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Counterpoint

A Lotus in Steel, Glass and Technology to Bloom in October

When the Navi Mumbai International Airport is inaugurated, India will be unveiling not just new runways and terminals but a symbol of ambition. Rising from mangroves and mudflats, the lotus-inspired aviation hub is industrialist Gautam Adani’s attempt to transform Mumbai’s skies.

By Neha Bhaskar

Mumbai, 29 Sep 2025: Next month, on 8 October, when Prime Minister Narendra Modi inaugurates the Navi Mumbai International Airport (IATA: NMI), the moment will mark far more than the opening of another piece of critical infrastructure.

It will be the unveiling of a monument to modern India’s ambition — an airport born in adversity, sculpted through years of engineering audacity and now on its way to becoming one of the great regional aviation hubs of the world.

The date in October has been carefully chosen in an attempt to put Mumbai’s monsoon delays behind and to signal confidence that India’s most awaited airport will soon be ready for its first passengers.

For Mumbai, a packed city hemmed in by the sea and pressed to breaking point at Chhatrapati Shivaji Maharaj International Airport (IATA: BOM), the second international gateway is not a luxury but an existential need.

CSMIA is among the busiest single-runway airports in the world, straining under volumes it was never built to bear. A new airport has been spoken of for decades, but what remained only a dream for long is finally being translated into steel, concrete, glass, green and technology.

For billionaire infrastructure developer Gautam Adani and his family, the opening of NMIA is not only a matter of capacity and commerce but also a symbol of vision and succession.

This is the Group’s first greenfield airport and, more importantly for the Adani family, the first major infrastructure project to carry the imprint of the Indian industrialist’s younger son, Jeet Adani, who has been closely involved in overseeing its development.

What makes Navi Mumbai truly distinctive is that it is not just another terminal or another runway but an airport that announces itself with symbolism. Unlike the anonymous steel boxes that pass for terminals in much of the world, it will bloom with poetry.

Its lotus-inspired design, drawing on India’s national flower, turns cultural memory into living architecture. Each petal-like terminal module has been arranged to grow outward, ensuring that as traffic expands the airport can scale gracefully while still keeping passenger journeys compact and intuitive.

The lotus, often associated with resilience and purity, carries here the larger metaphor of India’s rise: rooted in tradition, yet rising above adversity into the modern light.

At full build-out, the airport will have four terminals and two parallel runways, able to handle up to 90 million passengers every year. That puts it in the same league as Heathrow, Istanbul or Dallas–Fort Worth, airports that define their cities as global hubs.

The inaugural phase alone will accommodate 20 million passengers, equivalent to the total annual traffic of entire nations such as Portugal or Greece.

The airport’s cargo handling capacity will grow from half a million tonnes to over three million, making Navi Mumbai as much a logistics giant as a passenger hub.

Inside, the experience is designed as part travel, part immersion. Passengers will encounter digital art galleries projecting the culture of Maharashtra, immersive tunnels that narrate the story of Mumbai and India through light and sound, lounges that echo the city’s café culture, children’s play zones, and forecourt plazas designed to feel like extensions of the metropolis outside.

The site itself was among the most challenging ever chosen for an airport in India. At Ulwe in Navi Mumbai, the land was a mosaic of mangroves, hillocks, rivers, dust and wetlands. Building here required one of the largest land-levelling exercises in India’s history.

Hills were flattened, rivers redirected, swamps reclaimed. More than 2,800 acres have been transformed into an aviation city. Where there was once wilderness, there now stretches a modern hub of concrete runways, glass facades and a control tower. The transformation was so immense that, for years, sceptics doubted it could ever be achieved.

Yet the location is strategic to a fault. Within sight of the newly opened Mumbai Trans Harbour Link, the longest sea bridge in India, and only a short drive from Jawaharlal Nehru Port, the country’s largest container gateway, Navi Mumbai International Airport sits at the junction of commerce and connectivity. It links seamlessly to the industrial belts of Thane, Taloja and Pune, and will eventually be tied into both the metro and suburban rail systems.

Few airports in the world sit amid such a concentration of road, rail, sea and air links. This is not simply an airport but a multimodal gateway, designed to bind together cargo flows from ship to plane, passengers from metro to terminal and businesses from factory to global markets.

The grandeur of the architecture and the ambition of the connectivity, however, rest on foundations built by sweat and grit. For nearly four years, tens of thousands of workers laboured through scorching summers and punishing monsoons. They moved earth, poured concrete, raised steel and laid tarmac, often under floodlights that turned night into day.

It is their fingerprints, calloused and unseen, that are pressed into the airport’s walls and runways. Jeet Adani, in his mid-20s when work began, took on the role of day-to-day oversight, walking the muddy site, pressing contractors and lending the project a youthful urgency.

For him, NMIA is not just an airport: it is his first signature on India’s skyline. If his elder brother Karan has become synonymous with ports and logistics, Jeet has now claimed aviation as his canvas. In that sense, Navi Mumbai is also a family milestone — a beginner’s win for the next generation.

For Gautam Adani himself, NMIA fits into a larger philosophy. As India’s most visible nationalist industrialist, his ventures are rarely framed as private enterprise alone. Ports, power plants, roads, renewable parks and now airports are woven into a larger story of nation-building.

He often argues that infrastructure is destiny, and that airports are not only gateways for trade and travel but also gateways of aspiration, shaping the impressions of millions of Indians and visitors alike.

With Mumbai finally entering the era of a dual-airport system, he is not merely operating an airport: he is etching his belief that India must match its infrastructure with its aspirations.

Technologically, Navi Mumbai aims to be one of the most advanced airports in the country. It will be among the first to adopt 5G-enabled operations, seamless biometric journeys under Digi Yatra, and IoT-driven traffic management. Cargo handling systems are semi-automated, built to handle pharmaceuticals, perishables, valuables and even live animals with world-class cold chain and security infrastructure.

Solar farms, rainwater harvesting and fleets of electric vehicles will ensure it meets stringent green standards. Where Delhi’s Indira Gandhi International remains India’s busiest with more than 70 million passengers last year, and Istanbul Airport crossed 76 million, Navi Mumbai’s eventual design capacity of 90 million places it squarely in this elite class.

No major airport in India is free from politics, and Navi Mumbai is no exception. The battle over naming rights — whether the airport should be named after Balasaheb Thackeray, the fiery founder of the Shiv Sena, or Dinkar Balu Patil, the farmer leader revered locally — continues to simmer.

In recent months, thousands of local people have demanded that the name DB Patil be affixed to the airport as recognition of his struggle on behalf of displaced farmers. Others insist that Ambedkar or Thackeray be immortalised instead. The Maharashtra government has sent multiple proposals to the centre, but no final decision has been made although Patil’s name seems to be the current frontrunner. The controversy is a reminder that airports are not just about planes and passengers: they are also about identity, pride and power.

Yet beneath the contest lies consensus: Mumbai needed this airport, India needed this airport and Adani has delivered it. When the first flights take off later this year, carrying business travellers, tourists and cargo alike, Navi Mumbai will immediately ease the pressure on the city’s skies.

Airlines such as Air India and IndiGo have already announced plans to operate dozens of flights a day from the new facility. For Maharashtra, the airport is expected to become a magnet for investment, drawing companies and talent to Navi Mumbai and beyond. For Jeet Adani, it represents a coming-of-age. And for India, it is another step in declaring to the world that its infrastructure will match its aspirations, lotus-like, rising resiliently from the mud to meet the sun.

Also Read: Trump’s India Strategy Could Backfire on US Giants: Here’s how

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Corporate

Zetwerk to Invest ₹5,000 Crore in Solar Cell Manufacturing Plant in Tamil Nadu

Zetwerk to Invest ₹5,000 Crore in Solar Cell Manufacturing Plant in Tamil Nadu

Strategic green energy project expected to create 3,000 jobs and strengthen India’s solar supply chain

Staff Writer

11 September 2025

Bengaluru-based Zetwerk Manufacturing Businesses Private Limited is set to make a significant investment of ₹5,000 crore to establish a state-of-the-art solar cell manufacturing facility in Tamil Nadu. The move aligns with the Tamil Nadu government’s ambitious strategy to transform the state into a major hub for green exports and renewable energy technologies.

According to reports, the upcoming facility is expected to generate employment for approximately 3,000 people. In addition to producing solar cells, the project will bolster India’s broader solar manufacturing ecosystem, contributing to sectors such as glass production, backsheet manufacturing, EVA (ethylene-vinyl acetate), silver paste, and specialized machinery, all critical components of the solar value chain.

This proposed investment is part of a broader wave of industrial commitments announced during the first-ever TN Rising Investment Conclave, held recently in Hosur. The event saw the Tamil Nadu government signing over 90 Memorandums of Understanding (MoUs) with various companies. Collectively, these agreements represent a potential investment inflow of nearly ₹24,000 crore, with an estimated 49,000 new jobs expected to be created across high-growth sectors such as electronics, electric vehicles (EVs), and solar energy.

Zetwerk’s planned solar cell plant stands out as one of the flagship projects among these commitments and underscores the company’s growing role in India’s clean energy transition.

Categories
Corporate

Aurobindo Pharma Jumps 4.5% on Reported €4.1 Billion Zentiva Acquisition by GTCR

Aurobindo Pharma Jumps 4.5% on Reported €4.1 Billion Zentiva Acquisition by GTCR

With a market capitalisation of ₹62,800 crore, the pharmaceutical firm remains under close investor scrutiny amid speculation about its strategic expansion.

Staff Writer

11 September 2025

Aurobindo Pharma shares surged 4.5% on Thursday, September 11, following a report by the Financial Times that private equity firm GTCR has finalised a €4.1 billion ($4.8 billion) deal to acquire Czech generic drugmaker Zentiva from Advent International. The deal is expected to be officially announced within days, the newspaper said, citing sources familiar with the matter.

At 12:30 PM IST, Aurobindo’s shares on the NSE were trading at ₹1,097 apiece, up from the previous session. The stock’s 52-week high is ₹1,592, while the low stands at ₹1,010. With a market capitalisation of ₹62,800 crore, the pharmaceutical firm remains under close investor scrutiny amid speculation about its strategic expansion.

Zentiva, originally established in the 15th century and nationalised in 1946, has reinvented itself as a leading manufacturer of generic and over-the-counter medicines. After management acquired a majority stake in 1998, the company focused on branded generics and now operates in over 30 countries with more than 5,000 employees. It has manufacturing facilities in the Czech Republic, Romania, and India, according to its official website.

The reported acquisition follows a series of developments in Zentiva’s ownership. Boston-based Advent International purchased the company from French pharmaceutical giant Sanofi for €1.9 billion in 2018. Bloomberg News reported last November that Advent had enlisted Goldman Sachs Group Inc. and PJT Partners Inc. to explore potential buyers, signalling renewed interest in divesting the asset.

Additionally, The Economic Times reported in August that Aurobindo Pharma was leading the race to acquire Zentiva for as much as $5.5 billion. However, Aurobindo later clarified in an official exchange filing that no binding agreements had been signed by its board.

Industry observers see the potential deal as a strategic move for Aurobindo Pharma, which has been exploring international expansion and portfolio diversification. If completed, the acquisition would mark one of the largest cross-border deals in the generics space in recent years and significantly boost Aurobindo’s presence in Europe.

The pharmaceutical sector has been witnessing heightened consolidation activity, driven by rising healthcare demands and cost pressures. Analysts believe that a successful acquisition of Zentiva would enhance Aurobindo’s scale and market reach, though the transaction’s final structure and regulatory clearances remain key factors to watch.

Categories
Corporate

Jaguar Land Rover Cyberattack Disrupts Operations Globally

Jaguar Land Rover Cyberattack Disrupts Operations Globally

Tata Motors shares dip as production halts and systems go offline amid data breach investigation

Sreelatha M

11 September 2025

Jaguar Land Rover (JLR), the iconic British carmaker owned by India’s Tata Motors, has confirmed a cybersecurity breach that has compromised some internal data and caused widespread operational disruptions across its global facilities.

The company said it is working with external cybersecurity experts to investigate the breach, which has forced a shutdown of production lines in the UK and disrupted operations at plants abroad. Critical systems used by dealers and suppliers for ordering components and processing vehicle registrations have also been taken offline as a precaution.

Although JLR has not yet disclosed the specific nature of the data accessed, it assured the public that it is cooperating with relevant authorities, including the UK’s Information Commissioner’s Office (ICO). The company stated it will notify any affected individuals or partners once more details are confirmed through its ongoing forensic review.

“We are treating this incident with the highest priority and are committed to resolving the issue as quickly and securely as possible,” a JLR spokesperson said.

The timing of the breach could not be worse for Tata Motors, which is banking on JLR’s EV transition and strong sales performance in Europe and China to boost profitability. Following news of the cyberattack, Tata Motors’ shares slipped on Indian stock exchanges, as investor concerns grew over the potential financial impact from halted production and delayed vehicle deliveries.

Analysts warned that even a short-term disruption could affect revenue and supply chain stability, especially if dealer operations and customer services remain compromised.

This incident adds to a growing list of cyber threats targeting global manufacturers, underscoring the vulnerabilities in increasingly digitalized and connected industrial ecosystems. JLR, like many automakers, relies on complex digital systems across logistics, manufacturing, and retail, making it an attractive target for cybercriminals.

As the investigation continues, JLR has pledged to issue timely updates and resume operations as soon as safely possible.

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Beyond

BSE Shares Dip Amid SEBI’s Proposal to Extend F&O Contract Tenures

BSE Shares Dip Amid SEBI's Proposal to Extend F&O Contract Tenures

At 12:30 PM IST, BSE shares were trading at ₹2,201, marking a 3% drop from the previous close

Staff Writer

11 September 2025

Shares of BSE Ltd experienced a notable decline on Thursday, September 11, 2025, following reports that the Securities and Exchange Board of India (SEBI) is considering a shift from weekly to monthly expiry cycles for equity derivatives contracts. 

At 12:30 PM IST, BSE shares were trading at ₹2,201, marking a 3% drop from the previous close.

The proposed change, which may be formalized through a consultation paper expected within the next month, aims to transition from short-term weekly expiries to longer-term monthly contracts. This move is part of SEBI’s broader strategy to enhance market stability and reduce the prevalence of speculative trading, particularly among retail investors. The regulator is also contemplating a uniform expiry day across exchanges, potentially aligning all derivatives expiries to the same weekday.

SEBI’s board is scheduled to discuss these proposals in its upcoming meeting on September 12, with consultations involving exchanges set to commence shortly thereafter. This development follows earlier discussions by SEBI Chairman Tuhin Kanta Pandey, who highlighted the need to increase the tenure of equity derivatives to better serve hedging and long-term investment purposes.

The potential shift has raised concerns among market participants, particularly those whose business models are heavily reliant on the high trading volumes associated with short-term contracts. For instance, BSE derives a significant portion of its revenue from derivatives trading, and a reduction in trading frequency could impact its financial performance.

In addition to the proposed changes in contract tenures, SEBI has already implemented measures to standardize expiry days across exchanges. As of September 1, 2025, the National Stock Exchange (NSE) moved its weekly derivatives expiry to Tuesdays, while BSE shifted its expiry to Thursdays. These adjustments aim to optimize market operations and reduce overlapping trading volumes, thereby enhancing market efficiency.

Market analysts are closely monitoring these developments, as the proposed changes could have far-reaching implications for the structure of India’s equity derivatives market. While the move is intended to promote long-term investment strategies, it may also alter the dynamics of trading volumes and liquidity in the short term.

As SEBI continues to evaluate the impact of these potential changes, market participants are advised to stay informed and consider the possible effects on their trading strategies and investment portfolios.

Categories
Corporate

Dr. Reddy’s Acquires Stugeron Brand for $50.5 Million, Marking Entry into Anti-Vertigo Segment

Dr. Reddy’s Acquires Stugeron Brand for $50.5 Million, Marking Entry into Anti-Vertigo Segment

$50.5 million deal includes India, Vietnam, and other high-growth markets for the Stugeron brand

Staff Writer

11 September 2025

Dr. Reddy’s Laboratories has announced the acquisition of the popular anti-vertigo brand Stugeron from Janssen Pharmaceutica NV, a subsidiary of Johnson & Johnson, in a deal valued at $50.5 million. The move marks the pharmaceutical major’s entry into the anti-vertigo therapeutic segment and is aimed at expanding its Central Nervous System (CNS) portfolio.

The deal includes three key formulations—Stugeron, Stugeron Forte, and Stugeron Plus, which are based on Cinnarizine, an antihistamine widely used in the treatment of motion sickness and vestibular disorders such as vertigo.

As part of the agreement, Dr. Reddy’s will acquire the rights to the Stugeron brand across 18 international markets, with a strong presence in the Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA) regions. India and Vietnam are among the key markets where the brand already holds a significant position.

“This acquisition aligns with our strategy of strengthening our branded business in emerging markets and enhancing our CNS portfolio,” the company said in a statement.

Following the announcement, Dr. Reddy’s shares fell by 1.6% on the BSE, touching an intraday low of ₹1,283.20. Analysts attributed the decline to near-term investor caution around deal integration and the broader market environment, though the move is seen as strategically positive for long-term growth.

The acquisition comes shortly after Dr. Reddy’s reported its first-quarter results for FY26. The company posted a 2% year-on-year increase in consolidated net profit, reaching ₹1,418 crore, while revenue rose 11% YoY to ₹8,545 crore. On a sequential basis, however, net profit declined by 11%, with revenue growth remaining flat.

With this acquisition, Dr. Reddy’s aims to deepen its presence in specialized therapies and bolster its product offerings in key growth markets. The company expects the deal to contribute to both revenue and brand visibility in the medium term.

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Corporate

Tega Industries, Apollo Funds Consortium to Acquire Molycop in $1.5 Billion Deal

Tega Industries, Apollo Funds Consortium to Acquire Molycop in $1.5 Billion Deal

Strategic acquisition expands Tega’s global reach in mining consumables

Sreelatha M

11 September 2025

Tega Industries Ltd., in collaboration with affiliates of Apollo Global Management, has signed a term sheet to acquire Molycop, a leading global supplier of grinding media for the mining industry, from American Industrial Partners (AIP). The enterprise value of the deal is approximately $1.5 billion, with the transaction expected to close by December 31, 2025, subject to regulatory approvals and customary closing conditions.

This strategic acquisition will position Tega Industries as a global leader in designing and manufacturing “critical-to-operate” consumables essential for mining, mineral processing, and material handling operations. The combined entity is projected to generate annual revenues of $1.73 billion (around ₹15,207 crore) and EBITDA of $217 million (approximately ₹1,906 crore).

Under the terms of the agreement, Tega Industries will hold the role of controlling shareholder, while Apollo Funds will maintain a significant minority equity stake. The consortium plans to focus on integration during the first two years, leveraging complementary product portfolios to offer advanced mill optimization solutions.

The merged organization will operate 26 manufacturing sites globally, including Molycop’s 13 facilities and three joint ventures. Tega’s existing strong presence in Europe, West Asia, Africa, and Latin America will be complemented by Molycop’s well-established footprint in the United States, Canada, and Australia, creating a more diversified and balanced global network.

Following the announcement, Tega Industries’ share price saw a 4% decline, reflecting market reactions to the significant acquisition.

Furthermore, Tega Industries’ board of directors is scheduled to meet on September 13, 2025, to deliberate on raising funds through the issuance of equity shares, debt instruments, or other eligible securities. Possible fundraising modes include private placement, preferential allotment, or qualified institutional placement (QIP).

This transformative acquisition reinforces Tega Industries’ ambition to lead innovation in mining consumables and enhance its global competitiveness, setting the stage for further strategic expansion.

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Beyond

Sensex, Nifty Rise on Trade Optimism, Fed Rate Cut Expectations

Sensex, Nifty Rise on Trade Optimism, Fed Rate Cut Expectations

Markets were buoyed by a rally across Asian indices, with South Korea’s Kospi, Japan’s Nikkei 225, and Shanghai’s SSE Composite trading higher.

Staff Writer

11 September 2025

Indian equity markets extended their gains in early trade on Thursday, September 11, 2025, as investors responded to positive developments in global markets and renewed hopes of a breakthrough in India-U.S. trade negotiations. By 11:20 AM IST, the BSE Sensex was up 153.82 points at 81,578.97, while the NSE Nifty advanced 34.15 points to 25,007.25.

Markets were buoyed by a rally across Asian indices, with South Korea’s Kospi, Japan’s Nikkei 225, and Shanghai’s SSE Composite trading higher. Investors are closely watching signals that the U.S. Federal Reserve may implement a rate cut at its upcoming meeting, a move that could ease global liquidity conditions and support risk assets. However, Hong Kong’s Hang Seng index traded lower amid regional volatility.

Renewed optimism about the India-U.S. trade discussions further supported investor sentiment. Following recent social media exchanges between Prime Minister Narendra Modi and U.S. President Donald Trump, both sides have signaled their intent to resolve differences over tariffs and trade barriers. Experts believe that the longstanding relationship between the two countries, coupled with ongoing dialogue, is likely to yield positive outcomes for markets and economic growth.

Among Sensex constituents, Eternal, Adani Ports, NTPC, Bajaj Finance, State Bank of India, and Bajaj Finserv saw the strongest gains, while Infosys, Tech Mahindra, UltraTech Cement, and Kotak Mahindra Bank struggled to keep pace with the broader rally. Traders pointed to India’s resilient macroeconomic fundamentals and the sweeping reforms introduced this year, particularly the GST framework, as factors that have positioned the economy for accelerated expansion.

Market watchers also highlighted that foreign institutional investors (FIIs) offloaded equities worth ₹115.69 crore on Wednesday after a brief period of net buying, while domestic institutional investors (DIIs) added stocks valued at ₹5,004.29 crore. This divergence underscores the cautious optimism prevailing among global investors, even as domestic sentiment remains constructive.

Experts believe that hopes for a trade deal and the recent record highs in U.S. indices, including the S&P 500 and Nasdaq, are reinforcing bullish trends. The softening of the U.S. Producer Price Index has further fueled expectations of monetary easing, which could provide additional support to equities.

Meanwhile, Brent crude futures dipped slightly, down 0.07% to $67.44 a barrel, reflecting subdued energy demand concerns. In domestic markets, the Sensex has already recorded its third straight day of gains, rising 323.83 points on Wednesday to close at 81,425.15, while the Nifty surged 104.50 points to 24,973.10.

As negotiations between India and the U.S. proceed, market participants are expected to remain focused on both macroeconomic data releases and diplomatic developments. Analysts believe that while near-term volatility may persist, sustained reforms and improving trade ties could pave the way for long-term growth, drawing more investors into Indian equities.

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Beyond

Rupee Edges Lower to 88.16 Amid India-U.S. Trade Talks; Markets Watch CPI, Fed Rate Outlook

Rupee Edges Lower to 88.16 Amid India-U.S. Trade Talks; Markets Watch CPI, Fed Rate Outlook

At the interbank foreign exchange market, the rupee opened at ₹88.11 before slipping to ₹88.16, marking a modest fall from its previous close.

Staff Writer

11 September 2025

The Indian rupee weakened by 5 paise to ₹88.16 against the U.S. dollar in early trade on Thursday, September 11, 2025, as investors closely monitor developments in the ongoing trade negotiations between India and the United States. Despite the slight decline, forex traders noted that the rupee held firm, buoyed by optimism around a possible trade deal.

At the interbank foreign exchange market, the rupee opened at ₹88.11 before slipping to ₹88.16, marking a modest fall from its previous close. On Wednesday, September 10, the rupee had rebounded by 4 paise from record lows to settle at ₹88.11.

Market analysts expect the rupee to remain confined within a narrow range in the near term, trading between ₹87.50 and ₹88.40. “For today, we expect the range to be between ₹87.80 and ₹88.30,” Finrex Treasury Advisors LLP noted in a research update, citing sentiment driven by trade talks, the upcoming Consumer Price Index (CPI) release, and expectations of a larger Federal Reserve rate cut.

The rupee has struggled to breach ₹88.20 on the higher side and ₹87.95 on the lower end over the past few sessions. The Reserve Bank of India is reportedly intervening by selling dollars quietly around the ₹88.20 mark to stabilize fluctuations.

Meanwhile, the U.S. dollar index—which measures the greenback’s strength against a basket of six major currencies—edged up by 0.05% to 97.82. Global oil prices also softened, with Brent crude futures down 0.10% to $67.42 per barrel.

Domestic equities mirrored cautious optimism, with the BSE Sensex climbing 153.82 points to 81,578.97, and the Nifty rising 34.15 points to 25,007.25 in early trading. However, foreign institutional investors (FIIs) remained net sellers, offloading equities worth ₹115.69 crore on Wednesday.

On the diplomatic front, Prime Minister Narendra Modi reaffirmed India’s commitment to resolving trade issues with the U.S., describing the two nations as “natural partners.” His remarks came in response to U.S. President Donald Trump’s comments about addressing “trade barriers,” amid recent tensions following Trump’s decision to double tariffs on Indian imports.

The exchanges between the two leaders, particularly on social media, are viewed as attempts to reset strained ties and expedite a bilateral agreement. With CPI data and global monetary policy shifts on the horizon, market participants are bracing for increased volatility while watching closely for developments that could shape the direction of the rupee and broader financial markets.

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Corporate

Yes Bank Shares Surge Amid Strategic Board Restructuring and SMBC Stake Acquisition

Yes Bank Shares Surge Amid Strategic Board Restructuring and SMBC Stake Acquisition

Despite positive developments, analysts at Emkay Global Financial Services have maintained a ‘Sell’ rating on Yes Bank’s stock.

Staff Writer

10 September 2025

Yes Bank’s stock experienced a notable uptick on Wednesday, rising nearly 3% to ₹20.92 per share, driven by strong investor sentiment and recent regulatory approvals.

Strategic Developments and Regulatory Approvals

The Reserve Bank of India (RBI) has granted approval for amendments to Yes Bank’s Articles of Association, facilitating the appointment of two nominee directors from Sumitomo Mitsui Banking Corporation (SMBC) and one from the State Bank of India (SBI) to the bank’s board. These appointments are contingent upon the completion of transactions outlined in the Special Purchase Agreement (SPA) and related agreements.

SMBC’s acquisition of up to a 24.99% stake in Yes Bank, approved by the RBI and the Competition Commission of India (CCI), positions SMBC as the largest shareholder in the private sector lender.

This strategic partnership is expected to enhance Yes Bank’s governance framework and provide access to sustained capital, potentially leading to a turnaround in the bank’s performance.

Despite the positive developments, analysts at Emkay Global Financial Services have maintained a ‘Sell’ rating on Yes Bank’s stock, citing concerns over rich valuations. The brokerage values the stock at 1.2 times the adjusted book value (ABV) for FY27, which they believe is expensive relative to the bank’s core profitability.

They project a return on assets (RoA) of 0.8% to 1% over FY26-28, with a target price of ₹17 per share for September 2026, indicating a potential downside of approximately 16.5% from the current levels.

However, the incoming leadership and strategic influence of SMBC could provide Yes Bank with an opportunity to address longstanding challenges and potentially initiate a much-anticipated turnaround.

Stock Performance and Market Sentiment

Over the past month, Yes Bank’s share price has appreciated by 12%, reflecting growing investor confidence. The stock has gained 25% over the last six months and 49% over the past five years. However, it remains 16% below its 52-week high of ₹24.41, indicating room for growth if the bank successfully implements its strategic initiatives.

The recent regulatory approvals and strategic partnerships mark a significant step in Yes Bank’s efforts to strengthen its position in the banking sector. While analysts remain cautious due to valuation concerns, the potential for improved governance and capital infusion presents an opportunity for the bank to enhance its performance and shareholder value in the coming years.