Nvidia tops all Indian listed cos, FPIs shun IPOs

Nvidia’s market cap has surged to roughly $5 trillion, surpassing the total market capitalization of all companies listed in India, which sits near $4.9 trillion. The gap underscores the outsized impact of AI‑driven tech firms while India’s equity market remains relatively flat.

Foreign portfolio investors are pulling back from Indian IPOs, preferring follow‑on offerings, QIPs and block trades, according to Kotak Investment Banking. The shift is driven by high equity valuations and the global AI boom diverting capital to tech giants, leaving Indian IT firms less attractive. Despite this, Kotak sees a strong IPO pipeline for the coming year.

Average daily turnover (ADT) in India’s cash equity market rose to a 22‑month peak of ₹1.42 lakh crore in May, powered by retail investors’ fear‑of‑missing‑out buying. Despite geopolitical uncertainty, analysts say the trend reflects growing maturity and long‑term focus among domestic investors, suggesting continued strong cash market volumes.

Sun Pharma’s $11.75 bn all‑cash purchase of Organon makes it a top‑three player in women’s health and a major biosimilar contender, but the deal hinges on a segment that is already falling. Organon’s Q1 results showed a 19% drop in women’s‑health sales and a 28% plunge in its flagship contraceptive implant, raising doubts about the debt‑financed deal’s cash‑flow assumptions.

Adani Infra (India) Ltd, the promoter‑owned infrastructure unit of the Adani Group, has amassed an orderbook exceeding ₹50,000 crore and is projected to generate around ₹10,000 crore in annual revenue. Acting as a project‑management consultant for Adani’s ports, roads, airports and power projects, it is now eyeing acquisitions to bring EPC capabilities in‑house, having already bought Punj Lloyd and taken a stake in PSP Projects.

Reliance Industries' FY26 annual report indicates new hires may have dropped by as many as 90,000 versus the prior year, signaling a shift toward AI‑driven productivity and upskilling. Despite the cut, total headcount rose to over 4.19 lakh, while its Jio Platforms arm saw a 21% workforce decline.

Union Minister Ashwini Vaishnaw said the Rs 27,000‑crore Tata Semiconductor Assembly and Test facility at Jagiroad, Assam, will start production within the current financial year. The plant, targeting up to 48 million chips daily, aims to boost India’s semiconductor ecosystem and generate thousands of jobs.

A wave of first‑time investors who joined the market during the post‑COVID rally are now halting or slowing their systematic investment plans (SIPs) as a 1½‑year stretch of volatility erodes confidence. Analysts cite noisy social‑media advice and unrealistic expectations of steady gains as drivers of this cautious shift.

The IRS states that non‑resident aliens face a U.S. estate‑tax filing threshold of just $60,000 on U.S.-situated assets. Any amount above that is subject to estate tax rates that can reach 40%, affecting assets such as stocks, ETFs, and real estate held by returning NRIs.

Bank term deposits with rates below 7% rose to 61.8% of total deposits by FY26, driven by 125 bps policy cuts and a shift to longer tenures. Deposits of 1‑3 year maturity jumped to 69.8%, pushing term deposits to 61.6% of overall deposits and marking a structural move away from savings accounts.

India is seeking Myanmar’s rare‑earth deposits, such as dysprosium and terbium, to diversify its supply of critical minerals used in EVs, wind turbines and defence. The initiative, highlighted during President Min Aung Hlaing’s visit, aims to curb China’s dominance and deepen Indo‑Myanmar trade, which already totals $2.15 billion.