🧑‍💻 India's IT sector reacts

Good morning. Diwali slump has finally hit us - the weekend crash awaits.

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🧑‍💻 IT sector reacts

• 🪙 How Chinese steel imports will hurt India

• 🗞️ Bite-sized summaries

  • 🇺🇸 Kamala Harris concedes to Trump

  • 🧬 Cancer DNA therapy

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Markets declined as investor caution grew ahead of the U.S. Federal Reserve’s rate decision. Key losers included Hindalco and Adani Enterprises, while Apollo Hospitals and SBI gained. All sectors closed in red, led by metals, pharmaceuticals, and autos, amid broader selling pressures and concerns over inflation.

INDIAN ECONOMY

🧑‍💻 IT sector reacts

Donald Trump’s re-election has stirred mixed feelings in India’s IT sector. Although his previous administration’s tough stance on immigration raised concerns, experts suggest that his return may have a limited impact on the industry.

While Trump’s administration might revisit H-1B visa policies with stricter rules, leading Indian IT firms like TCS, Wipro, and Infosys have already cut their reliance on H-1B visas by 56% over the past eight years. Furthermore, U.S. companies are increasingly turning to India-based global capability centres, which could help offset immigration-related challenges.

Trump’s proposed corporate tax cut, from 21% to 15%, along with a stronger dollar, is expected to benefit Indian IT firms by boosting revenue potential and enabling expansion. This optimism has already lifted tech stocks in India, with major companies like Infosys, HCL, and TCS seeing share price increases in anticipation.

On the technology front, Trump’s “pro-innovation” stance, especially in AI, is expected to drive rapid tech development and reduce compliance burdens. By repealing Biden’s AI regulation order, Trump could foster a deregulated environment that benefits Indian IT firms and startups entering U.S. markets, though concerns around AI safety and ethics may persist.

Additionally, JD Vance’s support for stricter antitrust policies may signal increased scrutiny of large tech players, potentially shifting market dynamics in ways that affect Indian IT firms. Overall, the sector remains cautiously optimistic, as Trump’s policies may create fresh growth opportunities for Indian IT in the U.S. market.

Read more: Economic Times

INDIAN ECONOMY

🪙 How Chinese steel imports will hurt India

Tata Steel CEO T.V. Narendran has voiced concerns over a surge in cheap Chinese steel imports, which he believes could threaten investments in India’s domestic steel sector.

The Indian steel industry is experiencing high demand, fueled by growth in construction, automotive, and energy industries, but the influx of “unfairly priced” Chinese steel—often sold below cost—is pressuring local producers by keeping prices low.

To address these challenges, Indian steel leaders are calling on the government to impose tariffs and other protective measures. The government has already initiated an anti-dumping investigation on specific steel imports from China and Vietnam, with the hope that tariffs will help stabilize the domestic market.

Overall: Narendran also remarked that although newly elected U.S. President Donald Trump may impose tariffs on Chinese steel, the impact on India would likely be minimal, as the U.S. imports very little Indian steel. Meanwhile, Tata Steel remains focused on sourcing coking coal domestically and from Australia, with no plans for acquisitions abroad.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🇺🇸 Kamala Harris concedes to Trump - Donald Trump defeated Kamala Harris in the 2024 U.S. presidential election, securing his second term with 291 electoral votes to Harris's 223, though some states remain uncounted. After his victory, Trump delivered a speech in Florida, expressing gratitude to his family and campaign team and congratulating his Republican running mate, JD Vance, as Vice President-elect. Harris acknowledged the importance of a peaceful transfer of power in a call to Trump, who will begin a 75-day transition period before his inauguration on January 20, 2025. This marks a historic comeback for Trump, making him the first felon president.

🧬 Cancer DNA therapy - Extrachromosomal DNA (ecDNA), small circular DNA molecules outside chromosomes, plays a major role in fueling aggressive cancers by amplifying oncogenes and violating genetic norms. Studies led by researchers including Howard Y. Chang and Paul Mischel reveal that ecDNA evades Mendelian inheritance, enabling coordinated and rapid proliferation in tumor cells. These molecules drive cancer by elevating gene transcription and facilitating oncogene hubs, which strengthen tumors' adaptability. Researchers also identified a potential therapeutic approach: blocking the enzyme CHK1 disrupts ecDNA replication, selectively harming ecDNA-driven cancer cells. A biotech, Boundless Bio, is testing treatments targeting ecDNA to improve cancer outcomes.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Hurricane Rafael leaves Cuba reeling, moves into Gulf of Mexico.

• Hit by scandal, Japan’s top automaker Toyota reports lower profits.

• Tesla stock is soaring as Elon Musk looks to benefit from Donald Trump's victory.

• Sweden's Truecaller hit by Indian tax raid, shares fall 11%.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Anushka Shetty's birthday gift to fans: Malayalam debut announcement in Kathanar - The Wild Sorcerer.