Daily Market News Update - 09th-10th November 2026

Midnight News Update: 09-10 Nov 2026

Two major IPOs have got the go ahead from SEBI. MMT India was a confidential filing for an offer for sale (OFS) of approximately $1 billion (₹9,400 crore). Shares will be offered by it parent Make My Trip and Ibibo Holdings Singapore in the OFS. The parent company will reinvest the funds in MMT India to bankroll its growth. Veritas Finance, backed by Norwest Venture Partners and Kedaara Capital, has also got approval for its IPO. The IPO will entail a fresh issue of ₹900 crore and OFS of 1.28 crore shares. Fresh issue proceeds will be used to augment capital buffers.

The Directorate General of Trade Remedies (DGTR) is likely to restrict the import of soda ash, at the request of the India Soda Ash industry. The proposal is for an import quota of 7.55 lakh tonnes in the first year and 7.93 lakh tonnes in the second year. Soda ash is a key raw material used in glass, detergents and chemicals. Too much of cheap imports has resulted in dumping into India and the fall in price is impacting the domestic soda ash industry. Among companies with biggest share of domestic soda ash are GHCL, Tata Chemicals, DCW, and Tuticorin Alkalis.

With telecom companies unwilling to lose the bottom-of-pyramid customers, they are targeting ARPU growth via plan segmentation. The decision of Airtel to bring back its 299 plan shows the limit to which prices can be hiked. Jio has adopted a new model to boost ARPUs. Instead of relying entirely on tariff hikes, Jio has focused on more aggressive subscriber addition and upgrading more of them to higher value-added services. Bharti Airtel, on the other hand, is looking to charge more for higher data consumption and monetizing unlimited data usage to boost ARPUs.

With rising power investments likely, Kalpataru Projects has seen its order inflows surge by 60% in the first half of FY27 to ₹23,900 crore. As a result, its total order book position has now scaled up to ₹71,900 crore. That is an order book equivalent to nearly 2.5 years of sales visibility. The order book is expected to grow at a CAGR of around 20% over the next 3 financial years. While power sector orders have been the safe bet for the company; it is Buildings & Factories (B&F) and Oil & Gas that are proving the real growth drivers. Brokers have revised targets upwards.

The ₹3,080 crore bio-plastics plant of Balrampur Chini is expected to start commercial production in the first quarter of 2027. The plant will produce Poly Lactic Acid Bioplastics from renewable sources like sugarcane and corn starch. The bioplastics plant will have a capacity of 80,000 tonnes per annum (TPA). The company has funded this capex of ₹3,080 crore through a mix of debt, equity, and internal accruals. At full capacity, the bioplastics unit in Uttar Pradesh will generate revenues of ₹2,000 crore per annum. Balrampur already has 10 sugar plants in Uttar Pradesh.

With its traditional tractors business under pressure amid weak Kharif and Rabi sowing this year, Mahindra & Mahindra is looking at other big avenues of growth. It will focus on SUVs, EV expansion and global aerospace orders to drive earnings in the coming quarters. M&M is already the second largest player in the EV space in India after Tata Motors and virtually drives the growth in the SUV segment in India. For Q2FY27, M&M had delivered double-digit sales and profit growth. This was helped along by robust SUV demand, traction in EVs, and financial services, IT and logistics.

If you go by the latest updates from Jefferies, the tide appears to be turning. In its latest Asia model portfolio, Jefferies has increased India’s weight by 200 bps to 14%, while the weight of Korea and Taiwan has been cut by 100 bps each to 18% and 24% respectively. The Taiwanese and Korean markets were closely tied to semiconductors and AI, and that cycle has been reversing. India is now being seen as less exposed to a fall in AI spending. Interestingly, AI spending by the Big-4 is pegged at $1.04 trillion in 2027, but equity markets are less willing to fund this capex.

FPIs have now infused $5.68 billion into Indian equities in the first 6 days of November 2026. In the last 2 trading sessions, FPIs have infused $1.72 billion and $1.57 billion respectively. This is almost entirely composed of buying in the secondary markets with almost no action in the IPO markets. Bond also saw net inflows of around $722 million in the first 6 trading sessions. The surge in FPI flows have been triggered by several factors like hopes of peace in the Middle East, falling crude oil prices, and general hardening of Indian rupee. The contra-AI theme also helped.