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Raychaudhuri: The rally in Indian stocks could hide a slew bargains for the end of the year
India's flagship equity indices Sensex, and Nifty 50 are at all-time records, despite outperforming their Asian counterparts. This exuberance masks another reality, however: Many stocks are currently trading at or near their 52 week lows. These "beaten-down" names could offer investors attractive year-end deals. This rally, which has seen Indian stocks rise by 9.5% this year is concentrated in a small number of companies. As of December 5, when looking at 828 Indian companies that had a market value of more than $500,000,000, 109 stocks were within 5% from their 52-week?lows, and another 139 only slightly exceeded this level. These two categories of stocks that are flagging together represent roughly twice as many large Indian companies trading near 52-week highs. In many cases, it's easy for investors to assume that these stocks are low-priced because they have good fundamentals. Earnings growth forecasts for many of these laggards are strong, their balance sheet is healthy, and the valuations remain reasonable. According to FactSet's consensus, 14 out of 109 stocks that have been beaten down are able to meet a high standard. They all have a forecasted earnings growth per share of over 10% through 2027. Four companies are worth more than $1 billion, and they include Inox Wind, HFCL (a telecommunications company), Tata Chemicals?and logistics giant Blue Dart. Blue Dart, the company with the lowest projected growth at 28%, is still a strong stock. What sank THEm? Why have they lagged behind? Investors' narrow focus and idiosyncratic issues are the main reasons for this. Inox Wind began the year with a PE of 29,6. Its July share issue, priced below market, raised concern about dilution to minority shareholders. Blue Dart was also concerned about valuation at the start of 2025 when it traded at a lofty ratio of 41 times earnings. The mood deteriorated after the government demanded additional taxes for one of its subsidiaries in September. Tata Chemicals also suffered from a fall in the price for soda ash, its main product, and an outage in its U.S. plant. HFCL disappointed investors as they started the year with a P/E of 36,4 only to have revenue drop by 24% within the first nine-months. Its owners also borrowed money, using more than 50% of their shares as collateral, which raised concerns that lenders would sell the shares if they fell any further. These issues are not insurmountable but, in an year where India lost favour with foreign investors, small concerns can have a large impact on the stock market. YEAR-END ?BARGAIN-HUNTING The artificial intelligence theme has also been a key factor in the performance of Indian stocks this year. It has taken over investor attention, to the detriment other themes and companies. During these single-theme periods, markets often misprice the stocks, which allows "weaker shares" to outperform if underlying fundamentals remain strong. In India, many companies that had been heavily liquidated in 2024 turned out to be outstanding performers in 2025. By 2024, 98 of these stocks will be trading at or close to their 52-week lows. 18 of these companies were "quality" firms, with solid balance sheets, strong earnings forecasts and growth-adjusted values. Nine of the 15 companies had market capitalisations exceeding $5 billion. They have all beaten the 9.5% returns on Indian markets this year. These companies, except for Reliance Industries, had strong earnings forecasts and their P/Es were either at or below the expected growth rates. Their 'impressive performance in the year 2025 is therefore not surprising. This pattern is unlikely to repeat itself this year, given the high level of trade tensions between India and the U.S. In addition, it is harder to find good investment opportunities in markets which have experienced a sharp rally. In reality, even in a strong stock market, it is possible to find high-quality shares whose prices are lagging behind. You just have to look hard and in the right place. You like this column? Check out Open Interest, your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn and X.
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Amtrak's new high-speed trains are delayed due to planning and track issues, according to a report
A Senate report released late Monday stated that the next generation of 'high-speed'?Acela trains from U.S. passenger rail Amtrak were delayed for more than four year due to issues with planning, design, and track, as well as a desire to increase speeds, which has not been realized. Ted Cruz, Republican chair of the Senate Commerce Committee, stated that Amtrak lost $287m in revenue and unplanned maintenance due to the extended use of its older Acela fleet. According to the report, the Biden administration purchased Amtrak cars in order for them to run on tracks that were not yet constructed. This was deemed an "irresponsible decision" by the committee. The Trump administration has rescinded over $4 billion for California's long delayed high-speed rail, leading California to file a lawsuit. Amtrak refused to comment immediately on the Senate report. The Senate report stated that the passenger railroad "began rolling out new trainsets" in August, but these trains are currently running at a slower pace than their predecessors. Amtrak should "prioritize procuring proven trainsets and technology that allows manufacturers to compete based on price instead of requiring idiosyncratic specifications," according to the report. It also argues for "shorter, more reliable schedules, and not marginally higher speeds." Roger Harris, Amtrak's president, said in an interview last month that it is necessary to retire older Acela trains first before the railroad can begin increasing speeds. The signaling system cannot be optimized until then. He estimated that the faster speeds would start in late 2026. Harris said that the speed would only be marginally higher due to the curvature of certain railroad bridges along the Boston-Washington corridor. Amtrak achieved a record in?November for revenue and ridership, while cutting losses by 15%, to $598 millions. It aims at operational profitability by the year 2028. Amtrak is planning to replace regional trains next year, and it's now looking at new trains for long distance service. Amtrak received $22 billion of the $66 billion allocated by Congress for rail projects. (Reporting and editing by Chris Reese, Stephen Coates, and David Shepardson from Washington)
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California investigates incidents of Waymo robotaxis stalling after San Francisco power failure
Top California regulators are investigating incidents where 'robotaxis' from Alphabet Unit Waymo stopped in certain parts of San Francisco on Saturday due to a power outage which caused gridlock and snarled the traffic. Waymo paused its service on Saturday night following a fire that broke out at a PG&E power substation, knocking out electricity to about one-third the city. This affected approximately 130,000 people and forced some businesses to temporarily close. Social media posts showed multiple videos of a?Waymo roboticaxis at intersections, with the hazard light on because traffic lights had stopped working. The?incident raised concerns about the unforeseen situations which can arise as autonomous vehicle operators race to deploy driverless?taxis throughout the U.S. Waymo has a fleet that includes more than 2,500 cars in the Bay Area and Los Angeles. It also operates in Metro Phoenix in Arizona, Austin in Texas, and Atlanta in Georgia. On Sunday,?a week after temporarily suspending its operations, it said that the ride-hailing services in the San?Francisco Bay Area had resumed. California Public Utilities Commission spokesperson said, "We are aware and looking into the specifics" in an email. The message was referring to Waymo cars stalling. The regulator didn't provide any details about what they were examining. Waymo has not responded to our requests for comment on the CPUC statement. Due to high costs of investment, strict regulations and the investigations that followed collisions which forced many companies shut down, commercializing robotaxis proved to be more difficult than expected. Self-driving taxis are back in the spotlight after Tesla introduced a service earlier this year in Austin, Texas and Waymo accelerated its expansion. The CPUC and California's Department of Motor Vehicles regulate and issue permits for the testing and commercial deployment of roboticaxis. Waymo stated in a Monday statement that while the Waymo Driver, the company's fully automated driving system, is designed to "treat non-functional traffic signals as four way stops", the scale of the outage caused vehicles to remain stationary for longer than normal. A spokesperson for the company said that the company is incorporating lessons learned from this event, and committed to improving its technology to adapt to traffic conditions when there are similar disruptions.
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Governor of Odesa says Russian forces have attacked Odesa in second regional strike within 24 hours
The regional governor said that Russian forces attacked Ukraine's Black Sea Port of Odesa on?Monday evening and damaged port infrastructure and a vessel. This was the second attack in the region within less than 24 hours. Oleh Kiper wrote on Telegram that emergency crews are tackling the aftermath after the latest attack, but did not provide any further details. He stated that no injuries were reported. A previous overnight attack on port and energy infrastructure hit Odesa Region, causing a fire in a major Port and disrupting the electricity supply to tens if not thousands of people. Ukraine's Black Sea port is crucial to its export-driven economic system and its security and functionality have been vital to the country's survival during nearly four years of war since Russia's invasion in February 2022. Oleksiy Kuleba, Deputy Prime Minister of Russia, said in a Telegram message that "Russia is trying to disrupt maritime logistic by launching systematic attacks on port and energy infrastructure." "Last evening, ports and energy infrastructure were again targeted." Kuleba reported that, following the attacks in Pivdennyi, an fire broke out and 30 containers of flour or vegetable oil were on fire. The fire was being tackled by emergency services and port workers. He said that because of the damage to the energy grid, the electricity supply to more than 120,00 customers in Odesa was disrupted. The interior ministry reported that one person was injured in the attack. Russia has not yet commented on the attacks. Officials from Ukraine said that in the past few weeks Russia has intensified its attacks on Odesa and the surrounding area, attempting to restrict Ukraine's access the Black Sea, and disrupt the?critical logistic routes leading to the border of Moldova. Ukraine is also targeting Russia's maritime logistic, focusing more on the shadow fleet of oil tankers used to circumvent sanctions imposed by Russia due to the war. (Reporting and editing by Timothy Heritage, Ron Popeski and OlenaHarmash)
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Repairs at CPC Terminal continue, despite a steady decline in Urals.
Market sources reported that the differential between Urals crude and CPC Blend remained unchanged on Monday. However, export volumes of CPC Blend remained uncertain due to?repairs continuing on single-point mooring units (SPMs)?at CPC Terminal. CPC is loading oil into SPM-1. SPM-2 has been taken out of service due to a drone attack by Ukraine, and SPM-3 undergoes scheduled maintenance. Oil prices rose on Monday, after the U.S. Coast Guard attempted to intercept an oil-tanker in international waters near Venezuela, a day earlier. Ukraine also damaged two vessels in Russia and their piers, increasing the risk of disruptions in oil supplies. PLATTS WINDOW The traders reported that no bids or offers for Urals, Azeri BTC, and CPC Blend were made on Monday. Authorities in southern Russia said that a drone attack by Ukraine in the Krasnodar Region of Russia damaged two vessels and two piers. * Ukraine announced on Saturday that its?drones' struck a Russian oil platform belonging to Lukoil, in the Caspian sea. Kyiv is stepping up its attacks on Moscow’s oil infrastructure. (Reporting By)
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Waymo restores service in San Francisco after power outage
Waymo, an Alphabet division, announced on Monday that it had resumed its ride-hailing services in the San Francisco Bay Area after suspending them temporarily due to a power outage which caused gridlock and snarled up traffic. The company paused its service 'Saturday night following a fire that broke out at a PG&E substation, knocking out power for roughly one-third?of the city. This affected about?130,000 people and forced some businesses to temporarily close. Waymo reported that most trips were completed without incident before the vehicles returned to their depots or stopped. A spokesperson for Waymo said, "We're committed to earning and maintaining trust with the communities that we serve every day." Waymo stated that it would ensure its technology was better adapted to traffic conditions when similar disruptions occurred.
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Global robotaxi deployments gain momentum as the driverless future grows.
Uber and Lyft have teamed up with Chinese technology company Baidu in order to test self driving taxis in the UK by 2026. They are the latest ride hailing platforms to team up with self-driving car firms. Robotaxis is expected to become a safer form of transportation that reduces operational costs through reducing the reliance on drivers, and by optimizing routes using real-time data. Robotaxi services are being tested in several cities and countries, including robotic food delivery, daily travel and last-mile logistics. Here are some of the most significant robotaxi trials, tests and operations worldwide: UBER, LYFT, AND BAIDU Uber partnered with Chinese technology company Baidu to test Apollo Go RT6 self-driving vehicles in the UK next year. MOMENTA AND GRAB Momenta and Singapore's ride-hailing service Grab partnered in December in a deal which included an investment by Grab. MOMENTA, LUMO AND MERCEDES-BENZ In December, Mercedes-Benz launched a robotaxi service with UAE taxi operator Lumo and autonomous driving company Momenta. The Mercedes S-Class-based fleet is expected to start operations in 2026 and expand to other markets. WERIDE AND GRAB Chinese roboticaxi company WeRide, and ride-hailing firm Grab announced that Singapore's Land Transport Authority had approved autonomous vehicle tests for their Ai.R Ai.R in Punggol District in November. The partners plan to quadruple the number of robotaxi tests on shuttle routes in 2025. They began their trials mid-October. WERIDE AND Uber WeRide and Uber began public rides in Abu Dhabi on Yas Island in November under a permit-backed launch. Uber Comfort, UberX or the new category "Autonomous", Uber's first self-driving option, are available to passengers. WERIDE IN ZURICH WeRide has received a driverless roboticaxi permit in November from the Swiss regulator for operation on public roads in Zurich’s Furttal Region. Safety-driver tests are underway, and the company expects to launch a fully driverless service in the first half of 2026. ZOOX IN SAN FRANCISCO Amazon’s self-driving subsidiary Zoox started offering free rides in certain parts of San Francisco to selected early users, the company announced in November. Zoox invites people on its waiting list to test its point-topoint service in South of Market and the Mission District to improve it before a wider rollout. BAIDU IN SWITZERLAND Baidu’s Apollo Go launched the AmiGo Robotaxi service in Eastern Switzerland in October, partnering with Swiss Post’s PostBus. Testing will begin in December, with a fleet of pilot vehicles mapping routes with safety drivers. Pilot rides will begin in early 2026 with safety drivers. Later, driverless tests are planned for late 2026. Early 2027 is the target date for full operations. In October, PONY.AI and THE XIHU Group received Shenzhen’s first citywide permit for driverless robotaxi commercial services. The approval was granted jointly by the city's biggest taxi operator Xihu Group and will allow services to begin in Nanshan Qianhai Baoan, before spreading across the entire city. WAYMO IN LONDON Waymo's autonomous unit Alphabet announced in October that it would launch a?autonomous ride-hailing service for London in 2026. The company has partnered with mobility fintech firm Moove in order to manage fleet operations and facilities as well as charging infrastructure before the roll-out. ZOOX IN VEGAS In September 2025, Zoox began its autonomous ride-hailing services on and around Las Vegas Strip. The company offered?ride to the public free of charge while waiting for the state to approve the collection of fares. The vehicles will be able to run independently, and remote assistance is only available when they request it. WeRide in Guangzhou has launched a fully driverless, 24-hour commercial operation in the Huangpu district of Guangzhou in September 2025. WERIDE IS IN SINGAPORE WeRide announced in September that it had begun testing its GXR roboticaxis in Singapore's Centre of Excellence for Testing & Research of Autonomous Vehicles. The Centre was opened by Nanyang Technological University in 2017. The company hopes to launch the service on public roads designated by the government before the end of 2025. PONY.AI IS IN SHANGHAI In August, Pony.ai launched a driverless ride hailing service in Shanghai, in partnership Shanghai Jinjiang Taxi. The launch followed the issuance eight demonstration permits during the World Artificial Intelligence Conference. Currently, the company operates robotaxis at designated areas in Pudong’s Jinqiao & Huamu. PONY.AI IS BEIJING In July, Pony.ai announced that its robotaxi, the seventh generation from Beijing Automotive Industry Corporation, had begun road tests in Beijing. Multiple vehicles are now operating within Beijing's High-Level Demonstration Area for Autonomous Driving, which covers 225 square kilometers. The company stated that the trials are a step towards large-scale production, and commercial launch. TESLA IN AUSTIN In June, Tesla launched a paid robotaxi service in Austin, Texas. Model Y SUVs were used in a city-restricted area and required a safety monitor to be onboard. Elon Musk's company tests its vehicles without safety monitoring onboard. WAYMO IN TOKYO Waymo partnered in April 2025 with Japanese taxi and limousine company Nihon Kotsu to test autonomous cars in Tokyo. Nihon Kotsu's drivers operated the vehicles manually during the initial testing phase, which took place in seven Tokyo wards including Minato, Shibuya, and Minato. BAIDU AND AUTOGO Baidu’s Apollo Go partnered in March with UAE-based autonomous vehicle company Autogo to test self driving vehicles at Abu Dhabi’s Integrated Transport Centre. The plan is to gradually expand the testing, and eventually launch commercial operations. In February 2025, Pony.ai will launch paid robotaxi services at Guangzhou Baiyun International Airport as well as Guangzhou 'South Railway Station. The company was approved as the first to operate these routes. PONY.AI IN HONG KING PONY.ai announced in January that it would be providing robotaxi services in Hong Kong. Initially, the service will serve airport staff at Hong Kong International Airport, before expanding to other areas of the city. BAIDU HONG KONG Baidu has been granted a permit for its Apollo Go robotaxi to be tested in Hong Kong by November 2024. The approval will allow the company to test 10 autonomous vehicles on North Lantau according to a recent statement from Hong Kong's Transport Department. WAYMO IN LOS ANGELES Waymo will be fully rolled out across an 80-square mile area, including Santa Monica Boulevard, Hollywood Boulevard and the University of Southern California in Los Angeles, in November 2024. UBER AND WAYVE Wayve is a British company that specializes in self-driving technology. It was backed by SoftBank, Nvidia and other investors. They partnered with Uber to launch advanced trials of AI in the UK in August 2024, with plans to conduct driverless tests as early as 2026. WAYMO IN SAN FRANCISCO Waymo launched a commercial fleet of Jaguar I?PACE??SUVs in the city on June 20, 2024. The service is available throughout the San Francisco Peninsula in vehicles with cameras and sensors. According to third-party data, Waymo now has more than doubled Lyft's share of the San Francisco Bay Area ride hailing market. BAIDU IN SHENZHEN Baidu has obtained a license for the operation of fully driverless ride hailing services in Shenzhen by June 2023. Shenzhen will be the fourth Chinese city to permit such services after Wuhan Chongqing and Beijing. Baidu's robotaxis can now operate without safety operators. BAIDU IN CHONGQING & WUHAN Baidu has secured the first permit in China to provide commercially driverless robotaxi service to the public by August 2022. Apollo Go can now operate in Chongqing, Wuhan and Chongqing without safety drivers. WAYMO IN PHOENIX In October 2020, Waymo will launch its driverless robotaxi in Phoenix. The company started offering rides in minivans without a human on board as part of a gradual rollout.
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"You do what is possible": LGBTQ+ leaders fight Trump
In 2025, the number of LGBTQ+ individuals in elected office will be at a record high. Lawmakers fighting federal and state attacks against community Mid-term elections bring hope to combat anti-LGBTQ+ legislation Lucy Middleton Parents or caregivers can refuse to accept a child’s gender identity in one law, and pull their children out of classes discussing LGBTQ+ issues under another. North Carolina's rules define only two genders, prohibit gender affirming care in prisons, and prevent?trans students using facilities that are aligned with their identities. "Instead they focus on divisive issues and hurricane relief," Alston said, a Democrat lesbian who spoke at the International LGBTQ+ Leaders Conference held in Washington, DC, this month. "Unfortunately, my party members - this year we do not have the leverage to stop all of the bad things that are happening." Alston is among the record-breaking 1353 LGBTQ+ elected officials who are in office in the United States this year. She has spent the last 2025 years fighting to protect her community's rights, under Donald Trump's presidency. In January, the president launched his second term by launching policies and executive order to target the LGBTQ+ community. These included limiting access to gender affirming care, ending non-binary acceptance, eliminating diversity, equality, and inclusion (DEI), and defunding inclusive health initiatives. Trans Legislation Tracker, a data-analysis site, reports that more than 1,000 bills aimed specifically at trans people have been introduced in the United States this year. Legislators who are LGBTQ+ face a double challenge: balancing federal policy while protecting the community against state-level change. Alston's general assembly is dominated by Republicans. "You do as much harm reduction as you possibly can. You try to educate as many voters as you possibly can. And then, you recharge so that you can do it all again tomorrow." Federal vs. State Trump promised to end "transgender ludicrousness" soon after his election. He has framed trans rights as a threat against others, especially women and children, throughout his executive orders. Nearly one year after Trump took office, the directives have had a varying impact across the nation, depending on state laws and political affiliation. Michigan's top attorney Dana Nessel revealed that Democratic Attorneys General from across the country meet online every two days to coordinate lawsuits filed against the administration. A coalition of states including California, Maine Michigan and Wisconsin filed a lawsuit in August challenging Trump's ban on gender affirming care for children, claiming that it interfered with state authority. "A big problem is that I sometimes fight as hard against Republicans in the state legislature as against Trump at the national level," said Nessel. He is the first openly LGBTQ+ elected to a statewide office of Michigan. It's sometimes hard to do both at the same time. Maine lawmakers have successfully blocked a proposal to prevent trans students from using bathrooms, single-sex shelters and changing rooms that are aligned with the identity they identify. A Republican Representative shared the name of a transgender child and his school on social media. The law passed by the state protects minors against being doxxed. It's not easy to stand up for what you believe in. "We're seeing it across the country: hateful people are targeting children," said Ryan Fecteau. He is the Speaker of the Maine House of Representatives. We should ensure that bullying children is not tolerated. ANTILGBTQ+ LAWS Idaho, Arkansas Montana and Wyoming are the states that have the most anti-LGBTQ+ legislation. In Florida, which is often considered the birthplace of such legislation, after its "Don't Say Gay", a 2022 law that limits discussion about LGBTQ+ topics in school, all attempts to anti-LGBTQ+ laws in 2025 failed. Republican Gov. Ron DeSantis removed multiple rainbow crosswalks, including a memorial for the 49 people who were shot at Pulse Nightclub in Orlando in 2016. This was to comply with the?instructions of Trump's Transportation Secretary to make road markings "free of distractions." Carlos Guillermo Smith is one of Florida's two well-known LGBTQ+ state Senators. He said that the removal of crosswalks had led people to find alternative ways to display rainbows in public by using private businesses. Smith said, "We saw the community rise up and say they will not be erased. They have found new locations where they can rebuild gayer." SECURITY FEARS Representatives from multiple states expressed concern that LGBTQ+ individuals were leaving not only their state, but the United States as a whole. It's the worst thing I've ever experienced. People have asked, "Should I go? Am I safe? Am I safe here? Alston is based in the city of Durham. "That's hard, because I have no good answer." North Carolina is a beautiful state, but some parents are worried about their children's treatment in school. Many Democratic officials from?Republican led states hope that next year's election will be beneficial to the LGBTQ+ community. All seats in the U.S. House of Representatives, a third of the U.S. Senate, and many state positions will be up for grabs in November 2026. Venton Jones is a Texas State Representative. "Right Now, we must do all we can to mobilize the communities, not only to vote, but to get to know their neighbor so that they can do this work," he said.
Azul, a Brazilian company, launches a share offer to raise $1.33 Billion
Brazilian airline Azul launched on Monday a 'primary share offer' to raise around 7.44 billion reais (1.33 billion dollars) to settle financial debts.
The filing indicated that Azul is offering 724 billion ordinary shares and 724 billion preferential share.
Azul filed for Chapter 11 bankruptcy at New York in May. The company wanted to reduce its debts and increase the resilience of their business to market challenges such as fluctuations in fuel prices and currency rates.
A U.S. bankruptcy court judge approved the debt restructuring of the Brazilian airline earlier this month. This allowed the airline to reduce?more than 2 billion dollars in debt, and raise capital via a new equity right offering and an investment from American Airlines.
Azul offers preferential shares as allotments of 10,000 at a price of 101.45 reais each, whereas ordinary shares will be sold in groups?of one million shares for a price?of 135.27 reais per group.
The bookrunner for the offering is UBS BB, whose final conclusion will be ratified on January 6 by Azul's Board.
Azul also offers?subscription bonuss, which can later be converted into shares, for investors who take part in the offering.
(source: Reuters)