India Daily Briefing

Eternal shares — the parent of Zomato — have added 36% in six months with Bank of Baroda Capital Markets still calling 19–22% more upside. The quick-commerce tailwind (Blinkit GMV growth) and customer retention improvement are the twin drivers. In a market where fintech and consumer-internet names are compressing P/E multiples globally, Eternal's sustained growth rate is keeping its premium multiple defensible. For Anjali's read: this is a quick-commerce infrastructure thesis, not a food delivery thesis — and it has legs into Q3 festive-season GMV data.

SEBI Chairman Tuhin Kanta Pandey confirmed the Closing Auction Session guidelines will drop within a week, finalising the settlement-price mechanism for derivatives on expiry days. The CAS mechanism determines closing prices through an auction rather than a volume-weighted average — designed to reduce the end-of-day manipulation window that large players have exploited historically. For retail and institutional F&O traders: expiry-day strategy will need to be retooled once the specific auction window parameters are published. The SEBI is simultaneously working on AI-use guidelines and digital onboarding reforms to cut broker compliance costs.

Ather Energy shares have delivered 130% returns in the 12 months since listing in May 2025. Bank of Baroda Caps is still buyers, expecting 19% more upside. The festive season is critical for two-wheeler EV volumes — Hero MotoCorp's ICE festive gains show the segment is hot, and Ather's EV positioning within that festive demand is the incremental differentiator. Ola Electric's ₹1,000 crore rights issue this week adds a second data point: EV two-wheeler companies are raising capital to fund growth, not rescue balance sheets.