Jio's $4bn IPO bars foreign exits; Turiyam chip undercuts Nvidia

Jio Platforms switched its blockbuster IPO to a fresh‑issue only offering, raising up to $4 bn. That structure means investors like Meta, Google, KKR and Vista Equity can’t sell their 2020 stakes because the original preferred‑share agreements and SEBI rules lock them in. The move underscores Reliance’s control and limits exit options for its biggest global backers.

Tata Sons chairman N Chandrasekaran has ordered weekly reports from key Air India units and installed former civil aviation secretary Pradeep Singh Kharola as executive advisor, aiming to stabilize the carrier’s multi‑billion‑dollar turnaround after the CEO’s abrupt exit. The move underscores mounting pressure to curb losses and fast‑track a new CEO.

Bengaluru startup Turiyam is shipping a full‑stack inference processor that charges by finished output, not tokens, claiming 10‑20% cheaper AI compute than Nvidia GPUs. If its pricing holds, a firm spending ₹2 cr annually on AI could cut spend to about ₹40 lakh, reshaping enterprise AI budgets.

ONGC Videsh, which already holds 40% of San Cristobal and 11% of Carabobo‑1, is negotiating to buy PDVSA’s remaining stakes, aiming to become sole operator of San Cristobal and joint operator of Carabobo. The deal hinges on a US licence, but could lift output to 30,000 bpd and free over $500 million in stranded dividends.

SEBI introduced a Quick Transmission Processing (QTP) category that speeds up small‑value share transfers for legal heirs, slashing paperwork and cutting processing time to days. The move removes PAN requirements and accepts QR‑code death certificates, easing a long‑standing bottleneck for families inheriting investments.

A 42% rain shortfall has triggered a government drive across 315 drought‑prone districts, prioritising water‑saving measures and low‑water crops like millets. The move aims to shield kharif output and keep food‑grain production near its 176 million‑ton target despite El Niño pressures.

The WTO’s dispute settlement body approved a panel to examine China’s claim that India’s solar‑cell duties, domestic‑content rules and IT‑goods incentives discriminate against Chinese exporters. The case revives a stalled trade fight and could force India to modify its ‘Make in India’ subsidies, affecting supply chains in renewable energy and tech. The panel’s findings will be delivered later this year.

India’s ordinance exempting FPIs from tax on interest and capital gains sparked a ₹35,000 crore surge in government‑bond purchases within two weeks, slashing the 10‑year G‑Sec yield by roughly 10 basis points. The inflow revives liquidity, deepens the market and signals a policy‑driven shift toward greater foreign participation in Indian sovereign debt.

The Reserve Bank of India issued final directions for the Trade Receivables Discounting System (TReDS), streamlining the regulatory framework and eliminating the due‑diligence requirement for MSME sellers. The changes aim to boost invoice‑discounting platforms and improve working‑capital access for small businesses.

The investment gives Meta a roughly 20% stake in CRED, valued at $4.5 billion, and places Shah at the helm of WhatsApp globally. It lets Meta tap CRED’s UPI infrastructure while keeping user data off‑limits, sharpening its India payments push.