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  • Tech Mahindra Q2 Profit Rises 33% as Board Backs 1:1 Bonus Issue

    Tech Mahindra Q2 Profit Rises 33% as Board Backs 1:1 Bonus Issue

    Tech Mahindra reported a 32.7% year-on-year rise in consolidated profit after tax to ₹1,586 crore for the September 2026 quarter. The board also recommended a 1:1 bonus share issue, the company’s first in 11 years, and declared an interim dividend of ₹15 per share.

    The IT services company announced the results after market hours on 15 October 2026. Its shares opened higher on 16 October and the stock emerged as the top Sensex gainer in early trade.

    Tech Mahindra Q2 FY27 Results at a Glance

    Revenue from operations rose 3% from the previous quarter to ₹16,180 crore, compared with ₹15,712 crore in the June quarter. On a yearly basis, revenue grew 15.6%. Profit after tax was up 8.2% from ₹1,465 crore in the previous quarter.

    Tech Mahindra Q2 FY27 key numbers

    Metric Q2 FY27 Change
    Revenue from operations ₹16,180 crore 3% QoQ, 15.6% YoY
    Consolidated profit after tax ₹1,586 crore 8.2% QoQ, 32.7% YoY
    EBIT ₹2,387 crore 5.4% QoQ, 40.5% YoY
    EBIT margin 14.8% 40 bps QoQ, 260 bps YoY
    Constant currency revenue $1,693 million 2.4% QoQ, 7.2% YoY
    New deal wins (TCV) $1,023 million 25.4% YoY

    EBIT stands for earnings before interest and tax, and TCV means total contract value of new deals signed in the quarter. The figures show profit growing much faster than revenue, helped by the margin gain.

    Margins, Deals and Cash Flow Behind the Numbers

    The EBIT margin of 14.8% compares with 14.4% in the previous quarter. That leaves the company close to the 15% margin target it has set for FY27. Antique Stock Broking noted that management is within about 20 basis points of the target and that the focus is shifting towards growth.

    Chief Executive Officer and Managing Director Mohit Joshi said the 7.2% growth in constant currency terms shows the company is sustaining business momentum. He also noted that the company is celebrating its 40th anniversary this quarter.

    • Free cash flow for the quarter was $135 million.
    • Total headcount was 152,206, and last twelve months IT attrition was 11.7%.
    • Cash and cash equivalents stood at ₹7,330 crore at the end of the quarter.
    • Basic earnings per share (EPS) came in at ₹17.84.

    Constant currency growth of 2.4% quarter on quarter was ahead of the 1.5% that Antique Stock Broking had estimated. Antique and Systematix Institutional Equities both raised their FY28 and FY29 earnings estimates after the results, by amounts between 2% and 5%.

    What the 1:1 Bonus Issue Means for Tech Mahindra Shareholders

    Under a 1:1 bonus issue, eligible shareholders receive one new fully paid-up share for every share they hold on the record date. The company’s board has recommended the issue, and it needs shareholder approval through a postal ballot. The record date for the bonus will be announced separately.

    A bonus issue does not bring fresh money into the company. The shares are created by capitalising amounts from the securities premium account, general reserves, retained earnings or other permitted reserves, based on the audited financial statements for the year ended 31 March 2026. The board also recommended raising the authorised share capital from ₹924.3 crore to ₹1,000 crore.

    Tech Mahindra last issued bonus shares in March 2015, also in a 1:1 ratio. Because shares are held electronically, bonus shares are credited to the demat account of eligible shareholders after allotment. Investors who want to be eligible for any future corporate action need to hold shares in a demat account on the relevant record date, so those who do not yet have one may need to open a demat account first.

    Interim Dividend of ₹15 and Key Dates for Shareholders

    The interim dividend of ₹15 per equity share represents 300% of the face value of ₹5 per share for FY27. The company has fixed 23 October 2026 as the record date for dividend eligibility, and the payment will be made by 13 November 2026 through electronic mode. Tech Mahindra also paid an interim dividend of ₹15 per share in October 2024 and October 2025.

    Tech Mahindra corporate action details

    Item Detail
    Interim dividend ₹15 per share (300% of ₹5 face value)
    Dividend record date 23 October 2026
    Dividend payment On or before 13 November 2026
    Bonus issue 1:1, subject to postal ballot approval
    Bonus record date To be announced separately

    Tech Mahindra Share Price Reaction After the Results

    Tech Mahindra shares had slipped nearly 4% on 12 October to ₹1,453.90 ahead of the results. By 15 October the stock had recovered, closing at ₹1,648.70 on the BSE, before the earnings came out. The market capitalisation was about ₹1.62 lakh crore at that level.

    On 16 October the shares opened at ₹1,714.95 on the BSE and touched a high of ₹1,738.40, a gain of 5.44% over the previous close. By 9:20 am the stock was trading at ₹1,709.85, up 3.7%. Traders who track earnings reactions on a stock trading app can see how price and volume have moved around the announcement.

    What to Watch After Tech Mahindra’s Board Decisions

    The next steps are the postal ballot for the bonus issue and the announcement of the bonus record date. The dividend record date of 23 October is already fixed. The company has also said it will disclose its AI-led revenue in the second half of the fiscal year, according to brokerage commentary on the results.

    Exchange filings from Tech Mahindra remain the primary source for the exact bonus record date, the postal ballot schedule and the dividend payment mechanics.

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  • Yes Bank Shares Slump 20% After Supreme Court AT1 Bond Verdict

    Yes Bank Shares Slump 20% After Supreme Court AT1 Bond Verdict

    Yes Bank shares fell as much as 20% on 15 October 2026 after the Supreme Court upheld a Bombay High Court order that quashed the bank’s ₹8,415 crore write-off of Additional Tier 1 (AT1) bonds. The stock touched an intraday low of ₹16.96 on the NSE, against a previous close of ₹21.20.

    Trading volumes were heavy, with more than 622 million shares changing hands across NSE and BSE during the session.

    What the Supreme Court Decided on Yes Bank’s AT1 Bonds

    A bench of Justices Dipankar Datta and Augustine George Masih dismissed the appeals filed by Yes Bank, the Reserve Bank of India (RBI) and the Union of India. The appeals challenged the Bombay High Court judgment of 20 January 2023, which had set aside the write-off of the bonds. The Supreme Court said it saw no reason to interfere with that judgment.

    The bench had reserved its verdict on 20 May, after hearing the Centre, the RBI, Yes Bank and bondholders represented by Axis Trustee Services and other investors. The Solicitor General, appearing for the Centre, the finance ministry, the RBI and Yes Bank, had argued that the write-off was necessary to rebuild the bank’s capital and support its rescue. The bondholders argued that the administrator acted unilaterally and exceeded his authority.

    The central question was whether Yes Bank’s administrator had the legal power to extinguish the AT1 bonds after the bank’s reconstruction, even though the write-off provision was left out of the final scheme. The Supreme Court answered that in the negative. The ruling therefore turns on the administrator’s legal authority in March 2020, and not on the bank’s current operations or its recent financial results.

    How the Yes Bank AT1 Write-Off Dispute Unfolded

    AT1 bonds are perpetual bonds issued by banks that count towards regulatory capital because they are designed to absorb losses. In March 2020, the RBI placed Yes Bank under a moratorium and a reconstruction scheme followed. On 14 March 2020, a day after the reconstruction was announced, the bank’s administrator informed the stock exchanges that its outstanding AT1 bonds had been written down in full. Bondholders, including Axis Trustee Services, challenged that decision before the Bombay High Court.

    Yes Bank AT1 bond case: key dates

    Date Development
    14 March 2020 Administrator informs exchanges that ₹8,415 crore of AT1 bonds are written down
    20 January 2023 Bombay High Court quashes the write-off
    20 May 2026 Supreme Court reserves its judgment
    15 October 2026 Supreme Court dismisses the appeals

    Yes Bank, the RBI and the Centre then appealed to the Supreme Court. The 15 October verdict leaves the High Court’s 2023 ruling in place.

    How Yes Bank Shares Reacted on 15 October

    The selling in Yes Bank was sharp and fell within a single session. The stock slid from ₹21.20 to an intraday low of ₹16.96, a drop of 20%. The market capitalisation stood at ₹56,876 crore at the Thursday session.

    The fall added to a weak run for the stock. NSE data cited in market reports show that Yes Bank shares were down about 21% over one year and nearly 15% in 2026 so far. The shares had also lost about 20% over one month and about 10% over the last five sessions.

    • Intraday low on 15 October 2026: ₹16.96 on the NSE
    • Previous close: ₹21.20
    • Combined volume on NSE and BSE: more than 622 million shares
    • Market capitalisation: ₹56,876 crore

    Why the Ruling Matters for Yes Bank’s Capital Position

    Investors focused on the potential liability that the verdict creates. If the write-off cannot stand, the AT1 bonds are not treated as extinguished, which could leave the bank with a significant liability. Market reports said this would weaken the bank’s ability to absorb losses in a future financial or funding stress.

    The bank had addressed this scenario earlier. In January 2023, after the High Court order, the then Managing Director and CEO of Yes Bank, Prashant Kumar, said that even if AT1 bonds were restored in an extreme case, the total capital adequacy ratio would not be affected. He said Common Equity Tier 1 (CET1) capital may come down while AT1 capital would go up.

    The reports reviewed do not give a verified figure for how the verdict changes the bank’s capital ratios. Any such estimate would come from the bank’s own disclosures.

    What Shareholders and Bondholders Can Track Next

    The full text of the Supreme Court judgment sets out the reasoning and any directions on bondholder claims. Yes Bank is also bound by stock exchange disclosure rules, so its filings on NSE and BSE are the place where any assessment of the verdict’s financial impact would appear.

    Shares of Yes Bank are held in demat form, and a demat and trading account is needed to buy or sell them. Holders can see their positions and the day’s price movement in their account statements and on trading screens. Investors who follow volatile large-volume stocks on an online trading platform will notice that the exchanges also publish price band information, circuit limits and traded volumes for every listed stock.

    The reaction on 15 October is a reminder of how court rulings on legacy banking disputes can move stock prices. In this case the dispute took more than six years to reach a final decision, from the March 2020 write-off to the October 2026 verdict.

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  • SEBI Proposes ₹1 Lakh Minimum Application for SME IPOs

    SEBI Proposes ₹1 Lakh Minimum Application for SME IPOs

    The Securities and Exchange Board of India (SEBI) has proposed a major overhaul of the SME IPO framework, including a lower minimum application value of ₹1 lakh, down from ₹2 lakh. The proposals appear in a consultation paper dated 14 October 2026, and public comments are open until 4 November 2026.

    The paper proposes amendments to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. SEBI said the aim is to strengthen the SME IPO framework, improve investor protection and align key requirements with those for main board issues, while keeping safeguards suited to smaller companies.

    What SEBI Proposes to Change in the SME IPO Framework

    The consultation covers who can list on the SME platform, how investors apply and how shares trade after listing. The table below sets the main existing norms against the proposals.

    SME IPO rules: existing framework and SEBI proposal

    Area Existing framework SEBI proposal
    Minimum application value ₹2 lakh ₹1 lakh, in four lots of at least ₹25,000
    Minimum allottees 200 500
    Market making Compulsory for at least three years Compulsory requirement removed
    Operating profit test ₹1 crore in at least two of three years Average of ₹3 crore a year over three years
    Trading lot after listing Based on price band One share

    None of these changes is in force yet. They remain proposals until SEBI reviews the public comments and issues final rules.

    Why a ₹1 Lakh Minimum SME IPO Application Matters

    Under the proposal, an investor would apply for at least four lots, with each lot worth at least ₹25,000. Later applications would be made in multiples of the applicable lot size. SEBI said the lower threshold seeks to balance investor protection with meaningful access, because it would operate within a substantially strengthened regulatory framework. It also said the change would spread capital across a wider base of investors.

    The minimum number of allottees in an SME public issue would rise from 200 to 500. Retail individual investors would still receive at least one minimum lot, subject to availability, with the remaining shares allotted proportionately.

    Shares in an SME IPO are allotted in electronic form, so every applicant needs a demat account. Anyone planning demat account opening ahead of a future SME issue should note that the lower minimum application amount is still only a proposal.

    New Market Capitalisation Test for SME Platform Eligibility

    SEBI has proposed replacing eligibility based on paid-up capital with thresholds based on market capitalisation. The test applies to the post-issue market capitalisation of the company.

    Who Can Use the SME Platform

    • A company with a post-issue market capitalisation of up to ₹1,000 crore could access only the SME platform.
    • A company with a post-issue market capitalisation above ₹1,000 crore and up to ₹4,000 crore could also access the SME platform.
    • If a company files its draft red herring prospectus (DRHP) under the SME framework and its post-issue market capitalisation crosses ₹4,000 crore when the red herring prospectus is filed, it must refile the DRHP under the main board framework.

    Voluntary and Mandatory Migration to the Main Board

    For companies already listed on the SME platform, SEBI proposes a similar yardstick. Voluntary migration to the main board would be allowed for companies with a market capitalisation of ₹1,000 crore or more but below ₹4,000 crore, subject to the applicable eligibility requirements. Migration would become mandatory for companies whose market capitalisation exceeds ₹4,000 crore, again subject to the relevant conditions.

    Tighter Profit Rules and an Alternative Route for Loss-Making Firms

    SEBI proposes to raise the profitability bar for SME issuers. The current requirement is operating profit of ₹1 crore in at least two of the three preceding years. The proposal replaces it with an average annual operating profit of ₹3 crore over the preceding three financial years.

    A company that does not meet the profit test would not be shut out entirely. It could use a separate book-building route in which at least 75% of the issue is allocated to qualified institutional buyers (QIBs). If that allocation is not achieved, the entire subscription money would have to be refunded.

    Lock-in, Offer for Sale and Pricing Changes Proposed

    The consultation paper also touches several other parts of the issue process. The main proposals reported so far are listed below.

    • The offer for sale (OFS) portion would stay capped at 20% of the total issue size, and shares offered by a selling shareholder would be capped at 50% of their pre-issue holding on a fully diluted basis, with specified exemptions for QIBs.
    • The amount used for general corporate purposes would remain capped at 15% of the issue size, while the separate ₹10 crore cap would be removed.
    • The three-year lock-in on minimum promoters’ contribution would run from the date of IPO allotment, and specified promoter group holdings would face a separate one-year lock-in.
    • For book-built issues, the cap of the price band would have to be at least 105% of the floor price, while the existing upper limit of 120% stays.
    • The full-issue underwriting requirement would be removed, and a 90% minimum subscription requirement would be retained for applicable issues.

    Trading Lot of One Share and End of Compulsory Market Making

    After listing, SEBI proposes a trading lot of one share for SME securities, replacing the price-band-based lot-size framework. The move is expected to improve accessibility and flexibility for investors in the secondary market. Anyone buying or selling SME stocks through a trading account would then be able to deal in single shares rather than larger lots.

    SEBI also proposes to abolish compulsory market making, under which a designated intermediary quotes buy and sell prices for a listed SME stock. The requirement does not apply to main board companies. The regulator said the review aims to reduce avoidable regulatory and financial burden on issuers while preserving appropriate investor safeguards.

    SME Segment Size and What Happens Next

    SEBI noted that the SME platform has changed significantly since the framework was introduced. As on 31 July 2026, 1,496 entities had listed on the SME platform since inception, including entities that later migrated to the main board. Together they raised ₹40,222 crore.

    The regulator described the segment as now covering enterprises with a wider range of size, maturity and market profile. That, it said, is why the framework needs a holistic review. Public comments can be submitted until 4 November 2026, after which SEBI will decide which proposals to take forward.

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  • Jio Platforms IPO Opens October 21 at ₹1,065 to ₹1,119 a Share

    Jio Platforms IPO Opens October 21 at ₹1,065 to ₹1,119 a Share

    Jio Platforms, the Reliance Industries subsidiary, will open its initial public offering on 21 October 2026 at a price band of ₹1,065 to ₹1,119 per equity share. At the upper end, the fresh issue of up to 27 crore shares is worth up to ₹30,213 crore, which would make it the largest IPO in India by issue size.

    Jio Platforms filed its Red Herring Prospectus (RHP) with the Registrar of Companies, Gujarat, at Ahmedabad on 14 October 2026. Reliance Industries confirmed the issue dates and price band in an exchange filing.

    Jio Platforms IPO Price Band, Lot Size and Issue Structure

    The Jio Platforms IPO is a book-built issue made up entirely of a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. There is no offer for sale component, so the money raised goes to the company. According to the filing, the proceeds will be used to clear debt of the material subsidiary Reliance Jio Infocomm and for general corporate purposes. Reliance Industries holds about 66.4% of Jio Platforms.

    Retail investors can apply for a minimum of 12 shares and in multiples of 12 thereafter. At the cap price of ₹1,119, one lot of 12 shares needs a bid of ₹13,428. The shares are proposed to list on both NSE and BSE.

    Jio Platforms IPO key terms

    Detail Information
    Subscription window 21 to 23 October 2026
    Anchor investor bidding 19 October 2026
    Price band ₹1,065 to ₹1,119 per share
    Lot size 12 shares
    Minimum bid at cap price ₹13,428
    Issue type Fresh issue of up to 27 crore shares (face value ₹10)
    Issue size at upper band Up to ₹30,213 crore

    How the Jio Platforms IPO Compares With Earlier Mega Issues

    At ₹30,213 crore, the issue would surpass the ₹27,859 crore IPO of Hyundai Motor India in 2024, which was the largest in the country so far. The comparison holds only if the offer is completed as planned and priced at the top of the band.

    At the upper end of the band, Jio Platforms would have an implied equity valuation of about ₹10.3 lakh crore. That figure is the estimated market value of the whole company at the issue price, based on a post-issue shareholding of 9,20,90,30,830 shares. It is not the amount the company is raising, which is the ₹30,213 crore fresh issue.

    The issue has 19 book-running lead managers, including Morgan Stanley, Kotak Mahindra Capital, BofA Securities, JP Morgan and Goldman Sachs. KFin Technologies is the registrar to the issue.

    Reserved Portions for Employees and Reliance Shareholders

    Besides the general public categories, the offer carries two reserved portions. Each has its own eligibility rule, which matters for anyone planning to bid under a quota.

    • Up to ₹500 crore is reserved for eligible employees of Jio Platforms, with a discount of ₹54 per share for employees bidding under this quota.
    • Up to ₹2,500 crore is reserved for eligible shareholders of Reliance Industries, meaning individuals and HUFs (directly or through the karta) who are public equity shareholders of the company.
    • The shareholder quota is tied to holdings as on 14 October 2026, the date the RHP was filed, and not to the date of bidding.
    • Persons who are not eligible to invest in the IPO under applicable laws and regulations are excluded from the shareholder quota.

    Because the cut-off for the shareholder quota is a past date, investors cannot change their eligibility by buying Reliance Industries shares now. Holdings on the record date are what count.

    Jio Platforms IPO Dates From Anchor Round to Listing

    The timetable is compact. Anchor investors bid on 19 October, two days before the issue opens to the public. The three-day subscription window then runs from 21 October to 23 October 2026.

    Jio Platforms IPO timetable

    Event Date
    Anchor investor bidding 19 October 2026
    Issue opens 21 October 2026
    Issue closes 23 October 2026
    Basis of allotment 26 October 2026
    Initiation of refunds 27 October 2026
    Credit of shares to demat accounts 27 October 2026
    Listing on NSE and BSE 28 October 2026

    The basis of allotment is the step in which the registrar finalises how many shares each successful applicant receives. Refunds and the credit of shares follow a day later, and trading is expected to begin on 28 October.

    How to Apply for the Jio Platforms IPO Online

    A bid for IPO shares needs a PAN-linked demat account, because allotted shares are credited there in electronic form. Investors who do not yet have one can open a demat account with a SEBI-registered depository participant before the issue closes on 23 October, although the time taken for account activation varies by intermediary.

    Bids are placed through a bank’s net banking facility or an online trading platform, using either a UPI mandate or ASBA (Application Supported by Blocked Amount). Under both routes the bid amount stays in the investor’s bank account and is blocked only until allotment is finalised. Applicants who want to invest in IPO online should check that the UPI ID entered in the bid matches the bank account holding the funds.

    Market Reaction as Jio Platforms IPO Details Emerged

    Reliance Industries shares rose about 3% on 15 October as the IPO details became public, and the stock featured among the day’s top gainers on the exchanges. The wider market also rallied that day. The Sensex rose 1,533.72 points, or 2.11%, to settle at 74,315.61, while the Nifty 50 gained 374.65 points, or 1.66%, to end at 22,997.35. Both recorded their biggest single-day gains in four months.

    On 16 October, the Sensex opened at 74,341.08 and the Nifty at 23,065.10, according to opening-session reports.

    What to Track Before the Issue Opens

    Anchor allocations on 19 October will give the first view of institutional demand. During the three public days, the exchanges publish subscription figures by investor category, and the final allotment will follow on 26 October.

    The RHP is the primary document for risk factors, objects of the issue and financial disclosures. Prices, dates and quotas can change only through formal addenda, so the exchanges and the RHP remain the reference points for every figure in this report.

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  • WPI Inflation Hits 11.39%: What Is Making Wholesale Prices Rise So Fast?

    WPI Inflation Hits 11.39%: What Is Making Wholesale Prices Rise So Fast?

    India’s WPI inflation rose to 11.39% in September 2026, up from 9.92% in August, the government said on 14 October. Fuel and power, food and factory goods all got dearer. Retail inflation also reached a 23-month high of 5.54%. Wholesale prices show what firms pay before goods reach shoppers.

    The Latest WPI Inflation Data

    The Ministry of Commerce and Industry released the numbers on Wednesday, 14 October 2026. WPI stands for Wholesale Price Index. It tracks how much prices change at the wholesale level.

    The rate is a year-on-year number. It compares prices in September 2026 with prices in September 2025. An 11.39% rate means wholesale prices are about 11% higher than a year ago.

    The all-commodities index rose to 112.5 in September from 110.8 in August. That is a rise of 1.7 points in one month. Business Standard calls 11.39% a series high for the 2022-23 base year.

    Group September 2026 (%) August 2026 (%)
    All commodities 11.39 9.92
    Fuel and power 25.85 22.93
    Manufactured products 9.76 8.37
    Food index 8.66 7.05

    Primary articles, such as farm and mineral goods, rose 8.67% over the year. Every main group in the table moved up from August.

    Items That Pushed WPI Inflation Higher

    The ministry named a long list of items. The price rise was wide and not limited to one product. The main drivers were:

    • Mineral oils, which include petroleum products
    • Food articles
    • Crude petroleum and natural gas
    • Coal and lignite
    • Basic metals
    • Chemicals and chemical products
    • Textiles
    • Rubber and plastic products
    • Electrical equipment

    Manufactured products rose 9.76%, the highest in this series. The fuel and power index rose to 110.5 from 108.3 in the same month.

    Why Wholesale Prices Are Rising So Fast

    Reports link the rise to the West Asia conflict. The conflict has disrupted ships that pass through the Strait of Hormuz. That has pushed up the cost of crude oil and fertiliser.

    Fuel costs spread to other goods. A truck that carries goods needs diesel. A factory that makes plastic needs oil-based raw material. When these costs rise, the price of many goods can rise too.

    Fertiliser works in a similar way. Farmers pay more to grow crops when fertiliser gets dearer. That cost can reach food prices after some time.

    For the first half of this financial year, from April to September, the WPI index rose 9.85% over the same months a year ago. Fuel and power rose 25.31% in that period. Manufactured products rose 8.08%, and primary articles rose 6.89%.

    How WPI Differs From CPI

    CPI means Consumer Price Index. It tracks prices that families pay in shops. WPI tracks prices at an earlier stage, such as what traders and firms pay.

    Retail inflation based on CPI rose to 5.54% in September. That is a 23-month high. Food and fuel pushed it up.

    The Reserve Bank of India mainly looks at CPI when it sets interest rates. The government asked the RBI to keep CPI inflation at 4%, with a 2% margin on each side. At 5.54%, CPI is still inside that band. It is closer to the top than before, since it was 3.93% in May and 4.38% in June.

    How Long WPI Inflation Has Stayed High

    WPI inflation has been above 9% for five months in a row, counting September. It has now crossed 11%.

    Month in 2026 WPI inflation (%)
    May 9.68
    June (revised) 9.97
    July 9.78
    August 9.92
    September 11.39

    Fuel and power inflation was 27.41% in June and eased to 20.05% in July. It then rose to 22.93% in August and 25.85% in September. So fuel inflation has now risen for two months in a row.

    April was the last month below 9%. WPI inflation was 8.26% then.

    What It Means for Companies and Investors

    Higher input costs can squeeze company profits. A firm can pass costs on to buyers or accept lower margins. Which path it takes depends on its market and its pricing power.

    Firms that buy oil, metals or chemicals as raw material can feel the rise more. These items sit on the list of drivers above. Each company reports its own numbers, so read the results to see the real effect.

    Households feel this in their monthly budgets. The September CPI data shows that food and fuel were the main push behind retail inflation. Both are items that every family buys.

    Wholesale prices do not turn into shop prices at once. CPI often follows WPI after some time, but the link is not exact. This article does not predict where prices will go next.

    One month of data does not set a trend. It is better to look at several months before you draw a view. Official data can also be revised later, as the June figure was.

    For savers, rising prices lower what each rupee can buy. Many people then look at stocks and funds. If you start, compare costs first.

    Many brokers advertise a free demat account, but you should read the other charges before you open one. Check the fees on your trading account too, because costs add up over time.

    Please remember that investing carries risk. This article gives facts and does not tell you what to buy or sell.

    What to Watch Next

    Here are three things to watch:

    • The next monthly WPI and CPI releases, which will show if prices keep rising or begin to ease.
    • Crude oil prices, because fuel is the biggest driver in the data.
    • Shipping through the Strait of Hormuz, which reports link to higher costs.

    Also watch what the RBI says. It looks at inflation when it sets interest rates. Any change in rates can affect loan costs and savings returns.

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  • IDBI Bank Fairfax Deal Gets Cabinet Nod: What Happens Next for Shareholders?

    IDBI Bank Fairfax Deal Gets Cabinet Nod: What Happens Next for Shareholders?

    The Union Cabinet approved the IDBI Bank Fairfax deal on 14 October 2026. Fairfax Financial Holdings will buy 60.72% of the bank for about ₹52,878 crore, or ₹81 a share. The government and LIC will keep 34% together. The deal still needs clearance from the Reserve Bank of India.

    What the Cabinet Approved in the IDBI Bank Fairfax Deal

    The Cabinet Committee on Economic Affairs cleared the sale of control of IDBI Bank on Wednesday, 14 October. The buyer is Fairfax Financial Holdings of Canada. It is led by investor Prem Watsa and will buy through a Canadian unit.

    The government called it the largest foreign direct investment in India’s financial sector so far. Minister Ashwini Vaishnaw said it will bring fresh capital into the sector.

    A strategic sale means that control passes to the buyer. It is different from a small share sale in the market. The Cabinet first cleared the idea of a strategic sale of IDBI Bank in May 2021, so the process has run for about five years.

    IDBI Bank shares rose as much as 13% during the day on Wednesday, to ₹93.62. CSB Bank shares also gained about 6%, according to BusinessToday.

    The Price Fairfax Will Pay and the Stake It Gets

    Fairfax will pay ₹81 for each IDBI Bank share. Two independent valuers had set a fair value of ₹75.99 a share. The winning price is above that benchmark.

    The stake on sale comes from two sellers. The government is selling 30.48%. LIC is selling 30.24%. Together that makes 60.72%.

    Holder Before the sale (%) Change (%) After the sale (%)
    Government of India 45.48 -30.48 15
    LIC 49.24 -30.24 19
    Fairfax 0 +60.72 60.72

    The government should get about ₹26,500 crore from the sale. LIC should get about ₹26,300 crore. These figures follow from the share of the stake that each one sells.

    After the sale, the government will still hold 15% and LIC will hold 19%. Together they stay large holders in the bank. Control, however, will pass to Fairfax.

    How the Open Offer Works

    Fairfax will also make an open offer. An open offer lets other shareholders sell their shares to the buyer at a set price. It applies when a buyer takes control of a listed company.

    This matters to small shareholders. They will get a chance to sell if they wish. They are not forced to sell, and they can choose to stay.

    The price and timing of the open offer will come in later filings. Read those filings when they appear. Do not rely on any price you see before the offer document is out.

    The Plan for CSB Bank

    Fairfax already holds about 40% of CSB Bank. So the Cabinet set a condition. Within two years of signing the share purchase agreement, Fairfax must either merge CSB Bank with IDBI Bank or exit its CSB stake.

    Fairfax had earlier offered to fully sell its CSB Bank stake as part of its bid. CSB Bank shares rose on the news.

    A merger would need its own approvals. The details will come later. For now, the plan only sets a two-year limit.

    Rules Fairfax Must Follow After the Deal

    Officials said Fairfax will face a five-year lock-in. That means it cannot sell its stake for five years. After that, it has 15 years to cut its holding step by step.

    The target is 26%. That is the RBI limit on a promoter’s stake in a private bank. The 26% limit applies to paid-up capital or voting rights.

    A lock-in stops the buyer from selling its stake for a set time. The slow cut that follows gives the bank and the market time to adjust.

    Fairfax is also expected to keep the IDBI brand for at least three years, according to Business Today. A promoter is the main owner who controls a company. Here, the promoter will change from the government and LIC to Fairfax.

    Steps Left Before the Deal Closes

    The Cabinet nod is a big step, but it is not the last one. The deal needs approval from the Reserve Bank of India and other regulators. Officials expect the deal to close in this financial year.

    DIPAM Secretary Arunish Chawla said the government expects RBI clearances to come quickly. Here are the steps to watch:

    • Signing of the share purchase agreement. This is the legal contract between the buyer and the sellers.
    • RBI and other regulatory approvals.
    • The open offer for other shareholders.
    • Closing of the deal and the change in control.
    • The merger or exit plan for CSB Bank within two years of signing.

    Each step can take time. Dates may change.

    What IDBI Bank Shareholders Should Know

    First, the price of ₹81 is the price Fairfax pays for the stake held by the government and LIC. It is not a promise about where the market price will go. The share price moves every day with demand and supply.

    Second, the market price is a different number. On Wednesday, the share traded as high as ₹93.62, which is above the ₹81 deal price. One is a negotiated price for a stake, and the other is the market price on that day.

    Third, keep track of the open offer. It is the step that speaks to small shareholders. Read the offer letter when it comes out.

    Fourth, check your own holdings. Shares sit in your demat account. If you do not have one, you need to open demat account profiles with a broker before you can buy or sell listed shares. Many people also use an investing platform to track filings and corporate actions.

    This article gives facts and is not advice to buy, sell or hold IDBI Bank shares.

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  • Rajesh Exports SEBI Order Explained: Why Is the Chairman Still Barred From Trading?

    Rajesh Exports SEBI Order Explained: Why Is the Chairman Still Barred From Trading?

    The Rajesh Exports SEBI order of 14 October 2026 keeps chairman Rajesh Mehta barred from dealing in the company’s shares until further orders. SEBI said the answers it received did not remove its concerns about disclosures and fund routing. The order confirms the interim directions from June. The investigation is still on.

    What the Rajesh Exports SEBI Order Says

    SEBI Whole Time Member Kamlesh C Varshney passed a confirmatory order on 14 October 2026. It continues the directions that SEBI issued in June.

    Here are the main points of the order:

    • Rajesh Mehta cannot buy, sell or deal in Rajesh Exports securities, directly or indirectly, until further orders.
    • The company must keep making true, fair, accurate and complete disclosures. This covers its financial statements, related-party deals and other key information.
    • The company and the promoter must help the probe team and give the papers it asks for.
    • The probe agencies and the forensic auditor must finish their work fast.

    Some news reports call the October order a final order. SEBI’s own words say the directions last until further orders. The case is not closed, and the probe goes on. Read the full order for its exact wording.

    Two terms need a simple meaning. A related-party deal is a deal between the company and people or firms linked to it. A forensic auditor is an expert who digs into records to trace where money went.

    Confirmatory Order Versus Interim Order

    An interim order is a first step. SEBI can pass it fast when it sees a risk to investors. An ex-parte order means SEBI passed it without first hearing the other side.

    After an interim order, the people named get a chance to reply. SEBI then looks at the replies. If it is not satisfied, it can confirm the directions. That is what happened here.

    A confirmatory order is not a final judgement on guilt. SEBI said the material in front of it did not remove the concerns, at this stage. It also said that continuing the directions was in proportion to what is under investigation.

    What SEBI Alleged in June

    SEBI passed its first order, a 109-page interim ex-parte order, on 3 June 2026. It found, on a first look, that the company had misrepresented about ₹15,15,385 crore. That was 99.80% of the revenue that the company attributed to its subsidiaries between FY 2020-21 and FY 2024-25.

    SEBI also pointed to funds routed through personal bank accounts of the promoters. It said an investment of about ₹1,035 crore in African gold mining assets could not be checked.

    Date in 2026 Event
    3 June SEBI passes interim ex-parte order
    4 June Shares hit the 5% lower circuit limit
    14 October SEBI confirms its interim directions
    15 October Stock is in focus after the order

    A lower circuit is the most that a share can fall in one day. On 4 June, the stock stopped at that limit. The price on NSE was ₹103.92.

    SEBI’s View on the Missing Information

    SEBI said that some records it asked for never came. Some came in part. Some came in a form that SEBI could not check on its own.

    The company and its chairman gave reasons for this. They named secrecy duties, contracts, data rules and foreign laws. SEBI answered that the material did not show real effort to get the data by legal means.

    SEBI also turned down a request to lift the curbs. The company argued that no trading had been found in the shares. SEBI said that this alone was not enough.

    On the money trail, SEBI said large sums moved through Mehta’s personal bank accounts. It said the company did not explain the legal basis well. It also rejected the view that Mehta was only a go-between.

    The Company’s Response

    In June, Rajesh Exports said the order was only interim and that SEBI had reached no adverse final conclusion. It said there seemed to be a communication gap between the company and the regulator. It also said its reported revenues were correct.

    We did not find a company response to the 14 October order in the sources we checked. Check the BSE and NSE sites for any new statement from the company.

    SEBI’s June order also noted that 97% to 99% of the company’s consolidated revenue came from overseas subsidiaries. It named Switzerland-based Valcambi SA as the main one. It said the subsidiaries’ financials were not in the public domain.

    What Shareholders Should Know

    Be clear on what is known and what is not. The allegations are prima facie findings. That means they rest on a first look at the evidence. SEBI has not made a final finding of guilt.

    Here are some simple steps for shareholders:

    • Read the SEBI order on the SEBI website, not only the news.
    • Read the company’s filings on the BSE and NSE websites.
    • Check how much of your portfolio sits in one stock.
    • Watch for the next SEBI or company update.

    New investors who plan to buy listed shares need a demat account first. Demat account opening is the first step. Then read each company’s filings before you buy. Many investors follow such filings in a share market app, and the exchange websites carry them too.

    What Comes Next

    The probe will go on. SEBI has asked the probe team and the forensic auditor to move fast. More orders can follow once their work is done.

    For now, the restraint on Rajesh Mehta stays. The company must keep its reports complete and accurate. Watch the exchange filings for the next step.

    This article gives facts and is not advice to buy, sell or hold any stock.

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  • NSE Adds 6 F&O Stocks From 28 October: Is Your Favourite Stock on the List?

    NSE Adds 6 F&O Stocks From 28 October: Is Your Favourite Stock on the List?

    NSE will add six F&O stocks from 28 October 2026. They are Data Patterns, Karur Vysya Bank, Syrma SGS Technology, Coromandel International, City Union Bank and Navin Fluorine International. Each stock must first meet the exchange’s eligibility test. NSE will share the market lot on 27 October.

    The Six F&O Stocks NSE Is Adding

    NSE announced the new names in a circular. The six stocks are:

    The addition depends on each company meeting the eligibility rules in the quarter-sigma cycle for October 2026. If a stock fails the test, it will not join the list.

    Key Dates to Remember

    The timeline is short. Traders will have only one day between the lot size notice and the first day of trading. Plan ahead so that you are not rushing on the first day. Check the NSE circular again on 27 October for any update.

    Date in 2026 What happens
    27 October NSE shares the market lot and strike scheme in a separate circular
    28 October F&O contracts on the six stocks become available

    NSE has also said the quantity freeze details will be in the contract file for trading from 28 October. A quantity freeze is the largest order size that the system accepts at one time.

    What F&O Inclusion Means for a Stock

    F&O stands for futures and options. These are contracts whose value depends on the price of a stock. A futures contract is an agreement to buy or sell at a set price on a set date. An option gives the buyer the right, but not the duty, to buy or sell at a set price.

    Each contract has a lot size. That is the fixed number of shares in one contract. Each contract also has an expiry date. NSE has not yet told the market the lot size for these six stocks.

    Here is a made-up example. Say a stock trades at ₹500 and the lot size is 100 shares. One contract is then worth ₹50,000.

    This is only an example. The real lot sizes will come from NSE on 27 October. Do not use any lot size you see before that date.

    Before a stock enters F&O, you can only buy and sell its shares in the cash market. After it enters, you can also trade contracts on it. The share price in the cash market stays the base for those contracts.

    Many traders use contracts to hedge. Hedging means taking a position that can offset a possible loss in shares you already hold. It is a way to manage risk, not a way to remove it.

    How NSE Picks F&O Stocks

    NSE follows a set of rules that come from SEBI’s framework. The exchange checks the numbers for each company. It looks at these items:

    • Average daily market capitalisation
    • Average daily traded value
    • The market-wide position limit in the stock
    • Quarter-sigma values
    • Average daily deliverable value

    Market capitalisation is the total market value of a company’s shares. The market-wide position limit caps how many open contracts all traders together can hold in a stock. Quarter-sigma is a measure of how much money it takes to move the price of a stock by a set amount.

    Each test looks at a different side of the stock. Together they show how large, how active and how easy to trade the company is. The exchange checks all of them before it adds a stock.

    The Current Count of F&O Stocks

    NSE has 213 individual stocks in its F&O segment today, according to Zee Business. If all six qualify, the total will reach 219.

    NSE added six other stocks from 1 April 2026. They were Adani Power, Cochin Shipyard, Hyundai Motor India, Motilal Oswal Financial Services, Nippon Life India Asset Management and Vishal Mega Mart. In November 2024, NSE added 45 stocks at one time.

    What Traders Should Know Before 28 October

    New contracts are not the same as new opportunity. F&O trading uses margin. You put up only a part of the trade value. Your gains and losses follow the full value.

    In futures, and when you sell options, losses can be larger than the money you first put in. Know this before you place a first order.

    If you are new to F&O, start with the basics. You need a demat account and a trading account. You can open demat account online with a broker. Then ask the broker to switch on the F&O segment.

    Here is a short checklist for the first week:

    • Wait for the lot size circular on 27 October.
    • Work out the full contract value before you place any order.
    • Check the margin your broker needs for each contract.
    • Look at the expiry dates for the new contracts.
    • Use a trading platform that shows margin before you confirm an order.

    This is general information. It is not advice to trade any stock.

    The Kinds of Companies Joining

    Two of the six are banks: Karur Vysya Bank and City Union Bank. The other four come from different fields.

    Data Patterns works in defence electronics. Syrma SGS Technology makes electronic products for other firms. Coromandel International sells fertilisers. Navin Fluorine International makes speciality chemicals.

    This mix shows that companies from different fields can qualify. What counts is whether their numbers meet the tests.

    The exchange will confirm which of the six stocks qualify. Check the NSE circular and the contract list on the exchange website for the final names. Your broker will also show the new contracts once trading starts on 28 October.

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  • Will SEBI Change the Closing Auction Session? What F&O Traders Need to Know

    Will SEBI Change the Closing Auction Session? What F&O Traders Need to Know

    SEBI’s Secondary Market Advisory Committee meets on 15 October 2026 to decide the future of the closing auction session. The session began on 3 August for stocks that have F&O contracts. Some market participants say it adds risk on expiry days. SEBI will now weigh that feedback before it issues any circular.

    How the Closing Auction Session Works

    A closing auction session is a short window at the close of trading. Buyers and sellers place orders, and the exchange uses them to set the closing price of a stock. SEBI calls it CAS for short.

    The idea is simple. Instead of using many small trades, the exchange collects orders and matches them at one price. SEBI introduced it to produce a better closing price for the cash market.

    Before CAS, the closing price of a stock was the volume-weighted average price, or VWAP, of trades in the last 30 minutes. VWAP is an average that gives more weight to prices where more shares traded. For stocks with F&O contracts, SEBI replaced that with an auction from 3.15 pm to 3.35 pm.

    SEBI’s 2025 proposal described four steps in the session: a reference price, order entry, a random close and a final match. It also proposed a 3% band around the reference price. The reference price came from VWAP between 3 pm and 3.15 pm.

    That proposal also covered contract timings. Index derivatives would keep closing at 3.30 pm. Near-month stock derivatives would close at 3.35 pm on expiry days. These timings matter, because the auction and the contract close sit very near each other.

    Why the Closing Price Matters for F&O Contracts

    The closing price does more than end the day. On expiry day, it can decide who gains and who loses on open positions.

    At NSE, the final settlement price of index futures and options is the closing value of the index on expiry day. For contracts on single stocks, it is the closing price of that stock. BSE ties its final settlement to the closing value in a similar way.

    Here is a simple example. Say an option holder expects a stock to close near ₹500. If the auction sets the close at ₹490, the settlement value changes. A small move in the close can change the result for a large number of traders.

    What SEBI Is Reviewing on 15 October

    The agenda is the future of CAS, mainly for derivatives settlement on expiry days. SEBI asked for public comments on how the new system works in practice. According to Whalesbook, about 20,000 responses came in by the early October deadline.

    Date in 2026 Event
    3 August CAS starts for stocks with F&O contracts
    September SEBI says it will look at how derivative settlement prices are set
    Early October Deadline for public comments
    15 October Advisory committee meets on the future of CAS

    The September step comes from Policy Circle. The October dates come from Whalesbook.

    What Traders and Brokers Want

    Many traders ask SEBI to go back to the 30-minute VWAP for derivatives. Their argument is simple. They say the older method gives steadier prices for settling F&O contracts.

    The auction has a purpose too. SEBI designed it to give large investors a fairer closing price. SEBI has to balance both views.

    A good closing price helps the cash market. A steady settlement price helps derivatives traders. One number now has to do both jobs, and that is the heart of this review.

    SEBI first proposed the auction in August 2025. The goal was to cut volatility, improve fairness and make it easier for large and passive investors to trade at the close.

    What Could Happen Next

    SEBI has not published the outcome of the meeting in the sources we checked. Traders and institutions are waiting for an official circular. Until it arrives, nothing changes for the rules that are in force today.

    Three things are worth watching:

    • Whether CAS stays as it is for all stocks that have F&O contracts.
    • Whether derivatives settle on the auction price or on the 30-minute VWAP.
    • The date on which any change takes effect.

    The answer matters for hedging and for portfolio values on expiry days. A rule change can alter how traders plan their positions in the final hour.

    How F&O Traders Can Prepare

    You cannot control the rule. You can control how you prepare. Start with the basics.

    To trade F&O, you need a demat and trading account with a SEBI-registered broker. You also need the F&O segment to be switched on and enough margin in the account. Check these before expiry week.

    Here are some simple steps:

    • Read the exchange circular as soon as it comes out.
    • Check which price your contract will use for final settlement.
    • Be careful with large positions near the close on expiry day.
    • Turn on alerts in your stock trading app for circulars and expiry dates.

    Also keep a note of expiry dates in your calendar. Traders have reported sharp swings on expiry days, according to Whalesbook. A plan made in advance is easier to follow than a plan made in a hurry.

    This is general information and not advice. Your risk depends on your own positions and goals.

    Why This Review Matters Beyond Traders

    The closing price feeds many other things. Mutual funds use it to value their holdings. Index funds and ETFs track it. Large investors use it to place their final orders for the day.

    That is why SEBI weighs both sides with care. A rule that helps one group can create new problems for another.

    The advisory committee gives its view. SEBI then decides the next step. The final rule will come through a SEBI circular, and the exchanges will follow with their own notices.

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  • Jio IPO Opens on 21 October: How Big Is a ₹30,213 Crore Share Sale, Really?

    Jio IPO Opens on 21 October: How Big Is a ₹30,213 Crore Share Sale, Really?

    The Jio IPO opens on 21 October 2026 and closes on 23 October. The price band is ₹1,065 to ₹1,119 per share. Jio Platforms plans to sell up to 27 crore new shares. At the top price, that is about ₹30,213 crore, which would be India’s largest IPO by issue size if it goes ahead as planned.

    Key Dates for the Jio IPO

    Jio Platforms filed its red herring prospectus on 14 October 2026. People call it the RHP. It is the final offer document. It carries the price band and the dates of the issue.

    The table below shows the timeline. The anchor, allotment and listing dates come from reports based on the RHP. Please check the final dates in the offer document before you act.

    Step Date in 2026
    RHP Filed 14 October 2026
    Anchor Investor Bidding 19 October 2026
    IPO Opens 21 October 2026
    IPO Closes 23 October 2026
    Allotment Expected 26 October 2026
    Listing Expected 28 October 2026

    Two terms in the table need a simple meaning. Allotment is the step where the company decides who gets shares. Listing is the day the shares start trading on the stock exchanges. If you do not get shares, the money blocked for your bid is released.

    The Jio IPO is open for three days. Bids must come in before it closes on 23 October. Check the dates again on the day the issue opens, in case of any notice from the company.

    Jio IPO Size Compared With Past Issues

    The size is easy to work out. Jio plans to issue up to 27 crore shares. At ₹1,119, the top of the band, that adds up to ₹30,213 crore. At ₹1,065, the bottom of the band, it adds up to ₹28,755 crore.

    The current record belongs to Hyundai Motor India, which listed in 2024. INDmoney, using Chittorgarh data, puts that issue at ₹27,859 crore. At the top price, Jio would beat it by ₹2,354 crore, or about 8.4%.

    IPO Issue Size (₹ crore) Year
    Jio Platforms (at top of band) 30,213 2026
    Hyundai Motor India 27,859 2024
    LIC 20,557 2022

    LIC’s issue in 2022 was ₹20,557 crore. Jio’s issue at the top price would be about 47% bigger than that.

    Size is only one number. It tells you how much money the company wants to raise. It does not tell you if the price is fair or if the business is strong.

    Fresh Issue Versus Offer for Sale in the Jio IPO

    It is a fresh issue. That means Jio Platforms creates new shares and sells them to the public. The money goes to the company.

    An offer for sale, or OFS, works in a different way. In an OFS, current shareholders sell their shares. The company gets nothing. The Jio IPO has no OFS part, according to INDmoney.

    This point matters for new buyers. Fresh shares increase the total number of shares in the company. Your share of the company is then spread across a larger base. That is normal for any fresh issue.

    How Jio Platforms Plans to Use the Money

    The company plans to use a large part of the money to repay borrowings. These borrowings belong to its telecom unit, Reliance Jio Infocomm. The rest is meant for general corporate purposes.

    This is a useful detail. A company can use IPO money to grow, to pay debt, or both. In this case, debt repayment is the main use named so far. You can read the full list in the RHP.

    Paying off debt can lower interest costs for a company. It does not by itself create new customers or new income. Read the RHP to see what else the company plans to fund.

    Anchor Investors and the 19 October Bidding Date

    Anchor investors are large institutions. They bid one day before the IPO opens to everyone else. Jio’s anchor bidding is set for 19 October.

    Many people watch the anchor round for early signs of demand. It is only a sign. It does not decide how the issue will do when it opens or how the shares will trade after listing.

    How to Apply for the Jio IPO

    You need a demat account to hold the shares. If you do not have one, you can open a demat account with a broker before the issue opens. The process takes some time, so do not wait for the last day. A late start can mean you miss the issue.

    You also need a UPI ID or a bank account that supports ASBA. ASBA blocks the bid money in your account until the allotment is done. Most brokers let you bid through an online trading platform. Banks offer the same option.

    Here is a simple checklist:

    • Check that your demat account is active and your KYC is complete.
    • Link your UPI ID or confirm your ASBA bank account.
    • Read the RHP, especially the risk factors and the use of funds.
    • Check the lot size in the RHP. This article does not list it.
    • Keep enough money ready for your bid before 23 October.

    Also Read: Jio Platforms IPO Review: Price Band, Dates, Lot Size and Financials

    What to Check Before You Bid

    Start with the price. A price band tells you what you pay per share. It does not tell you what the business is worth to you.

    Next, read how the company earns money and how much debt it carries. The RHP covers both. Then think about your own goals and how much risk you can take.

    A record IPO is a big event for the market. It is not a promise of gains. Prices can move up or down after listing.

    Each investor should decide on facts and personal needs. If you are not sure, talk to a SEBI-registered adviser.

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