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Tata Steel gets relief as Supreme Court quashes ?890.52 crore GST demand, equal penalty and interest in the tax dispute. View More

Here are five key things investors need to know to start the trading day. View More

This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Happy Wednesday. I saw "Maybe Happy Ending" on Broadway last night. The musical about robots got me wondering whether humanoid robots will be able to sing.Stock futures are flat this morning after a positive day for all three major indexes.Here are five key things investors need to know to start the trading day: 1. Sense of scale Jensen Huang, chief executive officer of Nvidia Corp., departs after speaking at the Nvidia GTC conference in San Jose, California, US, on Wednesday, March 18, 2026. David Paul Morris | Bloomberg | Getty Images All eyes are on Nvidia ahead of the chipmaker's earnings report due after the bell. As CNBC's Kif Leswing writes, investors are eager to see whether Nvidia is growing more or less dependent on hyperscalers Amazon, Google and Microsoft amid concerns about customer concentration.Here's what to know:While the artificial intelligence darling has repeatedly beaten analyst expectations over the past year, Nvidia's stock has often been penalized by investors after reporting results.The chipmaker's results and any subsequent stock move could have broader market implications. CNBC's Nick Wells took a look at the stocks that tend to move in sympathy with Nvidia.Shares of Nvidia rose about 2% yesterday, snapping its longest losing streak in four years and helping power a broader advance for stocks.CEO Jensen Huang will speak with CNBC's Jim Cramer tonight on "Mad Money" at 6 p.m. ET. Watch live on CNBC or CNBC+.The blockbuster earnings report isn't the only event on today's calendar: July's PCE price index and second-quarter GDP data are due out this morning, followed by additional quarterly results from Salesforce and Okta after the bell.Follow live market updates here. 2. Tit for tat Dominic LeBlanc, Minister of Internal Trade of Canada speaking on CNBC's Squawk Box on Aug. 25th, 2026.CNBC Canada officially announced its promised retaliatory tariffs on the U.S. yesterday, saying it would match the Trump administration's 50% duties "dollar for dollar."As CNBC's Kevin Breuninger reports, the new batch of tariffs set to take effect Sept. 8 cover more than 700 U.S. goods and amount to around $20 billion. Canada notably slapped a 50% tariff on American steel and aluminum, doubling the current rate.President Donald Trump had signaled that the U.S. and its northern neighbor were closing in on a trade deal last week, but talks fell apart as both sides accused the other of making last-minute changes. Canadian Finance Minister François-Philippe Champagne said yesterday that the U.S. "asked too much and offered too little." 3. Clear the way Vessels near the Strait of Hormuz, as seen from Musandam, Oman, Aug. 24, 2026.Stringer | Reuters Iran and Oman discussed a proposal to create a temporary, joint shipping route through the Strait of Hormuz yesterday as tanker traffic remains sharply below prewar levels. Sayyid Badr bin Hamad Albusaidi, Oman's foreign minister, said he was hopeful a route and "practical arrangements to restore safe navigation" could be announced soon.The two countries also considered a mission to clear mines from the passageway, contradicting Trump, who said in a Truth Social post earlier Tuesday morning that "all mines have been removed and/or detonated" from the strait.Crude prices are lower this morning after falling more than 3% in yesterday's session. Get Morning Squawk directly in your inboxCNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.Subscribe here to get access today. 4. Food for thought The logo for the Food and Drug Administration is seen ahead of a news conference at the Health and Human Services Headquarters in Washington, April 22, 2025.Nathan Posner | Anadolu | Getty Images The Department of Health and Human Services is planning to form two new deputy commissioner roles at the Food and Drug Administration, sources told CNBC's Annika Kim Constantino.Current senior advisor to the FDA Jared Seehafer is the leading candidate for a new position focused on technology and the intersection of health and AI. CNBC could not find a frontrunner for the second deputy commissioner position, which is focused on drugs.The two positions would report to Heidi Overton, Trump's pick for FDA commissioner, who has yet to receive Senate confirmation. Sources told CNBC that some within the Trump administration are seeing the new roles, which would be appointed by HHS officials, as an effort by the Robert F. Kennedy Jr.-led department to exert more influence over the FDA. 5. New road map Waymo robotaxi driven by a safety specialist in New York, April 9, 2026.Michael M. Santiago | Getty Images Waymo is entering its third international market, announcing on Tuesday that it plans to launch driverless rides in Germany by the end of 2027.The Alphabet-owned robotaxi company said it would begin "phased" testing in Munich in the coming weeks to adapt its software to the city's "distinct driving conditions." Waymo — which operates in 11 U.S. cities with plans to expand to 19 more — is already testing its vehicles in London and Tokyo, but Munich marks the company's first EU market."Munich is a world-class hub for mobility and engineering, and becoming part of this city marks an important milestone in our global expansion," Waymo co-CEO Tekedra Mawakana said in a blog post yesterday. The Daily Dividend Bitcoin jumped above the $81,000 mark on Tuesday, the latest sign that the crypto rally is picking up steam. Here's what the move looked like: Loading chart... — CNBC's Tobias Burns, Kif Leswing, Fred Imbert, Nick Wells, Sean Conlon, Kevin Breuninger, Spencer Kimball, Annika Kim Constantino, Samantha Subin and Lee Ying Shan contributed to this report.Luke Fountain assisted in the production of this newsletter. Josephine Rozzelle edited this edition. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The South Korean automaker wants to keep going by ramping up production at a new $7.6 billion plant in Georgia to capture more sales and market share. View More

watch nowVIDEO4:4804:48Why Hyundai is doubling down on the U.S.Digital Original SAN FRANCISCO — Hyundai Motor Co. CEO José Muñoz smiled and nodded as a fellow executive discussed the automaker's "mueos-ideun ganeunghada" philosophy during the reveal of its new flagship Genesis GV90 SUV.The term means "anything is possible" in Korean. It's a mantra for the South Korean automaker that has proved to be true for the company's U.S. ambitions as well as for Muñoz himself, a Spanish-U.S. dual national who is the first non-Korean executive to lead the automaker.Hyundai has experienced rapid growth in the U.S. so far this decade despite an onslaught of geopolitical changes and a slowing market. And it's hoping to keep that going. The company is ramping up production at a new $7.6 billion plant in Georgia to continue to capture more sales and market share."My top three priorities are U-S-A," Muñoz told CNBC during an interview last week after the Genesis reveal. "USA is helping us to really make good progress, not only in the most important market and the most competitive market in the world, but also elsewhere." (function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})(); Hyundai Motor Group, which includes its namesake vehicles as well as the Kia and luxury Genesis brands, has increased its market share this decade more than any major automaker in the U.S., according to data from Mobility Global.The group has grown its U.S. market share from 8.4% in 2020 to 11.2% through last year, and its sales have grown 50% over that period, making the South Korean company the fourth best-selling automaker in the country. Its market share is up to 11.8% through the first half of this year, according to auto intelligence firm Mobility Global.No other major automaker is even close to such market share gains, with most flat to down during that timeframe. Electric vehicle manufacturer Tesla, at an estimated 2.1 percentage point increase in market share, is the only company even close, according to Mobility Global.Hyundai's U.S. performance has helped it become the third best-selling automaker globally and the second most profitable based on operating income, Munoz said. watch nowVIDEO32:2032:20Hyundai CEO José Muñoz on U.S. expansion and its new luxury Genesis EVNews Videos Hyundai Motor Group Executive Chair Euisun Chung downplayed the company's rapid rise when speaking last week to CNBC: "It's important, but speed doesn't matter. How we grow in the right way [is what matters]. I think that's more important."But investors have definitely taken notice of the growth, with shares of the company on the Korea stock exchange up nearly 250% since 2020. Hyundai's $26 billion U.S. plan Hyundai expects its growth to continue with a $26 billion investment plan through 2028 that could include making its new Metaplant in Georgia the largest vehicle assembly plant in the country.Muñoz told CNBC the company is considering plans to increase the expected production capacity at the plant from 500,000 units to between 700,000 and 800,000 units by 2028. It currently produces the all-electric Hyundai Ioniq 5 and Ioniq 9 as well as the Kia Sportage hybrid, with additional vehicles expected in the coming years. Jose Munoz, chief executive officer of Hyundai Motor Co., speaks at the Busan International Mobility Show in Busan, South Korea, on Friday, June 26, 2026. SeongJoon Cho | Bloomberg | Getty Images The goal is for Hyundai to produce at least 80% of the vehicles it sells in the U.S. domestically by the end of this decade, up from roughly 40% in 2024."For that purpose, we need to add more capacity," Muñoz said. "We are ramping up as fast as we can."The investment is the largest in the company's U.S. history, as it aims to increase sales to 5.55 million vehicles globally under a "Bold 2030 Vision" plan outlined by Muñoz last year at the company's first investor day ever held in the U.S.The plan is an ambitious outline to increase sales by roughly 35% from last year to 2030. That includes entering new markets globally, with the U.S. as an anchor for continued profitable growth.Muñoz on Wednesday reconfirmed those plans during the company's 2026 CEO investor day, including a 6% targeted global market share for Hyundai and Genesis. Muñoz last week said President Donald Trump's tariffs, including 15% on autos from South Korea, have played a role in the company accelerating its U.S. production plans."Tariffs are helping accelerate our localization plan. That's very, very simple," he said. "The good thing is that we had already started before tariffs were announced. So in a way it's helping us to accelerate."The Georgia plant is key for Hyundai and Kia, both of which have grown sales roughly 45% in the U.S. since 2020. The Hyundai Metaplant is seen on Sept. 9, 2025, in Ellabell, Georgia. Elijah Nouvelage | Afp | Getty Images "This decade's been about a brand transformation, and the growth has been phenomenal. We've really transformed everything," Eric Watson, Kia America vice president of sales operations, said during an interview. "We continue to plan to grow."Kia's growth plans include increasing U.S. sales to 1.02 million vehicles in the U.S. by 2030, the company's CEO, Ho Sung Song, said earlier this year. That is expected to be assisted by Kia's entry into pickup trucks and more capable SUVs that are known as "body-on-frame" vehicles."We think that's an important segment to be involved in, a body on frame vehicle/truck," Watson said. "It'll be an important piece of our growth strategy that we'll look forward to announcing more in the future."Hyundai also plans to add such vehicles, including a midsize pickup truck. The company earlier this year debuted a rugged concept vehicle called the Boulder, which could mean additional production capacity in the U.S. for body-on-frame models."It's a new unexplored territory for us," Muñoz said. "We are always, always assessing the opportunities that we have in the market." From 'cheap' to luxury, value Hyundai entered the U.S. market in 1986, followed by Kia in 1993 with cheaper options than American consumers could get from U.S. automakers and aiming to compete against growing Japanese companies such as Toyota Motor.Since then, Hyundai executives said several transformations — from overhauling quality and design to logos and dealer showrooms — have led the brands to where they are today as quality value plays. Kia TasmanCourtesy Kia "Both Kia and Hyundai are really good at being able to offer more in the vehicle than the consumer expects, and that they expect at that price point," said Stephanie Brinley, associate director of Mobility Global's AutoIntelligence. "It's not about being a 'cheap car.' It's just being able to offer a little bit more than expected."Muñoz attributed Hyundai's success to its customer focus and its ability to surprise buyers, many of whom are new to the brand, with the capabilities and features of its vehicles. He also said the global reach of Hyundai, which also owns steel plants and other suppliers, is paramount to its progress."We have determined that being competitive is a key element for the American consumer. So, affordability is something that we fully understand and we apply," he said. "We want to offer the customer the right product, the right features at the right level of price."That "right level" has been widening for the automaker in the U.S. It continues to sell entry-level vehicles that start in the $20,000s for Kia and Hyundai, while growing the top-end sales for both brands. Its Genesis luxury brand, meanwhile, has models that reach $100,000 or more.Hyundai on Wednesday said it is planning more than 100 vehicle launches and refreshes across Hyundai and Genesis by 2030, including 58 in North America. It also will significantly increase its electrified vehicle offerings, including extended-range hybrids. Genesis GV90 SUV EVCourtesy Genesis Genesis, which launched a decade ago in the U.S., has seen a particularly rapid growth, to become the fastest-selling luxury brand to 1 million sales globally, according to the company.Executives described its newest GV90 flagship SUV, including a model with coach doors and rotating lounge seats, as a new chapter for the Genesis brand, reiterating that "anything is possible.""From the very beginning, the world took notice of Genesis," Genesis North America Chief Operating Officer Tedros Mengiste said at the GV90 reveal as Muñoz nodded. "And tonight you will see mueos-ideun ganeunghada – anything is possible – come to life." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The Supreme Court has quashed a tax demand notice against Tata Steel. This notice involved an alleged irregular input tax credit claim. The court found no deliberate attempt by the company to evade taxes. Proceedings under Section 74 require specific satisfaction from the assessing officer. The department's actions indicated a lack of satisfaction regarding the alleged tax shortfall. View More

New Delhi: The Supreme Court has set aside a show cause-cum-demand notice against Tata Steel from tax authorities over an "alleged irregular availment of input tax credit " amounting to over Rs 1,000 crore between the financial years 2019 and 2023. According to the notice, the steel major was required to show cause before the Additional/Joint Commissioner of Central GST & Central Excise, Jamshedpur, Jharkhand within 30 days "as to why the Goods and Service Tax (GST), amounting to Rs 1007,54,83,342 for the period FY2018-19 through FY2022-23 shall not be demanded and recovered" from the company. Also Read: Indian steel industry poised for volume-led recovery in H2FY27: Report The notice, issued by the Office of the Commissioner (Audit), Central Tax, Ranchi, on June 27, said the input tax credit was availed in contravention of the provisions of Section 74(1) of the Central Goods and Services Tax Act, 2017/State Goods and Services Act, 2017 (CGST/SGST) read with Section 20 Integrated Goods and Services Tax Act, 2017. A bench of justices JB Pardiwala and K Vinod Chandran said there was no deliberate attempt by Tata Steel to evade tax or avail excess input tax credit. Live Events Also Read: Tata Steel gets interim relief in Rs 1,755 crore Jharkhand coal mining demand case "We do not find any such factual facts having been stated to make out a case of a deliberate device employed to evade tax or avail excess input tax credit, as coming out from the show cause-cum-demand notice. The bland statement made at some places of suppression of facts, merely to avail the extended period of limitation would barely suffice and puts to peril the notice under Section 74," the bench said. Tata Steel had contended before the top court that there is no allegation of fraud, willful misstatement or suppression of facts. The dispute arose from a show cause notice issued to Tata Steel for the financial years 2018-19, 2019-20 and 2020-21 concerning an alleged mismatch of Input Tax Credit (ITC) and short payment of tax. The notice was issued under Section 74 of the Central Goods and Services Tax Act, which deals with GST demand involving fraud or suppression. The steel major submitted that the notice contained no factual allegations establishing fraud, wilful misstatement or suppression of facts. The top court said the proceedings under Section 73/74 can be initiated only on the satisfaction of the assessing officer. It said even if observations or objections are made on audit, the assessing officer should enter his satisfaction before a notice is issued. "Insofar as a notice under Section 74, the satisfaction should be not only of mismatch of ITC and short payment of tax having occurred, as is alleged in this case, the officer should be satisfied that either fraud/willfully," the bench said. "The fact that the department had taken up the objections on audit with the Public Accounts Committee itself indicates that there was no satisfaction at the end of the department, meaning the assessing officer; as to the mismatch or the short fall of payment of tax having occurred, not to say anything about the suppression alleged," the court said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

India witnessed a robust eighteen percent increase in engineering exports in July 2026, totaling over twelve billion dollars. This growth outshone the broader merchandise exports, demonstrating notable strength in vital markets. View More

New Delhi: India's engineering goods exports continued their strong growth momentum in July 2026 despite geopolitical uncertainties along major trade routes in West Asia. Total engineering shipments in July 2026 grew by an impressive 18% year-on-year to US$ 12.24 billion, up from US$ 10.40 billion in July 2025. Notably, engineering exports in July grew faster than India’s overall merchandise exports, which increased by 17% during the same period. As per the Government's quick estimates, engineering exports accounted for 27.7% of India's total merchandise exports in July 2026. Among key destinations, engineering exports grew to almost all countries, barring a few including Saudi Arabia, Thailand and Turkey. In Saudi Arabia, the logistics crisis in and around the Strait of Hormuz has significantly affected India’s exports. Most of Saudi Arabia’s engineering imports are project-linked, and the ongoing conflict in the region has affected some projects, weakening its purchasing activity. During July 2026, engineering shipments to the US grew 20% YoY to US$ 2.18 billion. Engineering exports to China rose 32% YoY to US$ 349 million. Live Events Panel-wise, as many as 27 out of 34 engineering panels witnessed positive YoY growth in July 2026. Seven panels including products of iron and steel, lead and products, machine tools, aircraft, spacecraft and parts, cranes, lifts and winches, and office equipment, witnessed a decline. On a cumulative basis, engineering exports during April-July 2026-27 stood at US$ 46.38 billion, up from US$ 39.24 billion in the same period last fiscal, registering growth of 18.21%. Engineering goods accounted for 26.7% of total merchandise exports during the period. The US remained the top destination in April-July 2026-27 with exports of US$ 7.78 billion, recording a solid YoY growth of 11.8%. Exports to Germany, UK and Singapore also recorded decent to high growth, while shipments to Saudi Arabia dropped YoY. Pankaj Chadha, Chairman, EEPC India said, in a statement, “Engineering exports have remained above US$ 10 billion in the first four months of FY27 but challenges remain ahead. Higher energy and shipping costs, geopolitical tensions, protectionist measures and increasingly stringent technical and regulatory requirements could raise the cost of market access.” He added that the global trade body UNCTAD had earlier stated that non-tariff measures such as technical regulations, health and safety requirements and certification procedures remain a major source of trade costs, particularly for developing economies. "In these challenging times, it is important for Indian engineering exporters to sustain the present momentum, which can be achieved with greater competitiveness, scale, technological upgrading, compliance capacity and market diversification. The initiative has to be taken by the industry, but support from the Government of India will also play a significant role to ensure that export growth remains sustainable.” .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

Investors wait for Nvidia to set the scene of the biggest market trend in a generation, as its earnings look set to determine the direction of the AI trade. View More

In this articleNVDANVDAFollow your favorite stocksCREATE FREE ACCOUNT Jensen Huang, chief executive officer of Nvidia Corp., speaks to members of the media following the company's "Japan AI Ecosystem" reception in Tokyo, Japan, on Thursday, July 16, 2026. Kiyoshi Ota | Bloomberg | Getty Images Hello, this is Leonie Kidd coming to you from London. Nvidia is carrying the weight of the AI world on its shoulders. But, with sky-high earnings expectations, can the group led by CEO Jensen Huang actually impress investors?Read on. What you need to know today Nvidia will report earnings after the bell on Wall Street on Wednesday. The AI darling's blockbuster performance over the last year has driven earnings forecasts higher, adding to the so-called "expectations premium" Nvidia now needs to surpass. The Street is projecting an eye-watering set of second-quarter sales at over $92 billion, according to FactSet. Cantor Fitzgerald highlighted consensus third-quarter sales expectations of $103.7 billion in a Saturday report.Over the last year, Nvidia has beaten expectations across all topline metrics, but shares have been sold down the following trading day, according to Bespoke Data. Hyperscaling test This quarter, there is one persistent concern among investors: Nvidia's dependence on the hyperscalers. The company now reports earnings in a way that separates these hyperscalers into its AI cloud, industrial and enterprise pack. Investors have voiced worries about this concentrated dependence on Amazon, Google and Microsoft. Nvidia fell 2.9% on Monday, dropping for a seventh straight day, the longest losing streak since 2022. Shares ended the day 2.2% higher on Tuesday.For CNBC's Jim Cramer's view on how Nvidia's earnings have become a "referendum on the entire AI trade," read more here. Crude in the red Oil prices were sharply lower in early trade on Wednesday.A combination of factors is playing into the session today. Iran and Oman are discussing a joint temporary shipping route through the Strait of Hormuz in an effort to increase traffic through the chokepoint. This comes as the U.S. administration forges ahead with its plan to use economic sanctions to escalate its war with Tehran. Meanwhile, U.S. President Donald Trump has submitted a proposed agreement with Saudi Arabia to develop civil nuclear energy. This accord has now been submitted to Congress. A U.S. official told MS NOW that this will only move forward if Saudi Arabia joins the Abraham Accords. Retaliation time Canada has outlined "dollar-for-dollar" retaliatory tariffs that it will impose on over $20 billion of U.S. goods, after trade talks broke down with the Trump administration. The counter-tariffs range from 15% to 50% and target a wide array of Canadian imports from the U.S., including dairy, seafood, appliances, wood and paper products, and clothes.Among the most significant are 50% tariffs on American steel and aluminum, doubling the current rate.  The Bessent Bid The so-called "debasement trade" has found a second wind following Treasury Secretary Scott Bessent's intervention in the bond market. In this environment, assets like crypto and precious metals gain as investors look to hedge against the weaker U.S. dollar and Treasury debt. — Leonie Kidd And Finally... Dolly Parton, queen of country music, dies at 80Dolly Parton was around six when she wrote her first song: "Little Tiny Tasseltop," an ode to her corncob doll with corn-silk hair. Her mother stored it preciously in a shoebox."I loved that little doll," Parton wrote decades later. "I expressed myself and my feelings through writing - I'm sure what I was thinking was, 'Well, Tasseltop has to have a song about her.'"Parton never stopped making music after that. The irrepressible country music singer, songwriter and actress whose charisma, heartfelt lyrics and business acumen captured the public's imagination for nearly six decades, died on Tuesday aged 80, her family said in a statement. — Reuters Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Avaada Electro Ltd is making waves in the financial market by submitting updated draft papers for a massive Rs 7,600 crore initial public offering. This IPO features a fresh equity share issuance alongside an offer for sale. The proceeds aim to address loan repayments and support general corporate functions while facilitating the company's ambitious capacity expansion and product innovations. View More

Avaada Electro Ltd, a solar manufacturing arm of the Brookfield-backed Avaada Group , has filed updated draft papers with markets regulator Sebi for its proposed Rs 7,600-crore initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs 1,600 crore and an offer for sale (OFS) of Rs 6,000 crore by promoter Avaada Ventures Pvt Ltd, according to the updated draft red herring prospectus (UDRHP) made public on Wednesday. Of the proceeds from the fresh issue, Rs 1,200 crore will be used to repay or prepay certain loans and meet obligations under letters of credit. The remaining amount will be utilised for general corporate purposes. Avaada Electro had filed its draft IPO papers through the confidential filing route in October 2025 and received regulatory approval in April 2026 to float the public issue. Incorporated in 2021, Avaada Electro, which is backed by the Avaada Group, manufactures solar cells and modules, which are marketed under the Enlume and Integlow brands. Live Events As of July 31, 2026, the company had 8.5 GW of operational solar module manufacturing capacity and 3 GW of operational TOPCon solar cell manufacturing capacity. The company plans to expand its solar module capacity to 13.60 GW, solar cell capacity to 12 GW and ingot and wafer capacity to 3 GW by FY28, creating an integrated manufacturing ecosystem spanning ingots, wafers, cells and modules. Also, Avaada Electro plans to introduce energy storage solutions under the brand "Avaada Halo" and enter the third-party engineering, procurement and construction (EPC) and operations and maintenance (O&M) segments. The company operates manufacturing facilities at Dadri in Uttar Pradesh and Nagpur in Maharashtra. The company's module installed capacity increased from 1.5 GW to 8.5 GW in one year, while its order book expanded more than seven-fold to 19,106 MW from 2,555 MW. On the financial front, the company's revenue from operations rose to Rs 5,303.52 crore in FY26 from Rs 911.62 crore in FY25, while profit after tax rose to Rs 888.74 crore from Rs 173 crore. ICICI Securities, Axis Capital , BofA Securities India, HSBC Securities and Capital Markets (India), SBI Capital Markets and IIFL Capital Services are the book-running lead managers to the issue. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Reliance Industries is reportedly considering a foray into aluminium production. This potential venture could harmoniously align its upcoming coal gasification initiatives with metal manufacturing processes. The company has already acquired tender documents for a substantial bauxite block in Odisha. Meanwhile, it is progressing on a coal gasification project in Andhra Pradesh, paving the way for a cohesive link between these operations. View More

Mukesh Ambani-led Reliance Industries Ltd ( RIL ) is evaluating a potential entry into aluminium production, a move that could connect its planned coal gasification operations with metals manufacturing, Mint and UNI reported. People familiar with the matter told Mint that RIL is exploring a plan to enter aluminium production as part of its broader evaluation of the metals business. The company’s plans remain at an early stage and have not been finalised. Also Read: Ambani's Rs 2.7 lakh cr underground bet can save India from shocks RIL has also purchased tender documents for Odisha’s Karlapat bauxite block , according to market sources cited by UNI. The block, spread across about 3,100 hectares, is estimated to contain more than 200 million tonnes of bauxite. Reliance and the Adani Group were among the companies reported to have shown interest in the block earlier. However, Vedanta Aluminium subsidiary BALCO emerged as the preferred bidder after offering an auction premium of 175%. Live Events The development comes as RIL prepares to develop a coal gasification project in Andhra Pradesh. The company has already won two coal blocks in the state, at Recherla and Chintalapudi. Also Read: Adani, IHC plan to forge $11.5 billion aluminium unit Coal gasification converts coal into synthesis gas, or syngas, which can be used to generate power or as an industrial fuel. An aluminium business could potentially allow Reliance to use fuel generated through its coal gasification operations for energy-intensive aluminium and alumina production. “They are considering an entry into metals production to utilize the fuel generated from coal gasification to improve its commercial viability,” said the person cited by Mint. According to UNI, sources said a potential aluminium venture could help Reliance integrate its coal gasification plans with aluminium metal production. However, the sources stressed that nothing has been confirmed and that the company is still evaluating the opportunity. The possible move comes shortly after Reliance proposed an investment of Rs 2.73 lakh crore over 30 years to develop what was described as India's first integrated underground coal gasification complex in Andhra Pradesh. The aluminium industry is highly energy intensive, requiring significant power for processes including alumina refining and aluminium smelting. Metals industry sources cited by UNI said coal gasification can therefore be integrated with large-scale metals and mineral processing operations. Reliance's possible entry would also come as the Adani Group prepares for a major expansion into the sector. Adani Enterprises Ltd announced in July that it plans to invest about $11.5 billion to develop a 2-million-tonne-per-annum aluminium project in Odisha in partnership with UAE-based International Holding Company. This sets up the possibility of the two conglomerates competing in a sector where established producers already have significant capacity. Vedanta Aluminium is currently India's largest aluminium producer, with annual capacity of about 2.5 million tonnes, according to UNI. Hindalco Industries , owned by the Aditya Birla Group, has aluminium production capacity of about 1.4 million tonnes, while state-run NALCO has capacity of about 0.5 million tonnes. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

A BJP member brought up the “glorification” of anti-Sikh riots convict Sajjan Kumar to counter the Congress’s move to raise a matter that was not part of the agenda of “crimes against children”. Chugh’s remarks drew a sharp reaction from Congress MP Jai Prakash, who said the issue was not relevant at all. BJP has accused Congress MP Deepender Hooda of being laudatory in his tribute to Kumar. View More

Canadian trade negotiators left the U.S. last week after failing to clinch a trade deal that would stop President Donald Trump's new tariffs from taking effect. View More

watch nowVIDEO4:1504:15Canadian finance minister announces response to U.S. tariffsSquawk on the Street Canada on Tuesday announced retaliatory tariffs against the United States, matching "dollar for dollar" the 50% duties that President Donald Trump imposed over the weekend after a breakdown in trade talks.Ottawa's new tariffs encompass more than 700 U.S. goods and are worth about $20 billion, mirroring the size of Trump's latest import taxes on Canadian wine, cement, hockey sticks and more.The counter tariffs range from 15% to 50% and target a wide array of Canadian imports from the U.S., including dairy, seafood, appliances, wood and paper products, and clothes.Among the most significant are 50% tariffs on American steel and aluminum, doubling the current rate. The duties on metals and wood were chosen to respond to previously imposed U.S. tariffs on steel, aluminum, lumber and other products.The new tariffs are set to take effect Sept. 8. Canada also unveiled an additional $7.5 billion package to support businesses and workers being harmed by the U.S. tariffs."When the United States of America asked too much and offered too little, we made a choice. We chose Canada," said Canadian Finance Minister François-Philippe Champagne at a news conference Tuesday morning. watch nowVIDEO10:2910:29Canadian Minister LeBlanc on retaliating against Trump tariffs: ‘We’re not waiting by the phone’Squawk Box The new duties would have been averted if the two sides struck a trade deal before they took effect on Saturday. Trump had claimed earlier that week that a deal was all but complete — but Canada suspended negotiations on Friday evening, contending that the U.S. made unreasonable demands and "last-minute changes." The Trump administration has likewise accused Ottawa of blowing up the talks by seeking last-minute changes to the deal.Trump, asked in a call with CNN about Canada's claim that the U.S. made eleventh-hour demands, said, "That sounds like me."When pressed to clarify that he does not deny Canada's account of the collapse in trade talks, Trump said, "No, no, I don't deny anything," CNN reported Tuesday afternoon "So no, they have to pay a fair amount. And if they don't pay a fair amount, we won't make a deal. That's fine," Trump said, according to CNN.The Office of the U.S. Trade Representative did not immediately respond to CNBC's request for comment on CNN's report.The collapse of the negotiations has opened a bitter new chapter in the top allies' trade war, raising tensions that were already inflamed by Trump's heavy use of tariffs and inflammatory comments toward Canada. The new tit-for-tat tariffs could also exacerbate widespread concerns about high costs, as businesses warn they will cause major uncertainty and could make it prohibitively expensive for some sellers to trade across the border. Prime Minister Mark Carney, in a speech following the failed trade talks, acknowledged that the decision to retaliate "will raise costs and reduce choice for Canadians." Read more CNBC politics and policy coverageCanada unveils retaliatory tariffs on about $20B of U.S. goodsTrump targets Iran's trade lifelines — here are the countries most exposedMark Walter's TWG Global hires Goldman vet Markowitz as top lawyer amid probeTrump oil and gas stocks gained up to $15.5 million, Democrats sayTrump admin unveils anti-Iran global sanctions plan, signals China not exempt Carney, who became prime minister last year after previously leading the Bank of Canada, has expressed a desire to diversify his country's economy in order to reduce dependence on the U.S., which he says has "changed" under Trump.Trump has placed tariffs at the center of his agenda throughout his second term in the White House, though his use of the economic tool has faced some major legal setbacks and stoked heated pushback from other countries.Trump lashed out at Canada on Tuesday morning, suggesting on Truth Social that the U.S. would halt business with Ontario, and repeatedly floating the prospect of renaming Lake Ontario to "Lake America." watch nowVIDEO4:5304:53Why Trump slapped 50% tariffs on CanadaEconomy In more Truth Social posts, Trump accused Canada of targeting U.S. farmers, and complained about America's trade deficit with Canada — though that is primarily due to the U.S. making heavy purchases of Canadian crude oil."I deal with many countries, and Canada is easily the most difficult and unreasonable," Trump wrote in one post.Canada's trade minister, Dominic LeBlanc, told CNBC's "Squawk Box" earlier Tuesday morning that Ottawa did not want to abandon trade talks with the U.S."Our preference was to find a deal that benefits both countries," he said. "We still believe that's possible. But in the meantime, we're not waiting by the phone." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.