Sebi has cleared initial public offerings for Cosmic PV Power, Monomark Engineering, RKB Global and the National Stock Exchange. The approvals point to a broader reopening of India’s primary market after a slower period.
9:16 AMEconomic Times43 stories from 5 sources
NSE IPO revival meets liquidity glut and regulatory scrutiny
Day’s Recap
Supporting Articles
The National Stock Exchange is expected to price its IPO near Rs 1,800 per share, announce a price band around September 15 and open the issue around September 18. A listing by September 25 could follow, subject to final approvals and execution.
8:59 AMEconomic TimesSebi has approved the draft plan for a proposed Rs 30,000 crore NSE IPO, moving the exchange closer to a public listing. The issue would be entirely an offer for sale, allowing existing shareholders to reduce their stakes, and follows a process begun in 2016.
7:39 AMEconomic Times
India’s National Stock Exchange has received regulatory approval to proceed with a potential record-setting IPO. The approval removes a major obstacle in the exchange’s years-long effort to list publicly.
7:38 AMBloomberg MarketsDebt investors are urging the Indian government to increase short-term bond issuance to absorb surplus rupee liquidity in the banking system. The government is reviewing its second-half borrowing schedule and is expected to announce it later this month.
7:49 AMEconomic Times
A record surplus of cash in India’s banking system has reduced demand for borrowing in the money market, leaving early trading unusually subdued.
4:21 AMBloomberg Markets
India’s forecast-beating June quarter growth has drawn scrutiny after a former government official alleged that the GDP figure is overstated. The dispute centers on whether the reported expansion reflects actual economic conditions.
1:52 AMCNBC
World Bank Executive Director Neelkanth Mishra said high-frequency indicators point to accelerating economic activity in India. His comments challenge doubts that strong headline growth is disconnected from conditions on the ground.
1:03 AMBloomberg Markets
World Bank Executive Director Neelkanth Mishra said a range of high-frequency indicators shows India’s economy gaining momentum. He pushed back against skepticism over the credibility of the country’s recent GDP data.
12:50 AMBloomberg MarketsSebi is reviewing how derivative settlement prices are calculated after sharp expiry day moves linked to the Closing Auction Session. Analysts expect it to consider separating derivative settlements from CAS closing prices rather than abolishing the auction mechanism.
4:42 AMEconomic TimesSebi has begun hearing representations in a case involving alleged prior knowledge of Hindenburg Research’s 2023 report on the Adani Group. The regulator is seeking to recover gains it believes were made from short positions established before the report triggered a major selloff, while Adani has denied wrongdoing.
4:26 AMEconomic TimesInflows under the FCNR(B) scheme could add Rs 10,000 crore to Rs 11,000 crore to annual banking-sector earnings, Jefferies estimates. The deposits may pressure margins initially but could particularly benefit small private banks and NBFCs while adding to India’s foreign-exchange reserves.
6:43 AMEconomic TimesFosun Pharma sold 99 lakh Gland Pharma shares, representing about 6% of the company, for Rs 2,800 crore through a block deal. The transaction reduced Fosun's stake to 45.77%, with Kotak, Axis and ICICI Prudential Mutual Funds among the major buyers, while Gland Pharma shares closed higher at Rs 2,932.40.
11:10 AMEconomic TimesSebi approves 3 IPOs of Cosmic PV, Monomark, RKB Global along with NSE
Summary
Sebi has cleared initial public offerings for Cosmic PV Power, Monomark Engineering, RKB Global and the National Stock Exchange. The approvals point to a broader reopening of India’s primary market after a slower period.
The key shift is the simultaneous clearance of four sizable offerings, including NSE’s long-delayed listing.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The approvals could accelerate India’s IPO pipeline and give public-market investors access to a wider set of businesses.
NSE likely to price IPO around Rs 1,800, list by September 25: Sources
Summary
The National Stock Exchange is expected to price its IPO near Rs 1,800 per share, announce a price band around September 15 and open the issue around September 18. A listing by September 25 could follow, subject to final approvals and execution.
NSE’s proposed timetable turns a long-delayed listing into an immediate market event, but the reported
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
NSE’s listing would unlock shareholder value and create a public-market valuation reference for India’s core exchange infrastructure.
Mega NSE IPO coming as Sebi approves Rs 30,000 crore public offer
Summary
Sebi has approved the draft plan for a proposed Rs 30,000 crore NSE IPO, moving the exchange closer to a public listing. The issue would be entirely an offer for sale, allowing existing shareholders to reduce their stakes, and follows a process begun in 2016.
Because the issue raises no fresh capital for NSE, its main effects will be price
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The listing could set a benchmark valuation for India’s exchange industry and unlock a major shareholder monetization.

India’s NSE Secures Regulatory Approval for Long-Awaited IPO
Summary
India’s National Stock Exchange has received regulatory approval to proceed with a potential record-setting IPO. The approval removes a major obstacle in the exchange’s years-long effort to list publicly.
Sebi’s approval brings the NSE listing materially closer, though the exchange still must complete the
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The IPO could become India’s largest and create a major new listed financial-market platform.
India debt investors call for higher short-term borrowing to absorb excess cash: Report
Summary
Debt investors are urging the Indian government to increase short-term bond issuance to absorb surplus rupee liquidity in the banking system. The government is reviewing its second-half borrowing schedule and is expected to announce it later this month.
The immediate issue is excess cash chasing too few investable assets, which can distort short-term
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The borrowing mix will influence short-term yields, bank investment returns, and the RBI’s liquidity management.

India’s Key Money Market Gets Unusually Quiet at Start of Trade
Summary
A record surplus of cash in India’s banking system has reduced demand for borrowing in the money market, leaving early trading unusually subdued.
The liquidity glut is suppressing short term funding activity and weakening the urgency to borrow.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Persistent excess liquidity could keep money market rates soft while raising questions about the strength of loan demand.

India’s June quarter GDP print is courting controversy. Here’s why
Summary
India’s forecast-beating June quarter growth has drawn scrutiny after a former government official alleged that the GDP figure is overstated. The dispute centers on whether the reported expansion reflects actual economic conditions.
The controversy creates a credibility risk around the growth narrative just as India seeks to
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A contested GDP print can raise borrowing, valuation and policy uncertainty even if underlying growth remains solid.

World Bank’s Mishra Pushes Back on Doubts Over India Growth
Summary
World Bank Executive Director Neelkanth Mishra said high-frequency indicators point to accelerating economic activity in India. His comments challenge doubts that strong headline growth is disconnected from conditions on the ground.
The debate is shifting from whether India is growing to whether GDP data accurately captures
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Investor confidence in India depends on whether broad-based activity confirms the economy’s strong reported growth.

World Bank's Mishra Pushes Back on India Growth Doubts
Summary
World Bank Executive Director Neelkanth Mishra said a range of high-frequency indicators shows India’s economy gaining momentum. He pushed back against skepticism over the credibility of the country’s recent GDP data.
The immediate issue is the gap between strong GDP numbers and doubts about their reliability.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The credibility of India’s growth data affects valuations, policy expectations and foreign investor confidence.
Market chaos after CAS: What exactly is Sebi reviewing and will it stop expiry-day wild swings?
Summary
Sebi is reviewing how derivative settlement prices are calculated after sharp expiry day moves linked to the Closing Auction Session. Analysts expect it to consider separating derivative settlements from CAS closing prices rather than abolishing the auction mechanism.
Delinking settlement values from CAS prices could reduce concentrated expiry day volatility without removing normal
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The review could change the mechanics of India’s derivatives market and reduce a recurring source of last minute price disruption.
Sebi moves ahead with action against Hindenburg, others in Adani case: Report
Summary
Sebi has begun hearing representations in a case involving alleged prior knowledge of Hindenburg Research’s 2023 report on the Adani Group. The regulator is seeking to recover gains it believes were made from short positions established before the report triggered a major selloff, while Adani has denied wrongdoing.
The proceedings move the dispute from investigation toward potential enforcement and financial recovery. Any findings
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The case could set a precedent for how Sebi treats trading based on information connected to activist research and market moving disclosures.
Bumper FCNR(B) inflows may dilute banks' margins but boost earnings by up to Rs 11,000 crore: Jefferies
Summary
Inflows under the FCNR(B) scheme could add Rs 10,000 crore to Rs 11,000 crore to annual banking-sector earnings, Jefferies estimates. The deposits may pressure margins initially but could particularly benefit small private banks and NBFCs while adding to India’s foreign-exchange reserves.
The deposits would expand banks’ funding base and generate incremental income, but the cost of
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
FCNR(B) inflows could strengthen bank earnings and external liquidity while reshaping funding advantages across lenders.
Gland Pharma block deal: Fosun Pharma divests 99 lakh shares worth Rs 2,800 crore
Summary
Fosun Pharma sold 99 lakh Gland Pharma shares, representing about 6% of the company, for Rs 2,800 crore through a block deal. The transaction reduced Fosun's stake to 45.77%, with Kotak, Axis and ICICI Prudential Mutual Funds among the major buyers, while Gland Pharma shares closed higher at Rs 2,932.40.
Fosun has monetized part of its Gland Pharma holding without giving up control, leaving the
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The sale raises Fosun's cash while testing whether institutional demand can absorb future promoter stake reductions without pressuring Gland Pharma's share price.
Other Developments
A curated list of other prominent stories from this day.
Mukesh Ambani is presenting Jio Platforms as a technology company, not just a telecom operator, by emphasizing its patents, artificial intelligence capabilities, and proprietary systems ahead of a potential IPO. Investors still lack clear evidence that these assets can generate enough commercial value to support a $120 billion to $140 billion valuation.
10:46 PMEconomic TimesSPML Infra’s proprietary 104.4 kWh battery energy storage pack has passed key international safety certification tests. The company plans to build manufacturing and integration operations in Pune to serve renewable-energy and grid-storage demand.
9:13 AMEconomic TimesAbout 4% of Swiggy’s equity changed hands in block deals, sending the shares up 2.53%. The stock also faces removal from the MSCI index on September 7 because of foreign ownership limits, while the company reported a narrower first-quarter FY27 net loss of Rs 791 crore.
8:57 AMEconomic TimesEight stocks in the BSE Commodities Index reached fresh 52-week highs, with monthly gains ranging from roughly 14% to 53%. Sudeep Pharma led the advance.
8:41 AMEconomic TimesIndian equities ended higher on Friday as easing expectations of an imminent US Federal Reserve rate hike supported a relief rally. The Nifty rose 0.1% and the Sensex gained 0.48%, with metal and banking stocks outperforming while HCL Tech and Bharti Airtel lagged.
8:16 AMEconomic TimesThe rupee gained two paise to close at 94.49 per dollar, extending its advance to six sessions amid foreign investment and stronger risk appetite. Higher crude prices, US-Iran tensions, and upcoming US payroll data could limit or reverse the move.
6:49 AMEconomic TimesOla Electric launched its first dealer-led stores across seven states, a month after opening its sales and service network to partners. The company plans to expand to more than 500 dealerships over the next two quarters, and its shares rose nearly 4%.
6:41 AMEconomic Times
A weaker rupee is providing limited support to Indian exporters, HSBC says. High tariffs and gaps in domestic manufacturing are reducing the competitiveness gains that currency depreciation would normally deliver.
6:11 AMBloomberg Markets
GQG Partners’ sale of Adani Energy Solutions shares during Monday’s closing auction overwhelmed passive-fund demand, according to people familiar with the transaction. The imbalance contributed to a 10% one-day decline in the stock.
6:09 AMBloomberg Markets
Air India’s owners are providing a $1.1 billion financial lifeline but are demanding stronger results in return. The funding signals continued support for the airline while increasing pressure to improve performance.
5:55 AMSkiftRetail investors increased their holdings in 98 BSE 500 companies for the second consecutive quarter through June 2026. Ten of these stocks delivered CY26 gains of 21% to 80%, led by RR Kabel, Sai Life Sciences and Emmvee Photovoltaic Power.
5:09 AMEconomic TimesIndia’s defence stocks are benefiting from higher spending, domestic manufacturing, export growth and large order pipelines. Bajaj Broking remains bullish on Bharat Dynamics and Hindustan Aeronautics, citing strong backlogs, improving execution and long term military modernisation.
4:20 AMEconomic Times
Feuds among India’s corporate tycoons are intensifying as leading business groups compete over relatively small markets and opportunities.
3:45 AMBloomberg MarketsIndian value stocks are recovering after lagging during the previous bull market. ICICI Securities identified 10 candidates, including Vedanta, ONGC and Indian Oil, using earnings yield, return on equity, valuation, earnings trends and potential catalysts.
3:23 AMEconomic TimesJM Financial began coverage of OnEMI Technology Solutions with a Buy rating and a target price of Rs 385, about 28% above the reference price of Rs 301. The brokerage based its valuation on the Kissht digital lending platform, its mass-market borrower focus, and a multiple of two times estimated FY28 book value.
3:18 AMEconomic Times
Balaji Telefilms will produce five shows totaling 200 episodes for YouTube in India under a new partnership led by Ekta Kapoor and YouTube India managing director Gunjan Soni. The deal is designed to move long-running Indian fiction from traditional appointment television onto YouTube's platform.
2:48 AMVarietyKotak Securities identifies 10 stocks positioned to benefit from India’s festive and wedding-season demand. The period typically lifts consumer footfalls, order volumes, average ticket sizes and company margins across selected sectors.
2:30 AMEconomic TimesJio IPO: Ambani’s tech titan listing story isn’t yet credible: View
Summary
Mukesh Ambani is presenting Jio Platforms as a technology company, not just a telecom operator, by emphasizing its patents, artificial intelligence capabilities, and proprietary systems ahead of a potential IPO. Investors still lack clear evidence that these assets can generate enough commercial value to support a $120 billion to $140 billion valuation.
Jio’s valuation case depends on proving that its technology produces durable profits beyond connectivity, not
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The IPO will test whether Indian investors will pay technology-company multiples for a business whose earnings remain anchored in telecom.
SPML Infra's proprietary 104.4 kWh BESS battery pack clears key global certification tests
Summary
SPML Infra’s proprietary 104.4 kWh battery energy storage pack has passed key international safety certification tests. The company plans to build manufacturing and integration operations in Pune to serve renewable-energy and grid-storage demand.
Certification removes a major barrier to commercial deployment, but it does not yet prove scale
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The certification strengthens India’s domestic energy-storage supply chain as renewable power increases the need for grid flexibility.
Swiggy sees 4% equity change hands in block deals; shares gain 2.5%
Summary
About 4% of Swiggy’s equity changed hands in block deals, sending the shares up 2.53%. The stock also faces removal from the MSCI index on September 7 because of foreign ownership limits, while the company reported a narrower first-quarter FY27 net loss of Rs 791 crore.
The block activity signals a major ownership reshuffle, but the MSCI exclusion could create passive
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Swiggy’s near-term share performance will reflect both improving fundamentals and forced portfolio flows tied to foreign ownership limits.
Sudeep Pharma among 8 commodities stocks hitting 52-week highs; rallied up to 55% in a month
Summary
Eight stocks in the BSE Commodities Index reached fresh 52-week highs, with monthly gains ranging from roughly 14% to 53%. Sudeep Pharma led the advance.
The breadth of the move shows strong momentum across selected commodity-linked names, but gains of
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The surge puts commodity stocks on investors’ radar while increasing the risk that valuations have moved ahead of fundamentals.
Market wrap: RIL,Tata Steel, Bharti Airtel, HCL Tech top gainers and losers on Nifty and Sensex on Friday
Summary
Indian equities ended higher on Friday as easing expectations of an imminent US Federal Reserve rate hike supported a relief rally. The Nifty rose 0.1% and the Sensex gained 0.48%, with metal and banking stocks outperforming while HCL Tech and Bharti Airtel lagged.
The advance was driven more by a shift in rate expectations than by a broad
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Indian stocks remain highly sensitive to US rate expectations, with sector performance likely to rotate as global policy signals change.
Rupee rises 2 paise to close at 94.49 against US dollar
Summary
The rupee gained two paise to close at 94.49 per dollar, extending its advance to six sessions amid foreign investment and stronger risk appetite. Higher crude prices, US-Iran tensions, and upcoming US payroll data could limit or reverse the move.
The recent appreciation reflects improved market sentiment, but it remains vulnerable to imported energy costs
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The rupee’s run of gains faces competing pressures from capital inflows, oil prices, and global rate expectations.
Ola Electric shares gain 4% as EV maker rolls out first dealer-led stores
Summary
Ola Electric launched its first dealer-led stores across seven states, a month after opening its sales and service network to partners. The company plans to expand to more than 500 dealerships over the next two quarters, and its shares rose nearly 4%.
The dealer rollout shifts Ola Electric from a largely company-controlled retail model toward faster, partner-led
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Ola's ability to build a reliable retail and service network will determine whether its broader EV ambitions can translate into sustained sales.

India’s Weak Rupee Fails to Deliver Export Payoff, HSBC Says
Summary
A weaker rupee is providing limited support to Indian exporters, HSBC says. High tariffs and gaps in domestic manufacturing are reducing the competitiveness gains that currency depreciation would normally deliver.
Currency weakness cannot compensate for costly imports, tariff barriers, and insufficient local production capacity. Exporters
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
India cannot rely on depreciation to lift exports without improving manufacturing depth and market access.

GQG Sale of Adani Energy Shares Said to Disrupt Hedge Fund Bets
Summary
GQG Partners’ sale of Adani Energy Solutions shares during Monday’s closing auction overwhelmed passive-fund demand, according to people familiar with the transaction. The imbalance contributed to a 10% one-day decline in the stock.
The episode shows how a large institutional exit can overwhelm index-related buying and amplify price
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A single block trade exposed the liquidity risks behind seemingly well-supported Indian large-cap stocks.

Air India’s $1.1 Billion Lifeline Comes with Conditions: Reports
Summary
Air India’s owners are providing a $1.1 billion financial lifeline but are demanding stronger results in return. The funding signals continued support for the airline while increasing pressure to improve performance.
The capital injection buys Air India more time, but the conditions point to a shift
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Air India remains backed by its owners, but future funding is becoming conditional on execution rather than ambition.
Retail investors raise stakes in 10 stocks for two straight quarters; shares rally up to 80% in CY26
Summary
Retail investors increased their holdings in 98 BSE 500 companies for the second consecutive quarter through June 2026. Ten of these stocks delivered CY26 gains of 21% to 80%, led by RR Kabel, Sai Life Sciences and Emmvee Photovoltaic Power.
The data points to sustained retail conviction despite muted market-wide performance, but the strongest gains
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Retail participation is becoming a more important force in stock performance, especially in pockets where institutional and broader market support is limited.
Will BDL, HAL & other defence stocks deliver rocketing returns? Here’s why this brokerage remains bullish
Summary
India’s defence stocks are benefiting from higher spending, domestic manufacturing, export growth and large order pipelines. Bajaj Broking remains bullish on Bharat Dynamics and Hindustan Aeronautics, citing strong backlogs, improving execution and long term military modernisation.
The sector’s earnings case depends on converting policy support and order wins into timely production
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Defence remains a structural growth theme, but returns will depend more on execution and pricing than on order announcements alone.

India’s Billionaires Are Fighting Over Crumbs
Summary
Feuds among India’s corporate tycoons are intensifying as leading business groups compete over relatively small markets and opportunities.
The disputes point to a more crowded phase of India’s growth story, in which established
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Rivalry among dominant groups can influence investment, regulation and the allocation of future growth industries.
Value stocks are making a comeback in India. These 10 stocks could benefit
Summary
Indian value stocks are recovering after lagging during the previous bull market. ICICI Securities identified 10 candidates, including Vedanta, ONGC and Indian Oil, using earnings yield, return on equity, valuation, earnings trends and potential catalysts.
The shift suggests investors are rotating toward cheaper companies as expectations for high growth become
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A durable value rotation would broaden market leadership beyond expensive growth stocks and change where new capital flows.
JM Financial initiates coverage on OnEMI Technology with Buy call, sees 28% upside
Summary
JM Financial began coverage of OnEMI Technology Solutions with a Buy rating and a target price of Rs 385, about 28% above the reference price of Rs 301. The brokerage based its valuation on the Kissht digital lending platform, its mass-market borrower focus, and a multiple of two times estimated FY28 book value.
The call depends on OnEMI converting its mass-market lending position into sustained book-value growth through
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The initiation puts investor attention on whether digital lenders can scale mass-market credit without sacrificing asset quality.

Ekta Kapoor, Gunjan Soni Unpack Balaji’s Five-Show, 200-Episode YouTube India Deal (EXCLUSIVE)
Summary
Balaji Telefilms will produce five shows totaling 200 episodes for YouTube in India under a new partnership led by Ekta Kapoor and YouTube India managing director Gunjan Soni. The deal is designed to move long-running Indian fiction from traditional appointment television onto YouTube's platform.
The agreement shifts a major television producer toward serialized digital distribution without abandoning the scale
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A 200-episode commitment suggests YouTube is moving beyond short-form creator content to compete directly for India's television audience.
Which stocks should you buy ahead of the festive season? Here are Kotak Securities’ top 10 picks
Summary
Kotak Securities identifies 10 stocks positioned to benefit from India’s festive and wedding-season demand. The period typically lifts consumer footfalls, order volumes, average ticket sizes and company margins across selected sectors.
The key shift is a seasonal demand catalyst moving into focus as the festive calendar
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Festive demand could create a temporary earnings boost for consumer and discretionary stocks, making stock selection and valuation discipline critical.
Make it yours
Build Your First Pass.
Pick your topics, set your cadence, and receive your personalized First Pass in your inbox. It’s that simple!