s 88-core Vera CPU architecture, the system is designed specifically to handle the continuous orchestration, tool calling, and state-management loops that autonomous AI software agents run thousands of times per minute.

Nvidia founder and Chief Executive Jensen Huang highlighted the significance of the move, stating: "Agentic AI has arrived, and it needs a new CPU." By being first to market with Vera CPU-based hardware alongside its high-density GPU servers, HPE gives enterprise buyers a dedicated platform to manage complex AI agent workflows alongside large language model training.

Why the Juniper Networks acquisition boosts HPE networking revenue

While AI server compute garners significant headline attention, HPE's networking division is proving to be an equally powerful engine for margin expansion and total top-line growth. The integration of Juniper Networks, acquired for $14 billion in a transaction completed in mid-2025, has reshaped HPE’s product portfolio and elevated its competitive standing against enterprise networking incumbents.

In the fiscal third quarter, HPE’s networking segment posted revenue of $2.89 billion, a 75 per cent surge year-on-year, while delivering a robust operating margin of nearly 22 per cent. Order growth in networking reached 36 per cent, expanding at roughly 3.5 times the pace of recognized revenue and pointing toward sustained revenue recognition in coming quarters.

Management recently rewarded market confidence by raising its fiscal 2027 Networking revenue growth forecast to a range of high-teens to low-20s percentage growth, up sharply from its prior expectation of 5 to 7 per cent. Operating margins for the networking unit are projected to remain in the mid-to-high 20s range.

Wall Street analysts reacted swiftly to the updated networking framework. Daiwa upgraded HPE from 'Neutral' to 'Outperform', raising its target price to $75 from $65 and noting that the company "is in the right place at the right time with solid infrastructure solutions across servers, networking, and storage." Susquehanna similarly raised its price target on HPE from $40 to $70, emphasizing the earnings power created by combining Juniper’s AI-native networking fabric with HPE’s server footprint.

Key numbers: HPE earnings, backlog, and financial outlook

HPE’s financial metrics highlight an improving balance sheet alongside accelerating growth. Full-year guidance upgrades demonstrate management's confidence in maintaining operational momentum through the remainder of fiscal 2026 and into fiscal 2027.

Key financial figures from HPE’s recent disclosures include:

• Q3 Fiscal 2026 Revenue: $12.21 billion (up 34 per cent year-on-year)
• Q3 Fiscal 2026 Non-GAAP EPS: $1.11 (up 152 per cent year-on-year)
• Q3 Free Cash Flow: $958 million
• Full-Year FY2026 Free Cash Flow Forecast: At least $3.75 billion
• AI Systems Order Backlog: $6.3 billion to $7.6 billion
• Q4 FY2026 Revenue Guidance: $13.9 billion to $14.8 billion
• Q4 FY2026 Adjusted EPS Guidance: $1.20 to $1.30
• Full-Year FY2026 Revenue Growth Guidance: 34 per cent to 37 per cent
• Full-Year FY2026 Non-GAAP EPS Guidance: $3.75 to $3.85
• Long-Term FY2027 Outlook: 13 to 17 per cent annual revenue growth and 16 to 20 per cent EPS growth

What happens next for HPE investors?

For prospective shareholders, HPE presents a compelling blend of value, growth, and structural AI tailwinds. While competitors like Dell Technologies and Super Micro Computer have seen substantial valuation expansion during the hardware supercycle, HPE trades at a competitive multiple relative to its growing cash generation and multi-pronged product ecosystem.

Rather than relying on a single product cycle, HPE offers investors three distinct revenue drivers: GPU-dense AI Factory server deployments, custom Vera CPU-based compute for autonomous agent orchestration, and high-margin Juniper networking infrastructure. Backed by $3.75 billion in projected annual free cash flow and a massive AI backlog, HPE is well-positioned to deliver ongoing capital appreciation as enterprise AI deployments transition from initial experimentation to full operational scale.

Judicial route followed after Supreme Court declines political meeting

Leader of Opposition Rahul Gandhi filed a petition in the Supreme Court on Monday seeking an independent committee to inspect the Election Commission of India's Special Intensive Revision (SIR) procedure and online voter platforms.

The legal move followed a firm stance taken by Chief Justice of India Surya Kant, who declined a request from Rahul Gandhi and Congress president Mallikarjun Kharge for a private meeting ahead of a planned Opposition march. The top court made it clear that judicial matters must strictly follow official legal processes rather than street demonstrations, adding that democratic protests must never disrupt court operations or hinder movement for litigants and lawyers.

According to court records, the writ petition was lodged through advocate Prasanna S. at 4.37 p.m. on Monday, formalising the Opposition's demands regarding the ECI's decision-making frameworks and the ECINet portal.

Opposition march met with sharp criticism over constitutional decorum

The petition was submitted alongside a protest march organised by the INDIA bloc in New Delhi, demanding the resignation of Chief Election Commissioner Gyanesh Kumar over the roll revision exercise. Key leaders including Priyanka Gandhi Vadra and Samajwadi Party chief Akhilesh Yadav participated in the demonstration.

The street march drew strong criticism from government leaders, who emphasised the importance of maintaining constitutional decorum and respecting independent institutions. Speaking in Nagpur, Maharashtra Chief Minister Devendra Fadnavis accused Congress leadership of adopting an anarchic, ultra-leftist mindset that risks destabilising democratic frameworks.

"Congress is working to destroy the Constitution while repeatedly displaying it," Fadnavis stated, arguing that the Opposition was attacking established constitutional bodies to deflect from consecutive electoral defeats.

Fadnavis commended the Supreme Court's insistence on proper judicial procedure, reiterating that political agitation should not interfere with the functioning of the highest court in the country.

Institutional processes uphold legal boundaries

The Supreme Court bench maintained that any grievance regarding electoral procedures must be addressed purely through constitutional and legal channels, rather than political pressure tactics. The court agreed to hear petitions regarding the disruption caused by protests in the capital, reinforcing the necessity of public order and institutional integrity.

While Samajwadi Party chief Akhilesh Yadav defended the agitation as a campaign to safeguard democracy, government representatives pointed out that attacking constitutional bodies on the streets sets an unhealthy precedent. They maintained that India's electoral mechanisms remain robust and transparent, with established judicial remedies available to any aggrieved party.

Delhi Police evaluate protest requests to maintain civic order

Leaders of the Cockroach Janata Party (CJP) visited the Parliament Street Police Station on Monday, requesting that Delhi Police assign a specific date and time within 24 hours for a proposed demonstration at Jantar Mantar.

CJP co-conveners Ashutosh Ranka and Saurav Das stated that the party was leaving the choice of schedule to law enforcement authorities, following the denial of permission for an earlier protest planned on 10 October.

Delhi Police had withheld permission for the earlier assembly after organisers submitted their application on 7 October, giving only three days' advance notice instead of the mandatory 10 days required under administrative guidelines. Authorities also cited safety concerns, traffic management requirements, and past instances where public demonstrations exceeded permitted time limits.

Designated venues established for organized public gatherings

To ensure uninterrupted traffic flow and preserve civic order across the capital, Delhi Police issued a circular de-notifying Jantar Mantar as a general protest venue. The structural transition modifies earlier standing orders to better manage public space in central Delhi.

The update follows recommendations from a specialized committee established by the Ministry of Home Affairs to identify alternative sites where citizens can organize public demonstrations safely. Based on these recommendations, three venues have been designated for public assemblies: Ramlila Ground, Burari Ground, and CBD Ground in East Delhi.

Delhi Police confirmed that a revised standard operating procedure governing public gatherings at these three sites will be released separately, establishing clear frameworks for public demonstrations.

Security protocols maintain public safety and national stability

The enforcement of administrative rules forms part of ongoing efforts by law enforcement agencies to protect essential public infrastructure and prevent civic disruption. Around 41,000 security personnel were deployed across Delhi on 10 October to maintain order and enforce lawful procedures.

While CJP representatives have requested a swift response to their application, law enforcement officials maintain that strict adherence to advance notification periods and public safety regulations remains vital for maintaining law and order in the national capital.

President Droupadi Murmu appointed new Governors across six states on Monday, confirming Rajendra Vishwanath Arlekar as the regular Governor of Tamil Nadu and moving Om Prakash Mathur to head the Raj Bhavan in Keralam.

The administrative reshuffle, issued through an official communique from Rashtrapati Bhavan on 12 October, reinforces constitutional leadership across both southern and northern states. The orders will take formal effect once the respective appointees take oath and assume their charges.

Key changes in Tamil Nadu and Keralam

Rajendra Vishwanath Arlekar, who had been serving as Governor of Keralam, now receives full-time responsibility for Tamil Nadu. Arlekar had already been holding additional charge of the state since March, when R N Ravi was transferred to West Bengal. A seasoned administrator and former Speaker of the Goa Legislative Assembly, Arlekar brings substantial constitutional experience to Chennai, having earlier served as Governor of both Himachal Pradesh and Bihar.

To fill the vacancy in Thiruvananthapuram, the President assigned Om Prakash Mathur as the new Governor of Keralam. Mathur, a former Rajya Sabha member from Rajasthan, moves south after serving as Governor of Sikkim since July 2024.

Fresh appointments in Karnataka, Odisha, Uttarakhand and Sikkim

The presidential orders also bring experienced public figures into Raj Bhavans across four other states, consolidating administrative continuity.

In Karnataka, former Lok Sabha member Sudha Yadav has been appointed Governor, taking over from Thaawarchand Gehlot. Yadav, who previously represented Mahendragarh in Parliament and served on the National Commission for Backward Classes, becomes only the second woman to serve as Governor of Karnataka, following V S Ramadevi's tenure from 1999 to 2002.

In Odisha, former Palamu parliamentarian Braj Mohan Ram takes office as Governor, replacing Hari Babu Kambhampati, who had been sworn in during January 2025.

In Uttarakhand, former Balaghat Lok Sabha member Dhal Singh Bisen has been named Governor, succeeding Lieutenant General (retired) Gurmit Singh.

In Sikkim, former Rajya Sabha parliamentarian Dushyant Gautam takes over the gubernatorial post left vacant by Mathur's transfer to Keralam.

The official communique from Rashtrapati Bhavan did not specify fresh postings for the outgoing governors of Karnataka, Odisha, and Uttarakhand.

French President Emmanuel Macron has conferred France's highest civilian distinction, the Chevalier de l'Ordre national de la Légion d'Honneur, on Bharti Enterprises Founder and Chairman Sunil Bharti Mittal. The honour recognises Mittal's outstanding contribution to strengthening economic links between India and France, as well as his achievements in telecommunications, digital infrastructure, and satellite communications.

The formal ceremony to confer the insignia will take place on October 28, 2026, at the French Embassy in New Delhi, Bharti Enterprises said in a statement. Established by Napoleon Bonaparte in 1802, the Legion of Honour is the French Republic's highest award for outstanding service across business, public life, and technology.

Strengthening India-France economic and space links

Mittal's commercial ties with France began in 1992, at the inception of Bharti's mobile services, when French firm Compagnie Générale des Eaux partnered with the group to launch mobile telephony in India. That early partnership marked the beginning of a decades-long relationship that has expanded into high-tech strategic collaboration.

Today, that partnership continues through Eutelsat, the Paris-headquartered satellite operator where Mittal serves as co-chairman. Following a capital raise in November 2025, Bharti Space became Eutelsat's largest private shareholder with a 17.88% stake, while the French state holds 29.65% as the single largest shareholder.

French Ambassador to India Thierry Mathou called Mittal a friend of France for more than 30 years, highlighting his role in joint French and Indian commercial ventures. Mathou noted that Mittal continues to advance bilateral relations at a time when both nations are moving forward together in space and digital technology, helping make France a lasting partner in India's growth.

Accepting the honour, Mittal expressed his gratitude to President Macron and pledged to further deepen economic cooperation between the two nations, pointing to Airtel's origins in 1992 and its evolution into global satellite partnerships.

A record of international recognition

The award reflects India's growing global economic footprint and expanding diplomatic ties. Mittal previously received the Padma Bhushan, one of India's highest civilian honours, in 2007. In 2024, he became the first Indian citizen to be appointed an honorary Knight Commander of the Most Excellent Order of the British Empire (KBE) by King Charles III.

Iran offers mediation after deadly strikes

Iran has offered to facilitate dialogue between Saudi Arabia and Yemen's Houthis following two days of strikes on Riyadh’s King Khalid International Airport that left 14 people dead.

Iranian Foreign Ministry spokesman Esmaeil Baqaei said during a press conference in Tehran that his government was deeply concerned by the escalating violence across the Arabian Peninsula. He stated that Tehran does not wish to see hostilities continue between Islamic nations and stands ready to help initiate direct engagement between the parties.

The diplomatic proposal follows a Houthi strike on Sunday that killed one person and injured 11 others at Riyadh's primary airport. That attack came a day after a strike on Saturday left 13 people dead, marking the highest single-day death toll from such attacks on Saudi soil in over a decade.

The Houthis form part of a broader network of armed groups backed by Tehran in the region. While the group has targeted Saudi energy and transportation sites in the past, the high loss of life in the latest airport strikes represents a sudden escalation.

Regional allies condemn attacks on civilian targets

The strikes have drawn swift condemnation across the Middle East. Jordan’s Deputy Prime Minister and Foreign Minister Ayman Safadi spoke by phone with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud to condemn the attacks on civilian and economic infrastructure, describing them as a flagrant violation of international law and a direct assault on Saudi sovereignty.

Safadi confirmed that a Jordanian citizen was among those killed in the airport attack, while several other Jordanian nationals sustained injuries and were receiving medical treatment in Saudi Arabia. Prince Faisal offered his condolences over the Jordanian casualty, while Safadi thanked Saudi medical staff for providing immediate care to the wounded.

Jordan reiterated its absolute support for Saudi Arabia, stating that Amman stands fully behind any measures taken by Riyadh to safeguard its national security, territory, and residents.

The telephone consultation between the Saudi and Jordanian foreign ministers forms part of broader regional efforts to coordinate responses to the attacks. It is not yet clear whether Saudi Arabia will consider Tehran's mediation offer, as Riyadh has not publicly commented on the Iranian proposal.

Prime Minister Narendra Modi turned an inaugural Chennai Metro Rail journey into an impromptu showcase of domestic enterprise on Sunday, reviewing pitches and technology demonstrations directly from Tamil Nadu start-up founders.

Travelling alongside Tamil Nadu Chief Minister C. Joseph Vijay on the route between Porur Bypass and Poonamallee, Modi met over 15 entrepreneurs who boarded the train carrying project files, models, and presentation boards. While initial onlookers mistook the group for transit authority officials, they were in fact young founders demonstrating how indigenous innovation is tackling national infrastructure, aviation efficiency, and the space economy.

Each entrepreneur had roughly two minutes to brief the Prime Minister on their technology and how it could serve broader development goals.

Tracking infrastructure from orbit

Among those presenting was Vignesh Kandasamy, founder and chief executive of Tirunelveli-based Thazhal Geospatial Analytics. His firm uses satellite-based data to monitor construction milestones, detect structural risks, and curb project delays.

"We explained about Thazhal’s space technology solutions and how satellite-based assessment can track physical construction and its progress, delays, and risk, which helps to get greater transparency and accountability to the nation," Kandasamy said.

Modi promptly questioned whether the platform could be applied to inspect roads and bridges across the country. Kandasamy confirmed it could, pointing as well to ongoing environmental monitoring projects his team has run with the state government to assess lakes and coastal mangroves.

Aviation self-reliance and airport efficiency

Modi also engaged with Chennai-based airport technology firm Blunav, which builds artificial intelligence platforms to streamline terminal operations and passenger movement. The start-up, which came through an Airports Authority of India initiative, has already deployed its ground operations system at Chennai International Airport.

Blunav chief executive Suseendar Marimuthu said the Prime Minister asked how digital systems could make airports run more smoothly and bring air travel within reach of more citizens.

"The discussion also touched upon data sovereignty, self-reliance in aviation technology, and the role of indigenous innovation in strengthening India’s civil aviation ecosystem and positioning it as a global exporter of aviation technology," Marimuthu said.

Expanding the space economy

The conversation turned to commercial space capabilities with Ramesh Kumar, co-founder and chief executive of Grahaa Space. The firm is assembling an earth-observation constellation of nano-satellites capable of streaming near real-time geospatial video.

Kumar showed the Prime Minister imagery and telemetry from Grahaa's SOLARAS nano-satellite, which reached low-Earth orbit aboard Skyroot Aerospace’s Vikram-1 rocket in July, alongside data from an orbital launch attempt conducted from Brazil.

Modi urged the company to scale up its ambitions, assuring Kumar that the central government will continue backing emerging private players to accelerate India’s growing share of the global space economy.

Union Finance Minister Nirmala Sitharaman met senior executives from five leading global financial institutions and investment firms in Singapore on Sunday, pitching India's strong economic foundation to secure foreign capital across infrastructure, renewable energy, artificial intelligence, and private credit.

The discussions, detailed in official statements released by the Union Ministry of Finance on X, brought together leaders from Japanese banking giants Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Banking Corporation (SMBC), European lender Skandinaviska Enskilda Banken (SEB), private credit manager HPS Investment Partners, and venture firm B Capital Group.

Throughout the bilateral sessions, Sitharaman highlighted India's expanding project pipeline and invited institutions to deepen engagement with state-backed financing platforms, including the National Investment and Infrastructure Fund (NIIF), the National Bank for Financing Infrastructure and Development (NaBFID), and Gujarat International Finance Tec-City (GIFT IFSC).

Infrastructure and private credit

In talks with HPS Investment Partners Chief Executive Scott Kapnick, the discussions focused on private credit, structured finance, and long-term business debt. Sitharaman encouraged the firm to set up a dedicated fund in GIFT IFSC and partner with NIIF to help finance major domestic infrastructure works. The ministry noted that HPS emphasised using debt capital alongside equity investments to fund large-scale developments.

During her meeting with MUFG Asia Pacific Chief Executive Yukinobu Saeki, the Finance Minister examined avenues to expand the Japanese institution's footprint in India across capital markets, project finance, green energy, and mergers and acquisitions. Sitharaman urged closer collaboration with NaBFID and addressed financing channels for small and medium enterprises, while the two sides discussed regulatory roadshows to broaden investor engagement and market governance.

Sustainable finance, aviation and artificial intelligence

Meeting with SMBC Managing Executive Officer and Co-Head for Asia Pacific Rajeev Kannan, the Finance Minister discussed opportunities in trade finance, non-banking financial companies (NBFCs), and affordable housing. Sitharaman urged SMBC to explore aircraft leasing structures through GIFT IFSC and step up participation via NIIF.

European capital flows formed the core of discussions with SEB Chairperson Marcus Wallenberg. The talks explored how institutional investors from Europe could back Indian data centres, healthcare, IT, and sustainable finance. Wallenberg and the SEB delegation pointed to growing interest in the green transition, housing finance, and private equity funding for Indian NBFCs, with Sitharaman inviting the Swedish bank to invest through NIIF and GIFT IFSC.

Technological transformation led the agenda in her discussion with B Capital Group Co-founder and Chief Executive Raj Ganguly. The dialogue centred on sovereign artificial intelligence and the wider technology ecosystem. Sitharaman made the case for India's emerging role as a global centre for AI services, urging the firm to explore AI deployments in domestic banking and finance. In turn, the B Capital leadership highlighted that international investors place high value on India's stable currency and transparent tax policies.

The outreach forms part of New Delhi's ongoing campaign to position India as the primary destination for long-term global investment, matching international capital with the country's rapid physical and digital infrastructure rollout.

Price band and issue structure

Zetwerk Manufacturing Business has set its price band at Rs 143 to Rs 151 per share for its Rs 5,012 crore initial public offering, which opens for public subscription on October 15.

The three-day bidding window closes on October 19. Basis of allotment is scheduled for October 21, ahead of a planned listing on the BSE and National Stock Exchange on October 23. Investors can bid for a minimum batch of 99 shares and in multiples of 99 thereafter, while employees participating in the reserved quota receive a discount of Rs 14 per share.

The offer consists of a fresh issue of equity shares worth Rs 2,830 crore alongside an offer for sale of 14.45 crore shares valued at roughly Rs 2,182 crore. The company stated in its offer documents that it intends to direct Rs 2,160 crore from the fresh capital towards paying down outstanding debts, with remaining funds targeted at strategic acquisitions and general corporate expansion.

Global manufacturing footprint

Established in 2017, Zetwerk operates an asset-light, technology-driven platform connecting enterprise clients with specialized manufacturing partners. Its custom production services span high-value domains including renewable energy, electronics, aerospace, defence, AI infrastructure, and industrial automation.

The company maintains over 20 manufacturing facilities across India, the United States, and Mexico. Supported by a proprietary operating system, Zetwerk's network links more than 10,000 suppliers with over 1,100 clients, including Fortune 500 firms. In fiscal 2026, the platform served 1,802 customers globally, reflecting the robust expansion of India's industrial and technology exports.

Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities, Avendus Capital, JM Financial, HSBC Securities & Capital Markets, and Pantomath Capital Advisors are serving as book-running lead managers, with KFin Technologies as registrar.

Broader market supply dynamics

Zetwerk's public debut arrives during a period of sustained activity across Indian primary markets. Market research from Nuvama Institutional Equities shows that shareholder lock-in periods for 99 recently listed companies are scheduled to expire between mid-October 2026 and late January 2027.

The scheduled expiries make stock worth roughly $24 billion eligible for market trading. Nuvama noted that promoter holdings represent a large share of the unlocking equity, meaning the actual volume of shares brought to market will depend on whether key shareholders retain or dilute their positions.

The Reserve Bank of India has launched the 116th round of its quarterly Industrial Outlook Survey, seeking direct assessment from manufacturing companies across the country to track operational sentiment and business conditions.

The reference period for the current survey covers the third quarter of the 2026-27 financial year, spanning October to December 2026. Beyond evaluating immediate performance, the exercise gathers industry expectations for the fourth quarter running from January to March 2027, alongside outlook assessments extending into the first two quarters of the 2027-28 fiscal year.

Tracking core manufacturing metrics

Participating enterprises are asked to provide qualitative feedback across primary operational indicators. These include overall demand conditions, access to finance, employment trends, and pricing structures.

The data gathered provides the central bank with early indicators of production health, order books, capacity utilisation, and supply chain stability. This real-time visibility into corporate performance supports calibrated macroeconomic planning as the domestic industrial sector continues its steady expansion.

Data collection and firm participation

The Reserve Bank has authorised Genesis Management & Market Research Pvt. Ltd. to conduct the field survey for the October-December 2026 reference period on its behalf.

In addition to the targeted sample approached directly by the agency, the RBI has opened the process to broader corporate participation. Other manufacturing firms wishing to contribute can download the survey questionnaire directly from the central bank website under the dedicated survey section and submit completed forms by email.

Supporting stable policy formulation

All corporate responses collected during the exercise remain strictly confidential. The RBI publishes the consolidated findings in summary form on its website, ensuring that individual firm identities and specific commercial data are never disclosed.

By systematically aggregating ground-level intelligence from manufacturers, the RBI maintains a comprehensive view of business confidence across key industrial hubs. The survey outcomes form an essential component of the statistical backdrop used by policymakers to evaluate growth stability, credit demand, and domestic economic resilience.

The Reserve Bank of India's intervention in foreign exchange and money markets provided immediate strength to the rupee on Monday, even as tighter banking liquidity pushed government bond yields to a three-year high and weighed on domestic equities.

The rupee surged nearly 1% to open at 95.76 against the US dollar, gaining 97 paise from Friday's close of 96.73. The rally followed a comprehensive set of policy measures announced over the weekend designed to curb speculative currency bets and streamline foreign exchange demand.

What the RBI announced

To manage currency pressures driven by elevated global crude oil prices and foreign portfolio outflows, the RBI introduced a dedicated dollar supply window for state-run oil marketing companies, including Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation. By fulfilling oil importers' currency requirements directly through this special facility, the central bank reduced immediate demand pressure in the spot market.

The central bank also created a Foreign Exchange Risk Reserve, requiring authorised dealers to hold a 20% cash reserve with the RBI for specified derivative contracts exceeding $2 million that hedge current account exposures. In addition, the RBI reduced the threshold for executing derivative transactions without proof of underlying exposure from $100 million to $5 million, and barred authorised dealers from allowing clients to rebook cancelled rupee-linked derivative contracts.

To manage surplus cash in the banking system, the RBI increased the daily cash reserve ratio maintenance requirement for banks from 90% to 99%, taking effect on 16 October. The central bank also announced an open market sale of government securities worth Rs 25,000 crore scheduled for Tuesday.

Rupee gains on currency curbs

The rupee emerged as one of Asia's strongest performers on Monday following the central bank's actions. While the currency remains down 6.6% so far this year amid external headwinds, market analysts noted that the decisive policy response established stability and contained depreciation risks near the 97.00 level.

The intervention follows the RBI's recent decision to raise the key policy rate by 25 basis points and adopt a stance of calibrated tightening, underlining the administration's active commitment to macroeconomic stability.

Bond yields rise to three-year high

The liquidity-tightening measures generated selling pressure in the government debt market. The yield on the benchmark 6.94% 2036 bond rose to 7.3707%, its highest level in three years, up from 7.2994% on Friday. Yields have moved higher for eight consecutive weeks, rising 54 basis points over the period as tighter banking liquidity reduced institutional buying capacity for sovereign paper.

Stock markets adjust amid global headwinds

Domestic stock markets surrendered early gains on Monday as rising bond yields and persistent foreign institutional selling influenced market sentiment. The BSE Sensex fell over 574 points to drop below 71,900, while the NSE Nifty 50 dropped nearly 150 points to 22,370. The India VIX volatility index rose more than 7% to cross 15.

Market experts noted that the structural measures introduced by the RBI demonstrate strong policy capability, insulating India's financial system against external shocks and supporting long-term economic stability.

Shares of Poonawalla Fincorp surged up to 8 per cent on Monday after the non-banking financial company reported a fourfold jump in second-quarter net profit, underpinned by strong retail credit demand and improved asset quality.

The lender posted a 406.8 per cent year-on-year increase in profit after tax to Rs 375 crore for the quarter ended 30 September, up from Rs 74 crore in the corresponding period last year. Following the filing, the company's shares touched an intraday high of Rs 484 on the stock exchanges, up from the previous close of Rs 447.30.

What drove the earnings jump

The earnings expansion was led by strong core income. Net interest income climbed 80.6 per cent year-on-year to Rs 1,380 crore, compared with Rs 764 crore in the second quarter of the previous financial year.

Total interest income increased 72.3 per cent to Rs 2,416 crore, rising from Rs 1,402 crore a year earlier. Interest expenses rose at a slower pace of 62.2 per cent to Rs 1,035 crore, compared to Rs 638 crore in the prior-year period, allowing lending margins to widen.

The results highlight the ongoing strength of India's non-banking financial sector, where disciplined retail lending and domestic economic stability continue to fuel balance-sheet expansion without compromising on credit standards.

Asset quality and branch expansion

Asset quality showed steady refinement during the quarter. Gross non-performing assets dropped by 17 basis points from the previous quarter and declined 39 basis points compared with the same period last year. The company confirmed that it did not undertake any accelerated write-offs during the quarter.

Distribution also expanded, with the company's dedicated gold loan branch network reaching 550 locations. Sourcing was supported across direct selling agents, digital channels, tele-calling and direct field staff.

Arvind Kapil, managing director and chief executive officer of Poonawalla Fincorp, noted that disciplined expansion in assets under management had been matched by fee income and net interest margin gains. Continuous asset quality improvement lowered credit costs and lifted the company's return on assets, supported by internal technology and artificial intelligence applications, Kapil said.

Market reaction and outlook

The company's performance drew positive assessments across brokerage desks, though views diverged on future valuation multiples. Motilal Oswal Financial Services reiterated a 'buy' rating with a target price of Rs 570 per share, citing steady asset growth, improving loan yields, and operating leverage.

In contrast, Emkay Research retained a 'reduce' rating with a target price of Rs 410, anticipating potential pressure from proposed caps on insurance distribution commissions.

While Poonawalla Fincorp shares had dropped about 12 per cent over the past twelve months, the stock has gained 186 per cent over a five-year horizon, tracking the wider expansion of formal retail credit across India's financial system.

The Estée Lauder Companies, domestic beauty retailer Nykaa, and the Department for Promotion of Industry and Internal Trade’s Startup India initiative have named the 14 finalists for the BEAUTY&YOU India 2026 programme.

Now in its fifth year, the platform evaluates emerging Indian beauty brands, scientific concepts, and creative studios. Run in collaboration with the central government's flagship entrepreneurship initiative, the project provides domestic founders with capital, global industry mentorship, and commercial distribution channels, reinforcing India's expanding role in global personal care manufacturing and product development.

The 2026 cohort features 14 contenders selected across four primary award tracks: GROW, IMAGINE, BREAKTHROUGH, and a newly established DESIGN track.

Who are the finalists in the commercial and early-stage categories?

The GROW track, dedicated to established, market-tested brands seeking scale, includes three businesses:

• 3TENX, founded by Ankith Aroraa and Megha Arora, focused on science-backed professional hair formulations built for Indian hair types.
• Laani, set up by Nirja Bhatt, which manufactures water-based clear deodorants tailored to humid domestic climates and underarm pigmentation.
• The Curl Co., established by Rutvika Charegaonkar and Isha Mahabal, producing simplified, accessible products for textured and wavy hair.

The IMAGINE track, created for early-stage conceptual brands, nominated four enterprises:

• Hyeglo Beauty, launched by Kanupriya Ahluwalia, formulating hybrid cosmetics with disclosed active skincare concentrations.
• Neothera, founded by Radhika Agarwal, combining clinical skincare with lifestyle and nutritional programmes for persistent acne.
• Boldpurity, run by Syed Mohammad Fouzan and Khatija Shabana, designing proprietary delivery formulations for dermatological active ingredients.
• Evove, set up by Karan Galhotra and Aditi Mittal, addressing skin changes caused by hormonal shifts during perimenopause and post-menopause.

How are Indian startups innovating in fragrance and design?

This year’s BREAKTHROUGH category focuses on fragrance innovation, presented in partnership with The Estée Lauder Companies’ Fragrance Atelier in Paris. The track links Indian chemical and biological research with European formulation networks:

• Ananthara Biotech, led by Ananth Krishna Narayanan and K.K. Narayanan, utilising bio-engineered yeast to synthesise high-value aroma molecules such as santalols.
• Goyam Green Tech, directed by Ajaykumar Mehta, Shriya Rambhia, and Dheer Rambhia, using continuous-flow green chemistry to turn glycerol bio-waste into sustainable aroma compounds.
• BABOSKI, founded by Hetali Kamdar, developing biodegradable, skin-responsive capsules for controlled release of fragrances and actives.
• La Seréntica Innovations, created by Hardik Patel and Abhay Panchal, building multi-carrier biomimetic delivery systems for cosmetic actives.

The DESIGN category recognises creative agencies capable of partnering with international luxury brands. Nominees include packaging and identity specialist De Icebreaker Creative Studio, founded by Pankti Sheth; multidisciplinary agency Guerrilla Art & Design, led by Rutva Trivedi and Arjun Bhal, which integrates Indian folk crafts such as Warli art; and Rhevan, a craft-oriented beauty concept run by Vanshika Pherwani and Rhea Pherwani.

A separate honour, the Visionary Women’s Award, jointly organised with Startup India to recognise impactful female founders, will be presented during the programme's finale.

Hands-free digital payments via Jio AI Glasses

Reliance Jio has showcased its next-generation AI smart glasses at the India Mobile Congress 2026 in Delhi, demonstrating how users can make instant UPI transactions simply by looking at a QR code and speaking a command.

The tech giant unveiled two models at the event: a premium camera-equipped version named JioFrames and a voice-only edition called Jio Glasses. Both devices run on JioReality OS and are designed to make daily tasks faster and more convenient without needing to constantly pull out a smartphone.

During live demonstrations at IMC 2026, the camera on the JioFrames scanned a standard merchant UPI QR code, allowing the wearer to confirm the payment using a simple voice instruction. Payments processed through the device operate under UPI Circle rules, enabling transactions up to Rs 5,000 each, capped at a monthly limit of Rs 15,000.

Smart features and domestic hardware innovation

Beyond digital payments, the Jio AI Glasses pack a suite of practical artificial intelligence features tailored for everyday productivity. The smart wearables offer real-time translation, AI-driven meeting note summaries, and live cricket commentary updates on the go.

The launch places domestic innovation at the forefront of the global smart wearable ecosystem, positioning Jio to compete directly with global hardware players such as Meta's Ray-Ban AI glasses and Samsung's upcoming XR devices when the Jio products hit market shelves in late 2026 or early 2027.

India prepares for 6G connectivity leadership

Alongside the wearable tech display, Reliance Jio outlined India's trajectory toward next-generation telecommunications infrastructure, stating that the nation is on track to be among the world's first to launch commercial 6G services by 2030.

Initial 6G network testing in India is scheduled to begin around 2028, leading up to a full commercial rollout between 2029 and 2030. The upcoming 6G networks are targeted to deliver speeds near 100 Gigabits per second while reducing network latency by tenfold and boosting capacity five times over existing 5G infrastructure.

The Union Health Ministry has asked all states and union territories to strictly enforce the prominent display of service charges and facility rates across all clinical establishments, ensuring full transparency for patients and their families.

In a letter addressed to the chief secretaries of all states and union territories, Union Health Secretary Punya Salila Srivastava called for an immediate review of compliance with existing regulatory frameworks. The directive mandates that complete information on treatment charges must be placed in clearly visible and easily accessible locations within hospitals and clinics.

Enforcing regulatory compliance and patient welfare

The Health Ministry pointed to provisions under the Clinical Establishments (Registration and Regulation) Act, 2010 and the Clinical Establishments (Central Government) Rules, 2012. Under these statutory rules, medical establishments operating in participating jurisdictions are required to display the rates charged for every service provided and facility offered. To ensure complete clarity for all visitors, these rate lists must be printed in both the local language and English.

Recognising that health remains a state subject, Srivastava urged chief secretaries to issue clear advisories to state health authorities and local regulators. In states operating under their own distinct legislative frameworks, the Centre requested that local provisions on rate disclosure be enforced with equal rigour.

Prominent displays of pricing allow families to understand likely treatment costs ahead of time, enabling them to make informed choices and plan medical expenditure without facing unexpected financial stress. Clear pricing also eliminates billing ambiguities, fostering trust between healthcare providers and the public.

Strengthening India's global medical tourism profile

The central initiative places special emphasis on international medical travel, instructing state authorities to ensure clinical establishments display clear package rates for foreign patients visiting on medical or Ayush visas.

By guaranteeing transparent pricing upfront and eliminating billing-related grievances, the government aims to reinforce patient confidence and further elevate India's international standing as a world-class destination for medical treatment and traditional wellness services.

A three-day BRICS Theatre Festival opened in New Delhi on Monday, gathering performers, directors and scholars from nine nations to showcase diverse dramatic traditions across five venues in the capital.

Organised by the Ministry of Culture, the festival is anchored by the National School of Drama, which serves as the nodal agency. The opening day was led by India's production of Samudra Manthan, staged at the NSD premises' Abhimanch Auditorium. Written by Asif Ali, the play was directed and set to music by NSD Director Chittaranjan Tripathy, drawing on ancient Indian lore to open the multilateral exchange.

Cultural diplomacy on stage

Opening the event as chief guest, Union Culture Minister Gajendra Singh Shekhawat said that building platforms for dialogue is essential at a time when countries face complex international landscapes. While formal diplomacy settles negotiations and commerce drives growth, culture remains the fundamental bridge for societies to understand one another, the minister noted.

The gathering brings together nine BRICS member and partner countries, highlighting India's expanding role as a cultural convener among emerging economies. Foreign ambassadors, heads of mission, Union Culture Secretary Vivek Aggarwal, and Sudhakar Dalela—Secretary in the Ministry of External Affairs and India's BRICS Sherpa—attended the inaugural session.

Venues and public access

The festival's curated calendar includes classical, experimental and contemporary stagecraft. India is scheduled to present two productions over the three days, matched by two visiting troupes from Russia, alongside works from national dramatic academies across the participating countries.

Performances are distributed across central New Delhi to accommodate public audiences alongside visiting delegations. In addition to the NSD's Abhimanch and Sammukh auditoriums, plays are being staged at Kamani Auditorium, LTG Auditorium and Meghdoot Theatre. Public access has been kept direct, with tickets priced at ₹200 each via BookMyShow.

By convening national academies from Southeast Asia, Africa, Central Asia and Eastern Europe, the festival reflects New Delhi's steady institutional push to pair economic and strategic alliances with sustained cultural diplomacy.

The Allahabad High Court has asked the Law Commission of India to recommend amendments to the Protection of Children from Sexual Offences (POCSO) Act, 2012, to give trial judges discretion in exceptional cases involving adolescent couples.

A division bench comprising Justice Atul Sreedharan and Justice Achal Sachdev observed that applying the criminal statute without regard to India's social realities can sometimes "advance injustice rather than justice", particularly when young couples have had a child together.

What the court recommended to the Law Commission

The bench suggested that lawmakers consider giving special judges adequate statutory leeway to evaluate individual circumstances before deciding sentences in adolescent cases.

Among the proposed reforms, the judges asked the Law Commission to examine alternative penalties, including community service, so that young families formed out of ignorance of statutory provisions are not broken up unnecessarily.

While affirming that ignorance of the law cannot serve as a blanket defence, the court said that applying the principle pedantically risks severe hardship for vulnerable citizens who may lack formal legal awareness.

The case before the Allahabad High Court

The observations came as the high court allowed a habeas corpus petition filed by Rakesh Yadav, who sought the production and release of his wife.

According to court records, the couple eloped and signed an affidavit on 1 September 2025 declaring themselves husband and wife. The state administration and the woman's father maintained that her date of birth was 25 July 2010. Following the elopement, a POCSO case was filed against Yadav, and the girl was placed in a state-run Balika Griha, where she gave birth to a child.

The court observed that the record contained no birth certificate issued by a municipality, panchayat, or school authority to conclusively verify her age. It also recorded that while the young woman had attended school up to Class 5, she could only write her signature and was unable to read a newspaper, while her father had never received any formal schooling.

Strengthening youth welfare and education

Balancing legal enforcement with welfare needs, the bench pointed out that adolescents around 15 years old naturally experience emotional and physical development that can lead to mutual attraction.

At the same time, the judges highlighted the state's constructive duty to safeguard youth development. The bench emphasised that public authorities must ensure minors remain actively engaged in formal schooling until they reach the age of majority, backed by robust access to vocational skills training so young citizens can build secure, self-reliant futures as India's legal and developmental frameworks continue to evolve.

Police in Kerala have moved swiftly to arrest four people following a high-speed collision near Cochin International Airport that left three young workers dead.

The crash happened at roughly 1.45 am on 11 October along the airport road in Nedumbassery. A black Mini Cooper, driven by 19-year-old Suhail Sajeev, rammed the rear of a scooter as it navigated a curve. The impact flung all three scooter riders onto the tarmac. The victims—Devika, 21, from Wayanad; Gopika, 22, from Palakkad; and Iyas, 21, from Coorg in Karnataka—succumbed to their injuries at nearby hospitals. The three worked together at a craft outlet in Thrikkakara and were returning towards Athani after stopping at a tea stall.

Decisive police action and multiple arrests

Sajeev was apprehended at the site and handed over to officers, while his companion Ninav, also 19, was taken into custody shortly afterwards. On Monday, officers from Nedumbassery police station arrested two other passengers who had fled the scene, tracking them down in Alappuzha district and charging them with abetment.

A local magistrate remanded both Sajeev and Ninav to the Borstal school in Thrikkakara, which houses remand prisoners aged between 18 and 21. Sajeev has been booked for culpable homicide not amounting to murder, and investigators plan to seek custody for further interrogation.

Ernakulam Rural district police chief KS Sudarshan said forensic teams collected blood and urine samples from Sajeev after preliminary checks indicated intoxication, with full laboratory results awaited. Officers are also reviewing CCTV footage and witness accounts, which suggest the car was travelling at around 120 km/h at the time of the collision.

Crackdown on illegal alcohol service

Police inquiries revealed that the teenagers had visited three bars in Kochi on the evening of 10 October before driving towards the airport to pick up an acquaintance.

That finding prompted an immediate investigation by the state Excise Department. Kerala law prohibits licensed premises from serving alcohol to anyone under 23. Authorities have initiated formal proceedings against all three venues for supplying liquor to underage customers.

Scrutiny over previous speeding

Public anger over the collision has been sharpened by footage recovered from social media. A clip posted in April on an account linked to Sajeev shows the speedometer of the same Mini Cooper rising from 204 km/h to 220 km/h on a highway while loud music plays inside. Investigators are examining whether the recording will form part of the evidence on reckless driving.

Relatives of the victims have called for stricter charges against the driver. Devika’s uncle, Sandeep, urged the police to invoke murder provisions, saying the driver had a record of reckless conduct and had destroyed the future of a hardworking family.

What happened in Delhi

Delhi registered its heaviest single-day October rainfall in four years on Monday morning, as widespread thunderstorms brought down temperatures and delivered clean air across the national capital region.

Data from the India Meteorological Department showed the weather station at Safdarjung recorded 41.6 mm of rain in the 24 hours up to 8.30 am. This marks the highest 24-hour rainfall recorded in October since 9 October 2022, when Safdarjung registered 74 mm.

The early morning rain caused a noticeable drop in temperatures across the city. The minimum temperature at Safdarjung settled at 18.7 degrees Celsius, which is 2.3 degrees below the seasonal average and the lowest recorded so far this month. At Palam, temperatures dropped to 17 degrees Celsius, standing 4.5 degrees below normal, while Lodhi Road logged 18.7 degrees, Ayanagar recorded 18.5 degrees, and the Ridge recorded 20 degrees Celsius.

Rainfall distribution and AQI levels

Rainfall was recorded across all major weather observation centers in the capital. The Ridge station recorded the highest rainfall at 49 mm, followed by Safdarjung at 41.6 mm, Lodhi Road at 41.4 mm, Ayanagar at 39 mm, and Palam at 31 mm.

The precipitation delivered a significant boost to the capital's environmental conditions. The Central Pollution Control Board reported an overall Air Quality Index of 88 at 8 am, placing Delhi comfortably in the 'satisfactory' category.

Civic response and traffic management

Civic teams and traffic personnel deployed early across key corridors to maintain smooth city operations following the morning downpour.

The Delhi Traffic Police proactively managed traffic flow, issuing real-time updates and implementing managed diversions, including on Ansari Road between Dharampura and the Iron Bridge, to prevent congestion in areas affected by brief waterlogging. Municipal authorities addressed localized water accumulation reported in areas such as Sainik Farm and Mahipalpur, keeping core arterial routes clear for commuters during peak hours.

The weather department had earlier issued a yellow warning across all 13 districts of Delhi, predicting gusty winds of up to 40 km/h alongside light to moderate showers. Weather officials expect generally cloudy conditions with light rain to persist through the rest of the day, continuing the pleasant climate.