MakeMyTrip and Jio file IPOs as chip index enters bear market

The Philadelphia Semiconductor Index slid nearly 2% Friday, plunging over 20% since its June peak and officially entering bear‑market territory. The drop was sparked by a new, massive AI model from China's Moonshot and mounting doubts over the sustainability of hyperscaler AI capex, prompting a broad tech sell‑off across U.S., Asian and European markets.

MakeMyTrip’s Indian unit submitted a confidential Draft Red Herring Prospectus to SEBI, proposing an offer for sale by the parent and ibibo Group Holdings. The deal could raise more than $1 bn and list the shares on the BSE and NSE. It signals the Nasdaq‑listed travel platform’s first domestic listing after 15 years.

Skyroot Aerospace launched Vikram‑1, a four‑stage 350 kg LEO small‑satellite carrier, making India the third nation with private orbital launch capability. The debut flight delivered multiple commercial payloads, underscoring a new revenue stream for India's burgeoning space sector and intensifying competition in the global small‑sat market.

Jio Platforms’ Q1FY27 profit jumped 9.2% to ₹7,764 cr, with earnings up 15% YoY, driven by higher ARPU and digital services. The arm also filed its draft red-herring prospectus, signalling an IPO that could raise ₹32 to 35 000 cr and cement its role in India’s digital growth.

RBI Governor Sanjay Malhotra warned that geopolitical tensions in West Asia and a below‑normal monsoon are the biggest downside risks to India’s economy, even as the rupee stays stable. He noted growth could slip to about 6.6% in Q2, while services exports, remittances and record FDI keep the external sector resilient.

The RBI’s printing arm has opened a tender for polymer substrate sheets to print ₹10 and ₹20 banknotes, potentially launching India’s first plastic currency. Field trials could expand to other denominations, boosting security and durability while marking a major shift from paper notes.

The LPG subsidy bill is on track to exceed Rs 1 lakh crore in FY27, far outstripping the Rs 30 billion budget allocation and creating a Rs 70 k crore shortfall. Overall subsidy spending is already 47% higher YoY, tightening the fiscal deficit and likely curbing capital spending for the rest of the year.

CBI searched 15 premises in Mumbai and Delhi tied to Reliance Commercial Finance and Reliance Home Finance, alleging diversion of borrowed funds to other group firms and an estimated loss of Rs 27,337 crore to public banks and LIC. The raids seized incriminating documents and the investigation remains under Supreme Court supervision.