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Articles by Aparna Deb,News18

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US PE Giant TGH In Talks To Invest Up To $6 Billion In Vodafone Idea
Technology

US PE Giant TGH In Talks To Invest Up To $6 Billion In Vodafone Idea

Private equity firm Tillman Global Holdings (TGH) is in advanced discussions to invest $4–6 billion (Rs 35,000–52,800 crore) in Vodafone Idea (Vi) and assume operational control of the loss-making telecom operator, The Economic Times reported, citing people familiar with the talks. However, the investment will only proceed if the government offers a comprehensive support package addressing all of Vi’s liabilities, including AGR dues and spectrum payments, according to the report. “If the deal happens, TGH will take promoter status and take control from existing promoters Aditya Birla Group and Vodafone Plc,” one person told ET, adding that the government, which holds nearly 49% in Vi, would remain a passive minority investor. The New York–based PE firm is not seeking a full waiver of dues but wants a restructuring package to give the telco breathing space, sources told ET. The firm has submitted a detailed proposal to the government, and both the investment and relief package are expected to be contingent on each other. Talks have reportedly resumed after TGH walked away last year when Vi chose to raise funds via institutional share sales. Vi had raised Rs 24,000 crore last year but has struggled to secure the planned Rs 25,000 crore debt. According to ET, an investment by TGH would result in the dilution of existing promoter stakes, with the government likely maintaining a holding below 49% through the conversion of dues over time into equity. Currently, the government owns 48.99%, while Aditya Birla Group and Vodafone Plc hold 9.50% and 16.07%, respectively. The telco faces a critical deadline at the end of this fiscal year, when repayment of AGR dues is due to begin. ET noted that while the Supreme Court recently offered some relief, ambiguity remains on whether it covers the full AGR liability or only an additional Rs 9,000 crore demand. The Department of Telecommunications has earlier explored options to ease Vi’s Rs 84,000 crore regulatory dues after the company cited its inability to pay. TGH specialises in digital and energy transition infrastructure and is led by Sanjiv Ahuja, credited with turning around France’s Orange telecom between 2003–07. The firm has previously evaluated Vi for 18 months before pulling back, and has investments in fibre and tower assets globally.

Air India Seeks $1.14 Billion Lifeline From SIA And Tata: Report
Technology

Air India Seeks $1.14 Billion Lifeline From SIA And Tata: Report

Air India is seeking at least 100 billion rupees ($1.14 billion) in financial support from owners Singapore Airlines and Tata Sons, Bloomberg News reported on Thursday, citing people familiar with the matter. The development follows a deadly Air India crash in June that killed more than 240 passengers, plunging the carrier into its worst crisis and complicating its push to restore its reputation and modernize its fleet. The Tata Group-owned carrier is requesting funds to overhaul Air India’s systems and services as well as developing in-house engineering and maintenance departments, the report said. Any financial support would be proportional to ownership, Bloomberg said, adding that the owners would decide if the funding will be an interest-free loan or via equity. Tata Group, which bought Air India in 2022, has a 74.9% stake in the airline, with Singapore Airlines holding the rest. Reuters could not immediately verify the report. Air India, Singapore Airlines and Tata Sons did not immediately respond to Reuters’ requests for comment. Earlier this week, Air India’s CEO vowed to improve the carrier’s internal practices. ($1 = 87.8950 Indian rupees)

India Records Busiest IPO Month In October As Fundraising Hits Record Rs 46,000 Crore
Technology

India Records Busiest IPO Month In October As Fundraising Hits Record Rs 46,000 Crore

India’s primary market delivered a historic performance in October, marking the busiest month ever for mainboard IPOs. Fourteen public issues were launched during the month, collectively targeting more than Rs 46,000 crore, the largest fund mobilisation goal in any single month in India’s capital-market history. The surge was driven by two marquee offerings. Tata Capital raised over Rs 15,512 crore, while LG Electronics India garnered Rs 11,607 crore through their mainboard listings — together accounting for more than half of the fundraising activity. The pipeline remained crowded, with Lenskart Solutions set to open for subscription on October 31, aiming to raise Rs 7,278 crore. Other notable IPOs during the month included WeWork India, Canara HSBC Life Insurance, Orkla India, and Rubicon Research. October’s tally eclipsed the previous record set in October 2024, when six IPOs mobilised Rs 38,690 crore. The third-largest month on record remains November 2021, which saw nine IPOs raising Rs 35,665 crore, followed by November 2024 with eight IPOs collecting Rs 31,145 crore. The fifth-biggest month was May 2022, when eight IPOs garnered over Rs 29,510 crore. This blockbuster activity caps an exceptional year for the primary market. Year-to-date in 2025, 89 IPOs have raised more than Rs 1.38 lakh crore, second only to 2024, when fundraising crossed Rs 1.6 lakh crore. The record issuance has come even as domestic equities experienced periods of weakness, diverging from strong global markets, supported by ample liquidity and robust investor participation. Market sentiment remains optimistic. K. Balasubramanian, CEO for India Subcontinent and Banking Head at Citi, said 2025 has already exceeded expectations and is likely to end on a strong note. “Between now and December 15, we may see another $10–15 billion of capital being raised from the market, assuming conditions remain constructive,” he noted. Addressing valuation concerns, Balasubramanian said the pricing is backed by growth potential. “Consumption will remain a defining India theme. Our penetration across key product categories is still much lower than other Asian markets. Even with modest multipliers, the growth runway here is long and structural,” he added. With several major deals still awaiting launch and investor demand staying firm across categories, India’s IPO market appears squarely in a record-setting phase — and the year’s biggest offerings may still lie ahead.

Metal Index Hits All-Time High Ahead Of Trump-Xi Meet; SAIL, Hind Copper Surge Up To 8%
Technology

Metal Index Hits All-Time High Ahead Of Trump-Xi Meet; SAIL, Hind Copper Surge Up To 8%

Metal stocks surged on October 29, propelling the Nifty Metal index over 2% higher in morning trade to a record 10,824.70. The rally was driven by optimism over easing US-China trade tensions and growing expectations of a US Federal Reserve rate cut. The index has now gained more than 4% over six sessions. Steel, Copper Stocks Lead Gains Steel Authority of India (SAIL) jumped nearly 8% to ₹142 ahead of its Q2 FY26 results, while Hindustan Copper climbed over 3%. Hindustan Zinc and NMDC rose close to 3% each, and Vedanta, JSW Steel, and Tata Steel advanced over 2%. Jindal Stainless and NALCO gained more than 1%, while Jindal Steel & Power, Adani Enterprises, APL Apollo Tubes, and Hindalco added around 1%. Global Drivers: Trump-Xi Talks & Fed Outlook US President Donald Trump is expected to meet Chinese President Xi Jinping on the sidelines of an international summit in South Korea later this week. Trump said he anticipates “a lot of problems” will be resolved during the talks, lifting hopes of trade de-escalation after announcing steep tariff hikes on Chinese goods last week. Expectations of lower US interest rates also supported the rally. The Federal Reserve, led by Jerome Powell, is widely expected to cut rates by 25 basis points after its FOMC meeting, according to CME’s FedWatch Tool. “While the Fed is expected to cut rates by a quarter point, traders will watch Powell’s comments for cues on future policy direction,” said Devarsh Vakil, Head of Prime Research, HDFC Securities. Lower rates typically boost demand for non-yielding assets like metals. Tight global supply and firm demand trends have further strengthened the outlook for metal prices.

Stock Market Updates: Sensex Down Over 100 Points, Nifty Below 25,900; Cipla, Kotak Bank Slip 2% Each
Technology

Stock Market Updates: Sensex Down Over 100 Points, Nifty Below 25,900; Cipla, Kotak Bank Slip 2% Each

Sensex Today: Indian equity benchmarks, Sensex and Nifty, are expected to open higher on Friday, tracking strong global cues and optimism surrounding the potential India–US trade deal. At 7:30 AM, GIFT Nifty futures were trading 9 points up at 26,020.5, indicating a mildly positive start for domestic markets. Shares of Hindustan Unilever (HUL) and Colgate-Palmolive (India) will be in focus following their Q2FY26 earnings announcements. Global Cues Across Asia, markets traded higher after the White House confirmed that US President Donald Trump and Chinese President Xi Jinping will hold discussions next week during Trump’s Asia visit. Japan’s Nikkei 225 advanced 1.1%, Hong Kong’s Hang Seng rose 0.95%, and South Korea’s KOSPI gained 1.29%. Overnight, US markets closed higher, led by gains in technology stocks following upbeat corporate earnings. The S&P 500 climbed 0.6%, the Nasdaq Composite surged 0.9%, and the Dow Jones Industrial Average added 0.3%.

IPO Rush Ahead: Markets Gear Up For Rs 40,000-Crore Listing Wave By November-End
Technology

IPO Rush Ahead: Markets Gear Up For Rs 40,000-Crore Listing Wave By November-End

Indian equity markets are gearing up for a busy IPO season, with ten companies expected to collectively raise over Rs 40,000 crore through public offerings by the end of November, according to people familiar with the matter. The upcoming IPO pipeline includes Billionbrains Garage Ventures (parent of Groww), Lenskart Solutions, ICICI Prudential AMC, Pine Labs, PhysicsWallah, Tenneco Clean Air, Prestige Hospitality, Orkla India (known for MTR Foods), Boat, and Park Medi World, which operates the Park Hospitals network. Orkla India has already announced its IPO, which will open for subscription on October 29 and close on October 31, with anchor book bidding starting on October 28. The Rs 1,668-crore offer will be a pure offer for sale (OFS) at a price band of Rs 695–730 per share. According to sources, Billionbrains Garage Ventures and Lenskart are likely to hit the market later this month. Groww’s parent is expected to raise about Rs 6,500 crore, while Lenskart may mop up around Rs 6,000 crore through a mix of fresh issuance and promoter OFS. Both issues are expected to reserve 10% for retail investors. Meanwhile, Pine Labs is reportedly planning to raise around Rs 5,500 crore, and ICICI Prudential AMC could mobilize over ₹9,000 crore, making it one of the largest offerings in this wave. Other IPOs in the pipeline include PhysicsWallah (Rs 3,800 crore), Tenneco Clean Air (Rs 3,000 crore), Prestige Hospitality (Rs 2,500 crore), Boat (Rs 2,000 crore), and Park Medi World (Rs 1,200 crore). Despite volatility in the secondary market, India’s primary market has remained active through 2025. So far this year, 88 companies have gone public, raising over Rs 1.24 lakh crore. However, listing performance has been mixed — of the 85 mainboard IPOs this year, 29 debuted below issue price, 27 saw modest gains (1–10%), 12 gained 11–20%, 13 rose 25–50%, and only three delivered listing gains above 50%.

UPI Sees Record October: Transactions Jump 13% Amid Diwali Sales, GST Cuts
Technology

UPI Sees Record October: Transactions Jump 13% Amid Diwali Sales, GST Cuts

The Unified Payments Interface (UPI), India’s real-time digital payment system, is on track for a record-breaking October, driven by Diwali festivities and lower goods and services tax (GST) rates. According to the National Payments Corporation of India (NPCI), which operates the platform, the average daily value of UPI transactions has surged 13 percent over September, reaching Rs 94,000 crore, with over a week still remaining in the month. This marks one of the highest month-on-month growth rates for UPI in recent years, a system that now accounts for 85 percent of all digital transactions in India. Transaction volumes hit new highs UPI volumes have repeatedly touched record levels this month. On Diwali eve, the platform recorded a historic 740 million transactions in a single day. The average daily volume for October so far is 695 million, up more than 6 percent from the previous record of 654 million in September. Last year, festival sales similarly boosted UPI growth, as both Dusshera and Diwali fell in October. This year, Dusshera occurred in September, with Diwali on October 20. Rs 1 lakh crore daily transactions repeatedly By October 20, UPI had crossed the Rs 1 lakh crore daily transaction mark six times, compared with just three days in September. Typically, payment platforms see monthly peaks during the first few days due to salary and EMI payments, which then taper off mid-month. NACH credit transactions, which include salary payments, are also higher at the start and end of the month. All-time highs in sight With this momentum, UPI is poised to achieve its highest-ever monthly figures for October, potentially surpassing Rs 28 lakh crore in total transaction value, compared to the current record of Rs 25 lakh crore. While the final days of the month could see some decline, daily values of Rs 94,000 crore already far exceed previous peaks of Rs 81,000 crore in May and Rs 83,000 crore in September. The drop in most digital payments in September can be attributed to consumers waiting for the GST rate cuts, which came into effect from September 22. Credit card payments lag In contrast, credit card transactions in October have trended lower than September, when ecommerce-driven sales peaked. Flipkart’s Big Billion Days and Amazon’s Great Indian Festival pushed online credit card spending to a record Rs 1.18 lakh crore in September, with daily transactions surpassing Rs 10,000 crore for the first time on September 22, coinciding with the start of festival sales.

Netflix Shares Plunge 6.5% After Q3 Earnings Miss: Key Reasons Behind The Drop
Technology

Netflix Shares Plunge 6.5% After Q3 Earnings Miss: Key Reasons Behind The Drop

Netflix Inc. shares fell more than 6% on Tuesday, 21 October, after the streaming giant missed Wall Street’s third-quarter earnings expectations due to an unexpected expense from a Brazilian tax dispute. The stock closed down 6.5% at $1,160 by 7:59 pm (EDT) on Tuesday, according to MarketWatch data. Netflix reported quarterly operating income of $3.24 billion, approximately $400 million below forecasts and analyst estimates, Bloomberg reported. What is Netflix’s Brazilian tax dispute? In 2022, Netflix paid roughly $619 million to settle a multi-year tax dispute with Brazilian authorities. Although the company had disclosed the potential risk in earlier filings, it did not include the expense in its earnings guidance. Netflix noted that without this tax outlay, quarterly results would have exceeded expectations. Impact on future results Netflix said the Brazilian tax matter is not expected to have a material impact on future earnings. Programming highlights Despite the setback, Netflix benefited from a strong content lineup, including the popular movie KPop Demon Hunters, the second season of Wednesday, a sequel to the comedy Happy Gilmore, and a high-profile boxing match between Canelo Álvarez and Terence Crawford. Investor concerns: viewer time and AI content Investors remain cautious about stagnating viewer time on the platform and the potential competition from AI-generated video content. Most streaming growth currently occurs on free platforms like YouTube, Roku, and Tubi, Bloomberg reported. Netflix, however, highlighted record subscriber engagement for the quarter. The company’s content slate for the final three months of the year includes the last season of Stranger Things, a sequel to Knives Out, and new films from Guillermo del Toro and Kathryn Bigelow. Executive insights Co-CEO Ted Sarandos stated that Netflix’s total global audience, including multiple viewers per subscriber account, is approaching 1 billion. Co-CEO Greg Peters added, “We have a better understanding of the streaming business than any of our competitors.” Financial performance and outlook Netflix generated $2.66 billion in free cash flow during Q3, exceeding Wall Street estimates, and raised its full-year forecast to roughly $9 billion. The company plans to use some of this capital for share repurchases, content investment, and potential mergers and acquisitions. Bloomberg reported that Netflix is eyeing certain assets from Warner Bros. Discovery Inc.