Tata Group’s listed companies surged after the Reserve Bank of India denied Tata Sons’ plea to waive a rule requiring a public listing, forcing the conglomerate’s holding entity to pursue an IPO. Tata Chemicals rose as much as 20%, the largest gain since 2009, while Tata Investment Corp. jumped 15% and Tata Motors Passenger Vehicle advanced 6%. Other Tata firms, including Indian Hotels Co. and Tata Power Ltd., also posted gains. The RBI’s decision subjects Tata Sons to upper‑layer non‑bank lender regulations, which mandate an initial public offering. The SP Group, which owns about 18.37% of Tata Sons and aims to monetize roughly 7% of its stake, stands to benefit from the potential listing. Deven Choksey of DRChoksey Fin Serv estimates Tata Sons could be valued at 12.5 trillion rupees ($131 billion), with seven listed Tata companies holding about 11.94% of that stake, worth roughly 1.49 trillion rupees. The IPO prospect is seen as a way to unlock significant dead capital across the group.

In other news, Moody’s Corp. agreed to acquire a minority stake in Philippine Rating Services Corp., targeting growth in Southeast Asian debt markets, while Indian bonds fell after the RBI announced a 1 trillion‑rupee bond sale to drain liquidity, raising yields and weakening the rupee.