In this week’s wrapup, we discuss the US Treasury’s $6 billion bond buyback, the recently completed Dedicated Freight Corridor (DFC), the Hero Motors IPO, the NSE IPO’s valuation and Rentomojo’s business model.

The US Treasury wants lower bond yields. But will it work?

The US Treasury thought it had found a way to ease rising borrowing costs. Last week, it announced that it would double its buyback of long-term bonds. And bond yields promptly fell.

But then something unexpected happened. Once the Treasury announced the actual size of the buyback, yields started climbing again.

So, why did this happen?

Well, at first glance, it looked like investors were simply disappointed by the smaller-than-expected purchase. But there’s a bigger problem lurking underneath.

Check out Monday’s newsletter to find out what’s going on.

The Dedicated Freight Corridor's last mile challenge

India has finally completed its 2,800 km Dedicated Freight Corridor (DFC), a railway network built exclusively for goods trains. And the scale is impressive. A single train recently carried as much cargo from JNPT (Jawaharlal Nehru Port), Maharashtra to Vadodara, Gujarat as 250 trucks could have.

But building a dedicated railway network is one thing. The cargo still has to make its way to the tracks and, eventually, to its final destination.

And that makes you wonder: if rail can move goods more efficiently over long distances, why do trucks still dominate India’s freight market? And what will it take to get more cargo onto these new tracks?

Find out in Tuesday’s newsletter here.

The Hero Motors IPO explained

When you hear “Hero Motors”, it’s easy to think of Hero MotoCorp. But despite sharing a family history and the same “Hero” name, the two are now separate businesses.

And that’s just the beginning of the story. Hero Motors has evolved from making sheet-metal parts and castings into a broader powertrain business, with operations spanning multiple countries.

Now, the company has headed to the IPO market. Its revenue and profitability have improved, but investors are being asked to value the business at a fairly steep multiple.

So, what exactly are they betting on, and does Hero Motors have what it takes to justify that valuation?

Check out Wednesday’s newsletter to find out.

Is NSE’s IPO really fairly valued?

After nearly a decade of waiting, NSE is finally going public. The IPO values India’s largest stock exchange at around ₹4.42 lakh crore, giving retail investors their first real chance to buy into the business by buying NSE’s stock on the bourses.

But there’s a catch. NSE’s earnings have taken a hit after regulatory changes reshaped the derivatives market, even as the exchange remains hugely profitable and continues to dominate trading in India.

So, the big question is, are investors getting a reasonable price for one of India’s most powerful financial businesses?

We broke that down in Thursday’s newsletter here.

How Rentomojo actually makes money

Imagine moving to a new city for a job, walking into an empty apartment, and needing furniture and appliances, but with no idea how long you’ll actually stay. That’s the exact problem Rentomojo solved. And today, they command more than half of the organised furniture and appliance rental market.

Now, everyone knows what Rentomojo does. They buy assets and lease them. What is different is how they outscaled competitors like Furlenco and other local players while being profitable.

So is Rentomojo’s impressive profitability a sign of a genuinely efficient model, or does its asset-heavy nature mean the real economics are more complicated than the headline numbers suggest?

Read our Markets edition to find out.

Finshots Weekly Quiz v2.0 🧠

Hey folks! As you probably already know, the Finshots Weekly Quiz has a new avatar. If you missed out on it in the last couple of months, don’t worry. Click here to check out the rules and set a reminder to participate consistently starting next month!

But for now, it’s time to announce the top scorers of our previous weekly quiz. There were a whole bunch of you who participated, and many of you ended up with the same scores. So we’re calling you Bulls, Bears, Unicorns, Blue Chips, and Rising Stars. Here’s how the leaderboard looks right now:

If your name has been featured on the leaderboard, then congratulations! If not, don’t lose hope. If you attempted last week’s quiz, keep at it and answer all the weekly quizzes this month. You never know when the turntables! Click on this link to take this week’s quiz, which is open till 12 noon, Friday, 25th of September, 2026. The more answers you get right, the better your chances of appearing on the Finshots Weekly Quiz leaderboard. We’ll publish it every Saturday in the Weekly Wrapup. And the winner will be announced in the first week of October.

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