Good morning!
Markets On Home Turf
The Nifty ended in green on Wednesday snapping its two-day fall. At the close, the Sensex slipped 575.45 points, or 0.70%, to 82,605.43, while the Nifty rose 178.05 points, or 0.71%, to 25,323.55.
The foreign portfolio investors on Wednesday turned net buyers of Indian shares, after selling for two sessions. The FPIs bought stocks worth approximately Rs 69 crore, according to provisional data from the National Stock Exchange. The DIIs that have stayed net buyers for over a month bought stake worth Rs 4,650 crore.
Asian Market Update
Asian stocks rose at the open after US equities closed higher in a volatile session as investors weighed renewed US-China trade tensions, reports Bloomberg.
Hang Seng futures jumped 0.35%
Japan’s Nikkei jumped 0.95%
Australia’s S&P/ASX 200 was 0.91%
Wall Street Wrap
Dow Jones fell 0.04%
S&P 500 rose 0.4%
Nasdaq rose 0.66%
Commodity Check
Oil prices rebounded from a five-month low after US President Donald Trump claimed that Indian Prime Minister Narendra Modi had pledged to stop buying Russian crude — a move that could tighten global supply, according to Bloomberg.
Brent crude climbed above $62 a barrel after losing 2.2% over the previous two sessions, while West Texas Intermediate hovered around $59.
Meanwhile, gold surged to a new record high as escalating US-China tensions and expectations of continued Federal Reserve rate cuts boosted demand for the metal.
Bullion has gained nearly 5% this week, hitting an all-time high above $4,227 an ounce on Thursday, extending a rally that began in mid-August.
Earnings In Focus
Wipro, Infosys, Eternal, Nestle India, Mastek, Waaree Energies, LTIMindtree Zee Entertainment Enterprises, DB Corp, Indian Overseas Bank, Jio Financial Services, Indian Bank, CIE Automotive India, Cyient, JSW Infrastructure, Kajaria Ceramics, Metro Brands, Punjab & Sind Bank, Rallis India, South Indian Bank, Sunteck Realty, Swaraj Engines
Earnings Post Market Hours
Axis Bank Q2FY26 Highlights
Net Profit down 26.4% at Rs 5,090 crore versus Rs 6,918 crore
Net interest income up 2% at Rs 13,744 crore versus Rs 13,483 crore
Provisions up 61% at Rs 3,547 crore versus Rs 2,204 crore (YoY)
Provisions down 10.1% at Rs 3,547 crore versus Rs 3,948 Cr (QoQ)
Gross NPA at 1.46% versus 1.57% (QoQ)
Net NPA at 0.44% versus 0.45% (QoQ)
One-time standard asset provisioning at Rs 1,230 crore
NIM at 3.73%
Results have missed estimates
HDFC Life Q2 Highlights (Consolidated, YoY)
Net premium income up 13.6% to Rs 18,871.00 crore versus Rs 16,613.70 crore
Annual Premium Equivalent grew by 9% to Rs 4,188 crore
Value of new business grew by 8% to Rs 1,009 crore
VNB margin at 24.1% versus 25.1% (QoQ)
Net Profit up 3% to Rs 448 crore versus Rs 435 crore
Numbers inline with estimates
Oberoi Realty Q2 Highlights (Consolidated, YoY)
Revenue up 34.8% to Rs 1,779.04 crore versus Rs 1,319.89 crore
Net Profit up 29% to Rs 760.26 crore versus Rs 589.44 crore
Ebitda up 25% to Rs 1,020.29 crore versus Rs 813.78 crore
Margin at 57.4% versus 61.7%
HDB Financial Profit Down (YoY)
Net Profit down 1.6% to Rs 581.4 crore versus Rs 591 crore
NII 19.6% to Rs 2,193 crore versus Rs 1,823 crore.
Board approves interim dividend of Rs 2 per equity share
KEI Industries Q2 Highlights (Consolidated, YoY)
Revenue up 19.4% to Rs 2726.34 crore versus Rs 2,284 crore
Ebitda up 19.8% to Rs 269 crore versus 225 crore
Margin at 9.9% versus 9.8%
Net Profit up 31.5% to Rs 204 crore versus Rs 155 crore
Rossari Biotech Q2FY26 Highlights (Consolidated, YoY)
Revenue up 17.6% to Rs 586 crore versus Rs 498 crore
Net Profit up 4.2% to Rs 36.8 crore versus Rs 35.3 crore
Ebitda up 9.1% to Rs 71.8 crore versus Rs 65.8 crore
Margin at 12.3% versus 13.2%
Delta Corp Q2FY26 Highlights (Consolidated, YoY)
Revenue up 0.4% to Rs 183 crore versus Rs 182 crore
Net Profit down 7% to Rs 25.1 crore versus Rs 27 crore
Ebitda down 18.3% to Rs 39.7 crore versus Rs 48.5 crore
Margin at 21.7% versus 26.7%
L&T Finance Q2FY26 Highlights (Consolidated, YoY)
Total income up 7.7% to Rs 4,336 crore versus Rs 4,024 crore
Net Profit up 5.6% to Rs 735 crore versus Rs 696 crore
L&T Finance Q2FY26 Highlights (Consolidated, YoY)
Net Profit up 78.8% at Rs 294 crore versus Rs 164 crore
Total Income up 5.3% at Rs 1,204 crore vs Rs 1,143 crore
Mangalore Refinery Q2FY26 Highlights (Consolidated, QoQ)
Net profit at Rs 627 crore versus loss of Rs 271 crore
Revenue up 30.5% at Rs 22,649 crore versus Rs 17,356 crore
Ebitda at Rs 1,489 crore versus Rs 180 crore
Margin at 6.6% versus 1%
Huhtamaki India Q2 Highlights (YoY)
Revenue down 4.15% at Rs 625 crore versus Rs 652 crore.
Ebitda up 211.17% at Rs 55.7 crore versus Rs 17.9 crore.
Ebitda margin up 616 bps at 8.91% versus 2.74%.
Net profit up 213.67% at Rs 36.7 crore versus Rs 11.7 crore.
Kewal Kiran Clothing Q2 Highlights (Consolidated, YoY)
Revenue up 14.9% to Rs 354 crore versus Rs 308 crore
Ebitda up 11% to Rs 71 crore versus Rs 64 crore
Margin at 20% versus 20.7%
Net Profit down 31.5% to Rs 44.9 crore versus Rs 65.5 crore
Business Update
Adani Green Energy (YoY)
H1 Operational Capacity up 49% at 16.7 MW
H1 Sale Of Energy up 39% at 1,957 crore
Stocks In News
Dabur: The company’s tax demand from the Delhi Income Tax Department for August has been reduced from Rs 279.13 crore to Rs 202.01 crore.
Kaynes Technology: The company’s arm, Kaynes Semicon, in collaboration with Mitsui, has rolled out 900 Multi-Chip Modules at its OSAT facility in Sanand.
Senco Gold: The company has opened a new franchisee store in Bikaner, taking its total store count across India to 185.
Indo Tech: The company’s factory can continue to operate as the court has lifted the temporary injunction order passed on July 2. However, the main lawsuit regarding a permanent injunction is still ongoing and will be heard separately.
Zee Entertainment: The company received a favorable ruling from the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) on October 15, 2025. CESTAT dismissed an appeal by the Commissioner of Service Tax - I, Mumbai, effectively vacating a contingent service tax liability of Rs 46.2 crore related to input tax credit utilisation for financial years 2004-05, 2006-07, and 2007-08.
RBL Bank: The company’s board will meet on October 18 to consider a proposal for raising funds.
Network18: The company will acquire IBN Lokmat news from Lokmat Media for Rs 25 crore. Post-acquisition, IBN Lokmat will become a wholly-owned subsidiary of Network18.
GMR Airports: The company reported passenger traffic of 91.5 lakh for September 2025, down 3.3% year-on-year.
IOL Chemicals and Pharmaceuticals: The company received a certificate of suitability from the European Directorate for Quality of Medicines and Health Care for the drug 'Pantoprazole Sodium Sesquihydrate Process-III'. Pantoprazole sodium is a proton pump inhibitor used to reduce stomach acid.
Varroc Engineering: The company has appointed Avinash Chintawar as Chief Operating Officer.
MTAR Technologies: The company received an order worth Rs 67 crore from an existing customer.
Rain Industries: The company’s arm has partnered with Green Graphite Tech Inc under an NGen grant to develop sustainable battery material solutions.
Hero MotoCorp: The company has entered the Spanish market through a partnership with Noria Motos (ONEX Group), marking its presence in 50 international markets.
TVS Motor: The company has launched the TVS Apache RTX at an introductory price of Rs 1.99 lakh.
AIA Engineering: The company’s arm, Welcast Steels, will permanently close its manufacturing facility in Bengaluru. There is no adverse impact on AIA Engineering’s overall operations.
NTPC Green Energy: The company’s subsidiary has commenced commercial operations of a 12.5 megawatt solar power plant located in Bhuj.
KEC International: The company has secured an order worth Rs 1,038 crore in its international Transmission and Distribution business.
Jindal Stainless: The company signed a $150 million agreement with Harsco Environmental to double its slag processing capacity and enhance circular production efforts.
Avenue Supermarts: The company has opened a new store in Karnataka, increasing its total store count to 434 across India.
Bharat Electronics: The company has received additional orders worth Rs 592 crore since its last disclosure on September 29.
KRN Heat Exchanger: The company’s arm, KRN HVAC Products, has commenced commercial production of its bus air conditioning division at its Rajasthan manufacturing plant.
Jyoti Structures: The company has secured an order worth Rs 288 crore from AESL Projects for the supply of transmission towers.
Kirloskar Brothers: The company’s appeal has been dismissed by NCLAT as infructuous. There is no material impact on business operations anticipated.
Adani Green Energy: The company has incorporated five new step-down subsidiaries.
IPO Offering
Midwest: The company is engaged in the business of exploration, mining, of natural stones. The public issue was subscribed to 1.84 times on day 1. The bids were led by QIBs (0.5 times), NIIs (0.5 times) retail investors (4.17 times), Employee (1.6 times), Employee Reserved (2.54 times).
Listing Day
Canara Robeco Asset Management Co: The company is an asset management firm in India, serving as the investment manager for Canara Robeco Mutual Fund. The company's shares will debut on the stock exchange on Thursday. The public issue was subscribed to 9.74 times on day 3. The bids were led by Qualified institutional investors (25.92 times), non-institutional investors (6.45 times), retail investors (1.91 times).
Rubicon Research: The company's shares will debut on the stock exchange on Thursday. The public issue was subscribed to 109.35 times on day 3. The bids were led by Qualified institutional investors (137.09 times), non-institutional investors (102.7 times), retail investors (37.4 times), Employee Reserved (17.68 times).
Bulk Deals
Allcargo Logistics: Wisdomtree Emerging Markets High Dividend Fund bought 68.17 lakh shares (0.69%) at Rs 34.15 apiece.
Trading Tweaks
Price band change from 10% to 5%: Stallion India Fluorochemicals,
Price band change from 20% to 10%: GM Breweries
Ex-dividend: Elecon Engineering Company
List of securities shortlisted in Short - Term ASM Framework Stage – I: GM Breweries
List of securities to be excluded from ASM Framework: Tata Investment Corp
List of securities shortlisted in Long - Term ASM Framework Stage – I: Tata Investment Corp
F&O Cues
Nifty Oct futures is up by 0.91% to 25,435 at a premium of 112 points.
Nifty Oct futures open interest up by 0.89%.
Nifty Options 20th Oct Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 25,300.
Securities in ban period: Sammaan Capital
Currency Market
The rupee settled sharply higher against the US dollar, despite paring some gains from its intraday high. The Indian currency settled 73 paise stronger against US dollar at 88.07. It has emerged as the best performing Asian currency with 0.82% appreciation against the greenback.
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