Category: Corporate

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Corporate

Zepto plans Rs 11,000 cr IPO, files confidential papers

Zepto, the quick-commerce startup is gearing up for its initial public offering (IPO), planning to raise up to Rs 11,000 crore through the public issue. The company has filed its draft IPO papers confidentially with the Securities and Exchange Board of India (Sebi), a process that allows it to receive regulator feedback before making the IPO public.

This marks a key step in Zepto’s plans to list on the stock exchange in 2026, potentially making it one of India’s youngest startups to go public.

Founded by Aadit Palicha and Kaivalya Vohra, Zepto has carved a niche in the rapid grocery delivery sector, promising essentials delivered in minutes. The company operates through a network of dark stores in major Indian cities and has expanded rapidly, attracting strong interest from investors. Over the years, Zepto has grown its revenues significantly, although it continues to report losses as it invests heavily in market expansion and customer acquisition.

The planned IPO will include fresh shares issued by the company, along with stake sales by existing investors. This combination allows Zepto to raise fresh capital for growth while providing liquidity for early backers. To streamline operations and improve profitability ahead of listing, Zepto has implemented cost-reduction measures, including optimizing workforce and tightening customer-acquisition spending.

A consortium of investment banks, including Morgan Stanley, Axis Capital, HSBC, Goldman Sachs, JM Financial, IIFL Securities, and Motilal Oswal, has been appointed to manage the IPO. Subject to market conditions and regulatory approvals, Zepto aims to debut on the stock market in the July–September 2026 quarter.

The IPO comes amid a surge in Indian startup listings, particularly in technology, e-commerce, and delivery sectors. Zepto’s public debut is expected to join the ranks of firms like Zomato and Swiggy, showcasing investor confidence in the quick-commerce sector, despite intense competition and high operational costs. Analysts say Zepto’s rapid growth, strong market presence, and focus on operational efficiency make it an attractive opportunity for investors, signaling a new phase for India’s fast-growing on-demand delivery market.

Also Read: IndiGo cancels 67 flights as fog disrupts operations

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Sensex down 200 points, Nifty slips under 26,100

Indian equity markets opened lower on Thursday, December 26, as benchmark indices faced selling pressure in thin year-end trade. At the opening bell, the BSE Sensex slipped more than 200 points, while the Nifty 50 fell below the 26,100 level, reflecting cautious investor sentiment after the Christmas holiday.

Early trade was marked by subdued volumes, with investors largely staying on the sidelines in the absence of fresh domestic or global triggers. Market participants appeared reluctant to take aggressive positions ahead of the upcoming corporate earnings season and the close of the calendar year.

On the losing side, financial and consumption-linked stocks weighed on the benchmarks. Bajaj Finance declined about 1 per cent in early deals, emerging as one of the top drags on the Sensex and Nifty. Eternal also slipped around 1 per cent, while select banking and FMCG stocks traded lower, adding to the weak opening.

In contrast, some stocks showed resilience despite the broader market weakness. Railway-related counters such as Rail Vikas Nigam Ltd (RVNL) and Indian Railway Finance Corporation (IRFC) opened higher, supported by expectations of continued government focus on infrastructure spending. Select midcap and smallcap stocks also edged up, indicating selective buying at lower levels.

Sector-wise, IT, pharma and financial stocks opened in the red, while consumer durables and infrastructure stocks showed relative strength in early trade. Analysts said the mixed sectoral trend highlights a stock-specific market rather than broad-based selling.

Market experts noted that the much-anticipated year-end rally has remained muted so far, with indices consolidating near record levels. They expect markets to stay range-bound in the near term, with direction likely to emerge only after clearer cues from earnings announcements and macroeconomic data in early 2026.

Also Read: Bharti, Warburg Pincus take 49% in Haier India

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Bharti, Warburg Pincus take 49% in Haier India

Sunil Mittal‑led Bharti Enterprises and US-based private equity firm Warburg Pincus have agreed to buy a 49 percent stake in Haier India, a leading home appliances company. The deal, announced on December 24, 2025, is a strategic move to strengthen Haier India’s presence in the growing consumer electronics and appliance market.

Under the agreement, Bharti and Warburg Pincus will jointly hold 49 percent, the Haier Group will retain 49 percent, and the remaining 2 percent will stay with Haier India’s management. The financial details have not been officially shared, but industry experts estimate Haier India’s value at around ₹15,000 crore (roughly $1.8–2 billion).

Haier India makes products like air conditioners, refrigerators, TVs, washing machines, and kitchen appliances. It has manufacturing units in Pune (Maharashtra) and Greater Noida (Uttar Pradesh). In recent years, the company has grown steadily, with annual growth rates around 25 percent, showing strong demand for appliances across India.

The new partnership aims to expand local manufacturing and sourcing while bringing in new products and technologies. Bharti Enterprises’ extensive domestic network and Warburg Pincus’s expertise in scaling businesses are expected to help Haier India reach more customers and innovate faster.

Experts see this move as a sign of confidence in India’s consumer appliance market, which is growing due to higher incomes, changing lifestyles, and increasing use of home appliances. The collaboration also highlights cross-border partnerships, as an Indian company and a foreign investor back the local arm of a major Chinese brand.

With this deal, Haier India is set to strengthen its position against competitors like Samsung and LG. The combined support of Bharti, Warburg Pincus, and Haier Group is expected to help the company expand faster and serve more customers across India in the coming years.

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India clears 2 new airlines to boost competition

The Indian government has given initial approval to two new airlines, Al Hind Air and FlyExpress, allowing them to move closer to starting flight operations. The decision is aimed at increasing competition in the domestic aviation sector, which is currently dominated by a few large players.

The approvals were granted by the Ministry of Civil Aviation through the issuance of No Objection Certificates (NOCs). Civil Aviation Minister K. Rammohan Naidu said the move reflects the government’s effort to strengthen the aviation sector and offer passengers more choices.

The decision comes shortly after a major disruption at IndiGo earlier this month, when the airline cancelled thousands of flights due to staffing and operational issues. The incident affected a large number of passengers and highlighted the risks of depending heavily on one airline. At present, IndiGo controls about 65 per cent of India’s domestic air travel market, while the Air India Group accounts for around 27 per cent. Smaller airlines share the remaining portion.

Al Hind Air is promoted by the Kerala-based alhind Group. The airline plans to start operations with smaller aircraft and focus on regional routes, especially in southern India. Its aim is to improve connectivity between smaller cities and towns. The airline will now work on completing regulatory requirements, including getting an Air Operator Certificate.

FlyExpress, the second airline to receive approval, has indicated that it plans to begin operations soon. While detailed plans about its routes and fleet have not yet been shared publicly, the airline is expected to serve domestic passengers and add capacity to the market.

In addition, another airline, Shankh Air, has already received its NOC earlier and is expected to start flying in 2026.

The government believes that the entry of new airlines will improve services, reduce the impact of disruptions, and encourage competitive pricing. It also supports broader goals such as expanding regional air connectivity under existing aviation policies.

With passenger demand continuing to grow, the addition of new airlines is expected to make India’s aviation sector more balanced, competitive, and resilient.

Also Read: Satya Nadella skips managers to hear engineers on AI

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Sensex slips 116 points, Nifty ends below 26,150

On wednesday, the BSE Sensex fell 116 points to close at 85,409, while the Nifty 50 slipped 35 points to settle at 26,142. Markets traded in a narrow range throughout the session, reflecting consolidation after recent gains.

Early signals were positive, with GIFT Nifty indicating a firm start, supported by gains in US and Asian markets. However, the upbeat global cues failed to translate into sustained buying interest on Dalal Street. Traders preferred to stay on the sidelines ahead of the year-end holidays, leading to subdued activity.

Sector-wise, performance was mixed. Media and metal stocks posted modest gains, while selling pressure was seen in IT, pharma, oil and gas, and PSU banking stocks. The IT sector was among the key drags due to weakness in select large-cap names. Broader markets underperformed the benchmarks, with the midcap index falling about 0.4 percent, while smallcap stocks ended largely flat.

Among individual stocks, Trent, Shriram Finance, Apollo Hospitals, UltraTech Cement and Adani Ports were the top gainers, supported by stock-specific buying. On the losing side, Wipro, Sun Pharma, Dr Reddy’s Laboratories, InterGlobe Aviation (IndiGo) and Tata Motors Passenger Vehicles weighed on the indices.

Market experts said the session reflected a pause in momentum, with investors adopting a selective approach rather than aggressive buying. Technical analysts noted that both Sensex and Nifty are consolidating near record-high levels, with key support and resistance zones likely to guide near-term movement.

In the currency market, the Indian rupee weakened and closed at 89.78 against the US dollar, adding to cautious sentiment.

Also Read: US bans new foreign drone imports including DJI

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Coal India plans IPOs for two subsidiaries

Coal India Ltd (CIL), India’s state-owned coal producer, is set to list two of its major subsidiaries , Mahanadi Coalfields Limited (MCL) and South Eastern Coalfields Limited (SECL), on stock exchanges, aiming to broaden the pipeline of public sector unit (PSU) initial public offerings (IPOs). The board has given in-principle approval, with final clearance pending regulatory and government approvals.

The move follows growing market interest in PSU IPOs, particularly after the buzz surrounding Bharat Coking Coal Ltd (BCCL), which is preparing for an IPO of around ₹1,300 crore. Analysts see Coal India’s plan as part of a broader government push to deepen capital markets, increase transparency, and unlock the intrinsic value of public enterprises.

Both MCL and SECL are among Coal India’s most productive subsidiaries. MCL, based in Odisha, is a significant contributor to national coal output, while SECL, headquartered in Chhattisgarh, operates extensive mining projects across central India. Both subsidiaries have delivered strong revenues and profits, making them attractive for public investment.

The board approval was passed via a circular resolution and will now be submitted to the Ministry of Coal and the Department of Investment and Public Asset Management (DIPAM) for final approvals. Market reaction has been positive, with Coal India shares rising in trading after the announcement.

Experts believe listing these subsidiaries could enhance shareholder returns by providing clearer valuations for the high-performing units. The move is also expected to energize the primary market for 2026, offering investors more opportunities to participate in government-linked offerings.

This development signals a strategic push by Coal India and the government to leverage market mechanisms for growth, while also giving investors a chance to own stakes in profitable PSU companies. As BCCL’s IPO proceeds, MCL and SECL listings could follow, reinforcing investor confidence in public sector offerings.

Also Read: US bans new foreign drone imports including DJI

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Reliance tops India’s wealth creation in 2025

Reliance Industries Ltd (RIL) emerged as India’s largest wealth creator in 2025, leading corporate value gains amid a strong year for equities driven by banking, financial services and automobile stocks. The Mukesh Ambani-led conglomerate delivered the highest addition to investor wealth, reinforcing its dominant position in India’s corporate landscape.

RIL’s shares rose close to 30 per cent during the year, adding about ₹4.6 lakh crore to investor wealth. This pushed the combined market capitalisation of the Reliance Group to around ₹23.44 lakh crore, making it the single biggest contributor to wealth creation among Indian companies. Analysts attributed the strong performance to steady earnings growth, improving margins and positive expectations around the group’s digital, retail and new energy businesses.

The broader wealth creation story in 2025 was shaped by strong performances in autos, banks and financial services. Companies such as Bharti Airtel, Bajaj Finance, State Bank of India (SBI), Maruti Suzuki and HDFC Bank each added more than ₹1.5 lakh crore to their market value. These stocks benefited from healthy demand, stable asset quality, improving profitability and sustained investor confidence in India’s economic growth.

Overall, the top seven business groups — Reliance, Bharti, HDFC, Bajaj, Adani, ICICI and Tata — together added nearly ₹10 lakh crore in market capitalisation during the year. Their combined value now stands at about ₹122 lakh crore, accounting for nearly 60 per cent of the total market capitalisation of the Nifty 50 index. Reliance alone contributed almost half of this wealth creation, followed by the Bharti Group.

In contrast, the Tata Group emerged as an outlier in 2025, lagging behind its peers. Its flagship company, Tata Consultancy Services (TCS), saw its market capitalisation fall by nearly ₹3 lakh crore. Investor concerns over slower revenue growth, margin pressures and delayed benefits from emerging technologies such as artificial intelligence and cloud services weighed on the stock. Several other Tata companies, including Tata Elxsi, Trent, Voltas and Tata Technologies, also faced sharp corrections.

Market experts expect wealth creation trends to remain selective, with investors continuing to favour companies and sectors that demonstrate strong earnings visibility, balance sheet strength and long-term growth potential. Reliance, banks and auto majors are seen as well positioned to benefit from these themes in the coming years.

Also Read:  BP close to $10 bn sale of Castrol stake

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BP close to $10 bn sale of Castrol stake

British Petroleum (BP) is nearing an agreement to sell a majority stake in its Castrol lubricants business to US investment firm Stonepeak in a deal valuing Castrol at about $10 billion. The transaction is part of BP’s wider effort to simplify its business and strengthen its balance sheet.

As per the proposed structure, BP will sell around 65 percent of Castrol and retain a 35 percent stake through a joint venture. The sale is expected to generate nearly $6 billion in cash for BP. Stonepeak will take management control, while BP will continue to benefit from Castrol’s performance through its minority holding.

Castrol is one of BP’s most recognisable brands, with a strong presence in automotive and industrial lubricants across global markets. While it is a steady and profitable business, BP has been under investor pressure to focus capital on higher-return areas and reduce debt as it balances oil and gas operations with its energy transition plans.

Reports indicate that a Canadian pension fund may also invest alongside Stonepeak. BP could consider selling its remaining stake in Castrol in the future, depending on market conditions and strategic priorities.

The deal is still subject to final negotiations and regulatory approvals. If completed, it would rank among the largest transactions in the global lubricants sector and is expected to close by the end of 2026. For BP, the move offers financial flexibility, while for Stonepeak, it provides access to a well-established global brand with stable cash flows.

Also Read: Adani Ports completes Australia NQXT deal

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Adani Ports completes Australia NQXT deal

Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the acquisition of North Queensland Export Terminal (NQXT) in Australia, strengthening its global ports portfolio and expanding its presence in the Asia-Pacific region.

The deal was executed as an all-share transaction, under which APSEZ acquired 100 per cent ownership of Abbot Point Port Holdings, the company that owns and operates NQXT. In return, APSEZ issued over 14.38 crore equity shares to Carmichael Rail and Port Singapore Holdings. The acquisition received all required regulatory and shareholder approvals in India and Australia.

NQXT is a deep-water, multi-user export terminal located at Abbot Point in Queensland. It currently has a handling capacity of 50 million tonnes per year and primarily supports bulk exports. A large part of its volumes is secured under long-term take-or-pay contracts, ensuring steady and predictable revenue. For FY25, the terminal reported strong operating performance with healthy earnings.

With this acquisition, APSEZ gains a strategically located asset close to key Asian trade routes. The company expects NQXT to play an important role in its long-term growth plans, including its goal of handling one billion tonnes of cargo annually by 2030. APSEZ also sees scope to expand the terminal’s capacity over time, supported by contract renewals and operational improvements.

Following the completion of the transaction, APSEZ has upgraded its financial guidance. The company now expects higher cargo volumes and improved earnings for the coming financial year, reflecting the addition of NQXT to its portfolio. The Australian terminal also brings foreign currency earnings, adding stability and diversification to APSEZ’s revenue base.

Company management described the acquisition as a key milestone in APSEZ’s international expansion strategy. They highlighted NQXT’s strong fundamentals, long asset life and potential for future growth, along with its location in a stable and developed market.

The NQXT deal adds to APSEZ’s growing list of overseas assets, which includes ports and terminals in Israel, Sri Lanka and Africa. With this move, Adani Ports continues to position itself as a global port and logistics player, focused on scale, long-term contracts and steady cash flows.

Also Read: Cholamandalam shares up 8% after rejecting claims

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FDA clears Wegovy pill, Novo Nordisk shares up 10%

The FDA has approved a pill version of the weight‑loss drug Wegovy, offering a simpler alternative to injections and sending shares of Danish pharmaceutical company Novo Nordisk higher. The approval was announced on December 23, 2025.

Novo Nordisk’s stock rose sharply, gaining nearly 10% in Frankfurt trading as investors welcomed the new treatment. US-listed shares also jumped in early trading.

The oral Wegovy contains semaglutide, the same active ingredient as the injectable version. Taken once daily, it provides a convenient option for patients who prefer pills over weekly injections. This makes it the first FDA-approved GLP-1 weight-loss pill.

The company plans to launch the pill in the US early January 2026 at around $149 per month for the starting dose and is pursuing approvals in Europe and other markets. Novo Nordisk says it is well-prepared for supply, avoiding shortages that affected the injectable version’s launch.

Analysts believe the pill could expand access to obesity treatment, especially among adults hesitant about injections. However, competitors like Eli Lilly’s oral drug orforglipron, expected to launch in 2026, could narrow Novo Nordisk’s advantage.

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