Jio Breaks the Mega-IPO Jinx With Record Delivery Volumes to Boot

Jio Breaks the Mega-IPO Jinx With Record Delivery Volumes to Boot Good morning... I’m Ashutosh Joshi in Mumbai, where there’s little sign of a hangover after Jio Platforms’ blockbuster debut. Investors got a glimpse of billionaire Mukesh Ambani’s famed touch on Wednesday as shares of his conglomerate’s telecom unit were off to a flying start, defying weakness in the broader market. Jio not only broke the jinx that has dogged India’s mega IPOs, but also saw an unusually high delivery ratio, a sign that investors aren’t simply flipping shares for a quick profit, as we write below. The stock is likely to remain in focus on Thursday after heavy trading on its debut and a flurry of buy recommendations from analysts. Meanwhile, foreign funds — which have been dumping Indian stocks this year — bought a net $1.1 billion worth of shares on Oct. 27, according to the latest exchange data. That’s the biggest single-day inflow since June 2025, and may help shore up sentiment as Indian equities continue to underperform their Asian peers. Globally, the Federal Reserve held interest rates steady on Wednesday, with Chairman Kevin Warsh’s comments reinforcing expectations that officials will raise borrowing costs in December. Shares of Alphabet slumped in late US trading after it posted disappointing sales from most of its core businesses in the third quarter. A gauge of Asian equities was also trading lower as profit at Samsung Electronics’ semiconductor division surged 15-fold surge but missed estimates. In today’s newsletter, we also write about: