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Stories, briefings and ideas from Makhana Mornings.

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58 published stories

Two equally sized panels show shopping baskets and receipts, separating sale days versus ordinary days from this season versus last season. The illustration highlights different comparison windows without charting sales figures.

India’s festive sales figures tell more than one story

Fresh shopping updates point to strong demand for deals. But bigger sale-day baskets, smaller average orders and a weaker smartphone forecast measure different parts of the market.

Makhana Mornings15 October 20263 min read

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The earnings lens / Business & Brands

Sterling & Wilson’s order book grows as quarterly revenue falls

The renewable-energy contractor has ₹12,480 crore of work still to execute. Its return to profit needs to be read alongside lower revenue and a large exceptional charge in the year-earlier period.

Makhana Mornings15 October 20263 min read

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Original illustration separating a bank’s cash reserve from the customer’s currency hedge.

The policy lens / Economy & Markets

RBI explains the 20% cash reserve for currency hedges

The RBI has explained which currency contracts need a cash reserve and which are exempt. The rules depend on who uses the contract, what it covers and which currency they buy.

Makhana Mornings15 October 20264 min read

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Original illustration separating a gold import bill from jewellery-counter demand.

The consumer lens / Economy & Markets

India’s gold import bill falls 27.3%. What does that tell us?

India spent $19.27 billion on gold imports in April–September. The bill fell after a tax rise, but it cannot tell us how much gold people bought or how much of the fall the tax caused.

Makhana Mornings15 October 20263 min read

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Original illustration tracing proposed IPO proceeds towards planned debt repayment.

Follow the money / Economy & Markets

Jio sets IPO price range with debt repayment in focus

The share offer opens on October 21 at ₹1,065–₹1,119 a share. The money would go to the company, with much of it planned for early debt repayments.

Makhana Mornings15 October 20263 min read

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Original editorial illustration connecting packaged-food volume growth with rural distribution and quick commerce.

The earnings lens / Business & Brands

Nestlé India’s sales rise 20.5% as it sells more products

The maker of Maggi, KitKat and Nescafé says the amount it sold grew at a double-digit rate. More rural outlets and quick delivery apps helped. The cost of ingredients remains a challenge.

Makhana Mornings15 October 20263 min read

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Tech Mahindra’s September 2026 quarter: 2.4% sequential constant-currency revenue growth and a 14.8% EBIT margin, versus 14.4% in the previous quarter.

The earnings lens / Technology & AI

Tech Mahindra grows sales and keeps more as operating profit

Revenue rose 2.4% from the June quarter after currency changes were removed. The operating margin reached 14.8%. New-deal wins stayed above $1 billion, but deal value and free cash flow both fell from June.

Makhana Mornings15 October 20263 min read

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Wipro’s September 2026 quarter: flat sequential constant-currency IT-services revenue and a 16.5% operating margin, up 0.5 percentage points.

The earnings lens / Technology & AI

Wipro’s operating margin rises, but large-deal bookings fall

Wipro’s September quarter had two sides. It kept more of its sales as operating profit, but IT-services revenue was flat after currency changes were removed. Large-deal bookings fell sharply.

Makhana Mornings15 October 20263 min read

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Editorial illustration of proposed connections between banking, insurance and investments.

The explainer / Economy & Markets

What Fairfax wants to build around IDBI Bank

The ₹52,878 crore plan could link banking, insurance and investment services. The bank sale and the proposed share transfers each have steps left to complete.

Makhana Mornings15 October 20264 min read

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Illustration showing India’s transition from physical gold ownership to Electronic Gold Receipts and digital gold investing

Economy & Markets

India is trying to modernise its oldest obsession: gold

Learn how Electronic Gold Receipts could reshape gold investing taxation and transparency in India

Makhana Mornings!18 May 20264 min read

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Gold bar chained with arrows showing economic factors like rising rates and inflation

Economy & Markets

Gold is falling even as inflation fears rise

Learn why higher oil prices are pushing gold down instead of up

Makhana Mornings!1 May 20263 min read

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Worried woman examining a hospital bill for $25,340.50 while holding an insurance card

Economy & Markets

More insurance, higher bills and India’s health model is cracking

Learn why rising coverage is not reducing costs for patients

Makhana Mornings!30 April 20263 min read

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Rusty cracked oil barrel with OPEC+ and UAE labels beside a desert oil field and export route map

Economy & Markets

UAE exits OPEC and the oil market just got unpredictable

Learn how the UAE’s exit from OPEC+ could reshape oil prices during a global conflict

Makhana Mornings!29 April 20264 min read

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Environmental impact of Iran conflict showing air pollution land damage and oil spills across the Middle East

Economy & Markets

The war in Iran is damaging ecosystems far beyond the battlefield

Learn how the conflict is quietly reshaping air land and sea across the region

Makhana Mornings!28 April 20264 min read

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Economy & Markets

Silver ratios are being misread and 1:8 is not history

Gold to silver ratios depend on what you measure money, markets, or mining.

Makhana Mornings!28 January 20263 min read

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Economy & Markets

India’s Fintech Reset Is Here and Three Big Moves Show What Comes Next

Paytm’s aggregator approval, PayU’s return to profit and a lending ecosystem shift signal a new phase of compliance driven, trust first growth.

Makhana Mornings!27 November 20254 min read

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Economy & Markets

Rural India Is Quietly Powering a Microfinance Comeback

Fresh data shows a sharp rise in rural demand, better repayments and early signs of asset quality improvement across the microfinance sector.

Makhana Mornings!27 November 20254 min read

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Economy & Markets

Can India’s Markets Climb Higher After Record Highs Already

J P Morgan sees Nifty 50 near thirty thousand by end twenty twenty six as rate cuts, tax relief and domestic money power the next leg.

Makhana Mornings!27 November 20255 min read

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Economy & Markets

Mumbai’s Weekend Escape Is Quietly Becoming a Wealth Strategy

A staycation boom is reshaping how Mumbai’s wealthy travel, invest, and plan for the future.

Makhana Mornings!26 November 20254 min read

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Economy & Markets

SEBI Pushes to Bring REITs Into Major Indices and Unlock Liquidity

India’s market regulator is preparing big changes that could transform how REITs and InvITs raise capital and attract investors.

Makhana Mornings!21 November 20254 min read

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Economy & Markets

Bitcoin’s Wild Swing Reminds Everyone Why Crypto Never Stays Quiet

After touching a record one hundred twenty six thousand dollars, Bitcoin has tumbled nearly thirty percent in weeks.

Makhana Mornings!21 November 20254 min read

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Economy & Markets

Foreign Money Returns As India’s Markets Flirt With New Highs Again

Sensex and Nifty are back near record levels, powered by foreign inflows, strong IT gains, and resilient domestic demand.

Makhana Mornings!20 November 20255 min read

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Economy & Markets

Gold Prices Slide Just As India’s Gold Hunger Blows Up Its Trade Gap

A stronger dollar and fading Fed rate cut hopes push gold lower, even as India posts a record trade deficit driven by a surge in gold imports.

Makhana Mornings!18 November 20254 min read

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Economy & Markets

India’s biggest broker is quietly funding the backbone of global open source

Zerodha’s FLOSS fund is redefining how Indian companies support the digital infrastructure the world depends on.

Makhana Mornings!13 November 20254 min read

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Economy & Markets

India’s market regulator prepares sweeping reforms as transparency push and investor optimism lift sentiment

SEBI’s new chairman outlines faster foreign investor access, trading reforms, and stronger governance standards amid renewed confidence in Indian markets.

Makhana Mornings!12 November 20255 min read

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Economy & Markets

How to Turn Everyday Shopping Into a Systematic Savings Habit

From impulse buys to intentional bargains, everyday shoppers are learning to turn their spending into a predictable savings system.

Makhana Mornings!12 November 20253 min read

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Illustration showing India’s housing market steadily growing from 2020 to 2047 with rising buildings, cranes, and infrastructure, depicting projected 5 to 10 percent annual price appreciation based on the CII and Colliers report.

Economy & Markets

Steady growth or slow bubble? India’s housing market divides opinion

A new report by CII and Colliers projects 5 to 10 percent annual housing price appreciation over the next few years, with sales expected to more than double by 2047, but experts are split on…

Makhana Mornings!6 November 20255 min read

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Illustration representing SEBI’s regulatory balance with a golden bull on a keyboard featuring “IPOs” and “Mutual Funds” keys, symbolizing India’s market dynamics and SEBI’s stance on valuations and fee reforms.

Economy & Markets

SEBI draws a line on valuations but opens the door on brokerage fees

While SEBI refuses to step into IPO pricing debates, the regulator signals flexibility on brokerage fee caps for mutual funds, reflecting a nuanced approach to market oversight.

Makhana Mornings!6 November 20253 min read

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Illustration showing India’s dual financial momentum with rising bank credit and strong regulatory recognition by FATF, representing balance between growth and governance.

Economy & Markets

India’s banks are lending fast. Its regulators are earning trust even faster.

India’s financial system is moving in two directions at once. Credit is booming at home while credibility is strengthening abroad. Together, they reveal an economy that is stretching and…

Makhana Mornings!6 November 20254 min read

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Economy & Markets

MSCI gives India a boost as Paytm and three others join its global index

MSCI’s quarterly review adds Paytm, Fortis Healthcare, GE Vernova T&D, and Siemens Energy India to its Global Standard Indexes, attracting an estimated 1.46 billion dollars in inflows.

Makhana Mornings!6 November 20253 min read

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an electronic board in Tokyo displaying the Nikkei index down by over 1,100 points, reflecting Asia’s market plunge after Wall Street CEOs warned of a possible correction.

Economy & Markets

Did Wall Street just burst Asia’s tech bubble?

Asian markets plunged in their sharpest fall in seven months after Wall Street CEOs warned of inflated valuations and a possible correction.

Makhana Mornings!5 November 20253 min read

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Young Indian professionals planning early retirement, reflecting higher IRIS scores and growing focus on financial and health preparedness.

Economy & Markets

India’s Retirement Readiness Reaches New High as Young Earners Embrace Early Planning

Half of urban Indians now start saving for retirement early, with the national IRIS Index score rising to 48, signaling growing health and financial awareness.

Makhana Mornings!4 November 20254 min read

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Gold bars and silver coins placed beside a dollar note as prices fall due to stronger currency and easing US-China tensions in November 2025.

Economy & Markets

Gold and Silver Prices Fall as Dollar Strengthens and Trade Tensions Ease

Precious metals retreat as easing US-China tensions reduce safe-haven demand and the dollar gains strength.

Makhana Mornings!4 November 20253 min read

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Illustration of India’s UPI network showing market dominance by PhonePe and Google Pay, highlighting concentration risk in India’s digital payments ecosystem.

Economy & Markets

Fintech Industry Warns of Growing Monopoly in India’s UPI Network

With PhonePe and Google Pay handling over 80 percent of UPI payments, the India Fintech Foundation has called for immediate policy action to prevent systemic risks.

Makhana Mornings!30 October 20253 min read

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Image showing a jewelry shop and an investor tracking gold prices, representing India’s shifting gold demand from consumption to investment amid high prices.

Economy & Markets

Gold Demand Drops 16 Percent in India as High Prices Push Buyers Away

Despite a decline in physical demand, investment interest in gold surged as Indians sought safety amid global volatility.

Makhana Mornings!30 October 20253 min read

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SEBI proposes linking mutual fund fees to performance and reducing brokerage costs, aiming to improve transparency, lower investor expenses, and align fund manager incentives with long-term investor returns.

Economy & Markets

SEBI Proposes Performance-Linked Fund Fees, Sharp Cut in Brokerage Charges

India’s market regulator moves to make mutual funds fairer for investors by linking costs to performance and reducing brokerage fees, creating short-term challenges for AMCs but long-term…

Makhana Mornings!29 October 20254 min read

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Reliance Jio crossed 50 crore subscribers in September 2025, leading India’s telecom growth as BSNL outpaced Airtel in new mobile additions, according to the TRAI report, with India’s broadband base nearing one billion.

Economy & Markets

Jio Crosses 50 Crore Subscribers, Leads Telecom Growth in September

Reliance Jio added over 32 lakh mobile and 2.1 lakh wireline users in September 2025, while BSNL outpaced Airtel in new mobile additions, according to the TRAI report.

Makhana Mornings!28 October 20254 min read

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India launches major financial reforms after 17 billion dollars in foreign investor outflows, easing lending and listing rules to attract capital and strengthen long-term investor confidence.

Economy & Markets

India Accelerates Financial Reforms After $17 Billion Foreign Exit

As foreign investors pull record funds from Indian markets in 2025, new regulators ease lending rules, IPO timelines, and capital buffers to restore confidence, but deeper structural reforms…

Makhana Mornings!27 October 20257 min read

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