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Today is February 20. We’re covering Delhi’s new chief minister, a billion-dollar IPO, Google’s new Bengaluru office, and more.

Must Know

Rekha Gupta Becomes Delhi’s Fourth Woman Chief Minister

The BJP has named first-time MLA Rekha Gupta as Delhi’s new Chief Minister, marking the end of the Aam Aadmi Party’s (AAP) decade-long rule. Gupta, who represents Shalimar Bagh, replaces AAP’s Atishi, who briefly held the position after Arvind Kejriwal’s defeat. 

Gupta’s political journey began in 1992 with the RSS-affiliated ABVP, and she later became the President of Delhi University’s Students’ Union. Over the years, she has focused on education and women’s empowerment, introducing schemes like Sumedha Yojana for female students from low-income backgrounds.

She is Delhi’s fourth woman CM, following Sushma Swaraj, Sheila Dikshit, and Atishi.

Hexaware’s $1 Billion IPO Marks India’s Biggest Tech Listing in Decades

Hexaware Technologies, a Carlyle-backed IT services firm, made its stock market debut after raising $1 billion (₹8,750 crore) in India’s largest IPO of the year so far. The listing marks the biggest public offering in the country’s IT services sector since Tata Consultancy Services went public over two decades ago.

Mumbai-based Hexaware provides AI-powered digital transformation solutions to clients across multiple industries, including banking, healthcare, and telecom. The strong investor response—despite broader market weakness—suggests sustained appetite for high-growth tech firms in India.

On its listing day, Hexaware’s stock closed 7.7% above its IPO price, valuing the company at over ₹46,000 crore.

Trump’s Tariff Threats Put Indian Exports on Edge

Indian exporters are assessing the potential impact of U.S. President Donald Trump’s proposed tariff hikes on pharmaceuticals and automobiles. Pharmaceutical exports to the U.S., which grew 16% last year to $8.73 billion, remain a particular concern, as the U.S. accounts for nearly a third of India's total pharma exports. In response, Indian pharma stocks dipped 0.7%.

While industry leaders downplayed concerns, financial analysts estimate that India could face annual losses of up to $7 billion if the U.S. raises tariffs across key sectors. According to an analysis by Goldman Sachs, the potential impact on India’s GDP growth would be 0.1 to 0.6 percentage points.

Good to Know

Policy & Governance

• Maharashtra CM Orders Action Over Sambhaji Maharaj Wikipedia Edits – Maharashtra CM Devendra Fadnavis has directed the state cyber police to contact Wikipedia over allegedly objectionable content about Chhatrapati Sambhaji Maharaj. Reports suggest the page included controversial claims about Sambhaji’s confinement and alleged defection to the Mughals.
  

• India to Accept Senior Taliban Representative in New Delhi – Sources say India is set to allow a top Taliban official to take charge of the Afghan embassy in New Delhi, aimed at countering China's influence in Afghanistan. While the representative won’t be officially recognized as a diplomat, this move marks a step toward deeper engagement with the Taliban-led government.

Business

• Tesla’s India Entry Nears, Trump Unhappy – Sources say Tesla may start selling cars in India by April, importing them from its Berlin plant. The company is eyeing an EV under $25,000 for the market. Meanwhile, Donald Trump criticized the idea of Tesla setting up a factory in India, calling it unfair to the U.S.
  

• $100 Million Ponzi Scheme Exposed in India – Indian police have arrested two individuals linked to Falcon Invoice Discounting, a Ponzi scheme that duped nearly 7,000 investors with promises of 22% returns. The company falsely claimed to connect depositors with firms like Amazon and Britannia. Since 2021, Falcon collected $196 million but has only repaid half the amount, leaving investors scrambling.
  

• Atlys Acquires Artionis to Expand into UK Market – Visa platform Atlys has acquired the UK arm of Artionis in an all-cash deal to streamline visa processing and expand services in the UK, with plans for further growth in Germany and France. This follows Atlys' $20 million Series B in September 2024.

Tech, Media & Telecom

• Apple Unveils Budget-Friendly iPhone 16e – Apple has launched the iPhone 16e, an entry-level model aimed at cost-sensitive markets like India and China. The phone is priced at ₹59,900 in India and $599 (about ₹52,000) in the US. Pre-orders begin this Friday, with sales starting on February 28.
  

• Google Expands in India with Massive Bengaluru Campus – Google has unveiled Ananta, its newest and one of its largest global offices, in Bengaluru. Spanning 1.6 million sq. ft., the campus can accommodate over 5,000 employees and will house teams from Android, Search, Cloud, Maps, and DeepMind.
  

• IN-SPACe Launches ₹500 Crore Fund to Boost Space Startups – The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has introduced a ₹500 crore ($58 million) Technology Adoption Fund to help commercialize early-stage space technologies. The fund will cover up to 60% of project costs for startups and MSMEs, while larger companies can receive up to 40% support.
  

• Mahindra Partners with Anduril for Advanced Security Systems – Mahindra Group has teamed up with US-based Anduril Industries to co-develop autonomous maritime systems, AI-driven counter-drone solutions, and advanced command and control software to boost regional security.

Energy & Environment

• Mass Nesting of Olive Ridley Turtles in Odisha – Around 2.2 lakh endangered olive ridley sea turtles have nested at the Rushikulya rookery in Odisha over the past three days, according to forest officials. The numbers are expected to rise as the mass nesting period continues.

Sports

• India to Play Champions Trophy Matches in UAE, Skipping Pakistan – Pakistan is hosting its first major cricket tournament in nearly three decades, but India has refused to play its matches there. The 2025 ICC Champions Trophy, running from Feb. 19 to March 9, will see India competing in the UAE instead. India’s campaign begins on Feb. 20 against Bangladesh.

Worth a Look

A seemingly AI-generated poster for The Pride of Bharat, an upcoming biopic on Chhatrapati Shivaji Maharaj, was released on the Maratha ruler’s 395th birth anniversary. The film will star Kantara’s Rishabh Shetty in the titular role and is set to release on January 21, 2027.

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