Category: Corporate

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IEX stock falls after APTEL defers market coupling case

Shares of Indian Energy Exchange (IEX) declined on Friday as investors reacted to continued uncertainty over proposed reforms in the power trading market. The fall came after the Electricity Appellate Tribunal (APTEL) adjourned the hearing on the market coupling issue to January 19, 2026, extending the wait for regulatory clarity.

The case relates to a challenge filed by IEX against directions issued by the Central Electricity Regulatory Commission (CERC) in July 2025. These directions propose the introduction of market coupling, a mechanism aimed at creating a single, unified price for electricity by pooling bids from all power exchanges. The reform is intended to improve efficiency and transparency in price discovery across the power market.

IEX has opposed the move, arguing that the proposed system could adversely impact competition and undermine its business model. The company has also raised concerns about the process followed by the regulator, stating that it was not given adequate opportunity to present its views before the directive was issued.

During the latest hearing, CERC informed the tribunal that the July communication should be treated as a direction and not a final, binding order. The regulator’s counsel sought additional time to clarify whether the directive could be modified or withdrawn, given the questions raised by the tribunal. Taking note of these submissions, APTEL decided to defer the matter and asked both sides to file further documents before the next hearing.

The tribunal also flagged the need for greater transparency and procedural fairness in regulatory decision-making, indicating that these aspects would be examined in detail when the case resumes.

The postponement led to sharp volatility in IEX shares. The stock moved sharply during the session and slipped as much as nearly 8 per cent at one point, as traders and investors reacted to the absence of a clear timeline on the implementation of market coupling.

Market analysts say the issue is significant for IEX, which currently dominates trading volumes in the day-ahead power market. If market coupling is implemented, price discovery would shift to a centralised mechanism, potentially reducing the influence of individual exchanges and altering competitive dynamics in the sector.

Also Read: BCCL ₹1,071 cr IPO sees strong demand

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Amagi Media Labs IPO opens January 13

Amagi Media Labs, a Bengaluru-based cloud software and media technology company, will open its initial public offering (IPO) for public subscription on January 13, 2026. The issue will close on January 16, with anchor investor bidding scheduled a day earlier on January 12.

The IPO is a book-built issue worth about ₹1,788 crore, consisting of a fresh issue of shares worth ₹816 crore and an Offer for Sale (OFS) of ₹972 crore by existing shareholders, including Accel, Norwest Venture Partners and PI Opportunities Fund. At the upper end of the price band, the company is valued at over ₹7,800 crore.

Amagi has fixed the price band at ₹343 to ₹361 per share. Retail investors can apply for a minimum lot of 41 shares, requiring an investment of around ₹14,800 at the cut-off price. The allotment of shares is expected on January 19, while the company is likely to list on the NSE and BSE on January 21.

Founded in 2008, Amagi Media Labs operates as a software-as-a-service (SaaS) company, offering cloud-based solutions that help media companies and content owners manage, distribute and monetise video content. Its platforms are widely used in the fast-growing connected TV (CTV) and digital advertising space, enabling targeted ad placements across smart TVs, mobile devices and streaming apps.

The company plans to use proceeds from the fresh issue to strengthen its technology and cloud infrastructure, pursue strategic acquisitions, and meet general corporate needs.

The IPO allocation structure reserves 75 per cent for qualified institutional buyers, 15 per cent for non-institutional investors, and 10 per cent for retail investors. Early market indicators suggest healthy interest ahead of the issue, reflecting investor appetite for technology-driven and digital media-focused businesses entering the public markets.

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BCCL ₹1,071 cr IPO sees strong demand

Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India Ltd, launched its initial public offering (IPO) on January 9, 2026, priced at ₹21–23 per share. The IPO, entirely structured as an offer-for-sale (OFS), aims to raise approximately ₹1,071 crore from investors. It marks one of the first major public offers of 2026 and has attracted considerable attention from retail, institutional, and non-institutional investors.

The subscription process is open until January 13, with allotment expected on January 14. Shares are likely to debut on the BSE and NSE on January 16. Early indications suggest strong demand across all investor categories, reflecting confidence in BCCL’s market position and backing from its parent company, Coal India.

The grey market premium (GMP) for the BCCL IPO is signaling potential listing gains of 40–50%, a robust figure that has further piqued investor interest. Analysts note that BCCL, being a government-backed coal producer with a strong operational track record, presents a relatively low-risk investment option with good growth prospects.

BCCL operates in the coking coal segment, supplying a critical raw material for steel production. The company’s parentage under Coal India Ltd provides additional credibility, attracting both retail and institutional investors looking for stable government-linked opportunities. Market experts believe that the strong grey market activity combined with oversubscription trends indicates a healthy appetite for government-linked IPOs in the current market scenario.

The public offer is also expected to enhance BCCL’s visibility among investors and strengthen its financial profile. Analysts recommend subscribing to the IPO, citing both its strategic importance in India’s coal sector and the potential upside at listing.

 The BCCL IPO is being seen not just as a financial opportunity but also as a barometer of investor sentiment toward government-backed enterprises in the early part of 2026.

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UpGrad exits Unacademy deal over valuation

UpGrad, India’s online learning and upskilling platform co‑founded by Ronnie Screwvala, has pulled out of a proposed acquisition of rival Unacademy, citing disagreements over valuation and concerns about business performance. The move comes after several months of negotiations failed to produce common ground between the two companies.

The deal had aimed to value Unacademy — backed by SoftBank, Temasek, and Tiger Global — at around USD 290–300 million. This is a sharp drop from its peak valuation of USD 3.4 billion in 2021, reflecting the significant correction in India’s edtech sector following the post-pandemic boom. Sources familiar with the negotiations said UpGrad’s valuation expectations were much higher, and the gap could not be bridged. Ronnie Screwvala confirmed the withdrawal, saying both sides “could not arrive at a mutually agreeable valuation.” Unacademy did not comment.

Beyond valuation, UpGrad reportedly had concerns over Unacademy’s business performance. The startup has faced stagnant revenue, ongoing losses, and challenges in scaling offline coaching programs. While its losses narrowed slightly in the last fiscal year, growth remained limited, raising questions about long-term viability.

The cancellation highlights wider challenges in India’s online education market, where slowing post-pandemic growth, intense competition, and cautious investors have led to multiple valuation corrections. Unacademy has previously seen potential deals fall through for similar reasons, showing the difficulty of matching expectations in the current market.

For UpGrad, stepping back allows the company to retain financial flexibility and avoid overpaying. Both companies will now continue independently, focusing on growth and adaptation to the changing industry landscape.

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Sensex tumbles 604 pts, Nifty falls below 25,700

The BSE Sensex fell sharply by 604 points to close at 25,653 on Friday, while the NSE Nifty 50 slipped below the 25,700 mark, ending at 25,692. The declines marked the fifth consecutive session of losses for Indian equity markets, as investors remained cautious amid global uncertainties and continued foreign fund outflows.

Broader markets traded mostly in the red, with private banks, financial services, ports, realty, and media stocks under pressure. ICICI Bank and Adani Ports were the top losers, each declining around 2%, reflecting widespread risk-off sentiment.

On the upside, select oil and gas, IT, and some public sector banking stocks showed modest gains, helping to limit overall market losses. Analysts noted that defensive buying in these sectors provided some support amid a predominantly negative trading session.

Early optimism in trade was short-lived as global developments, including potential changes in U.S. tariffs and subdued international economic indicators, weighed on investor sentiment. Domestic factors such as muted corporate earnings guidance and cautious investor behavior further compounded selling pressure.

Over the past five trading sessions, the Sensex has lost over 2,180 points, while the Nifty has declined around 2.5%, erasing a significant portion of market capitalization. The ongoing sell-off highlights the cautious stance of traders ahead of corporate earnings releases and key economic announcements.

The Indian rupee also weakened slightly against the U.S. dollar, mirroring the risk-averse mood in equities. Commodity trading was mixed, with zinc and copper futures showing minor gains, while other base metals declined.

Investors are expected to closely track domestic corporate earnings, global economic developments, and foreign fund flows in the coming days for fresh cues on market direction.

Also Read: Sensex slides 200 points, Nifty dips below 25,850

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BHEL secures ₹5,400 cr order from Coal India JV

State-owned engineering major Bharat Heavy Electricals Limited (BHEL) has secured a significant contract valued at around ₹5,400 crore, placing the company in sharp focus on the stock markets. The announcement triggered a positive reaction from investors, with BHEL shares gaining in early trade as confidence improved around the company’s medium-term growth prospects.

The order has been awarded by Bharat Coal Gasification and Chemicals Limited (BCGCL), a joint venture between Coal India Limited (CIL) and BHEL. Coal India holds a majority stake of 51 percent in the joint venture, while BHEL owns the remaining 49 percent. The project is part of BCGCL’s coal-to-ammonium nitrate initiative being developed at Lakhanpur in Jharsuguda district of Odisha.

Under the contract, BHEL will execute the Coal Gasification and Raw Syngas Cleaning Plant, known as the LSTK-1 package, on a lump-sum turnkey basis. The scope of work includes detailed engineering, equipment supply, civil construction, erection, testing, commissioning, and performance guarantee validation. In addition, BHEL will provide operations and maintenance services for a period of five years after commissioning.

As per the project timeline outlined in the Letter of Acceptance, the commissioning and performance guarantee tests are expected to be completed within 42 months from the date of award. The company clarified that while the contract qualifies as a related-party transaction due to the joint venture structure, it has been awarded on an arm’s-length basis and in line with regulatory norms.

The project is aligned with India’s broader push to promote coal gasification as a cleaner and more efficient use of domestic coal resources. The gasification facility will support the production of ammonium nitrate, a key input for fertilisers and industrial explosives, reducing reliance on imports.

Separately, BHEL has also begun supplying semi-high-speed underslung traction converters for Indian Railways’ Vande Bharat Sleeper train project. Manufactured at the company’s Bengaluru unit, these converters form part of advanced propulsion systems designed for trains operating at speeds of up to 160 kmph.

Market participants believe that the large coal gasification order, combined with growing opportunities in railway equipment, enhances BHEL’s revenue visibility and reinforces its position as a key player in India’s infrastructure, energy, and manufacturing ecosystem.

Also Read: HUL gets ₹1,560 cr tax demand

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RVNL wins Rs 201 cr East Coast railway project

Rail Vikas Nigam Limited (RVNL), a government-owned company under the Ministry of Railways, has received a Letter of Acceptance (LoA) from East Coast Railway for a project worth Rs 201.23 crore. The order involves setting up a Wagon Periodic Overhauling (POH) workshop at Kantabanji in Odisha.

The workshop will have the capacity to repair and overhaul 200 freight wagons. Wagon POH facilities are important for Indian Railways as they help maintain freight wagons, improve safety, and ensure smoother movement of goods across the rail network. Once completed, the new workshop is expected to strengthen freight operations in the eastern region.

According to RVNL’s regulatory filing, the total contract value is Rs 201.23 crore, excluding GST. The company has been declared the sole bidder for the project, meaning no other company qualified or matched its bid. The project is expected to be completed within 18 months from the date work begins.

RVNL stated that the order has been awarded in the normal course of business. It also clarified that the project does not involve any related-party transactions. The promoters and promoter group of RVNL have no financial or other interest in East Coast Railway.

This new order adds to RVNL’s existing order book and supports its role as a key company involved in railway infrastructure development in India. RVNL is known for executing projects such as new railway lines, track doubling, electrification, station redevelopment, major bridges, and railway workshops.

Despite the positive news, RVNL shares came under pressure in the stock market following the announcement. Market participants appeared cautious, even though the project improves the company’s long-term revenue visibility.

The Kantabanji wagon workshop is expected to help Indian Railways reduce delays in wagon maintenance and improve efficiency in freight movement. Freight traffic plays a crucial role in India’s logistics and supply chain, and such infrastructure projects are seen as important for supporting economic growth.

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Reliance may return to Venezuelan oil market

Reliance Industries Ltd (RIL), India’s largest private company and operator of the world’s biggest oil refinery complex, has indicated it may consider buying crude oil from Venezuela, if international regulations allow. The company is waiting for clear guidance on whether non‑US buyers can legally purchase Venezuelan crude before taking any steps.

RIL had previously stopped buying Venezuelan oil in 2025 after the United States imposed a 25 per cent tariff on imports from the South American country. The last shipment of Venezuelan crude to Reliance arrived in May 2025. Now, with the possibility of the rules changing, the company is evaluating whether it can re-enter this market.

The Gujarat refineries operated by Reliance are well-suited to process heavy, lower-cost grades of crude like Venezuela’s Merey oil. This makes Venezuelan crude particularly attractive, as it could provide both cost savings and operational advantages for the company.

The announcement has drawn attention from investors, with RIL shares expected to remain in focus as markets watch the company’s next moves. Analysts suggest that a return to Venezuelan oil could help Reliance manage refinery costs, while also tapping into a potential supply of discounted crude in a global market that is often volatile.

Other Indian refiners, such as Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), are also likely to evaluate Venezuelan crude should sales to non-US buyers be allowed. The broader energy sector sees this as a potential opportunity for Indian refiners to access competitively priced heavy crude, which could ease supply pressures and reduce import costs.

For Reliance, this move is not just about expanding crude sources—it is also a strategic play to maximize refinery efficiency and maintain competitive advantage. As international trade regulations evolve, the company is treading carefully, balancing opportunities with compliance, while the market closely monitors developments.

With global oil markets fluctuating and international policies in flux, RIL’s cautious approach reflects both ambition and prudence, highlighting the company’s focus on strategic sourcing in a complex global landscape.

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Sensex slides 200 points, Nifty dips below 25,850

On Friday, the BSE Sensex slipped over 200 points, while the Nifty 50 traded below the 25,850 mark in early deals, as selling pressure emerged across metals, IT and energy stocks.

Markets started the session on a subdued note as investors remained wary of global uncertainties, including concerns around US trade policies and geopolitical risks. Early gains seen at the open were quickly pared as profit booking set in and risk appetite weakened.

Market breadth was negative, with declines outpacing advances. Hindalco Industries, ONGC, Wipro, Tech Mahindra and Jio Financial Services were among the key laggards, dragging the benchmarks lower. Metal and IT stocks faced notable pressure amid concerns over global demand and margins.

On the positive side, select stocks showed resilience. Eternal rose on the back of favourable brokerage commentary, while SBI Life Insurance, ICICI Bank and Bajaj Finance traded higher, offering limited support to the indices.

The rupee weakened against the US dollar, adding to investor caution. Analysts expect markets to remain range-bound in the near term, with global cues and stock-specific triggers likely to drive movements through the session.

Also Read: Air India gets its first custom Boeing 787 Dreamliner since privatisation

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Air India gets its first custom Boeing 787 Dreamliner since privatisation

Air India was handed over its first customised Boeing 787 Dreamliner since returning to private ownership, marking a key step in the airline’s long-term transformation under the Tata Group. The aircraft, a Boeing 787-9, is the first wide-body jet built to Air India’s specific requirements after more than eight years.

The handover was completed at Boeing’s Everett facility in the United States, where ownership of the aircraft was formally transferred to the airline. Unlike earlier Dreamliners inducted during government ownership, the newly delivered jet has been manufactured with Air India’s own cabin design, layout and onboard features, reflecting the carrier’s revised product strategy.

Once it receives regulatory clearance from India’s aviation authorities, the aircraft is expected to be deployed on long-haul international routes. The Dreamliner features a three-class configuration comprising business class, premium economy and economy seating, aimed at improving comfort and consistency across Air India’s long-distance network.

The delivery assumes added significance as it represents the airline’s first “line-fit” wide-body aircraft since its privatisation in 2022. Since then, Air India has embarked on an ambitious fleet renewal programme that includes one of the largest aircraft orders in global aviation history, spanning both Boeing and Airbus models.

Industry executives view the induction of the customised Dreamliner as a visible sign of Air India’s shift away from ageing aircraft and legacy interiors. The airline has been working simultaneously on refurbishing older planes, introducing new service standards and expanding its international footprint.

The Boeing 787-9 is expected to play a central role in Air India’s long-haul strategy due to its fuel efficiency, extended range and lower operating costs compared to older wide-body aircraft. The model is well suited for routes connecting India with Europe, North America and parts of East Asia.

Air India’s fleet modernisation push extends beyond wide-body aircraft. Its group airlines have also begun inducting next-generation narrow-body jets to support domestic and regional growth. Together, these additions are intended to support higher frequencies, improved reliability and a more competitive global offering.

As more customised aircraft are scheduled for delivery in the coming months, Air India is positioning itself to rebuild its brand as a full-service international carrier, with the latest Dreamliner marking a symbolic and operational milestone in that journey.