Category: business

Non-Banking Financial Company Tata Capital Set To Launch IPO On October 6, Issue Size Pegged At ₹17,200 Crore

**Tata Capital to Launch USD 2 Billion IPO on October 6, Eyeing USD 18 Billion Valuation**

New Delhi: Tata Capital, the non-banking financial company and financial services arm of the Tata Group, is set to launch its initial public offering (IPO) on October 6, 2025. According to sources familiar with the matter, the issue size is pegged at an estimated USD 2 billion (approximately Rs 17,200 crore).

The IPO bidding will open on Monday, October 6, 2025, and close on Wednesday, October 8, 2025. The anchor investor bidding date is scheduled for Friday, October 3, 2025, as disclosed to the stock exchanges.

Tata Capital is targeting a valuation of around USD 18 billion. The proposed IPO comprises 47.58 crore shares, including a fresh issue of 21 crore equity shares and an offer for sale (OFS) of 26.58 crore shares.

As part of the OFS, Tata Sons will offload 23 crore shares, while the International Finance Corporation (IFC) will divest 3.58 crore shares. Currently, Tata Sons holds an 88.6% stake in Tata Capital, and IFC owns a 1.8% stake.

Proceeds from the IPO will be utilized to strengthen Tata Capital’s Tier-1 capital base, supporting future capital requirements including onward lending.

Tata Capital filed draft papers for the IPO through the confidential pre-filing route in April 2025, receiving regulatory approval from the Securities and Exchange Board of India (SEBI) in July 2025. If successful, this IPO will become the largest public issue in India’s financial sector and mark the Tata Group’s second public listing in recent years, following Tata Technologies’ debut in November 2023.

### RBI Listing Mandate and Sector Context

This IPO aligns with the Reserve Bank of India’s listing mandate requiring upper-layer non-banking financial companies (NBFCs) to be listed within three years of classification. Tata Capital was designated as an upper-layer NBFC in September 2022.

In a similar sector move, HDB Financial Services, the non-banking arm of HDFC Bank, went public in June 2025 with a Rs 12,500 crore issue. Bajaj Housing Finance, another upper-layer NBFC, made a blockbuster market debut in September 2024, closing its first day of trade with a 135% premium over the issue price.

### Financial Performance and Business Portfolio

For the financial year 2024-25, Tata Capital reported a profit after tax (PAT) of Rs 3,655 crore, up from Rs 3,327 crore in FY24. Its revenue also witnessed a significant jump to Rs 28,313 crore in FY25, compared to Rs 18,175 crore in the previous year.

Since beginning lending operations in 2007, Tata Capital has served more than 70 lakh customers as of March 31, 2025. With a portfolio offering more than 25 lending products, the company caters to a diverse clientele including salaried and self-employed individuals, entrepreneurs, small businesses, SMEs, and corporates.

Beyond lending, Tata Capital also distributes third-party products such as insurance and credit cards, offers wealth management services, and acts as a sponsor and investment manager for private equity funds.

### IPO Management

The IPO is being managed by a consortium of leading book-running lead managers, including Axis Capital, Kotak Mahindra Capital Company, BNP Paribas, HDFC Bank, HSBC Securities and Capital Markets (India) Private Limited, Citigroup Global Markets India Private Limited, ICICI Securities, IIFL Capital Services, SBI Capital Markets, and J P Morgan India.

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*Disclaimer: This story is from a syndicated feed. The content remains unchanged except for the headline.*
https://www.freepressjournal.in/business/non-banking-financial-company-tata-capital-set-to-launch-ipo-on-october-6-issue-size-pegged-at-17200-crore

NBCC holds 65th Annual General Meeting

**NBCC (India) Ltd Showcases Strong Growth and Strategic Vision at 65th AGM**

NBCC (India) Ltd, the State-owned Navratna Enterprise, is poised to capitalize on the increased government impetus towards infrastructure development. At the 65th Annual General Meeting (AGM) held on 24th September 2025 at East Kidwai Nagar, K.P. Mahadevaswamy, Chairman and Managing Director of NBCC (India) Limited, highlighted the company’s key achievements during the financial year 2024-25. He also outlined the various opportunities the company is pursuing in both domestic and international markets.

### Leadership and Attendance

The meeting was attended by other members of the NBCC Board, including Saleem Ahmad, Director (Projects); Suman Kumar, Director (Commercial); Anjeev Kumar Jain, Director (Finance); and Government Nominee Directors Sanjeet, Joint Secretary & Financial Advisor, Ministry of Housing and Urban Affairs, Government of India; Ravi Kumar Arora, Joint Secretary (Land & Estates). Independent Directors Bhimrao Panda Bhosale, Deepak Singh, Rajeev Kumar, Vishal Puri, and Smt. Deepti Gambhir, Company Secretary, NBCC, were also present.

### Financial Performance

NBCC posted a consolidated revenue of Rs 12,038.57 crore, marking a 15.68% year-on-year growth. The consolidated Profit After Tax (PAT) reached Rs 557.42 crore, representing an impressive 34.52% increase.

On a standalone basis, revenue stood at Rs 8,725.36 crore. PAT for the standalone entity rose 38.26%, touching Rs 476.11 crore. The company’s consolidated order book surged to Rs 1,20,533 crore, reaffirming NBCC’s leadership in redevelopment, real estate, overseas ventures, and project management consultancy (PMC) works.

### Key Highlights from the CMD’s Address

– **Record Dividend and Bonus Shares:** NBCC declared its highest-ever dividend of Rs 180.90 crore (@67%) and issued 90 crore bonus equity shares in the ratio of 1:2, underscoring its commitment to shareholder value creation.

– **New Business Wins:** The company secured new contracts worth Rs 23,250 crore.

– **Flagship Redevelopment Project Sales:** NBCC achieved complete commercial sales at its flagship redevelopment projects — World Trade Centre, Nauroji Nagar (Rs 13,409 crore), and Downtown, Sarojini Nagar (Rs 1,391 crore), aggregating nearly Rs 14,800 crore.

– **Amrapali Project Progress:** Under the Amrapali mandate, NBCC successfully completed 25,500 housing units and initiated further sales expected to generate Rs 2,353 crore.

– **Global Expansion:** Strengthening its international footprint, NBCC is executing its largest-ever overseas EPC project — 2,000 social housing units in Hulhumale, Maldives, valued at $130 million. This landmark project, funded through EXIM Bank of India under the Government of India’s NEIA framework, symbolizes strong India–Maldives cooperation. The recent inauguration by the Hon’ble Prime Minister of India and the Hon’ble President of the Republic of Maldives highlights NBCC’s strategic importance and ability to deliver world-class socially impactful infrastructure globally.

– **New Markets:** The company has expanded operations with a subsidiary in Dubai and is actively exploring opportunities in Uzbekistan and the UAE.

### Focus on Sustainability and Innovation

Anchored in sustainability and digital transformation, NBCC advanced green construction practices and adopted centralized project monitoring systems. The company invested significantly in workforce development, conducting 90 training programmes during the year.

Its Corporate Social Responsibility (CSR) initiatives continued to create positive impact across education, healthcare, sanitation, renewable energy, and skill development sectors.

### Recognition and Awards

NBCC’s excellence was recognized with an ‘Excellent’ MoU rating from the Department of Public Enterprises (DPE), securing 2nd rank among all Central Public Sector Enterprises (CPSEs) and 1st in its sector with a record score of 98.50.

Several iconic projects such as Bharat Mandapam, Vanijya Bhawan, IIM Sambalpur, and AIIMS Bilaspur earned prestigious GRIHA ratings. Awards in digital transformation and cybersecurity further validated NBCC’s growing credentials in technology adoption.

### Commitment to Viksit Bharat Vision

Aligned with the Government of India’s vision for a developed (‘Viksit Bharat’), NBCC remains steadfast in creating sustainable, inclusive infrastructure and delivering long-term value for its stakeholders as a trusted arm of the government.

### Appreciation and Acknowledgment

In conclusion, CMD K.P. Mahadevaswamy expressed heartfelt gratitude to the Government of India, especially the Ministry of Housing and Urban Affairs, Ministry of Finance, Department of Public Enterprises, DIPAM, SEBI, Ministry of Corporate Affairs (MCA), as well as all Central and State Government agencies, the Comptroller and Auditor General (C&AG) of India, esteemed clients, valued customers, dedicated employees, and stakeholders. Their continuous support and cooperation have been instrumental in driving NBCC’s progress and success.

NBCC continues to strive for excellence in its core businesses and remains committed to delivering utmost value to its shareholders.

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*For more updates and detailed information, stay connected with NBCC (India) Limited.*
https://www.freepressjournal.in/corporate-gallery/nbcc-holds-65th-annual-general-meeting

Titan Introduces Edge Ultraslim: Thin, Timeless, Redefining Time

Mumbai recently witnessed the unveiling of Titan’s highly anticipated Edge Ultraslim, a watch that redefines the boundaries of thinness and elegance. Since its debut in 2002, the Edge collection has championed ultra-thin design, and the new Ultraslim stands as the crown jewel, measuring a mere 3.3mm in thickness.

A seamless blend of Indian engineering and world-class design, the Edge Ultraslim embodies Titan’s philosophy of minimalism, material innovation, engineering mastery, and timeless aesthetics. In 2024, a limited-edition titanium variant of the Ultraslim marked Titan’s prestigious entry at the Grand Prix d’Horlogerie de Genève (GPHG) Awards—widely regarded as the ‘Oscars of watchmaking.’

This year, Titan is expanding the reach of the Ultraslim with two new stainless-steel variants, available in understated grey and monochromatic black, both maintaining the sleek 3.3mm profile. These timepieces are priced at Rs 74,995, offering refined luxury at an accessible price point.

While traditional fine watchmaking chases precision down to the 1/100th of a second, the Edge Ultraslim takes a unique approach. It features a single-hand floating disc that glides in ten-minute intervals, creating the illusion of continuous time. This design encourages wearers to reimagine time as a seamless flow rather than a series of discrete moments.

Beyond its slim case, the watch is powered by Titan’s Calibre Edge T9081—one of the world’s thinnest quartz movements at just 1.15mm thick. The movement is housed in a 40.5mm case crafted from 316L surgical-grade stainless steel with precision micro-blasting. The bead-blasted silver-white dial boasts a soft, architectural texture and is protected by a sapphire crystal featuring a six-layer anti-reflective coating.

The dual-finish case combines a circular satin bezel with a high-polish outer ring, complemented by concealed lugs and elegantly beveled corners. Completing the look is a supple, stitch-free Italian calf leather strap that enhances the overall sophistication.

Weighing only 30 grams and water-resistant up to 30 meters, the Edge Ultraslim is truly an engineering marvel.

Commenting on the launch, Kuruvilla Markose, CEO of Watches & Wearables at Titan, said, “Every fraction of a millimetre reflects years of disciplined innovation by our in-house teams, where design and engineering coexist in perfect harmony.”

The launch event was an experiential ode to time, inspired by the four elements—wind, water, earth, and sky. Guests journeyed through immersive displays of light, sound, and form, culminating in the unveiling of the Edge Ultraslim—a mindful experience designed for those who appreciate luxury in subtlety and view time as a companion.
https://www.freepressjournal.in/lifestyle/titan-introduces-edge-ultraslim-thin-timeless-redefining-time

Electronic Arts (EA) is reportedly nearing a $50 billion deal to go private in leveraged buyout

Electronic Arts, the company behind EA Sports FC (formerly FIFA) and one of the gaming industry’s biggest publishers, is reportedly nearing a historic $50 billion deal to go private.

According to a report from The Wall Street Journal, the new ownership group would include Saudi Arabia’s Public Investment Fund (PIF), which has been steadily increasing its presence in the gaming sector in recent years. The $50 billion buyout is being financed by Silver Lake and the Saudi Public Investment Fund, and could be finalized as soon as next week.

If completed, this deal would mark the largest leveraged buyout in history. It would also represent the latest and largest move by Saudi Arabia to establish a strong foothold in the video game industry. Earlier this year, Niantic sold Pokémon Go and other assets to Scopely, a company backed by Saudi investors. Additionally, the Public Investment Fund has held a stake in Nintendo, though it reduced its position last year.

At this time, there has been no official announcement from Electronic Arts or the reported investors. We will continue to provide updates as more information becomes available.
https://www.shacknews.com/article/146128/electronic-arts-ea-50-billion-private-sale

Turkmenistan spins textile export wins with gabardine, calico, and terry products

**State Commodity and Raw Materials Exchange of Turkmenistan: Textile Enterprises Offer Large Consignments**

Several textile enterprises have presented large consignments of cotton yarn and fabrics through the State Commodity and Raw Materials Exchange of Turkmenistan. All lots are available under payment deferment terms, with FCA delivery from Ashgabat and Turkmenabat.

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**Currency Rates:**

| Currency | Rate |
|———-|———|
| AZN | 40.00 |
| USD | 23.50 |
| EUR | 20.00 |
| RUB | 0.00 |

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Buy orders are welcome. For more information and to place an order, please contact the exchange.
https://www.trend.az/business/4095956.html

AI agent expectations meet reality as enterprises seek secure, production-ready systems

While headlines about artificial intelligence project failures often dominate the news, enterprises are witnessing tangible success by focusing AI efforts in specific areas such as knowledge access. In this domain, search solutions like Glean Technologies Inc. have become essential for democratizing enterprise AI across the workforce, embedding intelligent tools directly into daily workflows.

**The Rise of AI in Enterprise Knowledge Access**

“You build a product like Glean, give it to all of your employees, and now you’re bringing AI into the day-to-day work of every individual,” said Arvind Jain, founder and chief executive officer of Glean. “That’s actually the first thing that enterprises are doing because they’re thinking, ‘AI is happening, and I need to bring AI tools to all of my employees and get that education going.’”

Jain shared these insights during an exclusive interview with John Furrier of theCUBE at theCUBE + NYSE Wired: AI Factories Data Centers of the Future event, broadcast live from SiliconANGLE Media’s livestreaming studio. They discussed the critical need for enterprises to design systems that empower users to be their most productive selves.

**The State of Enterprise AI**

Over the past year, there has been explosive interest in AI agents—autonomous systems designed to perform business tasks. However, unrealistic expectations have led to considerable disappointment.

“Agent deployment requires more than imagination; it demands guardrails, monitoring, and secure integration with enterprise systems,” Jain cautioned. “Last year has been all about AI agents, and expectations have been sky-high. People thought they could bring an agent in and automate any business process in their company in just one day.”

**Glean’s Approach: Simplicity and Security**

Glean’s approach focuses on making it easy for non-technical employees to build useful AI agents, while simultaneously providing the necessary infrastructure for quality, compliance, and security. With an extensive integrations and actions library encompassing thousands of enterprise tasks, Glean enables organizations to create production-grade agents that do more than just converse—they get real work done.

“When you build an agent with Glean, we first make it really easy; we are democratizing access to agent building,” Jain explained. “You could be a business owner, not a technologist or AI scientist, but you can still build something really cool with AI through our agent builders. It’s becoming very natural.”

He added, “We also provide the rest of the infrastructure to help evaluate, test, monitor, and put the right guardrails in place to ensure agents don’t go wild in the enterprise.”

**The Enterprise Graph: The Neural Network of the Enterprise**

One of Glean’s most important innovations is the enterprise graph, a connective layer that serves as the neural network of an organization.

“Agents don’t operate in isolation; they require data, context, and a human-like understanding of how work gets done,” Jain said. “We excel at this because Glean comes with hundreds of integrations to the most common enterprise systems.”

“If you build an agent and need access to specific data, it’s very easy and seamless within Glean, since we’re already connected to all the enterprise systems,” he continued. “And beyond data access, we allow you to take actions directly within those systems.”

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For a deeper dive into these insights, watch the complete video interview, part of SiliconANGLE’s and theCUBE’s coverage of theCUBE + NYSE Wired: AI Factories Data Centers of the Future event.

*Photo: SiliconANGLE*
https://siliconangle.com/2025/09/26/glean-pushes-toward-enterprise-ai-agents-aifactoriesdatacenters/

Trouble in Mind Records Ceases Operations

**Trouble in Mind Records, the Chicago Label, Ceases Operations After More Than a Decade**

Trouble in Mind Records, the Chicago-based label that specialized in punk and garage rock for over a decade, has officially ceased operations. Founders Bill and Lisa Roe shared the news today on social media, revealing that the label has been inactive as of June 1st, 2025. Below, you’ll find their full statement and a brief history of the label’s journey.

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### A Brief History of Trouble in Mind Records

Bill and Lisa Roe founded Trouble in Mind Records in 2009, coinciding with the arrival of their first child, Veronica Ronnie Moon. Initially, the label focused on pressing 7-inch vinyl singles as the Roes expertly balanced parenthood, their band CoCoComa, and day jobs—Lisa as a librarian and Bill working as a production manager for Chicago Independent Distribution.

By 2010, they released the label’s first full-length album, a self-titled record from the Liminanas. Over the years, Trouble in Mind launched albums from a diverse roster of artists, including Mikal Cronin, The Tubs, Dummy, David Nance Group, Ultimate Painting, Doug Tuttle, Negative Scanner, and many others.

Though primarily known for championing garage, punk, and psych-rock, the Roes always envisioned Trouble in Mind as a platform offering a wide variety of music. Speaking in 2017, Bill Roe explained:

> “The label has morphed as our tastes have. It’s all in the same wheelhouse, but it’s a better reflection of what you’d see if you looked at our personal record collection. We figured out more what we want to release, and plus our ears also get tired of hearing the same thing over and over. We release what catches our ear, so chaining ourselves to a certain genre or style of music seems pretty limiting — we’ve put out garage-punk, psych, experimental music, electronic music, and spiritual jazz records. Perhaps it makes our label harder to pin down or categorize, but fuck that, who cares?”

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### Official Statement from Trouble in Mind Records

**ADIEU TROUBLE IN MIND RECORDS: 2009–2025**

*FRENZ.*

We are sad to announce that Trouble in Mind Records has ceased to exist as an active label as of June 1st of this year.

We could point to a myriad of reasons why, BUT instead we’re going to focus on the positives.

To all the artists we’ve ever worked with—being able to have even a minor part in releasing your art into the world was one of the greatest privileges we could have ever asked for & we love you all.

If you have ever bought an album, streamed a song, saw one of our artists on tour, read an article or interview about us, told a friend about the label, or supported us in any way, shape, or form, we appreciate you & sincerely thank you for your support. YOU are the reason independent labels can still exist, so keep the faith!

We will still be maintaining our back catalog for the foreseeable future, and we hope you’ll take advantage of our **BIG SALE** happening over at our Bandcamp page. Take a whopping **30% off** anything in the webshop using the code: **ADIEU**

In closing;
**ALWAYS SUPPORT INDEPENDENT ARTISTS & LABELS,
PROTECT TRANS PEOPLE,
FUCK ICE,
FREE PALESTINE,**
and may all your scratch-offs be winners.

Sending love from our kitchen in Chicago, IL.

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We thank Trouble in Mind Records for their profound impact on the independent music scene and wish Bill, Lisa, and their family all the best in the future.
https://pitchfork.com/news/trouble-in-mind-records-ceases-operations

New members only lounge opening in northeast Fresno

**Exclusive Members-Only Lounge and Private Social Club to Open in Northeast Fresno**

NORTHEAST FRESNO, Calif. (KFSN) — A new members-only lounge and private social club featuring top-tier entertainment and Michelin Star dining is set to make its debut in Fresno. The PM Lounge, located on Cedar Avenue near Herndon in Northeast Fresno, promises an exclusive experience for its members.

The club has already received more than 200 membership applications and will accommodate a total of 800 members. While the cost to join has not been disclosed, prospective members can look forward to an upscale environment designed for socializing and entertainment.

According to the director of operations, The PM Lounge plans to host approximately four private concerts each year, featuring well-known artists. This initiative aims to provide members with unique and memorable experiences throughout the year.

Local businessmen Michael Walstad and Nicholas Crawford are the proud owners of The PM Lounge. They are spearheading this exciting venture and envision it becoming a premier destination in Fresno’s social scene.

A two-day grand opening event exclusively for members is scheduled for November 14 and 15. The owners encourage interested parties to apply for membership ahead of the official launch.

Stay tuned for more updates on The PM Lounge as it prepares to open its doors to Fresno’s elite social community.
https://abc30.com/post/new-members-lounge-opening-northeast-fresno/17887873/

Tokyo Consumer Prices Rise 2.5% In September, Rice Surges Nearly 47%

While corporate profits in Japan continue to reach record highs, employee wages remain stagnant, leaving a growing segment of the workforce struggling. Since the collapse of the bubble economy, non-regular employment has steadily increased, creating a widening gap between regular and non-regular workers.

Today, 15.4% of the population earns less than half the median standard of living, marking the second-highest proportion among G7 countries after the United States. Meanwhile, Tokyo consumer prices rose 2.5% in September compared with a year earlier. The index excluding fresh food—often subject to sharp fluctuations—reached 110.0 across the capital’s wards, with the pace of growth remaining unchanged from the previous month.

In the corporate sector, Panasonic Holdings will begin soliciting early retirement applications next month at one of its core operating companies as part of broader restructuring efforts. Meanwhile, Toyota has started demonstration trials at its experimental city project known as Woven City. As of September 25th, several employee households have moved in to test how AI and autonomous driving technologies can be integrated into everyday life.

Japan currently counts only eight unicorns—unlisted startups valued at over 150 billion yen—compared with 690 in the United States. It has yet to produce a single “hectocorn,” a term used for companies worth more than 100 billion dollars, such as ByteDance’s TikTok, OpenAI, or SpaceX.

On the international front, Japan and Saudi Arabia announced a new memorandum of understanding for economic cooperation on September 24th at the Osaka-Kansai Expo. The agreement places strong emphasis on expanding the entertainment and content industries.

In local news, residents of Settsu City, Osaka Prefecture, have decided to file for pollution mediation against chemical manufacturer Daikin Industries. This action follows the discovery of per- and polyfluoroalkyl substances (PFAS) in the groundwater near the plant, some of which are suspected to be carcinogenic.
https://newsonjapan.com/article/147032.php

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