Good Morning. Suzuki and Toyota have existed side by side in the Indian automobile industry for decades. The two car makers, with different ambitions and customer segments, have over the years, turned into allies as the Indian market changes. What began as a hedge against future risk is proving to be one of the auto industry’s most successful partnerships.

India’s benchmark indices saw another day of losses on Tuesday. The BSE Sensex closed at 83,459.15, 519.34 points or 0.62% lower. The NSE Nifty50 closed at 25,597.65, 165.70 points, or 0.64% lower.

In other news, telecom major Vodafone Idea is having a great week. Meanwhile, in today’s Build On Blockchain, we learn how the technology could change access to private-equity funds.

DECODE THE NEWS

Toyota And Suzuki’s Pairing In India Is Shifting Their Trajectories

By Shubhangi Bhatia

What?

The global Toyota–Suzuki alliance was first forged in 2016 and has now evolved into a strong partnership reshaping India’s auto industry. What began as a cautious collaboration has deepened over time — tested, refined, and expanded across markets like Europe, Africa, Japan, and the Middle East. But its biggest success story is India.

For decades, the two brands have carved out different paths in India, one dominating the small and affordable segment, holding a lion’s share of the market, and the other catering to a more premium segment, starting from the Qualis, and now its most popular car is the Innova.

What began as different trajectories has now converged into a partnership in India’s changing automotive landscape.

Here, Suzuki, through Maruti Suzuki (in which it holds a 58.3% stake), dominates the small-car market — India alone contributes over 61% of Suzuki’s global output. Meanwhile, Toyota Kirloskar Motor (TKM) has seen India become its third-largest market outside Japan, after the US and China. Together, they’ve struck a balance: Suzuki brings market muscle, Toyota brings tech and strategy.

Why?

At first glance, it might look like Toyota gained the most — boosting its India volumes through rebadged Maruti models. But analysts say it’s a “symbiotic relationship.” Toyota gets reach in India’s mass market, while Suzuki benefits from Toyota’s global electrification tech, strong hybrid expertise, and credibility.

In October, Maruti Suzuki chairman RC Bhargava said the exports business is contributing “significantly” to the profitability of the company, as “the arrangement with Suzuki and Toyota to export cars has worked very well.”

According to Amit Kaushik, former managing director at Urban Science, Maruti Suzuki is the 'big brother' in India, while Toyota Motor is the 'big brother' globally.

As EVs (electric vehicles) enter the scene, though, the real test begins. Cross-badging may not translate seamlessly to EVs—Maruti will want to stay cost-efficient, while Toyota will push for brand distinction. Still, unlike past failed tie-ups (think Mahindra–Ford or VW–Suzuki), this alliance looks better aligned to go the distance.

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BUILD ON BLOCKCHAIN

Blockchain Could Finally Free Private-Equity Funds

By Vishwas Ved

What?

If you’re not super rich in India, your digital investment choices are pretty limited. You can buy units of mutual funds, lock away some money in fixed deposits, or maybe invest in equities and commodities. 

The rich, on the other hand, have access to all this and many more avenues. One of them is private-equity funds. 

A recent trial by JPMorgan could change all of this. The bank divided one of its PE funds into digital pieces using its own blockchain, Kinexys.

The pieces, also known as tokens, are like small digital certificates that show who owns what, and the data of ownership is stored on the blockchain.

This means that investors can now buy a small chunk of a PE fund and also trade their share online. The bank plans to fully roll it out next year. 

Why? 

JPMorgan’s move shows how blockchain can make investing simpler. 

If something like this came to India, it could really change things. 

Instead of having to invest something as large as Rs 1 crore, people could buy smaller parts of a PE fund — perhaps for as low as Rs 10,000 or Rs 50,000. 

This would open doors for many new investors who did not have access to the private-fund world before.

It would also make getting in and out of PE funds much faster. Once you buy a piece (token), your name and purchase details are updated instantly on the blockchain.

Brought to you in partnership with Algorand India.

WHAT CAN A BLOCKCHAIN DO?

Join The Core at the 2025 Algorand India Summit in Bengaluru on December 6-7. Register today to discover how blockchain technology is helping transform access to finance.

A showcase of enterprise Web3 solutions from across Bharat, live opportunities to experience blockchain in action, India’s most innovative startups and developer teams competing for over USD 50,000 in prizes — all while you network with the community driving India’s blockchain future.

CORE NUMBER

Rs 2,582.10 crore

That’s the net loss InterGlobe Aviation, the parent of India’s largest airline IndiGo, reported for the three months ended September. The airline had posted a loss of Rs 986.7 crore in the same quarter last year.

By the Numbers: Total income rose to Rs 19,599.5 crore in Q2 FY25, up from Rs 17,759 crore a year earlier, according to a regulatory filing.

The Lead: The loss was primarily driven by foreign exchange fluctuations, The Economic Times reported. Excluding this impact, it posted a net profit of Rs 104 crore. Changes in the rupee’s value against major global currencies, especially the US dollar, directly hit airlines like IndiGo since a large share of their costs — including aircraft lease rentals, maintenance, and fuel payments — are dollar-denominated.

FROM THE PERIPHERY

Sanctioned Tanker At Mundra

A vessel under EU sanctions is discharging Russian naphtha at the Adani Group-operated Mundra port in western India — the first such case since the conglomerate barred blacklisted ships from its terminals, Reuters reported, citing sources. The medium-range tanker Prometei, carrying about 30,000 metric tons (260,000 barrels) of Russian naphtha, is offloading its cargo for HPCL-Mittal Energy Ltd (HMEL). The cargo was loaded at Ust-Luga in Russia on September 22.

Context: India has become a major importer of Russian naphtha, averaging 54,000 barrels per day so far this year.

Setting: Last month, Adani also denied entry to the Rose Makis, a tanker chartered by UK- and EU-sanctioned Nayara Energy, forcing it to divert to Mumbai port, according to industry sources.

Relief For Vodafone!

The Income Tax Department has withdrawn an Rs 8,500 crore transfer pricing case against Vodafone Group, ending a 17-year legal battle. The dispute stemmed from a 2007-08 restructuring in which Vodafone India sold its call-centre business in Ahmedabad.

The Backstory: Authorities had argued that it was an undisclosed international transaction, but the Bombay High Court ruled in Vodafone’s favour in 2015. The case had since been pending before the Supreme Court.

Breakthrough: The move brings relief to Vodafone, which continues to face financial strain from adjusted gross revenue dues and sector-wide stress. The reason for the withdrawal has not been publicly stated.

Chinese Goods Back In India?

India is set to resume approvals for imports from China after a five-year freeze that began following the 2020 Galwan border clash. The government will allow the Bureau of Indian Standards to restart inspections of Chinese factories making products such as electronics, steel, shoes, and household items, according to a report by The Economic Times.

Context: The move comes amid signs of a diplomatic détente between the two countries. New Delhi and Beijing have recently restarted direct flights, reopened business visas, and held talks on restoring trade normalcy. 

Break: India remains heavily dependent on Chinese raw materials and components, even as it pushes “Make in India” and tariff barriers to curb imports.

Green Energy, Red Tape.

India’s clean-industry ambitions are facing delays due to slow financing and regulatory bottlenecks, according to a new report by the Mission Possible Partnership, an alliance of green energy companies and climate action organisations. 

The Lead: The report says that India has 53 clean-industry projects in development but only a handful have reached final investment decisions due to high capital costs, outdated construction norms, and weak demand-side policies.

Impact: The report estimates a $140 billion global investment opportunity for projects “poised” for funding, but warns that emerging economies like India need predictable rules, quicker approvals, and stronger green-procurement mandates to unlock it.

PODCASTS

A Market Peak Is Close But Not Imminent Right Now

On Episode 718 of The Core Report, financial journalist Govindraj Ethiraj talks to Ajay Kedia, Director at Kedia Advisory as well as Rahul Mehta, Chief Mentor at CMAI and Managing Director at Creative Garments Pvt. Ltd.

• RBI’s aggressive dollar buying is draining liquidity

• A market peak is close but not imminent right now

• Major banks, Goldman and Morgan say global markets could correct

• Gold and silver prices have corrected

• Why it could take decades to recover the massive AI investments being rolled out

• How Indian exporters in areas like textiles are coping

THE TEAM

✍️ Zinal Dedhia, Kudrat Wadhwa, Shubhangi Bhatia | ✂️ Rohini Chatterji | 🎧 Joshua Thomas

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