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Airlines Push Back Against Adani
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Good Morning. Adani Airports wants capacity for five million passengers restricted at Mumbai airport from Summer 2027 to redevelop Terminal 1, but airlines say they have not agreed. Offered options include shifting flights to Navi Mumbai. With data and consultation still contested, all eyes are on the October 28 meeting.
India’s equity indices ended lower on Monday. The BSE Sensex closed at 73,852.90, declining over 876.37 points or 1.17%. The NSE Nifty50 closed at 22,888.95, dropping over 257.20 points or 1.11%.
In other news, copper’s record run hits India. Meanwhile, India scraps coal import proposal as stocks dwindle.
Editor’s Note: At The Core, we extend our warmest wishes for a joyous and prosperous Dussehra to you. In the spirit of this festive season and to give our team a well-deserved break, we will not be publishing an edition of the newsletter tomorrow. Our daily newsletter will resume as scheduled on Thursday.
Mumbai Airport Row: Adani Insists On 5-Million-Passenger Cut, Airlines Push Back
What?
Adani Airports is holding firm on a proposed capacity restriction at Mumbai airport, but airlines are pushing back — and the disagreement goes beyond moving flights to Navi Mumbai.
In an October 19 email to Airline Operators Committee (AOC) members, Mumbai International Airport Ltd (MIAL) reiterated that capacity equivalent to five million passengers a year must be restricted from the Summer 2027 schedule to facilitate Terminal 1’s redevelopment.
It said airlines could shift some or all operations to Navi Mumbai International Airport (NMIA), temporarily suspend flights at Mumbai until Terminal 1 is operational again in 2030, or explore alternatives. MIAL also reiterated that historic slots would be restored once the terminal is redeveloped.
The airport operator said individual consultations with airlines were voluntary and aimed at avoiding any perception of unilateral decision-making. It has called for a “transparent and productive discussion” at the next stakeholder meeting on October 28.
Why?
The AOC, however, maintains that airlines have not agreed to the proposed traffic reallocation. Carriers want MIAL to explain how the five-million-passenger figure was calculated, share detailed capacity and utilisation data, and provide a clear redevelopment timeline.
“There has to be a consultative discussion about Terminal 1. There has to be a discussion on capacity. Without that, how can they just arbitrarily decide that they have to cut five million?” an AOC spokesperson told The Core.
With the Summer 2027 schedule approaching finalisation, the key question remains whether MIAL and airlines can agree on the proposed restriction and transition arrangements before changes affect international operations.
Copper’s Record Prices Threatens To Inflate India’s Import Bill, Working Capital Costs
What?
Copper’s surge to a record $14,617 per tonne on the London Metal Exchange (LME) in September is raising costs across India’s metal industry, from imports and refining to electronics and infrastructure. With only half of the country’s refined copper demand met through domestic production, higher prices and a weak rupee threaten to widen India’s import bill even as domestic manufacturers face rising raw material costs.
The impact is already reaching consumers, with electronic goods makers indicating price hikes as India’s metal makers are staring at a longer working capital cycle and India at a higher import bill.
Why?
Copper prices have been firm over the past few years. But the recent surge has been driven more immediately by supply concerns, speculation, and expectations of US tariffs on refined copper imports from 2027.
“Tight concentrate availability, deeply negative spot treatment charges and low inventories in key consuming regions have continued to support market sentiment. A key factor supporting copper prices in recent months has been the substantial movement of metal into the United States ahead of potential tariffs on refined copper imports from 2027,” BigMint told The Core.
For Hindalco and Kutch Copper, higher prices do not necessarily threaten margins because procurement costs and selling prices are both linked to the LME. But the increase raises the amount of money companies must commit to their operations.
“Any person doing the copper business has to block more working capital for the same output, so that is going to add to their cost of operation,” said a senior executive from the industry, who did not wish to be identified.
Copper has a way of showing up everywhere, from transmission lines to your next phone. The real question is who ends up paying for it.
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$150 Billion
That is how much India’s engineering exports are expected to reach in FY27, as shipments to key markets such as the US continue to grow, Engineering Export Promotion Council (EEPC) Chairman Pankaj Chadha said on Monday.
The target would mark an increase of nearly 23% over the previous fiscal year.
By The Numbers: Engineering exports stood at $122.43 billion in FY26, the highest on record, according to the Commerce Ministry.
Shipments rose about 20% year-on-year to $70.87 billion in April-September FY27, Chadha said.
He expects exports of iron and steel, related products and machinery to support growth this fiscal.
Fast Facts: Engineering goods are a major component of India’s merchandise exports, covering products ranging from industrial machinery to metals and transport equipment.
Reaching the $150 billion target would require India to sustain strong shipments through the second half of FY27.
Demand in key overseas markets and changing trade conditions will remain important factors for exporters.
India Drops Coal Import Plan
India has shelved a proposal to mandate coal imports for power plants as rising global prices and a weaker rupee make overseas purchases more expensive, with the government instead asking Coal India Ltd. to boost output and railways to ensure timely deliveries, Bloomberg reported.
Background: Coal stockpiles have fallen to their lowest in nearly five years as elevated temperatures sustained electricity demand, while below-normal rainfall curbed hydropower generation. Nearly half of India’s power plants had critically low coal inventories as of October 17, holding less than a quarter of their required stocks.
Pivot: With benchmark thermal coal prices at a three-year high, the government is banking on higher domestic production and easing seasonal demand to rebuild reserves.
Jio IPO Draws $25 Billion In Bids
Jio Platforms has attracted bids worth about $25 billion from institutional investors for its $3.2 billion initial public offering (IPO), nearly 30 times the shares reserved for anchor investors, Reuters reported, citing two people familiar with the matter.
The strong demand comes ahead of the public subscription opening on Wednesday.
Context: Investors including Singapore’s GIC, BlackRock, Fidelity and Abu Dhabi Investment Authority have bid for shares in the institutional portion of the offering.
Jio opened bidding for institutional investors on Monday, with up to 30% of the issue reserved for them.
The company has more than 500 million subscribers and operates Reliance Industries’ telecom and digital businesses, spanning mobile, broadband, cloud, entertainment and AI.
Forecast: Jio’s IPO will test how investors value its large subscriber base and plans to expand in cloud and artificial intelligence.
The listing follows the National Stock Exchange of India’s September debut, as Indian IPO proceeds have risen 8.3% year-on-year to $12.65 billion so far this year, according to LSEG data, Reuters reported.
Jio plans to use up to Rs 27,500 crore of the net proceeds to repay or prepay borrowings at Reliance Jio Infocomm.
Auto Tech Funding Slides
India’s auto tech startups raised $1.3 billion across 97 rounds between January 1 and October 15, down from $2.1 billion across 195 rounds in all of 2025, according to Tracxn. The decline comes even as car sales recover after the GST 2.0 reforms. With two months left, last year’s total looks out of reach.
Catch Up Quick: A few big deals made up most of the money. The ten largest rounds, each at least $34 million, raised $900 million, about 70% of the total.
Bike taxi platform Rapido raised $240 million, electric two-wheeler maker Simple Energy $180 million, and Rideriver $102 million. Bengaluru drew $894 million, ahead of Delhi and Mumbai at $107 million each.
The Shift: Exits were fewer. The sector saw four acquisitions, including two by Cars24, and three IPOs, against five and six in 2025. No new unicorns emerged.
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Before You Sell Your Mutual Funds, Watch This
In this episode of The Core Report Special Edition, financial journalist Govindraj Ethiraj speaks with Swarup Mohanty, Vice Chairman & CEO of Mirae Asset Investment Managers (INDIA), about weak mutual fund returns, stock market uncertainty and what investors should consider before deciding to exit.
Swarup Mohanty argues that disappointing returns can reveal a gap between investors’ expectations and their tolerance for risk. He explains why he believes corporate earnings and valuations have improved despite the difficult market environment. Before you sell your mutual funds, he suggests examining what makes you uncomfortable and whether your investments still align with your financial goals.
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