_Markets open today_
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
📊 *ECONOMY & POLICY*
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
🏦 *RBI raises CRR maintenance to 99%*
Repo is 5.50% after the 25 bps hike, and daily CRR maintenance rises from 90% to 99% from 16 Oct, with a ₹25,000 crore OMO bond sale on 13 Oct.
Bankers say the impact may be limited, as banks already hold over 95%.
📎 _Read: Business Standard_
🏦 *RBI opens dollar window for oil PSUs*
From 12 Oct RBI meets IOC, HPCL and BPCL’s entire daily dollar need (about $300-400 mn), adds a 20% reserve on forward-buying above $2 mn and cuts the no-underlying hedge limit to $5 mn.
The rupee closed at 96.73 on Friday, just short of the record low of 96.96.
📎 _Read: Business Standard_
📉 *Rupee curbs may drain ₹1.5 lakh crore liquidity*
Kotak expects the forex measures to cut dollar demand and soften forward premiums.
It estimates about ₹1.5 lakh crore of durable liquidity could be withdrawn if the curbs last another month.
📎 _Read: NDTV Profit_
⚡ *Draft National Steel Policy targets 604 MT by 2047*
Demand is seen at 505 MT and exports at 45 MT, with a push on domestic coking coal, scrap and speciality steel.
India imports about 92% of its coking coal, so the policy is a long-term tailwind for domestic miners and secondary steel.
📎 _Read: Business Standard_
🏦 *GST Council eases refunds, penalties from 2027*
The 57th meeting simplifies compliance and litigation, and allows ITC on group health and life insurance.
Small businesses are the main beneficiaries, and insurers may see a distribution boost.
📎 _Read: Economic Times (via TheReader.AI)_
📈 *Japan tops India’s FDI chart at $5.71 bn*
Japanese inflows in April-June of FY27 exceeded the $3.74 bn received from it in all of FY26.
It is a rare bright spot on the capital account while FPIs are selling.
📎 _Read: Business Standard_
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
🏢 *COMPANIES*
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
💰 *Jio IPO set for 21-23 Oct*
The issue (about $3.8 bn, India’s largest) opens 21 Oct with anchors on 19 Oct and listing around 28 Oct, while Musk escalates the Starlink row.
Scindia says Starlink, Jio Satcom and Eutelsat OneWeb all hold satcom licences, so the satcom competition angle matters for the IPO narrative.
📎 _Read: Business Standard_
📈 *Audi India mulls local EV production*
Audi aims to double its market share in 3-5 years, keeping local manufacturing for its core portfolio while imports widen the range.
Local EV assembly would help it counter the luxury EV pricing gap.
📎 _Read: Business Standard_
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
🌍 *GLOBAL & WORLD*
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
🔥 *Hormuz deadlock deepens as Iran rejects US reply*
Iran’s Rezaei called the US response to its seven conditions “inadequate”, and a tanker reportedly hit a mine while another was struck by a drone off Oman.
The Strait stays shut, so crude and shipping premia remain elevated for India’s import bill and the rupee.
📎 _Read: Iran International (substituted — NDTV Profit blocks direct access)_
https://www.iranintl.com/en/liveblog/202610105959
🔥 *Riyadh airport strike kills 12*
The deadliest attack in a Gulf Arab state since the Iran war began, blamed on the Houthis, and Trump says the US “may” join strikes.
Air India, flydubai and Lufthansa Group have suspended Saudi flights, and oil and shipping risk premia stay high.
📎 _Read: Business Standard_
🤝 *Trump claims Russia-Ukraine “energy ceasefire”*
Trump gave no details, and neither country has confirmed it.
If it holds, energy-supply risk eases, but treat it as unverified for now.
📎 _Read: Business Standard_
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
_Compiled by Daily Business Briefs · 12 Oct 2026_