11:11 | Oil stays above $115 as US-Iran strike fears grow; global tech rout wipes out $600 billion; and more

Good morning!

Oil prices remain elevated, with Brent crude trading above $115 a barrel as markets assess the possibility of renewed US military strikes on Iran. 

Global markets are dealing with another concern: a sharp selloff in technology stocks. Disappointing quarterly results and cautious outlooks from companies including Alphabet, ServiceNow and Fortinet wiped out nearly $600 billion in market value on Thursday. The rout has also revived questions about the potential disruption from artificial

intelligence and its impact on established business models.

On the domestic front, the Cabinet Committee on Security has cleared a ₹40,000-crore proposal to build eight Next Generation Corvettes for the Indian Navy. The contract is expected to be signed with Garden Reach Shipbuilders and Goa Shipyard. 

Meanwhile, Rahul Gandhi questioned the government's decision to sell IDBI Bank to a Canadian firm. Separately, a new analysis looks at the signals venture capital investors assess before backing fintech companies.

Brent remains around $115; Oil remains high as fears of renewed US strikes on Iran grow

Oil prices rose on Friday October 30, as traders weighed signs that the US may resume military strikes against Iran, a move that could unsettle the region and disrupt energy flows.

Brent crude traded above $115 a barrel in early Asian trading, at $115.44, after swinging by more than $3 in the previous session. The US West Texas Intermediate (WTI) gained 0.8% to $102.84 a barrel.

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Alphabet, ServiceNow, Fortinet rout erases $600 billion, 12% of India’s market cap

A selloff in global technology and consumer stocks wiped out nearly $600 billion in market value on Thursday, equivalent to about 12% of India’s $5.02 trillion market capitalisation at the close.

Disappointing September-quarter results and cautious outlooks from major companies, including Alphabet Inc., ServiceNow Inc. and Fortinet Inc., fuelled concerns that artificial intelligence (AI) could disrupt established business models and weigh on growth.

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CCS clears ₹40,000 crore proposal to build warships for Navy

The Cabinet Committee on Security (CCS) on Thursday (October 29) cleared a proposal worth ₹40,000 crore to build eight Next Generation Corvettes (NGCs) for the Indian Navy, reports said.

The CCS was led by Prime Minister Narendra Modi on October 28. The contract is expected to be signed in a few days with Garden Reach Shipbuilders, Kolkata, and Goa Shipyard Limited, the report said.

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Asian Paints share price target cut by multiple analysts citing margin concerns, competition

Multiple analysts covering Asian Paints Ltd., India's largest paints company, have cut their price target on the stock after its September quarter results, that were reported during market hours on Thursday.

37 analysts currently have coverage on Asian Paints, of which 20 have a "buy" rating, 10 say "hold", and seven others have a "sell" rating on the stock.

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Trent shares jump 6% after strong operational Q2 results; Check latest price targets

Shares of Tata Group retailer Trent Ltd. opened with gains of over 6% on Friday, October 30, after the company reported its September quarter results, with operating performance ahead of analyst estimates, supported by margin expansion and growth in its Star business.

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Gold and silver correction continues: What should investors do now

Gold and silver prices traded lower in international markets on Friday, October 30, as investors assessed the outlook for US interest rates and developments around geopolitical tensions.

On COMEX, gold futures were trading at $4,017.30 per ounce, down $14.10 or 0.35% from the previous close of $4,033.60 an ounce.

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Nifty 500: Vedanta Power, Vedanta Oil surges over 10% each, Suzlon hits 52-wk low on Q2 results

Vedanta Power, Vedanta Oil and Gas and Trent were among the stocks that moved the Nifty 500 higher at market open on Friday, October 30, while Paradeep Phosphates, eClerx Services and Suzlon Energy slipped lower.

Second-quarter results, announced after market close on Thursday, drove most of the moves. Suzlon Energy also hit a fresh 52-week low.

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Rahul Gandhi questions Modi govt's decision to sell off IDBI Bank to Canadian firm

Congress MP and Leader of the Opposition in the Lok Sabha, Rahul Gandhi, on Friday (October 30) questioned the Narendra Modi government's decision to sell off the profitable IDBI Bank to a Canadian firm.

Gandhi asserted that public banks are not assets to be sold off; they are tools to build the nation.

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Rupee edges higher to 95.22 against dollar: Why the gain remains limited

The Indian rupee opened marginally higher at 95.22 against the US dollar on Friday (October 30), compared with its previous close of 95.26, gaining 4 paise.

The marginal appreciation comes amid a retreat in the US dollar and a decline in US Treasury yields. However, the rupee's gains remain limited as a fresh surge in crude oil prices raises concerns over India's import bill and demand for dollars.

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The hidden signals VCs look for before betting on a fintech company

Lasting value in fintech will come not from rapid customer acquisition or a flurry of partnerships, but from understanding customers, deploying capital prudently and building systems to manage growth responsibly, writes Sagar Agarvwal, Founder & Managing Partner, Beams Fintech Fund.

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Delhi records coldest October night in four years as rain lashes capital; traffic hit by waterlogging

Delhi recorded its coldest October night in four years on Thursday, even as overnight rain continued into Friday morning, bringing a further drop in temperatures and leaving several parts of the capital waterlogged.

The showers disrupted traffic movement, with videos showing rain-soaked roads around Hazrat Nizamuddin railway station and Jamia Millia Islamia.

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