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AMD is taking rival chipmaker Nvidia head on in India by forming a joint venture with Tata Consulting Services, or TCS. We explain more in today’s deep dive.
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Macro
Banks are arbitraging the RBI after it did open market operations. The tri-party repo rate has fallen below the Standing Deposit facility rate which banks can park capital at. This actually undercuts the RBI’s effort to increase lending since banks would rather take the free arbitrage than make risky consumer loans.
Petronet, India's largest LNG importer, says more favorable deals have to be shown for trade to happen.Long-term LNG deals include settling at a manageable price but also should have clauses such as penalties to be paid if buyers fail to lift agreed volumes or if sellers hold back supply when prices rise.
Equities
GQG Partners, one of the largest India backers, has $24 billion (₹2.2 trillion) invested in the country. Its investments are in long time horizon companies like Adani Ports and Special Economic Zone, Adani Green and GMR Airports. All depend on India building out its infrastructure.
Lenskart continues its rise after strong Q3 results despite broader market weakness and criticism over its lofty valuation. Improving unit economics per store and a stronger customer base plus experience has bulls satiated. That being said, some equity researchers are pricing holds saying the rally will likely fade as growth becomes priced into the stock.
Global investors have bought $1.9 billion (₹172.3 billion) in stock this year, the highest in a month since last June. The larger shock is that domestic purchases have slowed to just $63.9 million (₹5.8 billion) per day compared to $363.8 million (₹33 billion) last year.
Surprisingly, consumer staples and healthcare stocks saw the largest outflows from overseas investors.The largest inflow was to metals and mining where foreigners bought $1.3 billion (₹115 billion) as an expression of India’s precious metals fervor.
Alts
Three more dark, sanctioned tankers arrived in Gujarat to be demolished. These dark tankers were used for trade with Russia and Venezuela and are generally older and more decrepit. The business of buying decommissioned ships and recycling the steel grew to $110 million (₹9.9 billion) since last year with tariffs being implemented.
Policy
The RBI tightened more rules on equity trading relating to bank loans for brokers and prop traders, a move that will curb leveraged trading. This, plus the taxes on derivatives, risks curbing volume at a time when investors are needed to curb volatility. Proprietary traders account for 50 percent of derivatives trades and 30 percent of cash equity trades on the NSE.
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AMD Takes on Nvidia in India
AMD is taking rival chipmaker Nvidia head on in India by forming a joint venture with Tata Consulting Services, or TCS.
As part of the agreement, AMD will offer its newest Helios data center blueprint; TCS will help support financing and construction of the project with a target being 200 megawatts of infrastructure deployed. The announcement happened at the AI summit being held in Delhi right now with AMD CEO Lisa Su announcing the project.
While India has previously been late to technology starts — think the personal computer explosion — it routinely catches up. In the past, the country was far from first with computers but now leads the world in software services and has nearly 1 billion smartphones in the country. With AI, India has managed to scale the technology while being closer to the initial action. Stanford views India as third in AI competitiveness globally, behind just the US and China who have released the most proprietary LLMs on the globe.
AMD has also been making inroads. AMD partners report that 20-25 percent of new chip deployments go to AMD so far in 2026 compared to 99 percent going to Nvidia back in 2025. Lisa Su, when making the announcement, referenced the growth and praised the partnership with TCS as being one that boosts large-scale deployments for her company while growing the compute foundation of India.
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Written by Yash Tibrewal. Edited by Shreyas Sinha.
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Disclaimer: This is not financial advice or recommendation for any investment. The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.