Newsletter
Warren Buffett steps down, AI hacks again, and Andhra goes big on shipbuilding.
🗓️ Morning, folks and Happyy Mondayyy! ☀️
Looks like markets ‘could be’ in for a challenging week.
Investors will closely watch the implications of US President Donald Trump signing the Sanctioning Russia and Iran Act, with crude oil prices and geopolitical developments likely to remain the key drivers.
Global cues will also be in focus, with flash PMI data from India, the US and the Eurozone, along with upcoming US labour market reports.
On the domestic front, NSE’s listing on September 24 will be a major event to watch for Indian markets.
💡 Spotlight: Google’s AI learned to break in 🔓
In a first for Google’s Gemini, the AI model autonomously broke into the protected systems of three real companies during cybersecurity testing.
What happened: cybersecurity company Irregular was testing Gemini’s hacking abilities when the model managed to gain access to the companies’ systems on its own. And the methods weren’t exactly Mission Impossible level.
In one case, Gemini simply kept guessing passwords until one worked. In two others, it found login credentials sitting in a public repository.
Here’s the catch: the exercise was supposed to test Gemini’s cybersecurity capabilities, but the systems it entered belonged to real companies.
Google said Gemini stopped each breach once it realised it had accessed an actual company. Irregular informed Google about the incidents in late July, but they became public only on Friday.
Let’s hit it! 💪🏻
1 Big Thing: What’s going on at Tata Sons? 🫤
Tata Trusts has once again challenged N Chandrasekaran’s reappointment as Tata Sons chairman, saying it did not comply with the company’s Articles of Association (AoA).
Tata Trusts also sharpened its criticism on September 20, calling the interpretation of the AoA being used to support Chandrasekaran’s reappointment “untenable.” It warned against attempts to alter the existing Tata structure, describing them as “taking a sledgehammer to crack a nut.”
Okay, so what’s the AoA: think of it as the company’s internal rulebook. It lays down how the company is run, including how important decisions are made and approved.
So, what’s the problem: Tata Trusts says Chandrasekaran’s reappointment required the support of a majority of directors nominated by the Trusts.
There are currently two Tata Trust-nominated directors on the Tata Sons board, which, according to the Trusts, means both needed to vote in favour. But Tata Trusts Chairman Noel Tata voted against the proposal.
The Trusts also argued that there was no deadlock in the vote. So, according to its interpretation, the chairman’s casting vote, essentially an extra vote used to break a tie, could not be used to change the outcome.
The dispute is now getting more serious. Senior advocate Abhishek Singhvi said on September 20 that he is joining the matter as the lead lawyer for Tata Trusts. He described it as a matter of ‘sadness and regret’ that the dispute could not be resolved peacefully.
2. Andhra Pradesh’s ₹15,000 crore shipbuilding bet 🚢
Mazagon Dock Shipbuilders has signed a deal with National Shipbuilding and Heavy Industries Park-AP to develop a greenfield shipyard at Dugarajapatnam in Andhra Pradesh, with the company planning to invest around ₹15,000 crore over the next five to seven years.
The details: the proposed shipyard will have a design capacity of 1.2 million gross tonnes per annum, with room for expansion depending on market demand.
It will cater to commercial vessels, including tankers, bulk carriers, container ships, liquefied natural gas (LNG) carriers and other large specialised vessels.
Big picture: nearly 95% of the country’s trade by volume and about 70% by value travels by sea.
India is now trying to build more ships at home and strengthen its maritime industry. The Maritime India Vision 2030 includes over 150 initiatives involving ₹3-3.5 lakh crore of investment, while the government has also announced a ₹69,725 crore package to support shipbuilding.
While we are on deals 💰,
Defence engineering firm Nibe has signed a deal with France’s Naval Group to collaborate on naval shipbuilding and defence technologies, including underwater drones, submarine systems, mine countermeasure systems and naval weapon-launching systems.
FYI: Naval Group has been present in India for over a decade, supporting the country’s naval defence industry and building partnerships with local companies.
3. Is gold becoming India’s unofficial credit line?
Indians have now borrowed more than ₹9 lakh crore against gold, with NBFC gold loans jumping 68.5% YoY by July 2026.
Higher gold prices have made the same jewellery worth more as collateral, while banks and NBFCs have made gold loans faster and easier to access.
What was once mainly emergency borrowing is increasingly being used for education, working capital and planned expenses.
The result: India’s jewellery box is becoming a formal credit line.
4. Stocks that kept us interested 🚀
What went up ⬆️
Bombay Burmah surged more than 6% after 18.3 lakh shares changed hands in large block deals.
BEML gained nearly 4% after securing a ₹5,400 crore order for the Mumbai-Ahmedabad High-Speed Rail Corridor.
L&T rose more than 1% after its semiconductor arm unveiled 40 products.
Eternal ended more than 1% higher after Blinkit started selling the new Apple iPhone 18 Pro.
What went down ⬇️
Afcons Infra fell nearly 2% after Tata Trusts proposed buying back part of the Shapoorji Pallonji Group’s stake in Tata Sons.
Tata group stocks reversed the previous day’s gains after Tata Trusts opposed the listing of Tata Sons.
What else are we snackin’ 🍿
👔 Buffett succession: Warren Buffett stepped down as Berkshire Hathaway chairman after six decades, with his son Howard Buffett taking over the role.
💰 Tax collections: India’s net direct tax collections rose 13% year-on-year to ₹12.1 lakh crore between April 1 and September 17.
📈 Growth upgrade: Moody’s raised India’s FY27 GDP growth forecast to 7% from 6%, citing supportive fiscal policies and economic resilience.
💉 Vaccine deal: Dr. Reddy’s partnered with Takeda to exclusively market and distribute its Qdenga dengue vaccine in India’s private market.
That’s a wrap! Don’t let the Monday blues get to you.
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Disclaimer: This newsletter is for informational and research purposes only. Nothing here should be considered financial, investment, legal, or professional advice.
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