Editorial     

Govt sleeping as China poaches FPIs

The Sensex has crashed from its December 2025 high of 86,159.81 to close September at 72,480, as FPIs pulled out a record Rs 3 lakh crore from India in the first nine months of 2026 and moved funds to cheaper China.

Valuation gaps and China’s policy blitz have driven the rotation, and the government has yet to act. Removing long-term capital gains and slashing STT are urgent steps to stop FPIs fleeing India.

written by

Deven Malkan

Cover story     

AI quake rocks Indian IT industry, forcing reset

AI agents are collapsing software development costs and Western protectionism is squeezing on-site billing, while GCCs eat into the traditional IT services model. Indian IT’s volume-driven era is giving way to a value-driven one.

In Focus     

RBI fiat unsettles Tata

The RBI has refused Tata Sons’ bid to exit the upper-layer NBFC list, forcing a listing within three years. Tata Trusts oppose it while the Shapoorji Pallonji group favours it, and listed Tata companies stand to gain on a fair-value shift.

Portfolio Choice         

Indo Tech Transformers: Past penny stock to present multi-bagger

A Tamil Nadu transformer maker that has surged 1,220% since February 2023, backed by a Mordor-estimated 8.22% CAGR for the Indian transformer industry and a Rs 165.55-crore fresh order.

Nelcast: One-stop shop for world-class castings

Four decades of iron castings leadership, with ICRA upgrading its outlook to positive. The stock has risen around 150% over three years and is expected to cross Rs 200 by year-end.

IDBI Bank: At interesting point of transformation

A proposed strategic sale of a 60.72% stake to Fairfax Financial at around Rs 81 per share, for a Rs 53,000-crore deal, could reshape a bank that turned a Rs 9,237-crore profit in fiscal 2026.

Fortune Scrip     

Hindustan Zinc: Lumbering PSU to pole zinc player

Privatised in 2002 and now the world’s second largest integrated zinc producer, Hindustan Zinc is a zinc-plus-silver play with FY26 sales of Rs 40,658 crore and a record Q1 FY27 net profit of Rs 5,469 crore.

Corporate Development         

Electrosteel Castings: Pole Indian player in ductile iron pipes

ECL has bought 70% of Oman-based Arabian Water Tech to secure its Middle East export pipeline, after last year’s Rs 150-crore purchase of Italy’s TIS Services, though Q1 FY27 PAT fell 45.7%.

Kinetic Engineering: Beefing up its e-scooter segment

KEL is investing around Rs 57 crore, of which Rs 40 crore goes into its electric two-wheeler segment, as promoter holding rises from 50% to 69.27% and the Kinetic DX gains traction with 60+ operational dealers.

Engineers India: Mega EPC order for Kenya refinery

EIL has been re-engaged as PMC and EPCM for Dangote’s 700,000 bpd Kenya refinery, a $450-million contract, while its record order book stands at around Rs 17,000 crore.

IOL Chemicals and Pharmaceuticals: Upsizing to meet global Ibuprofen demand

IOL is lifting Ibuprofen capacity from 12,000 to 18,000 mtpa at a Rs 350-crore cost and has added a Rs 110-crore CDMO formulations line, as Q1 FY27 revenue rose 37.1% to Rs 756.3 crore.

Special Report     

Reimaging Education: In search of meaningful learning

The future of education is not about producing better test-takers. Sivaram Mallela, MD of I Win Learning Solutions, argues for a holistic framework that builds personality, capability and career awareness from Class VI to XII.

Book Review     

The Psychology of Money: Count your pennies and stay wealthy!

In his book The Psychology of Money, Morgan Housel explains through 19 short stories that doing well with money is less about what you know and more about how you behave. V Raghuraman reviews it.

Investor Information     

Stocks Pledged by Promoters

Promoter pledge data for listed companies, including equity capital, promoter holding percentage and the share of holdings pledged, with Hindustan Zinc, Electrosteel and Indo Tech among the names on the list.

October 31, 2026 - Combined Issue

Industry Review

VOL XVII - 14
October 16-31, 2026

Formerly Fortune India Managing Editor Deven Malkan Assistant Editor A.K. Batha President Bhupendra Shah Circulation Executive Warren Sequeira Art Director Prakash S. Acharekar Graphic Designer Madhukar Thakur Investment Analysis CI Research Bureau Anvicon Research DD Research Bureau Manager (Special Projects) Bhagwan Bhosale Editorial Associates New Delhi Ranjana Arora Bureau Chief Kolkata Anirbahn Chawdhory Gujarat Pranav Brahmbhatt Bureau Cheif Mobile: 098251-49108 Bangalore Jaya Padmanabhan Bureau Chief Chennai S Gururajan Bureau Chief (Tamil Nadu) Ludhiana Ajitkumar Vijh Bhubaneshwar Braja Bandhu Behera

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