However, to minimise the impact of the proposed strike, the Finance Ministry on Wednesday said public sector banks and regional rural sector banks will remain open for operations on Sunday, September 27.

Without this intervention, the proposed strike would have resulted in a five-day disruption, as the banks will remain closed on September 26 on account of fourth Saturday. 

What should customers do?

Several banks including the country's largest lender State Bank of India have advised customers to use mobile or online banking services and use ATMs for cash withdrawals.

Customers can use net banking and mobile banking for several routine transactions, including:

•    Checking or downloading account statements
•    Requesting cheque books
•    Transferring funds between accounts
•    Paying bills
•    Making payments through UPI apps
•    Managing fixed deposits and recurring deposits
•    Depositing into or opening a Public Provident Fund (PPF) account, where the bank offers the facility digitally
•    Customers can also use ATMs for cash withdrawals, although daily withdrawal limits will continue to apply. 
•    Cash Deposit Machines (CDMs) may also be available for depositing cash into bank accounts.

If customers need to withdraw or deposit a large sum of money, they need to do it before Saturday. 

What services might be impacted?

Customers who require branch-based services or are not very comfortable using online or digital banking, may face difficulties during the strike.

Cheque-clearing is likely to be affected. Therefore, customers who need to pay EMIs, society maintenance or other time-sensitive payments by cheque should plan ahead to avoid delays or penalties.

Other services that could be affected include:
•    Demand drafts
•    Certain account-related requests
•    Pre-closure of a fixed deposit that was opened in branch
•    Loan processing and other branch-based loan services
•    Over-the-counter banking services
•    Locker access
•    Certain foreign remittance and import-related transactions

Why is there a bank strike?

The United Forum of Bank Unions (UFBU) on Tuesday said it had decided to proceed with the three-day nationwide strike beginning September 28, as a conciliation meeting before the Deputy Chief Labour Commissioner remained inconclusive.

The conciliation meeting was held after the Finance Ministry appealed to bank employees to refrain from resorting to strikes and to resolve their remaining demands through dialogue.

"Responding to the appeal made by the Department of Financial Services (DFS), Indian Banks' Association (IBA), Bank managements to defer the strike, we informed them that if there is any concrete and positive development towards implementation of our demand for introduction of 5 days banking, UFBU will consider the same," UFBU said in a statement on Tuesday.

UFBU, which claims to represent 90 per cent of the banking workforce, said it will be constrained to go ahead with the proposed strike on September 28, 29, and 30. 

Earlier, Bank unions under UFBU had gone on nationwide strike on September 11 over the implementation of five-day working week and other demands that also include an update and improvement of pension, a uniform dearness allowance formula for all pensioners and an option for employees covered under the National Pension System (NPS) to switch to the old pension scheme (OPS).

The government has assured that it remains committed to the welfare and well-being of bank employees and to addressing their genuine concerns through constructive engagement, according to a Ministry of Finance statement on Monday.

On a social media post on X, Punjab National Bank said, "Generations have placed their trust in banking that stands by them. We honour that trust with dependable service and a commitment to putting customers first.”  
"Let the dialogue continue. Let the banking continue," the lender added.

It appealed to its employees to refrain from participating in the strike as it could cause "significant inconvenience" to customers and general public.

An Appeal to all PNBians Let us provide uninterrupted banking services to our customers. @DFS_India @FinMinIndia #PNB #PunjabNationalBank #CustomerConvenience #BankingServices https://t.co/3kgiqKtmxR

— Punjab National Bank (@pnbindia) September 23, 2026

Similarly, in a series of posts, Bank of India maintained that customers should be prioritised.

"For millions of customers, uninterrupted access to banking services is essential — and keeping their needs at the forefront remains our priority. As we move forward together, let's continue to put our customers first and help ensure continuity of the banking services they depend on every day," Bank of India said.

Why are bank unions going on strike? 

The United Forum of Bank Unions (UFBU) on Tuesday said it had decided to proceed with the three-day nationwide strike beginning September 28, as a conciliation meeting before the Deputy Chief Labour Commissioner remained inconclusive.

The conciliation meeting was held after the Finance Ministry appealed to bank employees to refrain from resorting to strikes and to resolve their remaining demands through dialogue.

"Responding to the appeal made by the Department of Financial Services (DFS), Indian Banks' Association (IBA), Bank managements to defer the strike, we informed them that if there is any concrete and positive development towards implementation of our demand for introduction of 5 days banking, UFBU will consider the same," UFBU said in a statement on Tuesday.

UFBU, which claims to represent 90 per cent of the banking workforce, said it will be constrained to go ahead with the proposed strike on September 28, 29, and 30.
 
Earlier, bank unions under UFBU had gone on a nationwide strike on September 11 over the implementation of five-day working week and other demands that also include an update and improvement of pension, a uniform dearness allowance formula for all pensioners, and an option for employees covered under the National Pension System (NPS) to switch to the old pension scheme (OPS).

The government has assured that it remains committed to the welfare and well-being of bank employees and to addressing their genuine concerns through constructive engagement, according to a Ministry of Finance statement on Monday.

Impact on customers

To minimise the impact of the strike, the government on Wednesday said Public Sector Banks and Regional Rural Banks will remain open on Sunday, September 27. Without this intervention, the banking services could have been disrupted for five days as September 26 is a fourth Saturday and September 27 is a Sunday.

Several public sector banks, including the country's largest lender State Bank of India, as well as Indian Bank, among others, had earlier advised their customers to complete important transactions prior to the three-day strike commencing on September 28 and use mobile and digital banking services and ATMS during the strike.
 
During the strike, online and digital banking services, Unified Payments Interface (UPI) transactions, cash withdrawals through ATMs, and cash deposits through deposit machines would be available. 

The move comes ahead of the proposed three-day bank strike that could have disrupted the banking services for five days, as September 26 is a fourth Saturday and September 27 is a Sunday. 

"In view of the proposed three-day nationwide bank strike called by the United Forum of Bank Unions (UFBU) from September 28 to 30, 2026, coinciding with the preceding weekend holidays of September 26 and 27, the government has taken proactive steps to safeguard the banking needs of citizens," the Finance Ministry said in a statement.

"In order to ensure that the genuine banking needs of the public are not adversely affected for an extended period, all Public Sector Banks and Regional Rural Banks will function normally on Sunday, the 27th of September, 2026," the statement added.

The Reserve Bank of India (RBI) has granted approval for all bank branches, offices, ATM-link branches and currency chests to remain fully operational on September 27, the Ministry further said.

The Ministry also stated that the government and bank managements have appealed to unions to defer the proposed strike, and have also taken measures to ensure that essential banking services continue without any interruption, as the welfare and convenience of bank customers remain the government's foremost priority. 

Why are bank unions going on strike?

The United Forum of Bank Unions (UFBU) on Tuesday said it had decided to proceed with the three-day nationwide strike beginning September 28, as a conciliation meeting before the Deputy Chief Labour Commissioner remained inconclusive.

The conciliation meeting was held after the Finance Ministry appealed to bank employees to refrain from resorting to strikes and to resolve their remaining demands through dialogue.

"Responding to the appeal made by the Department of Financial Services (DFS), Indian Banks' Association (IBA), Bank managements to defer the strike, we informed them that if there is any concrete and positive development towards implementation of our demand for introduction of 5 days banking, UFBU will consider the same," UFBU, which claims to represent 90 per cent of the banking workforce, said in a statement, adding that it will be forced to go ahead with the proposed strike on September 28, 29, and 30. 

Earlier, bank unions under UFBU had gone on nationwide strike on September 11 over the implementation of five-day working week and other demands that also include an update and improvement of pension, a uniform dearness allowance formula for all pensioners and an option for employees covered under the National Pension System (NPS) to switch to the old pension scheme (OPS).

Banks appeal to ensure uninterrupted services

Many public sector lenders such as Bank of India, Indian Bank, and Punjab National Bank have appealed to prioritise customers' needs and ensure the services are not disrupted.

Meanwhile, several public sector banks including the country's largest lender State Bank of India have advised their customers to use digital channels such as mobile banking, online banking, ATM and UPI for financial transactions, should the proposed strike materialise.

Banks have also advised their customers to complete essential branch-based banking transactions in advance of the proposed strike dates to avoid any inconvenience.

The proposed three-day strike period also coincides with the half-yearly closing of banks on September 30, when reconciliation, provisioning and treasury and market operations take place. 

India's GDP grew at a better-than-expected 7.8 per cent during the April-June period of the current fiscal year as against 6.9 per cent a year ago.

"Indian economy has shown resilience in the face of the shock from the US-Iran war, despite the strong terms-of-trade deterioration seen in the first half of 2026," Fitch said.

Overall GDP growth will be 6.9 per cent (revised up from 6.4 per cent in June), Fitch added.

Expects economic momentum to ease 

The higher GDP growth forecast comes despite the rating agency anticipating the economic momentum to ease during the rest of the fiscal year. 

It expects the moderation to occur as HSBC Purchasing Manager's Index (PMI) data reflects slower expansion in both the manufacturing and service sectors. Besides, the monsoon deficit is expected to affect agricultural output and rural demand, and rising inflation to put pressure on real income and consumer spending.

The HSBC PMI measures the month-on-month change in the combined output of India's manufacturing and services sectors and is an economic indicator of the business environment.

It expects private investments to support economic growth, with a projected 10 per cent increase. 

"Private investment prospects look more buoyant, and we expect investment to rise by more than 10 per cent; non-food credit growth reached 19 per cent year-on-year in July," Fitch added.

Fitch expects RBI to hike rate

Given the inflationary pressures, it expects the Reserve Bank of India (RBI) to increase the key lending rate or repo rate by 0.25 per cent in its October monetary policy meeting.

"Given the combination of strong demand, price rises, and adverse supply developments, we expect the RBI to raise rates by 25 bps in October this year to 5.5 per cent. We then expect a further rise to 5.75 per cent in early 2027 and then for rates to ease back to 5.5 per cent in 2028," Fitch said.

The RBI has kept the repo rate unchanged at 5.25 per cent since December last year.

Other rating agencies project strong GDP growth

Fitch's forecast comes at a time when other rating agencies have also revised their growth forecast for the country. S&P Global Ratings on Wednesday raised India's GDP growth forecast for the current fiscal to 7 per cent from 6.6 per cent earlier. Last week, Moody's had raised the country's GDP forecast to 7 per cent from 6 per cent earlier, observing the resilience during the West Asia crisis. 

While expecting India to grow faster than all other G20 economies, it flagged elevated crude oil prices and El Nino impact on food prices as inflationary risks for the economy.

In the previous fiscal year, Indian economy grew at 7.8 per cent. 

(With inputs from PTI)

The company, in a filing to the London Stock Exchange, said details of the offer, including the indicative price and size range, will be disclosed in a prospectus expected to be published in early October 2026.

The final offer price of the IPO is expected to be announced in mid-October 2026.

Airtel Money CEO Ian Ferrao said the company has become Africa's largest fintech platform with approximately 53 million users every month, translating into strong revenue growth and industry-leading margins.

"Today marks the start of a new chapter for Airtel Money as we announce our plans to list on the London Stock Exchange," Ferrao said.

Digital transaction volumes across its platform are forecast to grow around five-fold by 2031, he added.

"We can capture this opportunity by accelerating conversion of the growing Airtel Africa telco subscriber base, moving customers onto our app where they transact more often, and by broadening the range of products we offer them," he said.

The IPO will comprise a secondary offer of existing shares to be sold by the company's existing shareholders.

International Finance Corporation (IFC) has entered into a cornerstone investment agreement with Airtel Money and certain existing shareholders to purchase from existing shareholders up to approximately USD 90 million of offer shares at the final offer price, the filing said.

Airtel Africa owns 77.85 per cent of the company's issued ordinary share capital. In 2021, TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding Ltd acquired minority stakes for total consideration of USD 550 million.

"Following the IPO, Airtel Africa is expected to remain a long-term strategic shareholder and to support Airtel Money's next phase of development as an independently listed business," the filing said.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

American multinational Mastercard, through its affiliate Mastercard Asia/Pacific Pte Ltd, sold 4,97,24,182 shares in 13 tranches, representing a 4.31 per cent stake in Noida-based Pine Labs, according to exchange data.

The shares were offloaded at an average price of Rs 187.75 apiece, for an aggregate value of Rs 933.57 crore.
Meanwhile, a clutch of mutual Funds managed by Kotak Mahindra, Edelweiss and Franklin Templeton, along with ICICI Prudential Life Insurance Company, bought an equal number of shares at the same price.

Foreign investors include Goldman Sachs, Morgan Stanley, Citigroup Global Markets Singapore, BNP Paribas Arbitrage, Ghisallo Capital Management, Rams Equities Portfolio Fund, Societe Generale, Susquehanna International Group and NRSGVCC.

Shares of Pine Labs rose 2.07 per cent to close at Rs 197.55 apiece on the BSE.

In June this year, financial services company Actis divested a little over 2 per cent stake in Pine Labs for Rs 371 crore.

Prior to this, in the same month, Actis Pine Labs Investment Holdings sold nearly a 1 per cent stake in Pine Labs for Rs 152 crore. Actis is a part of global growth investor General Atlantic.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

"Several factors drove growth to higher levels than we expected in the June quarter. We have consequently upgraded our GDP growth forecast for the current fiscal year, ending March 31, 2027, to 7.0 per cent, from 6.6 per cent previously," S&P Global Ratings said in a statement.

The rating agency noted that factors such as robust industrial activity, healthy consumption, strong goods exports, and accelerating government investment have driven the growth.

However, it said that growth could ease in the second half of the fiscal year as the tailwinds from General Sales Tax rationalisation and income tax cuts diminish.

Expects RBI to hike its key lending rate

Noting the monsoon deficit, with cumulative rainfall 15 per cent below normal till September 9 this year, it said weather-related risks require close monitoring adding that food inflation and agricultural output remain the key variables to watch.

The rating agency in its Economic Activity for Asia Pacific report estimates consumer inflation to average 5.1 per cent in FY27 and expects the  Reserve Bank of India (RBI) to hike its interest rates by 25 basis points in FY27.

"We expect the balance of considerations to shift toward higher interest rates. Factors supporting this shift include solid growth, persistent inflationary pressures, an unresolved conflict in West Asia, and weather-related risks. We expect consumer inflation to average 5.1 per cent and the Reserve Bank of India to raise its policy rate by 25 bps in the current fiscal year," S&P said.

RBI has kept the key lending rate (repo rate) unchanged at 5.25 per cent since December last year.

Moody's had also revised India's GDP growth forecast at 7 per cent

The S&P's upward growth revision comes at a time when last week another rating agency Moody's had raised the country's GDP forecast to 7 per cent from 6 per cent earlier, observing the resilience during the West Asia crisis.

While expecting India to grow faster than all other G20 economies, it flagged elevated crude oil prices and El Nino impact on food prices as inflationary risks for the economy.

The Indian economy grew at 7.8 per cent in the first quarter of the current fiscal year.

The in-principle approval covers retail payment services and card schemes (RPSCS), as well as stored value facilities (SVF), the company said in a statement.

The digital payments firm will now work towards obtaining final approval before commencing commercial operations in the United Arab Emirates.

Upon securing final regulatory clearances, PhonePe plans to partner with regional banks, licensed payment service providers, and local technology vendors.

The company also intends to explore opportunities to support the UAE's domestic payment rails, Aani and Jaywan, by leveraging its full-stack technology platform.

"The country's vision and regulatory environment make it an ideal setting for our international journey. As the UAE advances toward an interconnected, digital-first economy, PhonePe aims to be a committed, long-term partner supporting its evolving ecosystem.

"By combining world-class technology with local partnerships, PhonePe intends to support the strong economic and trade corridors connecting the UAE, India, and global markets, while striving to deliver elevated everyday payment experiences across the Emirates," Ritesh Pai, CEO and Executive Director, International Payments at PhonePe, said.

At present, PhonePe enables outbound Indian travellers in the Emirates to scan local QR codes and make instant payments across NEOPAY and Network International terminals through a partnership with NPCI International Payments Limited (NIPL).

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Forex traders said going ahead currency market direction will majorly be driven by unfolding geopolitical developments.

Softer crude oil prices remain the major support for the rupee, while a firm American currency after the US Fed's rate hike and foreign portfolio outflows remain the main concerns.

At the interbank foreign exchange market, the rupee opened at 95.58 then touched 95.57 against the American currency, registering a gain of 5 paise from its previous close. On Tuesday, the rupee had settled at 95.62 against the US dollar.

"We see 96.30 as the upper cap, with strong Reserve Bank intervention expected as the pair approaches 96.30–96.50, and support at 95.50 and then 95.00. Softer crude remains the rupee's clearest support, with a firm dollar after the Fed's hike and foreign portfolio outflows the main offsets," said Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 100.70, higher by 0.10 per cent.

Brent crude, the global oil benchmark, was trading lower by 0.99 per cent at USD 98.27 per barrel in futures trade.

On the domestic equity market front, Sensex climbed 283.66 points to 74,812.74 in early trade, while Nifty rose 85.55 points to 23,414.55.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,809.99 crore on a net basis on Tuesday, according to exchange data.

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On Friday, MCX gold futures expiring October declined 0.84 per cent while MCX silver futures for December shed 0.16 per cent. Gold futures stood at Rs 1,54,263, while silver futures stood at Rs 2,42,000 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,53,727 on Friday, up from Rs 1,51,938 seen last Friday, according to data published by the India Bullion and Jewellers Association (IBJA).

Precious metals initially came under pressure digesting Middle East supply shocks and fresh signals from the Federal Reserve.

Crude oil prices fell for three consecutive sessions to below USD 100 a barrel on Friday, as markets found that the closure of Saudi Arabia’s key pipeline will have a smaller impact on supplies than initially feared.

The rebound from crude price correction, however, proved short-lived as the US Fed’s unexpectedly hawkish outlook overshadowed a rate hike that had been largely anticipated by markets.

The week started with rising expectations of a rate hike pushing Treasury yields higher and weighing on non-yielding assets. The pressure persisted even as geopolitical and supply risks intensified, with a Saudi East-West pipeline outage and an attack on a vessel in the Strait of Hormuz adding to concerns over disruptions to Middle East energy flows.

Silver outperformed gold, receiving additional support from expectations of a sixth consecutive annual supply deficit in 2026 of around 46.3 million ounces, market participants said.

The US Fed delivered a 25-basis-point rate hike this week, raising the federal funds target range to 3.75 per cent-4 per cent, marking its first increase since 2023.

Majority of officials indicated a preference for further tightening this year, keeping the prospect of another increase firmly in focus.

Markets subsequently priced the probability of another rate hike in October at around 55 per cent. Treasury yields moved above 5 per cent, prompting gold and silver to reverse their gains shortly after the Fed announcement.

Immediate resistance is placed at USD 4,470-USD 4,500 zone, for Comex Gold, while support lies at USD 4,300-USD 4,340 zone, analysts said.

For MCX Gold, immediate resistance is placed at Rs 1,54,000-Rs 1,54,700 zone, while the support lies at Rs 1,50,000-Rs 1,50,700, they added.

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Sectors likely to hire

The report from NLB Services, a global technology and digital talent solutions provider, noted that during the ongoing festive season, sectors such as e-commerce, quick commerce, retail, logistics, hospitality, travel and consumer services are preparing for one of the year's most concentrated periods of demand.

"The festive season is becoming a real-time stress test for India's workforce with employers hiring earlier, looking beyond traditional talent hubs and increasingly relying on technology-enabled, flexible and ready-to-deploy talent," NLB Services SVP and APAC Head Varun Sachdeva said.

"What was once a short-term response to seasonal demand is becoming a strategic opportunity to access new talent pools, assess capabilities at scale and create pathways to longer-term employment. The real impact of festive hiring, therefore, may extend well beyond the season itself," he added.

According to the report, last-mile delivery, warehousing and fulfilment, retail sales, customer experience, inventory management, field operations and hospitality will continue to account for a significant share of seasonal requirements. 

It expects a 15-20 per cent growth in hiring for roles such as dark-store inventory controllers, returns and refunds specialists, customer-resolution executives, marketplace operations professionals, fraud and transaction-support personnel, catalogue management executives and order-management specialists.

Hiring in smaller cities to grow

Festive hiring is becoming broad-based as tier II and III cities are expected to contribute around 45 per cent of total festive hiring demand. The hiring in these cities is projected to grow 25-30 per cent.

It noted that the expansion of e-commerce, quick commerce, organised retail and regional fulfilment networks is driving demand across cities such as Jaipur, Lucknow, Indore, Surat, Nagpur, Bhubaneswar, Coimbatore, Chandigarh, and Kochi.

It further said that freshers, first-time workers and women are emerging as an increasingly important talent pool, supported by flexible shifts, proximity-based jobs and structured temporary employment.

In several categories, women from non-metro locations are expected to account for 30-35 per cent of new female hires, it said. This indicates that festive demand is opening up more employment opportunities beyond traditional urban talent pools.

Festive season jobs

The report said India is likely to create 2-2.5 lakh seasonal and gig jobs during July to December this year. However, this is lower than what the e-commerce players are claiming.

E-commerce player Flipkart on Tuesday had said it has generated over 2.5 lakh direct and indirect employment opportunities across India to meet surging demand during the festive season.

Similarly, Amazon India has said it has created over 1.6 lakh seasonal work opportunities across its operations network in the run-up to the festive season, while Meesho had said it expects to create over 10 lakh seasonal job opportunities across its seller and logistics ecosystem to meet the surge in demand.

(With inputs from PTI)

The stock exchange's initial public offering (IPO) GMP slumped 61.46 per cent to Rs 84 by 2 pm on Saturday from  Rs 218 on September 11. Earlier, the GMP of the NSE IPO had witnessed a sharp correction, falling to Rs 221 on September 8 from Rs 310 on September 5.

NSE IPO fully subscribed on Friday

NSE's public issue was fully subscribed on the second day of bidding on Friday. The issue received bids for 10,28,43,656 shares against 8,86,42,911 shares on offer, garnering 1.16 times subscription, as per data available with the BSE.

Non-institutional investors and qualified institutional buyers categories were oversubscribed on Friday. The issue will close for subscription on September 21.

The NSE's offering is India's second-largest public issue after Hyundai Motor India's Rs 27,870-crore IPO in 2024. The IPO surpassed the Rs 21,000 crore offering of LIC in 2022, but remains below Hyundai Motor India's record public offer.

The IPO comprises an Offer For Sale (OFS) of up to 12.64 crore equity shares by existing shareholders and the exchange has fixed a price band of Rs 1,700-1,785 per equity share for the IPO. It will command a valuation of up to Rs 4.42 lakh crore at the upper end of the price band.

Strong participation from anchor investors

The NSE on Wednesday raised Rs 6,746 crore from anchor investors, including state-owned Life Insurance Corporation of India (LIC), Goldman Sachs and Fidelity.

Additionally, sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, as well as Eastspring and HSBC Global Asset Management, also participated in the anchor round.

What is GMP?

The grey market is a parallel market that is not backed by Securities and Exchange Board of India (SEBI) or the stock exchanges but it provides investors with an idea of how much the prices of a share are expected to increase post listing. 

The GMP is an unofficial indicator of the premium investors may be willing to pay over an IPO's issue price before the shares are listed. Since, it is not an official market metric, it does not guarantee that the stock will list at a premium.

(With inputs from IANS)

"A major highlight of the meeting was the consideration and recommendation of monetisation proposals involving assets valued at over Rs 5,000 crore," the statement from the ministry said.

The proposals cover surplus land and building assets identified for monetisation and represent a significant step towards advancing the government's objective of unlocking the value of underutilised and surplus assets, it added.

This was discussed during the company's 21st Meeting of the Board of Directors on September 18.

What is NLMC's mandate?

NLMC is a wholly-owned government company under the administrative control of the Department of Public Enterprises (DPE), Ministry of Finance. It was established to undertake and facilitate the monetisation of surplus land and building assets of Central Public Sector Enterprises (CPSEs) and other government entities.

According to the government, NLMC has been working closely with asset-owning entities to identify suitable assets, undertake necessary due diligence, facilitate valuation and structure appropriate monetisation processes, with an emphasis on transparency, efficiency and value realisation.

NLMC's mandate is aimed at unlocking the value of surplus public assets and supporting the government's broader asset monetisation objectives.

"The recommendation by the Board of proposals involving assets worth over Rs 5,000 crore underscores the growing scale of NLMC's engagement in the government's asset monetisation programme. By facilitating the productive use of surplus land and building assets, NLMC seeks to contribute to unlocking value from assets that may otherwise remain underutilised, while supporting asset-owning entities in pursuing transparent and commercially appropriate monetisation opportunities," it said.

Government raises funds through divestment and asset monetisation

The Indian government has raised 62,124 crore this year through disinvestment and asset monetisation, so far, achieving about 78 per cent of the FY27 target within five months. 

Of this, it raised Rs 6,367 crore through asset monetisation via infrastructure investment trusts (InvIT).

The Centre's FY27 budgeted disinvestment estimate and asset monetisation target is Rs 80,000 crore.

Why is government pushing for divestment and asset monetisation?

Amid concerns over expenditure exceeding the budget estimates due to higher energy and fertiliser import bills, the government is accelerating the drive for miscellaneous capital receipts or disinvestment and asset monetisation in the current fiscal.

The fiscal deficit target for FY 27 is at 4.3 per cent.

"On the flows front, FIIs stayed net sellers for the fifth straight week, offloading Rs 7,620 crore. Domestic Institutional Investors (DIIs) extended their buying streak with net purchases of Rs 11,232 crore, which helped the index (Nifty) recover from its mid-week lows," Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking said. 

With globally central banks shifting to monetary policy tightening cycle, persistent FII selling sustained pressure on the rupee and capped the market rebound, leaving domestic equities lower for the week, noted Vinod Nair, Head of Research, Geojit Investments.

"A hawkish US Fed, which raised the policy rate by 25 bps to 3.75-4.00 per cent, its first hike since 2023, and signalled that more tightening may be needed as inflation stays elevated. The Bank of Japan also raised its policy rate by 25 bps to a 31-year high of 1.25 per cent amid persistent inflationary pressures," Mukherjee said.

This month, so far, FIIs have sold a net Rs 7,041 crore of equities against DII net buying of Rs 36,219 crore.

"Over the past month, FIIs were net sellers in all five weeks while DIIs remained net buyers throughout," Mukherjee said. 

"Going ahead, sustained FII selling and global headwinds are likely to keep markets volatile, though steady domestic institutional buying should continue to limit the downside," he added.

What does a hawkish stance mean? 

Central Banks across the globe, including Reserve Bank of India, monitor the inflation situation and to contain the inflationary pressure, increase the interest rates. This helps to reduce the liquidity or the money that is readily available in the market, thus reducing the spendings and in turn the inflation. However, this move affects businesses as funding is not readily available and the cost of borrowing becomes higher. So, the central banks while adopting a hawkish stance prioritise price stability over short-term economic growth.

Why does the Federal Reserve's stance affect Indian equity markets?

The higher interest rate in US may tempt foreign institutional investors to park their funds over there rather than investing it in developing economies like India. Normally FIIs infuse massive capital in the equity market through their bulk buying and the withdrawals could lead to sharp corrections in a domestic market.

Benchmark market indices during the week

The domestic equity benchmark indices extended their losses for the sixth straight week amid elevated crude oil prices, US-Iran conflict, and US Federal Reserve rate hike that dampened investor sentiment.

During the week, the 30-share Sensex shed 486.80 points or 0.65 per cent, while the 50-share NSE Nifty slipped 51.70 points or 0.22 per cent. 

On Friday, the Sensex declined for the second consecutive day and dipped 19.63 points, or 0.03 per cent, to settle at 74,294.96. The Nifty extended its gains for the third straight, gaining 75.80 points, or 0.33 per cent, to end at 23,346.40.

With the West Asia crisis disrupting the key waterway Strait of Hormuz, the two countries are planning to invest USD 1 billion in  pipelines, storage facilities, oil terminals and related infrastructure to provide alternative routes for moving crude and petroleum products to international markets.

"They are at the planning stage and we are involved in discussions at the planning stage," Gupta told reporters after the company's Annual General Meeting (AGM), adding that EIL is seeking project consultancy and feasibility-study mandates for the planned infrastructure.

US-Iran conflict has impacted orders

The conflict between US and Iran that started in February this year, has had an impact on the new orders from the Middle East but Gupta expects an uptick in the third and last quarter of the financial year.

"There has been a slowdown in orders from the Gulf region as those countries are busy securing and restoring their installations," he said, adding "But we hope to see the order inflow pick up in Q3 and Q4". He further said the prolonged conflict has "opened more opportunities."

For EIL, the conflict is causing delays to existing projects and near-term order inflows on one hand but it could potentially translate into a larger order if Gulf producers accelerate investments in infrastructure for alternative export routes.

Opportunities could accelerate once conflict eases

Gupta said opportunities could gain further momentum once the conflict eases, as Middle Eastern energy companies are expected to invest in pipelines, storage terminals and other facilities designed to reduce dependence on the Strait of Hormuz.

In addition, the UAE is also planning additional underground oil-storage facilities at Fujairah, he said.

Company's exposure to Middle East

EIL has significant exposure to the Middle East, with projects and engagements across Saudi Arabia, the United Arab Emirates, Bahrain and Kuwait, and the company has secured orders worth Rs 510 crore from the Gulf region since the Iran war started, Gupta said.

For EIL, international projects account for 43 per cent of its order book, while international consultancy contributed about Rs 4,929 crore, or nearly 62 per cent, of the fresh business secured during FY26.

EIL secured fresh business worth Rs 7,978 crore in the year ended March 2026, taking its order book to a record Rs 15,109 crore as of March 31, he said adding the order book stands at around Rs 17,000 crore currently.

Diversification plans

Moreover, the company is also diversifying into infrastructure, renewables, green hydrogen, biofuels, nuclear energy and defence as it seeks to reduce reliance on its traditional hydrocarbon business.

International expansion is a key strategy, and EIL has strengthened its presence in Saudi Arabia and continues to work across the UAE, Bahrain, Kuwait, Algeria, Guyana and Mongolia, while also expanding its business in Africa, Gupta said.

(With inputs from PTI)

The RBI mobilised a record USD 127.23 billion through Foreign Currency Non-Resident (Bank), or FCNR(B), deposits, as of August 31.

Claims of Rs 5 lakh crore notional loss incorrect

The report said this mobilisation could support additional bank credit and generate interest income that more than offsets the interest paid on the deposits, while dismissing criticisms on the scheme. 

On claims of the FCNR(B) scheme entailing a notional loss of around Rs 5 lakh crore, the report called it fallacious.

The report said the cost of the FCNR (B) deposits largely has two components; the interest banks have to pay over the maturity period and the cost of hedging the foreign currency exposure.

It explained that once banks have hedged their foreign-currency liabilities, changes in the rupee-dollar exchange rate should not be counted again as an additional cost, as it  would amount to counting the same exposure twice.

SBI Research said the estimated loss combines around Rs 1.75 trillion of additional interest costs with about Rs 3.18 trillion of foreign exchange depreciation costs. However, the currency exposure on the deposits has already been hedged through the special USD-INR swap facility, it noted.

Notional annual interest income for banks

According to the report, the deposits, using a conservative and time-lagged credit multiplier of around 2.5, could result in additional credit of about Rs 25 lakh crore. At an effective yield of around 7.5 per cent, this could generate notional annual interest income of Rs 1.8 lakh crore for banks, it said.

On a notional basis, after calculating the interest outgo, it estimates a net interest margin of around Rs 1 lakh crore annually, or Rs 5 lakh crore over five years.

The report estimated the cumulative hedging cost at around USD 15 billion, based on an average annual USD-INR hedging cost of 3 per cent and different maturity periods for the USD 127 billion mobilisation.

RBI could earn a profit 

The report estimated that the RBI could earn a significant return by investing the dollars mobilised through the scheme.

SBI Research said the RBI could earn around USD 20 billion over five years by investing USD 100 billion in global assets at an average yield of 4 per cent. This would offset the estimated USD 15 billion hedging cost and leave the RBI with a profit of around USD 5 billion, or Rs 50,000 crore.

Surplus liquidity in the banking system

The report noted that the better-than-anticipated forex mobilisation led to surplus liquidity in the banking system which is being portrayed as a challenging feat to the system, and said the additional liquidity could be absorbed by demand for credit and other seasonal requirements.

"However, if we look at the levers anchoring its end usage, there is little reason to ponder much or panic as the festive season demand, credit disbursal pipeline, new advances sanctions, outflows on account of advance taxes and GST flows make it align to an elevated systemic liquidity, anchoring robust credit management by banks," the report noted.

Why did RBI launch FCNR swap window?

The Reserve Bank of India had launched the concessional FCNR swap window on June 8, 2026 as part of broader steps to encourage capital inflows to boost India's balance of payments during global uncertainty. Under this facility, banks could mobilise new FCNR-B deposits and exchange the dollars with the RBI at a lower, concessional rate.

The government and RBI announced these measures to boost inflows as the West Asia crisis created significant challenges for the Indian economy. The rising oil prices and foreign portfolio investor outflows led to concerns over external stability given India is the third largest consumer and importer of crude oil.

What is FCNR (B)?

Foreign Currency Non-Resident (Bank) or FCNR (B) deposits is a fixed-term deposit account that allows non-resident Indians (NRIs), persons of Indian origin, or overseas citizens of India to maintain a fixed deposit in specified foreign currencies. The RBI permits these deposits to encourage foreign currency inflows that helps to safeguard the rupee against depreciation and to strengthen India's foreign exchange reserves.

(With inputs from ANI and IANS)

Speaking at the Conference on Financing India's Journey Towards Viksit Bharat, Kotak said India needs to find a way to channel the significant household gold wealth into productive use, according to news agency ANI.

The gold puzzle

"Indians and their gold, that is a puzzle we have to find a way to solve," he said.  

He added that a committee could be considered to find a solution that balances people's requirements while addressing the country's capital and current account challenges.

"For FY26, the current account deficit of India was 25 billion dollars. So we had our current account deficit very controlled. Gold imports gross in one year is 72 billion. Therefore, if you exclude gold, India had a current account surplus," Kotak said. 

According to Kotak, India's current account deficit could be around USD 60 billion, assuming the global crude oil prices at about USD 90, while gold imports could reach USD 88-90 billion.

As per the recent data released by the commerce ministry, India's gold imports dipped by 57.75 per cent to USD 2.3 billion in August.

While highlighting that India’s position on the global stage is strong, Kotak said there is no room for complacency.

Apart from the issue of gold imports, he outlined six other key areas, including fiscal consolidation, strengthening the financial system, leveraging global crises for reforms, boosting domestic production,  balancing regulation with development, and encouraging creative destruction in businesses.

Calls for greater fiscal consolidation

On fiscal policy, Kotak said India needs to move towards tighter fiscal management, noting that the consolidated fiscal deficit remains above 7 per cent compared to the US at 6 per cent, as per PTI.

"At 7 plus percent consolidated fiscal deficits, we need to get tighter," he said, while acknowledging the fiscal pressures faced by both the Centre and states. 

"Excessive financialisation early in the life of a developing country towards development is something India needs to be careful about," he said.

"At times when the objective of capital formation gets lost and we focus on just markets, volumes and trading, we at times run the risk of missing the key reason why we have financial markets," he added. 

Kotak also highlighted the need to reduce India's dependence on imports and create products and services that the world wants to buy.

"We as Indians need to create leverage where we produce things, goods, and services which the world wants from us," he said, pointing out the potential for India to become a major exporter of products such as flowers.

India needs to leverage the global uncertainty

He added that strengthened coordination between the centre and states will help the country to withstand external pressures.

"The more we get together and make ourselves as a single nation, the more we will be able to withstand the challenges which face the world at large," he said.

He further said that the country should tap into the current global uncertainty as an opportunity to push reforms and investment at greater speed.

"There is a global crisis and the principle of a global crisis is never waste a crisis. We must make full use of the crisis and implement measures at speed and alacrity," he said.

Financial regulation should not slow down growth

He called for a balance between financial regulation and development, saying regulators should ensure financial stability without restricting growth.

Kotak said action should be taken against individuals where wrongdoing occurs, while financial institutions themselves should be protected where they are victims of such actions.

He further asked traditional businesses to embrace innovation and change, including in areas such as artificial intelligence, and said creative destruction was necessary to transform the Indian economy. 

(With inputs from ANI and PTI)

This comes amid Tata Trusts, which along with affiliated trusts controls about 66 per cent of Tata Sons, opposing the listing.

Shapoorji Pallonji Group, the second largest shareholder in Tata Sons with around 18.4 per cent stake, has been pushing for the listing as it will unlock value from the privately held holding company to support its own debt repayment.

Shapoor Mistry, chairman of Shapoorji Pallonji (SP) Group, in a statement, said the listing was "not merely a financial or regulatory matter" but a "social and moral imperative", and called it an opportunity to strengthen governance while preserving the philanthropic role of the Tata Trusts, as per PTI.

Mistry welcomes RBI's decision

The proposed listing of Tata Sons was discussed at the board meeting after the Reserve Bank of India (RBI) rejected its application to surrender its core investment company registration. Tata Sons had sought de-registration in March 2024 after becoming debt free to avoid the listing requirement that applies to upper layer non banking financial companies (NBFCs). However, the regulator's decision means the holding company faces the mandatory listing.

Referring to this Mistry said, "I welcome the decision wholeheartedly." He said the listing could lead to greater transparency and public accountability at the holding company of the Tata Group.

He said the RBI's decision had provided "full clarity" and that Tata Sons should now move towards compliance with the regulatory framework governing upper-layer non-banking financial companies.

"This landmark decision should not be viewed as a victory of one stakeholder over another," Mistry said adding that the listing of Tata Sons "can become a bridge" between shareholders and the Tata Trusts and between private ownership and public accountability.

He added that public accountability can coexist with Tata's philanthropic mission.

"Transparency, in my view, is the truest form of respect for both legacy and the future," Mistry said.

Invoking Tata founder Jamsetji Tata's philosophy that business should serve the wider community, he said a stronger and more transparent Tata Sons could greater visibility into the value of the holding company, strengthen governance and create durable flow of value toward the Tata Trusts' philanthropic mission.

Tata Trusts opposes listing

Tata Trusts Chairman Noel Tata had opposed the listing saying that the operating structure of Tata Group is unique as it is premised on trust and its majority shareholder is a charity. "The principal activity of this company is to invest in and support the companies of the Tata Group. If Tata Sons is publicly listed, the rights of Tata Trusts as majority shareholders stand to be seriously impaired," he said.

Speaking at the house of Tatas he said that the charity funds hospitals, universities, and research from the dividends it receives and exists for public purpose and for nation building.

Noel Tata further pointed out that the RBI communication on September 11 "does not mention listing" and the regulator has not prescribed any particular step, nor has it said "the company is in breach."

"What its legal effect is, and what it requires of this Company and by when, are questions upon which this
Board has formed no view," he said.

He had pushed for the holding group company to remain private, urging Tata Sons to explore other options other than listing, saying that the listing will destroy its character.

"That is not sentiment. It is the operating model of this House, and it has stood the test of time for more than a century. A listing will destroy its character and strike at the heart of this principle," he said.

(With inputs from PTI)

At the upper end of the price band, the company will be valued at over Rs 6,100 crore.

The three-day public issue will close on September 25, with the listing expected on September 30.

The IPO comprises entirely a fresh issue of equity shares, with no offer for sale (OFS) component, according to the Red Herring Prospectus (RHP).

The proceeds will be used for acquiring K-12 entities and campuses, repaying debt and meeting general corporate requirements.

The company owns, operates and manages on-campus student accommodation facilities across higher education institutions, while also owning K-12 education assets.

Through its platform, Elevate Campuses provides institutions with integrated non-academic services, including student housing, dining, safety and campus operations. These services are aimed at creating quality learning environments and supporting students' overall development.

In terms of the issue structure, the category of Qualified Institutional Buyers (QIBs) has been allocated 75 per cent of the issue, while 15 per cent has been reserved for non-institutional investors (NIIs) and 10 per cent for retail investors.

JM Financial, IIFL Capital Services and Morgan Stanley India Company are the book-running lead managers to the issue, while KFin Technologies is the registrar.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

Net collections from direct taxes includes corporate, non corporate, Securities Transactions Tax is arrived at after adjusting refunds.

The data from Central Board of Direct Taxes said that the gross direct tax collections increased over 15 per cent to Rs 14.3 lakh crore during April 1 to September 17, from the corresponding period last year. 

Advance tax mop-up, till September 17, increased 16.18 per cent to Rs 5.22 lakh crore. This included an 18 per cent jump in advance corporate tax payments to Rs 4.16 lakh crore, and a 9.24 per cent increase in non-corporate advance tax payments at Rs 1.06 lakh crore.

Segment-wise collection

In terms of segment-wise tax collections, corporate tax mop-up grew 19.48 per cent to about Rs 5.56 lakh crore, while personal income tax and collection from Hindu undivided families increased 6 per cent to over Rs 6.16 lakh crore. The Securities Transactions Tax (STT) collection jumped 53 per cent to Rs 40,214 crore during the period under review.

Refund issuance jumped over 29 per cent to cross Rs 2.2 lakh crore during this period.

Broad-based tax buoyancy

Analysts said the tax collection reflects the health of the economy and the strong tax base.

According to EY India, Tax Partner, Jayesh Sanghvi, with non-corporate tax now accounting for 48.7 per cent of the gross collection versus corporate tax's 48.5 per cent, the tax buoyancy is broad-based .

"Nominal GDP for June quarter of FY27 grew 10.3 per cent, and the FY27 Budget assumes full-year nominal growth of 10 per cent. Against that baseline, gross direct tax buoyancy runs at roughly 1.47, and net buoyancy at 1.26, a meaningful reversal from FY2025-26," Sanghvi said.

Grant Thornton Bharat, Partner Tax, Richa Sawhney, said direct tax collections continue to signal healthy underlying economic activity and the strength of the tax base. The steady growth in advance tax payments remains a positive indicator of taxpayer confidence, business performance and expectations of sustained income growth, as per PTI.

The government has budgeted to collect Rs 26.97 lakh crore from direct taxes in the current financial year. This is a 15 per cent growth over Rs 23.40 lakh crore collected in FY26.

(With inputs from PTI)

The NSE IPO received bids for 8,88,23,000 shares against 8,86,42,911 shares on offer, as per data available with the BSE till 2:56 PM.

The category for Qualified Institutional Buyers (QIBs) was subscribed 1.32 times, while the non-institutional investors portion garnered 1.37 times subscription. The retail investors quota received 66 per cent subscription.

The offering is India's second-largest public issue after Hyundai Motor India's Rs 27,870-crore IPO in 2024.

The NSE on Wednesday raised Rs 6,746 crore from anchor investors, including state-owned Life Insurance Corporation of India (LIC), Goldman Sachs and Fidelity.

Additionally, sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, as well as Eastspring and HSBC Global Asset Management, also participated in the anchor round.

The IPO comprises an Offer For Sale (OFS) of up to 12.64 crore equity shares by existing shareholders.
The exchange has fixed a price band of Rs 1,700-1,785 per equity share for the IPO. It will command a valuation of up to Rs 4.42 lakh crore at the upper end of the price band.

The issue will close on September 21.

The IPO surpassed the Rs 21,000 crore offering of LIC in 2022, but remains below Hyundai Motor India's record public offer.

Since the offering is entirely an OFS, the proceeds from the share sale will accrue to the existing shareholders and not to the NSE.

The public issue marks a significant milestone for the NSE, whose listing plans had remained stalled for nearly a decade amid regulatory hurdles, including those linked to the co-location controversy.

The reduction in the OFS size from the earlier planned 14.9 crore shares has brought down the overall issue size from the initial estimate of around Rs 30,000 crore.

NSE shares are expected to make their market debut on September 24.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

Moody's said India's real GDP growth rose to 8.2 per cent year-on-year in the first half of calendar year (CY) 2026, as against the 7.3 per cent for entire CY 2025. The faster growth was driven by stronger consumer spending, continued investment in public infrastructure, and a possible revival of private sector investment, while the services sector remained strong.

Resilience during West Asia crisis

"The economy's demonstrated resilience to the global shock wrought by the conflict in the Middle East has driven an upward revision to our forecast for real GDP growth in fiscal 2026-27 (year ending March 2027) to 7 per cent from 6 per cent previously," Moody's said.

The rating agency expects India to grow faster than all other G20 economies, however, it flagged elevated crude oil prices and El Nino impact on food prices as inflationary risks for the economy.

Inflation risks

"Looking ahead, in the absence of an enduring resolution to the conflict in the Middle East, elevated energy prices could push annual average inflation beyond our projection of 4.8 per cent for fiscal 2026-27, which is already significantly higher than the 2.4 per cent outturn in fiscal 2025-26, while El Nino-related disruptions could increase food price pressures, weighing on private consumption and economic activity," it added.

India is the third largest buyer and consumer of crude oil prices and has increased diversification of its crude import sources. The rating agency said this along with a sizeable foreign exchange reserves and strong domestic demand provide important buffers.

However, higher energy and fertilizer import costs, softer external demand and weaker remittance inflows from the Middle East could widen the current account deficit and weigh on growth momentum, it said.

It further said the fiscal policy response to the Middle East shock has been muted, reflecting the government's commitment to its target of reducing the central government deficit to 4.3 per cent of GDP in fiscal 2026-27 from 4.4 per cent the previous year.

India's GDP grew at 7.8 per cent in the first quarter of FY27, higher than the 7 per cent GDP growth estimates by the Reserve Bank of India (RBI).

(With inputs from PTI)

SP group has around 18 per cent stake in Tata Sons, the holding company of the USD 180 billion Tata Group.

The terms of the proposal

Tata Trusts said Noel Tata tabled the proposal received from the SP Group regarding monetisation of a portion of the Tata Sons shareholding held by Sterling Investments Corporation Private Limited (SICPL) and Cyrus Investments Private Limited (CIPL).

"The transaction envisages a sale of such number of Tata Sons shares held by SICPL and CIPL as would, at a minimum valuation, as determined in accordance with Rule 11UA of the Income Tax Rules 1962, yield a gross consideration of Rs 25,000 crore," according to a statement from Tata Trusts.

The proposed transaction would be carried out in two tranches over an 18-month period, with Tata Sons initiating a selective capital reduction process through the National Company Law Tribunal (NCLT). Selective capital reduction is a restructuring process where a company decreases its equity share capital by cancelling shares of particular shareholders in exchange for payment. Tata Trusts said that the valuation of Tata Shares would be done as per Income-tax fair value.

Trusts wants to find fair and equitable solution for SP Group

Besides, Noel Tata asked the board to consider ways of raising the funds, including Tata Sons' internal cash flows, the sale of listed investments, bringing investors into newer businesses and potential offers for sale linked to the listing of some operating companies.

"He requested the Board to take the necessary steps for initiating the NCLT process and authorise the operating team of Tata Sons and the Tata Trusts to continue discussions with the SP Group, and the bankers, and report to the Board," the statement said.

The proposal in the context of meetings and discussions held earlier between Noel Tata, Tata Sons Executive Chairman N Chandrasekaran and SP Group Chairman Shapoor Mistry.

Tata Trusts said the proposed initiative reaffirmed its desire to find a "fair and equitable solution" for the SP Group's Tata Sons holding.

The SP Group has long sought to unlock value from the privately held holding company to support its own debt repayment but it is difficult to monetise the stake because Tata Sons is unlisted.

Group's stocks trade lower

Shares of Tata Chemicals plunged 8.66 per cent to Rs 712.85, while Tata Investment Corporation declined 3.48 per cent to trade at Rs 694, Tata Consultancy Services (TCS) slipped to Rs 2130.10, 3 per cent lower on the BSE.

Similarly, Titan stock was down 1.56 per cent at Rs 4783.00, while Tata Motors Passenger Vehicles (TMPV) fell 2.96 per cent to Rs 305.35 and Tata Motors was at Rs 432.85  registering a fall of 0.73 per cent from the previous close.

Tata Elxsi, which hit a 52-week low of 3,325.30, was trading at Rs 3351.45 per share, a decline of 0.99 per cent from its previous close. Tata Power fell 0.37 per cent at Rs 366.95 and Tata Steel was at Rs 187.20, 0.43 per cent lower.

Tata Trusts calls Chandrasekaran's appointment illegal

Tata Sons on Thursday had reappointed Chandrasekaran as the Chairman for another five years, however, Tata Trusts Chairman Noel Tata had voted against this at the company's board meeting.

Tata Trusts, which together with affiliated trusts controls about 66 per cent of Tata Sons, had described the resolution as a "legal nullity", arguing that the company's Articles of Association require both Trust-nominated directors to support a chairmanship resolution. The Trusts said the resolution "was rendered legally void and without any basis", as Noel Tata had voted against it.

Moreover, the board had agreed to move ahead with the proposed listing of Tata Sons, the holding company of the USD 180 billion Tata conglomerate, which was also rejected by Noel Tata. 

Noel Tata had asked the holding company to explore other options apart from listing, stating that the Reserve Bank of India in its communication while rejecting the company's application to surrender its core investment company registration had not mentioned listing.  He added that the regulator has not prescribed any particular step, nor has it said "the company is in breach."

"What its legal effect is, and what it requires of this Company and by when, are questions upon which this
Board has formed no view," he said.

Tata Trust Chairman Noel Tata has pushed for the holding group company to remain private, saying that the listing will destroy its character.

"That is not sentiment. It is the operating model of this House, and it has stood the test of time for more than a century. A listing will destroy its character and strike at the heart of this principle," he said.

The Group's stocks had rallied on Thursday post the board's decision to reappoint Chandrasekaran and the listing plan.

Why was Tata Sons listing discussed?

The proposed listing of Tata Sons was discussed at the board meeting after the Reserve Bank of India rejected its application to surrender its core investment company registration. Tata Sons had sought de-registration in March 2024 after becoming debt free to avoid the listing requirement that applies to upper layer non banking financial companies (NBFCs). However, the regulator's decision means the holding company faces the mandatory listing.

Forex analysts said the retreat of crude prices below the 104-per-barrel level from a steep rise earlier this week eased pressure on the Indian currency, even as US bond yields fell from record highs after the US Federal Reserve hiked interest rates by 25 basis point.

At the interbank foreign exchange market, the rupee opened at 95.75 and gained slightly to trade at 95.73 against the greenback in early deals, up 16 paise from its previous close.

The local unit ended 2 paise higher at 95.89 against the American currency on Thursday, after declining 150 paise, or nearly 1.5 per cent, in the preceding eight sessions since the closing level of 94.43 against the greenback recorded on September 4.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent lower at 99.97.

Brent crude, the global oil benchmark, was trading 0.93 per cent lower at USD 103.85 per barrel in futures trade.

In domestic equities, Sensex rose 122.18 points, or 0.16 per cent, to 74,436.77, while the Nifty gained 23.55 points, or 0.10 per cent, to 23,294.15.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,208.76 crore on a net basis on Thursday, according to exchange data.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

The Trusts' statement comes amid Tata Sons board resolving to move ahead with the listing the holding company.

However, Tata Trusts, which along with affiliated trusts controls about 66 per cent of Tata Sons, said that all available options, not only a listing, should be examined urgently.

Tata Trusts against the listing of Tata Sons

"The Board agreed that all available options, and not listing alone, should be thoroughly explored and assessed on an immediate basis, with the findings and recommendations presented to the Board. Following this review, a separate Board meeting will be convened to consider the assessment and determine the appropriate course of action," it said.

Tata Trusts Chairman Noel Tata has pushed for the holding group company to remain private, saying that the listing will destroy its character.

"That is not sentiment. It is the operating model of this House, and it has stood the test of time for more than a century. A listing will destroy its character and strike at the heart of this principle," Noel Tata said in a statement.

The Trusts further pointed out that Tata Sons Board had already considered the matter of public listing and reached a unanimous conclusion in March 2024, under the guidance of the Ratan Tata, and had resolved that the company should remain unlisted. In July 2025, the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, also unanimously passed resolutions that the company should remain unlisted and the same was duly communicated to Tata Sons for necessary action. 

"Accordingly, the position of the Tata Trusts has remained consistent and unchanged," it said.

Noel Tata says RBI communication does not mention listing

Noel Tata in a statement to board members said, "This Board has already taken a decision on the question of whether this Company remains unlisted. A matter of this kind requires papers, explanations, advice and time, and I have no doubt that these are being assembled. The Board will need a full briefing."

Tata further pointed out that the RBI communication on September 11 "does not mention listing" and the regulator has not prescribed any particular step, nor has it said "the company is in breach."

What its legal effect is, and what it requires of this Company and by when, are questions upon which this
Board has formed no view," he said.

The operating structure of Tata Group is unique as it is premised on trust and its majority shareholder is a charity and he further said, "The principal activity of this company is to invest in and support the companies of the Tata Group. If Tata Sons is publicly listed, the rights of Tata Trusts as majority shareholders stand to be seriously impaired."

Speaking at the house of Tatas he said that the charity funds hospitals, universities, and research from the dividends it receives and exists for public purpose and for nation building.

In his statement to the board members, he further said, "A listed Tata Sons would be accountable to institutional and foreign shareholders whose legitimate interest is financial return. It is doubtful that such shareholders would sanction the deployment of capital to rescue a Group company in distress, or the funding of a greenfield venture whose returns lie fifteen years away. That is not a criticism of them. It is a description of their mandate, which is not ours."

Tata Sons application to surrender CIC registration rejected

The proposed listing of Tata Sons was discussed at the board meeting after the Reserve Bank of India(RBI) rejected its application to surrender its core investment company registration. Tata Sons had sought de-registration in March 2024 after becoming debt free to avoid the listing requirement that applies to upper layer non banking financial companies (NBFCs). However, the regulator's decision means the holding company faces the mandatory listing.

"The Board also resolved to initiate steps to comply with the applicable RBI Guidelines and will seek guidance from RBI, Tata Trusts and other stakeholders on applicable compliance requirements," Tata Sons had said in a statement on Thursday.

Shares of Tata Chemicals jumped 6.60 per cent, Tata Investment Corporation rallied 5.47 per cent, Tata Motors Passenger Vehicles surged 4.52 per cent, Tata Steel climbed 2.82 per cent, Tata Power was up 2.02 per cent, Tata Consumer Products edged higher by 1.17 per cent, Rallis India 0.89 per cent, Trent 0.86 per cent, Tata Elxsi 0.49 per cent, Voltas 0.42 per cent and TCS rose 0.21 per cent on the BSE.

The board's roughly three-hour meeting in Mumbai came weeks after Chandrasekaran, 63, told directors in August that he did not intend to seek reappointment when his current term ends on February 20, 2027.

"At the meeting of the Board on September 17, 2026, Chandra acceded to the Board's request to reconsider his decision. The Board thereafter resolved by a majority vote to re-appoint him as Executive Chairman for a further term of five years upon the expiry of his current tenure.

"The Board also resolved to initiate steps to comply with the applicable RBI Guidelines and will seek guidance from RBI, Tata Trusts and other stakeholders on applicable compliance requirements," Tata Sons said in a statement.

The board agreed to move ahead with the listing of Tata Sons, the holding company of the salts-to-software-and-cars group.

Both the decisions, which the Tata Trusts termed as "illegal", will have to be approved at the company's AGM.
However, Tata Trusts maintained that the resolution to re-appoint Chandrasekaran as Chairman of Tata Sons "is illegal position," reiterated at the Tata Sons Board meeting by Tata Trusts Chairman Noel N Tata, following a move to revisit Chandrasekaran's reappointment; Selection Committee to proceed in accordance with the Articles of Association.

The shift in the board's position follows the Reserve Bank of India's rejection last week of Tata Sons' application to surrender its registration as a non-banking financial company - a decision that revives the prospect of a stock market listing the company had spent more than a year trying to avoid, including by repaying more than Rs 21,000 crore in debt.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

Chandrasekaran last month had ruled out a reappointment when his current term ends in February, after the Tata Sons board could not reach a resolution on extending his tenure. 

Board reappoints Chandrasekaran for 5 years

"The Board received from Tata Trusts their unanimous resolution dated July 28, 2025 expressing their appreciation of the Chairman of Tata Sons, N. Chandrasekaran (Chandra), for his stewardship of the Group from 2017 onwards. In recognition of these efforts, the Tata Trusts resolved that he be re-appointed as Executive Chairman for a further term of five years upon the expiry of his current term," it said in its official statement.

"At the meeting of the Board on September 17, 2026, Chandra acceded to the Board’s request to re-consider his decision. The Board thereafter resolved by a majority vote to re-appoint him as Executive Chairman for a further term of five years upon the expiry of his current tenure," it added.

Tata Trusts calls it illegal

Tata Trusts, which along with affiliated trusts controls about 66 per cent of Tata Sons maintained that the resolution to re-appoint Chandrasekaran as Chairman of Tata Sons "is illegal position," reiterated at the Tata Sons Board meeting by Tata Trusts Chairman Noel Tata.

Noel Tata, chairman of Tata Trusts, voted against Chandrasekaran's reappointment, but the resolution passed by a majority vote of the board, PTI sources said, adding that Tata Trusts could contest the decision.

Board agrees to move ahead with Tata Sons listing

Tata Sons board during its three-hour meeting also proposed to go ahead with the listing of the company as mandated by the Reserve Bank of India.

"The Board also resolved to initiate steps to comply with the applicable RBI Guidelines and will seek guidance from RBI, Tata Trusts and other stakeholders on applicable compliance requirements," Tata Sons said in a statement.

Reserve Bank of India (RBI) had rejected Tata Sons' application to surrender its core investment company registration.

The rejection was conveyed in a letter received by Tata Sons' company secretary and chief financial officer, thus closing out an application the company filed in March 2024 seeking to deregister as a non-banking financial company, as per PTI.

Tata Sons,  the holding company of the USD 180-billion revenue Tata conglomerate, had sought de-registration in March 2024 after becoming debt free to avoid the listing requirement that applies to upper layer non banking financial companies (NBFCs). However, the regulator's decision means the holding company faces the mandatory listing.

The Shapoorji Pallonji Group, which holds about 18 per cent of Tata Sons is backing the listing to unlock value from its stake and support its own debt repayment.

Noel Tata, however wants the holding company of the Tata Group to remain private but if the listing materialises, it could rank among the largest IPOs in Indian history.

According to PTI, even a 1 per cent stake sale would be valued at an estimated Rs 15,000–20,000 crore, implying an overall valuation near Rs 20 lakh crore roughly USD 230 billion for the conglomerate, which holds controlling stakes in more than a dozen listed companies across steel, automobiles, software services, hospitality and aviation.

(With inputs from PTI)

The SEBI chief also clarified that the exchange has not sent any proposal seeking the regulator's approval for trading on its own platform. 

"No, there is no such letter, and there is no such requirement," Pandey told reporters on the sidelines of the National Bank for Financing Infrastructure and Development (NaBFID) Infrastructure Conclave 2026.

Permitted to trade route

The NSE will be listed on the rival bourse BSE as the regulator does not permit a recognised stock exchange to list on its own platform. However, under the permitted to trade route the shares of the exchange can trade on its own platform. 

Permitted to trade is not the same as listing as it only helps investors to buy and sell the security on another bourse, while a listed company has disclosure and compliance obligations towards the primary exchange where it is listed. 

Under the permitted to trade framework, an exchange can allow trading in shares that are listed on another recognised stock exchange. The company does not become listed on the exchange where its shares are permitted to trade.

NSE IPO opens for subscription 

The NSE's IPO is India's second-largest public issue after Hyundai Motor India's Rs 27,870-crore IPO in 2024.The NSE's three-day issue opened for subscription on Thursday. The issue is entirely an offer for sale (OFS) comprising 12.64 crore equity shares by existing shareholders, with the price band set at Rs 1,700-1,785 per share. As it is an OFS, the proceeds from share sale will accrue to the shareholders. It is expected to be listed on September 24. 

The issue got subscribed 9 per cent on the first day, having received bids for 81,99,336 shares against 8,86,42,911 shares on offer as per the data available on BSE till 10:16 am. On Wednesday, the exchange had garnered Rs 6,746 crore from anchor investors.

(With inputs from PTI)

The stock listed at Rs 139 on both the BSE and NSE. The shares later climbed 1.87 per cent to Rs 141.60 on the BSE.

The company's market valuation was Rs 4,421.85 crore.

The Rs 733-crore initial share sale of Asset Reconstruction Company (India) Ltd was subscribed 20.10 times on Friday last week.

Arcil fixed a price band of Rs 132-139 per share for its IPO, which was entirely an offer for sale (OFS). Since there was no fresh issue, Arcil did not receive any proceeds from the offering.

Asset Reconstruction Company (India) Ltd had garnered Rs 220 crore from anchor investors.

Arcil operates as an asset reconstruction company and is engaged in acquiring stressed assets from banks and financial institutions and implementing resolution strategies through restructuring, enforcement of rights over underlying securities and settlement.

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