Published on: August 20, 2025
Reliance Jio’s potential IPO could benefit from SEBI’s proposed relaxation in minimum public offer rules for large-cap companies. Under the draft norms, firms with a post-IPO market cap above ₹1 lakh crore will be allowed smaller initial floats and more time to meet the 25% minimum public shareholding requirement.
For issuers valued at ₹5 lakh crore, the minimum offer size will drop from 5% to 2.5% of post-issue capital. Citi Research, which values Jio Platforms at an equity value of $120 billion, said this change could reduce IPO share supply from $6 billion to about $3 billion, easing market overhang and limiting holding company discount risks for Reliance Industries.
Investor attention now turns to RIL’s AGM on Aug. 29 for potential updates on the Jio listing. Citi reiterated its ‘Buy’ call on RIL with a price target of ₹1,690.
Published on: August 20, 2025
The National Company Law Tribunal (NCLT), Mumbai, has postponed the hearing on Vedanta Ltd.’s proposed demerger to Sept. 17 following objections from SEBI and the central government. SEBI told the tribunal that Vedanta altered its scheme of arrangement after receiving stock exchange approvals, without obtaining the regulator’s prior consent as mandated under its June 2023 master circular.
The market watchdog has issued an administrative warning letter cautioning the company against repeat violations and asked Vedanta’s board to review corrective steps. Meanwhile, the government flagged alleged concealment of liabilities linked to the demerger. Vedanta clarified that SEBI’s cautionary letter imposes no financial or operational restrictions and noted it has already disclosed the matter.
The company is seeking approvals to split into four listed entities focused on aluminium, power, oil & gas, and base metals, a plan first announced in Sept 2023. The development comes amid wider scrutiny, including a July 2025 short-seller report accusing Vedanta of misrepresentation in debt and capital expenditure disclosures.
Published on: August 20, 2025
Shares of Vedanta Ltd. were set to open flat on Wednesday after the company disclosed that its subsidiary Bharat Aluminium Company (BALCO) received an Income Tax Department penalty order of ₹80.96 lakh for AY 2012–13. BALCO plans to appeal the order, stating it expects no material financial impact.
Separately, SEBI cautioned Vedanta for modifying its Scheme of Arrangement without prior approval and advised stricter compliance going forward. The advisory carries no financial or operational restrictions. In Q1, Vedanta reported a 12% YoY decline in net profit to ₹3,185 crore, while revenue rose 5.8% to ₹37,824 crore.
EBITDA was steady at ₹9,918 crore, though margins narrowed by 160 bps to 26.2%. Vedanta’s Lanjigarh refinery delivered record alumina output of 587 kt, up 9% YoY. The company’s market cap stood at ₹1.76 lakh crore as of Tuesday’s close at ₹450.10 per share.
Published on: August 20, 2025
Domestic markets extended gains for the fourth straight session on Tuesday, with Sensex rising 370 points to 81,644 and Nifty 50 up 104 points to 24,981, led by energy and auto stocks. On Wednesday, several companies will be in focus. Indian Oil signed an agreement with Air India to supply sustainable aviation fuel, while HAL received clearance for a ₹62,000-crore project to supply 97 LCA Mark 1A fighter jets.
Mazagon Dock is in talks with the Philippines for a potential ₹5,500-crore deal to supply offshore patrol vessels. IRFC secured a nearly ₹200-crore loan from SITCO for a transport hub project, and Vedanta faces a SEBI compliance review on its demerger plan.
Meanwhile, IDFC First Bank raised ₹2,623 crore via CCPS, SML Isuzu approved a name change to SML Mahindra, and Mankind Pharma set up a subsidiary in Russia. Other updates include Aarti Pharma fixing Sept 15 as dividend record date, Inox Wind’s ₹1,249-crore rights issue closing Aug 20, and Gujarat Alkalies scheduling its AGM on Sept 26.
Published on: August 20, 2025
Hyderabad-based Aurobindo Pharma has emerged as the frontrunner to acquire Prague-based generic drugmaker Zentiva from Advent International for $5–5.5 billion (₹43,500–47,900 crore), people familiar with the matter said. If completed, this would mark the largest-ever acquisition by an Indian pharma company, surpassing Ranbaxy’s $3.2 billion and Biocon Biologics’ $3.3 billion deals.
Aurobindo is competing with US private equity firm GTCR, with negotiations now at an advanced stage and a formal announcement expected within weeks. Zentiva, which generated revenues of €1.7 billion ($1.98 billion) in 2024, will significantly strengthen Aurobindo’s presence in Eastern Europe, a region poised for growth in biosimilars.
The company has secured a $4.75 billion bridge loan from MUFG to finance the deal, with the balance to come from internal accruals. Advent had acquired Zentiva from Sanofi in 2018 for $2.4 billion.
Published on: August 19, 2025
Vikran Engineering Ltd. has fixed the price band for its upcoming initial public offering at ₹92–97 per share. The IPO, opening on August 26 and closing on August 29, consists of a fresh issue of up to ₹721 crore and an offer-for-sale worth ₹51 crore by promoter and CMD Rakesh Ashok Markhedkar.
Tentative allotment and listing dates are September 1 and 3, respectively. Proceeds from the fresh issue will primarily fund working capital requirements for FY25 and FY26 (₹541 crore), with the remainder allocated for general corporate purposes.
Mumbai-based Vikran Engineering provides turnkey services spanning conceptualisation, design, supply, installation, and commissioning across power, water, and railway infrastructure. Its notable clients include NTPC, Power Grid Corp., and Eastern Central Railway. Pantomath Capital Advisors and Systematix Corporate Services are the issue’s book-running lead managers.
Published on: August 19, 2025
Indian equity markets opened Tuesday’s session on a muted note with a slight positive bias. The NSE Nifty 50 inched up 0.07% to 24,894, while the BSE Sensex gained 76 points to 81,350. Bank Nifty slipped 94 points to 55,640, and midcap and smallcap indices also traded soft.
Early trade saw Power Grid, Apollo Hospitals, JSW Steel, Cipla, and Adani Ports as top gainers, while Adani Enterprises, ITC, Zomato, HDFC Life, and HCL Tech lagged. Heavyweights including Reliance Industries, Bharti Airtel, NTPC, Infosys, and Jio Financial Services were under pressure.
Globally, Asian markets mirrored overnight weakness on Wall Street ahead of the US Federal Reserve meeting and key earnings updates, keeping investor sentiment cautious.
Published on: August 19, 2025
Tata Motors shares rallied 3.3% to an intraday high of ₹699 on Tuesday after reports confirmed the company’s re-entry into the South African passenger vehicle market following a six-year gap. The automaker has partnered with Motus Holdings as its exclusive distributor and will relaunch its PV lineup on August 19, 2025, with models such as the Punch, Harrier, Curvv, and Tiago—imported fully built from India.
The move aligns with Tata Motors’ overseas growth strategy, targeting South Africa’s expanding demand for affordable cars, where Indian automakers already hold a strong presence. The company emphasized its focus on safety, innovation, competitive pricing, and robust after-sales support to strengthen its position in the market. Shares of Tata Motors closed 1.8% higher at ₹676.40 on the BSE.
Published on: August 19, 2025
Reliance Industries Ltd. shares rose nearly 3% on Tuesday, closing at ₹1,420 on the NSE, after its telecom arm Jio revised prepaid tariffs. The company discontinued its entry-level packs priced at ₹209 and ₹249, making ₹299 the new base plan for 1.5GB/day over 28 days—aligning with Bharti Airtel and Vodafone Idea.
Brokerages welcomed the move, with IIFL estimating a modest revenue boost, Axis Capital projecting a 4–5% uplift in Jio’s FY26 revenue and ARPU, and Morgan Stanley highlighting removal of lower-priced options. Domestic firms and global brokerages including Jefferies and Citi maintained Buy ratings on RIL, with price targets up to ₹1,690, citing stronger cash flows from Jio, resilient retail growth, and expanding renewables within the oil-to-chemicals portfolio.
Published on: August 19, 2025
Indian equity markets opened Tuesday’s session on a muted note after Monday’s rally, with the NSE Nifty 50 inching up 0.07% to 24,894 and the BSE Sensex rising 76 points to 81,350. Bank Nifty slipped 94 points to 55,640, while mid- and small-cap indices also opened weak.
Early trade saw Power Grid, Apollo Hospitals, JSW Steel, Cipla, and Adani Ports among the top gainers, while Adani Enterprises, ITC, Zomato, HDFC Life, and HCL Tech lagged. Heavyweights such as Reliance Industries, Bharti Airtel, NTPC, Infosys, and Jio Financial Services came under pressure.
Globally, Asian markets traded lower, tracking overnight weakness in US equities ahead of key Federal Reserve speeches and retail earnings, keeping sentiment cautious.
Published on: August 19, 2025
Shares of Bharti Airtel, Vodafone Idea, and Reliance Industries will be in focus after Reliance Jio decided to discontinue its low-cost entry-level plans of ₹209 (22 days) and ₹249 (28 days). With rival operators’ base plans starting at ₹299, analysts believe the move could ease price competition and support higher average revenue per user (ARPU).
According to Motilal Oswal Financial Services (MOFSL), the telecom sector posted steady growth in Q1FY26, with combined wireless revenue for private operators up 16.5% YoY and blended ARPU rising 16%. Bharti Airtel emerged the biggest gainer in revenue market share, while Jio led in subscriber additions.
Vodafone Idea continued to lose market share despite moderating subscriber losses. MOFSL expects further ARPU growth, driven by premium subscriber mix and home broadband expansion, and projects a 15% (₹50/month) tariff hike in smartphone plans by December 2025.
Published on: August 19, 2025
Axis Bank, Reliance Industries, JSW Infrastructure, NTPC, Non-Bank Financials, and L&T Technology Services are in focus today as brokerages share fresh insights and revise target prices. Bernstein maintained Outperform on Axis Bank but trimmed the target to ₹1,250 citing stagnation in recent performance.
Jefferies sees an upside for plastic pipe makers with anti-dumping duties on PVC imports. For Reliance, Jefferies cut the target to ₹1,670, highlighting Jio and Retail as growth drivers. JSW Infrastructure remains a Buy with capacity expansion and PPP project pipeline as catalysts. Bernstein reiterated NTPC as a top pick with ambitious renewable and nuclear capacity plans.
Morgan Stanley and JPMorgan’s India strategies suggest improving earnings momentum, sector rotation favoring Materials over Pharma, and Nifty trading in a 26,500–30,000 range. Meanwhile, HSBC remains cautious on L&T Technology Services, maintaining a Hold with expectations of growth recovery beyond Q2.
Published on: August 18, 2025
ITC has forayed into the premium aromatherapy space with the launch of its new brand Pranah, offering incense sticks, cones and scented candles. The move taps into rising demand for wellness and experiential products among young urban Indians, a trend that accelerated post-Covid.
While the overall home aromas market in India is estimated at ₹5,500 crore, the premium segment is still niche at around ₹500 crore but projected to grow tenfold in the next decade. ITC sees a white space opportunity as few large players currently operate in the category. Pranah has been rolled out on a pilot basis in Delhi and Bengaluru through quick commerce platforms.
Published on: August 18, 2025
The Nifty Auto Index surged over 4% on Monday, August 18, as expectations of a GST cut on automobiles ahead of Diwali sparked strong buying. The index hit an intraday high of 25,118.85, led by Hero MotoCorp and Maruti Suzuki, which gained around 7% each, while Ashok Leyland and TVS Motor rose over 6%.
Bajaj Auto and M&M also added more than 4%. Reports suggest the government is considering reducing GST on small cars and two-wheelers to 18% from 28%, as part of sweeping consumption tax reforms. Motilal Oswal expects Maruti, Tata Motors and Ashok Leyland to benefit the most, while Jefferies highlights 2-wheelers, small cars and hybrids as likely winners under the new structure.
Published on: August 18, 2025
A potential overhaul of India’s GST structure could boost long-term auto demand and support job creation, according to HSBC Global Investment Research. The government is reportedly considering reducing GST on small cars from 28% to 18% and introducing a special 40% rate for larger vehicles, while abolishing the cess currently levied on automobiles.
Such changes could lower small car prices by up to 8% and large car prices by 3–5%. HSBC highlighted Maruti Suzuki as a major beneficiary given its high exposure to small cars, while M&M could also gain, albeit less due to its EV focus. The report added that a flat reduction of GST to 18% across all categories, though unlikely due to revenue concerns, would simplify the tax structure and cut prices 6–8% industry-wide, but could cost the government $5–6 billion annually.