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What is the story about?
Good morning! It's a busy and buzzing Friday, with a lot of interesting stories. US President Donald Trump’s pharma tariff rattles markets, the Supreme Court defers hearing in the Vodafone Idea AGR case, IT stocks extend losing streak, and the Indian Air Force prepares to retire iconic MiG-21 jets.
We also take a look at RBI's action on BNPL startup Simpl, why a weak rupee may not be such a bad thing for now, India's credit card spending in August and more.
Dive in!
Vodafone Idea AGR dues verdict deferred to October 6; Govt seeks more time
The Supreme Court deferred hearing on the Vodafone Idea AGR Matter to Oct 6 after Solicitor General Tushar Mehta sought more time on behalf of DoT
Vodafone Idea said they had no objections
Shares of Vodafone Idea continue to remain at the lows of the day, currently trading 6.5% lower at ₹8.1.
TRACK LIVE UPDATES HERE
RBI orders BNPL player Simpl to suspend payment operations
The Reserve Bank of India (RBI) has directed Bengaluru-based buy-now-pay-later (BNPL) startup Simpl to immediately cease all payment operations, for not having the requisite authorisation under the Payments and Settlement Systems (PSS) Act.
The development was first reported by The Economic Times.
The order, conveyed by the regulator to the startup in a letter dated
September 25, 2025, directed Simpl to immediately stop the business of payment systems carried out by involving functions of payment, clearing and settlement.
Donald Trump announces 100% tariff on branded drugs unless US plants underway
US President Donald Trump announced a fresh round of tariffs, including a 100% duty on branded or patented pharmaceuticals starting October 1, unless a company is building a manufacturing plant in America.
Trump posted on social media that there would be no levies on pharmaceutical imports if companies have broken ground on a US manufacturing plant, or if such a plant is under construction.
Sun Pharma shares fall over 4% after Trump announces 100% tariffs on branded, patented drugs
Shares of India's largest drug manufacturer, Sun Pharma Ltd. fell over 4% on Friday, September 26, after US President Donald Trump announced that there will be a 100% tariff on branded and patented drugs being imported in to the US, starting October 1.
The tariffs will not be applicable to those companies that have plants in the US, are building plants in the US, or have broken ground for building plants in the US.
Pharma stocks led by Natco, Wockhardt fall up to 5% after US tariffs on generic, patented drugs
Indian Pharma companies, from Sun Pharma Ltd. to Aurobindo Pharma Ltd., Gland Pharma Ltd., Lupin Ltd., Cipla Ltd. among others fell up to 5% on Friday, September 26, after US President Donald Trump announced100% tariffs on branded and patented drugs entering the US from October 1.
Eight out of the top 10 losers on the Nifty 500 index are Pharma stocks, and all of them, Natco Pharma, Wockhardt, Caplin Point, Alembic Pharma, Laurus Labs, among others fell up to 5% at the start of trade on Friday.
Waaree Energies shares fall over 5% after reports of US investigation on duty evasion
Shares of Waaree Energies Ltd., India's largest manufacturer of solar panels, fell over 5% on Friday, September 26, on reports of theUS investigating charges of the company evading anti-dumping and countervailing duties on solar cells.
Bloomberg reported earlier in the day, that the US Customs and Border Protection has started a formal investigation of Waaree and Waaree Solar Americas Inc. and has also imposed interim measures as there is "reasonable suspicion that the company evaded duties when bringing merchandise into the US," the reported stated citing a copy of the order.
Why a weak rupee may not be such a bad thing for now
The free fall in the rupee’s relative value against the US dollar may have its advantages. Particularly, exporters hit with a debilitating 50% tariff by US President Donald Trump may see some of the pain offset by the additional dollars received for each rupee’s worth of goods sent abroad.
The Indian currency has depreciated by around 6% against the US dollar since early May, yet policymakers and markets appear less alarmed than usual. Here's why
Credit card spending rise nearly 14% in August; new issuances hit seven-month high
Credit card spending in India rose 13.7% year-on-year (YoY) in August 2025 to ₹1.91 lakh crore, up from ₹1.68 lakh crore a year earlier, according to industry data. Spends were slightly lower than July’s ₹1.93 lakh crore.
HDFC Bank recorded the highest spends at ₹53,873 crore, a 24% YoY increase, followed by SBI Card at ₹33,063 crore (24.8% YoY), ICICI Bank at ₹34,492 crore (6% YoY), and Axis Bank at ₹21,761 crore (11.1% YoY). Outstanding credit cards stood at 11.23 crore in August.
TCS, Infosys, IT stocks fall for sixth day after Accenture results, extend ₹2 lakh crore wipeout
Indian IT companies, TCS Ltd., Infosys Ltd., HCLTech Ltd. and other largecap and midcap peers fell for the sixth day running in reaction to results by US consulting firm Accenture on Thursday evening after market closing hours Indian time.
Shares of TCS, Infosys, LTIMindtree, Tech Mahindra fell between 0.5% to 1.5% in early trading on Friday.
IAF to retire its ‘warhorse’ MiG-21 jets on September 26
The Indian Air Force will bid adieu to the mighty MiG-21 jets on September 26, marking the end of six decades of serving as the force’s “warhorse” since it was inducted in 1963.
The fighter jets were most notably used in the attack on the governor's residence in Dhaka on December 14, 1971 and was also fielded in the Kargil War in 1999, ANI reported.
Donald Trump signs TikTok order with US app valued at $14 billion
US President Donald Trump advanced plans for American investors to buy TikTok’s US operations from its Chinese owner ByteDance Ltd., with officials setting a potential value of $14 billion and outlining measures to ensure security of the new venture.
In an executive order signed Thursday at the White House, Trump declared that the deal complies with a 2024 law requiring ByteDance to divest control or face a prohibition in the US of the popular video-sharing platform. Trump also reiterated that he had won approval from his Chinese counterpart, Xi Jinping, for the deal.
We also take a look at RBI's action on BNPL startup Simpl, why a weak rupee may not be such a bad thing for now, India's credit card spending in August and more.
Dive in!
Vodafone Idea AGR dues verdict deferred to October 6; Govt seeks more time
The Supreme Court deferred hearing on the Vodafone Idea AGR Matter to Oct 6 after Solicitor General Tushar Mehta sought more time on behalf of DoT
Vodafone Idea said they had no objections
Shares of Vodafone Idea continue to remain at the lows of the day, currently trading 6.5% lower at ₹8.1.
TRACK LIVE UPDATES HERE
RBI orders BNPL player Simpl to suspend payment operations
The Reserve Bank of India (RBI) has directed Bengaluru-based buy-now-pay-later (BNPL) startup Simpl to immediately cease all payment operations, for not having the requisite authorisation under the Payments and Settlement Systems (PSS) Act.
The development was first reported by The Economic Times.
The order, conveyed by the regulator to the startup in a letter dated
September 25, 2025, directed Simpl to immediately stop the business of payment systems carried out by involving functions of payment, clearing and settlement.
Donald Trump announces 100% tariff on branded drugs unless US plants underway
US President Donald Trump announced a fresh round of tariffs, including a 100% duty on branded or patented pharmaceuticals starting October 1, unless a company is building a manufacturing plant in America.
Trump posted on social media that there would be no levies on pharmaceutical imports if companies have broken ground on a US manufacturing plant, or if such a plant is under construction.
Sun Pharma shares fall over 4% after Trump announces 100% tariffs on branded, patented drugs
Shares of India's largest drug manufacturer, Sun Pharma Ltd. fell over 4% on Friday, September 26, after US President Donald Trump announced that there will be a 100% tariff on branded and patented drugs being imported in to the US, starting October 1.
The tariffs will not be applicable to those companies that have plants in the US, are building plants in the US, or have broken ground for building plants in the US.
Pharma stocks led by Natco, Wockhardt fall up to 5% after US tariffs on generic, patented drugs
Indian Pharma companies, from Sun Pharma Ltd. to Aurobindo Pharma Ltd., Gland Pharma Ltd., Lupin Ltd., Cipla Ltd. among others fell up to 5% on Friday, September 26, after US President Donald Trump announced100% tariffs on branded and patented drugs entering the US from October 1.
Eight out of the top 10 losers on the Nifty 500 index are Pharma stocks, and all of them, Natco Pharma, Wockhardt, Caplin Point, Alembic Pharma, Laurus Labs, among others fell up to 5% at the start of trade on Friday.
Waaree Energies shares fall over 5% after reports of US investigation on duty evasion
Shares of Waaree Energies Ltd., India's largest manufacturer of solar panels, fell over 5% on Friday, September 26, on reports of theUS investigating charges of the company evading anti-dumping and countervailing duties on solar cells.
Bloomberg reported earlier in the day, that the US Customs and Border Protection has started a formal investigation of Waaree and Waaree Solar Americas Inc. and has also imposed interim measures as there is "reasonable suspicion that the company evaded duties when bringing merchandise into the US," the reported stated citing a copy of the order.
Why a weak rupee may not be such a bad thing for now
The free fall in the rupee’s relative value against the US dollar may have its advantages. Particularly, exporters hit with a debilitating 50% tariff by US President Donald Trump may see some of the pain offset by the additional dollars received for each rupee’s worth of goods sent abroad.
The Indian currency has depreciated by around 6% against the US dollar since early May, yet policymakers and markets appear less alarmed than usual. Here's why
Credit card spending rise nearly 14% in August; new issuances hit seven-month high
Credit card spending in India rose 13.7% year-on-year (YoY) in August 2025 to ₹1.91 lakh crore, up from ₹1.68 lakh crore a year earlier, according to industry data. Spends were slightly lower than July’s ₹1.93 lakh crore.
HDFC Bank recorded the highest spends at ₹53,873 crore, a 24% YoY increase, followed by SBI Card at ₹33,063 crore (24.8% YoY), ICICI Bank at ₹34,492 crore (6% YoY), and Axis Bank at ₹21,761 crore (11.1% YoY). Outstanding credit cards stood at 11.23 crore in August.
TCS, Infosys, IT stocks fall for sixth day after Accenture results, extend ₹2 lakh crore wipeout
Indian IT companies, TCS Ltd., Infosys Ltd., HCLTech Ltd. and other largecap and midcap peers fell for the sixth day running in reaction to results by US consulting firm Accenture on Thursday evening after market closing hours Indian time.
Shares of TCS, Infosys, LTIMindtree, Tech Mahindra fell between 0.5% to 1.5% in early trading on Friday.
IAF to retire its ‘warhorse’ MiG-21 jets on September 26
The Indian Air Force will bid adieu to the mighty MiG-21 jets on September 26, marking the end of six decades of serving as the force’s “warhorse” since it was inducted in 1963.
The fighter jets were most notably used in the attack on the governor's residence in Dhaka on December 14, 1971 and was also fielded in the Kargil War in 1999, ANI reported.
Donald Trump signs TikTok order with US app valued at $14 billion
US President Donald Trump advanced plans for American investors to buy TikTok’s US operations from its Chinese owner ByteDance Ltd., with officials setting a potential value of $14 billion and outlining measures to ensure security of the new venture.
In an executive order signed Thursday at the White House, Trump declared that the deal complies with a 2024 law requiring ByteDance to divest control or face a prohibition in the US of the popular video-sharing platform. Trump also reiterated that he had won approval from his Chinese counterpart, Xi Jinping, for the deal.
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