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  • Windfall Tax Raised on Diesel, ATF Exports; Petrol Levy Cut to Zero

    Windfall Tax Raised on Diesel, ATF Exports; Petrol Levy Cut to Zero

    The Central government has raised the windfall tax on diesel and aviation turbine fuel (ATF) exports and cut the levy on petrol exports to zero, with the new rates effective from October 31, 2026. A Finance Ministry notification set the rates for the next fortnight. Existing duties on petrol and diesel supplied for domestic consumption remain unchanged.

    New Windfall Tax Rates on Diesel, ATF and Petrol Exports

    The levy is a special additional excise duty (SAED) combined with a road and infrastructure cess on exports of petroleum products. The diesel export duty rose to ₹11.5 per litre from ₹8.5 per litre, an increase of ₹3 per litre, or about 35%. The ATF duty rose to ₹11 per litre from ₹10.5 per litre. The petrol export duty was withdrawn, down from ₹2.5 per litre.

    Product Previous fortnight (₹ per litre) From October 31 (₹ per litre)
    Diesel 8.5 11.5
    Aviation turbine fuel (ATF) 10.5 11
    Petrol 2.5 Nil

    Why the Government Taxes Fuel Exports

    The government imposed export duties on diesel and ATF on March 27, 2026, amid escalating tensions in West Asia, and brought petrol exports under the levy from May 16. The duties are revised every fortnight to match prevailing conditions.

    The measures were introduced to discourage excessive exports and to keep enough petroleum products available in the domestic market. They were also meant to prevent exporters from benefiting disproportionately from the gap between domestic and international prices after crude oil prices rose following the outbreak of the conflict.

    How the Windfall Tax Has Moved Since August

    The rates have changed sharply from one fortnight to the next. In mid-August, the diesel export duty was ₹24 per litre and the ATF duty ₹19.50 per litre, while petrol was exempt. The latest revision keeps the diesel duty well below that level, though it has risen from the previous fortnight.

    Period Diesel (₹ per litre) ATF (₹ per litre) Petrol (₹ per litre)
    From August 15 24 19.50 Nil
    Previous fortnight 8.5 10.5 2.5
    From October 31 11.5 11 Nil

    The petrol levy has moved up and down in 2026. It was ₹3.50 per litre from August 3, was withdrawn from August 15, was reintroduced at ₹1.50 from September 1, was cut to ₹0.50 from September 16, stood at ₹2.50 in the previous fortnight, and has now returned to nil.

    What the Duty Means in Rupees

    A per-litre duty adds up quickly on large shipments. As an illustration only, on 1 lakh litres of diesel exported, a duty of ₹11.5 per litre comes to ₹11.5 lakh, against ₹8.5 lakh at the previous rate. This is a calculation from the notified rates and does not represent any company’s actual shipment.

    Key dates in the levy’s history:

    • March 27, 2026: export duties imposed on diesel and ATF amid West Asia tensions.
    • May 16, 2026: petrol exports brought under the levy.
    • Every fortnight since: rates revised by Finance Ministry notification.
    • October 31, 2026: diesel and ATF duties raised, petrol duty cut to nil.

    Impact on Refiners and Reliance’s Quarterly Results

    The duty is relevant to refiners that export diesel and ATF. In its September quarter results announced on October 30, Reliance Industries reported that its oil-to-chemicals EBITDA rose 68% to ₹25,203 crore on record fuel cracks. The company also said earnings growth was constrained by continued costs related to the special additional excise duty.

    The export levy is a cost on exported fuel, which is how it can weigh on refiners’ margins. Reliance shares rose 8.2% in early trade on November 2 after the results. The duty rates for the coming fortnight were notified a day after the results were announced.

    What Stays the Same and What to Track

    The notification does not change the domestic duty rates on petrol and diesel. It applies only to exports and only for the fortnight that began on October 31. A new notification is expected at the end of the period, and the rates can rise, fall or stay unchanged.

    • Applies to: exports of diesel, ATF and petrol.
    • Effective from: October 31, 2026, for the next fortnight.
    • Unchanged: duties on fuel supplied for domestic consumption.
    • Next step: a fresh Finance Ministry notification at the end of the fortnight.

    Investors who follow oil and gas companies can keep track of these notifications alongside company results. Anyone who wants to hold such shares needs a demat and trading account, and an investing platform with access to NSE and BSE can be used to follow prices and company announcements.

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  • Car Sales Near 5 Lakh in October as Maruti, Hyundai Hit Records

    Car Sales Near 5 Lakh in October as Maruti, Hyundai Hit Records

    Festive demand pushed Maruti Suzuki, Hyundai, Kia and Mahindra to record domestic sales in October 2026. Retail registrations came close to the five lakh mark, at 4,98,208 units across 14 manufacturers, according to vehicle registration data.

    October 2026 Car Sales: Company-Wise Numbers

    Maruti Suzuki recorded domestic sales of 2,16,789 units, its highest ever for a month, up 20% year on year. Mahindra reported record domestic SUV sales of 73,338 units, Hyundai Motor India posted record domestic sales of 62,799 units, and Kia India sold 33,462 units, also a record. Tata Motors Passenger Vehicles sold 73,894 units in the domestic market.

    Company Domestic sales, October 2026 (units) Change year on year
    Maruti Suzuki (total domestic) 2,16,789 Up 20%
    Mahindra (domestic SUVs) 73,338 Up 2%
    Tata Motors Passenger Vehicles 73,894 Up 21%
    Hyundai Motor India 62,799 Up 16.7%
    Kia India 33,462 Up 13.2%

    Maruti’s domestic sales including supplies to other manufacturers stood at 2,26,248 units. Its previous best month for total sales was 2.43 lakh units in May 2026, followed by 2.41 lakh units in July. For April to October of FY27, its domestic sales including these supplies rose 29% to 13,72,771 units.

    Maruti Suzuki: Utility Vehicles Lead the Growth

    Utility vehicles remained the main growth driver for Maruti. Sales rose 26% to 97,787 units, while passenger cars across the mini, compact and mid-size segments rose 18% to 1,00,877 units. Van sales were largely flat at 13,720 units. Together these three groups make up Maruti’s domestic passenger vehicle sales of 2,12,384 units, up from 1,68,744 units a year earlier.

    Maruti retained the top spot in retail registrations as well, with 2,11,444 units. Tata Motors came second with 73,002 registrations, ahead of Mahindra and Hyundai.

    Mahindra, Hyundai and Kia: Record Months

    Mahindra’s total vehicle sales across segments were 1,31,109 units, the highest it has recorded in a month. Velusamy R, President of the Automotive Business at Mahindra, attributed the result to the festive season and a refreshed portfolio, and said its first CNG vehicle, the XUV 3XO ZNG, had seen strong customer response.

    Hyundai’s domestic sales were the best the company has recorded in a month, and the Venue also set a monthly record at 13,017 units. Managing Director and CEO Tarun Garg credited strong festive demand and healthy market momentum, and said the newly launched Hyundai Bayon would add to growth.

    Kia also recorded its highest-ever monthly electric vehicle sales, up 31% from September, with contributions from the Syros EV and Carens Clavis EV. Its 33,462 units were up 13.22% from 29,556 units a year earlier and followed a record of 32,017 units in September. The Seltos and Sonet were the main volume drivers, with the Seltos alone contributing more than 13,000 units. CNG versions of the Carens and Carens Clavis made up close to 10% of the month’s sales.

    Records set in October 2026, as reported by the companies:

    • Maruti Suzuki: highest-ever monthly domestic sales of 2,16,789 units.
    • Mahindra: highest-ever monthly domestic SUV sales of 73,338 units and total sales of 1,31,109 units.
    • Hyundai Motor India: highest-ever monthly domestic sales of 62,799 units, with a record 13,017 Venues.
    • Kia India: highest-ever domestic wholesales of 33,462 units, its second record in a row.

    Tata Motors: Electric Vehicle Sales Rise 75%

    Tata Motors Passenger Vehicles reported total sales of 75,426 units across domestic and international markets in October, up 23% from 61,295 units a year earlier and its best month so far. Domestic sales of 73,894 units were up 21% from 61,134 units.

    Electric vehicle sales, including domestic and international markets, rose 75% to 16,244 units from 9,286 units. The company did not give a separate domestic EV figure in its release. Tata’s domestic sales were also up 29.7% from 56,972 units in September 2026.

    Tata Motors Passenger Vehicles October 2026 October 2025
    Total sales (domestic and international) 75,426 61,295
    Domestic sales 73,894 61,134
    Electric vehicle sales (all markets) 16,244 9,286

    What the October Car Sales Mean for Auto Stock Investors

    Monthly sales figures are volumes sold to dealers or registered by buyers, and they are not the same as a company’s profit. A record month does not by itself show how margins, input costs or discounts are moving, which appear in quarterly results.

    Investors who follow auto companies can compare monthly volumes with the next quarterly results. Anyone who wants to hold auto shares needs a demat account, and demat account opening is the first step before placing orders. Prices of listed carmakers can be followed on a stock trading app that provides access to NSE and BSE.

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  • GST Collections Hit Record ₹2.31 Lakh Cr in October, Up 22.9%

    GST Collections Hit Record ₹2.31 Lakh Cr in October, Up 22.9%

    India’s gross GST collections rose 22.9% year on year to about ₹2.31 lakh crore in October 2026, according to provisional data released on November 1. After refunds, net GST revenue grew 25.6% to ₹2.03 lakh crore, the fastest net growth of FY27 so far.

    October 2026 GST Collections at a Glance

    Gross collections were ₹2,31,290 crore, compared with ₹1,88,124 crore in October 2025, an increase of about ₹43,000 crore. Domestic revenue rose 15.8% and import-related revenue rose 42.2%.

    Component October 2026 (₹ crore) October 2025 (₹ crore) Change
    Gross domestic revenue 1,59,044 1,37,328 Up 15.8%
    Revenue from imports 72,246 50,796 Up 42.2%
    Central GST (CGST) 42,935 36,547 Up
    State GST (SGST) 51,340 45,134 Up
    Total refunds 27,934 26,225 Up 6.5%
    Net GST revenue 2,03,356 1,61,900 Up 25.6%

    Integrated GST (IGST) was over ₹1.37 lakh crore. Refunds comprised ₹14,007 crore of domestic refunds and ₹13,927 crore of import and export refunds.

    Why the Net GST Growth Looks So Strong

    Part of the jump comes from a weak base. In October 2025, net GST revenue grew only 0.6%, because October collections reflect transactions made in September, and the GST rate rationalisation took effect on September 22, 2025. A tax adviser quoted in coverage of the data noted that October 2025 was the first full month in which the rate changes showed in revenue numbers.

    This base effect does not explain everything. Domestic revenue grew a healthy 15.8% even against that base, and imports grew faster at 42.2%. The October figures also followed gross collections of ₹2,03,521 crore in September, which had risen 14.7% year on year. For April to September, gross collections stood at ₹12,46,278 crore, up 11.6%.

    Three factors explain the size of the jump:

    • A weak base: net GST revenue grew only 0.6% in October 2025.
    • Imports: import-related revenue rose 42.2% to ₹72,246 crore.
    • Slower refunds: refunds rose 6.5%, much slower than gross collections.

    April to October FY27: The Cumulative Picture

    Gross collections for the first seven months of FY27 rose 13.2% to about ₹14.77 lakh crore. Net collections grew 12.6% to ₹12.69 lakh crore from ₹11.27 lakh crore a year earlier. Refunds for April to October rose 16.9% to ₹2.08 lakh crore.

    April to October FY27 Change year on year
    Gross GST collection About ₹14.77 lakh crore Up 13.2%
    Net GST collection ₹12.69 lakh crore Up 12.6%
    Refunds ₹2.08 lakh crore Up 16.9%

    Net growth in the first seven months is lower than the 25.6% recorded in October alone, which shows how much the single month stands out from the year’s trend.

    Refunds Take a Smaller Share of Gross Collections

    Refunds rose 6.5%, far slower than gross collections, so they took a smaller share of the total. Based on the reported figures, refunds were about 12.1% of gross collections in October 2026, against about 13.9% in October 2025. These percentages are calculated from the reported numbers, and they explain why net growth of 25.6% exceeded gross growth of 22.9%.

    Measure October 2026 October 2025
    Refunds as share of gross (calculated) About 12.1% About 13.9%
    Gross collections (₹ crore) 2,31,290 1,88,124
    Net collections (₹ crore) 2,03,356 1,61,900

    Over April to October, refunds grew 16.9%, faster than the 13.2% growth in gross collections. This is why cumulative net growth of 12.6% trails gross growth, while the single month of October shows the opposite pattern.

    What Drove October Collections

    Collections in a month reflect the previous month’s transactions, so October’s numbers capture September activity. Coverage of the data attributed the rise to strong sales, and the 42.2% jump in import-related revenue shows that imports contributed a large part of the increase.

    Other data released on November 1 showed a festive surge in car sales as well. Maruti Suzuki, Hyundai and Kia reported record domestic sales for October, which are a separate dataset from the GST figures but point in the same direction on consumer demand.

    What the GST Data Means for Taxpayers and Investors

    GST collections are a widely followed gauge of economic activity, and the monthly release shows how consumption, trade and the tax system are moving together. A high month does not guarantee that the next month will match it, and the base effect makes October’s growth rate unusually large.

    Investors who follow consumption-linked sectors can track these releases alongside company results. Anyone who wants to hold shares of such companies needs to open a demat account, and price movements can then be followed on a share market app that provides access to NSE and BSE.

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  • Reliance Shares Jump 8% After Record Q2; Sensex Adds 1,000 Points

    Reliance Shares Jump 8% After Record Q2; Sensex Adds 1,000 Points

    Reliance Industries shares surged 8.2% to ₹1,259 in early trade on Monday, November 2, 2026, after the company reported record results for the September quarter on October 30. The stock was the biggest gainer on the Nifty 50 and its largest positive contributor, lifting the Sensex by about 1,035 points, or 1.4%, to 75,486 around 11 am.

    Reliance Industries Share Price and Market Reaction on November 2

    Reliance became the most actively traded stock on both NSE and BSE in morning deals. At ₹1,259, its market capitalisation rose to ₹16.77 lakh crore. The Sensex had opened about 719 points higher, and the Nifty 50 gained 290 points, or 1.26%, to 23,343 at around 11 am.

    Market detail (about 11 am, November 2) Level
    Reliance Industries share price ₹1,259 (up 8.2%)
    Reliance market capitalisation ₹16.77 lakh crore
    Sensex 75,486 (up about 1,035 points, or 1.4%)
    Nifty 50 23,343 (up 290 points, or 1.26%)

    Early gains can change during the session, so these levels are a snapshot of morning trade and not a closing figure.

    Reliance Industries Q2 FY27 Results at a Glance

    Reliance reported a consolidated net profit of ₹25,548 crore, up 40.64% from ₹18,165 crore a year earlier and up from ₹20,946 crore in the June quarter. Profit after tax stood at ₹29,250 crore, up 32% from ₹22,146 crore. Revenue from operations rose 28.57% to ₹3,32,861 crore, and gross revenue rose 27.8% to ₹3.62 lakh crore. The results beat market estimates and arrived two days after the record-setting listing of Jio Platforms.

    Metric Q2 FY27 Q2 FY26
    Net profit (₹ crore) 25,548 18,165
    Profit after tax (₹ crore) 29,250 22,146
    Revenue from operations (₹ crore) 3,32,861 2,58,898
    O2C EBITDA (₹ crore) 25,203 15,008

    Oil-to-Chemicals Business Drives the Quarter

    The oil-to-chemicals (O2C) business, Reliance’s largest by revenue, reported a 44% jump in revenue to ₹2.32 lakh crore. Its EBITDA, or earnings before interest, tax, depreciation and amortisation, rose 68% to ₹25,203 crore from ₹15,008 crore.

    Reliance said fuel cracks, which measure refining profitability, rose three to 3.7 times from a year earlier and reached historic highs. Crude prices rose 40% in the quarter on the back of the West Asia crisis, while transportation fuel prices were up 50% to 78%. Polyester chain margins recovered to a three-year high.

    Despite disruptions in the Strait of Hormuz, Reliance maintained high crude runs by sourcing from the strait and from other regions, including Latin America, North America and the Mediterranean. Freight rates surged 15 to 20 times, and exports were redirected to the highest-netback markets, with light distillates going to East and South Africa and middle distillates to Europe, Latin America and West Africa.

    Chairman Mukesh Ambani attributed the performance to tight fuel markets, better downstream petrochemical margins and firm domestic demand. Earnings growth was held back by continued costs linked to the special additional excise duty and by under-recoveries in the Jio-bp business.

    Jio Platforms and Reliance Retail Q2 Performance

    Jio Platforms, in its first results since its listing, reported a 13.7% rise in quarterly profit to ₹8,387 crore on revenue growth of about 11%. Average revenue per user (ARPU) rose to ₹218.8 from ₹211.4 a year earlier and ₹215.6 in the June quarter. The subscriber base stood at 542.4 million, with 36 million net additions over the trailing 12 months.

    Reliance Retail did not share in the growth. Its net profit fell 24.3% to ₹2,611 crore, even as revenue rose 5.8% to ₹80,220 crore. Revenue from the oil and gas exploration and production segment slipped 0.6% to ₹6,020 crore.

    • O2C: revenue up 44%, EBITDA up 68%.
    • Jio Platforms: profit up 13.7%, ARPU at ₹218.8.
    • Reliance Retail: profit down 24.3%, revenue up 5.8%.
    • Oil and gas (E&P): revenue down 0.6%.
    • JioStar: profit down 13.2% to ₹1,147 crore, with revenue up 9.8%.

    What Investors Can Track After the Reliance Rally

    Reliance carries a large weight in the Nifty 50 and the Sensex, which is why its 8% move lifted both indices. Investors who want to own the stock need to open demat account online with a depository participant, and a trading platform that gives access to NSE and BSE can be used to follow the price through the session.

    Reliance’s own disclosures point to items that will shape coming quarters: the level of fuel cracks, the cost of the special additional excise duty on exports, the Jio-bp under-recoveries and the pace of ARPU growth at Jio Platforms. Share prices can reverse after a sharp rise, and a single day’s gain is not a forecast.

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  • Deepak Nitrite Q2 Profit Jumps 235% to ₹398 Cr; Shares Up 9%

    Deepak Nitrite Q2 Profit Jumps 235% to ₹398 Cr; Shares Up 9%

    Deepak Nitrite reported a 235% year-on-year jump in consolidated net profit to ₹397.68 crore for the September quarter of FY27, and its shares rose as much as 9.4% to ₹1,616.65 in early trade on Friday, October 30, 2026. Total income rose 61% to ₹3,092.66 crore, and the EBITDA margin widened to 20.8% from 11.6% a year earlier.

    Deepak Nitrite Q2 FY27 Results at a Glance

    The chemical maker’s second quarter was its strongest on record, with profit more than tripling over the year-ago quarter. Profit before tax rose even faster than total income, which shows that margins widened rather than the gain coming only from higher sales.

    Metric (₹ crore) Q2 FY27 Q2 FY26
    Consolidated net profit 397.68 118.75
    Profit before tax 542.70 163.03
    Total income 3,092.66 1,921.84
    EBITDA 643 224
    EBITDA margin 20.8% 11.6%

    Total expenses rose 45% to ₹2,549.96 crore from ₹1,758.81 crore, far slower than the 61% rise in income. Profit before tax was about 17.5% of total income, against about 8.5% a year earlier, a ratio calculated from the reported figures.

    The year-ago base was weak, which explains part of the size of the jump. In Q2 FY26, Deepak Nitrite’s net profit had fallen about 39% to roughly ₹119 crore on a 6.4% drop in revenue from operations to ₹1,901.89 crore. The June quarter of FY27 had already shown a recovery, with net profit of ₹345.01 crore, more than three times the ₹112.25 crore of the year-ago quarter.

    On a quarter-on-quarter basis, net profit rose 15.3% from ₹345.01 crore in the June quarter. Revenue from operations grew 19.4% from ₹2,577.60 crore, and EBITDA, which is earnings before interest, tax, depreciation and amortisation, increased 16%.

    Phenolics Drives the Quarter

    The Phenolics segment was the main contributor. Its revenue rose 72% year on year to ₹2,291 crore, while its EBIT, or earnings before interest and tax, surged 256% to ₹515 crore.

    The company attributed this performance to favourable domestic market conditions, disruptions to imports and higher international freight costs. Together these made locally manufactured products more competitive. In the first half of FY27, Phenolics generated ₹933 crore of EBIT, which exceeds its previous full-year peak of ₹867 crore in FY22, according to the company’s presentation filed with the National Stock Exchange.

    Advanced Intermediates: Higher Sales, Thinner Profit

    The Advanced Intermediates segment grew revenue 38% to ₹811 crore, but its profit is far smaller than that of Phenolics. The company said profitability in this segment was affected by aggressive global pricing, elevated raw material and energy costs, and higher export freight expenses.

    Segment Q2 FY27 revenue (₹ crore) Revenue growth year on year Q2 FY27 EBIT (₹ crore)
    Phenolics 2,291 72% 515
    Advanced Intermediates 811 38% 49 (₹23 crore a year earlier)

    The table shows how uneven the split is. Phenolics contributed about 91% of the two segments’ combined EBIT of ₹564 crore, a share calculated from the reported segment figures. Advanced Intermediates still more than doubled its EBIT from ₹23 crore, but from a much smaller base.

    First Half of FY27: The Cumulative Picture

    The first half of FY27 reinforces the quarterly trend. The company’s results for the six months ended September 30, 2026, show profit growing far faster than sales.

    • Net profit: ₹742.69 crore, up 221.5% from ₹231.01 crore in the first half of FY26.
    • Revenue from operations: ₹5,653.97 crore, up 49.1% from ₹3,791.77 crore.
    • Profit before tax: ₹1,010.33 crore, against ₹317.77 crore a year earlier.
    • EBITDA: ₹1,197 crore, up 173%.

    Chairman and Managing Director Deepak C. Mehta described the quarter and the half year as record performance. He described the operating backdrop as demanding and credited the quality of the company’s manufacturing assets, its teams and operational agility, and said the company had maximised capacity utilisation across its plants despite supply-chain challenges.

    Deepak Nitrite Share Price on October 30

    The stock opened at ₹1,575.30 on Friday, did not trade below ₹1,566.45 in the early session, and touched a high of ₹1,616.65, which was 9.41% above the previous close of ₹1,477.60. Early moves after a results announcement can change during the session, so the opening gain is not a guide to where the stock ends the day.

    Investors who want to hold chemical sector shares in electronic form can open demat account online with a depository participant. The price and the company’s exchange filings can then be followed on a share market app that provides access to NSE and BSE.

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  • Suzlon Energy Shares Hit 52-Week Low After Q2 Profit Falls 69%

    Suzlon Energy Shares Hit 52-Week Low After Q2 Profit Falls 69%

    Suzlon Energy shares fell as much as 9.7% to a 52-week low of ₹33.21 on Friday, October 30, 2026, a day after the company reported a 69% year-on-year drop in Q2 FY27 net profit. The wind turbine maker’s revenue rose 26% to ₹4,869 crore, but its operating margin narrowed to 14.7% from 18.6% a year earlier.

    Suzlon Energy Share Price Reaction on October 30

    Suzlon announced its September quarter results after market hours on Thursday, October 29. The stock had closed that day at ₹36.79, down 1.45%, so the results did not reach the market until Friday’s session.

    On Friday the shares touched ₹33.21, a fall of 9.73% from the previous close, and were last seen near ₹33.55 around midday, down 8.81%. The stock has declined about 39.7% over the past six months.

    Price detail Level
    Close on October 29 ₹36.79
    Intraday low on October 30 (52-week low) ₹33.21
    Fall from previous close at the low 9.73%
    Last seen around midday ₹33.55 (down 8.81%)
    Change over six months Down 39.71%

    How Suzlon Stock Was Placed Before the Results

    The stock was already close to its lows going into the announcement. On October 26 it was trading near ₹36.77, and it had fallen more than 40% from its 52-week high of ₹61.45 reached in November 2025. Shares also fell sharply after the June quarter results on July 28, when the company reported a 6% drop in profit to about ₹305 crore on 23% higher revenue of ₹3,819 crore.

    Suzlon Energy Q2 FY27 Results: Profit, Revenue and EBITDA

    Consolidated net profit was ₹394.15 crore, against ₹1,279.44 crore in the year-ago quarter, a fall of 69.19%. The comparison looks steep because the Q2 FY26 profit was lifted by a one-time deferred tax gain. Compared with the June quarter, profit rose 29.14% from ₹305.22 crore.

    Revenue from operations grew 25.96% year on year to ₹4,869.05 crore and 27.48% from the June quarter. Operating profit did not keep pace. EBITDA, which is earnings before interest, tax, depreciation and amortisation, was about ₹720 crore, flat against ₹721 crore a year earlier despite the 26% rise in sales.

    Metric (₹ crore) Q2 FY27 Q2 FY26 Q1 FY27
    Consolidated net profit 394.15 1,279.44 305.22
    Revenue from operations 4,869.05 3,865.54 3,819.36
    EBITDA About 720 721 595

    The EBITDA margin, which shows what share of sales turns into operating profit, contracted to 14.7% from 18.6%. EBITDA was up 21% on the June quarter.

    Why the Operating Margin Narrowed

    Brokerages flagged the fall in operating profitability as a key concern after the results. They linked it to a higher share of engineering, procurement and construction (EPC) work in the business mix.

    EPC accounted for 38% of the order book, compared with 32% in Q1 FY27. The company has said it wants to raise the EPC share to 50% by FY28. Suzlon’s CEO Ajay Kapur said the rising EPC share reflects the company’s expanding role in end-to-end project execution. EPC means the company handles the full build of a wind project and not only the supply of turbines.

    Deliveries, Commissioning and Order Book in Q2

    Execution improved sharply even as margins fell. Suzlon’s management described the quarter as one of record Q2 deliveries and strong commissioning.

    • Deliveries: wind turbine deliveries rose to 710 MW from 565 MW a year earlier.
    • Commissioning: projects commissioned in the quarter reached 454 MW, nearly three times the 153 MW of the year-ago quarter. In the first half of FY27 the company commissioned 723 MW.
    • Order book: above 6 GW, with public sector undertakings and commercial and industrial customers making up 78% of it.
    • Order intake: more than 1.5 GW in the first half of FY27.
    • Net worth: has crossed ₹10,000 crore.

    What Investors Can Track After the Results

    Anyone who wants to hold wind energy shares in electronic form needs to open a demat account, and price moves like Friday’s can be followed live on a trading platform that provides access to NSE and BSE. Share prices can fall further or recover, and a 52-week low is a record of past prices, not a forecast.

    The company’s own disclosures point to the items that will shape the next quarters:

    • the EPC share of the order book against the 50% target for FY28
    • the EBITDA margin trend as the mix changes
    • the pace of commissioning compared with the 454 MW reached in Q2
    • order intake after the more than 1.5 GW booked in the first half

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  • Equitas SFB CEO Vasudevan Resigns; Stock Hits 20% Lower Circuit

    Equitas SFB CEO Vasudevan Resigns; Stock Hits 20% Lower Circuit

    Shares of Equitas Small Finance Bank fell 20% to hit the lower circuit limit on Thursday, October 29, 2026, after Managing Director and CEO P N Vasudevan resigned. The stock touched an intraday low of ₹52.04. The resignation came alongside the bank’s September quarter results, in which Equitas reported its highest-ever quarterly profit of ₹218 crore.

    Why P N Vasudevan Resigned as Equitas SFB CEO

    Vasudevan said investors have repeatedly raised a perceived conflict of interest because his daughter is a co-promoter of a non-banking finance company (NBFC) while he leads a bank. He said the arrangement sits within the framework of the Banking Regulation Act. He also said there is no transaction between the bank and that NBFC, apart from one short-term deposit about two and a half years ago that was repaid on maturity.

    Investors had told him that this perception was weighing on the stock and hurting value creation for shareholders and employees. Vasudevan said he decided to step down to remove it, adding that perceptions can be stronger than reality. He also cited his intention to pursue personal and social initiatives.

    In his resignation letter, Vasudevan said he believes that once the overhang is removed the stock should reflect the financial strength of the bank. That is his own view, and the share price will depend on how investors respond to the results and the succession plan.

    Background: The 2022 Resignation Announcement

    This is not the first time Vasudevan has announced an exit. In May 2022 he said he wished to step down to work in health and education, and the bank’s shares dipped about 11% in trade that day. The Reserve Bank of India later approved his reappointment as MD and CEO for one year, and the bank said in July 2022 that he would continue in the role.

    This time Vasudevan has also pointed to investor perception around his daughter’s role in an NBFC. The board has said it will ensure the bank continues to pursue its long-term vision.

    Succession and Regulatory Approval

    Vasudevan will continue as MD and CEO until his successor takes over. The board has asked its Nomination and Remuneration Committee to identify suitable internal and external candidates. The bank said any appointment will need approval from the Reserve Bank of India and other regulatory or statutory clearances as required.

    Vasudevan has led Equitas since its start as a microfinance institution in 2007 and through its transition into a small finance bank in 2016. The bank said it does not expect the leadership transition to affect the long-term vision it has set out.

    Equitas SFB Q2 FY27 Numbers and Five-Year Plan

    The bank reported its highest quarterly profit to date for the September 2026 quarter, and its total business crossed ₹1 lakh crore. Vasudevan said lending to the informal and semi-formal segment is inherently difficult, and that the bank has built a strong moat around its model. He pointed to the limited exposure to unsecured microfinance, which is 10% of advances, as a way of reducing any future stress in that area.

    Metric Detail
    Q2 FY27 profit ₹218.04 crore, highest ever for a quarter
    Growth in profit Up 803% from about ₹24 crore a year earlier
    Total business Crossed ₹1 lakh crore
    Unsecured microfinance 10% of advances
    Past five-year growth Advances about 26% CAGR, deposits about 27% CAGR
    Plan to March 2031 Advances and deposits growing 20%+ a year to about ₹1.2 lakh crore each
    Guided average RoA 1.5% over the five years

    CAGR is the compound annual growth rate, and RoA is return on assets, which shows how much profit a bank earns on the assets it holds. The five-year plan is the management’s own target, and the actual outcome will depend on conditions the bank does not control.

    What a Lower Circuit Means for Equitas SFB Shareholders

    A circuit limit is a price band set by the exchange, and a stock cannot trade below its lower circuit price during the session. Equitas SFB touched its 20% lower limit on Thursday, which capped the fall at ₹52.04 for the session.

    Investors hold the shares in a demat account and place buy or sell orders through a trading account, so a demat and trading account is needed to act on the stock. The price can be followed on a share market app throughout the session. A circuit limit applies to every investor equally, so sell orders placed at the limit may wait for buyers.

    • What changed: the bank’s long-time MD and CEO has resigned, and he stays on until a successor takes charge.
    • What the bank reported: its highest quarterly profit to date, with total business crossing ₹1 lakh crore.
    • What comes next: the board’s selection of a successor and the Reserve Bank of India’s approval of that appointment.

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  • Asian Paints Q2 Profit Up 7.5% to ₹1,068 Cr; ₹5.75 Dividend Set

    Asian Paints Q2 Profit Up 7.5% to ₹1,068 Cr; ₹5.75 Dividend Set

    Asian Paints reported a 7.45% rise in consolidated net profit to ₹1,067.63 crore for the September quarter of FY27 on Thursday, October 29, 2026. The board also declared an interim dividend of ₹5.75 per share, with November 4 as the record date. Revenue from operations grew 16.94% year on year, but profit fell 30.64% from the June quarter.

    Asian Paints Q2 FY27 Results at a Glance

    The paint maker’s profit grew at a slower pace than its sales in the second quarter. Revenue from operations rose to ₹9,976.51 crore from ₹8,531.27 crore a year earlier, while it was lower than the ₹10,541.94 crore reported in the June quarter.

    Metric Q2 FY27 Q2 FY26 Q1 FY27
    Consolidated net profit (₹ crore) 1,067.63 993.59 1,539.25
    Revenue from operations (₹ crore) 9,976.51 8,531.27 10,541.94
    Net profit as % of revenue (computed) 10.70% 11.65% 14.60%

    The quarter-on-quarter drop in profit is large because the June quarter was unusually strong. Asian Paints had reported a 40% profit jump and an 18% revenue rise in that quarter, with profit at ₹1,539.25 crore.

    Reading the Profit Trend Across Three Quarters

    Year on year, profit grew 7.45% while revenue grew 16.94%, so profit grew at less than half the pace of sales. Compared with the June quarter, profit fell 30.64% and revenue fell about 5.4%.

    The last row of the table divides net profit by revenue, using the reported figures. Profit was about 10.70 paise on every rupee of revenue in Q2 FY27, against about 11.65 paise a year earlier. That gap is in line with the cost pressure the management described.

    Where Asian Paints Grew in the September Quarter

    Demand held up across the company’s businesses, and the international business grew fastest.

    • India decorative business: volume growth of 6.4% and value growth of 14.5%.
    • Domestic coatings business: value growth of 16.4%, supported by continued strength in industrial coatings.
    • International business: net sales growth of 29.5%, or 23.7% in constant currency terms, with growth across all regions.
    • Dahej plant: Phase 1 of a vinyl acetate ethylene (VAE) plant was commissioned, which the company linked to new product innovation.

    Constant currency growth strips out the effect of exchange rate movements, so it shows how the business performed in its own terms.

    Raw Material Inflation and the Margin Squeeze

    Managing Director and CEO Amit Syngle said the operating environment this year has been marked by sharp raw material inflation and supply constraints linked to geopolitical disruptions, and that the full impact was felt in the second quarter. The company raised prices in a calibrated way and absorbed part of the cost increase to protect consumer demand.

    The standalone EBITDA margin was 17.1% in a quarter that usually has a lower product mix and margin profile. EBITDA is earnings before interest, tax, depreciation and amortisation, and the margin shows what share of sales turns into operating profit.

    Syngle said inflationary pressure shows little sign of easing. Asian Paints is therefore rolling out a further round of staggered price increases in its coatings business while intensifying its cost-efficiency efforts.

    Asian Paints Interim Dividend: Amount, Record Date and Payment

    The interim dividend of ₹5.75 per equity share applies to shares with a face value of ₹1 and is 575% of face value. It is about 28% higher than the ₹4.50 interim dividend for FY26.

    Detail FY27 interim dividend FY26 interim dividend
    Dividend per share ₹5.75 ₹4.50
    Record date November 4, 2026 (Wednesday) November 18, 2025
    Payment date On or after November 13, 2026 On or after November 27, 2025

    The FY27 dates fall exactly two weeks earlier than last year’s, when the record date was November 18 and payment began on November 27. An interim dividend is paid during the financial year, before the final accounts are approved. The record date is the cut-off the company uses to decide which shareholders are entitled to the payout. A holder of 100 shares would receive ₹575 before applicable tax.

    How Shareholders Qualify for the Dividend

    Only shareholders whose names appear in the company’s records on the record date receive the dividend. Shares are held in electronic form, so an investor needs to open a demat account before buying them. India settles equity trades on a T+1 cycle, and for the FY26 interim dividend the ex-dividend date was the same as the record date, so shares generally need to be bought before November 4 to qualify. The ex-dividend date is the first day on which the stock trades without the right to the upcoming dividend, and the exact date is confirmed in the exchange notice.

    • Record date: Wednesday, November 4, 2026.
    • Payment: on or after Friday, November 13, 2026.
    • Amount: ₹5.75 per share, before applicable tax.
    • Where to track it: the stock price and order status are visible on any stock trading app that provides access to NSE and BSE.

    Asian Paints shares were trading 1.31% lower at ₹2,255 on October 29 at the last check.

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  • SEBI Makes Direct Mutual Fund Plans Default on AMC Apps from Nov 1

    SEBI Makes Direct Mutual Fund Plans Default on AMC Apps from Nov 1

    SEBI Chairman Tuhin Kanta Pandey has said that direct mutual fund plans will become the default option on the digital platforms of asset management companies (AMCs) from November 1, 2026. Investors who choose a regular plan on these platforms must be told about its higher expense ratio. Pandey made the announcement at a markets event in Mumbai on October 28.

    What SEBI Said About Direct Plans on October 28

    Pandey spoke about the regulator’s efforts to strengthen investor protection and improve transparency around mutual fund costs. He said protection also depends on how well investors are informed, and the direct plan default formed part of his remarks on that theme.

    From Sunday, November 1, 2026, a direct plan will be the option shown first when an investor starts a purchase on an AMC’s app or website. An investor who still prefers the regular plan can choose it, but the platform must inform that investor of its higher expense ratio.

    Item Detail
    Announced by SEBI Chairman Tuhin Kanta Pandey
    Announcement date October 28, 2026
    Effective date November 1, 2026
    Applies to Digital platforms of AMCs
    Regular plan buyers Must be informed of the higher expense ratio

    Direct Plans vs Regular Plans: Where the Cost Difference Comes From

    A direct plan lets an investor buy units straight from the AMC without going through a mutual fund distributor. Direct plans are available on AMC websites and other permitted direct-investment channels, where investors can choose schemes, start systematic investment plans (SIPs) or make lump-sum investments and then monitor their portfolios on their own. Because there is no distributor commission, the total expense ratio (TER) of a direct plan is lower than that of the regular plan of the same scheme. TER is the annual cost, shown as a percentage of the fund’s assets, that is deducted from the scheme to cover its running expenses.

    Regular plans are bought through intermediaries such as distributors, banks or financial advisers, and the commissions paid to them are built into the expense ratio. These intermediaries may assist with scheme selection, transactions and other investment-related services. Both plans of a scheme invest in the same underlying portfolio under the same fund manager, with the same investment objective and risk profile. The difference lies in the cost of distribution.

    The table below shows what a 0.5 percentage point gap in the annual expense ratio would mean in rupees. The figures are illustrative. They assume the investment value stays unchanged for a year, and the real gap differs from scheme to scheme.

    Amount invested (₹) Extra yearly cost at a 0.5 percentage point higher expense ratio (₹)
    1,00,000 500
    5,00,000 2,500
    10,00,000 5,000

    Over longer periods, even small cost differences reduce the amount that stays invested and earns returns. A lower expense ratio, however, does not remove market risk and does not guarantee better performance.

    What the November 1 Default Changes and What It Leaves Open

    The announcement comes as more Indian households invest in mutual funds through SIPs and digital platforms. It is specific, and several practical questions are not answered in what has been said publicly so far.

    • The default applies to the digital platforms of AMCs. It does not establish that independent investment platforms will adopt the same default.
    • Regular plans remain available as a choice, but the investor must be informed of the higher expense ratio.
    • The announcement does not specify how existing investments will be treated.
    • A direct plan comes without a distributor to help with choosing or monitoring schemes, so the investor handles that part alone.

    Starting a SIP After November 1: What to Check

    Many investors begin their SIPs through apps. Anyone planning to start SIP online on an AMC platform after November 1 will see the direct plan first, so it helps to confirm the plan name on the screen before the first instalment is set up.

    Compare the expense ratios of the direct and regular options of the same scheme, not of different schemes. Different schemes follow different strategies and carry different risks, so a cost comparison across them says little.

    Investors who prefer to hold units in demat form, rather than in a statement of account, need a demat account. They can open demat account online with a depository participant and then use an investing platform of their choice to monitor holdings.

    Should Existing Regular Plan Investors Switch?

    Switching from a regular plan to the direct plan of the same scheme generally means redeeming units in the regular plan and buying units in the direct plan. The redemption can trigger capital gains tax and an exit load, depending on the investment and how long it has been held.

    A lower expense ratio can lift net returns marginally over the long term, assuming everything else stays equal, but it is only one input in the decision. Direct plans may suit investors who understand mutual funds, can judge their own risk appetite and goals, and are comfortable selecting and monitoring schemes without help. Regular plans may suit those who value assistance with scheme selection, transactions and portfolio monitoring, provided they understand the extra cost and the services they receive in return.

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  • EAAA India Alternatives IPO Allotment Today: Subscribed 5.51 Times; Refunds and Share Credit on October 30

    EAAA India Alternatives IPO Allotment Today: Subscribed 5.51 Times; Refunds and Share Credit on October 30

    The basis of allotment for the EAAA India Alternatives IPO is expected to be finalised today, October 29, 2026, after the ₹1,200 crore issue closed on October 28 with 5.51 times overall subscription. A late surge of institutional bids on the final day drove the result, after the issue had been subscribed only 0.35 times at the end of Day 2.

    Refunds and credit of shares to demat accounts are scheduled for Friday, October 30, and the tentative listing date is Monday, November 2, 2026.

    EAAA India Alternatives IPO Final Subscription Status

    Bids surged on the last day, mainly from qualified institutional buyers (QIBs). The table shows how subscription built over the three days, based on exchange data.

    Category Day 1 Day 2 Day 3 (final)
    QIB (excluding anchor) 0.08x 0.48x 13.80x
    NII 0.33x 0.72x 4.81x
    Retail 0.04x 0.11x 1.08x
    Overall 0.12x 0.35x 5.51x

    QIBs bid 13.80 times the portion reserved for them. The non-institutional category finished at 4.81 times, and retail investors at 1.08 times. Retail subscription was well below full subscription for most of the day, at about 0.24 times at 2:49 pm and about 0.77 times later, before it ended just above full subscription at 1.08 times.

    Because the retail portion was only just above full subscription, nearly all valid retail bids may be allotted, though the basis of allotment published by the registrar is definitive.

    Issue Details and Anchor Book

    The IPO was entirely an offer for sale of 72,07,207 shares with a face value of ₹5 each, so the proceeds go to the selling shareholders and not to the company. The price band was ₹1,585 to ₹1,665 per share, and the minimum bid was 9 shares, or ₹14,985 at the upper band.

    Before the issue opened, the company raised ₹360 crore from anchor investors. Mutual funds took ₹235.51 crore, or 65.42% of the anchor book. Foreign portfolio investors took ₹77.99 crore, or 21.66%, and alternative investment funds took ₹46.50 crore, or 12.92%.

    Allotment, Refund and Listing Timeline

    The schedule, as published for the issue, is as follows.

    • October 29, 2026: Basis of allotment expected to be finalised.
    • October 30, 2026: Refunds and credit of shares to demat accounts.
    • November 2, 2026: Tentative listing on the NSE and BSE.

    Listing dates are tentative until confirmed by the exchanges. The registrar to the issue is MUFG Intime India Private Limited.

    How to Check EAAA India Alternatives IPO Allotment Status

    Applicants can check the status on the registrar’s website, the BSE website or the NSE IPO application status page. The status is shown once the basis of allotment has been approved.

    The usual steps are:

    • Open the registrar’s IPO status page and select EAAA India Alternatives from the list of issues.
    • Enter the PAN, application number or demat account number used for the bid.
    • Submit the details to see whether shares were allotted and how many.

    Investors who do not receive shares do not need to take any action, because the blocked amount is released to the bank account. Refunds and unblocking of UPI mandates are scheduled for October 30.

    What the Subscription Pattern Shows

    The final figure of 5.51 times is far above the 0.35 times recorded at the end of Day 2, which shows how much IPO demand can arrive in the last hours of bidding, especially from institutions. The Jio Platforms IPO showed the same pattern earlier this week, rising from about 5.5 times after Day 2 to 22.19 times at the close.

    The numbers differ by category, though. QIB demand of 13.80 times contrasts with retail demand of 1.08 times, which indicates that institutions were more eager than individual investors at the price band of ₹1,585 to ₹1,665. At the upper band, the valuation was about ₹10,765 crore, or about 40.6 times FY26 earnings per share of ₹41.02, based on published figures.

    Company Snapshot

    EAAA India Alternatives is an alternative asset manager in the Edelweiss group, focused on India’s real assets and private credit markets. Based on the issue documents, total income in FY26 was ₹963.76 crore and profit after tax was ₹265.20 crore, compared with ₹786.54 crore and ₹229.78 crore in FY25. For the June 2026 quarter, total income was ₹336.13 crore and profit after tax was ₹80.71 crore.

    Before the Shares List

    Investors who received shares will see them in their demat account on October 30, so they should confirm their account details. Anyone who missed this issue can open a demat account in advance and complete demat account opening and KYC so they are ready for the next IPO. Those who want to invest in IPO online can use a broker’s app or net banking, apply with UPI, and check the status through the registrar.

    Points to watch before listing:

    • Whether the registrar publishes the basis of allotment on schedule today.
    • The refund and demat credit on October 30.
    • Exchange notices confirming the November 2 listing date.
    • Market conditions, including crude oil prices and global rate decisions.

    Unofficial grey market premium figures are not a reliable guide to the listing price, and investors should rely on exchange announcements for the official listing schedule.

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