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In corporate news, 95 companies raised ₹1.4 lakh crore through QIPs in 2024, but nearly two-thirds of them are now trading below their issue price. Tata Steel CEO TV Narendran warned about potential risks to the steel sector from US trade policies, while Bharti Airtel’s Sunil Mittal reassured that the company remains a leader in satellite connectivity despite growing competition from Elon Musk’s Starlink. Meanwhile, Gautam Adani’s net worth has taken a hit, dropping $12 billion in 2025 so far, making it the second-largest loss after Elon Musk.
On the IPO front, boAt is planning a ₹2,000 crore listing with a confidential filing, following the same approach as Swiggy.
Lastly, the Delhi High Court is still hearing the copyright case against OpenAI, which raises interesting questions around AI model training and access to protected content.
Nifty closes below the 22,800 mark for the first time since June 5, 2024
Indian markets failed to sustain early gains on Friday, with the Nifty closing below the 22,800 mark for the first time since June 5, 2024, as foreign outflows continued amidst uncertainty regarding new reciprocal tariffs announced by US President Donald Trump.
The broader market witnessed a pullback, with midcaps snapping a two-day relief rally. All sectoral indices, excluding Nifty Metal, ended in the red, led by a sharp decline in the Nifty Auto index, which was the worst performer of the day, dragged down by Mahindra & Mahindra (M&M). The Nifty Auto index extended its losing streak, closing in the red for the 11th time in the last 13 sessions.
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Reserve Bank of India to inject $10 billion through forex swap
The Reserve Bank of India (RBI) has announced it will conduct a record $10-billion dollar/rupee buy/sell swap auction on February 28, aimed at addressing the durable liquidity requirements of the financial system.
Under the swap agreement, the RBI will buy dollars for immediate delivery and sell them for delivery after three years, with the swap set to reverse on March 6, 2028.
More deets here
Also read: RBI MPC Minutes: Policymakers back rate cut as inflation eases, growth takes priority
Over 95 cos raised ₹1.4 Lakh crore via QIP- Now 69 cos trade below QIP price
In 2024, 95 companies raised a record ₹1.4 lakh crore through Qualified Institutional Placements (QIPs). However, only 26 of these stocks are currently trading above their QIP price, while nearly two-thirds are trading below those levels.
Tata Steel CEO flags risks from US trade policies on steel sector
Tata Steel Managing Director and Chief Executive Officer TV Narendran has raised concerns over the impact of US trade policies on the steel sector, highlighting how tariffs and trade restrictions could disrupt global supply chains and affect Indian manufacturers.
Narendran noted that the US tariffs will have both direct and indirect consequences on steel businesses, particularly in India.
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Sunil Bharti Mittal says Airtel is poised to take the lead in satellite connectivity
Bharti Airtel Chairman Sunil Bharti Mittal on Thursday said his company has the wherewithal to spearhead satellite connectivity in the country and that it can hit the ground running once it receives pending government approvals.
Mittal’s comments come against the backdrop of Elon Musk’s Starlink seeking entry into the Indian market, which is part of its larger, aggressive global strategy to expand Starlink to as many countries as possible. Most recently, Starlink announced that it can now operate and provide services in Bhutan.
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IOC Chairman sees no crude supply concerns, expects subsidy support by quarter-end
Indian Oil Corporation (IOC) Chairman AS Sahney does not expect fluctuations in Russian crude supply to have a substantial impact on the company’s profitability or that of other oil marketers.
He assured that crude oil availability is not a concern, as supply currently exceeds demand.
Here’s what he said
OpenAI vs Copyright – Court appointed Amicus says can’t train AI models without access to protected content
The Delhi High Court is hearing a plea filed by ANI, alleging copyright infringement by OpenAI, the developer behind ChatGPT. Industry associations of news companies and publishers have also joined the suit against OpenAI.
The Amicus submitted before the Delhi HC that AI is critical to the innovation ecosystem in India. He further argued that while large companies like OpenAI could pay for access to copyright-protected content, small start-ups would be unable to train new AI models without such access. He asked the court: is it possible to develop LLMs without access to copyrighted material?
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Exclusive | boAt plans ₹2,000 cr IPO via confidential filing route, following Swiggy’s strategy: Sources
Consumer electronics brand boAt is preparing for another attempt at going public, aiming to raise ₹2,000 crore through an IPO in FY25-26. Sources tell CNBC-TV18 that the company will soon file a confidential draft red herring prospectus (DRHP), following the same strategy used by Swiggy for its IPO.
This confidential filing route, introduced by SEBI in November 2022, allows companies to submit their IPO documents privately. It offers several advantages, including protecting sensitive business information from competitors, providing greater flexibility in timing the IPO, and shielding companies from premature public scrutiny and potential legal challenges.
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Elon Musk’s X gets German judge removed in battle over election data
Image: Reuters
Elon Musk-owned X has secured a German court motion to remove a judge overseeing a legal battle between the social media giant and two activist groups oversharing election data, a court document seen by Reuters on Friday showed.
Earlier this month, a regional court in Berlin granted a motion by the civil activist groups to force X – formerly Twitter – to share real-time access to data on the February 23 German election until two days after the vote.
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Gautam Adani’s net worth is down $12 billion in 2025 so far, most after Elon Musk
A 13% decline in Adani Group stocks since the start of 2025 has erased $12 billion from founder Gautam Adani’s net worth. According to the Bloomberg Billionaires Index, Gautam Adani’s fortune has seen the second-largest decline so far this year, trailing only Tesla founder Elon Musk.
Musk, the world’s richest individual, has seen his net worth erode by $35.2 billion during the same period to $397.3 billion.
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