Newsletter
AI beefs with maths, Drive to Dalal street in second-hand, and Infra orders keep rolling.
🗓️ Morning, folks! ☀️
Two weeks ago, OpenAI said its AI solved the famous Navier-Stokes problem, one of maths’ biggest unanswered questions.
The problem is about equations that describe how fluids move, and solving it comes with a $1-million prize.
But there’s a catch: while mathematicians believe the AI’s proof is technically correct, they still don’t fully understand it.
The proof runs 166 pages and is extremely difficult for humans to follow. That matters because maths is about more than just getting an answer.
Mathematicians need to understand why something works, which parts of the solution matter and whether the idea can help solve other problems.
AI may be able to crunch huge amounts of information and find an answer, but it doesn’t necessarily provide the human insight needed to make that answer useful.
And that’s the bigger lesson from OpenAI’s breakthrough.
AI is becoming surprisingly good at solving complex maths problems, but human mathematicians still bring something machines struggle with: foresight, intuition and knowing which questions are worth asking in the first place.
Anyway, back to something slightly easier to understand: the markets.
Dalal Street snapped a four-day winning streak on Tuesday, with the Nifty and Sensex ending lower after a volatile session.
On the sectoral front, the Media index rose 1% and the Realty index gained 0.7%, while the IT index fell 1%. The FMCG, PSU Bank, Pharma, and Oil & Gas indices declined 0.5% each.
💡 Spotlight: ‘You won’t cover me, fine I’ll cover myself,’ said none other than…
Donald Trump’s fight with the American media has taken an unusual turn. The White House now has its own 24/7 streaming channel called ‘TRUMP TV: The Essentials Station.’
The digital stream will feature presidential remarks, administration announcements, past moments and other White House content, with the administration saying it will be updated in real time.
How did we get here: last week, Trump barred CNN, MS NOW and Politico from the White House, accusing them of unfair and “fake news” coverage.
And that’s when things escalated. ABC, CBS, NBC, Fox News and CNN, which together operate the rotating White House television pool, suspended pooled coverage of Trump after CNN was prevented from taking its scheduled turn.
The system normally allows one network to film presidential events and share the footage with other news organisations.
During one White House event, Trump could be seen speaking but was barely audible in live coverage because the usual television pool was not operating.
We also made a video on this. Watch it here.
1 Big Thing: ONGC found gas under the sea 🌊
ONGC has found natural gas deep under the seabed, around 43 km off the Odisha coast, giving India another potential source of domestically produced gas.
What’s cooking underwater: the discovery was made in ONGC’s first well drilled in the Mahanadi Basin under its current Samudra Manthan deepwater exploration campaign.
After the well was opened for testing on September 18, gas continued to flow for three days with what ONGC described as encouraging flow and reservoir pressure.
But this does not mean ONGC can start selling this gas tomorrow.
Think of the discovery as finding water while digging a well. Finding water is step one. You still need to know how much water is there, how quickly you can extract it and whether doing so is worth the cost.
Zoom out: the company is also stepping up investment to get more oil and gas out of the ground. Last month, ONGC said it plans to spend more than ₹30,000 crore this year, with exploration and higher production from existing fields among its key priorities.
Big theme: In July, the government approved Samudra Manthan, a ₹84,084 crore National Offshore Exploration Scheme running through FY31.
A major part of the programme is drilling 60 deepwater and ultra-deepwater exploration wells, alongside better seismic mapping and shared offshore infrastructure.
2. Getting IPO ready 💸
Used-car marketplace Spinny has confidentially filed for an IPO and plans to raise a loooottt of money, with the listing expected next year.
The deets: the company plans to raise ₹2,500-3,000 crore through the IPO, which is expected to include a mix of fresh capital and an offer for sale (OFS) by existing shareholders.
Quick refresher: Spinny has raised $698 million across 13 funding rounds so far and was last valued at ₹11,600 crore ($1.28 billion) in February 2026.
Numbers: the IPO plans come as Spinny continues to grow its business while narrowing its losses. Revenue from operations rose 25% to ₹4,657 crore in FY25, from ₹3,730 crore in FY24.
Big picture: Spinny is preparing to list as India’s used-car market gets bigger. Currently valued at around $53 billion, the market is projected to reach $68-78 billion by FY31, potentially making India the world’s third-largest used-car market after the US and China.
Other major players include Cars24, Droom and CarDekho.
But there’s still a massive chunk of the market up for grabs.
According to a Redseer report, nearly 79% of used-car transactions in India still happen through unorganised channels. That leaves organised players like Spinny plenty of room to grow, while also pushing them to expand into adjacent segments.
3. Which AI company consumes the most water? 💧
ChatGPT’s water bill looks tiny next to Nestlé’s.
But this chart tells only half the story. Data centres don’t just use water for cooling, they also drive water use at the power plants that feed them.
A Lawrence Berkeley National Lab report estimates US data centres directly consumed about 64 billion litres in 2023, and that could double or even quadruple by 2028.
AI’s water footprint may look small today, but the speed at which it is growing is worth watching.
4. Stocks that kept us interested 🚀
What went up ⬆️
🕺 Transrail Lighting rallied 15% after expanding its Silvassa conductor manufacturing capacity to 40,800 km annually from 24,000 km.
⚡️ Sterling and Wilson Renewable Energy jumped nearly 3% after it secured two orders worth more than ₹985 crore combined.
😮💨 Pace Digitek gained 8% after its subsidiary Lineage Power secured a ₹488 crore order for battery energy storage systems and maintenance.
🛒 Meesho zoomed 9% after brokerage firm UBS raised its target price on the stock, marking the biggest single-day gain in the last three months.
💪🏻 PI Industries rose 3% after the company secured registration for India’s first indigenously discovered insecticide.
What went down ⬇️
☹️ Augmont Enterprises fell over 3% after Q1 net profit declined 15% YoY to ₹58 crore despite higher revenue.
👎🏻 Symbiotec Pharmalab slipped 3% after Q1 net profit fell 53% YoY to ₹14.1 crore despite revenue rising 7% to ₹218.2 crore.
🙇🏼♀️ Tata Group stocks ended largely lower, with several companies in the conglomerate falling as much as 3% during Tuesday’s session.
What else are we snackin’ 🍿
💼 Leadership change: HDFC Bank shares were in focus as its CEO search progressed, with Anup Bagchi, currently MD and CEO of ICICI Prudential Life Insurance reportedly emerging as the frontrunner.
🛋️ D-street ready: Furlenco plans to raise ₹1,000-1,200 crore through an FY28 IPO, targeting a valuation of around ₹7,000 crore.
📡 Fresh deal: T-Mobile and Jio partnered to launch the world’s first 5G standalone roaming service, enabling T-Mobile customers to access 5G SA while travelling in India.
👍🏻 Case closed: SEBI settled proceedings against five companies, including four Adani Group firms, over disclosure lapses, with the firms paying ₹1.5 crore.
That’s a wrap! Don’t let the weekday blues get to you.
And if you’d like to place your brand on this newsletter, let us know.
Hit that 💚 if you liked this issue.
Disclaimer: this newsletter is for informational and research purposes only. Nothing here should be considered financial, investment, legal, or professional advice.
