Category: Corporate

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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

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Corporate

Tata Motors’ truck and bus arm to list on Nov. 12

Tata Motors will list its commercial vehicle division on the stock market on November 12, 2025, completing its long-awaited restructuring. The move separates the company into two independent listed entities, Tata Motors Passenger Vehicles Ltd (TMPV), which includes its cars, electric vehicles, and Jaguar Land Rover business, and Tata Motors Commercial Vehicles Ltd (TMCV), which will handle trucks, buses, and light commercial vehicles.

The newly listed TMCV shares will trade on both the NSE and BSE under the symbol TMCV, with around 368 crore shares (face value ₹2 each) being admitted for trading. For the first ten trading sessions, the shares will be part of a trade-for-trade segment, meaning investors will have to take delivery of shares and can’t buy and sell them on the same day.

Shareholders of Tata Motors as of October 14, 2025, will automatically receive one TMCV share for every Tata Motors share they held. The demerger had received final approval from the National Company Law Tribunal (NCLT) earlier this year.

Tata Motors’ passenger vehicle arm was listed in October and opened around ₹400 per share. Analysts expect the new commercial vehicle stock to debut between ₹260 and ₹270 per share, based on Tata Motors’ pre-demerger value.

With this demerger, Tata Motors aims to give each business sharper focus and independent growth strategies, one leading India’s electric mobility and passenger car innovation, and the other strengthening its leadership in trucks and buses. The separation also helps investors value each segment more clearly, marking a major milestone in the automaker’s transformation journey.

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

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Corporate

Adani Group enters battery storage with India’s largest project

The Adani Group has announced its entry into the Battery Energy Storage Systems (BESS) sector with a major project at Khavda, Gujarat. The new system will have a capacity of 1,126 MW and can store 3,530 MWh of power, making it India’s largest battery energy storage project and one of the biggest in the world. It is expected to be ready by March 2026.

The project will use more than 700 large battery containers to store solar energy, which can then be supplied when demand is high or sunlight is low. This will help keep the power supply steady, reduce pressure on the grid, and make better use of renewable energy.

Located at the world’s largest renewable energy park in Khavda, the system will use advanced lithium-ion batteries and smart energy management technology to improve efficiency and reliability.

Gautam Adani, Chairman of the Adani Group, said, “Energy storage is the cornerstone of a renewable-powered future. With this project, we aim to make clean, reliable, and affordable energy available at scale while supporting India’s goal of energy independence.”

After this project, the Group plans to add 15 GWh of battery storage by 2027 and reach 50 GWh within five years, a step toward building a strong and sustainable energy future for India.

Also Read: Goldman Sachs turns bullish on India

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Corporate

Goldman Sachs turns bullish on India

Goldman Sachs has upgraded its view on Indian stocks from ‘neutral to overweight’, saying India’s growth story remains strong and that the Nifty 50 index could climb to 29,000 by the end of 2026 which is about 14% higher than current levels.

The global investment bank said India’s economy and corporate earnings are gaining momentum after years of slowdowns. It believes this trend will continue, supported by government reforms, lower interest rates, and healthy consumer demand.

According to Goldman, India’s policy environment is turning more supportive, with the Reserve Bank easing liquidity, tax reforms showing results, and fiscal discipline improving.

It also noted that domestic investors are driving the market, even as foreign investors have sold heavily this year. So far in 2025, foreign funds have pulled out nearly $17 billion, but local investors have pumped in around $70 billion, showing growing confidence in Indian companies.

Goldman Sachs expects the rally to be led by banks, consumer goods, automobiles, defence, and telecom stocks, while sectors like IT, pharma, and industrials may see slower growth.

The firm added that India’s stock valuations, though higher than other emerging markets, now look more reasonable given its growth prospects.

Also Read: Britannia CEO Varun Berry resigns after 13 years

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Corporate

Sensex dips by 200 pts, Nifty below 25,550, Bajaj twins tumble 6%

Indian stocks opened lower on Tuesday as selling in financials dragged the market after October’s strong rally. The Sensex fell over 200 points, and the Nifty slipped below 25,550 amid high volatility ahead of the weekly expiry.

Bajaj Finance tumbled nearly 7% after trimming its FY26 growth forecast and reporting higher NPAs, while Bajaj Finserv lost over 6%. HDFC Bank and ICICI Bank also declined, pulling the financial index down nearly 1%.

On the upside, Mahindra & Mahindra, ONGC, and Tata Steel gained up to 1%, offering some support. Broader markets also traded slightly lower, with analysts expecting range-bound movement through the week.

Also Read: Sensex jumps 319 pts, Nifty above 25,550

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Corporate

Sensex jumps 319 pts, Nifty above 25,550

The Indian stock market rebounded on Monday, with the Sensex rising 319 points to 83,535 and the Nifty 50 closing at 25,574, holding above the key 25,550 level. Gains were driven by global optimism over a potential end to the U.S. government shutdown and positive corporate earnings.

Top gainers included HCL Technologies, Bajaj Finance, Infosys, Asian Paints, and Reliance Industries. Among top losers were Trent, Apollo Hospitals, Max Healthcare, Maruti Suzuki, and Dr Reddy’s Laboratories.

The IT and financial sectors led the rally, while healthcare and consumer discretionary stocks lagged. Analysts said global cues and domestic earnings will continue to influence market direction in the coming sessions.

Also Read: Nykaa shares jump 8% after strong Q2 earnings

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Corporate

InCred eyes ₹3,000–4,000 crore IPO

Bengaluru-based InCred Holdings, a lender that has helped thousands of individuals and small businesses access loans, is preparing to enter the stock market. The company has filed confidential papers with the Securities and Exchange Board of India (SEBI), aiming to raise ₹3,000–4,000 crore through an IPO.

Since its inception in 2016, InCred Financial Services, the company’s lending arm, has disbursed over ₹25,000 crore to more than 4 lakh customers. It operates through 140+ branches and employs around 2,600 people.

The company has posted strong financial growth in FY 25. Its assets under management (AUM) rose 39% year-on-year to ₹12,585 crore, profit after tax increased 18% to ₹372 crore, and total income surged 50% to ₹1,255 crore. InCred also maintains solid fundamentals, with a capital adequacy ratio of around 26% and net non-performing assets of just 0.7%.

By choosing SEBI’s confidential pre-filing route, InCred can submit its draft documents without immediate public disclosure, giving it flexibility in timing the IPO. This approach has become popular among Indian companies planning to go public.

The funds raised from the IPO are expected to support InCred’s continued expansion in personal loans, MSME financing, education loans, secured business lending, and institutional lending. The move will help the company reach more customers and strengthen its foothold in India’s growing credit market.

Also Read: Nykaa shares jump 8% after strong Q2 earnings

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Corporate

Nykaa shares jump 8% after strong Q2 earnings

Nykaa, India’s leading beauty and fashion e‑commerce platform, saw its shares climb 8% to ₹265.30 on Monday after reporting strong Q2 results. The surge lifted its market capitalization above ₹75,000 crore.

For the quarter ending September 30, 2025, Nykaa posted a net profit of ₹34.4 crore, up 243% from the same period last year. Revenue rose 25.1% year-on-year to ₹2,346 crore. EBITDA increased 52% to ₹158 crore, with margins expanding to 6.7%. The company’s Gross Merchandise Value (GMV) grew 30% to ₹4,744 crore, led by a 28% rise in beauty GMV, a revival in fashion, and a 54% increase in the “House of Nykaa” portfolio of owned brands.

Nykaa’s beauty segment continues to be the main growth driver, while a recovering fashion business provides additional upside. Investors will need to weigh the strong quarterly performance against high valuations and competition when deciding to buy, hold, or sell the stock.

Also Read: Lenskart lists at ₹390–₹395, below ₹402 IPO

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Corporate

Lenskart lists at ₹390–₹395, below ₹402 IPO

India’s leading eyewear retailer Lenskart began trading on NSE and BSE today, opening modestly below its IPO price. The company raised approximately ₹7,278 crore through its IPO, which included a combination of a fresh issue and an offer-for-sale (OFS).

The IPO was priced at ₹402 per share and saw robust investor participation, with overall subscription reaching 28×. Qualified Institutional Buyers (QIBs) drove subscriptions of around 40×, while Non-Institutional Investors (NIIs) and retail investors contributed roughly 18× and 8×, respectively.

Despite the strong demand, Lenskart’s shares opened at ₹390 on BSE and ₹395 on NSE, representing a slight 3% discount to the issue price. Analysts suggest that this modest listing performance reflects caution among investors regarding valuation and execution risks. Prior to listing, the grey-market premium (GMP) had fallen significantly, signaling tempered expectations for immediate listing gains.

At the upper end of the issue price, Lenskart’s valuation was estimated at around ₹70,000 crore, making it one of the largest consumer retail IPOs this year. The funds raised are expected to support the company’s expansion plans, enhance supply-chain capabilities, and strengthen its technological infrastructure, consolidating its position in the organized eyewear market.

The company’s entry into public markets marks a significant milestone, even as initial market reactions suggest a cautious approach by investors.

Also Read: Adani Enterprises likely a top bidder for Jaiprakash Associates

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Corporate

Indian equities rise as Trump hints at shutdown end

Indian equities rose in early trade on Monday, tracking gains across Asian markets, as optimism grew that the historic US government shutdown may soon end. Positive corporate earnings also lifted market sentiment.

The Nifty 50 was up 0.32% at 25,573.95, while the BSE Sensex gained 0.31% to 83,472.41. Broader Asian markets climbed around 1% after the US Senate advanced a government funding bill to end the 40-day shutdown, moving it closer to final approval.

Analysts said a resolution to the political stalemate in the US could spark a short-term rally in global markets. Improving quarterly results have also prompted analysts to raise corporate profit estimates for the coming quarters, strengthening overall risk appetite.

On the day, 14 of the 16 major sectoral indices advanced. The broader midcap and small-cap indices gained about 0.5% each.

Among key movers, Hindustan Aeronautics Ltd (HAL) advanced 2.3% after the state-run defence manufacturer inked a deal with General Electric (GE) to purchase 113 engines for the next-generation version of its indigenous Tejas fighter jets.

Lupin climbed 2.2%, building on gains from the previous session, after the pharmaceutical firm posted a 73% surge in quarterly profit, supported by strong sales of respiratory medicines.

Nykaa rose 4.2% as the beauty retailer’s profit for the quarter more than tripled, driven by robust demand for skincare and cosmetics and new partnerships with global brands.

On the weaker side, Ola Electric dropped 2.2% after Moody’s Investors Service downgraded its rating, warning of potential repayment risks due to declining cash reserves.

Lenskart Solutions made a subdued market debut, listing 1.7% below its issue price of ₹402 amid investor caution over its steep valuation.

Also Read: Sensex up 250 points, Nifty above 25,550 as markets rebound