Foreign portfolio investors withdrew 34,843 crore rupees from Indian stocks in October

Amid pressure from the United States and China, the European Union and Canada are preparing a series of agreements for Friday aimed at strengthening ties between them to an unprecedented level. These agreements cover critical minerals and artificial intelligence technologies.

On the second day of the summit, which also includes talks between Canadian ministers and high-ranking EU officials, EU President Ursula von der Leyen and Antonius De Micheli will meet with Mark Carney from Canada in Montreal.

Carney noted that 'recognizing our values and the ability to work together has never been more important,' emphasizing that Brussels and Ottawa face a 'rift in the global system.' Despite an existing free trade agreement, both partners seek closer cooperation after Donald Trump's return to the White House altered relations with traditional Washington allies.

Both Canada and the EU have faced threats in the form of tariffs and territorial risks.

Strengthening EU-Canada Cooperation: Critical Minerals and Infrastructure Investment at the Montreal Summit

Ursula von der Leyen stated at the event, organized by a research institute in Montreal on Thursday, that 'we both want to take our relationship to the highest possible level.' According to Carney, this implies enhancing interaction across all strategic sectors.

Critical minerals are a central theme of the summit, as they are essential for 'green' technologies such as wind turbines and batteries. Europe primarily sources these resources from China, but they are abundant in Canada. Nevertheless, Canada requires significant investment in infrastructure to stimulate its mining industry.

An agreement is expected to be presented at the summit allowing the European Investment Bank to support Canadian critical mineral extraction projects.

AI Cooperation

Brussels and Ottawa also intend to join forces in artificial intelligence, where they lag behind the United States and China. Von der Leyen explained that 'our industries are increasingly dependent on access to these technologies. And when this access depends on a few large companies, decisions made elsewhere can jeopardize our business and essential services. That is why we are uniting.'

She added that Europe will provide its supercomputing infrastructure to Canadian researchers, industrialists, and startups. On Thursday, Ottawa announced investments of $1.6 billion CAD ($1.1 billion USD) in the Canadian firm Cohere. This company recently partnered with German Aleph Alpha, which Carney believes is an example of what Europe and Canada can achieve together.

Carney stated: 'We are not waiting for the future of AI to be decided elsewhere by people we do not know or trust.'

A digital trade agreement is also expected to be presented in Montreal, which will ensure faster and cheaper online transactions. The summit will further lay the groundwork for Canada's participation in EU initiatives, such as the Erasmus youth program, which allows university students to spend a semester abroad, and the Galileo satellite program, which serves as an alternative to the American GPS system.

The new alliance between the EU and Canada was not well received in Washington, with Trump calling the idea 'ridiculous' and an 'act of hostility.' However, Carney attempted to reassure his southern neighbor on Thursday, stating that the United States could also benefit from diversifying Canada's ties.

Thanks to the influence of the festive season, including Navratri and Dussehra, the Indian automotive market is seeing a significant increase in vehicle purchases, which has brought great benefit to Mahindra & Mahindra. The company recorded its highest monthly sales in October 2026.

In the domestic market, the company sold 73,338 SUVs. Overall, Mahindra's total sales exceeded the mark of 131 thousand units. In October, the company sold 73,338 SUVs in the domestic market, compared to 71,624 vehicles sold in October 2025. Thus, the company's annual SUV sales increased by 2%. Including exports, the total volume of commercial vehicle sales in October amounted to 74,904 units. In total across all automotive segments, Mahindra sold 131,109 vehicles, which is 9% more than last year.

The growth in Mahindra's SUV sales is observed not only in October but also in the first half of the 2026-27 financial year. From April to September 2026, the company's domestic commercial vehicle sales grew by 17%, reaching 431,480 units. In the first half of the previous financial year, this figure was 369,194 units.

Mahindra's commercial vehicle business showed mixed results in October. Sales of Light Commercial Vehicles (LCVs) weighing from 2 to 3.5 tons in the domestic market increased by 5%, totaling 28,654 units. However, sales of LCVs weighing less than 2 tons decreased by 4%, reaching 4,383 units in this segment. On the other hand, sales of three-wheeled motorcycles, including electric models, increased by 38%, reaching 17,632 units in October.

Demand for Mahindra vehicles is also growing in foreign markets. In October 2026, the company's total export grew by 77% compared to the same period last year, reaching 7,102 units.

Dr. Velusamy R, President of Mahindra's automotive business, noted that October was a historic month for the company, as SUV sales reached 73,338 units and total sales across all segments reached 131,109 units. According to him, demand remains strong in the SUV, pickup, and three-wheeled motorcycle segments due to the festive season and models with new updates. Customers are also positively responding to the company's first CNG model, the XUV 3XO ZNG.

EKA Mobility, a company specializing in electric vehicle development, has opened six new manufacturing facilities in the states of Maharashtra and Madhya Pradesh. The goal of this move is to increase the production of electric buses, trucks, and smaller commercial vehicles amid the growth of fleet electrification in India.

These six plants, located in Pune and Pitampure, are part of an overall network of 11 facilities spanning 120 acres. The total annual production capacity of these sites exceeds 40,000 electric vehicles, with investments estimated at over 3,500 crore rupees. The production sites cover vehicle assembly, engineering work, battery casings, seating, and interior finishing.

EKA reports a year-on-year growth of 1243% for the first half of the financial year 27. Furthermore, the company claims to have over 11,000 buses on order.

Founder and Chairman Sudhir Mehta emphasized the critical importance of making products affordable and accessible. He stated that his vision would not be realized until the company achieves this goal, as technological advancements are meaningless if they do not reach the people who use them daily.

Nevertheless, competition in the market is intensifying. According to VAHAN data, between January and June 2026, 2,944 electric buses were registered in India, representing a 40% increase compared to the previous year. Market leaders include Switch Mobility with 830 registrations, followed by JBM Auto with 635 and PMI Electro Mobility with 574. Pinnacle Mobility Solutions, EKA's parent company, registered 171 units, accounting for 5.8% of the market.

Parallel to this, government policy actively supports this expansion. The PM E-DRIVE scheme, whose funding was increased to 11,900 crore rupees in August 2026, allocates 4,391 crore rupees for 14,028 electric buses and 500 crore rupees for 5,643 electric trucks. This scheme has been extended for most segments until March 2028.

A separate program, PM-eBus Sewa payment-security, aids in deploying over 38,000 buses by resolving issues related to payment delays for operators. Additionally, a production-linked incentive program worth 25,938 crore rupees aims to strengthen domestic production of advanced automotive technologies.