Business and Economy
- Jio Platforms made a blockbuster stock-market debut. The shares listed at Rs 1,358, a premium of 21.36% over the IPO price of Rs 1,119. The company’s market capitalisation reached about Rs 12.6 lakh crore, making it India’s second-most valuable listed company after Reliance Industries. The IPO had raised over Rs 30,200 crore and attracted subscription of more than 22 times. The debut is being seen as a major vote of confidence in India’s digital economy.flashfinance+2
- Indian equities remained cautious. The Nifty 50 closed at 22,749.75 and the Sensex at 73,598 in choppy trade ahead of the US Federal Reserve decision. Rising crude prices weighed on risk appetite, particularly for oil-importing companies. Banking and IT stocks saw selective profit-booking. GIFT Nifty futures indicated a weaker opening before the session.reuters+1
- Foreign investors turned buyers. Foreign portfolio investors purchased a net Rs 42.40 billion, or about $445.78 million, of Indian equities in a single session. This was their largest daily purchase in nearly two months. The inflow suggests renewed interest in Indian equities despite global uncertainty. Sustained buying would be important for market stability.reuters
- Crude oil remained the biggest macro risk. Brent traded around $115.50 a barrel after the Saudi refinery attack. India’s crude basket was reported to have crossed $120 a barrel amid West Asia conflict. Higher oil increases the import bill, pressures the rupee, risks inflation and squeezes corporate margins. Petrol, diesel and transport costs are the immediate channels through which households may feel the impact.cnbctv18+1
- Larsen & Toubro reported strong quarterly earnings. Its consolidated net profit rose 33% year-on-year to Rs 5,202 crore. Order inflows reached Rs 1.47 trillion, taking the order book to a record Rs 8.53 trillion. About 63% of the quarterly inflows came from overseas markets, especially Middle East energy and infrastructure projects. The results underline strong demand for Indian engineering and construction capability.flashfinance
- Auto earnings were mixed. Bajaj Auto’s second-quarter net profit surged 62% to Rs 3,436 crore, helped by electric-vehicle sales and exports. Maruti Suzuki’s profit fell 26.4% to Rs 2,466 crore because of higher steel and copper costs, adverse currency movement and treasury write-downs. The divergence shows that cost control and export exposure are becoming decisive for auto companies. Festive demand alone is not ensuring profit growth.flashfinance+1
- Reliance Industries remained in focus ahead of its board meeting. The company scheduled a board meeting for October 30 to approve September-quarter earnings and consider fresh fundraising through non-convertible debentures. Investors are watching capital allocation across telecom, retail, energy and new-energy businesses. Jio’s listing has added further attention to the group’s overall valuation.flashfinance
- India pushed a technology-led growth narrative. Prime Minister Narendra Modi told industry leaders that India is moving from adopting foreign technology to leading innovation in semiconductors, quantum computing and artificial intelligence. He linked the ambition to the Rs 1 lakh crore Research, Development and Innovation corpus. The message is aimed at attracting private investment into deep-tech sectors. Execution and manufacturing capacity will determine its credibility.flashfinance
- Regulators signalled tighter oversight of retail derivatives. SEBI officials indicated possible additional guardrails for retail equity derivatives trading. Insurance regulator IRDAI’s chairman said insurance penetration must grow 1.5 to 2 times faster than GDP. The comments suggest a policy focus on both investor protection and financial inclusion. Market participants will watch for formal consultation papers.flashfinance
- Digi Yatra is set to expand internationally. Trials for international passengers will begin at seven Indian airports from November 1. The facial-recognition-based platform has so far been used mainly for domestic travel. The expansion could reduce queues and improve passenger flow at major airports. Privacy safeguards and data-security standards will be closely watched.thehindubusinessline