Author: Amit Kumar

The initial public offering of Tata Capital Ltd opened on October 6 amid tempered investor response, and on the second day of bidding, subscription has reached roughly 46 percent so far.

The issue attracted bids for 15,27,94,428 shares against 33,34,36,996 shares on offer, according to data from the National Stock Exchange.

The Qualified Institutional Buyers (QIB) segment is 52 percent subscribed, the Retail Individual Investors (RII) category stands at 45 percent, non-institutional investors have covered 38 percent, and the employee quota is fully booked at 137 percent.

On Day 1, the IPO’s uptake was relatively muted. By market close, the overall subscription had reached around 39 percent, with QIBs showing strong interest (52 percent subscription), while retail and non-institutional categories lagged.

The employee portion had seen 1.10× oversubscription. Bids for 12,86,33,112 shares were received against the same issue base. The differential in subscription across categories suggested institutional faith, but cautious traction among retail investors.

A key indicator, the grey market premium (GMP), has remained subdued. As of October 7 morning, the GMP stood at around Rs 12.50, implying an expected listing price of about Rs 338.50, just 3.8 percent above the upper end of the issue price band of Rs 326.

The modest GMP reflects investor restraint on short-term gains, possibly because much of Tata Capital’s positive fundamentals and parentage are already priced in.

Analysts have pointed to a few contributing factors for the cautious start. The valuation at 4.2–4.3× post-issue book value may limit upside potential, leaving limited room for pop gains even if the business case is solid.

Some market participants noted that broader sentiment toward growth companies is wary, and that high valuation multiples may cap speculative interest.

As Day 2 unfolds, subscription trends in the retail and non-institutional segments will be closely watched. A stronger retail uptake could signal renewed confidence, while continued hesitancy might indicate that many participants are holding back pending clarity on listing prospects.

The movement of GMP will also be a key barometer: a pickup could reflect improving sentiment toward listing gains, whereas a flat or declining premium would underscore lingering caution.

Investors will also monitor sector and macro cues, including rate outlooks, liquidity conditions, and sentiment toward financials and NBFCs.

The smoking gun may well lie in how the IPO performs across investor segments today and whether that performance shifts GMP expectations ahead of the allotment and listing.

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PVV Infra Ltd., a company primarily engaged in rooftop and ground-based solar power installations, has secured two significant solar power projects in Uttar Pradesh, collectively valued at ₹799 crore.

These projects are expected to bolster the company’s renewable energy portfolio and contribute to its long-term revenue streams.

The first project involves a 100 MW solar power initiative under a 25-year Power Purchase Agreement (PPA) with the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). PVV EVTech Private Ltd., a subsidiary of PVV Infra, will undertake this project in collaboration with Nacof Oorja Pvt Ltd. The estimated project cost is approximately ₹384 crore, with an anticipated annual revenue of ₹53 crore over the contract’s duration.

The second project comprises a 109 MW solar power development for which PVV Housing Private Ltd., another subsidiary of PVV Infra, has secured an Engineering, Procurement, and Construction (EPC) contract. This project, also in partnership with Nacof Oorja Pvt Ltd, is valued at around ₹415 crore.

In addition to these projects, PVV Infra’s board has approved a strategic decision to expand its presence in the renewable energy sector through Special Purpose Vehicles (SPVs). This approach aims to enhance operational efficiency, mitigate risks, and allow for focused execution of projects by geography and business verticals, such as Power Development and EPC.

These developments underscore PVV Infra’s commitment to diversifying its energy portfolio and contributing to India’s renewable energy goals. The company’s strategic initiatives are poised to strengthen its position in the growing renewable energy market.

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Vodafone Idea has appointed Tejas Mehta as its new Chief Financial Officer (CFO), effective October 6, 2025. Mehta succeeds Murthy Gvas, whose tenure concluded on October 5. This leadership change comes as the telecom company grapples with financial difficulties and seeks to strengthen its financial strategy.

Tejas Mehta, a Chartered Accountant, brings over 25 years of experience across India and international markets. He began his career at Marico Industries and later joined Mondelez India in 2002 as a Treasury Manager.

Over the years, he held several senior leadership roles, including Group Finance Controller in London, CFO for Thailand and Turkey, and Supply Chain Management head for Asia Pacific, Middle East, and Africa. In 2022, he returned to India to take on the CFO role at Mondelez India.

Vodafone Idea, India’s third-largest telecom operator, is backed by Aditya Birla Group and Vodafone Group. The company holds 5G spectrum in 17 circles and mmWave spectrum in 16 circles, offering services across 2G, 4G, and expanding 5G networks.

Despite these assets, the company faces significant financial challenges, including a net loss of ₹6,608.1 crore in Q1 FY26, up from ₹6,432.1 crore in Q1 FY25. Revenue from operations rose 4.9% year-on-year to ₹11,022.5 crore from ₹10,508.3 crore in Q1 FY25.

The appointment of Mehta is part of Vodafone Idea’s broader strategy to stabilize its financial position and expand its network services.

The company is working to secure additional debt funding to continue its 4G and 5G network expansion despite ongoing losses. This leadership change follows a recent transition within the company when Abhijit Kishore replaced Akshaya Moondra as CEO in August upon the conclusion of Moondra’s term.

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The Reserve Bank of India (RBI) has released draft regulations aimed at liberalizing the framework for External Commercial Borrowings (ECBs), marking a significant shift in the country’s approach to foreign capital inflows. The proposed changes are designed to enhance funding access for Indian companies, particularly in capital-intensive sectors, by aligning borrowing limits with financial strength and removing fixed interest rate caps.

Under the new proposal, companies would be permitted to raise ECBs up to the higher of $1 billion or 300% of their net worth, based on the latest audited balance sheet. This replaces the previous uniform cap of $750 million per financial year under the automatic route, which required specific approval for larger sums. Financial sector firms regulated by the RBI, Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), or Pension Fund Regulatory and Development Authority (PFRDA) would not be subject to any borrowing limits under the proposed framework.

The draft regulations also suggest eliminating the all-in-cost ceiling, allowing ECBs to be raised at market-determined interest rates. However, for borrowings with a maturity of less than three years, costs would be capped in line with those applicable for trade credit. The Minimum Average Maturity Period (MAMP) requirement is proposed to be standardized at three years, with certain exceptions for specific sectors.

All India-incorporated entities, including those under financial restructuring or investigation, would be allowed to raise ECBs, subject to certain conditions. Companies undergoing restructuring would need approval under a resolution plan, while those under investigation must provide sufficient disclosures.

The RBI also aims to simplify end-use restrictions and reporting requirements to ease compliance burdens. ECB proceeds would be allowed for funding acquisitions, on-lending by regulated lenders, and investments in primary market instruments issued by non-financial entities, among other uses.

The central bank has invited public feedback on the draft regulations until October 24, 2025, before finalizing the framework. If implemented, these changes are expected to facilitate easier access to foreign capital for Indian companies, potentially reducing their reliance on domestic borrowing and enhancing their ability to finance growth and expansion initiatives.

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Maruti Suzuki India Limited has created history by becoming the country’s first automobile manufacturer to transport vehicles into the Kashmir Valley using Indian Railways.

The company confirmed on Friday, October 3, 2025, that its inaugural shipment of cars arrived at the newly opened Anantnag railway terminal, marking a significant milestone in both India’s automotive logistics and the region’s connectivity.

The first consignment carried more than 100 vehicles, including some of Maruti Suzuki’s most popular models such as the Brezza, Dzire, WagonR, and S-Presso. The train began its journey from the company’s recently inaugurated in-plant railway siding in Manesar, Haryana, and traveled more than 850 kilometers to reach Anantnag.

On its way, the shipment crossed the iconic Chenab Bridge, the world’s highest railway arch bridge, which forms a crucial part of the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project. Commissioned earlier this year, the bridge has been hailed as a feat of engineering and a symbol of improved connectivity for the Kashmir Valley.

Union Minister for Railways, Electronics & Information Technology, and Information and Broadcasting, Ashwini Vaishnaw, underlined the broader significance of the development. “In recent times, apples from the valley have been transported using the Jammu & Kashmir rail link. Now, Maruti Suzuki cars will be transported to Kashmir Valley by rail. The Jammu–Srinagar railway line is a game changer for the people of Jammu & Kashmir,” he said, highlighting the economic and social benefits of the enhanced rail network.

Maruti Suzuki’s Managing Director and CEO, Hisashi Takeuchi, echoed the sentiment, noting that railway logistics have become a central part of the company’s distribution strategy. “We are grateful to the Hon’ble Prime Minister, under whose leadership transformative infrastructure projects have come up across the country. The world’s highest railway arch bridge over Chenab river is one such landmark, enabling seamless and efficient connectivity to Kashmir Valley and allowing Maruti Suzuki to better serve customers in the region,” Takeuchi said.

The move is expected to not only improve the company’s ability to reach customers in Jammu & Kashmir but also boost efficiency and sustainability in its supply chain.

Rail transport has increasingly become a preferred mode for Maruti Suzuki, which has been steadily expanding its use of dedicated railway sidings to reduce dependence on road transport and lower its carbon footprint.

Industry experts point out that this development signals a new phase in the integration of Kashmir with India’s industrial supply chains. With the USBRL project nearing completion, the arrival of rail-based logistics in the Valley is likely to spur trade, enhance employment opportunities, and provide a fillip to local markets.

For Maruti Suzuki, the milestone is also a reflection of its broader ambition to strengthen its logistics backbone as it eyes deeper market penetration in India’s farthest corners. By leveraging India’s rapidly improving infrastructure, the company is not only ensuring faster delivery of vehicles but also reinforcing its position as the country’s largest automaker with a forward-looking logistics strategy.

This first rail consignment to Anantnag, industry analysts suggest, is a harbinger of more to come as India’s rail network continues to evolve into a backbone for commercial transportation across sectors.

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Tata Advanced Systems Limited (TASL) and Airbus Helicopters have announced a joint initiative to establish India’s first private-sector helicopter final assembly line (FAL) at Vemagal in Kolar district, Karnataka, to produce the single-engine H125 — a workhorse used widely for civil, parapublic and utility missions. 

The move positions India as the fourth country to host an H125 assembly line and marks a notable step in deepening the domestic aerospace manufacturing base.

The Vemagal facility will perform major system integration, installations, ground and flight tests, and final delivery functions under Airbus supervision while leveraging TASL’s manufacturing footprint and access to regional supply chains. 

Airbus framed the project as part of a broader “Make in India” push that complements earlier contracts awarding local suppliers roles in component manufacture — notably fuselage work given to Mahindra Aerostructures.

Officials said the plant will be located in the Vemagal industrial area, roughly two hours from Bengaluru, where TASL has secured a large parcel of industrial land to build an integrated site with production, testing and planned maintenance, repair and overhaul (MRO) capabilities. Localizing assembly and support functions is expected to shorten lead times for Indian customers and create higher-value jobs in the regional aerospace ecosystem.

Industry observers note the H125 dominates the intermediate single-engine rotorcraft market globally and is popular for roles including aerial work, emergency medical services, law enforcement and tourism — making it an attractive candidate for in-country production.

Airbus and Tata have said the first “Made-in-India” H125 should roll out for delivery in early 2027, with production initially aimed at serving domestic needs and neighbouring South Asian markets before scaling up for export.

The collaboration follows a series of recent deals that deepen Airbus’s industrial footprint in India: beyond the H125 FAL, Airbus has been awarding local work packages to multiple Indian partners as part of a broader localization drive.

Tata’s new FAL also complements national ambitions to grow indigenous aerospace capability, reduce import dependence, and develop a full lifecycle services base — from manufacturing to MRO — for rotorcraft.

Analysts caution that ramping up a final assembly line entails certification, workforce training and supply-chain maturity, and that timelines depend on regulatory approvals and the smooth handover of components from global suppliers.

Nonetheless, the announcement is already being hailed as a strategic win for Karnataka’s aerospace cluster and for India’s aspirations to capture higher value in the aviation manufacturing chain.

As the facility develops, observers will watch for details on planned annual output, the balance between domestic sales and export commitments, and how the venture integrates with India’s civil and defence rotorcraft needs.

For Airbus and TASL, the Vemagal FAL is both a commercial initiative and a test case for broader industrial cooperation in the rapidly expanding Asia-Pacific rotorcraft market.

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