Author: Sreelatha M

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Corporate

Mahindra, Manulife launch 50:50 life insurance joint venture

Mahindra & Mahindra Ltd. (M&M) and Canadian insurer Manulife Financial Corporation have agreed to form a life-insurance joint venture in India, with each holding a 50 % stake. The venture is still subject to regulatory approvals from the Insurance Regulatory and Development Authority of India (IRDAI).

The companies plan a total investment of up to ₹3,600 crore over the next 10 years, with about ₹1,250 crore from each partner in the first five years. The JV will focus on long-term savings and protection products for individuals, combining Manulife’s global insurance experience with M&M’s strong rural and semi-urban network.

The partnership targets India’s growing life-insurance market, especially in areas where financial penetration is low. The venture is expected to start operations within 15–18 months and may take 10–12 years to break even.

India’s life-insurance sector has been growing steadily, with new business premiums for individual policies rising 12.1 % year-on-year in October 2025, highlighting a strong demand for insurance products across the country.

This collaboration also aligns with India’s broader goal of increasing insurance penetration nationwide, offering financial protection and long-term savings solutions to a larger population.

Also Read: Asian Paints brushes up 47% profit gain in Q2

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Corporate

Tata Steel Q2 profit soars 272% to ₹3,102 crore

Tata Steel Ltd reported a sharp rise in earnings for the second quarter of FY 2026, backed by solid domestic demand, cost efficiencies, and a recovery in its European operations.

The steelmaker’s consolidated net profit surged 272% year-on-year to ₹3,102 crore, compared with ₹833 crore in the same quarter last year. Revenue from operations rose 9% to ₹58,689 crore, against ₹53,905 crore a year earlier, supported by higher deliveries and better realisations.

Operating profit (EBITDA) climbed 46% to ₹9,106 crore, reflecting improved spreads and a favourable product mix. The company said its India operations remained the key growth driver, with deliveries rising to 7.91 million tonnes from 7.52 million tonnes last year. Production also edged up to 7.69 million tonnes.

Tata Steel’s European business posted a core profit of €92 million, up sharply from €22 million a year ago, aided by efficiency measures and better operating conditions in the Netherlands.

The company said strong domestic consumption, particularly from infrastructure and manufacturing sectors, cushioned the impact of fluctuating global steel prices. It continues to focus on value-added products, cost optimisation, and deleveraging to strengthen its balance sheet.

Following the announcement, Tata Steel shares gained over 3% in early trading on Thursday.

 Analysts remain positive on the stock, citing stable demand and improved profitability, though they caution that global steel price movements and input costs will influence future performance.

Tata Steel said it remains committed to sustainable growth and operational excellence, as it continues to invest in technology and capacity expansion to meet rising demand across key markets.

Also Read: Trump signs bill to end 43-day US shutdown

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Leaders

Trump signs bill to end 43-day US shutdown

The US government reopened on Wednesday after being shut down for 43 days, the longest closure in American history. President Donald Trump signed a funding bill approved by both the Senate and House of Representatives, ending weeks of political gridlock.

The House passed the bill 222–209, with a few Democrats supporting it and two Republicans opposing it. The shutdown had left hundreds of thousands of federal employees without pay and disrupted airport operations, public offices, and social services.

President Trump said the deal “sends a clear message that we will never give in to extortion” and added that it was “an honour to get our country working again.”

The budget deadlock began over a dispute about health insurance tax credits under the Affordable Care Act (ACA). Democrats wanted to extend these credits, saying their expiry would raise insurance costs and affect millions of Americans.

Economists estimate the shutdown cost the US economy around $11 billion, some of which may never be recovered.

With the new bill in place, federal workers will soon receive back pay, and all government departments are returning to normal operations. However, debates over healthcare funding and budget priorities are expected to continue in Congress.

Also Read: India urges rich nations on climate finance at COP30

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Corporate

Sensex volatile, Nifty steady above 25,850

Indian equities opened on a weak note Thursday, with the Sensex swinging between gains and losses and the Nifty holding firm above 25,850. Investors turned cautious ahead of updates on the India-U.S. trade deal, while IT and financial stocks weighed on sentiment.

Markets paused after a three-day rally as traders booked profits in select heavyweights. However, buying in FMCG and pharma counters helped offset some of the pressure.

Among key movers, Honasa Consumer surged 7%, Lupin gained over 4%, and Asian Paints rose nearly 3%. On the downside, Tata Motors Commercial Vehicles (TMCV) dropped about 3%, while Tech Mahindra, Axis Bank, and Infosys also traded lower.

Broader indices showed a mixed trend, with mid- and small-cap stocks holding relatively steady amid cautious global cues.

Also Read: Sensex jumps 595 pts, Nifty crosses 25,850

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Corporate

Tata Motors commercial-vehicle unit debuts 28% higher

Tata Motors’ newly separated commercial-vehicles business made a strong market debut. The stock opened at around ₹335 per share, about 28% higher than its pre-listing implied value of ₹261. It later climbed to roughly ₹345, signaling strong investor interest.

The de-merger separates the passenger-vehicle and electric-vehicle business from the commercial-vehicle arm, allowing each to be valued independently. The commercial-vehicle business reported revenue of about ₹75,055 crore and an EBITDA of ₹8,856 crore, with margins around 11.8%.

The sector is supported by improving freight activity, infrastructure development, easing commodity costs, and a reduction in GST from 28% to 18%. Analysts estimate the unit’s fair value at about ₹310–₹320 per share.

Tata Motors is also planning to acquire Iveco’s commercial-vehicle operations, which could strengthen its global presence in medium and heavy vehicles, although benefits may take time to materialize.

Investors are advised to note that the commercial-vehicle sector is cyclical, and margins can fluctuate depending on economic conditions and demand. While the listing was strong, medium-term investors are likely to benefit most from the stock’s focused play on the commercial-vehicle market.

Also Read: Adani Enterprises raises ₹25,000 crore via rights issue

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Corporate

Sensex jumps 595 pts, Nifty crosses 25,850

The BSE Sensex surged 595 points on Wednesday, while the Nifty 50 crossed the 25,850 mark, marking a strong day for Indian equity markets. Investor sentiment was boosted by optimism over progress in US-India trade talks and expectations that the US government shutdown would soon end.

Asian Paints was the top performer, rising over 7% following a strong Q2 profit report and the announcement of an interim dividend of ₹4.50 per share. Tech Mahindra gained around 3%, supported by positive trends in the IT sector.

Most sectoral indices closed higher, with IT and midcap stocks leading the rally. Small caps were slightly muted, while the FMCG index was among the few laggards. Globally, Asian markets advanced, aided by easing risk sentiment and signs of a cooling U.S. labour market, which strengthened investor confidence.

Also Read: Sensex opens 500 pts higher, Nifty above 25,800

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Corporate

Groww IPO lists at 12% premium

Groww, the online investment platform, made a strong debut on the stock market on Tuesday. Its shares, priced at ₹100 in the IPO, opened at ₹112 on the NSE and ₹114 on the BSE,  a 12–14% gain on listing day. The IPO was heavily oversubscribed, with total demand about 17.6 times the shares on offer. Retail investors alone bid nearly 9.4 times.

In the grey market before listing, Groww’s shares were trading at a small premium of ₹3, down from earlier higher expectations.

The company has been growing rapidly, with active users rising sharply and affluent clients expanding at a faster pace. Groww’s cost to acquire customers remains relatively low compared to peers, supporting healthy margins.

However, experts caution that the stock is trading at a high valuation which is roughly 33–40 times projected FY25 earnings. Some analysts suggest holding IPO allotments for 2–3 years to realize potential gains rather than expecting quick profits.

Groww is expanding into lending, insurance distribution, and wealth management, but these newer segments are yet to scale significantly. Investors are also reminded of risks such as regulatory changes and dependence on financial markets.

For now, Groww’s listing reflects strong investor interest, but experts advise weighing growth potential against the high valuation before making investment decisions.

Also Read: 600 quit Paramount Skydance over office return

Categories
Beyond

India urges rich nations on climate finance at COP30

India made a firm appeal at the COP30 climate summit on Monday, calling on developed nations to honour their legally binding obligations under the Paris Agreement. Representing developing countries, India said the fundamental “architecture” of the Paris pact must not be altered and that climate action must remain rooted in equity and the principle of common but differentiated responsibilities.

Speaking on behalf of the BASIC (Brazil, South Africa, India and China) and LMDC (Like-Minded Developing Countries) groups, India stressed that climate finance continues to be the biggest barrier to global progress. It reminded developed countries of their duty under Article 9.1 of the Paris Agreement to provide predictable and adequate funding to help developing nations adapt and transition to cleaner economies.

India called for a clear global definition of climate finance to ensure transparency and accountability. It also highlighted that funding for adaptation needs to increase at least fifteen-fold to meet the urgent needs of vulnerable communities.

On technology transfer, India demanded affordable, reliable and equitable access to green technologies. It urged the removal of intellectual property and market barriers that prevent developing countries from deploying cleaner solutions at scale.

New Delhi also cautioned against unilateral trade measures such as carbon border taxes, saying they could amount to disguised protectionism and undermine the spirit of multilateral climate cooperation.

India reminded developed countries of their historical responsibility for global warming and urged them to achieve net-zero earlier while investing in negative-emission technologies.

Reaffirming its commitment to the Paris Agreement, India said that global climate action must be built on trust and fairness, not through rewriting existing rules.

Also Read: Neville Tata, Bhaskar Bhat join Sir Dorabji Tata Trust

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Corporate

Sensex opens 500 pts higher, Nifty above 25,800

Indian benchmark indices extended gains on Wednesday amid optimism over a possible trade deal with Washington and the reopening of the US government. Investor confidence also strengthened after Bihar exit polls indicated a likely win for the incumbent NDA alliance, boosting hopes of political stability.

The BSE Sensex climbed nearly 500 points in early trade, while the NSE Nifty 50 crossed the 25,800 mark. Tech Mahindra led the rally among blue-chip stocks, followed by TCS, Bharti Airtel, Eternal, and Infosys, driving the Nifty IT index higher. The tech uptrend was further supported by U.S. President Donald Trump’s comment that the country needed more skilled foreign workers, easing concerns over visa restrictions.

Meanwhile, mild profit-booking was seen in auto and defence counters such as Maruti Suzuki and Bharat Electronics Ltd (BEL). Analysts said firm global cues, upbeat political signals, and strong performance by IT majors kept market sentiment buoyant in early trade.

Also Read: Sensex up 336 points, Nifty above 25,700, BEL, Adani Ports gain

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Corporate

PhysicsWallah IPO opens at ₹103‑109, weak initial demand

PhysicsWallah Ltd, the Indian ed‑tech firm, opened its ₹3,480 crore IPO on 11 November 2025, with shares priced in the ₹103‑109 band. The IPO will close on 13 November, and listing on the NSE and BSE is expected on 18 November.

Ahead of the public issue, 57 anchor investors, including Goldman Sachs and Fidelity, subscribed for roughly ₹1,563 crore, showing institutional confidence.

However, early subscription from retail and non-institutional investors remained weak, with overall subscription around 4 % on Day 1. The grey market premium is reported at ₹2‑3 per share, suggesting limited short-term listing gains.

PhysicsWallah offers online and offline courses for exams like JEE and NEET. Revenue has grown rapidly, though the company remains loss-making. Proceeds from the IPO will fund expansion of learning centres, technology upgrades, marketing, acquisitions, and general corporate purposes.

Analysts note the company has a strong growth story and a promising hybrid model but warn of high valuation and execution risks, including operational issues at some centres.

Investors are advised to view the IPO as a long-term play rather than a quick listing gain.

Also Read: Adani Group enters battery storage with India’s largest project