Daily Market News Update - 25th-26th October 2026

Midnight News Update: 25-26 Oct 2026

RBI governor, in a recent interview, underlined why Tata Sons had to be subjected to greater scrutiny like large NBFCs. According to Sanjay Malhotra, even if core investment companies (CIC) like Tata Sons are debt free, they had substantial interest in corporate entities with leverage on their balance sheet. Whether that meant mandatory, listing was not clarified. His comments assume importance as Tata Trusts and the Tata Sons board are engaged in a battle of attrition over last 1 month. The real bone of contention is mandatory listing, not tighter regulation.

Kotak Mahindra Bank reported 26% higher net profits in Q2FY27 at ₹5,645 crore. Net Profits were up 2.9% on sequential basis. Net interest margins (NIM) fell QOQ from 4.53% to 4.31% due to the impact of high-cost FCNR(B) deposits. The bank had mobilized FCNR(B) deposits under the special window to the tune of ₹55,344 crore. The surge in FCNR(B) deposits also resulted in the CASA ratio falling from 42.5% to 38.2% yoy. Gross NPAs for the quarter improved by 35 bps yoy to 1.04%, while the net NPAs were also down at 0.24%. CET-1 ratio was comfortable at 21.4%.

Adani Green emerging is targeting nearly 50 GWh of battery storage capacity in the next 5 years, using battery energy storage systems (BESS). This will also mitigate the impact of transmission constraints at its Khavda renewable energy plant. The Khavda plant currently has BESS capacity of 6.63 GWh, so we are talking about an 8-fold growth in capacity in 5 years. Adani Green expects it BESS portfolio to drive EBITDA of ₹25 lakhs per MWh. Battery storage will play a key role in reducing the renewable energy curtailment; a key problem in alternate energy.

India’s private capital expenditure (capex) pipeline touched ₹99,70,000 crore as of September 2026. What is interesting is that nearly 87% of the capacity accretion are driven by just 2 sectors; IT/ITES and Power. The capex pipeline is 39% higher over last year and nearly 4.1X up since 2014. While capex pipeline for IT/ITES sector touched ₹18,90,000 crore, it was power that dominated the balance. Not surprisingly, Maharashtra got about 29% of the private capex; which along with Andhra Pradesh, Telangana, Odisha, and UP, accounted for 94% of private capex overall.

According to JM, the MSCI India rejig could lead to 3 inclusions and 2 exits, with total impact of $1.4 billion in positive inflows. The MSCI rebalancing is scheduled for 11-November post-market. The brokerage expects LIC of India and Meesho to be included in the MSCI India Standard Index in the latest reshuffle. Both stocks satisfy the 2 MSCI conditions of minimum size threshold and adequate free-float adjusted market cap. Internally, Coforge is slated to migrate to the large cap space. Oracle Financial and Siemens Energy India could be the likely exits from MSCI.

The ₹1,200 crore IPO of EAAA India Alternatives opens on Monday 26-October and the anchor allocation happened on Friday evening. The anchor investors absorbed ₹360 crore or 30% of the overall issue size. The company allotted a total of 21,62,161 shares of the company at the upper band price of ₹1,665 per share. Domestic mutual funds accounted for 61% pf the overall anchor allocation, but the life insurance companies and pension funds did not participate in the anchor allocation. HDFC MF, ICICI Pru MF, and SBI MF were prominent anchor participants.

JSW Steel reported a 225.3% spike in net profits for Q2FY27 to ₹5,279 crore, well above the street estimates of around ₹4,350 crore. Revenues were up 20.7% yoy at ₹54,486 crore. EBITDA for the quarter was up 42.2% at ₹10,120 crore; with all the above 3 figures beating street estimates. Crude steel production for the quarter stood at 7.327 million tonnes showing yoy volume growth of 13%. The EBITDA per tonne was up 27% yoy at ₹13,329. JSW Steel recorded highest ever sales to auto sector in Q2FY27. Net debt to equity was very comfortable at 0.39X as of September.

Netflix witnessed smart accretion of subscriptions in Asia, with India taking the lead. The India push, in fact, helped Netflix report robust Asia revenues of $1.54 billion, up 18% yoy. Netflix also saw view hours in India rise by 24%. The spike in demand was driven by some of the quality content items delivered by Netflix in the quarter including reality show “Lock Up”, Operation Safed Sagar, and Musafir Café. It was an otherwise measured quarter for Netflix and India was one of the real bright spots of Netflix performance. Netflix has a tough content battle going on in India.