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Shares of Manappuram Finance and Muthoot Finance slipped upto 3 percent in trade on October 1, a day after the Reserve Bank of India directed gold financiers to review processes, identify lapses and take remedial measures within three months, which according to brokerages may weigh on their growth. This comes after the RBI flagged irregular practices at certain gold finance companies in relation to loans issued against pledged gold ornaments and jewellery.

While Jefferies does believe that these tighter processes may hamper growth for gold financiers, it feels large gold non-bank finance lenders like Muthoot Finance should be better placed.

Morgan Stanley seconded the view and added that rival Manappuram Finance is also better positioned after being regulated for a long period in the past.

Between the two however, Morgan Stanley sees better margin of safety in Manappuram, backed by the cheaper valuations of the stock. Meanwhile, Jefferies stated that IIFL Finance should remain unaffected by the RBI’s measures as it has already taken corrective measures. Likewise, at 11.21 am, shares of IIFL Finance were trading over 1 percent higher on the NSE at Rs 468.40.

Regardless, Morgan Stanley did not rule out some overhang on these stocks due to the RBI’s tightening the norms for gold financiers. Accordingly, shares of Muthoot Finance tumbled 3.5 percent to Rs 1,961.55 while Manappuram Finance was down over 2 percent at Rs 196.60 on the NSE.

Despite the surge in gold prices to record high levels, shares of gold financiers have still witnessed muted performances in the near past. While shares of Manappuram Finance are down over 5 percent for the past month, those of Muthoot Finance and IIFL Finance have only posted minor gains of around 3 percent and 1 percent during the period.

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Vodafone Idea Ltd’s stock plunged over 33 percent in September, marking its sharpest decline since October 2019, with its market capitalization shrinking by more than Rs 34,000 crore during the month. The stock closed at Rs 10.36 per share on September 30, down from Rs 15.64 at the start of the month, reducing its market cap to Rs 72,000 crore from Rs 1.06 lakh crore.

The steep decline followed the Supreme Court’s rejection of telecom companies’ plea to recalculate their adjusted gross revenue (AGR) dues. Vodafone Idea’s curative petition in the AGR case sought three key reliefs: correcting arithmetic and clerical errors in the AGR demand, capping the penalty at 50 percent of the shortfall, and revising the penalty interest rate to 2 percent above the State Bank of India’s prime lending rate.

According to IIFL Securities, Vodafone Idea’s cash flow challenges are expected to worsen without court relief. The ruling offers a slight positive for Bharti Airtel, potentially benefiting from market share gains. However, Vodafone Idea’s ability to move forward with its debt-raising plans, critical to maintaining its capital expenditure, remains uncertain following the adverse verdict.

On September 6, Goldman Sachs reaffirmed its bearish outlook on Vodafone Idea, citing continued market share erosion despite recent capital raises. The brokerage highlighted the correlation between capital expenditure and market share, projecting a further 300 basis point loss for Vodafone Idea over the next 3-4 years, as competitors are expected to outspend it by at least 50 percent on capex.

In an optimistic scenario—where AGR dues are reduced by 65 percent, tariffs increase steadily, and no near-term government repayments are required—Goldman sees a best-case share price of Rs 19. The Supreme Court had earlier acknowledged Vodafone Idea’s challenge to its 2019 ruling on government payments in July.

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Fintech company BharatPe on Monday said that its former co-founder Ashneer Grover will neither be associated with the company in any capacity nor be a part of its shareholding as part of a settlement agreement signed between them.

Grover was removed from the position of Managing Director of BharatPe by the company’s board in March 2022. Since then, both parties have been involved in ongoing legal disputes.

“BharatPe has reached a definitive agreement with its former co-founder Ashneer Grover. As part of the settlement, Mr. Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company,” BharatPe said in a statement.

Following the agreement, certain shares of Grover will be transferred to the Resilient Growth Trust for the benefit of the company and his remaining shares will be managed by his family trust.

“Both parties have decided not to pursue the cases filed. We wish Mr Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers driving growth with profitability,” the statement said.

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Indian benchmarks, Sensex and Nifty 50, started the week in the red as a cocktail of global and domestic factors soured investor sentiment. A combination of profit-taking after record highs and mixed global cues put selling pressure on financial services, energy, and auto stocks.

After opening on a weak note, the selloff intensified in the last hour of trade, with the Sensex plunging over 1,200 points and the Nifty slipping below the critical 26,000 mark, reflecting growing caution among investors.

At 2.55 PM, the Sensex was down 1,200 points or 1.4 percent at 84,363, and the Nifty was down 357 points at 25,821. About 1,456 shares advanced, 2,066 shares declined, and 116 shares were unchanged.

Market experts pointed to several triggers for today’s downturn, including escalating Middle East tensions, investor jitters ahead of Federal Reserve Chair Jerome Powell’s speech, and the natural profit booking that followed a recent record-breaking rally. Additionally, a surge in China’s equity market, driven by favourable valuations and stimulus hopes, drew foreign investors away from Indian markets.

The broader markets weren’t spared either. While the BSE Smallcap index remained flat, the Midcap index lost half a percent. India VIX, a measure of market volatility, jumped 9 percent, indicating rising investor anxiety.

Sectorally, the pain was widespread, with 12 out of 13 sectoral indices in the red. Nifty Auto slumped over 2 percent ahead of monthly auto sales data due on October 1. According to a Motilal Oswal research report, demand trends for automobiles remained weak across segments in September, despite the festive seasons of Ganesh and Onam. The inauspicious Shraddh period further impacted sales, resulting in a year-on-year decline in retail sales across categories, as per brokerages.

Meanwhile, Nifty Metal defied the trend and rose for the eighth consecutive session, buoyed by a spike in iron ore prices and China’s efforts to revitalize its struggling property market.

Ajit Banerjee, President and Chief Investment Officer (CIO) at Shriram Life Insurance Company said that all eyes are now on the RBI’s MPC meeting next week. “We feel that the MPC would continue to maintain status quo on the policy rates, since it would like to start the rate cut cycle once it gets convinced that CPI inflation has been controlled in a relatively durable way and it will not be vulnerable to the food inflation fluctuations intermittently. Further, India, as of now, doesn’t face the challenge of GDP growth falling consistently.”

Among individual stocks, M&M, Bharat Electronics, and Hero MotoCorp were among the biggest losers, dropping 3-4 percent. On the flip side, Tata Steel, Hindalco, and NTPC gained, riding the metal index’s strength. New Nifty 50 entrants, BEL and Trent, stumbled on their first day as index constituents, falling 3 percent and 4 percent, respectively.

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Rolls-Royce has officially launched the Cullinan Series II, its latest super-luxury SUV, in India. This updated version of the iconic Cullinan responds to evolving trends in luxury and customer preferences. The vehicle has generated significant global interest, with India now joining the list of countries where the Cullinan is available.

The Cullinan Series II boasts several enhancements, including new technologies, updated design elements, and materials, while continuing to offer Rolls-Royce’s renowned comfort and performance. Clients can personalise their Cullinan with the brand’s extensive Bespoke services, allowing for unique designs and configurations.

Rolls-Royce also introduced the Black Badge Cullinan Series II in India, a sportier and more dynamic version aimed at younger buyers who seek a bolder interpretation of the brand’s luxury.

Pricing and Availability
The starting price for the Cullinan Series II is ₹10.5 crore, while the Black Badge Cullinan Series II begins at ₹12.25 crore. Both models are available for order through Rolls-Royce dealerships in Chennai and New Delhi, with deliveries expected to start by the end of 2024.

The original Cullinan, introduced in 2018, was Rolls-Royce’s first super-luxury SUV, designed to offer off-road capabilities while maintaining the brand’s signature comfort—referred to as a “magic carpet ride.” Over the years, the Cullinan has become the most requested model in Rolls-Royce’s lineup. Its versatility has made it a popular choice not just for off-roading but also as a daily driver for many owners.

One notable trend observed by Rolls-Royce is the shift toward younger clients, with the average age of owners dropping to 43 years. Additionally, more customers are choosing to drive the Cullinan themselves rather than rely on chauffeurs. This shift has influenced the urban-focused design of the Cullinan Series II, featuring modern aesthetics like vertical light designs reminiscent of skyscrapers.

Inside the Cullinan Series II, Rolls-Royce has added modern elements like a pillar-to-pillar glass-panel fascia on the dashboard and improved connectivity options. Rear-seat passengers can now stream content on separate screens, control various car functions like seat massage and temperature, and connect Bluetooth headphones. The SUV is also equipped with a Wi-Fi hotspot and an advanced 18-speaker audio system that transforms the entire car into a subwoofer for enhanced sound quality.

The Illuminated Fascia—a feature introduced in previous models like the Ghost—has made its way to the Cullinan Series II. This customisable panel lights up with the Cullinan name and a cityscape design inspired by megacities around the world. Customers can also work with Rolls-Royce’s designers to create their own unique illuminated design.

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