TLDR
Market Recap: October 3, 2025
On October 3, 2025, Indian equities eked out a second straight gain on Friday, with risk tone steady post-RBI and volatility easing. Sensex closed at 81,207 (+224 pts, +0.28%) and Nifty 50 at 24,894 (+57.95 pts, +0.23%). Broader indices outperformed: Nifty Midcap 100 +0.83%; Nifty Smallcap 100 +0.69%. India VIX slipped to ~10.06 (-2.2%), signaling calmer near-term expectations. Sectorally, PSU banks, metals, and consumer durables led; defensives were mixed. FIIs were net sellers, offset by DII buying on a provisional basis.
Key Drivers :
Volatility cools: India VIX fell to near two-week lows (~10.06), supporting carry and long-bias trades into the weekend.
Flows bifurcation: Provisional prints show FII outflows and DII net buys (~₹490 cr), keeping headline indices resilient despite foreign selling.
Macro backdrop steady: RBI held policy on Oct 1 while sounding optionality for later easing; risk assets took it as a “pause, not pivot” cue.
Today’s Top Stories:
WeWork India IPO Day-1 muted: Only 4% subscribed; employee bids strong, institutional/retail soft.
Sammaan- IHC: ₹8,850 cr at ₹139; 26% open offer; stock −5%.
Vodafone Idea names new CFO: Tejas Mehta steps in Oct 6 as VIL readies funding roadmap; stock ends ~3-4% higher.
Marico guides ~30% revenue jump: Price hikes drive print; shares inch up ~1%.
Axis Bank up on MS call: Target hiked to ₹1,450; case for narrowing valuation gap with top peers.
TOP STORIES
1. WeWork India IPO opens; Day-1 subscription tepid at 4%
DALL-E
Offer details: ₹3,000 cr OFS; price band ₹615–648 per share. Employee quota drew strong bids; QIB/NII interest soft.
Strategic angle: Asset-light, premium flex-space operator; proceeds go to selling shareholders (Embassy/WeWork Intl), not the company. Focus shifts to secondary liquidity and pricing discipline.
Market reaction: Sentiment muted given OFS structure and macro risk; street watches subscription build-up into Day 3. Source: Mint (Day-1 4% subscribed).
Your take on final demand by Day 3?
2. Sammaan Capital okays ₹8,850 cr issue to IHC at ₹139; open offer kicks in, stock -5%
DALL-E
Deal terms: IHC affiliate Avenir to take 330 mn shares + 306.7 mn warrants at ₹139; 26% open offer triggered per regulations.
Strategic angle: IHC calls it a $1 bn conviction bet on Indian financials, backing growth, including AI-enabled lending.
Market reaction: Shares fell 4-5%; analysts see book value easing to ₹200-210 (from ₹250-260) on dilution, capping near-term upside.
How does this change the story for Sammaan?
3. Vodafone Idea appoints Tejas Mehta (ex-Mondelez India) as CFO
DALL-E
Leadership update: Tejas Mehta to take charge Oct 6; succession follows August CEO transition to Abhijit Kishore.
Strategic angle: Strengthening the finance bench as VIL pursues debt/equity options to fund 4G densification and 5G rollout; governance and capital-raising credibility in focus.
Market reaction: Shares closed ~₹8.86 (+3-4%) amid choppy trade; near-term moves remain flow-led. Source: Reuters; price close: Yahoo Finance.
Does this improve the funding and rollout outlook?
4. Marico says quarterly revenue to jump 30% YoY on price hikes
DALL-E
Financial update: The Company flagged strong price-led growth for the quarter, aided by portfolio pricing and mix.
Strategic angle: Pricing power and cost discipline underpin margins; watch elasticity in core Parachute/Saffola and rural recovery cadence into the festive.
Market reaction: Stock edged higher (₹711, +1%); investors weigh sustainability of pricing vs volume. Source: Reuters; live quote pages.
What’s your read on sustainability?
5. Axis Bank gains after Morgan Stanley lifts TP to ₹1,450, sees valuation gap narrowing
DALL-E
Brokerage call: Reiterated Overweight; thesis hinges on improving NIM/growth/credit cost trio and convergence with HDFC Bank/ICICI on P/B.
Strategic angle: Cycle-through RoE normalization and mix shift (granular retail + wholesale fee) are core to the re-rating track.
Market reaction: Stock up 2%, hitting a multi-month high intraday.
Will Axis narrow the gap with HDFC/ICICI?
GYAANI HOT TAKES
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