The first few days of November 2025 have brought a wave of positive economic signals and significant corporate activity, painting a picture of strengthening domestic demand and buoyant market sentiment.
Manufacturing Momentum Hits High Gear
India’s core economic engine, the manufacturing sector, showed remarkable resilience and growth momentum in October.
- The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, rose sharply to 59.2 in October from 57.7 in September. A reading above 50.0 signifies expansion, and this jump signals the fastest pace of growth in production in months.
- Key Driver: Manufacturers largely attributed the surge to strong domestic demand, which successfully offset a slowdown in export growth. Output growth accelerated to match the joint-strongest pace in five years.
- Outlook: While business optimism slipped slightly from its seven-month high, the general sentiment remains robust, fueled by positive expectations surrounding Goods and Services Tax (GST) reform and sustained healthy demand.
IPO Market Remains Red Hot with Oversubscription
India’s Initial Public Offering (IPO) market continues its historic boom, driven primarily by domestic capital, despite consolidation in the secondary market.
- Historic Oversubscription: The market witnessed an exceptional frenzy with the recent LG Electronics India IPO of $1.3 billion, which was reportedly oversubscribed in just 6.5 hours, the quickest oversubscription for a major IPO in over 17 years.
- Domestic Dominance: This IPO frenzy is being sustained by a fundamental shift, with domestic investors, including mutual funds, insurance companies, and retail participants, now commanding the landscape. Domestic investment in IPOs in 2025 has reached approximately 75% of the total, the highest proportion for any year with proceeds surpassing $11.3 billion.
- Lenskart IPO: The strong appetite was also visible with the Lenskart Solutions Ltd IPO garnering a healthy subscription rate on its first day, largely supported by institutional and individual investors.
Tata Consumer’s New-Age Brands Drive Growth
In corporate results, Tata Consumer Products Ltd. (TCPL) reported strong second-quarter performance, highlighting a successful pivot toward high-growth segments.
- Growth Engine: TCPL’s “Growth” businesses, including Tata Sampann, Tata Soulfull, Capital Foods (Ching’s Secret), and Organic India, registered a collective 27% growth in the September quarter.
- Market Share: These new-age food brands now contribute a significant 32% of TCPL’s total India revenue, showcasing the success of the company’s strategy focused on health, convenience, and premiumisation.
Key Regulatory and Financial Changes from November 1
Several new financial rules came into effect from November 1, impacting banking and pension transactions:
- Bank Nominations: Account holders can now nominate up to four individuals for their bank deposits and safety lockers, a change aimed at simplifying inheritance procedures.
- SBI Card Fee Revisions: SBI Card has rolled out an updated fee structure, introducing a 1% fee on specific transaction categories, notably education-related payments made through third-party platforms and certain wallet reloads above ₹1,000.
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