ET Intelligence Group: The imposition of countervailing duty (CVD) by the US Department of Commerce on solar modules from India is set to impact not just exporters but also companies focusing on the domestic market. With the viability of US-bound shipments now uncertain due to a CVD of 125.87%, exporters are likely to redirect unsold inventory to the Indian market. According to analysts, this may bring down module prices and affect realisations.

“Companies with minimal or no exports to the US will also be impacted by CVD. They face indirect risk, if export volumes from peers are redirected to India. Increased domestic supply could pressure module realisations,” Sweta Jain, research analyst, Anand Rathi Institutional Equities told ET. Indian exports may also look at other alternative markets in Africa or the Middle East and North Africa region, she added.

Companies rely on the US due to higher realisations. Imposition of CVD will wipe out the price advantage that previously allowed Indian manufacturers to earn superior margins.

Waaree Energies tried to soothe investors’ nerves by saying the company’s exports will not be impacted by CVD. “The company has been progressively strengthening its US-based manufacturing footprint as part of its long-term strategy to support localized production,” Waaree Energies said in a statement communicated to stock exchanges on Wednesday. It has an aggregate US module manufacturing capacity of approximately 2.6 GW, which will be expanded to approximately 4.2 GW by the end of the current financial year. It had a total installed capacity of 23 GW at the end of December 2025.
The stock of Waaree Energies fell 10.5%, the sharpest among peers, to ₹2,709 on BSE. Shares of Vikram Solar and Premier Energies dropped 5.5% and 6.3%, respectively.

Additionally, companies catering to solar firms also took beating. Solex Energy, maker of solar photovoltaic (PV) modules and EPC services provider for solar projects, plunged 8% while Waaree Renewable Technologies fell 3% on Wednesday.
The CVD has also eroded the future revenue visibility of Indian manufacturers that view the US as a key market for diversification and higher-margin exports. Companies that plan to increase their US exposure, invest in export-oriented capacity, or secure long-term supply contracts will now find those strategies commercially unviable under the steep duty regime. Investors will keenly watch further developments and any fruitful negotiations with the US government resulting in partial or full roll back of duties would offer a major relief.

Operator

Greetings, and welcome to the Root, Inc. Fourth Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Matt LaMalva, Head of Investor Relations and Corporate Development. Please go ahead, sir.

Matthew LaMalva
Head of Investor Relations

Good afternoon, and thank you for joining us. Root is hosting this call to discuss its fourth quarter and full year 2025 earnings results. Participating on today’s call is Alex Timm, Co-Founder and Chief Executive Officer; Jason Shapiro, Senior Vice President of Business Development; and Megan Binkley, Chief Financial Officer.

Earlier today, Root issued a shareholder letter announcing its financial results. While this call will reflect items within that document, for more complete information about our financial performance, we also encourage you to read our full year 2025 Form 10-K. Before we begin, I want to remind you that matters discussed on today’s call will include forward-looking statements related to our operating performance, financial goals and business outlook, which are based on management’s current beliefs and assumptions.

Please note that these forward-looking statements reflect our opinions as of the date of this call, and we are not obligated to revise this information as a result of new developments that may occur.

Forward-looking statements are subject to various risks, uncertainties and other factors that could cause our actual results to differ materially from those expected and

Asian shares climbed for a fourth day as recent turmoil sparked by concerns over the impact of artificial intelligence subsided, though gains were tempered by a muted response to Nvidia Corp.’s upbeat sales forecast.

The MSCI Asia Pacific Index rose 1% to another all-time high, with South Korea’s Kospi Index — a bellwether for AI investments — jumping 1.9% to a record. Nvidia’s shares erased earlier gains in extended trading, even after the chipmaker forecast first-quarter revenue between $76.4 billion and $79.6 billion, topping estimates of $72.8 billion.

US equity-index futures were also a touch weaker after the underlying gauges rallied on Wednesday. Elsewhere, the dollar weakened for a second day, while Treasuries broadly held their losses from the prior session. Gold edged up and Bitcoin fell to trade around $68,300.

Wall Street benchmarks rallied Wednesday, with investors looking to Nvidia’s outlook to reinvigorate the AI trade and ease concern that valuations have run ahead of fundamentals. Asian chipmakers, at the heart of the AI supply chain, stand to benefit if the build-out remains intact, bolstering the region’s semiconductor earnings outlook and lending support to broader equity markets.

“Nvidia’s blowout earnings should offer Asia — especially Japan, Korea and Taiwan’s AI-linked names — a firm fundamental anchor and a welcome sigh of relief,” said Hebe Chen, senior market analyst at Vantage Global Prime. “Yet the after-hours seesaw shows this market is now trading for ‘more than great,’ demanding renewed acceleration rather than mere confirmation.”

After a remarkable run of sales growth, which turned Nvidia into the world’s most valuable company, investors have proven harder to satisfy. Nvidia signaled that concerns about an overheated AI economy will continue to dog the company.
Though the average Wall Street estimate was $72.8 billion, some analysts had projected numbers approaching $80 billion, according to data compiled by Bloomberg.Investors have been so sensitive that a report from a little-known firm called Citrini Research outlining the potential AI risks to various industries — using hypothetical scenarios set in the future — jolted markets earlier this week. The disruptive potential of the technology has roiled stocks across sectors for weeks in what’s become known as the “AI scare trade.”

Wolfe Research conducted a poll that suggests most investors bet the AI “wrecking ball” that’s roiled markets is largely “overblown,” said Chris Senyek. However, participants viewed the “broadening out” trade as alive.

Mexican authorities tracked down and killed Nemesio Oseguera Cervantes, the notorious leader of the Jalisco New Generation Cartel known as “El Mencho,” by surveilling one of his romantic partners, who led them to a secluded mountain cabin where the operation unfolded fatally on February 22, 2026.

Defense Secretary General Ricardo Trevilla Trejo detailed the events during a February 23 press conference, revealing that intelligence efforts focused on a trusted associate of one of Oseguera’s romantic partners. On February 20, this individual escorted the woman to a property in Tapalpa, Jalisco, for a meeting with the cartel boss. The woman departed the next day, but Oseguera remained with his security detail.

Trevilla described the location as a wooded mountainous area, accessible primarily by ground forces with limited air support to avoid detection. When special forces raided the site on February 22, a firefight erupted. Oseguera was mortally wounded and died en route to medical care in Mexico City. Four cartel members were killed on site, and others were injured.

The operation stemmed from years of pursuit by Mexican and U.S. authorities. Oseguera, 59, headed the CJNG—one of the world’s most powerful and violent cartels—responsible for trafficking fentanyl, methamphetamine, cocaine, and heroin into the United States and beyond. He faced multiple U.S. indictments for drug trafficking and organized crime, with a $10 million reward offered by the State Department.

Mexican officials credited U.S. intelligence with providing “very important additional information” that helped pinpoint the location after tracking the romantic partner’s movements. The partner has not been publicly identified or charged, though some reports and leaked documents from past Guacamaya Leaks hacks have linked a woman named Guadalupe Moreno Carrillo to Oseguera’s inner circle following the 2021 arrest of his wife, Rosalinda González Valencia.

González Valencia, arrested twice on money laundering and organized crime charges, was reportedly released in 2025 after serving time. She had played a key role in the cartel’s financial arm, Los Cuinis. Authorities have not confirmed whether Moreno or another partner was involved, emphasizing operational security.

The raid triggered immediate violence across Jalisco and neighboring states. Cartel gunmen torched vehicles, blocked highways, set fires in Guadalajara and Puerto Vallarta, and clashed with security forces. Dozens of businesses were looted or burned, and several deaths were reported in the initial chaos. President Claudia Sheinbaum condemned the retaliation and pledged continued operations against organized crime.

Oseguera’s death marks a significant blow to the CJNG, which rose to dominance through extreme violence, territorial expansion, and fentanyl production. Analysts warn of potential fragmentation or power struggles. Possible successors include stepson Juan Carlos Valencia González (alias “El 03”), who oversees operations, or other family members. González Valencia could influence leadership decisions, though her public profile and legal history complicate any direct role.

The U.S. welcomed the development, with officials noting it disrupts a major fentanyl pipeline. The DEA and State Department had long prioritized Oseguera’s capture or death. His killing follows similar high-profile operations against other cartel figures, though CJNG’s decentralized structure may allow it to persist.

As investigations continue, Mexican forces remain on high alert for reprisals. The government has not released further details on the romantic partner’s identity or current status, citing ongoing security concerns. The case underscores the role of personal relationships in intelligence gathering against elusive high-value targets in Mexico’s drug war.

Mumbai: Shapoorji Pallonji (SP) Group’s proposed bond issue of about ₹25,000 crore (the equivalent of $2.8 billion) at home and overseas will likely be priced 300-400 basis points below its previous borrowing round, as improving visibility on asset sales and the group’s potential stake ownership settlement with Tata Sons lift investor sentiment, people familiar with the matter told ET.

One basis point is a hundredth of a percentage point.

The proposed round of fundraising, likely to be completed early April, could have a 2:1 split in favour of the domestic market. At home, the infrastructure conglomerate would seek to garner about ₹15,000-16,000 crore in rupee-denominated non-convertible debentures (NCDs).

Stake Monetisation Prospects
Overseas, SP Group has planned a three-year dollar bond of $750 million to $1 billion said the people cited above, unwilling to give further details as the ongoing discussions with potential investors are in the private domain.

Pricing on the overall package is likely to be tighter than the 18.75% coupon at which the group raised Rs 14,300 crore in 2023 through Goswami Infratech. That facility is due to mature on April 30 this year.
“The pricing is likely to come down significantly as the contours are becoming clearer,” one person aware of the talks said. The Tata Sons stake monetisation prospects for the SP Group enhance the recovery visibility for lenders and bondholders, said this person.
TATA STOCK
Bankers said the improved pricing outlook has come from greater clarity around the long-running dispute between the SP Group and Tata Sons, including discussions linked to stake monetisation. The SP Group, led by the Mistry family, holds about 18.75% in Tata Sons, making it the largest minority shareholder in India’s biggest conglomerate.

While the debate continues over whether Tata Sons must list under Reserve Bank of India (RBI) norms applicable to upper-layer non-banking financial companies, market participants said either a listing or a negotiated settlement would unlock value and improve SP Group’s credit profile.

Tata Trusts Chairman Noel Tata is understood to have outlined conditions around the listing issue in the context of leadership decisions at Tata Sons, adding a layer of complexity to the discussions, as reported by ET on February 24. However, since one of the conditions is an eventual settlement with the SP Group gives further comfort to lenders on stake monetisation, said one of the sources cited above.

Investor appetite appears strong with at least a third of the fund likely to come from dollar bond investors. The rest is likely to come from foreign banks, domestic investors and private credit funds.

Timelines for the issues aren’t certain yet. However, lenders said the base case, which assumes partial deleveraging at the group backed by monetisation, is intact.

If executed at the tighter end of expectations, the transaction would result in a visible reduction in SP Group’s funding costs and signal renewed investor confidence in its refinancing initiatives.