Category: Corporate

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Corporate

Adani Enterprises likely a top bidder for Jaiprakash Associates

Adani Enterprises Ltd is likely to be selected as the highest bidder to acquire the debt-laden Jaiprakash Associates Ltd (JAL) as lenders are said to be in favour of its faster repayment plan over Vedanta Group’s longer five-year schedule.

Adani’s plan to complete payments within two years reportedly scored higher in the evaluation conducted by JAL’s Committee of Creditors (CoC). In September, Vedanta had initially emerged as the top bidder with an offer of ₹12,505 crore. However, after lenders sought better value, fresh bids were invited from Adani Enterprises, Vedanta, Dalmia Cement (Bharat), Jindal Power and PNC Infratech.

The revised proposals were submitted in on October 14. Adani Enterprises offered ranked highest followed by Dalmia Cement and Vedanta.

The CoC is expected to put the resolution plan to vote within the next two weeks. Dalmia’s offer, however, is understood to be contingent upon a pending Supreme Court verdict involving JAL and the Yamuna Expressway Industrial Development Authority.

Meanwhile, the former promoters of JAL had also submitted a settlement offer under Section 12A, though they reportedly failed to identify clear funding sources.

JAL, which operates in real estate, cement, power, hospitality, and infrastructure, was admitted into the Corporate Insolvency Resolution Process by the National Company Law Tribunal, Allahabad, on June 3, 2024, after defaulting on loans. Financial creditors’ claims amount to around ₹60,000 crore, led by the National Asset Reconstruction Company Ltd, which acquired JAL’s stressed loans from a consortium led by State Bank of India.

In April, 25 companies had expressed interest in acquiring JAL, though only five eventually submitted bids. Vedanta initially emerged as the top bidder in the September challenge process before the latest round of revisions.

JAL’s assets include major real estate projects such as Jaypee Greens in Greater Noida, Wishtown in Noida, and Jaypee International Sports City near Jewar Airport, along with hotel properties in Delhi-NCR, Mussoorie, and Agra.

The group also owns non-operational cement plants in Madhya Pradesh and Uttar Pradesh, besides investments in subsidiaries such as Jaiprakash Power Ventures Ltd and Yamuna Expressway Tolling Ltd.

Also Read: Think Investments invests ₹136 crore in PhysicsWallah ahead of IPO

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Corporate

Think Investments invests ₹136 crore in PhysicsWallah ahead of IPO

US-based global investment firm Think Investments has infused ₹136.17 crore into PhysicsWallah (PW) through a secondary share purchase, ahead of the edtech company’s much-awaited ₹3,480-crore initial public offering (IPO).

The investment was made through the purchase of 10.7 million shares from 14 employees at a price of ₹127 per share, valuing the company at a premium of nearly 17% over the upper end of its IPO price band. The transaction gives Think Investments a 0.37% stake in PhysicsWallah.

Founded by Alakh Pandey and Prateek Boob, PhysicsWallah has announced an IPO comprising a ₹3,100-crore fresh issue and an offer for sale (OFS) worth ₹380 crore by the promoters. The issue will open on November 11, 2025, with a price band set at ₹103–₹109 per share.

Post-listing, the promoters’ combined stake will reduce from 80.62% to around 72%, while no institutional investors are expected to dilute their holdings.

Think Investments, which manages a global portfolio of approximately US $4 billion, is known for backing high-growth technology-driven firms, including Swiggy, FirstCry, and Urban Company.

The latest investment highlights continued institutional interest in PhysicsWallah, which has previously facilitated several employee stock-option (ESOP) liquidation rounds in 2025 at valuations ranging from ₹127–₹137 per share.

Proceeds from the IPO are expected to be deployed toward business expansion, product development, and strengthening the company’s hybrid education model across India.

Also Read: HAL, GE ink $1 billion deal for 113 Tejas engines

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Corporate

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

Indian markets opened on a positive note on Monday, tracking gains across Asian peers. The Sensex jumped over 250 points, while the Nifty 50 climbed past 25,550 as investor sentiment improved following expectations of an early end to the U.S. government shutdown and optimism about corporate earnings momentum.

Infosys, HCL Technologies, and select banking stocks led the rally, helping lift the benchmarks after a volatile week of losses. Among broader market movers, HBL Engineering and Neuland Laboratories were top gainers in early trade, while Transformers and Rectifiers (India), Trent, and Nava saw declines.

Analysts said the rebound reflected improving global cues and renewed confidence in India’s growth outlook ahead of key inflation data and corporate results later this week.

Also Read: JSW Cement posts ₹75 Cr Q2 profit

 

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Corporate

JSW Cement posts ₹75 Cr Q2 profit

JSW Cement turns profitable in Q2 with Rs 75 crore net; sales, volumes rise sharply

 JSW Cement Ltd has swung back to profitability in the September quarter of FY26, posting a net profit of Rs 75.36 crore compared with a loss of Rs 75.82 crore in the same quarter last year. The turnaround was driven by robust sales volumes and improved operational efficiencies, the company said in a regulatory filing on Friday.

Revenue from operations increased 17% from the year-ago period to Rs 1,436.43 crore, aided by higher demand and better price realisations. Total income, including other income, stood at Rs 1,460.06 crore, while total expenses rose to Rs 1,348.72 crore during the quarter.

Cement sales volumes grew to 3.11 million tonnes (MT) in Q2 FY26, up from 2.71 MT a year earlier. For the first half of the fiscal, the company’s consolidated income was Rs 3,041.93 crore.

JSW Cement also reported a significant reduction in net debt, which came down to Rs 3,231 crore as of September 30, 2025, from Rs 4,566 crore three months earlier. The decline was attributed mainly to the inflow of IPO proceeds.

This was JSW Cement’s second quarterly result since its stock market debut on August 14, 2025. The company said it spent Rs 509 crore in capital expenditure during the September quarter, taking total capex for the first half to Rs 964 crore, including maintenance projects.

In a separate filing, the board approved a Power Purchase Agreement with JSW Green Energy Fifteen Ltd, a subsidiary of JSW Energy, to buy solar power from a captive plant. As part of the deal, JSW Cement will acquire a 26% equity stake in the energy arm for Rs 21.78 crore.

JSW Cement currently operates with a grinding capacity of 21.6 million tonnes per annum (MTPA) and plans to nearly double it to 41.85 MTPA along with 13.04 MTPA of clinker capacity, expanding its manufacturing footprint across India.

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India’s Forex reserves drop $5.6 billion to $689.73 billion

India’s foreign exchange reserves fell by $5.6 billion to $689.73 billion as on October 31, 2025, marking the second consecutive weekly decline.

The reserves had dropped by $6.92 billion to $695.36 billion in the preceding week, according to data released by RBI on Friday

The latest data showed that foreign currency assets, which form the largest component of the overall reserves, decreased by $1.9 billion to $564.59 billion. The RBI noted that these assets include the impact of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves.

Gold reserves saw a significant decline of $3.8 billion, falling to $101.72 billion during the week. Meanwhile, Special Drawing Rights slipped by $19 million to $18.64 billion.

India’s reserve position saw a positive shift with the International Monetary Fund rising by $164 million to $4.77 billion.

The decline in reserves comes amid fluctuations in global currency markets and changing gold prices, which continue to influence India’s overall reserve composition. Despite the recent dip, India’s forex reserves remain among the highest globally, providing a strong buffer against external shocks.

Also Read: HAL, GE ink $1 billion deal for 113 Tejas engines

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HAL, GE ink $1 billion deal for 113 Tejas engines

India’s public-sector aircraft maker Hindustan Aeronautics Limited (HAL) has signed a $1 billion (₹8,900 crore) deal with US aerospace major General Electric (GE) to supply 113 jet engines for the Tejas Mk-1A fighter jets.

The engines will be delivered between 2027 and 2032, adding to an earlier 2021 order for 99 engines. HAL officials said 11 Tejas jets are ready, including four already fitted with GE engines, and the company aims to deliver 10 aircraft to the Indian Air Force by March next year.

The Tejas programme, which had faced delays due to engine shortages, weapon-integration trials, and radar certification, is expected to gain momentum with this agreement. The new supply will help boost Tejas production and strengthen India’s airpower at a time when the IAF’s fighter strength is below target.

The deal also marks a boost in India–U.S. defence cooperation, reflecting growing trust and shared strategic interests despite past trade frictions.

Also Read: US Visa rules toughen for health cases

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Sensex Down 95 pts, Nifty Below 25,500, TechM, IndiGo Fall 2%

Indian equities recovered from sharp early losses on Friday but still closed lower, marking a third consecutive session of declines for the Sensex and Nifty amid profit-booking after October’s strong rally.

The S&P BSE Sensex fell 0.1% to 83,216.28, rebounding from an intraday drop of over 600 points, while the NSE Nifty 50 slipped 0.07% to 25,492.30 after falling nearly 0.7% earlier in the day.

Tech and telecom stocks led the losses, with Bharti Airtel down 4.5% following Singapore Telecommunications’ $1.2-billion stake sale. Tech Mahindra, Reliance Industries, Trent, and HCL Technologies also fell between 1% and 4.5%.

For the week, both indices lost 0.9%, with small-cap stocks sliding 1.7% while mid-caps remained largely flat. Public-sector banks outperformed, gaining 2.1%, led by State Bank of India after strong earnings and improved loan growth guidance.

Analysts said the decline was driven by profit-taking, foreign fund outflows, rupee weakness, global tech pressures, weak US job data, and cautious technical charts.

Also Read: Sensex down 550 pts, Nifty under 25,350, Airtel, HUL drag

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Corporate

LIC Q2 Profit Rises 32% to ₹10,053 Crore

Life Insurance Corporation of India (LIC) reported a 32% rise in profit for the second quarter of FY26, reaching ₹10,053 crore compared to ₹7,620 crore in the same quarter last year.

The country’s largest insurer’s Net Premium Income climbed 5.4% to ₹1.26 lakh crore in Q2 FY26, up from ₹1.19 lakh crore a year earlier.

CEO and MD of LIC, R Doraiswamy, said the company remains optimistic about the recent GST changes announced for the insurance industry.

For the first half of FY26, LIC’s total premium income rose 5.1% to ₹2,45,680 crore. The insurer’s individual business premium increased to ₹1,50,715 crore, while group business premium rose to ₹94,965 crore.

However, individual new business premiums slipped 3.5% to ₹28,491 crore from ₹29,538 crore in the first half of FY25. Meanwhile, renewal premiums in the individual segment grew 6.1% to ₹1,22,224 crore, reflecting continued customer retention and policy renewals.

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Tesla Shareholders Approve $1Trillion Musk Pay Package

Tesla CEO Elon Musk is set to become the world’s first trillionaire after more than 75% of the company’s shareholders approved as much as $1 trillion in stock over the next decade.

Shareholders voted in favor of the proposal at Tesla, based in Austin, reaffirming their faith in Musk’s leadership and vision to transform the electric vehicle pioneer into a technology powerhouse focused on AI, robotics, and autonomous systems.

Under the approved plan, Musk will receive stock awards only if Tesla achieves a series of ambitious performance and market milestones over the next decade.

These include delivering 20 million electric vehicles, deploying 1 million self-driving robotaxis, selling 1 million humanoid robots, and generating $400 billion in core profit.

If all targets are achieved, Musk would gain roughly 12% of Tesla’s shares, worth about $878 billion after adjustments.

Shares of Tesla rose more than 3 percent in after-hours trading after the shareholder voted on Thursday.

Shareholders also backed Tesla’s potential investment in Musk’s AI startup, xAI, despite concerns over conflicts of interest. The partnership could enhance Tesla’s self-driving technology while providing xAI with a major commercial client.

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Jio Platforms Valued at $170 Billion, say bankers

Jio Platforms Ltd., the digital and telecom subsidiary of Reliance Industries, is being valued at up to $170 billion by investment bankers, with discussions placing the range between $130 billion and $170 billion.

If realised, the higher-end valuation would make Jio one of India’s top three listed companies by market capitalization, overtaking Bharti Airtel, currently valued at around $143 billion. Parent company Reliance Industries, led by Mukesh Ambani, holds a market cap of about Rs 20 lakh crore.

Ambani had earlier indicated that Jio’s IPO could take place in the first half of 2026, marking the first major listing of a Reliance business since Reliance Petroleum’s debut in 2006. The move, long anticipated since 2019, follows substantial global investments from Meta Platforms and Alphabet Inc., which together infused over $10 billion into Jio in 2020.

Under current regulations, companies valued above Rs 5 lakh crore must sell shares worth at least Rs 15,000 crore in their IPOs. For Jio, that would translate to an offering of around $4.3 billion, assuming the company achieves the top-end valuation.

Jio’s strong financial performance continues to bolster investor confidence. For the September quarter, it reported a 13% rise in net profit to Rs 7,379 crore, driven by higher data consumption and a growing subscriber base. Revenue from operations grew 15% to Rs 36,332 crore, compared to Rs 31,709 crore in the same period last year.

The company’s average revenue per user rose 8.4% year-on-year to Rs 211.4, while its 5G subscriber base surged to 234 million. It now has 22.7 million home connections and nearly 9.5 million JioAirFiber users, highlighting its expanding digital footprint.

The anticipated IPO is expected to be one of the largest in India’s history, underscoring Jio’s pivotal role in advancing the country’s telecom and digital transformation.

Also Read: Adani Kutch Copper ties up with Australia’s Caravel Minerals