Strong domestic and global cues dominated the week that went by, with the headline that dominated newspapers globally was the meeting between US President Donald Trump and his Chinese counterpart Xi Jinping. The leaders of the world’s top two economies met in a South Korean town to iron out differences in trade that have roiled markets.
Back home, the telecom sector keenly watched the developments that may emerge from the Supreme Court order, which allows the Centre to reconsider the piling adjusted gross revenue dues of Vodafone-Idea.
Also, the cyclone in Bay of Bengal that caused devastation in Andhra Pradesh was also in focus.
Trump-Xi Breakthrough
Xi and Trump called a ceasefire in a months-long trade war between the two largest economies during a meeting in South Korea.
Among the biggest announcements, Trump announced that the US will slash tariffs on China by 10%. Xi highlighted the need for cooperation in key areas such as trade, energy, and broader economic development.
Trump said China will buy American agricultural products and energy, while Beijing paused its export controls on rare earths and magnets for a year.
Besides, Trump secured trade pacts with Thailand, Malaysia, Cambodia and Vietnam during his Asia tour.
President Donald Trump, left, and Chinese President Xi Jinping shake hands before their meeting at Gimhae International Airport in Busan, South Korea, Thursday, Oct. 30, 2025. (Photo: AP/PTI)
Vodafone AGR Order
The Supreme Court order released this week allows the central government to reconsider issues related to Vodafone Idea’s adjusted gross revenue dues raised for the period up to fiscal year 2016-2017, offering a potential breather to the debt-laden telecom operator.
The order’s Point 7 clarified that any relief package from the government can only be extended to the company and not to other players. This has been viewed as negative for Bharti Airtel, which still faces AGR liabilities estimated between Rs 40,000 crore and Rs 50,000 crore.
For Vodafone Idea and Indus Towers, Point 6 of the order stated that any claim is restricted only to the additional AGR demand raised for the period up to the financial year 2017.
Cyclone Montha
Cyclone Montha, which crossed the Andhra Pradesh coast past midnight on Tuesday, left three persons dead, damaged standing crops over 1.50 lakh acres and disrupted power and transportation.
Following its landfall, Montha weakened into a deep depression over coastal Andhra Pradesh and adjoining Telangana.
The Centre on Friday reviewed preparedness measures for Cyclone Montha with senior officials of the eastern coastal States, including Andhra Pradesh, Odisha and Tamil Nadu.
Cyclone Montha has weakened but remains over central Chhattisgarh, moving northwest, as per officials.
Machilipatnam: NDRF personnel remove uprooted trees following rains and strong winds, in the aftermath of cyclone ‘Montha’, in Machilipatnam, Andhra Pradesh, on Wednesday, Oct. 29, 2025. (Photo: PTI)
US Fed Rate Cut
The US Federal Reserve slashed its key benchmark interest rate for the second straight meeting, in line with Wall Street expectations, over sluggish growth in jobs despite the tariff risk. Fed Chairman Jerome Powell-led FOMC highlighted that it is strongly committed to “supporting maximum employment”.
A rate cut is aimed at giving impetus to businesses by easing liquidity, which can likely increase job opportunities.
Powell cautioned investors against assuming the US central bank would follow its second straight interest-rate cut with another in December.
“A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it,” Powell said.
Several policymakers have cautioned against lowering borrowing costs too rapidly with inflation still running above the Fed’s 2% target.
Lenskart IPO Buzz
Lenskart Solutions launched its Rs 7,300-crore IPO, which generated buzz both on Dalal Street and social media. The Peyush Bansal-led eyewear products maker will raise Rs 2,150 crore via fresh issue of shares, while promoters and investors will be offloading shares worth Rs 5,128 crore.
The company has been facing flak for valuing itself at Rs 70,000 crore or $7.94 billion.
The valuation metrics suggest a high premium, which is its price-to-earnings or P/E ratio. This is projected at 236.5 times for the financial year 2025 and a massive 202.1 times for the financial year 2026.
This received ridicule on social media, with many questioning the high valuation. While one user questioned if the company is “selling glasses or diamonds”, another said that if the company were valued at a 50% discount, it would “still not be worth the price”.
Several market experts also weighed in on the matter.
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