Category: Corporate

WeWork India Management Ltd has responded comprehensively to a governance-watch report released by proxy advisory firm InGovern Research Services, issuing extensive clarifications on concerns raised ahead of its ₹3,000 crore initial public offering.

The company reaffirmed that it has complied with all regulatory disclosure norms and emphasised strong operational performance, countering InGovern’s earlier warnings over profitability path, promoter pledges, and the structure of the IPO.

InGovern had flagged several issues in its original note, pointing to a sole offer-for-sale structure for the IPO, meaning no fresh capital infusion into the company, and a negative net worth of around ₹437 crore as of 31 March 2024.

The advisory firm also cited heavy lease obligations consuming over 43 per cent of revenue and significant promoter share pledging, which it said posed risks to minority investors and raised governance concerns.

In its rebuttal, WeWork India said that its operations have generated positive cash flows since FY23, citing net cash from operations of ₹942 crore in FY23, ₹1,162 crore in FY24, and ₹1,290 crore in FY25.

It reported an adjusted EBITDA margin of 21.61 per cent in FY25 — among the highest in the industry — with occupancy for the quarter ended June 2025 at 81.23 per cent.

The company asserted that the absence of fresh capital in the IPO structure was deliberate, given its strong cash-generative position.

Addressing governance queries, WeWork India stated that all legal proceedings involving its promoters had been disclosed in the “Outstanding Litigation and Other Material Developments” section of its draft red-herring prospectus in line with Securities and Exchange Board of India norms.

The company added that the promoter share-pledge issue had been substantially addressed: the shares were unpledged prior to listing, and the remaining pledge stands at a nominal 15 per cent, significantly reducing any control-related risk.

On its brand-licensing arrangement with the U.S. parent firm WeWork Inc., WeWork India reassured the market that the long-term, exclusive agreement with real-estate group Embassy Group for the Indian market is stable and aligned with industry practice.

The company maintained that risks flagged by InGovern around brand continuity and licensing exposure are mitigated by contractual safeguards.

In an addendum to its earlier note, InGovern acknowledged that WeWork India executives had provided detailed clarifications and noted that the IPO listing on 10 October, and the associated disclosures, marked a positive step toward transparency and enhanced oversight.

The advisory firm, however, maintained that the company’s governance structure, promoter pledges, and debt exposure warrant close post-listing monitoring.

Also Read: Warner Bros. Discovery Opens Strategic Review After Multiple Buyout Approaches

India’s sixth-largest IT services firm LTIMindtree Limited announced on Tuesday that Nachiket Deshpande will resign from his role as Whole-time Director and President, with his last working day set as 31 October 2025.

He will leave the company to “explore new opportunities beyond LTIMindtree,” the company said in a regulatory filing.

Deshpande had been a key member of the leadership team at LTIMindtree, first joining the entity in November 2022 following the merger of Larsen & Toubro Infotech (LTI) and Mindtree, and transitioning from his earlier role as Chief Operating Officer to become President.

In March 2025, Deshpande was reassigned to lead the newly formed global AI services business, strategic deals and partnerships at the firm.

In its formal communication to the stock exchanges, LTIMindtree said that it placed “on record its appreciation for the contributions made by Mr Deshpande during his association with the Company.”

The company’s Chairman, S N Subrahmanyan, remarked that Deshpande’s leadership and steadfast commitment had been “pivotal in shaping the foundation for the next phase of growth for LTIMindtree.”

Deshpande’s departure comes against a backdrop of senior-level exits and a broader leadership transition at LTIMindtree. In January 2025, the company’s President of Global Markets, Sudhir Chaturvedi, resigned ahead of being considered for the CEO role.

Meanwhile, the Chief Executive Officer and Managing Director, Debashis Chatterjee, opted for early retirement in May 2025 and was succeeded by Venu Lambu.

Deshpande, in his resignation letter, described LTIMindtree as “a remarkable organisation” and said he was proud of the transformative initiatives he had been able to lead.

He noted his decision after “seven remarkable years” with the company would allow him to pursue new personal growth and career opportunities.

The company did not announce any immediate successor for the President role.

Analysts said that the exit adds to the governance and leadership change narrative at LTIMindtree, even as the firm works to execute its growth strategy and consolidate its position among global IT service providers.

Also Read: Warner Bros. Discovery Opens Strategic Review After Multiple Buyout Approaches

Warner Bros. Discovery said on Tuesday that its board has launched a formal review of strategic alternatives after receiving unsolicited interest from multiple parties, opening the possibility that the company or parts of it could be sold.

In a statement, the company said it will evaluate a range of options intended to “maximize shareholder value,” while continuing to advance a previously announced plan to separate Warner Bros. (the studio and streaming assets) from Discovery Global (the cable networks).

The disclosure follows media reports that at least one significant offer was made and rebuffed.

According to Reuters, the board turned down a near-$60 billion approach led by Paramount Skydance and had earlier rejected lower bids. Warner Bros.

Discovery’s assets include major film and television franchises as well as news and streaming businesses, and industry observers say potential suitors could include other streamers and media conglomerates that have been refreshing their content portfolios.

The company has substantial debt on its balance sheet, a factor analysts say would shape any transaction.

Market reaction was swift. Shares in Warner Bros. Discovery rose sharply on the news as investors priced in the prospect of a strategic change or outright sale.

Analysts cautioned that a sale of the entire company would be complex and likely invite regulatory scrutiny, particularly around high-profile news and entertainment assets.

News organizations and trade publications reported that names mentioned as potential bidders include both legacy media companies and deep-pocketed technology platforms; however, the company emphasized that the process is in an early stage and there is no certainty any transaction will occur.

Legal and antitrust experts have noted that any deal involving sizeable news outlets or major studio libraries would prompt detailed review by regulators.

Warner Bros. Discovery was formed through the 2022 merger of WarnerMedia and Discovery Inc. It has since pursued cost reductions and strategic realignments while carrying a significant debt burden—moves that executives have said were aimed at stabilizing the business and increasing flexibility.

The board’s review is expected to include consideration of selling the company in whole, divesting one of its segments, or altering the planned separation to facilitate different combinations of assets. Company officials have not provided a timetable for the review and said they have retained advisers to assist in the process.

Also Read: Midwest IPO Fully Subscribed, Listing Set for October 24

As Diwali ushers in Samvat 2082, Indian equity markets are looking forward to a brighter year after a period of consolidation. Samvat is the traditional Hindu calendar year, with Samvat 2082 corresponding roughly to 2025–26 in the Gregorian calendar.

Indian equity markets kicked off Samvat 2082 on a positive note with a vibrant Muhurat trading session on Diwali, reflecting investor optimism for the new financial year. The one-hour session, held between 1:45 PM and 2:45 PM IST, saw the BSE Sensex touch a high of 84,600 points, while the Nifty50 reached 25,850, closing in positive territory despite intraday fluctuations. Broader indices, including the Nifty Midcap 100 and Smallcap 100, also ended with gains, signaling a resilient market start.

During the session, DCB Bank emerged as the top gainer, surging 9.4% following a strong quarterly profit report. Tata Investment Corporation and Bajaj Finserv recorded notable gains, with Bajaj Finserv hitting a 52-week high of ₹2,155.30. Bajaj Finance and Bharti Airtel also touched 52-week highs, reflecting robust market sentiment. Other significant gainers included Styrenix Performance Materials, Supreme Petrochem, Bajaj Hindusthan Sugar, and Dish TV India.

On the other hand, several stocks underperformed, with Ujjivan Small Finance Bank, JM Financial, Shoppers Stop, HealthCare Global Enterprises, MTAR Technologies, and JK Paper recording losses.

Analysts remain cautiously optimistic for Samvat 2082, highlighting Banking, Financial Services & Insurance (BFSI), automobiles, and infrastructure as key growth sectors. Rising credit, supportive government policies, and strong consumer demand are expected to fuel momentum.

Promising stocks with strong fundamentals include Royal Orchid Hotels, Adani Green Energy, Paytm, Ambuja Cement, and V-Mart Retail. The auto sector is expected to benefit from GST reductions and rising consumer spending, while infrastructure firms with healthy order books may gain from government projects. BFSI players could see improved profitability through steady credit growth. Analysts forecast that the Nifty50 could reach 26,500–28,000 and Bank Nifty touch 62,500 by next Diwali, though they caution investors to monitor global market swings, inflation, and interest rate trends.

The Muhurat trading session, though brief, seamlessly combined festive tradition with market strategy, signaling a positive start to Samvat 2082 for investors.

Also Read: South Indian Bank Gains 19% on Q2 Profit

Shares of South Indian Bank (SIB) jumped nearly 19% on Monday to hit a 52-week high, driven by strong investor sentiment following the bank’s second-quarter results. The stock has now recovered about 70% from its March lows, supported by robust trading volumes and improved fundamentals.

The Kerala-based private lender reported an 8% rise in net profit to ₹351 crore for the quarter ended September 2025, compared with ₹325 crore a year earlier. While net interest income remained steady, the bank’s non-interest income and lower provisioning helped boost profitability.

Notably, the bank’s asset quality strengthened, with gross non-performing assets (GNPA) improving to 2.93%, down from 4.40% a year ago. However, net interest margins (NIM) slipped to 2.8%, reflecting some pressure on spreads.

Analysts said expectations of sustained profit growth, prudent lending, and renewed traction in retail and MSME segments underpinned the rally. Despite margin compression, the bank’s improving balance sheet and consistent earnings have bolstered investor confidence.

Also Read: Midwest IPO Fully Subscribed, Listing Set for October 24

Natural stone exporter Midwest Ltd has finalised share allotments for its ₹451-crore IPO, ahead of its October 24 listing. Grey market trends indicate a premium of about 9% over the issue price, suggesting a firm debut on Dalal Street.

The offer included a fresh issue of ₹250 crore and an Offer for Sale (OFS) of ₹201 crore, priced between ₹1,014 and ₹1,065 per share. Retail investors could bid for a minimum of 14 shares, requiring an investment of roughly ₹14,910.

According to lead manager DAM Capital Advisors, the IPO was fully subscribed within hours, with strong participation from institutional, non-institutional, and retail investors.

Midwest, known for its premium granite brands like Black Galaxy and Absolute Black, reported FY25 revenue of ₹626.18 crore, with natural stone contributing 96% of earnings. Funds raised will be used to expand its quartz plant, purchase electric dump trucks, integrate solar power, and repay borrowings.

Analysts, while optimistic about the company’s growth prospects, flag regulatory dependencies and an old CBI notice (2015) involving a promoter as potential risks.

Allottees can check their status on the KFin Technologies portal or BSE/NSE websites. Refunds for non-allottees will follow soon.

Midwest’s listing is being closely watched as a litmus test for mid-cap IPO sentiment amid buoyant market conditions this festive season.

Also Read: Reliance Jumps 4% on Strong Q2 Results

Shares of Reliance Industries Ltd (RIL) climbed nearly 4% on Monday following the release of its Q2 FY26 results, which exceeded street expectations and triggered a wave of bullish calls from brokerages. The stock touched an intraday high of ₹1,473.80 before closing around ₹1,467.90 on the NSE, buoyed by gains across all major business verticals.

The conglomerate reported a 10% year-on-year increase in consolidated net profit to ₹18,165 crore. Revenue from operations grew 10% to ₹2.59 lakh crore, while gross revenue stood at ₹2.83 lakh crore. EBITDA rose 15% to ₹50,367 crore, and operating margins improved to 17.8% from 17% in the same quarter last year.

Segment-wise, the oil-to-chemicals (O2C) division posted a recovery, driven by improved refining margins and stronger petrochemical spreads. The retail segment saw continued growth in footfall and sales, while digital services, led by Jio, benefited from an expanding subscriber base and stable ARPU.

Capital expenditure during the quarter reached ₹40,010 crore, with ongoing investments across new energy, telecom infrastructure, and retail expansion. Despite high capex, net debt levels remained largely unchanged, maintaining the company’s balance sheet strength.

Chairman Mukesh Ambani stated that the quarterly performance reflects the resilience of India’s consumer demand and Reliance’s ability to drive structural growth across its diversified businesses.

Brokerages were quick to respond. Nomura reaffirmed its ‘Buy’ rating and raised FY26–27 EBITDA estimates by 4% and 12%, respectively, setting a target price of ₹1,700. Morgan Stanley echoed the positive outlook with a target of ₹1,701, citing strong positioning going into the festive quarter. HDFC Securities, JPMorgan, and Macquarie also maintained bullish views, highlighting key growth triggers including retail outperformance, telecom tariff potential, and the emerging new energy segment.

While analysts see Reliance as a long-term growth story, they advise a staggered investment approach given recent price gains. With festive demand and operational strength aligning, Reliance remains a strong contender in Diwali and year-end portfolios.

Also Read: Avaada Electro Seeks ₹10,000 Crore in Confidential IPO Filing

Avaada Electro Private Ltd, the solar manufacturing arm of the Brookfield-backed Avaada Group, has confidentially submitted a Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), aiming to raise between ₹9,000 crore and ₹10,000 crore through an initial public offering (IPO).

This step marks a significant move for Avaada Electro as it looks to raise capital from public markets to expand operations and strengthen its presence in India’s renewable energy sector.

The IPO is expected to include both a fresh issue of shares and an offer-for-sale component from existing shareholders.

Proceeds from the fresh issue are planned for capacity expansion in solar cell and module manufacturing, including the development of a 5.1 GW integrated facility in Uttar Pradesh and a capacity scale-up at the Butibori plant in Maharashtra.

Avaada Electro is among the largest solar photovoltaic (PV) module manufacturers in India by operational capacity as of September 30, 2025.

It is part of the Avaada Group, a diversified clean-energy conglomerate with operations spanning solar PV manufacturing, renewable power generation, green hydrogen and derivatives, pumped hydro storage, battery storage, and green data centres.

The group, backed by Brookfield Renewable Partners and Thailand’s Global Power Synergy Public Co, raised over $1.3 billion in 2023 to fund expansion across solar, hydrogen, battery storage, and green ammonia verticals.

The company currently operates 8.5 GW of solar module capacity across its Uttar Pradesh and Maharashtra facilities and plans to scale up to 13.6 GW of module capacity and 12 GW of cell capacity over the next two fiscal years.

Its operational capacity has grown rapidly from 1.5 GW in September 2024 to 8.5 GW by September 2025, following the commissioning of its Nagpur plant and the start of commercial production at the Dadri facility.

Avaada Electro is also developing a fully integrated solar manufacturing hub at Nagpur, with plans to achieve 6 GW of TOPCon solar-cell capacity by FY26 and 12 GW by FY27.

The company intends to add 3 GW of ingot and wafer capacity by FY27, completing the value chain from raw materials to finished modules.

Industry projections suggest that annual solar PV demand in India could more than double between FY26 and FY30, surpassing 40 GW per year, while domestic capacity for high-efficiency TOPCon cells remains relatively limited.

Analysts view Avaada Electro’s IPO as a strategic move to capture the country’s expanding renewable energy market and meet growing domestic and international demand for solar modules.

The IPO filing highlights increased foreign and institutional investment interest in India’s clean energy sector, reflecting confidence in the country’s renewable energy growth potential.

If successfully executed, the IPO will provide Avaada Electro with the resources to scale operations, enhance manufacturing efficiency, and solidify its position as a leading player in India’s solar energy landscape.

Also Read: Embraer Opens India Office, Partners with Mahindra on C-390 Aircraft

Indian equity markets opened the holiday-truncated trading week on a robust note on Monday, October 20, 2025, with the Sensex climbing over 700 points and the Nifty surpassing the 25,900 mark.

This surge was propelled by strong quarterly earnings from major companies like Reliance Industries and HDFC Bank, along with positive global cues.

The 30-share BSE Sensex surged 704.37 points, or 0.83%, to an intraday high of 84,656.56, while the 50-share NSE Nifty advanced 216.35 points, or 0.84%, to 25,926.20.

Both indices reached new 52-week highs, reflecting investor optimism.

As of 11:40 pm, Sensex was at 84,409.22, up 457 points while Nifty stood at 25, 843.90, up 143 points.

Reliance Industries led the rally, with its shares rising over 3% after reporting a 14.3% year-on-year increase in consolidated net profit to ₹22,092 crore for the September quarter.

The company’s gross revenue also saw a 10% rise, driven by strong performances in its Jio and retail segments.

HDFC Bank also contributed to the market’s upward movement, gaining 1.54% after posting a 10% rise in consolidated net profit to ₹19,610.67 crore for the same period.

The bank’s performance was bolstered by higher other income and steady core operations.

Positive global trends further supported the rally. Asian markets, including South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng index, were all trading higher amid easing US-China trade tensions.

Additionally, US stocks had closed on a positive note on Friday, providing further support to investor sentiment.

Foreign Institutional Investors (FIIs) were net buyers on Friday, purchasing equities worth ₹308.98 crore, while Domestic Institutional Investors (DIIs) also remained net buyers, investing ₹1,526.61 crore. This influx of funds added to the positive momentum in the market.

Crude oil prices declined, with Brent crude falling 0.36% to $61.07 per barrel.

Lower crude prices typically ease inflationary pressures and improve India’s trade balance, supporting market confidence.

The Indian rupee appreciated 14 paise to a month’s high of 87.88 against the US dollar in early trade, aided by foreign fund inflows, softer crude prices, and firm domestic equities.

Technical analysts observed that the Nifty’s firm close on Friday set the stage for further gains on Monday.

Eyes were on the 25,875–25,900 levels, with a fair possibility for an extension if the Nifty managed to sustain above 26,018. Failure to hold those levels could trigger volatility, with immediate support seen around 25,630.

As the trading session progressed, the market maintained its upward trajectory, reflecting investor confidence and positive economic indicators.

Also Read: Embraer Opens India Office, Partners with Mahindra on C-390 Aircraft

India’s largest airline, IndiGo (InterGlobe Aviation), has confirmed a firm order for 30 additional Airbus A350-900 wide-body aircraft, doubling its total confirmed commitment for the type to 60 jets.

The carrier had previously placed a firm order for 30 A350-900s in April 2024, with purchase rights for an additional 70 aircraft.

The 30 additional firm aircraft confirm the conversion of part of its existing option book into firm orders, increasing its wide-body aircraft order book from 30 to 60 A350-900s.

IndiGo’s original wide-body order in 2024 represented a historic milestone for the airline, which until then had operated exclusively narrow-body aircraft.

The A350-900 fleet will be powered by Rolls-Royce Trent XWB engines, under a long-term technical partnership designed to support the airline’s future long-haul operations. IndiGo expects to begin taking delivery of the A350-900 aircraft from 2027 onwards.

According to industry sources, the decision underlines IndiGo’s intent to expand beyond its strong domestic and regional footprint to long-haul destinations in Europe, East Asia, and potentially North America.

The airline views the A350-900 platform as the ideal vehicle for this expansion, offering the range, efficiency, and passenger comfort required for non-stop intercontinental operations.

IndiGo’s business model has historically centred around the Airbus A320 family, which has enabled it to dominate the domestic market with high-frequency, low-cost operations.

With the A350 order expansion, IndiGo is signalling its transition from a primarily regional low-cost carrier into a global airline with a strong presence in international markets.

The move is also consistent with India’s evolving aviation landscape, where international travel demand has risen sharply amid growing disposable incomes and the country’s emergence as one of the world’s fastest-growing aviation markets.

Analysts have noted that IndiGo’s investment in wide-body aircraft positions it to capture a larger share of outbound and inbound traffic, competing more directly with Gulf and Southeast Asian carriers that currently dominate long-haul routes to and from India.

While delivery of the A350-900s will begin in 2027, IndiGo’s expansion will require parallel investments in crew training, long-haul operations infrastructure, and international partnerships.

Industry observers say the carrier’s evolving fleet composition suggests it is preparing for a hybrid operational model that balances its low-cost core with a new premium long-haul offering.

The confirmation of 30 additional A350-900s also leaves IndiGo with the option to further expand its wide-body fleet in the future, as the airline retains purchase rights on additional aircraft under its existing agreement with Airbus.

The move reinforces IndiGo’s ambition to become a truly global airline by the end of the decade.

With a total of 60 A350-900s now on order, the carrier is positioning itself to lead India’s next phase of international aviation growth and redefine its role on long-haul routes connecting major global markets.

Also Read: Embraer Opens India Office, Partners with Mahindra on C-390 Aircraft