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Track it yourself: Is anyone actually trading NSE on MSEI? mseindia.com/markets/equity/…

Mumbai, Sept 23: The Metropolitan Stock Exchange (MSE) has permitted NSE shares to trade on its platform under the "Permitted to Trade" category. 1. This is not a listing. NSE will be formally listed on BSE, which will also handle its disclosures and compliance. 2. MSE only offers an extra venue to buy or sell the shares, subject to broker support. Investors' holdings and demat accounts are unaffected. 3. Volumes on MSE are not guaranteed, as the exchange has historically seen low liquidity. Most trading is expected to stay on BSE. Bottom line: NSE is listed on BSE and only permitted to trade on MSE.

⚠️ Buying ICEX / Fusion Techstack unlisted shares? Know this: SEBI derecognised the exchange in 2022 (net worth below ₹100 cr), and it formally exited in Dec 2024. It's no longer an exchange. Tiny team, no visible business. Cheap ≠ value. Read the balance sheet first.

India's data centre capacity: 1.6 GW → 6 GW by 2029. All of it needs cooling. Carrier India now makes its 30XF Z data centre chillers here, plus liquid-cooling CDUs for AI racks. Revenue +27% last year. Excerpt From FY25-26 Annual Report; "As part of our strategic focus on the fast-growing data center segment, we expanded our portf olio with the launch of the 30XF Z range of chillers from our India factory and introduced Coolant Distributi on Units (CDUs) to support next-generati on liquid cooling applications. Purpose-built to address the demanding cooling needs of modern data centers, these soluti ons deliver dependable, energy-effi cient performance aligned with the sector’s evolving operati onal requirements. The launch of CDUs further strengthens our ability to serve high-density computi ng and AI-driven data center environments where effi cient liquid cooling distributi on is becoming increasingly criti cal for performance, scalability, and reliability" Full breakdown 👇 unlistedzone.com/carrier-ind…

1/ On 11 Sept 2026, Metropolitan Stock Exchange put out a press release. Its Electronic Bond Platform had handled a tokenised corporate bond for IIFL Finance under SEBI's new Demat 2.0 pilot. Arranger: Trust Investment Advisors. Remember that name. 🧵 2/ The release reads like a milestone. SEBI Chairman and RBI Governor launching the pilot at Global Fintech Fest. Distributed ledger. CBDC settlement. India's first tokenised bonds. If you hold MSE shares, this looked like the news you'd waited a decade for. 3/ So let's start with what an EBP actually is. Any private placement of debt securities of ₹20 cr or more MUST route through a registered Electronic Book Provider. It's mandatory. There are four: NSE, BSE, MSE, NSDL. MSE has held this licence since 2016. 4/ Ten years with the licence. FY26 operating revenue: ₹3.4 crore FY26 net loss: ₹25.8 crore NSE did ₹25,785 cr within two months of launching in 2016. Today it holds ~95% of the debt RFQ market. So what went wrong? 5/ Not the licence. MSE always had permission. Bond issuance runs on relationships. An arranger who trusts you. An ops team that answers at 9 PM when a bid file breaks. That takes people. People take money. Nobody funds a bond desk on ₹3.4 cr of revenue. 6/ And Demat 2.0 doesn't fix that. The ledger belongs to the depositories. The cash rail belongs to RBI. The exchange runs the bidding screen. MSE got a better back office. So did NSE and BSE. The same day. Tokenisation is not a moat. 7/ So we stopped reading press releases and opened MSE's private placement filings. Jan 2025: ₹238 cr. Groww's parent, Rainmatter (Zerodha), Securocrop, Share India. 29,75,00,000 shares each. Exactly equal. Aug 2025: ₹1,000 cr offered to 29 offerees. 8/ ₹1,238 crore total. Roughly 365x annual operating revenue. And read those 29 names — it stops looking like a venture round. Monarch Networth. Marwadi Chandarana. KIFS. Findoc. Excel. Achintya. StockGro. Mansi Share. A broker consortium with a venture fund attached. 9/ Then we got to number fourteen on the list. Trust Investment Advisors Private Limited, BKC. The same arranger from the press release in tweet 1. Equity offered August 2025. Deal delivered September 2026. 10/ That one line item is the whole story. MSE didn't win that deal on technology ,NSE and BSE got the identical rail on the identical day. It won because someone in the bond market finally had a reason to pick up the phone. That's what ₹1,238 crore actually bought. 11/ The honest caveat: The mechanism has worked exactly once. One arranger. One deal. ₹25 crore. One investor. MSE's slice of the ₹1,025 cr pilot was 2.4%. A real signal. Not a turnaround. 12/ Full breakdown What an EBP is, what Demat 2.0 actually changed, and why the balance sheet matters more than the blockchain: unlistedzone.com/mse-demat-2…

NCL Buildtek sold its stake in a German JV for ₹86.5 cr and booked a ₹70 cr gain. Then the partner stopped supplying it. Its uPVC margin went from 6.5% to 0.3%. Revenue looks flat. The profit pool collapsed 63%. Four years of segment data, broken down: unlistedzone.com/ncl-buildte…

*Inox Clean Energy likely to file draft papers for Rs 10,000-crore IPO by month-end.*

1/Cochin Airport just posted its highest-ever profit. ₹527 crore. 55% dividend. Kerala's CM tweeted about it. Almost nobody noticed that its aircraft movements fell 3.9% in the same year. A thread on what's actually happening at CIAL 🧵 2/First — the number everyone quoted was the wrong one. ₹502 cr is standalone. The airport company alone. Add the four subsidiaries and the group earned ₹526.75 cr on ₹1,492 cr of income. Not a single outlet reported the consolidated figure. 3/How CIAL actually makes money (FY26 standalone, ₹1,141 cr): Aeronautical — ₹742 cr (65%) ↳ UDF ₹236 cr ↳ Landing ₹191 cr ↳ Royalty ₹130 cr Non-aeronautical — ₹399 cr (35%) ↳ Rent & services ₹274 cr ↳ Duty-free concession ₹117 cr 4/Here's the detail almost nobody notices. Rent & Services at ₹273.8 cr is the single largest revenue line in the entire company. Bigger than UDF. Bigger than landing fees. A large chunk of CIAL is a commercial landlord that happens to own a runway. 5/Now the problem. Consolidated PAT: ₹515.54 cr → ₹526.75 cr Growth: +2.17% To be fair, that includes a ₹27.98 cr one-off demolition write-off (Note 4.31). Strip it out and underlying growth is ~6.2%. Better. But still only the price hike passing through. 6/Because the growth didn't come from more people flying. Passengers: +2.2% Aircraft movements: −3.86% Domestic movements: −5.92% Landing, parking and aerobridge fees are charged PER AIRCRAFT. Fewer planes = a shrinking volume base under a ₹190 cr revenue line. 7/And CIAL underperformed its own market. ICRA's FY26 estimate for Indian airport traffic: +5–7% CIAL: +2.2% Roughly half the national rate. 47% of Kochi's passengers are international and mostly Gulf-bound. West Asia turbulence reaches Kochi before it reaches Delhi. 8/The real issue is regulatory. CIAL's own Board report credits FY26 growth to "revised aeronautical tariffs." That's price. Not volume. AERA's Third Control Period ran 1 Apr 2021 → 31 Mar 2026. It just ended. 9/The Fourth Control Period comes with a true-up. Under single till, AERA counts non-aero profits when setting passenger charges. CIAL earns 18% ROE, holds ₹936 cr in deposits, collects ₹274 cr of rent. All visible to the regulator. All arguing for lower charges, not higher. 10/Is it a capacity constraint? Mostly no. T3 was built for ~1 crore international passengers. CIAL handles 54 lakh. Movements are falling, so the runway isn't saturated either. The real constraint is peak-hour bunching — Gulf flights arriving in night banks. 11/Valuation, at ~₹455 in the unlisted market: Market cap ~₹21,760 cr P/E ~40x (adjusted) P/B 7.8x Dividend yield 1.2% Net cash ₹659 cr ROE 18% EV/EBITDA ~25x ~40x for mid-single-digit growth. That's the entire debate. 12/Full breakdown - business model, consolidated P&L line by line, where growth can realistically come from, and both sides of the valuation: unlistedzone.com/cial-fy26-r… Information only. Indicative prices. Not investment advice.

Bisleri doesn't own water. It owns one word, one shade of green, and the shape of a bottle. ₹3,218 Cr revenue. ₹46.5 lakh of share capital. Zero outside funding in 56 years. 506 court matters. Full breakdown 👇 datafin.in/blog/bisleri-one-…

boAt's FY26: 1. Revenue: ↓4% 2. Profit: ↑43% Sounds like a turnaround. Then you check where the profit came from. Ad budget cut ₹50 cr. Warranty costs cut ₹25 cr. Smartwatch losses stopped. Gross margin actually fell. You can only cut costs once. 🧵 To read in more detail; visit the following link; unlistedzone.com/boat-profit…