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Asia
The Hindu BusinessLine

Jio Platforms IPO draws record ₹7 lakh crore demand

Jio Platforms’ ₹30,213-crore initial public offering (IPO) attracted demand exceeding ₹7 lakh crore, with more than 1.38 crore applications, setting a record for investor participation in a public offering globally. The issue, which closed on Friday, was subscribed 22.2 times, with investors bidding for 655.68 crore shares against 27 crore fresh shares on offer. The public portion of the IPO received bids for 438.26 crore shares against 19.75 crore shares on offer, translating into 22.19 times subscription. Qualified institutional buyers (QIBs) bid for 345.76 crore shares, subscribing to their portion 70.55 times, while the non-institutional investor category was subscribed 14 times and the retail portion 2.72 times. The employee and eligible shareholder portions were subscribed 2.93 times and 7.6 times, respectively. Separately, the anchor book attracted bids exceeding ₹2.5 lakh crore against an allocation of about ₹8,110 crore, or more than 30 times the shares available. Jio Platforms had allotted shares to 212 anchor investors before the public issue opened. The IPO was subscribed 5.57 times at the end of day 2 on Thursday, with QIBs subscribing 13.29 times their portion, non-institutional investors 5.97 times and retail investors 1.54 times. At ₹30,213 crore, the issue is India’s largest-ever IPO and is entirely a fresh issue of 27 crore shares, with no offer for sale by existing shareholders. At the upper end of the ₹1,119 price band, it values Jio Platforms at about ₹10.3 lakh crore, or $108.3 billion, making it the most valuable company to go public in India by IPO valuation. Jio Platforms is the telecom and digital-services arm of Reliance Industries and serves more than 500 million mobile users. The IPO is the first from the Reliance group in nearly two decades. The company plans to use up to ₹27,500 crore of the proceeds to repay or prepay borrowings of its wholly owned subsidiary, Reliance Jio Infocomm. The balance will be used for general corporate purposes. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Jio Platforms IPO draws record ₹7 lakh crore demand
North America
Yahoo Finance

S&P 500’s Narrow Rally Faces Fresh Tests From CPI, Bank Earnings: 3 Charts To Watch This Week

The stock market looks calm, but three charts suggest a more complicated picture. The S&P 500 is near record highs even as its rally remains concentrated, options markets show limited demand for near-term protection, and regional banks continue to lag. September inflation data and a fresh round of bank earnings could test that uneasy balance this week. The S&P 500 has climbed roughly 80% since the start of 2024, but gains have not been evenly distributed across the market. The market-cap-weighted index has outpaced its equal-weight counterpart by about 16 percentage points, underscoring how much the rally has depended on a smaller group of large-cap stocks. The rally has also narrowed since the spring 2026 low. Concentration is not a sell signal, but it changes the risk. An index held up by a few names is more exposed to a single earnings miss or a jump in yields. Strong inflation data this week could complicate the outlook for rate cuts and weigh on risk appetite, while a softer reading could help support stocks beyond the market’s biggest names. The SPDR S&P 500 ETF Trust (SPY) traded flat in pre-market trade on Monday. On Stocktwits, retail sentiment around the ETF trended in ‘bullish’ territory over the past day. The Cboe Volatility Index (VIX) is often called Wall Street’s fear gauge. It measures how much investors are paying for insurance against near-term swings in the S&P 500. This chart compares that short-term price with the price of insurance three months out. Right now short-term protection is cheaper, which is what you’d expect when nobody is worried about the next few weeks. A reading below 1 suggests traders are pricing in less near-term volatility than volatility over a longer horizon. The ratio is near the low end of its two-year range. The spikes above 1.0 are sharp and short-lived. They came in August 2024, December 2024 and April 2025, the last of which peaked near 1.28. In each case, the move came fast and with little warning. That calm could hold if economic data and corporate results reassure investors. However, a hotter inflation reading or an earnings surprise could quickly change the picture, making the reaction in volatility markets worth watching. Big banks have not moved as a group this year. Citigroup (C) is up 11.1% and Morgan Stanley (MS) is up 7.0%. JPMorgan (JPM) is up 3.3% and Goldman Sachs (GS) is up 1.9%. Bank of America (BAC) is down 1.2%, and Wells Fargo (WFC) is down 10.4%. That is a spread of more than 20 points between the best and worst names. Meanwhile, the regional bank ETF relative to the S&P 500 is at 0.0886, its lowest level of the year. Higher-for-longer rates can help margins, but they can also raise funding costs and credit worries, and regionals tend to feel that first. The Financial Select Sector SPDR Fund (XLF) edged up as much as 0.3% in pre-market trading. Retail sentiment around the ETF trended in ‘bullish’ territory over the past day.

S&P 500’s Narrow Rally Faces Fresh Tests From CPI, Bank Earnings: 3 Charts To Watch This Week
North America
CNBC Finance

Merck CEO tells CNBC he expects breakthrough cancer vaccine will become faster to make

Merck CEO Rob Davis told CNBC on Wednesday that he expects the company's breakthrough cancer vaccine with Moderna to get faster to manufacture over time. Shortening the current six-week timeline could potentially help the companies reach more patients. "We are going to drive for improvement, but right now the focus really is, let's make sure we have the supply ready, we have the market ready to bring this important innovation to the market, and then we'll talk about how do we accelerate," he told CNBC in an exclusive interview. "But I do think over time you're going to see that timeline shortened." The personalized cancer vaccine turnaround spans from sequencing a patient's tumor to delivering it to the hospital. Merck and Moderna's vaccine is designed to target the specific mutations in each individual patient's tumor rather than using a one-size-fits-all approach, which makes it complicated to produce. The idea is to train the immune system to recognize and kill those unique cancer markers and then pair that response with Merck's blockbuster immunotherapy Keytruda, which aims to help the body attack the cancer more effectively. Davis acknowledged that manufacturing the vaccine is a "complex system," but said Merck and Moderna have the process "down to a very tight science." "I'm actually very confident that we're not going to have complexities in getting this to patients in a very timely fashion," he added. "We're doing it in our clinicals, and I only see improvement going forward." His comments come after the two companies in August released positive initial data from a late-stage trial on the shot in combination with Keytruda in melanoma patients. Davis said the company is also examining the vaccine in trials across other tumors, including non-small cell lung cancer, types of bladder cancer and renal cell carcinoma. "You like to talk that maybe you can start moving toward talking about a cure," he said. "We're not there yet, but we're moving in a direction with technology that's really unprecedented." Davis spoke to CNBC after Merck earlier Wednesday officially opened its new 120,000-square-foot research facility, which it has named Advance, in its West Point, Pennsylvania, campus. Pennsylvania Gov. Josh Shapiro joined Merck executives and other government officials for a ribbon-cutting ceremony to celebrate the launch of the facility, which features highly automated robotic systems and advanced digital AI capabilities. Merck says the facility is designed to streamline the analysis of biological samples from the company's ongoing drug programs and improve its research and development. The opening of the new facility comes as Merck prepares for the upcoming loss of exclusivity of Keytruda, which is one of the world's top-selling drugs and is widely viewed as the backbone of modern cancer treatment. Keytruda's core U.S. compound patent expires in December 2028, while secondary patents extend protection into 2029 and beyond.

Merck CEO tells CNBC he expects breakthrough cancer vaccine will become faster to make
Asia
The Hindu BusinessLine

SEBI to come up with rules to prevent broker terminal misuse, says chairman Pandey

Markets regulator Sebi will be coming up with rules to avoid misuse of trading terminals put up by brokers, chairman Tuhin Kanta Pandey said on Saturday. Addressing an event organised by a group of brokers here, Pandey asked the market ecosystem to treat cyber security as a "business priority" and not as an information technology expense. "We are developing a framework to put in place safeguards to prevent misuse of trading terminals," Pandey said, addressing an event organised by ANMI here. Apart from this, Sebi is also mulling to introduce a "graded compliance" system for brokers which will reflect their scale, client exposure and reliance on technology, Pandey said. Sebi is also exploring an AI (artificial intelligence) sandbox, where new tools can be tested safely, Pandey said, adding that innovators need to be provided with regulatory clarity. "We are finalising the guidelines on the responsible use of AI. They will follow a tiered approach, with clear accountability, data controls, kill switches and human oversight, in line with IOSCO's toolkit," he added. He also announced that the inspection portals will be made into a single digital workflow, making supervision faster and more consistent. The career bureaucrat-turned-market regulator said the next wave in retail broking will not come from the big cities but from our towns and villages. He cited Sebi surveys showing the interest among the Indian people to invest in the markets, and asked the market ecosystem to make sure that they invest wisely and stay longer. Addressing brokers, he said, "You are often the first to see when the risk they take outgrows their resources. So think of KYC as "Know Your Client's Needs." Make it an ongoing conversation, not a one-time form-filling exercise." "A client who understands risk invests wisely and stays invested longer. That is good for the client, for you and for the market," he added. PTI AA Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

SEBI to come up with rules to prevent broker terminal misuse, says chairman Pandey
Asia
The Hindu BusinessLine

Centre assures support to Andhra Pradesh in semiconductor sector

Union Minister for Railways and Information Technology Ashwini Vaishnaw has assured the Centre’s support for projects aimed at transforming Andhra Pradesh into a global hub for semiconductor design. Chief Minister N Chandrababu Naidu during his visit to Delhi on Saturday paid a courtesy call on Vaishnav and Union Home Minister Amit Shah and discussed various issues concerning the State. During the meeting, Vaishnav said the Centre would extend support for research and development, skill training and capacity building in the semiconductor sector. He also assured cooperation with the State Government’s vision for artificial intelligence (AI) development and the creation of AI infrastructure. The Chief Minister urged the Centre to expedite railway projects in the State, approve Detailed Project Reports (DPRs) for pending works and release the necessary funds. The Union Minister also approved the required connectivity for nine ports to improve freight movement from ports to hinterland areas. The Chief Minister placed several proposals before the Centre to expand railway infrastructure in Andhra Pradesh. He requested the establishment of a high-speed rail corridor between Amaravati and Visakhapatnam. The Centre has already agreed to establish two major coaching terminals, one each in Visakhapatnam and Amaravati. The meeting also discussed setting up offices of railway public sector undertakings in Amaravati. New Trains from Visakhapatnam to Bengaluru and Tirupati. The Chief Minister requested the introduction of a sleeper Vande Bharat train between Visakhapatnam and Bengaluru via Tirupati. The Union Minister agreed to the proposal. He also agreed to introduce another daytime train with seating facilities between Visakhapatnam and Tirupati. Naidu also requested the commencement of passenger train services on the newly constructed Kanigiri–Vijayawada railway line.

Centre assures support to Andhra Pradesh in semiconductor sector
Asia
The Hindu BusinessLine

NSE Chief warns of AI cyber threats, flags quantum risk as Indian markets hit ₹460 lakh crore

India's National Stock Exchange (NSE) on Saturday flagged an urgent need for brokers to strengthen cybersecurity defences against AI-based attacks, even as the country's listed market capitalisation crossed ₹460 lakh crore, larger than the combined credit and balance sheet of the entire Indian banking system. Addressing the Association of NSE Members of India's (ANMI) 16th Annual Capital Market Convention in Mumbai, NSE Managing Director and CEO Ashish Kumar Chauhan said financial institutions in Japan and the United States had recently come under AI-driven cyber attacks. Japan declared a national emergency over cyber hacking two weeks ago, while American banks reported AI-based agentic attacks on their infrastructure last week. Chauhan urged ANMI to establish a dedicated task force to help member brokers build cyber resilience. He also warned of emerging threats from quantum computing that could compromise current cryptographic frameworks, including SSL protocols. "Technology is like riding a tiger, it's comfortable while you ride, but when you get down, it eats you up," he said. On market scale, Chauhan said NSE's reach now extends across more than 99 per cent of India's PIN codes, with over 37 crore registered investor accounts and 13.6 crore unique individual investors. Individual investors, through direct holdings and mutual funds, now hold 19.3 per cent of NSE-listed market capitalisation, growing from ₹7.9 lakh crore in March 2014 to ₹90.3 lakh crore as of June 2026, an annualised growth rate of 31 per cent since April 2020. Maharashtra leads all states with over two crore unique registered investors. India's listed market capitalisation has grown at a 17 per cent CAGR over three decades, from ₹4 lakh crore in 1994. Chauhan noted India still stands at approximately $3,000 per capita income and must reach $25,000–$30,000 to achieve developed-nation status under the Viksit Bharat 2047 target. On product expansion, NSE has moved beyond equities into equity derivatives, currency, commodities, electricity derivatives, and Electronic Gold Receipts, which began trading in May 2026. Corporate Bond Index Futures, announced in the Union Budget, has received basic regulatory approval. Chauhan also commended SEBI Chairman Tuhin Kanta Pandey for regulatory reforms, including narrowing the technical glitch framework, relieving roughly 60 per cent of trading members from its scope, extending reporting windows from one hour to two, and consolidating reporting onto a single platform. In FY26, NSE conducted over 17,800 investor awareness programmes, reaching 9.3 lakh participants. The Investor Protection Fund corpus stands above ₹3,000 crore, while the Core Settlement Guarantee Fund stands at ₹13,500 crore as of September 2026. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

NSE Chief warns of AI cyber threats, flags quantum risk as Indian markets hit ₹460 lakh crore
Asia
The Hindu BusinessLine

Cordelia Cruises launches Cordelia Sky, expands fleet to two ships

Mumbai-headquartered Cordelia Cruises has launched Cordelia Sky, its largest cruise vessel, and commenced commercial sailings on Friday, October 23, 2026. The launch event was attended by representatives from the media and tourism industry. The launch marks the company’s transition from a single-ship operator to a two-ship fleet operator. Its next vessel, Cordelia Sun, is scheduled to be launched in 2027. Addressing the media at the launch, Cordelia Cruises President and CEO Jurgen Bailom said the company had carried more than eight lakh passengers since commencing operations. He said the company was founded with a vision of making cruising a preferred travel option for Indians. “Our goal is, by 2032, to be the top five largest cruise market in the world,” Bailom said. The company, a subsidiary of Waterways Leisure Tourism Ltd, also plans to create 20,000 additional jobs over the next three years. As part of its workforce development initiatives, Cordelia Cruises has started a cadet programme and is moving closer to having its first female captain. Bailom also mentioned about the launch of The Chairman’s Club, a loyalty programme rewarding members. Looking ahead, the company has planned a 34-day cruise from Mumbai to Sydney during the 2028 monsoon season. The itinerary is expected to cover seven countries and 16 ports. Commenting on the impact of geopolitical developments on the cruise business, Bailom highlighted the rising costs of food and fuel. “However, we are still able to manage. But it can’t get worse than it is right now, so we all hope that everything is going to get better soon,” he said. Measuring approximately 260 metres in length (848 feet approximately), Cordelia Sky spans 12 decks and has a gross tonnage of 77,104. The vessel has 1,002 cabins (with double occupancy) across multiple categories, ranging from interior staterooms and ocean-view cabins to balcony mini-suites and suites. The accommodation options include the Chairman’s Suite, described as the largest stateroom onboard. Cordelia Sky offers a range of dining, entertainment and recreational facilities, including a fitness centre, spa and salon, entertainment shows, casinos, a gaming arcade and the 930-seat Marquee Theatre.

Cordelia Cruises launches Cordelia Sky, expands fleet to two ships
Europe
DW Economy

EU promotes sovereign, trusted AI as it struggles to catch US and China

At an international AI summit in Dublin, EU leaders promoted trusted and independent artificial intelligence. Critics question whether the bloc can close the gap with the US and China while maintaining strict regulation. Though Europe is strong in AI research, regulation, supercomputing initiatives and semiconductor equipment, it lags behind in frontier-model developmentImage: Paul Faith/AFPAdvertisementIf supremacy in artificial intelligence was an Olympic discipline, there would only be two serious contenders for gold on current trajectories: the US and China. The European Union, as has been the case in many areas of cutting-edge technology in recent times, is barely in the AI conversation. Former European Central Bank President Mario Draghi, whose 2024 report highlighted the EU's desperate need to be more innovative to become more competitive, said recently that AI is "perhaps the most promising" route the EU has to raise growth today. However, he decried the fact that the European Union controls little of the value chain. "Being cut off from AI, once the economy runs on it, would be more like being cut off from the US financial system," he wrote in an opinion piece for the Financial Times. "The effects would be catastrophic." Draghi's spirit was on full display in Dublin on Wednesday at an international AI summit the Irish government convened as part of its six-month stint hosting the rotating EU presidency. The summit's motto, "Harnessing AI to Revolutionize Europe's Competitiveness," might as well have been dreamed up by the Italian former prime minister. Harnessing AI has become a lot more complicated. A slew of controversies around AI agents going rogue, from the Hugging Face attack in June when 1,200 agents hacked an online platform, to an Anthropic-designed agent sending a fake tip to US police over an unsolved murder, have caused alarm. Many from within the tech industry, including Microsoft founder Bill Gates and the leading AI frontier labs themselves, have called for a development pausein order for safety measures to catch up. Yet positivity was largely the name of the game at the summit, with tech and AI industry leaders joining Irish and EU politicians to declare AI's transformative economic and societal potential — while also emphasizing the need for strong regulation and safety standards. Irish Prime Minister Micheal Martin made it clear that Ireland was all in on AI. He echoed European Commission President Ursula von der Leyen's recent assertion that the technology represented a "tipping point." He also repeatedly highlighted what he sees as the bloc's commitment to safety. "We are determined to capture the dividend by mitigating the risks," Martin told the event. "In Europe, we have charted our path ... balancing innovation and opportunity with a trustworthy, human-centered approach to AI." Meanwhile, Henna Virkkunen, the European Commission executive vice-president for tech sovereignty, security and democracy, revealed at the event that the EU had begun its first enforcement actions under its new AI Act, requesting information around security and safety from advanced AI model providers.

EU promotes sovereign, trusted AI as it struggles to catch US and China
Europe
The Guardian

US inflation rose to 3.7% in September in blow to Republicans before midterms

An employee arranges vegetables at a Whole Foods in Los Angeles. Photograph: Patrick T Fallon/Bloomberg via Getty ImagesView image in fullscreenAn employee arranges vegetables at a Whole Foods in Los Angeles. Photograph: Patrick T Fallon/Bloomberg via Getty ImagesInflationUS inflation rose to 3.7% in September in blow to Republicans before midtermsFinal inflation report before voters go to polls comes amid widespread anger over cost of living under Trump Republicans are entering the midterm elections with the highest rate of inflation since the spring, according to a government report released on Wednesday. US price increases reached an annual rate of 3.7% in September, according to the latest data from the Bureau of Labor Statistics, up from 3.4% in August. This final inflation report before the pivotal midterm elections comes amid polls showing widespread dissatisfaction with the Trump administration over the cost of living. Price increases are the highest they have been since the annual inflation rate reached a three-year peak of 4.2% in May. Gasoline accounted for over half of overall price increases, up 34% from last year. Fuel oil, which is used to heat homes, increased by 74% from last year, a worrying sign for households heading into the winter. Air travel, which many Americans rely on during the holidays, also increased by 22.4%. Overall, consumer prices went up 0.6% from August. Core inflation, which strips out volatile energy and food prices, also ticked up by 0.3% in September to 2.6% annually. Price increases this year have largely driven by the US-Israel war with Iran, which has caused energy prices to soar. Average gas prices remain over a dollar per gallon more than last year, according to data from AAA. Meanwhile diesel, which powers domestic supply chains, reached a record high last month. September’s inflation rate is the highest it has been before a midterm election, with the exception of the pandemic, since 1990. The economy has consistently been cited as a top issue for American voters, as rising gasoline prices and persistent inflation have eaten into household budgets. Higher energy prices from the Iran war have cost Americans more than $1,020 per household, according to Brown University, and a total of $133bn for all US consumers. Much of the anger is expected to be directed at Republicans, who control Congress and the White House. According to a recent survey from Reuters/Ipsos, 78% of Americans blame the current Trump administration’s policies for inflation that is outpacing their earnings, including 57% of Republicans who support Donald Trump. In recent weeks, Trump has attempted to downplay his administration’s role in price increases, pointing to the Iranian government as the cause of the squeeze. The White House did not immediately respond to a request for comment on the latest inflation report. On Tuesday, Trump posted on social media that Yemen’s Houthi group was attacking Saudi Arabia in a deliberate effort to affect the upcoming elections. “They’ve emerged again, probably at the behest of Iran … in a very nasty way, hitting Saudi Arabia, and purposefully trying to drive up Oil Prices, probably prior to the U.S. Elections — NOT NICE,” he wrote.

US inflation rose to 3.7% in September in blow to Republicans before midterms