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The week in Indian Business and Markets
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Jio moved from exceptional anchor demand to India's largest IPO, attracting heavy institutional and retail bidding and becoming fully subscribed within minutes. Its October 28 listing will determine whether subscription momentum can support a demanding valuation after trading begins.
Pressure spread from banks and large caps to midcaps, smallcaps and microcaps as foreign outflows, crude above $110 and weak breadth undermined valuations. Margin calls and retail deleveraging then turned the correction into a broader liquidity event.
Demand remained strong across Tonbo and HD Fire Protect, while companies including PRISM and Oyo reduced proposed issue sizes and EAAA prepared a large offer for sale. The expanding pipeline shows investor appetite, but also makes valuation, dilution and use of proceeds more important.
The RBI moved from repo injections to rejected Treasury-bill bids, currency support and large foreign-exchange operations as funding costs, crude prices and rupee pressure rose. These measures eased immediate stress but increased attention on intervention, rollover and balance-sheet risks.
The Supreme Court restored Rs 8,415 crore of Yes Bank AT1 claims, then bondholders pressed for overdue and future coupons that the bank may not pay this financial year. The ruling therefore increased both the bank's financial burden and the uncertainty around distributions.
Lenders reported strong profit, loan and asset growth, with lower provisions supporting recoveries at several banks and Mahindra Finance broadening beyond vehicle loans. Credit costs, margins and underwriting remain the constraints on extending that momentum.
Steel, cement and metals companies benefited from stronger volumes, prices or capacity plans, while HPCL and other refiners struggled to convert revenue and margins into profit. The divergence made operating costs, volume resilience and commodity exposure more decisive than a broad sector rally.
Swiggy fell to a record low as widening quick-commerce losses, cash burn and uncertain unit economics weakened confidence in growth without a clear profitability path. Even rebound calls did not establish a trend reversal.
Day’s Recap