RBI

On the final trading session of Samvat 2082, Indian benchmark equity indices surged to end at session highs, with the Nifty reclaiming the 25,000 mark and the Sensex crossing 80,000 points. Meanwhile, bullion prices experienced notable corrections on Dhanteras, triggering heavy consumer buying across retail jewellery hubs like Mumbai's Zaveri Bazaar. Market analysts Gaurang Shah of Geojit Investments and Naveen Mathur of Anand Rathi evaluated investment strategies for the upcoming Samvat 2083, advising staggered investments into equities and precious metals to balance risk. Renowned global investor Jim Rogers reiterated his long-term bullish stance on gold and silver, stating that he will never sell his holdings and highlighting recent price dips in silver as attractive entry points. In the corporate sector, Mahindra and Mahindra revised its domestic tractor industry volume guidance to flat for the financial year following deficient monsoon rainfall, low reservoir levels, and drought conditions in key agricultural regions.

In an exclusive interview, Soumya Kanti Ghosh, Group Chief Economic Advisor of SBI and part-time member of the EAC-PM, addressed the ongoing political debate over the IDBI Bank stake sale. He clarified that IDBI Bank is already classified as a private lender by the RBI since FY19, noting that the government and LIC will retain a 34% stake post-offload. Ghosh explained that after suffering accumulated losses of 45,000 crore rupees between FY16 and FY20, a 50,000 crore rupee capital infusion helped bring IDBI's gross NPA down from 31% to under 2%, generating 35,000 crore rupees in cumulative profits over five years. Defending the strength of public sector lenders, Ghosh emphasized: 'The banking system today is actually in the best of health after all the efforts which has been unveiled in the last decade or so.' Declining to discuss corporate governance issues regarding Tata Group clients, he maintained that India possesses a robust regulatory governance culture monitored by SEBI.

The Supreme Court will examine the proposed Reserve Bank of India Know Your Customer Amendment Directions 2026, scheduled to be notified by November 30 and operationalized by December 31. Directing the RBI to submit a list of all authorized financial institutions on the next hearing date, the bench observed that banks need not be impleaded individually as the directions will apply universally. Expressing frustration over persistent digital arrest frauds and cyber scams involving thousands of crores, the court questioned why banks cannot be mandated to classify accounts and implement penal liability. The Attorney General informed the bench that standard operating procedures and draft regulations are being established to track mule accounts, detect unusual IP address access, flag suspicious transactions to customers and law enforcement agencies, and fix liability on banks and bank officers for failing to exercise due diligence in high-value transactions.

A fierce debate unfolds over the unfolding power struggle within the Tata Group and allegations of political interference. Political analyst Sanjay Jha argues that Rahul Gandhi's remarks highlight serious issues surrounding corporate governance, regulatory delays by the Maharashtra Charity Commissioner, and alleged favours linked to political donations. Defending the corporate process, Senior Advocate Hitesh Jain rejects claims of a criminal takeover, maintaining that leadership disputes and board interpretations are internal corporate matters governed by law rather than state coercion. Meanwhile, political economy analyst Dr Shankar Aiyar highlights systemic policy confusion, regulatory apathy, and unanswered legislative questions affecting the nation's premier industrial conglomerate.

The Union Cabinet has approved Fairfax-backed Canada Inc. as the strategic buyer for a 60.72% stake in IDBI Bank for 52,878 crore rupees, leaving the Centre and LIC with a combined 34% holding. While the government highlights the winning bid of 81 rupees per share above its fair value benchmark, the United Forum of IDBI Officers and Employees has sought parliamentary scrutiny over valuation and public safeguards. In foreign affairs, US Secretary of State Marco Rubio is scheduled to visit Mumbai and Jamnagar rather than New Delhi, placing commercial energy interests and Reliance Industries' refining hub at the forefront amid friction over Russian oil purchases. Additionally, Yemeni Houthi rebels are reportedly seeking to manufacture long-range ballistic missiles using components seized from China, while in the US, a 19-year-old was arrested in Illinois over an alleged white supremacist plot targeting a Hindu temple.

The Indian rupee strengthened by 60 paise against the US dollar to open at 95.17, recovering from recent 97 levels following reserve interventions by the Reserve Bank of India. In commodities, MCX silver dropped by 600 rupees to 2.22 lakh rupees per kilogram, while gold traded flat at 1.49 lakh rupees per 10 grams. Meanwhile, the International Monetary Fund raised India's FY27 economic growth forecast to 7% from 6.4%, while trimming China's outlook and warning about stretched global resilience and tight energy supplies. Dalal Street witnessed a weak start as the Nifty slipped below 22,300, even as IT stocks gained over 1.5% led by Tata Consultancy Services and HCLTech. Additionally, Tata Motors finalised an execution pact with Stellantis to manufacture passenger vehicles, including a prospective Jeep SUV based on the Tata Sierra platform, for more than 50 international export markets.

Indian equity benchmarks witnessed sharp cuts in opening trade ahead of the Reserve Bank of India's monetary policy announcement, tracking weak global cues and rising crude prices. Rate-sensitive sectors, including banking, auto, and real estate, traded under pressure amid expectations of a potential rate hike. Meanwhile, an exclusive report outlined proposals ahead of the 57th GST Council meeting, focusing on process reforms, input tax credit streamlining, and easing compliance for businesses. Additionally, the Civil Aviation Ministry intervened to defer Adani Airports' plan to shift 33 percent of international flights from Mumbai to the upcoming Navi Mumbai airport following pushback from airlines regarding operational challenges ahead of the winter schedule. In corporate developments, Titan Company shares fell despite robust business update figures, influenced by broader market sentiment and proposed GST import measures on precious metals.

Indian benchmark equity indices registered an eighth consecutive week of losses, marking their longest weekly losing streak in 25 years. The BSE Sensex settled near 71,910 while the NSE Nifty traded around 22,420, erasing six lakh crore rupees in investor wealth and turning financial year returns negative. Market weakness was driven by elevated global bond yields, foreign portfolio outflows, and geopolitical conflict in West Asia. Sectoral declines affected auto, FMCG, metals, and infrastructure, while information technology and private banking stocks showed relative stability. In the energy sector, Indian Oil Corporation procured two million barrels of Iraqi Basrah medium crude at a 32-dollar per barrel discount amid transit disruptions through the Strait of Hormuz. Additionally, global pharmaceutical firms Novo Nordisk and Eli Lilly are progressing regulatory clearances for oral GLP-1 weight-loss medications in India by 2027, while airline operator KLM highlighted India's scope to manufacture sustainable aviation fuel.

Delhi witnessed major political developments as Delhi PWD Minister Parvesh Verma was filmed slapping AAP volunteer Sahib Singh during an inspection in Tilak Nagar, prompting protests by Aam Aadmi Party workers outside Delhi Police headquarters.

A political standoff unfolded in Delhi following allegations that PWD Minister Parvesh Verma slapped an Aam Aadmi Party worker during a road inspection. Delhi Police registered a non-cognisable report against Verma and filed two FIRs against AAP MLA Jarnail Singh for obstructing public duty, leading to the detention of AAP leaders Saurabh Bharadwaj and Singh during a protest march. Concurrently, the Congress Working Committee demanded the resignation of Chief Election Commissioner Gyanesh Kumar alongside high-level government resignations over alleged electoral roll irregularities and voter disenfranchisement, while Rahul Gandhi highlighted voter deletions at Delhi's Yamuna Bank. In Maharashtra, the Chief Electoral Officer requested software modifications regarding Electoral Registration Officer authority, and the Food and Drug Administration suspended the licence of the historic Kyani and Co. cafe due to hygiene violations. In business news, Noel Tata-led Tata Trusts submitted a restructuring proposal to merge Tata Electronics and Tata Consulting Engineers into Tata Sons to satisfy Reserve Bank of India regulatory norms.

On the Business Today Show, host Sakshi Batra covers key corporate, financial, and market developments. Tata Trusts Chairman Noel Tata submitted a strategic restructuring proposal to merge Tata Electronics, System Solutions, and Tata Consulting Engineers into Tata Sons to retain its unlisted status and avoid NBFC classification. On Dalal Street, the Nifty slipped below 22,700 during the expiry session amid rising Brent crude oil prices and a weakening rupee past 96 against the US dollar. Expert Chakri Lokapriya, Managing Partner at RSB LLP, highlights slowing growth, rising yields, and imported inflation as primary challenges, advising caution while noting stability in power and select pharma counters. The US exempted Indian pharma exporters from proposed 100 percent tariffs across key speciality drugs, driving resilience in stocks like Sun Pharma and Dr. Reddy's. Additionally, Essar Group announced an 18-billion-dollar steel plant in Iowa, while OpenAI halted training on its GPT-6.1 Astra model over AI security and rogue behavior concerns.

A power struggle escalates at the top of Tata Sons as Noel Tata makes a countermove following the Reserve Bank of India mandate on listing. Tata Trusts have proposed merging Tata Electronic Solutions and Tata Consulting Engineers into Tata Sons to shed its non-banking financial company status and avoid a public listing. The Tata Sons board had previously approved the listing recommended by the central bank, which Noel Tata opposed. The friction follows the approval and ratification of N. Chandrasekaran's five-year reappointment as chairman of Tata Sons, marking an ongoing tussle between the board and Tata Trusts over corporate restructuring.

The Supreme Court has taken cognizance of a public interest litigation challenging the implementation of UPI MDR charges, issuing notices to the Centre, the Reserve Bank of India, and NPCI. The court sought clarity on the legal basis of the fee, questioning whether it constitutes a fee or a tax and under which law it is being collected. While the counsel for the Reserve Bank of India stated that the government earns nothing and that the charges are transaction fees collected by banks and payment platforms, the top court declined to grant an interim stay on the rollout scheduled from October 15. An affidavit is expected to be filed within four weeks.

A major boardroom dispute has emerged at the Tata Group between Tata Sons Chairman N. Chandrasekaran and Tata Trusts Chairman Noel Tata over leadership and control. On September 17, the Tata Sons board approved a five-year extension for Chandrasekaran and initiated steps toward a potential public listing, both of which Noel Tata opposed. Tata Trusts, holding a 66 percent stake in Tata Sons, argues that under the Articles of Association, board resolutions require the affirmative vote of a majority of trust-nominated directors. While nominee Venu Srinivasan voted in favour, Noel Tata dissented, leading the Trusts to assert the reappointment is invalid without both nominees agreeing. Conversely, Tata Sons maintains the decision was validly carried by a 4-1 board majority with the chairman's casting vote. The rift is further compounded by listing pressures following the RBI's rejection of Tata Sons' application to surrender its core investment company status, setting off a wider conflict over conglomerate governance.

S&P Global Ratings has raised India's GDP growth forecast for financial year 2026-27 by 40 basis points to 7.0 per cent, revising its previous projection of 6.6 per cent upward. The rating agency cited robust industrial activity, healthy domestic consumption, strong goods exports, and accelerating government investment during the first quarter as primary drivers for the revision. Economists at S&P Global also project the Reserve Bank of India's rate-setting panel to hike the repo rate by 25 basis points to 5.50 per cent. The revised projection exceeds the Reserve Bank of India's estimate of 6.7 per cent and matches forecasts from agencies like Moody's. Analysts noted that India continues to maintain economic resilience despite external headwinds, including geopolitical conflicts in West Asia, the Russia-Ukraine war, global trade tariffs, and elevated crude oil prices.

Indian equity markets opened on a steady note above 23,400 levels, supported by gains in financial and banking stocks alongside broad-based sector participation. S&P raised India's FY27 GDP growth forecast by 40 basis points to 7 per cent, citing robust industrial activity, strong exports, and government spending, while projecting a repo rate hike by the Reserve Bank of India. Meanwhile, the Supreme Court raised serious concerns over the significant gap between the price to retailer (PTR) and the maximum retail price (MRP) of essential and life-saving medicines, questioning why more drugs are not covered under the drug price control order. Pharma companies, represented in court, cited research and development alongside marketing expenses for the variance in pricing. Additionally, global geopolitical developments remained in focus as Donald Trump highlighted sweeping tariff authorities and expressed support for the India-Middle East-Europe Economic Corridor.

In an interview with India Today, Senior Advocate and parliamentarian Abhishek Manu Singhvi defended the legal stance of Noel Tata and Tata Trusts in the ongoing boardroom conflict with Tata Sons. Singhvi argued that under Article 121 of the Articles of Association, no matter can be considered or decided by the board without the affirmative vote of a majority of Tata Trust nominees. He stressed that a majority out of two nominees requires both to agree, noting, "Mr. Noel Tata is one of the two who differed. That's it." Singhvi cited paragraph 219 of the Supreme Court's Cyrus Mistry verdict, affirming that trust veto rights are legally valid and non-oppressive. He further dismissed the Reserve Bank of India listing debate as a red herring, arguing it does not override statutory corporate governance and shareholder rights.

Indian equity markets opened range-bound amid expanding geopolitical tensions in West Asia and a busy week in the primary markets. Global crude refining dynamics face disruptions following drone attacks on Russian refineries and escalating strikes involving the Houthis. Discussion highlights that domestic liquidity is partially diverted towards numerous IPO listings, including the mega National Stock Exchange listing, even as Indian refining capacities remain vital globally. Meanwhile, the boardroom dispute at Tata Sons draws legal scrutiny as Tata Trusts questions the reappointment process of Chairman N. Chandrasekaran. Market analysts note that while elevated wholesale inflation and global rate hikes pose margin pressures for corporates, domestic credit growth and government-backed industrial infrastructure present solid opportunities across sectors such as private banks, telecom, and capital goods.

A fresh flashpoint has emerged over the leadership and ownership structure of Tata Sons. The board backed a five-year term extension for the chairman by a four-to-one vote, while the Tata Trusts chair opposed the reappointment, arguing the resolution is legally invalid due to lack of unanimous nominee director consent. Disagreements also extend to a potential public listing of Tata Sons after the Reserve Bank of India rejected an exemption request to deregister as an upper-layer non-banking financial company. The mandatory regulatory deadline lapsed in September 2025, directing the company toward an initial public offering despite internal resistance. The reappointment decision still awaits annual general meeting approval.

A political showdown has erupted over the introduction of a 0.4% Merchant Discount Rate on select UPI transactions above 2,000 rupees.