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The month in Indian Business and Markets
Longest running story: 28 days
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The new closing-auction system moved from sharp swings during early expiries to severe price distortions, exchange divergences and extreme options moves. Regulatory scrutiny intensified as weak participation and an approaching MSCI-linked flow raised questions about whether the mechanism can handle large institutional orders.
IPO activity broadened from a large pipeline into a near-record wave of issuance, with selected offerings drawing exceptional subscriptions and grey-market premiums despite weak secondary-market conditions. The crowded September calendar, scrutiny of smaller issues and the Trafiksol unwind shifted attention from demand alone to listing performance, valuations, disclosures and market capacity.
The government expanded LIC's offering after strong demand, completing the sale at a discount while increasing public float and leaving supply pressure in the market. It repeated that divestment push with Hindustan Copper, where institutional demand triggered the full greenshoe option and potentially doubled the stake sold.
Higher crude prices and renewed Middle East tensions drove a prolonged equity selloff before short covering and selective resilience produced rangebound trading. Sanctions, attacks on Russian-linked supply and weaker foreign-currency inflows then extended the pressure to the rupee, inflation, margins and bond yields, although record reserves and NRI deposits provided a cushion.
Jio Credit secured a potential investment of up to 49.9% from Bank of America, bringing capital and international lending expertise to its digital-credit expansion. Repeated regulatory clearances then moved Jio Platforms toward a roughly Rs 37,000 crore IPO that could set a benchmark for India's digital economy.
N. Chandrasekaran's planned departure from Tata Sons turned a leadership dispute into a broader market concern and erased substantial value across Tata-linked companies. Investors began focusing on whether a successor can preserve governance, capital allocation and the group's semiconductor, manufacturing, airline and technology ambitions.
Foreign investors shifted from large banks toward consumption, healthcare, consumer durables and later selected financial, metal and technology names. The return of buying did not restore broad conviction because profit growth remained concentrated, the rupee weakened and concerns about valuations and crowded small-cap trades persisted.
Concern over HDFC Bank CEO Sashidhar Jagdishan's tenure became an active succession process after he declined reappointment. The market must now assess whether a new leader can maintain the bank's execution and asset-quality momentum.
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