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The first “Make in India” C295 transport aircraft is set to roll out of the newly built Vadodara facility, inaugurated by Prime Minister Narendra Modi and Spain’s Prime Minister Pedro Sanchez on Monday, in September 2026.

Except for the aircraft engine and some parts, over 13,000 parts of the medium-lift tactical C-295 transport aircraft for the Indian Air Force (IAF) will be manufactured indigenously in India. “This factory will strengthen India-Spain relations and will also drive the Make-in-India Make-for-the-world initiative… This factory also reflects the new work culture of New India. It shows the speed at which India is working. Just two years ago the construction of the factory had started and now it is ready for aircraft production,” PM Modi said while inaugurating the facility with his Spanish counterpart.

On his maiden visit to India, Sanchez said, “40 aircraft will be assembled here at this facility in Vadodara. We will also manufacture all sections and 13,000 of a total of 40,000 detailed parts in India.” “This foundation between Tata and Airbus will contribute to the progress of the Indian aerospace industry and will open new doors for the arrival of other European companies… Spain will also fulfill its commitment of technology transfer,” he said, adding that the project was a “new chapter” for Airbus in the Indian defence industry. He said that the project between Airbus and Tata Advanced Systems Ltd (TASL) would create a “spill-over effect” for India’s MSMEs.

“The project summaries the excellent state of bilateral relations between Spain and India. This relationship has grown over the last few years and today we are taking another strategic step,” the Spanish PM said.

India has become the largest customer for the C295, acquiring 56 aircraft. The C295 ‘Make in India’ programme will produce more than 85 per cent of the structural and final assembly of 40 aircraft and manufacture 13,000 detail parts in India. For this, 21 special processes have been certified, and 37 India-based suppliers from the private and public sectors have been onboarded.

The inauguration comes three years after the Indian Air Force (IAF) formalised the acquisition of 56 Airbus C295 aircraft to replace its legacy AVRO fleet. As per the contract, 40 units will be manufactured and assembled in partnership with TASL at this FAL, while 16 will be delivered to the IAF in ‘fly-away’ condition from Airbus’ final assembly line in Seville, Spain. To date, six aircraft have already been delivered.

The production of components of the C295 aircraft has already started in the Main Component Assembly (MCA) facility in Hyderabad. The parts for the first C295 aircraft to be made in India have been shipped to the Final Assembly Line (FAL) in Vadodara, where the aircraft will be assembled and then delivered to the IAF. The FAL will integrate the manufacturing of detailed parts and related tooling, sub-assemblies, major component assemblies, tools, jigs, and testers.

Earlier, both Prime Ministers participated in a roadshow from Vadodara airport to the new aircraft manufacturing facility. Hoardings with “Bienvenido” inscribed on them lined both sides of the roads leading from the Vadodara airport to the new aircraft manufacturing facility, welcoming both the PM of Spain and PM Modi.

While speaking at the event, N Chandrasekaran, Chairman of Tata Sons, said that the C295 aircraft project was “originally conceived” in 2012 by the then-chairman of Tata Sons, Ratan Tata. “Ratan Tataji led the whole concept of building a relationship with Airbus and created this partnership. This project will propel India into the next level of advanced manufacturing. It will help build a diverse and sophisticated skills ecosystem as well as a strong supplier base,” said Chandrasekharan.

“I must commit to our Prime Minister that exactly two years from now, we will deliver the indigenously built aircraft… Except for the (aircraft) engine everything else will be locally produced,” he said, adding that 200 Tata Group engineers are in Spain undergoing training with regard to the project.

During his speech, PM Modi also said that India’s defence exports to about 100 countries have risen 30 times in the last 10 years. He said there are currently 1,000 defence startups in India.

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InterGlobe Aviation, the parent of budget carrier IndiGo, slipped back into the red on higher fuel costs and grounding of planes in a seasonally weak quarter.

IndiGo posted a net loss of ₹986.7 crore on Friday compared with a profit of ₹188.9 crore in the corresponding period of the previous year and ₹2,728.8 crore in the preceding three months.

The net loss, which came after seven profitable quarters, was higher than estimates. Brokerages had forecast a loss of ₹130-240 crore.

During the quarter, IndiGo’s revenue increased 13.55 per cent to ₹16,969.6 crore from ₹14,943.9 crore a year ago.

Total expenses jumped 21.9 per cent to ₹18,666.1 crore from ₹15,313.8 crore.

Fuel expenses rose 12.8 per cent ₹6,605.2 crore from ₹5,856 crore.

Aircraft and engine rentals costs soared 290.5 per cent to ₹763.6 crore from ₹195.6 crore.

“IndiGo’s growth and expansion continued as our topline grew by 14.6 per cent on a year-over-year basis in the second quarter to ₹17,800 crore. Our results were impacted by headwinds in groundings and fuel costs, in a traditionally weak quarter,” CEO Pieter Elbers said.

“We have turned the corner as the number of grounded aircraft and associated costs have started reducing. We continue to capitalise on the growth of the Indian market and at the same time remain a cost leader in this competitive market.’’

During the earnings call, IndiGo chief financial officer Gaurav Negi said the number of grounded aircraft will come down to sub-60 level by year-end and further reduce to 40s by the start of the next financial year.

At the end of September, the carrier had a fleet of 410 planes.

Elbers said IndiGo would launch its business class in the Delhi-Mumbai route in two weeks. It will be offered later in 12 other routes.

The airline has also received a positive response to its loyalty rewards programme — IndiGo BluChip.

During the period, the number of passengers increased 5.8 per cent to ₹2,780 crore and the yield — passenger ticket revenue for every revenue passenger kilometer — increased 2.3 per cent to ₹4.55.

Issues with engines made by Pratt & Whitney had grounded more than 70 aircraft last year, weighing on its bottom line, as the airline extended leases on older jets and hired more new ones.

IndiGo has a nearly 63 per cent market share in India and is also Asia’s biggest carrier by market valuation, according to Reuters.

India, the world’s fastest growing aviation market, aims to become a global aviation hub, with airlines, including IndiGo, placing record jet orders.

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Nvidia dethroned Apple as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialised artificial intelligence chips.

Nvidia’s stock market value briefly touched $3.53 trillion, slightly above Apple’s $3.52 trillion, LSEG data showed.

Nvidia was last up 2.2 per cent, with a market value of $3.52 trillion, while Apple’s shares rose 0.9 per cent, valuing the iPhone maker at $3.54 trillion.

In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft and Apple. The tech trio’s market capitalizations have been neck-and-neck for several months.

Microsoft’s market value stood at $3.20 trillion, with its stock up 1.3 per cent.

The Silicon Valley chipmaker is the dominant supplier of processors used in AI computing, and the company has become the biggest winner in a race between Microsoft, Alphabet , Meta Platforms and other heavyweights to dominate the emerging technology.

Known since the 1990s as a designer of processors for videogames, Nvidia’s stock has risen about 18 per cent so far in October, with a string of gains coming after OpenAI, the company behind ChatGPT, announced a funding round of $6.6 billion.

Nvidia and other semiconductor stocks got a lift on Friday after data storage maker Western Digital reported quarterly profit that beat analysts’ estimates, buoying optimism about data centre demand.

“More companies are now embracing artificial intelligence in their everyday tasks and demand remains strong for Nvidia chips,” said Russ Mould, investment director at AJ Bell.

“It is certainly in a sweet spot and so long as we avoid a big economic downturn in the United States, there is a feeling that companies will continue to invest heavily in AI capabilities, creating a healthy tailwind for Nvidia”.

Nvidia’s shares hit a record high on Tuesday, building on a rally from last week when TSMC, the world’s largest contract chipmaker, posted a forecast-beating 54 per cent jump in quarterly profit driven by soaring demand for chips used in AI.

Meanwhile, Apple is struggling with tepid demand for its smartphones. iPhone sales in China slipped 0.3 per cent in the third quarter, while sales of phones made by rival Huawei surged 42 per cent.

With Apple set to report its quarterly results on Thursday, analysts on average see its revenue climbing 5.55 per cent year over year to $94.5 billion, LSEG data showed.

That compares with analysts’ projections for Nvidia of nearly 82 per cent revenue growth to $32.9 billion.

Shares of Nvidia, Apple and Microsoft have an outsized influence on the richly valued technology sector as well as the broader US stock market, with the trio accounting for about a fifth of the S&P 500 index’s weight.

Optimism about the prospects for AI, expectations that the Federal Reserve will considerably bring down US interest rates, and most recently, an upbeat start to the earnings season, helped lift the benchmark S&P 500 to an all-time high last week.

Nvidia’s massive gains have helped boost the stock’s appeal for option traders and the company’s options are among the most traded on any given day in recent months, according to data from options analytics provider Trade Alert.

The stock has surged nearly 190 per cent so far this year as the boom in generative AI led to a series of blowout forecasts from Nvidia.

“The question is whether the revenue stream will last for a long time and will be driven by the emotion of investors rather than by any ability to prove or disprove the thesis that AI is overdone,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

“I think Nvidia knows that near term, their numbers are likely to be quite remarkable”.

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Food delivery app Swiggy is best known for its service and delivery in time, just like its competitors in India, including Zomato, blinkit and more. But Swiggy has introduced International Logins, a feature allowing users from 27 countries, including the US, Canada, UK, Germany, Australia, and the UAE, to enhance its reach and popularity among more people.

In its new service feature, Swiggy has allowed people living in these countries to order food and even articles from its quick commerce offering Instamart, or book restaurant tables for loved ones, friends or anyone back in India.

Swiggy announced in its press release on October 25, 2024, that users can log in using their respective international numbers and make payments using international credit cards or available UPI options, including food delivery, Dineout, Genie, and Instamart.

The following announcement comes amid the festive season.

“Food and gifts are essential to family gatherings, especially during festivals. With International Login, those living abroad can now surprise their loved ones on special occasions,” said Phani Kishan, Co-founder & CGO of Swiggy.

The new feature was long requested by NRIs, said Swiggy, adding that they will get a new gifting layout, which would make sending festive gifts or making dinner reservations back home easier.

About Swiggy:

Founded in 2014, Bengaluru-based Swiggy collaborates with nearly two lakh restaurants across 600+ cities in India. Instamart operates in 43 cities and delivers groceries and other essentials across more than 20 categories in around 10 minutes.

The firm filed its draft papers for a ₹3,750 crore Initial Public Offering (IPO) on September 26, 2024. The IPO consisted of a fresh issue of 37,500 million equity shares with a face value of ₹1 each and an offer for sale (OFS) of 185,286,265 equity shares.

According to a Reuters report, it cut its valuation estimates for the upcoming IPO in November by 10-16%, citing market volatility.

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JSW Steel, the flagship firm of the Sajjan Jindal group, on Friday reported an 84.1 per cent year-on-year (Y-o-Y) decline in consolidated net profit to Rs 439 crore for the quarter ended September Q2FY25. The drop comes on the back of lower sales realisation due to cheap imports and an exceptional charge. In the year-ago period, the company’s net profit had stood at Rs 2,760 crore. 

Revenue from operations on a consolidated basis in Q2FY25 stood at Rs 39,684 crore, down 11 per cent Y-o-Y from Rs 44,584 crore a year ago. 

Both revenue and net profit were lower than the estimate of Rs 42,559.6 crore in revenue and Rs 485.1 crore in profit.

Sequentially, revenue was down by 7.6 per cent and net profit by 48 per cent. 

Steel sales for the quarter stood at 6.13 million tonnes (mt), lower by 3 per cent Y-o-Y. However, domestic sales at 5.57 mt were the highest in the company’s history, up 1 per cent Y-o-Y, driven by the institutional segment, where sales volumes rose by 12 per cent Y-o-Y. 

The company said sales to the retail segment fell by 14 per cent due to higher imports. At 0.39 million tonnes, exports fell as much as 43 per cent Y-o-Y due to an increase in Chinese exports, which adversely affected global markets, it added. 

The company’s bottomline was also impacted by an exceptional charge. The company had announced the surrender of the Jajang iron ore mine in Keonjhar district, Odisha, due to economically unviable operations. It recognised a net provision of Rs 342 crore pertaining to the underlying carrying value of the assets during the quarter.

Among its Indian subsidiaries, Bhushan Power & Steel reported a loss of Rs 93 crore for the quarter. JSW Steel Coated Products (consolidated) reported a net profit of Rs 57 crore. 

Lower sales realisation impacted the electric arc furnace-based steel manufacturing facility in Ohio, USA, which recorded an Ebitda loss of $16.14 million for the quarter. The group’s plate and pipe mill in Texas, USA, reported an Ebitda of $5.04 million, while operations in Italy reported an Ebitda of €6.15 million. 

The company’s consolidated capital expenditure (capex) during Q2FY25 was Rs 3,384 crore, with the total spend for the first half of the current fiscal year at Rs 7,850 crore. However, consolidated capex for FY25 was revised to Rs 16,000-17,000 crore from the earlier estimate of Rs 20,000 crore, attributed to the transfer of its slurry pipeline project to JSW Infrastructure and the rescheduling of the blast furnace-3 expansion at Vijaynagar to next year. 

On the outlook for the rest of FY25, the company said steel demand was expected to remain healthy in H2FY25. “The RBI’s shift in monetary policy stance to ‘neutral’ from ‘withdrawal of accommodation’ is a positive move, paving the way for potential policy easing,” it said, adding that the macroeconomic outlook remains strong.

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