29 October 2026 · Daily Current Affairs

Cover Story

Jio Platforms debuts at Rs 1,358, closes 26.7% higher at Rs 1,417.50; becomes India's second most valuable company

28 October 2026 | The Hindu BusinessLine listing-day report, 28 October 2026 (read in full)

Jio Platforms made a blockbuster stock market debut on 28 October 2026. The stock listed at Rs 1,358 per share on the NSE, a premium of 21.36% over the IPO issue price of Rs 1,119, and closed the session at Rs 1,417.50 on the NSE and Rs 1,417.35 on the BSE - gains of about 26.7% over the issue price on day one.

At those levels, Jio Platforms commands a market capitalisation of roughly Rs 13 lakh crore, making it the second most valuable Indian company after its parent, Reliance Industries. Akash Ambani attended the listing ceremony. The Rs 30,213 crore IPO had drawn demand of over Rs 7.5 lakh crore and about 1.3 crore applications.

With Jio Platforms added, the combined market value of the Reliance Group crossed Rs 30 lakh crore, going past the Tata Group's roughly Rs 25 lakh crore to become India's most valuable business group.

Exam takeaway: Keep the four numbers separate: issue price Rs 1,119, listing price Rs 1,358 (+21.36%), NSE close Rs 1,417.50 (+26.7%), and market cap about Rs 13 lakh crore (second most valuable Indian company). The Reliance Group's Rs 30 lakh crore combined value overtaking the Tata Group is a separate question point.

Quick revision: Jio debut 28 Oct: listed Rs 1,358 (+21.36%), closed Rs 1,417.50 NSE; Rs 13 lakh crore mcap, No. 2 in India; Reliance Group > Rs 30 lakh crore, past Tata.

RBI & Regulatory Updates

SEBI signs MoU with Bank of England on SEBI-recognised Clearing Corporations

28 October 2026 | SEBI press release PR No.66/2026, Mumbai, 28 October 2026 (read in full)

The Securities and Exchange Board of India (SEBI) and the Bank of England (BoE) have signed a Memorandum of Understanding concerning cooperation and the exchange of information in relation to SEBI-recognised Clearing Corporations (CCs), SEBI said in a press release issued from Mumbai on 28 October 2026.

The MoU enables SEBI and the BoE to cooperate regarding Central Counterparties, in line with their respective laws and regulations, and establishes a framework for the BoE to place reliance on SEBI's regulatory and supervisory activities while safeguarding the United Kingdom's financial stability. SEBI said the MoU demonstrates the importance of cross-border cooperation to facilitate international clearing activities.

Exam takeaway: Remember the pair (SEBI + Bank of England), the date (28 October 2026) and the subject (Clearing Corporations / Central Counterparties). Questions may ask which foreign regulator SEBI signed this MoU with, or what the MoU covers.

Quick revision: SEBI + BoE MoU, 28 Oct 2026 - clearing corporations / CCPs; PR No.66/2026.

Banking & Financial Industry News

Jio Platforms debuts at Rs 1,358, closes 26.7% higher at Rs 1,417.50; becomes India's second most valuable company

28 October 2026 | The Hindu BusinessLine listing-day report, 28 October 2026 (read in full)

Jio Platforms made a blockbuster stock market debut on 28 October 2026. The stock listed at Rs 1,358 per share on the NSE, a premium of 21.36% over the IPO issue price of Rs 1,119, and closed the session at Rs 1,417.50 on the NSE and Rs 1,417.35 on the BSE - gains of about 26.7% over the issue price on day one.

At those levels, Jio Platforms commands a market capitalisation of roughly Rs 13 lakh crore, making it the second most valuable Indian company after its parent, Reliance Industries. Akash Ambani attended the listing ceremony. The Rs 30,213 crore IPO had drawn demand of over Rs 7.5 lakh crore and about 1.3 crore applications.

With Jio Platforms added, the combined market value of the Reliance Group crossed Rs 30 lakh crore, going past the Tata Group's roughly Rs 25 lakh crore to become India's most valuable business group.

Exam takeaway: Keep the four numbers separate: issue price Rs 1,119, listing price Rs 1,358 (+21.36%), NSE close Rs 1,417.50 (+26.7%), and market cap about Rs 13 lakh crore (second most valuable Indian company). The Reliance Group's Rs 30 lakh crore combined value overtaking the Tata Group is a separate question point.

Quick revision: Jio debut 28 Oct: listed Rs 1,358 (+21.36%), closed Rs 1,417.50 NSE; Rs 13 lakh crore mcap, No. 2 in India; Reliance Group > Rs 30 lakh crore, past Tata.

Banking & Financial Industry News

City Union Bank Q2 FY27 net profit rises 27% to Rs 416 crore; NII up 31%, net NPA at 0.48%

28 October 2026 | City Union Bank Q2 FY2027 investor presentation filed on NSE, 28 October 2026 (read in full)

City Union Bank reported a net profit of Rs 4,159 million (about Rs 416 crore) for the second quarter of FY2026-27, up 27% from Rs 3,286 million a year earlier, according to the investor presentation the bank filed with the NSE on 28 October 2026.

Net interest income grew 31% to Rs 8,728 million from Rs 6,665 million, while total interest income rose 27% to Rs 20,923 million. The net interest margin improved to 3.87% from 3.63% in the year-ago quarter. Return on assets stood at 1.62% and return on equity at 15.01%.

Asset quality held steady: gross NPA was 1.44% and net NPA 0.48%, with a provision coverage ratio of 82% (including technical write-offs). For the first half of FY27, net profit rose 26% to Rs 7,985 million.

Exam takeaway: Distinguish the three growth rates: PAT +27%, NII +31%, interest income +27%. Balance-sheet ratios to memorise: NIM 3.87%, GNPA 1.44%, NNPA 0.48%, PCR 82%, ROA 1.62%.

Quick revision: CUB Q2 FY27: PAT Rs 416 crore +27%; NII Rs 872.8 crore +31%; NIM 3.87%; NNPA 0.48%.

Economy & Financial Awareness

US Federal Reserve holds rates at 3.75%-4.00%; two members dissent in favour of a hike

28 October 2026 | Federal Reserve FOMC statement, 28 October 2026 (read in full)

The US Federal Open Market Committee kept the target range for the federal funds rate unchanged at 3.75% to 4.00% at its 27-28 October 2026 meeting. The statement described economic activity as expanding at a strong pace and noted that inflation remains elevated.

The decision passed 10-2, and unusually the two dissents were in favour of tighter policy: Lisa D. Cook and Beth M. Hammack preferred to raise the target range by 25 basis points. The Committee, chaired by Jerome H. Powell's successor Kevin Warsh, said it would carefully assess incoming data, the evolving outlook and the balance of risks.

Exam takeaway: Three hooks: the unchanged range (3.75%-4.00%), the 10-2 vote, and the direction of the dissent - Cook and Hammack wanted a HIKE, not a cut. Dissent direction is the classic trap option.

Quick revision: FOMC 28 Oct: hold 3.75-4.00%, 10-2; Cook + Hammack dissented for a 25 bp HIKE.

Economy & Financial Awareness

Sensex slips 353 points to 73,246, Nifty ends at 22,698.85 as Reliance and IT weigh

28 October 2026 | The Hindu BusinessLine market wrap, 28 October 2026 (read in full)

Indian benchmark indices closed lower on 28 October 2026, the day of the Jio Platforms listing and ahead of global rate cues. The BSE Sensex fell 352.64 points, or 0.48%, to close at 73,246.03, while the NSE Nifty 50 declined 50.90 points, or 0.22%, to settle at 22,698.85.

Reliance Industries dropped about 3.46% and Infosys fell about 3.34%, leading the decline, with traders citing profit-taking after the Jio debut, firmer crude oil prices and caution around the US Federal Reserve's policy decision.

Exam takeaway: Close values matter, not intraday marks: Sensex 73,246.03 (-352.64 points) and Nifty 22,698.85 (-50.90 points). Note the asymmetric percentage moves (-0.48% vs -0.22%).

Quick revision: 28 Oct close: Sensex 73,246.03 (-352.64); Nifty 22,698.85 (-50.90); RIL -3.46% drag.

Economy & Financial Awareness

FIIs and DIIs both turn net buyers on 28 October; FII inflow Rs 871.83 crore

28 October 2026 | CNBC TV18 provisional exchange data, 28 October 2026 (read in full)

Foreign institutional investors turned net buyers of Indian equities on 28 October 2026, purchasing a net Rs 871.83 crore (gross purchases Rs 24,517.65 crore against sales of Rs 23,645.82 crore), provisional exchange data showed.

Domestic institutional investors were also net buyers, at Rs 643.35 crore (purchases Rs 15,702.74 crore; sales Rs 15,059.39 crore). Both categories returning to the buy side came on a day the benchmarks closed lower.

Exam takeaway: Fix the mapping: FIIs +Rs 871.83 crore, DIIs +Rs 643.35 crore - both net BUYERS. Swapped buyer/seller combinations are the usual distractor set.

Quick revision: 28 Oct flows: FII +Rs 871.83 cr, DII +Rs 643.35 cr - both net buyers (provisional).

Economy & Financial Awareness

Rupee weakens 21 paise to close at 95.28 against the US dollar

28 October 2026 | The Hindu BusinessLine (PTI) forex report, 28 October 2026

The rupee opened at 95.01 against the US dollar on 28 October 2026, weakened to an intraday low of 95.29 and closed provisionally at 95.28, PTI reported - a fall of 21 paise over the previous close.

The RBI's reference rate for the dollar, published at 1:00 pm, stood at 95.2278. Traders linked the pressure to dollar demand and caution around the US Federal Reserve's policy outcome.

Exam takeaway: Keep open (95.01), low (95.29) and close (95.28) distinct, and do not confuse the market close with the RBI's 1 pm reference rate (95.2278). A falling rupee is a RISE in the USD-INR quote.

Quick revision: Rupee 28 Oct: open 95.01, low 95.29, close 95.28 (-21 paise, PTI); RBI ref 95.2278.

Government Schemes

Cabinet approves Rs 10,000 crore Container Manufacturing Promotion Scheme; capacity target 7.5 lakh TEUs

28 October 2026 | Press Information Bureau release, 28 October 2026 (read in full)

The Union Cabinet, chaired by Prime Minister Narendra Modi, on 28 October 2026 approved the Container Manufacturing Promotion Scheme (CMPS), a Rs 10,000 crore programme announced in the Union Budget 2026-27 to build a globally competitive container manufacturing ecosystem in India. The scheme runs from FY 2027-28 to FY 2039-40 - three years for setting up facilities and ten years of production support.

The scheme aims to lift India's annual container manufacturing capacity roughly ten-fold, to 7.5 lakh TEUs from about 70,000 TEUs today. Its components are: interest subvention assistance of Rs 859 crore (3% a year on eligible term loans for greenfield plants of at least 1,00,000 TEUs a year and brownfield expansions of at least 25,000 TEUs a year); operational expenditure assistance of Rs 8,891 crore; testing and certification facilities of Rs 150 crore; and scheme management of Rs 100 crore. Domestic content must rise from 70% to 90%.

An Inter-Ministerial Steering Committee chaired by the Secretary, Ministry of Ports, Shipping and Waterways, will approve guidelines and sanction assistance. The government expects about 3,000 direct and over 50,000 indirect jobs, and about Rs 75,000 crore of economic output by FY 2039-40. Union Minister Sarbananda Sonowal welcomed the decision, calling it a strong step to reduce import dependence.

Exam takeaway: The high-yield set: outlay Rs 10,000 crore, target 7.5 lakh TEUs, period FY 2027-28 to FY 2039-40, and the chair of the steering committee (Secretary, MoPSW). India's container traffic is projected to grow from about 24 million TEUs in 2024 to 175 million TEUs by 2047 under the Maritime Amrit Kaal Vision.

Quick revision: CMPS: Rs 10,000 cr, FY28-FY40, 70,000 -> 7.5 lakh TEUs; MoPSW Secretary chairs; Sonowal.

National, International & Appointments

Air Marshal Vikram Gaur becomes first IAF officer appointed Additional Secretary in Department of Military Affairs

27 October 2026 | PTI report, 27 October 2026 (secondary reports; the appointment order itself was not re-read)

Air Marshal Vikram Gaur has been appointed Additional Secretary in the Department of Military Affairs, becoming the first Indian Air Force officer to hold the post, PTI reported on 27 October 2026.

The Department of Military Affairs, headed by the Chief of Defence Staff, works on jointness among the three services; the appointment is seen as part of the ongoing integration of the armed forces' higher defence organisation.

Exam takeaway: One name, one first: Air Marshal Vikram Gaur - first IAF officer as Additional Secretary in the Department of Military Affairs. Do not confuse the DMA with the Ministry of Defence proper.

Quick revision: Air Marshal Vikram Gaur - first IAF Additional Secretary, DMA (27 Oct 2026).

Knowledge Article

How the FOMC decides: voting members, the statement and what a dissent signals

Federal Reserve FOMC statement and implementation note, 28 October 2026 (read in full)

The Federal Open Market Committee is the US Federal Reserve's rate-setting body. It meets eight times a year and votes on the target range for the federal funds rate - the overnight rate at which banks lend reserves to each other - which anchors financial conditions across the world, including capital flows into markets like India.

Every FOMC decision is announced through a short statement: it records the rate decision, the vote tally, the names of any dissenting members, and what they preferred instead. The statement's characterisation of the economy - phrases such as 'expanding at a strong pace' or 'inflation remains elevated' - is parsed word by word by markets because it signals the next move.

A dissent is a formal disagreement by a voting member, recorded by name. Dissents can lean either way: a member may prefer a cut (easier policy) or a hike (tighter policy). At the 28 October 2026 meeting the vote was 10-2 to hold at 3.75%-4.00%, and both dissenters - Lisa D. Cook and Beth M. Hammack - preferred a 25 basis point increase, an unusual hawkish dissent that markets read as evidence that inflation concerns are widening inside the Committee.

Practical Banking Case Study

Reading a bank's quarter in three numbers: NII, NIM and net NPA - the City Union Bank arithmetic

Worked example from City Union Bank's Q2 FY2027 investor presentation filed on NSE on 28 October 2026; arithmetic computed here.

City Union Bank's Q2 FY27 presentation reports: interest income Rs 20,923 million (year-ago Rs 16,531 million); net interest income Rs 8,728 million (Rs 6,665 million); net profit Rs 4,159 million (Rs 3,286 million); NIM 3.87% (3.63%); gross NPA 1.44%; net NPA 0.48%; provision coverage ratio 82%.

Exam takeaway: When a results question offers growth options within one or two percentage points of each other, compute from the absolute figures in the filing - headline percentages are rounded and can differ across reports.

Today's Scheme

Container Manufacturing Promotion Scheme: what the Cabinet approved on 28 October

Press Information Bureau release, 28 October 2026 (read in full)

India's trade runs on containers, but almost all of them are made abroad. India's container traffic is projected to grow from about 24 million TEUs in 2024 to 175 million TEUs by 2047 under the Maritime Amrit Kaal Vision, and the government argues that home-grown manufacturing capacity is critical to that growth and to supply-chain security.

The Container Manufacturing Promotion Scheme (CMPS), a Rs 10,000 crore programme announced in the Union Budget 2026-27, supports new factories as well as the expansion of existing units. It offers interest subvention of 3% a year on eligible term loans (Rs 859 crore component) for greenfield plants of at least 1,00,000 TEUs a year and brownfield expansions of at least 25,000 TEUs a year; operational expenditure assistance (Rs 8,891 crore) for every container made to global shipping standards and sold by an eligible manufacturer, with domestic content required to rise from 70% to 90%; common testing and certification facilities (Rs 150 crore); and scheme management (Rs 100 crore).

An Inter-Ministerial Steering Committee chaired by the Secretary, Ministry of Ports, Shipping and Waterways, will approve guidelines and sanction assistance. The government expects about 3,000 direct and more than 50,000 indirect jobs, and about Rs 75,000 crore of economic output by FY 2039-40 - more than seven times the support provided. Demand is expected from replacement of the global fleet, the Bharat Container Shipping Line, and new mega ports such as Vadhavan and Galathea Bay.

Exam takeaway: If one scheme question appears from this fortnight, this is the likely candidate: memorise the outlay (Rs 10,000 crore), the target (7.5 lakh TEUs), the window (FY28-FY40) and the chair (MoPSW Secretary).