Newsletter
Infosys disappoints, eMudhra faces a setback, and power projects gain momentum.
🗓️ Morning, folks and Happy Mondayyy! ☀️
You know there are sports. There are the arts. There are competitions. And there are Barbecuing World Cups! No, we didn’t just make that up.
Turns out, competitive grilling has some big-money backers. Former NFL star Peyton Manning’s Omaha Productions and Wheelhouse, founded by Brent Montgomery, have invested in the BBQ World Cup & Expo, which aims to turn barbecue into a global sport.
The competition will bring together 51 qualifying events across 13 countries, with the top 100 pitmasters heading to Las Vegas in April 2027 to compete for a $1 million prize pool.
The plan goes beyond grilling meat and handing out trophies. The organisers want to build a year-round community for barbecue fans, complete with a digital platform and a network of barbecue creators.
Because apparently, the road to sporting glory can also be paved with smoke and sauce.
From sizzling grills to a not-so-sizzling market, let’s head to Dalal Street 📉
This week will be driven by a fresh round of Q2 earnings in India while globally, all eyes will be on the US Federal Reserve’s interest-rate decision.
Its comments on inflation and future rate hikes could influence foreign investor flows and global markets.
Back home, crude oil near $114, Middle East tensions, FII selling and the rupee will remain key concerns.
💡 Spotlight: Jio IPO sets a world record 🌍
Jio Platforms’ IPO became the first public issue globally to receive more than 1 crore applications, breaking Waaree Energies’ previous record of around 97 lakh.
The ₹30,213 crore issue is India’s largest-ever IPO and it was subscribed 22.19 times, attracting bids worth roughly ₹7.4 lakh crore.
In simple words, investors asked for shares worth over 22 times what Jio was offering.
The IPO was fully subscribed within just 100 minutes of opening, with large institutional investors driving most of the demand.
Now comes the difficult part for applicants: allotment. With demand far exceeding the shares available, many investors could walk away with no Jio shares at all. The company is expected to list on October 28.
Let’s hit it! 💪🏻
1 Big Thing: Infosys’ FY27 outlook disappoints 😐
Infosys’ Q2 earnings were in line with expectations, but the company now expects slower growth this financial year.
It cut its FY27 revenue growth forecast to 1-2%, from 1.5-3%. However, it still expects to keep ₹20-22 as operating profit for every ₹100 in revenue.
By the numbers:
- Net profit: up 0.7% at ₹7,823 cr vs ₹7,769 cr (QoQ)
- Revenue: up 2.1% at ₹49,244 cr vs ₹48,211 cr (QoQ)
- $ revenue: up 1.2% at $5,145 million vs $5,082 million (QoQ)
- EBIT margin: at 21% vs 21.1% (QoQ)
- CC revenue growth: at 1.2% vs 1% (QoQ)
Infosys signed $5.2 billion worth of large contracts, up 68% from a year earlier. This included one deal worth more than $2 billion. New business, rather than renewals of existing contracts, accounted for 62% of the total deal value.
AI contributed 10.5% of Infosys’ total revenue, with revenue from these services rising 29% from the previous quarter.
Demand grew across all six parts of its AI business. These include building AI agents, updating older software and helping companies use AI to manage processes and work with data.
More large businesses are using Infosys’ AI services. The company is supporting this demand through its Topaz Fabric platform, technology partnerships and employee training.
Demand was stronger among clients in financial services, energy, utilities and manufacturing. Retail and high-tech clients remained relatively weak.
Headcount update: Infosys also added 4,480 employees during the quarter, taking its workforce to 332,542 at the end of September.
2. What are Maharaja bonds? 💸
The government has announced TDS relief on Maharaja Bonds as the BRICS-backed New Development Bank (NDB) prepares to raise ₹25,000 crore over five years from Indian investors.
These bonds allow international institutions to borrow directly in Indian rupees, helping finance infrastructure and green projects while reducing currency risks.
And with insurers now permitted to invest, the NDB has another potential source of long-term funding.
3. Stocks that kept us interested 🚀
What went up ⬆️
💪🏻 Sterlite Tech gained 3% after Q2 profit reached ₹517 crore, aided by revenue growth and a one-time tariff refund.
What went down ⬇️
🫣 Atul slipped 7% as Q2 profit fell 12.6% to ₹159 crore; it announced a buyback of up to ₹90 crore.
🤒 Swiggy plunged nearly 17%, recording its biggest single-day decline, as underperformance in the company’s quick-commerce business weighed on investor sentiment.
☹️ Capital goods stocks declined following a sell-off in artificial intelligence (AI) stocks, with ABB falling 5%.
❌ JSW Steel’s Q2 FY27 net profit more than tripled to ₹5,359 crore on record sales, while income reached ₹54,927 crore. However, the stock slipped nearly 3%.
🔻 E2E Networks and ESDS Software hit 5% lower circuits amid a global AI sell-off over debt-funded expansion concerns.
What else are we snackin’ 🍿
⚡ Power order: Jyoti Structures secured a ₹690 crore contract from GETCO to build a 765 kV transmission line in Gujarat, with completion expected in 42 months.
🔐 Security exit: eMudhra will exit its global website security certificate business after a key-generation flaw, while its Indian digital signature and eSign services remain unaffected.
🏭 Power investment: NLC India plans to build a ₹35,000 crore power plant in Odisha, expected to create 4,000 jobs, while exploring coal gasification and mineral processing projects.
🏦 Digital shield: PM Modi inaugurated RBI’s ₹169-crore data centre and Cybersecurity Training Institute in Bhubaneswar.
That’s a wrap! Don’t let the Monday blues get to you.
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Disclaimer: this newsletter is for informational and research purposes only. Nothing here should be considered financial, investment, legal, or professional advice.
