Category: Corporate

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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

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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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Corporate

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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Corporate

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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