Author: Staff Writer

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Corporate

BCCL ₹1,071 cr IPO sees strong demand

Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India Ltd, launched its initial public offering (IPO) on January 9, 2026, priced at ₹21–23 per share. The IPO, entirely structured as an offer-for-sale (OFS), aims to raise approximately ₹1,071 crore from investors. It marks one of the first major public offers of 2026 and has attracted considerable attention from retail, institutional, and non-institutional investors.

The subscription process is open until January 13, with allotment expected on January 14. Shares are likely to debut on the BSE and NSE on January 16. Early indications suggest strong demand across all investor categories, reflecting confidence in BCCL’s market position and backing from its parent company, Coal India.

The grey market premium (GMP) for the BCCL IPO is signaling potential listing gains of 40–50%, a robust figure that has further piqued investor interest. Analysts note that BCCL, being a government-backed coal producer with a strong operational track record, presents a relatively low-risk investment option with good growth prospects.

BCCL operates in the coking coal segment, supplying a critical raw material for steel production. The company’s parentage under Coal India Ltd provides additional credibility, attracting both retail and institutional investors looking for stable government-linked opportunities. Market experts believe that the strong grey market activity combined with oversubscription trends indicates a healthy appetite for government-linked IPOs in the current market scenario.

The public offer is also expected to enhance BCCL’s visibility among investors and strengthen its financial profile. Analysts recommend subscribing to the IPO, citing both its strategic importance in India’s coal sector and the potential upside at listing.

 The BCCL IPO is being seen not just as a financial opportunity but also as a barometer of investor sentiment toward government-backed enterprises in the early part of 2026.

Also Read: Zoho founder Vembu faces $1.7bn bond in divorce case

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1 Minute-Read

Nestlé India confirms local formula safe for consumers

Nestlé India has clarified that the infant formula recalled globally is not sold in India. All baby formula brands available domestically are produced locally and comply with Food Safety and Standards Authority of India (FSSAI) regulations.

The company stressed that none of the recalled international batches are distributed in India. The global recall was a precautionary measure due to a quality issue in an ingredient, with no reported illnesses linked to the products.

Nestlé India reassures consumers that its locally made formulas remain safe for use and meet stringent safety standards.

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1 Minute-Read

IREDA shares drop 4% ahead of Q3 FY26 results

Indian Renewable Energy Development Agency (IREDA) is in focus as it prepares to announce its Q3 FY26 results. The stock has seen profit booking recently, losing nearly 4% over the week after earlier gains.

Analysts expect steady growth in renewable energy loans, stable earnings, and improved asset quality, supported by strong loan disbursements and approvals. Investors will closely watch net interest income, margins, and non-performing assets.

Technical trends indicate potential upside if key support levels hold, making the upcoming quarterly results critical for market sentiment around this PSU lender.

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Corporate

UpGrad exits Unacademy deal over valuation

UpGrad, India’s online learning and upskilling platform co‑founded by Ronnie Screwvala, has pulled out of a proposed acquisition of rival Unacademy, citing disagreements over valuation and concerns about business performance. The move comes after several months of negotiations failed to produce common ground between the two companies.

The deal had aimed to value Unacademy — backed by SoftBank, Temasek, and Tiger Global — at around USD 290–300 million. This is a sharp drop from its peak valuation of USD 3.4 billion in 2021, reflecting the significant correction in India’s edtech sector following the post-pandemic boom. Sources familiar with the negotiations said UpGrad’s valuation expectations were much higher, and the gap could not be bridged. Ronnie Screwvala confirmed the withdrawal, saying both sides “could not arrive at a mutually agreeable valuation.” Unacademy did not comment.

Beyond valuation, UpGrad reportedly had concerns over Unacademy’s business performance. The startup has faced stagnant revenue, ongoing losses, and challenges in scaling offline coaching programs. While its losses narrowed slightly in the last fiscal year, growth remained limited, raising questions about long-term viability.

The cancellation highlights wider challenges in India’s online education market, where slowing post-pandemic growth, intense competition, and cautious investors have led to multiple valuation corrections. Unacademy has previously seen potential deals fall through for similar reasons, showing the difficulty of matching expectations in the current market.

For UpGrad, stepping back allows the company to retain financial flexibility and avoid overpaying. Both companies will now continue independently, focusing on growth and adaptation to the changing industry landscape.

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Corporate

Sensex tumbles 604 pts, Nifty falls below 25,700

The BSE Sensex fell sharply by 604 points to close at 25,653 on Friday, while the NSE Nifty 50 slipped below the 25,700 mark, ending at 25,692. The declines marked the fifth consecutive session of losses for Indian equity markets, as investors remained cautious amid global uncertainties and continued foreign fund outflows.

Broader markets traded mostly in the red, with private banks, financial services, ports, realty, and media stocks under pressure. ICICI Bank and Adani Ports were the top losers, each declining around 2%, reflecting widespread risk-off sentiment.

On the upside, select oil and gas, IT, and some public sector banking stocks showed modest gains, helping to limit overall market losses. Analysts noted that defensive buying in these sectors provided some support amid a predominantly negative trading session.

Early optimism in trade was short-lived as global developments, including potential changes in U.S. tariffs and subdued international economic indicators, weighed on investor sentiment. Domestic factors such as muted corporate earnings guidance and cautious investor behavior further compounded selling pressure.

Over the past five trading sessions, the Sensex has lost over 2,180 points, while the Nifty has declined around 2.5%, erasing a significant portion of market capitalization. The ongoing sell-off highlights the cautious stance of traders ahead of corporate earnings releases and key economic announcements.

The Indian rupee also weakened slightly against the U.S. dollar, mirroring the risk-averse mood in equities. Commodity trading was mixed, with zinc and copper futures showing minor gains, while other base metals declined.

Investors are expected to closely track domestic corporate earnings, global economic developments, and foreign fund flows in the coming days for fresh cues on market direction.

Also Read: Sensex slides 200 points, Nifty dips below 25,850

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Corporate

BHEL secures ₹5,400 cr order from Coal India JV

State-owned engineering major Bharat Heavy Electricals Limited (BHEL) has secured a significant contract valued at around ₹5,400 crore, placing the company in sharp focus on the stock markets. The announcement triggered a positive reaction from investors, with BHEL shares gaining in early trade as confidence improved around the company’s medium-term growth prospects.

The order has been awarded by Bharat Coal Gasification and Chemicals Limited (BCGCL), a joint venture between Coal India Limited (CIL) and BHEL. Coal India holds a majority stake of 51 percent in the joint venture, while BHEL owns the remaining 49 percent. The project is part of BCGCL’s coal-to-ammonium nitrate initiative being developed at Lakhanpur in Jharsuguda district of Odisha.

Under the contract, BHEL will execute the Coal Gasification and Raw Syngas Cleaning Plant, known as the LSTK-1 package, on a lump-sum turnkey basis. The scope of work includes detailed engineering, equipment supply, civil construction, erection, testing, commissioning, and performance guarantee validation. In addition, BHEL will provide operations and maintenance services for a period of five years after commissioning.

As per the project timeline outlined in the Letter of Acceptance, the commissioning and performance guarantee tests are expected to be completed within 42 months from the date of award. The company clarified that while the contract qualifies as a related-party transaction due to the joint venture structure, it has been awarded on an arm’s-length basis and in line with regulatory norms.

The project is aligned with India’s broader push to promote coal gasification as a cleaner and more efficient use of domestic coal resources. The gasification facility will support the production of ammonium nitrate, a key input for fertilisers and industrial explosives, reducing reliance on imports.

Separately, BHEL has also begun supplying semi-high-speed underslung traction converters for Indian Railways’ Vande Bharat Sleeper train project. Manufactured at the company’s Bengaluru unit, these converters form part of advanced propulsion systems designed for trains operating at speeds of up to 160 kmph.

Market participants believe that the large coal gasification order, combined with growing opportunities in railway equipment, enhances BHEL’s revenue visibility and reinforces its position as a key player in India’s infrastructure, energy, and manufacturing ecosystem.

Also Read: HUL gets ₹1,560 cr tax demand

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1 Minute-Read

HUL gets ₹1,560 cr tax demand

Hindustan Unilever Ltd (HUL), the Indian arm of global FMCG major Unilever, has received a tax demand of ₹1,560 crore (around $174 million) from Indian income tax authorities.

The order relates to the assessment year 2021–22 and includes issues linked to transfer pricing and certain tax disallowances.

In a regulatory filing, HUL said it disagrees with the assessment and will challenge the order through legal channels. The company added that the demand is not expected to have any significant impact on its financial position or ongoing operations. No penalties have been imposed at this stage.

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Technology

OpenAI launches ChatGPT Health linking medical data

OpenAI has introduced ChatGPT Health, a new feature designed to help people better understand and manage their health. This feature is part of the ChatGPT app and provides a secure place for users to upload their medical records and connect data from popular health and fitness apps such as Apple Health, MyFitnessPal, Fitbit, and Peloton.

By linking this information, ChatGPT Health can give personalized explanations of lab results, highlight important health trends, and offer guidance for doctor visits, diet, exercise, and insurance options. The feature is intended to make it easier for users to interpret their health data without replacing professional medical advice. OpenAI emphasizes that ChatGPT Health is not a diagnostic tool and should not be relied on for medical decisions.

To ensure privacy and safety, ChatGPT Health keeps medical information separate from regular AI chats and applies extra security measures. The data users provide is not used to train OpenAI’s main AI models, giving users more control over sensitive information.

The feature is being rolled out gradually, starting with a limited number of users on iOS and web platforms. Over time, OpenAI plans to expand access to more users. The company hopes this tool will make it easier for people to track their health, understand test results, and manage wellness goals in one place.

Experts note that while AI can help organize and explain health information, it cannot replace professional medical care. Users should still consult doctors and healthcare providers for diagnoses and treatment decisions.

ChatGPT Health represents a growing trend of integrating AI with personal health management, giving people more ways to stay informed and proactive about their well-being. By combining data from multiple sources, it aims to provide a comprehensive view of health, making wellness management simpler and more personalized.

This step marks OpenAI’s first major foray into a health-focused AI application, signaling the potential for AI tools to play a larger role in day-to-day health monitoring in the future.

Also Read: Reliance may return to Venezuelan oil market

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Corporate

Reliance may return to Venezuelan oil market

Reliance Industries Ltd (RIL), India’s largest private company and operator of the world’s biggest oil refinery complex, has indicated it may consider buying crude oil from Venezuela, if international regulations allow. The company is waiting for clear guidance on whether non‑US buyers can legally purchase Venezuelan crude before taking any steps.

RIL had previously stopped buying Venezuelan oil in 2025 after the United States imposed a 25 per cent tariff on imports from the South American country. The last shipment of Venezuelan crude to Reliance arrived in May 2025. Now, with the possibility of the rules changing, the company is evaluating whether it can re-enter this market.

The Gujarat refineries operated by Reliance are well-suited to process heavy, lower-cost grades of crude like Venezuela’s Merey oil. This makes Venezuelan crude particularly attractive, as it could provide both cost savings and operational advantages for the company.

The announcement has drawn attention from investors, with RIL shares expected to remain in focus as markets watch the company’s next moves. Analysts suggest that a return to Venezuelan oil could help Reliance manage refinery costs, while also tapping into a potential supply of discounted crude in a global market that is often volatile.

Other Indian refiners, such as Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), are also likely to evaluate Venezuelan crude should sales to non-US buyers be allowed. The broader energy sector sees this as a potential opportunity for Indian refiners to access competitively priced heavy crude, which could ease supply pressures and reduce import costs.

For Reliance, this move is not just about expanding crude sources—it is also a strategic play to maximize refinery efficiency and maintain competitive advantage. As international trade regulations evolve, the company is treading carefully, balancing opportunities with compliance, while the market closely monitors developments.

With global oil markets fluctuating and international policies in flux, RIL’s cautious approach reflects both ambition and prudence, highlighting the company’s focus on strategic sourcing in a complex global landscape.

Also Read: Gold slips to ₹1,37,990, Silver fall to ₹2,51,900

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Beyond

Gold slips to ₹1,37,990, Silver fall to ₹2,51,900

Gold prices showed minor variation across major cities. In Mumbai and Kolkata, 24-carat gold was quoted at ₹1,37,990 per 10 grams, while Delhi saw slightly higher levels at ₹1,38,140. Chennai continued to trade at a premium, with 24-carat gold priced at ₹1,39,080 per 10 grams. Prices of 22-carat gold followed a similar trend across regions.

Silver prices also softened, with one kilogram declining by ₹100 to ₹2,51,900 in most markets. Chennai again reported higher rates, with silver trading at ₹2,71,900 per kilogram, reflecting regional demand and local levies.

Market participants attributed the mild correction in precious metal prices to cautious trading ahead of key global economic data and a firm US dollar. Internationally, gold prices have seen some profit-taking after hovering near record highs, while silver has also faced pressure amid expectations of tighter global financial conditions.

Experts note that while short-term movements remain range-bound, gold continues to attract investor interest as a hedge against geopolitical uncertainty and inflation. Domestic prices may continue to fluctuate in the near term, tracking global trends, currency movements, and changes in international bullion markets.

Also Read: Sensex slides 200 points, Nifty dips below 25,850