Indian Oil Corporation is expected to cut back on crude oil purchases from Middle Eastern suppliers. This decision comes as the Iran war disrupts shipments and increases transportation costs significantly. Refiners in India have traditionally relied on Middle Eastern oil but are now exploring alternative suppliers. The supply uncertainty has led to increased prices for shipping and heightened competition among producers.

Jio IPO subscription hits 3.16x on Day 1; offer open till October 23
https://timesofindia.indiatimes.com/business/india-business/jio-ipo-subscribed-3-16-times-on-day-1-draws-rs-69800-crore-in-bids/articleshow/135095545.cms

The Rs 30,213-crore initial public offering (IPO) achieved full subscription in just 100 minutes after opening on Wednesday, setting a record for the fastest subscription of a mega IPO in India. By 5 pm, investors had bid for 62.36 crore shares, with the total value of bids reaching approximately Rs 69,800 crore, exchange data showed.

Rupee hits 6-week high, surges 53 paise to 94.38 against dollar on Jio IPO inflows, RBI support
https://timesofindia.indiatimes.com/business/india-business/rupee-hits-6-week-high-surges-53-paise-to-94-38-against-dollar-on-jio-ipo-inflows-rbi-support/articleshow/135096229.cms

The rupee strengthened by 53 paise on Wednesday, closing at 94.38 against the US dollar, bolstered by foreign currency flows from the Jio Platforms IPO and intervention from the Reserve Bank of India. Nonetheless, pressures persisted from falling domestic stocks and increasing crude oil prices. The rapid full subscription of the Jio Platforms IPO within 100 minutes reflects significant investor interest.

Jio IPO subscribed within 100 mins; subscribed over 3x on Day 1
https://timesofindia.indiatimes.com/business/india-business/jio-ipo-subscribed-within-100-mins-subscribed-over-3x-on-day-1/articleshow/135100956.cms

The institutional (QIB) part of the IPO, in which a little over 4.9 crore shares were offered, was subscribed nearly 9.5 times while the high-net-worth investors’ portion, in which about 3.6 crore shares were reserved, was subscribed 1.7 times. Usually, in most initial offerings, institutional players apply on the last day of the offer.

Surge in gold loans partly reflects stress, say lenders
https://timesofindia.indiatimes.com/business/india-business/surge-in-gold-loans-partly-reflects-stress-say-lenders/articleshow/135100957.cms

During the company’s Q2FY27 earnings, Piramal Finance MD & CEO Jairam Sridharan said 15% to 23% of gross gold loan disbursements across the industry over the past year went to customers already more than 90 days overdue. Piramal’s policy bars lending to such borrowers. According to RBI data, gold loans accounted for a third of incremental retail lending in Q1FY27.

SpaceX, Tesla boards weigh $3.5 trillion merger; Elon Musk endorses idea
https://timesofindia.indiatimes.com/business/international-business/spacex-tesla-boards-weigh-3-5-trillion-merger-elon-musk-endorses-idea/articleshow/135100964.cms

SpaceX is valued at more than $2 trillion, while Tesla has a market value of about $1.5 trillion. When asked on the call about the prospects of merging the two companies, Musk initially said he was “tap dancing through a minefield” before going into more detail. He cautioned that getting enough support from Tesla shareholders may be tricky and that neither committee has settled on terms.

At 7.9%, core sector clocks fastest growth in new series
https://timesofindia.indiatimes.com/business/india-business/at-7-9-core-sector-clocks-fastest-growth-in-new-series/articleshow/135100958.cms

Output in the energy-dominant industries like natural gas (-4.6%), crude oil (-1.4%) and fertilisers (-11.7%) saw continued sequential contraction, reflecting the impact of the prolonged conflict in West Asia. Output in the refinery products (10.3%) and coal (10.7%), however, saw acceleration during the month. Bank of Baroda chief economist Madan Sabnavis said Sept figures highlight buoyancy in infrastructure where govt has been spending.