Domestic equities are poised to begin trading on Monday, October 12, with the GIFT NIFTY futures pointing to an opening of the NIFTY50 index about 11 points above the previous close. Market participants are weighing two headline developments – the release of a draft National Steel Policy Vision 2047 and the Reserve Bank of India’s (RBI) first benchmark lending‑rate increase in almost four years.
Draft steel policy and its implications for steelmakers
The government has placed a draft of the National Steel Policy Vision 2047 in the public domain for stakeholder feedback. The roadmap sets ambitious targets: raising crude steel production capacity to 604 million tonnes, lifting per‑capita steel consumption to 302 kg and expanding steel exports to 45 million tonnes by 2047. In addition, the policy seeks to fortify domestic raw‑material security, curb import dependence and boost the share of high‑value steel in overall output.
Analysts note that the proposed framework could underpin long‑term growth for major steel producers such as Tata Steel, JSW Steel, SAIL, Jindal Steel and NMDC, as well as iron‑ore miners. However, the actual impact will hinge on how swiftly the measures are implemented and on prevailing demand conditions across construction, infrastructure and automotive sectors.
RBI’s 25‑basis‑point repo rate hike
After a gap of nearly four years, the RBI raised its policy repo rate by 25 basis points to 5.5 percent, a move aimed at containing inflation pressures that have been exacerbated by the West Asia crisis. The rate hike makes borrowing from the central bank more expensive, but industry insiders say the effect will be partially offset because lenders’ overall cost of funds also depends on the Marginal Cost of Funds‑based Lending Rate (MCLR), commercial paper, refinancing from the National Housing Bank and non‑convertible debentures. “Some benefit will go to the lender because all of the borrowing of the lender is not on the repo rate,” a senior official told PTI.
The central bank’s decision is expected to influence the cost of capital for corporates, including real‑estate developers, manufacturers and financial institutions, and may temper the enthusiasm for new project financing in the short term.
Corporate earnings and strategic moves
Several listed companies released quarterly results that provide insight into sector‑specific dynamics. Avenue Supermarts, the parent of the DMart chain, reported a net profit of ₹684.85 crore in the July‑September quarter a year earlier. In the current quarter, revenue from operations rose 17.8 percent to ₹19,644 crore, while total expenses increased 18.3 percent to ₹18,632.70 crore. The company’s profit‑after‑tax (PAT) margin slipped to 3.8 percent from 4.1 percent a year ago, and total income, which includes other income, reached ₹19,657.54 crore, up 17.73 percent.
Infosys, in a regulatory filing, said it does not expect a recent suspension announcement to materially affect its operations. The firm reiterated its commitment to its workforce, clients and communities in the United States and affirmed compliance with all applicable laws and regulations.
Brigade Enterprises Ltd, a Bengaluru‑based real‑estate firm with more than 300 projects completed over four decades, said housing demand remains robust, especially for apartments priced between ₹1 crore and ₹3 crore. Managing Director Pavitra Shankar highlighted strong sales of large township projects and reaffirmed an annual guidance of ₹9,000 crore for the fiscal year 2026‑27, conditional on timely project approvals.
Adani Defence & Aerospace, the defence and aerospace arm of Adani Enterprises, was recognized at the Ministry of Defence’s SIDM eighth annual session on October 9. Defence Minister Rajnath Singh presented fifteen awards for achievements in indigenous technology development, product innovation, design, import substitution, manufacturing excellence and exports.
SEPC announced a contract signed on October 8, 2026, for the balance‑of‑plant works at the pellet plant of SAIL‑IISCO in Burnpur, West Bengal. The company’s consolidated order book has now crossed the ₹10,000 crore threshold. SEPC also reported a surge in solar orders, with total solar‑cell and module supplies amounting to 2,308 MW and a near‑doubling of its module‑manufacturing capacity to 11.1 GW. Its solar‑cell capacity grew from 3.6 GW to 10.6 GW after commissioning a 7 GW TOPCon facility in Naidupeta, Andhra Pradesh.
Tata Motors, which announced in 2025 its intention to acquire Italy’s Iveco (excluding the defence business) for €3.8 billion – roughly ₹38,240 crore – continues the tender process that began in September. The offer of €14.10 per share values the transaction at €3.82 billion. The acceptance window runs from September 7 to October 26, 2026, with an extraordinary general meeting slated for October 16.
Anand Rathi Wealth posted a net profit of ₹99.8 crore for the July‑September quarter of the previous fiscal year, while revenue from operations rose 16 percent to ₹356.6 crore in Q2 FY27. For the first half of FY27, consolidated net profit climbed 23 percent to ₹238 crore and revenue grew 17 percent to ₹693 crore. Assets under management increased 18 percent year‑on‑year to ₹1,08,377 crore as of September 30, 2026, and the board declared an interim dividend of ₹4 per equity share.
A power‑generation firm disclosed that its operational capacity expanded 24 percent year‑on‑year to 20,763 MW, aided by a greenfield addition of 4,083 MW. In Q2 FY27, the company added 621 MW and commissioned 3,081 MWh of Battery Energy Storage System (BESS) capacity at Khavda, bringing total installed BESS to 6,632 MWh in the first half of the fiscal year.
Waterways Leisure Tourism, which reported a loss of ₹8.93 crore in the same quarter a year earlier, posted a 30.88 percent rise in revenue from operations to ₹132.9 crore, driven by healthy ticket yields and sustained demand across its sailings.
Canara HSBC Life Insurance, promoted by Canara Bank, recorded a net profit of ₹41 crore in the year‑ago quarter. Total income rose to ₹2,511 crore from ₹2,349 crore, while net premiums collected increased to ₹2,553 crore from ₹2,260 crore. First‑year premiums grew to ₹642 crore from ₹575 crore, and the solvency ratio moderated to 180 percent from 198 percent at the end of September 2025.
In response to the RBI’s rate move, the central bank also revised fixed‑deposit rates. A 12‑month term deposit now yields 7 percent, 15‑month to 35‑month deposits earn 7.5 percent, and 36‑ to 60‑month deposits offer 7.85 percent, representing increases of 15, 40 and 35 basis points respectively. The new rates are effective from the date of the announcement.
Collectively, these developments – a forward‑looking steel policy, a higher cost of borrowing, and mixed earnings results – set the tone for a market opening that could see the NIFTY50 begin the session on a positive note, while investors parse the longer‑term implications for India’s industrial and financial landscape.
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