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Budget’s AI infra push could reshape India’s growth story: Raamdeo Agrawal

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Budget’s AI infra push could reshape India’s growth story: Raamdeo Agrawal
Veteran investor Raamdeo Agrawal has described the government’s decision to offer a 100% tax holiday for data centres until 2047 as a transformational policy move that could reshape India’s position in the global artificial intelligence infrastructure race.

Speaking to ET Now, Agrawal, Chairman & Co-Founder, MOFSL termed the incentive a “1000-pound gorilla” decision, arguing that it addresses a critical gap in India’s participation in the global AI infrastructure boom — a wave he described as the largest infrastructure build humanity has ever seen.

“This 1000-pound gorilla, if you see what is happening in the world, we were left out in terms of the AI infra boom. This is humanity’s biggest infra build anywhere in the world. That is the data centre capex which is happening, and that data centre, you need a lot of power. I mean, it is a power guzzler,” Agrawal said.

He noted that the boom in data centres has been a major growth driver for the US economy and said India now has a unique opportunity to become globally competitive by leveraging lower infrastructure, manpower and power costs.

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“But we were missing out on this particular move which is actually powering entire America in a big way. Today, America is really rocking only because of this particular boom. And now by doing this, a 22-year tax holiday — I mean, the country which has the highest competitive edge in doing a data centre, the cost of infrastructure will be lowest, cost of running people will be lowest, cost of power will be lowest,” he said.


Agrawal added that India’s ability to supply large amounts of green and conventional power could further strengthen its appeal as a data centre and AI hub.
“We will be able to provide as much green power, grey power we want. I think this particular opportunity is absolutely what was needed and this is going to be incremental growth,” he said.While estimates suggest that fresh investments of ₹30,000–50,000 crore could flow into the sector, Agrawal cautioned that the true scale of the opportunity may only become clear over time.

“Let us see. Some people are saying ₹30,000, ₹40,000, ₹50,000 crores kind of new investment can come very quickly, but God knows. In 1995, it was very difficult to figure out that India will do $250 billion of software exports, and even that is happening on the back of it. So, these are the things which you cannot say how big it will be, but this is a game-changing kind of a thing,” he said.

He stressed that the move stood out in the budget as a bold, unconventional reform with long-term implications.

“Apart from whatever other things are there in the regular way in the budget, this one was completely out of syllabus, out of box, and it will have far-reaching impact — maybe not in six months, but as we go forward, I think this is going to be a game-changing thing. It can actually change the outlook for the country, outlook for the markets,” Agrawal said.

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He also pointed to a shift in investor perception, noting that India had previously been seen as lacking a clear AI investment story.

“Markets were disappointed that India does not have any AI play. Now, we are right there. So, it is going to be a big thing,” he added.

However, Agrawal also flagged concerns around the recent hike in Securities Transaction Tax (STT) on futures and options, warning that it could act as a drag on market liquidity and brokerage sector growth.

“The intention of the regulators or the policymakers or lawmakers in Delhi is very clear — they have been trying to curb this speculation,” he said, referring to earlier changes such as the conversion of weekly derivative contracts into monthly ones in November 2024.

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“That was the first one for which we are suffering for the last four quarters. If you see all the brokerages, the earnings are down by 25–30% year on year because of that,” he said.

Agrawal noted that just as the sector was beginning to recover, the fresh STT hike could create another headwind for high-frequency and arbitrage trading strategies.

“Now just about we are coming out of that particular kind of a headwind, and now we have a fresh new headwind where the F&O and option contracts will become far more unremunerative for the high-frequency traders, and that will suck the liquidity out of the market,” he said.

While the full impact remains uncertain, Agrawal expects growth in the broking space to remain subdued for the near term.

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“How many trades will become unviable, I do not know, but definitely it is a headwind. Only time will tell how badly we get impacted, but another four quarters will remain in slow land in terms of growth. Maybe after this Q4, I was thinking we will again go to 25% kind of growth. Now, I think that may not happen,” he said.

Overall, while the STT hike may weigh on near-term market activity, Agrawal believes the data centre tax holiday could prove to be one of the most consequential structural reforms in recent years — potentially positioning India as a serious global player in AI infrastructure over the coming decades.

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Iovance Biotherapeutics: Positioned For Multi-Year Growth, Buy The Pullback

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Iovance Biotherapeutics: Positioned For Multi-Year Growth, Buy The Pullback

Iovance Biotherapeutics: Positioned For Multi-Year Growth, Buy The Pullback

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Taking the high ground

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Taking the high ground

Crane technology from Perth startup AMLab is being used in some of the world’s busiest ports.

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Sheffield enters debt talks as Thunderbird mine teeters

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Sheffield enters debt talks as Thunderbird mine teeters

The future of the Thunderbird Mineral Sands mine hangs in the balance as Sheffield Resources enters urgent negotiations to resculpt its debt load following a string of production woes.

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Toyota recalls 73K vehicles over pedestrian warning sound making insufficient noise

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Toyota recalls 73K vehicles over pedestrian warning sound making insufficient noise

Toyota is recalling more than 73,000 hybrid vehicles over a pedestrian warning sound issue, according to the National Highway Traffic Safety Administration (NHTSA).

Certain 2023–2025 Toyota Corolla Cross Hybrid vehicles are affected by the recall effort because they do not make a loud enough sound while in reverse, making it harder for pedestrians to hear and increasing the risk of injury.

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“The vehicles may fail to make sufficient pedestrian warning sounds when in reverse,” the NTSB said in its announcement.

TOYOTA RECALLS MORE THAN 144,000 LEXUS VEHICLES OVER REARVIEW CAMERA FAILURE RISK

Toyota Corolla Cross Hybrid vehicle in a parking lot

Toyota is recalling more than 73,000 hybrid vehicles over a pedestrian warning sound issue. (Getty Images / Getty Images)

“As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 141, ‘Minimum Sound Requirements for Hybrid and Electric Vehicles,’” the agency continued.

A total of 73,528 vehicles are affected by the recall, although only about 1% of them are likely to have the defect.

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Toyota Corolla Cross Hybrid

About 73,528 Toyota Corolla Cross Hybrid vehicles are affected by the recall. (BAY ISMOYO/AFP via Getty Images / Getty Images)

The recall numbers are 26TB08 and 26TA08.

Toyota dealers will update the software on the affected vehicles free of charge to fix the pedestrian warning sounds.

FORD RECALLS MORE THAN 254,000 SUVS DUE TO SOFTWARE ISSUES

The Toyota logo on a building

Toyota dealers will update the software on the affected vehicles free of charge to fix the pedestrian warning sounds. (Smith Collection/Gado/Getty Images / Getty Images)

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Owner notification letters alerting consumers of the safety risks are expected to be mailed out by May 30, 2026.

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Great Wall Motor Company Limited 2025 Q4 – Results – Earnings Call Presentation (OTCMKTS:GWLLY) 2026-04-06

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

This article was written by

Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

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Oil prices extend gains as Trump sharpens rhetoric on Iran

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Oil prices extend gains as Trump sharpens rhetoric on Iran
BENGALURU, – Oil prices extended gains on Tuesday as U.S. President Donald Trump heightened his rhetoric against Iran, threatening stronger action if the country fails to reopen the Strait of Hormuz, a key global oil transit chokepoint.

Brent crude futures rose 57 cents, or 0.5%, to $110.34 a barrel by 1202 GMT, while U.S. West Texas Intermediate crude futures were up $1.26, or 1.1%, at $113.67.

Trump, has threatened ‌to rain “hell” on ⁠Tehran if ⁠it fails to comply with his deadline of 8 p.m. EDT Tuesday to reopen the strait. “They could be taken out,” Trump warned, pledging further action if a deal is not reached.

Responding to a U.S. proposal through mediator Pakistan, Tehran rejected a ceasefire and said a permanent end to the war was necessary, and pushed back against pressure to reopen the strait.

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Iranian forces effectively shut the Strait of Hormuz after U.S. and Israeli attacks began on February 28, disrupting a waterway that typically carries about 20% of global oil flows.


“Clock-watching is now playing almost as big a role in oil markets as the ⁠fundamentals themselves ‌in the run-up to Trump’s ultimatum deadline,” said Tim Waterer, chief market analyst at KCM Trade.
“The potential for a ceasefire deal offers some counterweight and could spark a relief move lower if it gains traction, but ⁠persistent supply worries from the Hormuz chokepoint and damaged energy facilities are keeping the floor under prices.” On Monday, Iran’s Revolutionary Guards halted two Qatar liquefied natural gas tankers and directed them to hold position without providing explanations, sources told Reuters. However, shipping data has shown limited vessel movement through the strait since last Thursday.

The U.N. Security Council is expected to vote on Tuesday on a resolution to protect commercial shipping in the Strait of Hormuz, but in significantly watered-down form after veto-wielding China opposed authorizing force, diplomats said.

The attack in the region continued as explosions were heard in the Syrian capital, Damascus, and surrounding countryside on Tuesday that were caused ‌by the Israeli interception of Iranian missiles, Syrian state TV reported.

Saudi Arabia said on Tuesday it intercepted and destroyed seven ballistic missiles launched towards its Eastern Region, with debris falling near energy facilities, according to the defence ministry.

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The conflict has pressured global crude ⁠markets, with spot premiums for U.S. WTI crude surging to record highs as Asian and European refiners scramble to secure replacement supplies amid disrupted Middle Eastern flows.

Saudi Arabia’s state oil company Aramco raised the official selling price of its Arab Light crude to Asia for May delivery, setting a record premium of $19.50 a barrel above the Oman/Dubai average.

Adding to supply concerns, Russia on Monday said Ukrainian drones attacked the Caspian Pipeline Consortium’s terminal on the Black Sea, which handles 1.5% of global oil supply. Russia reported damage to loading infrastructure and storage tanks.

OPEC+ agreed on Sunday to lift oil output quotas by 206,000 bpd in May, though the increase will be largely notional as key members cannot boost production because strait closures are curbing exports.

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Global Market Today: Asian stocks open higher with Iran deadline in focus

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Global Market Today: Asian stocks open higher with Iran deadline in focus
Financial markets swung amid uncertainty ahead of President Donald Trump’s Iran deadline, with tentative ceasefire signals offset by the risk of an escalation in the conflict.

Brent crude trimmed its opening gains to trade just under $110 a barrel as markets remained volatile before Trump’s Tuesday 8 p.m. Eastern Time cutoff. US equity-index futures erased initial losses to trade little changed.

Asian shares opened higher with the MSCI Asia Pacific Index climbing 0.7% on the back of gains in South Korea. Technology stocks — seen as less impacted by the war in the Middle East — led the advance, with Samsung Electronics Co. climbing 1.5% after profit surged eight-fold.

Trump said talks with Iran are “going well” ahead of the deadline to agree to a deal, even as he insisted that freedom of navigation through the Strait of Hormuz must be part of any accord. If Iran doesn’t agree to the US’s terms, the military may destroy “every bridge in Iran by 12 o’clock tomorrow night” and put every power plant “out of business,” Trump warned Monday.

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“It’s clearly too early for market watchers to stop thinking about geopolitical risk,” said Jeff Buchbinder at LPL Financial. “For now, we believe the best course of action for investors is to be patient.”


Iran reportedly passed to mediator Pakistan a rejection of a ceasefire proposal. It demanded a permanent end to the war, lifting of sanctions, and reconstruction efforts, in addition to protocol for safe passage through Hormuz, according to the state-run Islamic Republic News Agency.
While traders kept a close eye on geopolitical developments, they awaited this week’s key inflation readings. Data published Monday showed the US service economy expanded in March at a slower pace as employment shrank by the most since 2023 and input prices accelerated.The mixed economic signals illustrate the uncertain time for most businesses, according to Jeff Roach at LPL Financial.

“A prolonged struggle over the Strait of Hormuz into May and June would markedly darken the outlook for the US and the global economy,” he said. “For now, given last Friday’s payroll numbers, Fed policymakers have the luxury of remaining in ‘wait and see’ mode.”

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Non-life insurers seen holding up better than life peers

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Non-life insurers seen holding up better than life peers
Mumbai: Indian insurers across the spectrum of services are expected to report rather circumspect fourth-quarter earnings, with a meltdown in equities in the aftermath of the Iran war wiping out investment gains for bulge-bracket institutional holders of stock, brokerages said.

Industry profitability is expected to be muted due to market conditions, Emkay said in a report. It said the nearly 14% decline in the Nifty 50 during Q4 and a 40-basis point rise in bond yields weighed 4-5% negative economic variance for private life insurers and 1% negative for Life Insurance Corp (LIC)-the biggest local institutional holder of stock.

The annualised premium equivalent (APE) in FY26 at life insurers would expand in high single digits. This slowdown in life insurance demand is partly driven by equity market volatility and rising yield expectations, which have dampened demand for ULIPs and non-par guaranteed products.

However, Axis Max Life is expected to lead followed by Life Insurance Corporation of India.

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HDFC Life is expected to report single-digit APE growth, with traction balanced across savings products, while value of new business (VNB) margins are likely to remain stable at around 24.5%. ICICI Prudential Life may see higher single-digit growth, with VNB margins at about 24%.


SBI Life is likely to report high single-digit APE growth in the quarter, with FY26 APE growth estimated at around 14% year-on-year, impacted by a slowdown in ULIP sales toward the latter half of March amid volatile equity markets. Its VNB margins are expected to remain stable at around 27%. LIC is likely to report a relatively stronger 13% growth, aided by group business, with VNB margins around 20% as it continues to pivot toward non-participating products.
In contrast, general and standalone health insurers are expected to deliver robust growth. ICICI Lombard General Insurance is likely to report 10-12% growth in gross written premium, supported by motor and health segments, although commercial lines may see a slowdown. Its combined ratio is expected to remain broadly flat at around 102.6%, weighed down by higher expense ratios. Star Health and Allied Insurance is expected to post strong double-digit growth, aided by improved affordability following GST rate changes and normalisation of earlier regulatory impacts. Both claims and combined ratios are likely to improve.

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Edwards Lifesciences CVP Lippis sells $82,522 in stock

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Edwards Lifesciences CVP Lippis sells $82,522 in stock

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Americans want weight-loss pills for cost and convenience

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Americans want weight-loss pills for cost and convenience


Americans want weight-loss pills for cost and convenience

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