Adani Group Unveils $120 Billion Capex Plan; SEBI Clears Multiple IPOs Amid Market Holiday

The Adani Group has announced a massive $120 billion capital expenditure plan over the next five years, focusing on infrastructure, energy, and digital sectors, signaling significant growth prospects for the conglomerate. Concurrently, the Securities and Exchange Board of India (SEBI) has cleared several initial public offerings (IPOs), including state-owned Mahanadi Coalfields and fintech major Razorpay, indicating a robust primary market pipeline. Indian equity markets remain closed today for Diwali-Balipratipada, with trading set to resume tomorrow. Investors are also keenly awaiting the US October CPI data release later this evening, which could influence global market sentiment.

Key highlights

• Adani Group: Plans $120 billion (approx. ₹11.4 lakh crore) in capital expenditure over the next five years across core infrastructure and growth platforms.
• SEBI IPO Clearances: Regulator has cleared 8 IPOs, including Mahanadi Coalfields (expected $1 billion offering) and Razorpay (estimated ₹5,000-6,000 crore), signaling a strong primary market.
• Indian Market Holiday: NSE and BSE are closed today, November 10, 2026, for Diwali-Balipratipada, with trading resuming on November 11.
• US CPI Data: The US Bureau of Labor Statistics is scheduled to release October 2026 Consumer Price Index (CPI) data at 7:00 PM IST today, a key global macro event.
• MRF Q2 Results: Reported a 27.8% year-on-year decline in consolidated net profit to ₹369 crore for Q2 FY27, despite a 17.6% rise in revenue to ₹8,524 crore.

Adani Group to Invest $120 Billion in Five-Year Capex Plan

The Adani Group, one of India's largest conglomerates, has unveiled an ambitious capital expenditure plan of over $120 billion (approximately ₹11.4 lakh crore) over the next five years. This significant investment is earmarked for its core infrastructure businesses and emerging growth platforms, according to a report by Fortune India published today. The plan is expected to be one of the largest private sector investment programs globally, outside of major US technology hyperscalers.

Investment Focus

Approximately 70% of this substantial investment will be directed towards the energy sector, encompassing renewables, coal-based thermal power, data centers, and transmission and distribution. The transport and logistics segments, including ports, airports, and roads, will account for about 20% of the capex. The remaining 10% is allocated to business adjacencies such as cement, copper, and aluminium. Gautam Adani, Chairman of the Adani Group, emphasized that India is entering its most significant infrastructure investment cycle, and meeting the demand for energy, transport, logistics, and digital infrastructure requires long-term capital and disciplined execution.

Why it matters

This massive capital outlay underscores the Adani Group's continued commitment to India's infrastructure development and its aggressive growth strategy across diversified sectors. Such large-scale investments are crucial for job creation, economic growth, and enhancing India's global competitiveness. For investors, this signals potential long-term value creation across Adani Group entities involved in these sectors, as the company aims for greater earnings contributions from its developed businesses. The announcement comes as AdaniConneX, a joint venture of Adani Enterprises, also completed the acquisition of Vizag Mega Data Center Park for ₹1,085.51 crore, further solidifying its digital infrastructure ambitions.

SEBI Clears Multiple IPOs, Bolstering Primary Market Activity

The Securities and Exchange Board of India (SEBI) has given its nod to several companies for their initial public offerings (IPOs), signaling a vibrant pipeline for India's primary market. Among the prominent names receiving regulatory clearance are state-owned Mahanadi Coalfields, non-banking financial company Veritas Finance, and fintech major Razorpay. This development is expected to provide fresh investment opportunities for investors in the coming months.

Key IPOs in Focus

Mahanadi Coalfields, a subsidiary of Coal India, is preparing for a public issue that could raise up to $1 billion (approximately ₹8,300 crore, assuming USD/INR at 83), valuing the coal producer at around $10 billion. The IPO will be an offer for sale (OFS) of a 10% stake by Coal India, meaning the proceeds will go to the parent company. SEBI issued its observations on Mahanadi Coalfields' draft offer documents on November 4, clearing a key regulatory hurdle.

Fintech major Razorpay has also secured SEBI's approval for its proposed IPO, which is estimated to be worth ₹5,000-6,000 crore. Additionally, Veritas Finance Ltd, an NBFC, received approval for an IPO comprising a fresh issue of ₹900 crore and an offer for sale of up to 1.28 crore equity shares by existing shareholders. Other companies that have received regulatory observations include Sagar Defence Engineering, Encube Ethicals, Arjun Jewellers, and MakeMyTrip's India subsidiary.

Why it matters

These clearances highlight the continued investor appetite for new listings in India's capital markets. The diverse range of companies, from traditional sectors like coal mining to new-age fintech and defence technology, reflects the broad-based growth potential in the Indian economy. The expected launch of these IPOs, particularly the large-scale offering from Mahanadi Coalfields, will provide avenues for capital allocation and could attract further domestic and international investment into the Indian market.

More stocks and market news

Indian Stock Markets Closed for Diwali-Balipratipada

Indian equity markets, including the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), are closed today, November 10, 2026, on account of Diwali-Balipratipada. All trading activities across equity, equity derivatives, currency derivatives, and other segments remain suspended. The Multi-Commodity Exchange (MCX) will also remain shut during the morning session but will resume trading in the evening from 5 PM to 11:30 PM IST. Trading on both NSE and BSE will resume tomorrow, Wednesday, November 11, with normal market timings. This holiday follows the special Muhurat Trading session held on November 8, marking the beginning of the new Hindu financial year, Samvat 2083.

US October CPI Data Release Expected Tonight

Global financial markets are awaiting the release of the US October 2026 Consumer Price Index (CPI) data, scheduled for 8:30 AM US Eastern Time, which translates to 7:00 PM IST today. This inflation data is a critical economic indicator that can significantly influence the US Federal Reserve's monetary policy decisions and, consequently, global interest rates and capital flows. Given that Indian equity markets are closed today, the CPI figures will be a key factor influencing market sentiment and trading activity when the NSE and BSE reopen tomorrow. Any significant deviation from expectations could trigger volatility in currency markets, bond yields, and overall risk appetite.

MRF Reports 28% Decline in Q2 Net Profit

MRF Ltd, India's leading tyre manufacturer, announced its Q2 FY27 results today, reporting a 27.8% year-on-year decline in consolidated net profit to ₹369 crore. This is compared to a net profit of ₹512 crore in the corresponding quarter of the previous fiscal year. Despite the drop in profitability, the company's revenue from operations saw a healthy increase of 17.6% annually, reaching ₹8,524 crore in the September quarter of FY27 from ₹7,250 crore a year ago. The company's EBITDA also fell by 16.3% year-on-year to ₹913 crore. MRF's board has also declared an interim dividend of ₹3 per share, with November 17 fixed as the record date.

Market context

Indian equity markets are closed today, November 10, 2026, for Diwali-Balipratipada. On Monday, November 9, benchmark indices Sensex and Nifty closed in positive territory. The 30-share BSE Sensex advanced 107.25 points, or 0.13%, to finish at 81,106.65, while the NSE Nifty 50 climbed 58.25 points, or 0.23%, to settle at 25,044.65. This positive movement was supported by easing crude oil prices and buying interest in banking and financial stocks. Brent crude prices continued their downward trend, falling 0.93% to $91.70 per barrel today. The Indian Rupee has shown strengthening, with the USD/INR exchange rate at 93.3884 live today, reflecting a 1.279% increase over the past week, supported by lower oil prices and renewed foreign equity inflows. Major Asian markets traded higher today, offering positive global cues for India's reopening tomorrow.

Why these stories matter

The Adani Group's substantial capex plan signals long-term growth and investment opportunities across multiple critical sectors, reinforcing India's infrastructure push and potentially boosting related industries. SEBI's clearance of several IPOs, including large public and private sector entities, highlights the robust health of India's primary market, offering fresh avenues for investors to participate in the country's economic expansion. The market holiday provides a pause for investors to digest recent developments and prepare for the impact of the upcoming US CPI data, which will be a significant driver of global and domestic market sentiment when trading resumes. MRF's Q2 results, despite a profit decline, offer insights into the challenges faced by manufacturing sectors due to input costs, even as demand remains strong.

What to watch next

• US October CPI Data: Release at 7:00 PM IST today will be closely watched for its impact on global markets and India's opening tomorrow.
• Indian Market Reopening: Trading on NSE and BSE resumes tomorrow, November 11, 2026, with investors reacting to global cues and corporate news.
• Upcoming IPO Launches: Watch for official dates and price bands for Mahanadi Coalfields, Razorpay, Veritas Finance, and other recently cleared IPOs.
• Adani Group Project Updates: Further details and execution timelines for the announced $120 billion capex plan will be key for tracking the group's growth.

Sources

• Fortune India: Adani Group unveils $120-billion capex plan
• TradingView: Upcoming IPOs: SEBI clears 8 issues, including Mahanadi Coalfields, Veritas Finance and Sagar Defence; details here
• ANI News: Indian stock markets closed for Diwali-Balipratipada; Asian markets rally, crude oil falls
• Finin2min: US October CPI release 10 November at 7 PM IST while NSE/BSE markets are shut
• NDTV Profit: MRF Q2 Results: Net Profit Falls 28% To Rs 369 Crore, Declares Dividend; Check Record Date

FAQ

1. What is the Adani Group's new investment plan?

The Adani Group plans to invest over $120 billion (approximately ₹11.4 lakh crore) in capital expenditure over the next five years. This investment will primarily focus on energy (renewables, thermal, data centers), transport and logistics (ports, airports, roads), and other businesses like cement, copper, and aluminium.

2. Which IPOs did SEBI clear recently?

SEBI has cleared 8 IPOs, including significant offerings from state-owned Mahanadi Coalfields (a $1 billion offering), fintech major Razorpay (estimated ₹5,000-6,000 crore), and non-banking financial company Veritas Finance (₹900 crore fresh issue).

3. Why are Indian stock markets closed today, November 10, 2026?

Indian stock markets (NSE and BSE) are closed today, November 10, 2026, due to the public holiday of Diwali-Balipratipada. Trading will resume tomorrow, November 11, 2026.

4. What is the significance of the US October CPI report for Indian investors?

The US October CPI report, scheduled for release at 7:00 PM IST today, is a crucial global inflation indicator. Its outcome can influence the US Federal Reserve's interest rate decisions, affecting global capital flows, the US dollar, and overall risk sentiment, which will impact Indian markets when they reopen tomorrow.

5. How did MRF perform in its Q2 FY27 results?

MRF Ltd reported a 27.8% year-on-year decline in consolidated net profit to ₹369 crore for the second quarter of FY27. However, its revenue from operations increased by 17.6% annually to ₹8,524 crore during the same period.

Disclaimer: This article is for educational purposes only. It does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.