Category: Finance

  • SEBI Clarifies No Proposal to Trade NSE Shares Post-IPO Amid Exchange’s Rs 22,569 Crore Listing

    SEBI Clarifies No Proposal to Trade NSE Shares Post-IPO Amid Exchange’s Rs 22,569 Crore Listing

    The Securities and Exchange Board of India (SEBI) has confirmed that it has not received any request from the National Stock Exchange (NSE) to permit trading of its own shares after listing. SEBI Chairman Tuhin Kanta Pandey made the clarification on Thursday, addressing market speculation surrounding the highly anticipated NSE IPO, which opened for subscription on September 17.

    No Proposal Received from NSE

    Speaking on the sidelines of the NaBFID Infrastructure Conclave 2026, Pandey stated that no such letter has been submitted by NSE. “No, there is no such letter, and there is no such requirement,” he said, adding that such trading is not currently allowed. The clarification comes as NSE begins its three-day IPO subscription period, which remains open until September 21.

    NSE IPO Opens for Subscription

    The NSE IPO is valued at Rs 22,569 crore and consists entirely of an offer-for-sale (OFS) of 12.64 crore equity shares held by existing shareholders. The price band is set at Rs 1,700–1,785 per share. Since the IPO is fully an OFS, NSE will not receive any proceeds from the sale; after deducting expenses, the funds will go to the selling shareholders. Shares are expected to list on the BSE on September 24.

    NSE’s public offering arrives after a prolonged wait for India’s largest stock exchange to enter the listed market. The exchange has led the country in cash-market and equity-derivatives turnover from FY01 to FY26. As of June 2026, NSE had 132.4 million unique registered investors, 1,328 trading members, and 3,005 listed entities, with a market capitalization of approximately Rs 474.1 trillion.

    SEBI to Examine UPI MDR Concerns

    During the interaction, Pandey also addressed concerns raised by brokers and asset management companies regarding the new UPI Merchant Discount Rate (MDR). “I think there are some important issues there. We will certainly look into it and see how we can ease them,” he said. The government recently introduced a 0.4% MDR on eligible UPI merchant transactions above Rs 2,000, capped at Rs 300 for transactions of Rs 75,000 and above, marking a shift from the zero-MDR framework in place since January 2020.

  • US Stock Futures Rise as Oil Retreats and Fed Decision Looms

    US Stock Futures Rise as Oil Retreats and Fed Decision Looms

    US stock futures edged higher on Wednesday as investors focused on the Federal Reserve’s upcoming interest rate decision. Oil prices pulled back from recent highs, while Treasury yields remained near the 5% mark. The market also tracked fresh moves in technology stocks after two consecutive sessions of losses on Wall Street.

    At 7:00 a.m. ET, Dow E-minis were up 115 points, or 0.22%. S&P 500 E-minis gained 0.25%, and NASDAQ 100 E-minis rose 0.50%. Traders are pricing a 92.5% chance of a quarter-point rate increase, according to CME FedWatch data, up from 61.2% a week earlier. The Fed will announce its decision at 2 p.m. ET, with markets widely expecting a 25-basis-point hike that would lift the federal funds target range from 3.50%–3.75% to 3.75%–4.00%.

    Oil prices eased on Wednesday after a sharp rally the previous session. Brent crude fell below $108 a barrel, while West Texas Intermediate traded near $104. The drop followed U.S. industry data showing crude inventories rose by 7.1 million barrels in the week ended September 11. Despite the pullback, oil remained above $100 a barrel as supply concerns persist.

    The 10-year U.S. Treasury yield held around 5% after moving above that level on Tuesday, briefly reaching its highest since 2007. Higher bond yields have increased borrowing costs and added pressure on stocks, particularly companies reliant on heavy capital spending.

    In the technology sector, Intel led premarket gains with a more than 5% rise after reports that SK Hynix is in talks with the U.S. chipmaker about producing memory chips domestically. NVIDIA rose less than 1%, while Meta remained nearly flat. Microsoft and Apple edged slightly lower. The broader tech sector remains under scrutiny as AI executives call for a slower pace of advanced model development, raising questions about future spending on chips, data centers, and cloud infrastructure.

    Global markets also moved higher. Europe’s STOXX 600 gained around 0.3%, and a broad Asia-Pacific share index outside Japan rose 0.6%. Investors across major markets now await the Fed’s decision and remarks from Fed Chair Kevin Warsh, which will provide clues on the future path of interest rates. Oil prices, Treasury yields, and the Fed’s rate outlook remain the primary drivers of U.S. stock futures ahead of Wednesday’s opening bell.

  • FTSE 100 Opens 83 Points Higher at 10,772 After Fed Rate Hike; Brent Crude Slips to $104

    FTSE 100 Opens 83 Points Higher at 10,772 After Fed Rate Hike; Brent Crude Slips to $104

    The FTSE 100 opened 83.53 points higher at 10,772 on Thursday, following the Federal Reserve’s first interest rate hike in three years. Investors now await the Bank of England’s policy decision. Brent crude futures fell 1.68% to $104 per barrel, while West Texas Intermediate dropped 1.30% to $101.10.

    Sterling traded at $1.3382 early Thursday, down from $1.3449 at the previous London close. Against the euro, the pound rose to €1.1672 from €1.1658.

    Gainers & Losers

    On the upside, Next climbed 2.03% to 14,855p after lifting its profit target. Rolls-Royce Holdings advanced 2.00% to 1,469.40p, Sage Group added 1.93% to 1,031p, and RELX rose 1.77% to 2,588p. Kingfisher gained 1.73% to 305.80p, and Endeavour Mining increased 1.73% to 4,588p.

    On the downside, Marks & Spencer fell 2.05% to 363.50p. Reckitt Benckiser declined 0.71% to 5,020p, Lion Finance Group dropped 0.58% to 13,620p, and Smith & Nephew slipped 0.34% to 1,038.50p. Howden Joinery lost 0.20% to 758p, and Intertek Group edged 0.09% lower to 5,875p.

    Drax Raises Profit Outlook

    British power generator Drax said it now expects full-year adjusted core profit at the top end of market consensus — between £680 million and £711 million (about $910-$952 million), up from an earlier forecast of £665 million. The company credited its generation assets for helping balance the UK grid during the summer heatwave, adding 0.3 terawatt-hours of contracted power sales at an average price of £175.9 per megawatt-hour.

    Next Lifts Profit Target

    Next raised its profit target after better-than-expected first-half trading. Retail sales across the group jumped 9% in the six months to July, and pre-tax profit rose 10.5% to £569 million. The retailer now expects full-year pre-tax profit of £1.26 billion, citing higher sales and cost savings in warehouse operations.

    Beauty Tech Group Raises Profit Outlook

    Beauty Tech Group, owner of CurrentBody Skin and ZIIP Beauty, lifted its profit outlook after first-half earnings more than tripled. Revenue surged 44% to £79.7 million and profit jumped to £17.5 million from £5 million. The company now expects full-year earnings of at least £48.5 million and maintained its revenue forecast of at least £170 million. It also announced a share buyback of up to £20 million.

    Global Market View

    In the U.S., Dow Jones futures advanced 0.64%, S&P 500 futures rose 0.61%, and Nasdaq-100 futures added 0.71%. In Asia, Tokyo’s Nikkei 225 gained 0.33% to 64,136.25, while Shanghai Composite fell 0.41%. Hong Kong’s Hang Seng dropped 0.61%, and South Korea’s Kospi edged down 0.04%. In India, the Nifty 50 and Sensex both rose about 0.5%.

  • Digital Life Insurance in India 2026: How to Buy Online, File Claims, and Choose the Best Plan

    Digital Life Insurance in India 2026: How to Buy Online, File Claims, and Choose the Best Plan

    Buying life insurance online in India has become a streamlined process that can often be completed in a single afternoon. This article explains how the digital journey works, what to verify, and which Aditya Birla Sun Life Insurance (ABSLI) plans are available online.

    How Has Buying Life Insurance Changed?

    A decade ago, purchasing life insurance in India typically began with a relative who happened to be an agent and ended with a policy chosen largely on trust. In 2026, the process increasingly starts with a question typed into a search bar or asked of an AI assistant, ending with a policy issued the same afternoon without a single physical form. Buyers now routinely arrive at an insurer’s website already knowing claim settlement ratios and having compared term insurance options across the market. The information gap that once defined the agent-customer relationship has substantially narrowed.

    How Fast Is Policy Issuance Now?

    Behind the scenes, the machinery has been rebuilt. Digital KYC and video verification have eliminated the paperwork that once stretched issuance into weeks. Tele-medical underwriting has replaced clinic visits for a large share of proposals. Data-driven risk models assess applications using declared health data and financial profiles, issuing straightforward policies in hours and routing only complex cases to human underwriters. For buyers, the practical effect is that the gap between deciding and being covered—historically where many purchases quietly lapsed—has collapsed into a single sitting.

    What Has Changed in Claims?

    Nothing matters more in life insurance than the claim. Digital claim intimation, document upload via app, automated verification, and analytics-driven fraud detection have shortened settlement timelines. The regulator’s public disclosures let any buyer verify an insurer’s record before purchasing. ABSLI settled 98.86%* of individual death claims in FY 2025-26, as per annual audited figures submitted to IRDAI. The ABSLI Super Term Plan also carries an Instant Payment on Claim feature, under which an accelerated payment is made within one working day of claim registration where mandatory documents are submitted and policy conditions are met.

    Which ABSLI Plans Can You Buy Online?

    Product design has followed the data. Term plans now come with modular riders that can be attached or dropped. Unit-linked plans offer automated investment strategies that rebalance with age. Premium payment, fund switching, and partial withdrawals happen through digital servicing. The economics have shifted too: GST is not applicable on individual life insurance premiums, which lowers the effective cost across life insurance plans.

    What Has Not Changed?

    • Honest disclosure at purchase remains the single biggest determinant of a paid claim. No digital process forgives a concealed medical history.
    • Cover adequacy is still a human judgement. Cover of 10 to 15 times annual income is the enduring benchmark that no premium-minimising interface should talk you out of.
    • The insurer’s financial strength still matters more than its app rating, because the promise being bought may need honouring decades from now.

    Key Takeaways

    • Digital KYC, video verification, and tele-medical underwriting have compressed policy issuance from weeks to hours for straightforward cases.
    • ABSLI Super Term Plan can be bought online and offers three plan options with a minimum sum assured of Rs 25,00,000.
    • ABSLI Wealth Aspire Plan offers in-app fund switching across 21 segregated funds.
    • ABSLI Smart Wealth Pension Plan offers four investment strategies, including automated age-based rebalancing.
    • Cover of 10 to 15 times annual income remains the widely used benchmark.
    • GST is not applicable on individual life insurance premiums.
    • ABSLI settled 98.86%* of individual death claims in FY 2025-26.

    Disclaimers:

    *Individual death claim settlement ratio of 98.86% for FY 2025-26, as per annual audited figures submitted to IRDAI. Tax benefits are subject to prevailing tax laws and conditions. Instant Payment on Claim is subject to the terms and conditions of the policy. Please read product brochures carefully before concluding a sale. In this policy, the investment risk in the investment portfolio is borne by the policyholder. Linked insurance products are different from traditional insurance products and are subject to risk factors. The premium paid in linked insurance policies is subject to investment risks associated with capital markets. The NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market, and the insured is responsible for his/her decisions. The linked insurance products do not offer any liquidity during the first five years of the contract. ABSLI is only the name of the Life Insurance Company, and ABSLI Wealth Aspire Plan is only the name of the linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. Past performance is not necessarily an indication of future performance.

    Aditya Birla Sun Life Insurance Company Limited, Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Registered Office: One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013. Toll free no. 1800-270-7000. https://lifeinsurance.adityabirlacapital.com/ | care.lifeinsurance@adityabirlacapital.com | CIN: U99999MH2000PLC128110 | Registration No. 109.

    “BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS” IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

  • Indian Markets Open Lower: Nifty 50 Drops 22 Points, Sensex Down 154 After Fed Rate Hike

    Indian Markets Open Lower: Nifty 50 Drops 22 Points, Sensex Down 154 After Fed Rate Hike

    The Indian stock market opened on a negative note on September 17, 2026, following the U.S. Federal Reserve’s announcement of its first interest rate hike in three years, along with plans for further increases later this year. The Nifty 50 index started the session at 23,195.25, down 22.35 points (approximately 0.1%), while the Bank Nifty fell 165.85 points from its previous close. The Sensex declined 153.83 points to 74,182.62.

    Broader Market Performance

    Broader markets also faced pressure, with the Nifty Midcap 100 index ending flat and the Nifty Smallcap 100 index closing marginally lower. The Indian rupee opened weaker at 96.01 per U.S. dollar, compared to the previous close of 95.95.

    Institutional Activity

    On September 16, foreign institutional investors (FIIs) sold equities worth Rs. 2,000 crore, while domestic institutional investors (DIIs) supported the markets by purchasing equities worth Rs. 3,900 crore during the day.

    Sensex Technical Outlook

    Technically, the Sensex recorded an intraday pullback from lower levels after a slow start. However, the short-term trend remains weak. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, “For day traders, 74,300 will act as an immediate resistance zone. Below these levels, weak sentiment is likely to continue. On the downside, the market could retest the 74,000–73,500 levels. On the upside, above 74,300, the pullback can extend towards 74,600–75,000.”

    Nifty 50 Technical Outlook

    On Wednesday, the Nifty 50 formed a small green candle with wicks on both sides, signaling indecision among traders. The daily RSI remains in the oversold zone but has recovered from yesterday’s low, indicating some improvement in momentum. Immediate support for the index is near 23,110–23,120, representing the lows of the previous two trading sessions. A decisive close above 23,460 would provide the first indication of improving short-term sentiment. A break below 23,110 would signal renewed weakness and could extend the decline toward 23,070, followed by 22,850.

    Bank Nifty Technical Outlook

    The Bank Nifty is consolidating near the 50% Fibonacci retracement level of the previous upward move from 52,783 to 58,706. Nevertheless, the general undertone remains weak as the index continues to trade below both short- and long-term moving averages. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted, “Going forward, the 55,700–55,600 zone is likely to serve as an important support area for the index. A sustained breach below 55,600 could intensify selling pressure and open the door for further downside towards 55,000, followed by 54,500 in the near term. On the upside, the 56,700–56,800 zone is expected to act as a significant resistance band, and the index would need to surpass this hurdle to improve the short-term technical outlook.”

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks can be highly volatile and risky. Always conduct your own research before making any investment decisions.

  • MCX Gold Prices Rise 0.57% to Rs 1,51,670 as Oil Slips and Fed Decision Nears

    MCX Gold Prices Rise 0.57% to Rs 1,51,670 as Oil Slips and Fed Decision Nears

    Gold prices traded higher on the Multi Commodity Exchange (MCX) on Wednesday, September 16, as a modest pullback in crude oil prices and market anticipation of the US Federal Reserve’s monetary policy decision kept bullion in focus.

    October gold futures climbed 0.57% to Rs 1,51,670 per 10 grams, while September silver futures advanced 1.33% to Rs 2,35,195. The rise came even as the US dollar and bond yields firmed ahead of the Fed’s expected rate move.

    In the energy markets, Brent crude futures slipped 0.74% to USD 107.9 per barrel, while US West Texas Intermediate (WTI) eased 1.09% to USD 104.7 per barrel. According to the CME FedWatch Tool, markets are pricing in a 92.3% probability of a 25-basis-point rate hike by the Federal Reserve later today.

    Domestic Gold Prices

    In the Indian spot market, 24K gold rose by Rs 27 to Rs 1,53,440 per 10 grams, while 22K gold gained Rs 25 to Rs 1,40,650. City-wise, Mumbai and Kolkata quoted 24K gold at Rs 1,53,440, Delhi was at Rs 1,53,590, and Chennai at Rs 1,53,440.

    US Gold and Silver Prices

    Internationally, spot gold rose 0.8% to USD 4,328.39 per ounce. December-delivery US gold futures slipped 0.9% to USD 4,369.50. Meanwhile, spot silver added 1.5% to USD 64.60 per ounce, platinum edged 0.7% higher to USD 1,788.25, and palladium gained 1.6% to USD 1,309.80.

    Market Outlook and Key Levels

    Frank Walbaum, market analyst at trading platform Naga.com, noted that a hawkish Fed could pull gold lower, while softer messaging might ease rate-hike expectations and help the metal recover. He added that traders are also monitoring oil prices and developments in the Middle East.

    Key levels to watch internationally: gold has support at USD 4,310-USD 4,264 per troy ounce and resistance at USD 4,355-USD 4,400. Silver support is seen at USD 63-USD 62.20, with resistance at USD 64.40-USD 65.50 per troy ounce. On MCX, gold has support at Rs 1,50,150-Rs 1,49,400 and resistance at Rs 1,51,500-Rs 1,52,200, while silver has support at Rs 2,30,000-Rs 2,27,700 and resistance at Rs 2,34,400-Rs 2,37,000.

    Traders will now watch the Federal Reserve’s decision and commentary for near-term direction in bullion prices.

  • ITAT Delhi Allows Real Estate Trader to Treat Rs 25.09 Lakh F&O Loss as Business Loss

    ITAT Delhi Allows Real Estate Trader to Treat Rs 25.09 Lakh F&O Loss as Business Loss

    A real estate trader from Mathura has won a partial victory before the Income Tax Appellate Tribunal (ITAT) in Delhi over the treatment of losses from futures and options (F&O) trading.

    The taxpayer, who reported income of Rs 8.64 crore from his real estate trading business, had declared a total stock market trading loss of Rs 34.21 lakh in his income tax return. The Assessing Officer (AO) classified the entire loss as speculative, arguing that the taxpayer’s main business was real estate and not stock market trading.

    F&O losses treated as business loss

    In an order dated July 10, 2026, the ITAT Delhi ruled that Rs 25.09 lakh of the loss from exchange-traded derivatives could be treated as a normal business loss. The remaining Rs 9.11 lakh, which arose from the actual purchase and sale of shares, remained classified as speculative loss.

    The tribunal rejected the AO’s application of the Explanation to Section 73 of the Income Tax Act, which had been invoked based on the Delhi High Court ruling in CIT vs DLF Commercial Developers Ltd. ITAT Delhi observed that the provision applies to businesses involving the purchase and sale of shares of other companies, and does not specifically cover eligible exchange-traded F&O transactions.

    Referring to Section 43(5)(d), the tribunal noted that eligible derivative transactions carried out on a recognised stock exchange are excluded from the definition of speculative transactions. It also relied on the Bombay High Court ruling in Souvenir Developers (India) Pvt. Ltd. vs Union of India, which had examined the DLF Commercial Developers decision.

    Expense disallowance reduced

    The AO had also disallowed Rs 10 lakh from the taxpayer’s business expenses, estimating that the amount related to share trading activity. ITAT Delhi found no calculation, evidence, or clear basis for the Rs 10 lakh figure and reduced the disallowance to Rs 1 lakh.

    Consequently, the total disallowance linked to share and derivative transactions fell from Rs 44.21 lakh to Rs 10.11 lakh. This comprised Rs 9.11 lakh of speculative share-trading loss and Rs 1 lakh of related expenditure. The tribunal deleted the remaining addition of Rs 34.09 lakh.

    Section 14A disallowance deleted

    The tribunal also struck down a separate disallowance of Rs 9,910 made under Section 14A read with Rule 8D, as the taxpayer had not earned any exempt dividend income during the relevant financial year. Relying on rulings such as Cheminvest Ltd. vs CIT, CIT vs Holcim India Pvt. Ltd. and South Indian Bank Ltd. vs CIT, ITAT Delhi held that Section 14A cannot be applied when no exempt income exists.

    The appeal was partly allowed. The tribunal upheld only the actual share-trading loss of Rs 9.11 lakh as speculative and Rs 1 lakh of related expenses. Chartered Accountant Suresh Surana noted that the case highlighted the distinction between direct share transactions and exchange-traded derivatives under the Income Tax Act.

  • Indian Stocks Plunge: Sensex Drops 778 Points, Nifty Hits 5-Month Low on Crude Surge

    Indian Stocks Plunge: Sensex Drops 778 Points, Nifty Hits 5-Month Low on Crude Surge

    Indian stock markets ended sharply lower on Tuesday, with the BSE Sensex falling 777.94 points (1.04%) to close at 74,003.82, while the NSE Nifty dropped 279.50 points (1.19%) to 23,118.60—its lowest close since April 6. The selloff was driven by surging crude oil prices, elevated global bond yields, rate hike fears, and weak global market sentiment.

    Markets had opened higher, with the Nifty trading near 23,495 and the Sensex above 75,100, but selling pressure intensified later in the session. The Sensex settled at a three-month low.

    Oil Prices and Rate Hike Fears Weigh on Sentiment

    Brent crude traded above USD 107 per barrel during the session, while WTI crude remained above USD 102. India, a major crude importer, remains highly sensitive to energy price spikes. Higher oil prices raise import costs, fuel inflation, and put pressure on the rupee, which weakened against the U.S. dollar.

    Vinod Nair, Head of Research at Geojit Investments Limited, said, “Domestic markets remained under pressure, extending their recent correction as elevated crude oil prices and rising global bond yields weighed on sentiment.” He added that expectations of tighter monetary policy also kept investors cautious, with U.S. Treasury yields near multi-year highs.

    Bharat Electronics Leads Losses; IT Stocks Buck Trend

    Bharat Electronics was the biggest loser among Sensex stocks, falling about 6%. Other laggards included InterGlobe Aviation, Titan, Bajaj Finserv, Adani Ports, Mahindra & Mahindra, and State Bank of India. Selling spread across banking, auto, energy, and metal sectors.

    However, information technology stocks rallied. HCL Technologies rose 3.98%, Infosys gained 3.64%, Tech Mahindra advanced 2.31%, and Tata Consultancy Services climbed 2.18%. According to Nair, IT stocks benefited from recent comments suggesting slower development of advanced AI, easing concerns about disruption to traditional tech services.

    Global Markets Add Pressure

    Asian markets ended lower: South Korea’s Kospi, Japan’s Nikkei 225, China’s Shanghai Composite, and Hong Kong’s Hang Seng all closed in negative territory. European markets traded lower, while U.S. stocks ended Monday with losses.

    Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, commented, “Indian equities suffered a sharp reversal on Tuesday, surrendering their opening gains as Brent crude hovered near USD 107.40 a barrel, US bond yields remained elevated and investors adopted a cautious stance ahead of the Federal Reserve’s policy decision.”

    Foreign institutional investors sold shares worth Rs 930.90 crore on Friday, according to exchange data. The Indian equity market was closed Monday for Ganesh Chaturthi.

    Going forward, investors will track crude oil prices, the Federal Reserve’s policy decision, global bond yields, foreign fund flows, and geopolitical developments for market direction.

  • Tata Group Stocks Rally 20% After RBI Denies Tata Sons Deregistration

    Tata Group Stocks Rally 20% After RBI Denies Tata Sons Deregistration

    Tata Group stocks surged across Mumbai markets on September 15 after the Reserve Bank of India rejected Tata Sons’ deregistration request. The RBI decision keeps Tata Sons under upper-layer NBFC rules and revives expectations of a mandatory listing.

    The development lifted companies holding Tata Sons stakes as investors assessed potential value gains. Tata Chemicals led the rally with a 20% jump, while Tata Investment gained sharply during Tuesday’s trading session.

    Tata Sons sought to surrender its registration as a Core Investment Company with the central bank. The RBI rejected that request and retained the regulatory route requiring compliance with stricter NBFC-Upper Layer requirements.

    The listing prospect matters for Tata Group stocks holding direct interests in the unlisted parent. Seven listed Tata companies together hold about 11.94% of Tata Sons, according to market reports.

    Tata Chemicals holds roughly 2.5% of Tata Sons, while Tata Steel and Tata Motors Passenger Vehicles each hold about 3.1%. Their holdings could gain greater market visibility through a potential listing.

    Tata Chemicals closed at Rs. 734.50 after hitting its 20% upper circuit during trading. Its Tata Sons stake could carry substantial value compared with the company’s current market capitalization.

    Tata Investment Corporation also advanced strongly, while Tata Motors Passenger Vehicles gained about 4%. Several other Tata companies moved higher as listing expectations spread across the group.

    The impact also reached Shapoorji Pallonji Group companies, which hold an estimated 18.37% stake in Tata Sons. Afcons Infrastructure and Forbes & Co posted sharp gains during Tuesday’s session.

    A Tata Sons listing could create a market benchmark for its previously unlisted value. Analysts also expect greater financial visibility once Tata Sons faces public-market disclosure requirements.

    However, the rally does not guarantee immediate cash gains for shareholder companies. Manish Bhandari of Vallum Capital said a listing would establish a valuation benchmark rather than automatically unlock cash.

    The next focus remains on Tata Sons’ regulatory response and potential legal proceedings. Reuters also reported that the RBI approached courts regarding possible challenges linked to the listing.

  • New UPI MDR Rule: 0.4% Merchant Fee for Payments Above ₹2,000 Starts Oct. 15

    The National Payments Corporation of India (NPCI) is introducing a new Merchant Discount Rate (MDR) structure for select UPI payments starting October 15, 2026. Under the updated rule, merchant transactions above ₹2,000 will attract a 0.4% MDR, with the charge capped at ₹300 for payments of ₹75,000 or more.

    What Is MDR?

    MDR is the fee charged for processing a digital payment. In this case, the charge is paid by the merchant, not the customer. The new rate applies to Person-to-Merchant (P2M) UPI payments — transactions where customers pay businesses for goods or services.

    Where the 0.4% MDR Applies

    Payments above ₹2,000 made via UPI to merchants will carry a 0.4% MDR. However, certain essential payments have been given a flat fee instead:

    • Railway ticket bookings above ₹2,000
    • Fuel payments above ₹2,000
    • Insurance premium payments above ₹2,000
    • Utility bill payments above ₹2,000

    For these categories, the MDR will be a flat ₹5, rather than a percentage of the transaction value. This keeps costs predictable for high-value payments in these sectors.

    What Remains Free

    Not all UPI transactions will be affected by the new rule. The following remain free of MDR:

    • UPI payments of up to ₹2,000 to any merchant
    • Person-to-Person (P2P) transfers to friends and family
    • UPI AutoPay and mandates
    • Small merchants receiving up to ₹1 lakh per month through UPI QR payments

    Protection for Consumers

    The finance ministry has said that banks have been advised to ensure merchants do not pass MDR charges on to customers. It also stated that UPI application providers are expressly prohibited from imposing platform fees or hidden charges.

    The new MDR structure is part of UPI’s move toward a revised charging model that balances business use cases with keeping everyday person-to-person transfers free.