Category: Corporate

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Corporate

₹1,060 Crore Groww IPO Gets 57% Day-1 Subscription

Online investment platform Groww opened its ₹1,060 crore IPO on November 4, drawing robust retail participation on Day 1. The offer, which closes on November 7, includes a fresh issue and an offer for sale by existing shareholders, with a price band of ₹95–100 per share.

By the end of the first day, the IPO was 57% subscribed overall, while the retail portion was oversubscribed 1.9 times, indicating strong investor interest. The stock is trading at a ₹17 grey market premium, implying a potential 17% listing gain at the upper price band.

Groww commands about 26% market share in its segment and has 12.6 million active clients as of June 2025. For FY25, the company reported ₹4,056 crore in revenue and a 44% net profit margin.

At the upper end of the price range, Groww’s P/E ratio stands at 40.8×, which analysts find high. While most recommend a ‘Subscribe for Long Term’, they caution that the business remains dependent on retail trading volumes and regulatory shifts.

Also Read: Adani Ports Q2 Profit Up 29% as Logistics, Marine Shine

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Corporate

Sensex, Nifty slip over 0.6% as IT, auto, metal stocks drag

Indian stock markets ended lower on Tuesday as selling in IT, auto and metal shares pulled the indices down.

The Nifty 50 dropped 165 points (0.64%) to close at 25,597, while the Sensex slipped 519 points (0.64%) to 83,459.

Among major losers were Power Grid, Tata Motors, Tata Steel, and Maruti Suzuki, which fell between 2% and 3%. IT stocks were under pressure after mixed comments from U.S. Federal Reserve officials weakened hopes of an interest rate cut in December.

The broader markets also fell, with the small-cap index down 0.8% and the mid-cap index lower by 0.4%.

On the brighter side, Bharti Airtel rose 1.9% to a record high after reporting strong quarterly earnings, while Titan Company jumped 2.3% on better-than-expected results. Mahindra & Mahindra and State Bank of India also gained from healthy profits.

Also Read: Sensex Falls 150 pts, Nifty Below 25,750, Hitachi Up, Reliance Down

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Corporate

IndiGo reports ₹2,582 crore loss in Q2 FY26

InterGlobe Aviation Ltd, operator of IndiGo, reported a consolidated net loss of ₹2,582 crore for the quarter ended September 2025, reversing a profit of ₹2,176 crore in the previous quarter.

The airline’s loss also widened from ₹987 crore in the same period last year.

The sharp decline was largely attributed to the impact of currency fluctuations. Excluding the foreign exchange loss, IndiGo said it would have posted a net profit of ₹104 crore.

EBITDAR (earnings before interest, tax, depreciation, amortisation, and rent) fell by more than half to ₹1,114 crore, compared with ₹2,434 crore a year earlier.

Despite the bottom-line pressure, operating performance showed resilience. Passenger ticket revenues rose 11.2% year-on-year to ₹15,967 crore, while ancillary revenues, which include add-ons like baggage fees and seat selection, increased 14% to ₹2,141 crore.

Analysts said the airline’s topline growth reflects strong passenger demand and network expansion, though profitability remains challenged by volatile forex movements and elevated fuel costs.

Shares of IndiGo’s parent, InterGlobe Aviation, ended marginally lower on Tuesday, with investors awaiting clearer signals on cost pressures and rupee trends in the coming quarters.

Also Read: Adani Enterprises Q2 profit jumps 84% YoY to ₹3,199 crore

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Corporate

Adani Enterprises Q2 profit jumps 84% YoY to ₹3,199 crore

Adani Enterprises Ltd (AEL), the flagship of the Adani Group, reported consolidated EBITDA of ₹7,688 crore and profit before tax (PBT) of ₹2,281 crore for the first half of FY26, driven by strong growth in infrastructure and energy ventures.

The company’s Board also approved a ₹25,000 crore rights issue, marking one of the largest fundraises by the group in recent years. The capital infusion is expected to strengthen AEL’s balance sheet and support expansion in high-growth areas such as airports, data centers, green energy, and roads.

The first half of FY26 was marked by key milestones, including the inauguration of the greenfield Navi Mumbai International Airport and the completion of the company’s seventh road project. These achievements highlight its ability to execute complex, large-scale infrastructure projects on schedule, AEL said.

It added that the emerging core infrastructure portfolio spanning airports, data centers, and roads delivered an EBITDA of ₹5,470 crore during the half year, up 5% year-on-year. This segment now contributes 71% of the company’s consolidated EBITDA, underlining its growing importance within the overall portfolio.

“With disciplined execution and strategic diversification, Adani Enterprises continues to strengthen its position as India’s leading incubator of transformative infrastructure and energy businesses,” said Gautam Adani, Chairman of the Adani Group. “The inauguration of the Navi Mumbai International Airport marks a defining moment in India’s infrastructure story and reinforces AEL’s role as a national growth catalyst.”

AEL’s collaboration with Google on India’s largest AI data centre and its progress in green energy place the company at the forefront of the country’s tech-driven sustainability push. He added that AEL aims to build globally competitive businesses that deliver enduring value and strengthen India’s self-reliance.

Over the years, AEL has successfully incubated and scaled several businesses that are now independently listed entities, including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas, and Adani Wilmar. The company’s current portfolio of next-generation businesses, including the green hydrogen ecosystem, airports, data centers, roads, copper, and petrochemicals, is seen as the next phase of value creation for the group.

With a diversified portfolio and a proven record of project execution, AEL said it remains well-positioned to deliver sustainable growth while contributing to India’s infrastructure and energy transformation.

Also Read: Adani Ports Q2 Profit Up 29% as Logistics, Marine Shine

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Corporate

Adani Ports Q2 Profit Up 29% as Logistics, Marine Shine

Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday reported a 29% year-on-year jump in consolidated net profit to ₹3,120 crore for the July–September quarter of FY26, boosted by higher cargo volumes and strong growth in its logistics and marine segments.

Revenue rose 30% to ₹9,167 crore, while EBITDA increased 27% to ₹5,550 crore. For the first half of FY26, revenue stood at ₹18,294 crore, up 25% from a year ago, and profit after tax climbed 17% to ₹6,431 crore.

The company’s domestic ports business achieved a record EBITDA margin of 74.2%, with overall cargo volumes growing 12% year-on-year to 124 million metric tonnes. Market share rose to 28.1%, while container share expanded 150 basis points to 45.9%.

Logistics revenue nearly doubled to ₹2,224 crore in H1 FY26, driven by the ramp-up of trucking and international freight operations, while marine revenue surged 213% to ₹1,182 crore following new vessel acquisitions. International ports delivered a lifetime-high H1 revenue of ₹2,050 crore, reflecting strong performance at Haifa, Colombo, and Dar es Salaam.

Ashwani Gupta, Whole-time Director and CEO, said the results reflect “the success of APSEZ’s Integrated Transport Utility model,” adding that expanding port capacity, marine fleet, and logistics networks is creating a seamless supply chain from “port gate to customer gate.”

Credit ratings agencies turned more optimistic on the company’s outlook. Fitch revised APSEZ’s outlook to “Stable” from “Negative” and reaffirmed its “BBB–” rating, while S&P Global upgraded its outlook to “Positive.”

The company also reported progress in sustainability, ranking among the top 5% of global transportation firms in the S&P Global Corporate Sustainability Assessment and achieving Zero Waste to Landfill certification for 12 ports.

During the quarter, APSEZ announced plans to acquire Australia’s NQXT Port, expand capacity at Dhamra and Karaikal ports, and invest ₹600 crore in a new 70-acre logistics park in Kochi. It aims to handle one billion tonnes of cargo annually by 2030.

Also Read: Adani Power Invokes Arbitration Clause in Bangladesh Dispute

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Corporate

IT Withdraws ₹8,500 Cr Tax Claim on Vodafone

The Income Tax Department has withdrawn the ₹8,500-crore transfer pricing case against Vodafone India Services, in connection with sale of its Ahmedabad-based call centre business, 3 Global Services, to Hutchison Whampoa Properties (India) during the financial year 2008.
The Commissioner of Income Tax submitted a request to withdraw the case before a Supreme Court bench headed by Chief Justice B.R. Gavai, which granted permission for the withdrawal.

The bench ruled that the Income Tax Department had exceeded its jurisdiction by applying transfer pricing provisions without any cross-border element involved. As a result, the ₹8,500-crore tax demand was set aside.

The withdrawal comes days after the top ordered the union government to extend relief to Vodafone Idea Ltd on issues relating to its AGR dues.

In 2008, the I-T department alleged that Vodafone had engaged in an undisclosed international transaction. Tax officials had claimed the company had underreported its income by ₹8,500 crore through transfer pricing adjustments. The case reached the Supreme Court in 2016, but there was little movement for years before it was withdrawn on Monday.

Also Read: Goldman, JPMorgan CEOs Flag US Debt Risks

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Adani Power Invokes Arbitration Clause in Bangladesh Dispute

Adani Power Ltd (APL) has opted for international arbitration to resolve a payment dispute with the Bangladesh Power Development Board (BPDB) concerning electricity supplied from its 1,600 MW Godda coal-based power plant in Jharkhand. The move comes after prolonged discussions over differences in cost calculations and billing under a 25-year Power Purchase Agreement (PPA) signed in 2017.

According to company officials, both parties have mutually agreed to invoke the dispute resolution clause to ensure transparency and protect long-term cooperation. An Adani Power spokesperson said that there are disagreements in how certain cost elements are computed and billed. Both partners have agreed to invoke the dispute-resolution process and are confident of a quick, smooth, and mutually beneficial outcome.

The BPDB, meanwhile, has stated that it remains engaged in negotiations and will consider arbitration after discussions conclude. Reports indicate that while earlier this year Bangladesh’s dues to Adani Power were nearly USD 2 billion, they have now been reduced to the equivalent of just 15 days of tariff payment, reflecting significant progress in clearing outstanding amounts.

Industry analysts view the arbitration step as a strategic move by Adani Power to formalize dispute resolution while maintaining supply stability. The company continues to export power to Bangladesh without disruption, reaffirming its commitment to support the neighbouring nation’s growing energy needs.

The Godda plant, operated through a cross-border transmission arrangement, meets a notable share of Bangladesh’s power demand. The dispute primarily relates to tax treatment, fuel costs, and related cost components that impact the final tariff structure under the PPA.

Adani Power emphasized that arbitration would not affect ongoing supply or the company’s regional growth plans. Both sides are expected to appoint arbitrators soon, aiming for an expeditious and amicable settlement.

Also Read: Starbucks Offloads China Stake to Boyu for $4 Billion

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Starbucks Offloads China Stake to Boyu for $4 Billion

Starbucks Corp has agreed to sell a 60% stake in its China retail operations to Boyu Capital for $4 billion, marking one of the most significant foreign divestments in China’s consumer sector in recent years. The move comes as the world’s largest coffee chain seeks to strengthen its position in a market increasingly dominated by agile local competitors such as Luckin Coffee.

The deal will create a joint venture in which Starbucks retains a 40% ownership, continuing to license its brand, menu, and operating systems to the Chinese unit. The transaction values Starbucks China at roughly $13 billion, reflecting its strong brand equity despite slowing growth.

Starbucks first entered the Chinese market in 1999 and has since expanded to nearly 8,000 stores across more than 250 cities. However, it now faces stiff competition from homegrown coffee brands offering lower prices and faster delivery options. The company has also been grappling with economic headwinds and changing consumer preferences in China’s post-pandemic retail landscape.

By partnering with Boyu, Starbucks aims to leverage the local firm’s market expertise, operational efficiency, and consumer insights to accelerate expansion. The coffee giant has set an ambitious goal of growing its store network to 20,000 outlets in the coming years, positioning China as its most important growth market outside the United States.

Reports suggest, Boyu Capital is in talks with major Chinese banks to secure around $1.4 billion in loans to fund the acquisition. The financing is expected to be structured as an onshore, yuan-denominated facility, which would make it one of the largest leveraged buyouts in China this year.

Industry analysts view the partial sale as a strategic recalibration rather than a retreat. The partnership allows Starbucks to maintain brand control while gaining the flexibility and capital required to compete in China’s fast-evolving beverage market.

If approved by regulators, the deal is expected to close in 2026, reshaping the dynamics of China’s booming coffee sector.

Also Read: Bharti Airtel Q2 Net Jumps 89% on Solid Sales

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Sensex Falls 150 pts, Nifty Below 25,750, Hitachi Up, Reliance Down

The Indian equity market closed largely unchanged on Monday as investors paused after the Sensex and Nifty capped their strongest monthly rally in seven months. Mild profit-booking following October’s surge was countered by selective buying in stocks buoyed by robust earnings, helping indices hold steady.

The S&P BSE Sensex inched up 39.78 points, or 0.05%, to close at 83,978.49, while the NSE Nifty 50 gained 41.25 points, or 0.16%, to end at 25,763.35.

Across global markets, cues were mixed. S&P 500 futures slipped 0.4% as of midday Tokyo time, while Japan’s Topix advanced 0.4%. Australia’s S&P/ASX 200 declined 0.9%, Hong Kong’s Hang Seng rose 0.2%, and the Shanghai Composite edged down 0.1%. Euro Stoxx 50 futures were also marginally lower at 0.2%.

At the domestic market opening, top gainers included 3AM India, Hitachi Energy, TBO Tech, City Union Bank, and RR Kabel. On the downside, Reliance Power, Affle (India), Power Grid Corporation, Hero MotoCorp, and Gland Pharma were among the top losers.

Also Read: Sensex, Nifty Hold Steady, Realty, PSU Banks Lead

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Sensex, Nifty Hold Steady, Realty, PSU Banks Lead

India’s benchmark indices ended Monday’s session almost unchanged after a volatile day of trade, with gains in realty and PSU bank stocks offset by weakness in IT and auto counters.

The Sensex rose 40 points to 83,978, while the Nifty added 41 points to 25,763. Broader indices outperformed, with midcaps and smallcaps gaining up to 0.7%.

Realty, telecom, pharma, and PSU bank stocks led the advance, each rising 1–2%. IT, FMCG, and auto shares slipped on profit-booking.

Top gainers on the Nifty included Shriram Finance, M&M, Apollo Hospitals, SBI, and Tata Consumer, while Maruti, ITC, TCS, BEL, and L&T declined.

Analysts said markets are consolidating after recent highs. The Nifty faces resistance near 26,100, with support at 25,650.

The Bank Nifty showed strength, holding above 57,600, with potential to move toward 58,500.

Global sentiment stayed mixed as investors tracked the US Fed’s next move and geopolitical cues. Experts expect the market to stay range-bound, with buying interest in realty, PSU banks, and midcaps likely to continue.

Also Read: Sensex falls 100 pts, Nifty below 25,750