Category: Finance

  • NSE IPO Enters Day 2 With 43% Day-1 Subscription; Grey Market Premium Holds Near 8%

    NSE IPO Enters Day 2 With 43% Day-1 Subscription; Grey Market Premium Holds Near 8%

    NSE IPO Bidding Continues After Strong Opening-Day Demand

    The National Stock Exchange’s much-awaited initial public offering moved into its second day of bidding on September 18 after receiving 43% subscription on the opening day. The Rs 22,569-crore issue is one of India’s largest public offerings and has drawn strong interest from investors and market participants.

    The IPO opened on September 17 and will remain available for subscription until September 21. NSE has set the price band at Rs 1,700 to Rs 1,785 per share. The issue is structured as an offer for sale (OFS), meaning the exchange itself will not receive any proceeds from the shares sold by existing shareholders.

    Day 1 Subscription Highlights

    By the end of the first day, investors had placed bids for about 3.84 crore shares against the 8.86 crore shares available, taking the overall subscription to 0.43 times. Here is the segment-wise subscription:

    • Retail investors: 0.44 times
    • Non-institutional investors: 0.72 times
    • Qualified institutional buyers: 0.19 times
    • Employee portion: 0.98 times

    The IPO comprises 12.64 crore shares offered by existing shareholders. Around 50% of the issue is reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors. The minimum retail application is for eight shares, which costs Rs 14,280 at the upper end of the price band.

    Grey Market Premium Signals Moderate Listing Expectations

    In the unofficial grey market, NSE shares were commanding a premium of around 8% on the second day of bidding. Business Standard reported a premium of up to 7.96%, with shares changing hands at roughly Rs 1,927 — about Rs 142 above the upper end of the IPO price band.

    Investors should note that the grey market premium is not an official market indicator. It can change before listing and does not guarantee the price at which NSE shares will eventually trade.

    What Brokerages Are Saying

    Brokerages have largely focused on NSE’s strong market position, earnings potential, and valuation, while also flagging risks tied to trading volumes and regulatory changes.

    Swastika Investmart highlighted NSE’s valuation against listed peer BSE and noted that the exchange’s earnings remain sensitive to market activity.

    Religare Broking said in an IPO note: “NSE’s IPO presents a balanced outlook, with financial performance in FY26 impacted by regulatory changes and moderation in trading activity, while operational metrics remained resilient, supported by increasing investor participation, fund mobilization and market presence. At a P/E of 42.9x, the valuation reflects the company’s established market position and future growth potential, while leaving limited room for earnings disappointments.”

    The note added: “Regulatory developments, including SEBI measures on options trading, remain key factors influencing trading volumes and transaction-based income. While the long-term growth opportunity in India’s capital markets remains favorable, the sustainability of earnings growth will depend on trading activity, regulatory stability and continued market participation. Given the balance between structural growth opportunities, regulatory uncertainties and valuation considerations, we assign a Neutral rating.”

    Ventura pointed to NSE’s scale, technology capabilities, and position within India’s capital-market ecosystem. These observations represent the respective brokerages’ views and are not a guarantee of future returns.

    IPO Timeline

    The IPO will close on September 21. Allotment is likely on September 22, with shares credited on September 23 and listing expected on September 24.

  • Oil Price Slide Lifts Wall Street Futures as Inflation Worries Cool

    Oil Price Slide Lifts Wall Street Futures as Inflation Worries Cool

    US stock futures moved higher on Friday, led by the NASDAQ 100, as falling oil prices helped ease inflation concerns after a volatile week for financial markets.

    Futures Rally at the Open

    At 7:00 a.m. ET, NASDAQ 100 E-minis were up 166.25 points, or 0.56%. S&P 500 E-minis rose 21.5 points, or 0.13%, while Dow E-minis added 83 points, or 0.16%. The gains followed Thursday’s rebound, when major US indexes recovered part of the losses triggered by the Federal Reserve’s latest rate increase.

    Oil Prices Ease for a Third Straight Session

    Brent crude and US West Texas Intermediate futures dropped nearly 2% each on Friday. Although tensions between Saudi Arabia and Yemen’s Iran-backed Houthis kept supply risks in focus, lower crude prices helped reduce pressure on inflation expectations. Energy costs are closely watched because higher fuel and transport expenses can feed into consumer prices.

    Oil had already weakened on Thursday, with US crude closing 0.51% lower at USD 101.91 per barrel and Brent falling 0.95% to USD 104.82. Reports that Saudi Arabia would make more crude cargoes available to Asian refiners also eased concerns about near-term supply.

    Treasury yields also retreated. The 10-year US Treasury yield fell more than seven basis points to 4.93% on Thursday after moving above 5% following the Fed’s rate decision.

    Tech Stocks Anchor the Recovery

    Technology stocks remained a key source of strength. NVIDIA rose about 1% in premarket trading on Friday, while Alphabet gained around 2%. Apple slipped 0.2%. On Thursday, NVIDIA and Amazon added more than 2% each, Microsoft advanced 1.5%, Intel jumped 7% and Qualcomm rose about 2%.

    The Dow Jones Industrial Average ended Thursday up 316.14 points, or 0.61%, at 51,778.04. The S&P 500 climbed 1.14% to 7,637.76, while the NASDAQ Composite rose 1.69% to 26,418.30.

    AI Spending and Earnings Concerns

    Investors continued to assess the outlook for artificial intelligence spending after several industry executives called for slower development of advanced AI systems. Goldman Sachs chief US equity strategist Ben Snider said concerns had emerged that strong corporate earnings could represent an “earnings bubble.” However, he wrote that the firm’s base case expects S&P 500 earnings growth to “decelerate, not collapse” in coming years.

    Mixed Fund Flows and Market Breadth

    Investor positioning presented a mixed picture. Bank of America data showed investors added a net USD 79.3 billion to stocks in the week through Wednesday, including USD 63.8 billion directed toward US equities. However, separate LSEG Lipper data showed global equity funds recorded USD 23.21 billion in net withdrawals in the week through September 16 — the largest weekly outflow in nine months. US equity funds recorded USD 31.44 billion in withdrawals.

    Technology, financial and consumer discretionary funds still attracted new money, with combined sector inflows helping equity sector funds record their strongest weekly demand in six weeks. Market breadth remained uneven: just over half of S&P 500 companies were trading below their 200-day moving averages, showing that gains in major indexes remained concentrated in a smaller group of stocks.

    Trading activity could also increase on Friday because of “triple witching,” the quarterly expiry of stock options, index options and futures contracts.

  • MCX Gold Edges Up 0.21% to ₹1,53,309 as Oil Prices Drop Over 1% – September 18 Update

    MCX Gold Edges Up 0.21% to ₹1,53,309 as Oil Prices Drop Over 1% – September 18 Update

    Gold traded higher on the Multi Commodity Exchange (MCX) on September 18, 2026, supported by a significant decline in crude oil prices. October gold futures rose 0.21% to ₹1,53,309 per 10 grams, while September silver futures advanced 0.55% to ₹2,39,522 per kilogram.

    The fall in oil prices was notable: Brent crude futures dropped 1.06% to $103.7 per barrel, and US West Texas Intermediate (WTI) fell 1.08% to $100.8 per barrel. Lower oil prices generally ease inflation pressures and reduce the opportunity cost of holding non-interest-bearing assets like gold, which supported the precious metal.

    Domestic Gold Prices

    In the domestic market, 24K gold rose by ₹154 to ₹1,54,420 per 10 grams, while 22K gold gained ₹145 to ₹1,41,50. Prices varied across cities: Mumbai and Kolkata recorded ₹1,54,420, Delhi at ₹1,54,570, and Chennai at ₹1,53,590.

    US Gold Prices

    Internationally, spot gold inched up 0.57% to $4,336.64 per ounce on Friday, aided by a subdued US dollar and falling oil prices. US gold futures gained 0.14% to $4,405.75 per ounce. Other precious metals also advanced: spot silver rose 1.38% to $66.11, platinum gained 1.46% to $1,798.36, and palladium climbed 2.38% to $1,313.50.

    Key Levels & Analyst Insight

    According to Ahmad Assiri, research strategist at Pepperstone, the link between gold and oil could weaken if oil corrects sharply, easing inflation and rate-hike expectations, or if extreme geopolitical tensions force global recession measures. Goldman Sachs maintained its end-2027 gold price forecast at $5,400 despite recent Fed rate increases, stating that tighter policy may slow bullion’s rally but not derail it.

    On MCX, gold has support at ₹1,51,650 and ₹1,50,500, with resistance at ₹1,53,800 and ₹1,55,000. For silver, support lies at ₹2,36,000 and ₹2,33,300, while resistance is at ₹2,40,400 and ₹2,43,000.

  • Fed Signals Tougher Inflation Fight: Markets Anticipate Short-Lived Rate Hikes

    Fed Signals Tougher Inflation Fight: Markets Anticipate Short-Lived Rate Hikes

    US stock futures crept higher on Monday as investors turned their focus to the Federal Reserve’s upcoming rate decision, weighing persistent inflation, rising Treasury yields, and the broader interest rate outlook.

    Market Moves Ahead of Fed Decision

    S&P 500 futures climbed 0.2%, Dow futures edged up 0.1%, and Nasdaq futures added 0.4%. The modest gains came as market participants braced for a possible rate hike. Inflation remains stubbornly above the Fed’s 2% target, keeping pressure on the central bank to act.

    The 10-year US Treasury yield hovered near 5% after briefly touching 5.04%, its highest level in years. Higher yields typically increase borrowing costs for businesses and households and make bonds more attractive relative to equities. Meanwhile, oil prices added another layer of concern: Brent crude traded at $107.61 a barrel and US crude at $103.70.

    At first glance, rising stocks alongside the prospect of higher rates may seem counterintuitive. However, investors had already priced in a rate increase, muting the immediate impact. Market attention is now shifting to what comes after the first move.

    The Real Question: Duration of Tightening

    A single rate hike does not reveal how long borrowing costs will remain elevated. If inflation stays sticky, the Fed could keep rates high for an extended period. If price pressures ease and economic growth slows, the tightening cycle could prove short-lived.

    Investors will focus on upcoming inflation reports, jobs data, oil price trends, and consumer spending figures. The immediate rate decision is only one piece of a larger puzzle. The bond market and inflation trajectory will ultimately determine whether this becomes a drawn-out phase or a brief adjustment.

    Also read: Crude Oil Prices Rise as US-Iran Escalation Revives Supply Fears, Brent Holds Above $70

  • NSE IPO Day 1: Retail and HNI Demand Outpaces Institutional Interest

    NSE IPO Day 1: Retail and HNI Demand Outpaces Institutional Interest

    The National Stock Exchange (NSE) of India launched its much-anticipated initial public offering (IPO) on Day 1, with overall subscription reaching 43%. The Rs. 22,562 crore offer saw bids for nearly 3.8 crore shares against the 8.9 crore shares on offer. However, the response from institutional investors was notably cautious, with only 19% of their allotted portion subscribed.

    In contrast, retail investors subscribed 44% of their quota, while non-institutional investors (HNIs) showed stronger demand at 72%. The employee portion was almost fully subscribed, underscoring broad-based interest from smaller investors.

    Key Details of the NSE IPO

    The IPO is structured as an offer for sale, meaning the exchange will not receive any fresh capital from the proceeds. The price band is set at Rs. 1,700 to Rs. 1,785 per share, placing NSE’s valuation at around Rs. 4.42 lakh crore at the upper end. This is lower than earlier expectations of approximately Rs. 5 lakh crore, partly due to concerns over derivatives trading and future earnings.

    NSE remains a cornerstone of India’s financial markets, but its FY26 revenue dipped 3.1% and profit fell 15.5%, which may have contributed to the tempered institutional appetite.

    Why Institutional Investors Are Holding Back

    The low institutional participation on Day 1 does not necessarily signal rejection. In large IPOs, institutional bids often build up closer to the closing date. Domestic institutions such as SBI, SBI Caps, SHCIL, Bank of Baroda, and several private life insurers hold NSE stakes valued at roughly Rs. 72,000 crore, indicating long-term confidence.

    Investors are weighing NSE’s dominant market position against its recent earnings performance. The next few days will be crucial to see if institutional investors increase their participation, which could significantly boost overall subscription numbers.

    As the IPO enters its critical phase, market watchers will closely monitor the demand from qualified institutional buyers (QIBs) in the coming days.

  • NSE IPO Attracts 43% Subscription on Opening Day for Rs 22,569 Crore Offering

    NSE IPO Attracts 43% Subscription on Opening Day for Rs 22,569 Crore Offering

    India’s National Stock Exchange (NSE) launched its much-anticipated initial public offering (IPO) on Thursday, and the Rs 22,569 crore issue saw a 43% subscription rate on the first day. Investors bid for 3.83 crore shares against the 8.86 crore shares on offer, making it the country’s second-largest public offering.

    The IPO faced cautious demand as eleven other public offerings competed for investor capital in the same week. Qualified institutional buyers subscribed 19%, while retail investors reached 44% and non-institutional investors hit 72%.

    The NSE IPO has a price band of Rs 1,700 to Rs 1,785 per share, implying a valuation near USD 46 billion. Regulatory changes and weaker options activity have raised questions about future derivatives-led earnings growth. NSE generates about 80% of its revenue from trading, with options contributing around 60% of trading revenue. Options volumes have fallen 27% from their 2024 peak, increasing investor focus on future revenue growth.

    The crowded IPO calendar added another hurdle for the massive NSE public offering this week. Five mainboard and six SME issues together targeted around Rs 24,500 crore from investors. The NSE issue represented more than 90% of that combined value, concentrating demand around one enormous offering. Market participants therefore had several opportunities to distribute capital instead of committing heavily on opening day.

    The offer follows an offer-for-sale structure, limiting the direct benefit for NSE from the public issue. Existing shareholders are selling shares, while the exchange receives no fresh funds for expansion or new investments. NSE reduced the offering from an earlier plan, bringing the issue below its initial estimate of around Rs 30,000 crore.

    Institutional caution became clearer through first-day figures, despite strong anchor investor participation before launch. NSE raised Rs 6,746 crore from anchors, including LIC, Goldman Sachs, Fidelity, and major sovereign wealth funds. Reuters quoted Fident Asset Management founder Aishvarya Dadheech on institutional participation near the closing stages: “Subscriptions will pick up as institutional buyers start coming in.”

    The NSE IPO remains open through September 21, with listing planned for September 24. The muted opening reflects timing, valuation concerns, and uncertainty around derivatives growth rather than a single factor.

  • Tata Group Stocks Slide as SP Group Moves to Monetize Rs 25,000 Crore Stake

    Tata Group Stocks Slide as SP Group Moves to Monetize Rs 25,000 Crore Stake

    Tata Group stocks witnessed a sharp decline on Friday as the SP Group announced plans to monetize its stake in Tata Sons, targeting at least Rs 25,000 crore through two transactions over an 18-month period. The proposal reignited concerns about ownership structure and governance within the conglomerate, triggering a selloff across key listed entities.

    Market Reaction

    Tata Chemicals led the decline, dropping as much as 7.8% during early trading. Tata Investment Corporation slipped nearly 3.9%, while TCS fell 3%. Tata Motors Passenger Vehicles declined 2.6%, and Tata Power was down 1.4%. Meanwhile, Tata Steel remained almost flat, and Tata Capital gained around 1.1% in early market hours.

    SP Group’s Proposal

    The SP Group, led by Cyrus and Ratan Tata’s estranged factions, seeks liquidity from its Tata Sons holdings without immediately forcing a public listing. The proposed transaction involves shares held through Sterling Investments Corporation and Cyrus Investments. Under the plan, Tata Sons could pursue selective capital reduction through the National Company Law Tribunal (NCLT).

    Governance Disputes Intensify

    The proposal adds to ongoing tensions over Tata Sons’ leadership and future listing ambitions. The board recently approved N Chandrasekaran’s five-year reappointment as executive chairman and moved toward exploring a public listing for the holding company. However, Tata Trusts, the majority shareholder, opposed both developments, stating, “The Trusts’ position remains unchanged, as a considered judgement of a majority shareholder.” The Trusts urged the board to consider alternatives beyond listing.

    Adding to the regulatory pressure, the Reserve Bank of India (RBI) rejected Tata Sons’ request to surrender its Core Investment Company registration, keeping it within the Upper Layer NBFC framework.

    Impact on Listed Entities

    The ownership structure links several listed Tata companies to Tata Sons’ fortunes. Tata Chemicals, Tata Motors, and Tata Investment hold stakes in Tata Sons, making their valuations indirectly sensitive to these developments. According to ICICI Securities, Tata Chemicals holds around 2.5% in Tata Sons.

    Friday’s selloff reflects uncertainty surrounding Tata Sons rather than operational weakness in the individual businesses. The previous day’s rally, driven by the leadership decision and renewed listing expectations, has now reversed as investors reassess the implications of the SP Group’s proposal.

  • Apple Pay’s India Debut Could Begin With Axis Bank as First Partner

    Apple Pay’s India Debut Could Begin With Axis Bank as First Partner

    Apple Pay Prepares for India Launch

    Apple is preparing to bring its Apple Pay service to India, with Axis Bank expected to be its first banking partner for the rollout, according to people familiar with the matter. The service could launch in India as soon as next month, starting with support for Axis Bank credit cards.

    Discussions With HDFC Bank and ICICI Bank

    Apple has also held discussions with HDFC Bank and ICICI Bank about adding their cards to Apple Pay, but those talks have not yet resulted in final commercial agreements, according to two sources. Apple and the three banks declined to comment to Reuters on the discussions.

    Apple Pay is designed to allow iPhone users to make contactless payments using tokenized versions of their card details. Card information is stored on the device, so users can pay without opening another payment app. Apple is expected to add more banks through separate agreements over time, allowing the service to expand gradually after its initial rollout.

    Entering a UPI-Dominated Market

    Apple Pay will enter a payments ecosystem where UPI accounts for a major share of digital transactions. According to Reuters, UPI represented 84% of India’s digital payment volume. The National Payments Corporation of India has also introduced a tap-and-pay option using near-field communication technology, giving smartphone users another way to make contactless payments.

    Recent changes in payment rules have also created room for Apple Pay. The Reserve Bank of India allowed biometric authentication for card payments last year, supporting card transactions through features such as Face ID and Touch ID.

    Apple’s Growing Presence in India

    The India entry comes as Apple gains ground in the country’s smartphone market. Counterpoint Research data cited by Reuters shows Apple’s market share reached 8%, twice its level in 2022. India is now among Apple’s largest smartphone markets.

    Axis Bank had about 16.26 million active credit cards in July, according to RBI data, making it the fourth-largest card issuer in India after HDFC Bank, SBI Cards, and ICICI Bank. An Apple Pay launch would give Apple a foothold in India’s contactless card payment segment, and its expansion will likely depend on adding more banks and card networks to the service.

  • Novuna Business Cash Flow Launches Asset-Based Lending for UK Mid-Sized Firms

    Novuna Business Cash Flow Launches Asset-Based Lending for UK Mid-Sized Firms

    Novuna Business Cash Flow has introduced a new asset-based lending (ABL) facility for UK businesses, offering funding between £2 million and £25 million. The lender has also appointed Neil Sturgeon as corporate business development manager to drive growth in the corporate funding and adviser relationship space.

    The new product expands Novuna’s funding options beyond traditional receivables finance. Companies can now raise capital against a combination of receivables, inventory, plant and machinery, and commercial property through a single, integrated facility. Each ABL arrangement will include invoice finance as a core component, allowing businesses to leverage multiple asset classes within one funding structure.

    Dan Lambourne, Head of Relationship Management and Corporate at Novuna Business Cash Flow, said: “We’re seeing more businesses whose funding requirements can no longer be met by looking at receivables in isolation.” He added that many firms hold value across stock, machinery, property, and invoices, and the new ABL facility enables Novuna to combine those assets to provide greater funding capacity for investment, expansion, or acquisitions.

    Neil Sturgeon brings over 40 years of experience in asset-based lending, receivables finance, and working capital funding. He previously held senior business development and origination roles at major banks, working with mid-sized and large corporate clients across various sectors. Sturgeon will collaborate with Lambourne to strengthen Novuna’s corporate market presence and build relationships with corporate finance advisers, debt advisers, and professional introducers across the UK.

    “There is a real opportunity to build a strong ABL proposition at Novuna,” Sturgeon said. He noted that the business already has an established invoice finance platform, ample funding capacity, and plans to expand further in the corporate market.

    The new ABL facility is designed for companies that want a single lender to assess a broader range of business assets, supporting needs that have moved beyond invoice finance alone. Sturgeon emphasized that advisers and clients often require a lender that can review the full funding requirement rather than fitting a business into one product. The facility can support growth, acquisitions, restructuring, or other periods of change.

    Novuna said the launch is part of its wider corporate funding strategy, aiming to handle larger and more complex funding requests while strengthening adviser relationships across the UK corporate market.

  • PFRDA Unveils Draft Digital PoP Framework to Expand National Pension System Access

    PFRDA Unveils Draft Digital PoP Framework to Expand National Pension System Access

    The Pension Fund Regulatory and Development Authority (PFRDA) has released an exposure draft proposing significant changes to the Point of Presence (PoP) framework that governs how National Pension System (NPS) accounts are opened and serviced. The draft, published on September 2, 2026, seeks public feedback until October 2, 2026.

    Physical and Digital Distribution Routes

    Under the proposal, NPS distribution would be split into two distinct channels. A physical PoP can operate through branches, digital tools, or a combination, but must maintain at least five offices in India and have the necessary technology to connect with the pension system and process subscriber requests.

    Digital PoPs, by contrast, would function exclusively through electronic platforms, handling onboarding, contributions, and service requests without a physical branch network. They would need robust technology systems that align with PFRDA’s platform standards and would be required to maintain a separate digital collection account for each pension scheme. The draft also proposes waiving application fees for the digital route.

    Expanded Eligibility and Capital Requirements

    The proposed framework broadens the list of entities eligible for PoP registration to include organizations regulated by financial-sector regulators, certain entities overseen by other authorities, and co-operative societies. For digital-only operations, PFRDA also suggests allowing limited liability partnerships, societies, associations, and trusts, subject to conditions.

    Most applicant categories would need a minimum net worth of Rs. 2 crore, with at least Rs. 50 lakh in capital, share capital, corpus, or capital fund, depending on the entity type.

    Introducing ‘NPS Mitra’ and Subscriber Protections

    The draft replaces the term “Pension Agent” with “NPS Mitra.” These individuals would assist with registration, service requests, and other distribution activities under agreements with a PoP. PoPs would remain responsible for the conduct of their NPS Mitras and for meeting KYC, anti-money laundering, and other regulatory obligations.

    Subscriber safeguards also remain central: a PoP must indemnify subscribers for losses resulting from proven fraud or negligence by the PoP or its NPS Mitras. Strict confidentiality and data protection requirements would apply to subscriber records.

    Context and Next Steps

    As of September 13, 2026, NPS had 2.32 crore subscribers, according to PFRDA data. Separate government labour statistics show about 61.6 crore employed people in India aged 15 and above between January and December 2025, though these figures cover different populations and do not directly measure NPS demand.

    The framework remains a proposal until the consultation period closes and PFRDA issues final regulations.