Supreme Court revives Yes Bank's Rs. 8,415 crore bonds, 2.4 years' profit

Friday, 16 October 2026 · Morning edition, before the 9:15 AM open · Covers Thursday's session, the overnight US close & corporate announcements through Thursday evening

Item	Level	Move	Note
Brent crude (Dec, settle)	$105.92	-0.1%	Fell about 2% intraday on tanker-sanction reports, then recovered
WTI crude (Nov, settle)	$97.97	+3%	Gap to Brent narrowed to about $8
Gold (London fix)	$4,158.20	+0.4%	Lifted as US yields fell
LME copper (Wed official)	$14,751/t	Wed	Thursday's official price not yet posted
LME aluminium (Wed official)	$3,010/t	Wed	Thursday's official price not yet posted
US 10-year Treasury	5.10%	-9bp	Fell despite hot PPI as October hike odds eased
US 2-year Treasury	4.77%	-5bp	Front end eased with Fed hike odds
USD/INR	95.06	Rupee +0.11%	Fifth straight daily gain for the rupee
India Sept exports	$44.40bn	+23% YoY	Released Thursday
India Sept imports	$74.61bn	+8% YoY	Released Thursday
India Sept trade deficit	$30.21bn	vs $26.86bn Aug	Wider than August, narrower than a year ago
US Sept PPI (final demand)	+1.3% m/m	6.3% y/y	Expected +0.5%; August was +0.5%
US Sept retail sales	+0.8% m/m	vs 0.3% expected	Control group only +0.1%
US jobless claims	199K	vs 197K prior	Labour market still tight

The Big Picture

Thursday gave Indian investors two very different stories. The headline indices had their best day in four months (Nifty 50 +1.66% to 22,997.35, Sensex +2.11% to 74,315.61), carried by IT, private banks & Reliance. But the rally was narrow: declining shares outnumbered advancing ones by nearly two to one (1,755 to 898), & the Smallcap 100 fell 1.31%. So the index rose while most stocks fell.

The biggest corporate event was a courtroom one. The Supreme Court upheld the Bombay High Court's 2023 order that quashed the March 2020 write-off of Rs. 8,415 crore of Yes Bank's AT-1 bonds. That sum is about 2.4 times Yes Bank's entire FY26 profit, & the bank has not yet said how it will absorb it. We size it in Company News below.
IT results split three ways. Tech Mahindra grew constant-currency revenue 7.2% & profit 32.7% with a 1:1 bonus recommended; Persistent grew dollar revenue 20% but reported profit fell 25% on acquisition costs; Wipro's revenue was flat in constant currency & its large-deal bookings fell about 59% from the previous quarter.
Consumption & capex results were strong on growth but carried warnings. Nestle India's sales rose 20.5% with double-digit volumes, yet management flagged food inflation as a cost pressure. Polycab's revenue jumped 53% to a record Rs. 9,899 crore.
Overnight, the US recovered. The S&P 500 rose 0.33% & the Dow 1.08% even though producer prices jumped 1.3% in September, because Treasury yields fell & the odds of an October Fed hike eased to about 27%.
Rates & the rupee. India's September trade deficit widened to $30.21 billion from $26.86 billion in August, while the rupee still rose for a fifth straight day to 95.06 per dollar. From today, banks must keep 99% of their required cash reserve with the RBI every single day, up from 90%, which tightens day-to-day liquidity at the margin.

Keep reading

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Still to come in this edition

Supreme Court revives Rs. 8,415 crore of Yes Bank AT-1 bonds, about 2.4 years of the bank's profit, with the bill's final shape still undecided
Tech Mahindra grows profit 32.7% & recommends its first bonus since 2015, as margins expand for a 12th straight quarter
Persistent grows dollar revenue 20% but reported profit falls 25%, as Nagarro acquisition costs land before Nagarro itself does
Wipro holds revenue flat in constant currency, but large-deal bookings fall about 59% in a quarter & guidance stays cautious
Nestle India's sales rise 20.5% with double-digit volumes, but management warns that food inflation is now a cost reality
Polycab's revenue jumps 53% to a record Rs. 9,899 crore, & its fans-&-lights arm finally earns a real margin, led by solar

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