Adani on top as Big Biz snaps up IBC bargains

India’s biggest conglomerates have emerged as the dominant buyers of stressed assets under the Insolvency and Bankruptcy Code. Adani Group, JSW Group, Reliance Industries Ltd. and the Tata Group have cornered nearly a quarter of the total value of bad loans resolved over the past decade.

While these four groups acquired only 28 companies, their share of value is much higher, especially in large cases worth more than ₹1,000 crore each, which account for 86% of admitted claims. The Adani Group has made the most acquisitions out of the four, using them to rapidly scale its power business.

Their edge lies in deep pockets, sectoral expertise and the ability to extract synergies, helping them outbid rivals and revive distressed assets. Deals like Bhushan Steel highlight how these assets can be turned around and expanded.

For lenders, this has meant better recoveries. For the Indian economy, it has ensured stranded assets are put back to productive use, even as big business tightens its grip on India’s insolvency-driven dealmaking. Read more.

THE MAIN STUFF

SEBI eases India IPO rules amid war: India’s market regulator has allowed changing IPO size by up to 50% without refiling draft papers, in much-needed flexibility amid volatility triggered by the US-Iran war.

The relaxation, valid for IPOs opening till 30 September 2026, comes with safeguards, including unchanged issue objectives and regulatory compliance.

SEBI has also extended IPO approval validity and eased public shareholding norms, giving companies more breathing room as market sentiment remains uncertain and deal pipelines face pressure. Read more.

Weather & War risk for India’s farmers: The forecast of a sub-par monsoon and a looming fertiliser shortage brought on by the Iran war has Indian farmers stressed.

Rainfall is pegged at 92% of the long-period average, with El Niño likely to weaken late-season rains. Fertiliser stocks are under half of kharif needs.

While past resilience suggests limited impact on output, pulses and oilseeds remain vulnerable. Food inflation, already rising, could firm up further, while higher input costs and erratic yields may keep farm incomes under pressure, dampening rural demand. Read more.

SIFs finds takers outside the metros: India’s new Specialised Investment Funds (SIFs), introduced by SEBI, are seeing strong traction beyond metros, with 33% of assets from B30 cities versus 18.9% for mutual funds, per Computer Age Management Services.

Their appeal lies in hybrid, low-risk strategies that blend equity and debt, attracting conservative investors.

Though still small at ₹10,620 crore versus mutual funds’ ₹73.7 trillion, SIFs are gaining ground, aided by distributor networks and rising interest from older investors seeking stable, hedged returns in volatile markets. Read more.

India’s non-profit boom is irregular at best: IIndia’s non-profit sector is expanding, but growth remains uneven, according to a study by Impactica.org. The country has more than 360,000 registered entities, deploying nearly ₹11 trillion, or 3.78% of GDP. However, funding is concentrated in richer states, with five regions accounting for 60% of NGOs.

While new-age incubators are attracting more funding, traditional NGOs face slower growth. Government initiatives like NITI Aayog’s Aspirational Districts Programme show some progress, but gaps persist, highlighting the need for better alignment between funding and grassroots needs. Read more.

Amid LPG shortage, higher CBG blending? Amid an LPG shortage triggered by the Iran war, India is considering raising CBG blending in city gas networks to as much as 20%, up from current targets of 1–5%.

Backed by policy support from the Ministry of Petroleum and Natural Gas, the plan will require scaling up local CBG production, which remains nascent.

While blending poses minimal operational challenges, experts flag supply constraints and the need for incentives to expand capacity and ensure steady feedstock availability. Read more.

AROUND THE WORLD

• If it starts, a nuclear arms race will be unstoppable
• Iran’s regime has changed—for the worse
• Wall Street has an elite coffee-tasting force. It’s struggling to find recruits.
• Europe drafts postwar plan to free up Hormuz without US
• Process to refund tariffs to begin next week

NEWS IN NUMBERS

₹9,800 crore: The total recovery achieved in the Sterling Biotech case, exceeding the original ₹5,383 crore cited in CBI's First Information Report, as the Supreme Court closed the long-running proceedings.

$70.8 million: The amount Wipro will pay to acquire select customer contracts from California-based Alpha Net Group, boosting its AI-powered and consulting-led application services capabilities.

$2.4 billion: The annual loss reportedly incurred by Air India for FY26, wider than expected, prompting the Tata-Singapore Airlines joint venture to seek fresh financial aid from shareholders.

1.2 million: The number of buildings at flood risk in England, with two-thirds located in economically vulnerable areas, per an Ordnance Survey and Snowflake study.

3.88%: India's wholesale inflation in March 2026, the highest in over three years, driven by rising prices of crude petroleum, natural gas, basic metals, and manufactured goods.

108: The number of malicious Google Chrome extensions designed to steal user data, hijack Telegram sessions, and inject malicious code into webpages, that were uncovered by cybersecurity researchers.

$20.67 billion: India's merchandise trade deficit in March 2026, narrowing from $21.69 billion a year earlier, as imports eased despite elevated purchases of energy, gold, and electronics.

CHART OF THE DAY

Women's share in the Lok Sabha has barely moved over the decades. A special parliament session starts today to discuss amendments to clear the way for a 33% quota likely by 2029.

LOUNGE RECOMMENDS

What your appraisal cannot tell you about your career: Appraisal season in India has become more complicated than ever. For a few weeks each year, organisations assign ratings, revise compensation, and signal future expectations. This year, those conversations feel different. Layoffs across sectors, cautious hiring, and rapid shifts driven by AI have made careers less predictable than before. Read more.

WHAT THE FACT

Beginning of a great journey: On this day in 1853, the Great Indian Peninsula Railway launched India’s first passenger train, running 34 km from Bori Bunder to Thane. Pulled by three steam locomotives—Sahib, Sindh, and Sultan—the train carried about 400 passengers, marking the beginning of India’s railway journey.

What started as a short colonial-era route soon grew into one of the world’s largest rail networks. Bori Bunder was later replaced by the Victoria Terminus in 1888. It was renamed to Chhatrapati Shivaji Terminus in 1996.

Edited by Alokesh Bhattacharyya. Produced by Tushar Deep Singh.

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