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  • L&T Q2 FY27 Results: Profit Jumps 33% to ₹5,202 Crore as Order Inflow Hits a Record ₹1.48 Lakh Crore

    L&T Q2 FY27 Results: Profit Jumps 33% to ₹5,202 Crore as Order Inflow Hits a Record ₹1.48 Lakh Crore

    Larsen & Toubro (L&T) reported a 33% year-on-year rise in consolidated net profit to ₹5,202 crore for the September 2026 quarter, compared with ₹3,926 crore a year earlier. Revenue from operations rose 16% to ₹78,750 crore, and order inflow hit a record ₹1,47,665 crore. The results were announced on Tuesday, October 27, 2026.

    The consolidated order book stood at ₹8,53,514 crore on September 30, the highest in the company’s history.

    L&T Q2 FY27 Results at a Glance

    The table compares the main reported figures with the same quarter last year.

    Metric (₹ crore) Q2 FY27 Q2 FY26 Change
    Revenue from operations 78,750 67,984 +16%
    Consolidated net profit 5,202 3,926 +33%
    Total income 81,056 69,368 +17%
    EBITDA 6,845 6,806 +1%
    Order inflow 1,47,665 1,15,784 +28%
    Order book 8,53,514 6,67,047 +28%

    Total operating expenses rose 18% to ₹71,905 crore, which is faster than the 16% growth in revenue, according to BW Businessworld.

    Why Profit Rose Much Faster Than EBITDA

    Profit growth of 33% stands out next to EBITDA growth of only 1%. The reports reviewed do not explain the gap directly, but the reported figures offer a clue.

    Total income minus revenue from operations implies other income of about ₹2,306 crore in Q2 FY27, against about ₹1,384 crore a year earlier. This is Findoc’s calculation from the reported figures and not a number disclosed by the company. It suggests that income from outside core operations may have helped profit growth.

    Using the reported EBITDA and revenue, the EBITDA margin works out to about 8.7%, compared with about 10.0% a year earlier. These margin figures are also calculated from reported numbers. The multibagg.ai analysis described the quarter as one in which record orders meet a margin test, which reflects the same pressure.

    Record Order Inflow and Order Book

    L&T said it won orders worth ₹1,47,665 crore in the quarter, up 28% from ₹1,15,784 crore a year earlier. The company called it its highest-ever quarterly order inflow.

    International orders accounted for ₹92,375 crore, or 63% of total inflow. The consolidated order book of ₹8,53,514 crore was up 15% from March 2026 and about 28% from September 2025. International orders made up 54% of the order book.

    Chairman and Managing Director S N Subrahmanyan said the highest-ever order book at ₹8.5 lakh crore provides multi-year revenue visibility. Orders were led by hydrocarbon (offshore and onshore), CarbonLite Solutions, public spaces and airports, and power transmission and distribution businesses.

    First-Half FY27 Performance

    For the six months ended September 30, 2026, L&T reported steady growth.

    • Order inflow: ₹2,55,678 crore, up 22% year on year.
    • Revenue from operations: ₹1,46,692 crore, up 11% from ₹1,31,662 crore.
    • Net profit attributable to owners: ₹9,325 crore, up 24% from ₹7,543 crore.

    Revenue growth in the second quarter, at 16%, was faster than the 11% growth for the half year. Subtracting the second quarter from the half-year totals implies June quarter revenue of about ₹67,942 crore, up roughly 6.7% from about ₹63,678 crore a year earlier. This is Findoc’s calculation from the reported figures, and it suggests that execution picked up between the June and September quarters.

    An order book is the value of contracts won but not yet executed. It matters for a company like L&T because projects are built over several years, so today’s orders become revenue over the coming quarters.

    Infrastructure Segment: Revenue Up, Orders Down

    Not every business grew. The Infrastructure and Utilities segment reported customer revenue of ₹25,133 crore, up 6% from a year earlier. Its order inflow fell 13% to ₹35,509 crore because of the deferment of select targeted orders, according to BW Businessworld.

    The overall order inflow was lifted by overseas wins, especially in hydrocarbon projects, so the domestic infrastructure order trend is different from the headline number.

    What the Results Mean for Shareholders

    L&T is often watched as an indicator of capital expenditure in the economy, since its order book reflects projects awarded by governments and companies. A larger order book supports revenue in future quarters, but margins and the pace of execution determine how much of it converts to profit.

    The results came after market hours, so the share price reaction will show in the October 28 session. Investors who want to follow the stock can open demat account online and track it through an investing platform that shows exchange filings, price data and results.

    Key Points to Watch

    Several items will shape how investors read L&T’s performance in the next quarters:

    • Whether the EBITDA margin recovers toward the levels of a year ago.
    • How much of the profit growth comes from other income and not core operations.
    • The conversion of the ₹8.5 lakh crore order book into revenue.
    • Domestic infrastructure order inflow after the 13% fall in the segment.
    • Management’s commentary on execution and project timelines.

    L&T’s results show strong order momentum, with profit growth well ahead of EBITDA growth, and the coming quarters will test whether margins improve.

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  • Sensex, Nifty End Flat on October 27 as Smallcaps Surge 2.7% and Media Jumps; Fed Decision Awaited

    Sensex, Nifty End Flat on October 27 as Smallcaps Surge 2.7% and Media Jumps; Fed Decision Awaited

    Indian benchmark indices ended almost unchanged on Tuesday, October 27, 2026, after a volatile session that included the monthly derivatives expiry. The Sensex fell 8.08 points, or 0.01%, to close at 73,598.67, while the Nifty 50 slipped 3.45 points, or 0.02%, to 22,749.75, according to HDFC Sky.

    Broader markets did much better than the headline indices. The Nifty Midcap 100 ended about 1% higher and the Nifty Smallcap 100 gained about 2.7%, as pharma, realty and media stocks offset losses in IT, oil and gas and private banks.

    Sensex and Nifty 50 Closing Levels on October 27

    The benchmarks ended flat after trading in a range for most of the session. The table compares the last two sessions.

    Date Sensex Nifty 50
    Monday, October 26 73,606.75 (+482.92, +0.66%) 22,753.20
    Tuesday, October 27 73,598.67 (-8.08, -0.01%) 22,749.75 (-3.45, -0.02%)

    Monday’s close followed a sharp recovery from early losses, as DSIJ noted in its closing report. Tuesday’s session started on a weaker note. The Nifty opened at 22,708.80, down 0.19%, and the Sensex at 73,484.38. By 2:18 pm the Nifty was down 101.95 points, or 0.45%, at 22,651.25, and the Sensex had fallen 396 points, or 0.54%, to 73,210.75. Buying in the final hours brought both indices back to near the previous close.

    One publication displayed the Sensex close as 73,598.87, a 0.20-point difference, but 73,598.67 is the figure reported by most market sources.

    Broader Markets and Sectors Outperform

    The strength under the surface was the main feature of the session.

    • Nifty Smallcap 100: up about 2.7%.
    • Nifty Midcap 100: up about 1%.
    • Nifty Media: up about 3.5% to 3.7%, depending on the source.
    • Nifty Pharma: up about 1.9%.
    • Nifty Bank: down 0.72%.
    • Nifty IT: down about 0.26%.

    Pharma, realty and consumer durables were among the outperformers, according to Business Standard. Losses in private banks, IT and oil and gas stocks held back the Sensex and Nifty 50. Bank Nifty was the biggest drag among the major indices.

    Expiry Day and the October Derivatives Series

    Tuesday was the expiry of the October monthly futures and options contracts. During the October series, the Nifty 50 gained 33.55 points, or 0.15%, rising from 22,716.20 on September 29 to 22,749.75 on October 27, according to DSIJ.

    Expiry-day trading can lead to sharp intraday swings as traders square off or roll over positions, and the Nifty’s move from a 100-point loss at 2:18 pm to a flat close fits that pattern. Intraday traders who use a stock trading app to track expiry-day levels often see wider moves than in a normal session.

    Crude Oil and the Fed in Focus

    Two global factors shaped sentiment. HDFC Sky described crude oil as elevated and near a six-month high, while Kotak Neo reported that prices fell on Tuesday on optimism that the US-Israeli war on Iran could move toward a resolution. The two reports point to a volatile oil market rather than a clear trend.

    Investors were also waiting for the US Federal Reserve’s policy decision, with the two-day meeting concluding on October 28. Uncertainty over the Fed’s policy outlook kept sentiment cautious, according to market reports.

    Corporate Earnings Added to the Mix

    A large number of companies reported September quarter results on Tuesday. Multibagg counted more than 100 firms, including Larsen & Toubro, Bajaj Auto, Maruti Suzuki, Cipla, ACC and Mazagon Dock.

    • L&T reported a 33% rise in consolidated net profit to ₹5,202 crore.
    • Maruti Suzuki reported a 27% fall in standalone net profit to ₹2,415 crore.
    • Cipla reported a 35% fall in consolidated net profit to ₹878 crore.

    Some of these results came after market hours, so their full effect on share prices will show on Wednesday.

    What Investors Are Watching Today

    Wednesday’s calendar is busy. Traders will track:https://www.findoc.com/stocks/jio-platforms

    • The listing of Jio Platforms shares on the NSE and BSE.
    • The final day of bidding for the EAAA India Alternatives IPO.
    • The Federal Reserve’s policy decision and the market’s reaction to it.
    • Crude oil prices and developments in West Asia.
    • Share price reactions to the results announced on Tuesday.

    Investors who hold positions in a trading account may want to check their exposure to sectors that moved sharply on Tuesday, since sector-level moves were larger than the moves in the headline indices. Anyone following daily levels on a share market app should note that closing figures can differ slightly between data providers.

    Why Flat Headline Indices Can Hide Large Moves

    A flat Sensex or Nifty does not mean the whole market was quiet. The benchmarks are weighted toward large companies, especially banks and IT, so weakness in those sectors can offset gains in smaller companies. On October 27, smallcaps rose about 2.7% while the Nifty was virtually unchanged, which shows how wide the gap can be.

    Nothing in the data above signals how the market will behave next, and the figures do not amount to advice to buy or sell.

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  • Jio Platforms Shares List at ₹1,358, a 21.36% Premium to the ₹1,119 IPO Price, on NSE and BSE

    Jio Platforms Shares List at ₹1,358, a 21.36% Premium to the ₹1,119 IPO Price, on NSE and BSE

    Shares of Jio Platforms made their stock market debut on Wednesday, October 28, 2026, listing at ₹1,358 apiece on both the NSE and the BSE. That is a premium of 21.36% over the IPO issue price of ₹1,119 for investors who received allotment in the ₹30,213 crore offer.

    The listing comes five days after the issue closed with 22.19 times overall subscription, led by institutional investors.

    Jio Platforms Listing Price and Premium

    The table below shows what the listing meant for the upper end of the price band.

    Detail Figure
    IPO price band ₹1,065 to ₹1,119 per share
    Issue price (upper band) ₹1,119
    Listing price on NSE and BSE ₹1,358
    Listing premium 21.36%
    Gain per share at listing price ₹239
    Cost of one lot of 12 shares ₹13,428
    Value of one lot at listing price ₹16,296
    Gain per lot ₹2,868

    Investors who received one lot of 12 shares made ₹2,868 per lot, taking the value of the investment to ₹16,296 at the listing price. These are gains on paper at the opening price and change as the stock trades through the day.

    How the Listing Compared With Grey Market Expectations

    Unofficial indicators ahead of listing had pointed to a similar premium. A TradingView News report published before the debut cited a grey market premium implying a listing price of about ₹1,369, or 22.34% above the issue price. The actual listing at ₹1,358 was slightly lower than that estimate.

    The grey market is an unofficial, unregulated market, and its premium is not an official forecast. Listing prices can differ from it, as they did here.

    Demand That Led to the Listing

    The issue closed on October 23 with strong institutional demand. Exchange data showed subscription of 22.19 times overall.

    • Qualified institutional buyers (QIBs): 70.55 times.
    • Non-institutional investors (NIIs): 14.00 times.
    • Retail investors: 2.72 times.
    • Employees: 2.93 times.
    • Shareholders: 7.60 times.

    Ahead of the public issue, Jio Platforms raised ₹8,109.85 crore from anchor investors. Upstox lists Life Insurance Corporation of India (LIC), New World Fund Inc, the Government of Singapore, BNP Paribas Financial Markets, Capital Group, Fidelity, BlackRock, the Monetary Authority of Singapore and the Abu Dhabi Investment Authority among them.

    Key Terms of the Jio Platforms IPO

    The offer was entirely a fresh issue of up to 27 crore shares, so the proceeds go to the company. The company has said it plans to use the money to prepay certain borrowings of Reliance Jio Infocomm and for general corporate purposes.

    At ₹30,213 crore, the IPO was larger than Hyundai Motor India’s ₹27,858.75 crore offering in 2024, which had been the biggest in the country until now. At the upper end of the price band, the post-issue valuation was about ₹10.3 lakh crore.

    What Listing Means for Investors Who Received Shares

    Shares allotted in the IPO were scheduled to be credited to investors’ demat accounts on October 27, so allottees could trade from the first minute of listing. Investors who hold the shares can sell them through their broker, hold them, or place a limit order at a price of their choice.

    Allottees should keep a few points in mind:

    • The listing price is only the first traded price. The stock can move above or below it during the session.
    • Gains or losses are realised only when shares are sold, and tax rules apply to profits on listed shares.
    • Newly listed stocks often show higher volatility in the first few sessions because price discovery is still under way.

    Investors who held shares in a demat and trading account could place sell orders from the opening of trade. Those who did not apply or did not receive an allotment can still buy the stock on the exchanges through a stock trading app or a broker’s terminal, at the market price, with no application window or lottery involved.

    Market Backdrop on Listing Day

    The debut comes during a week in which benchmark indices have been volatile. On Tuesday, October 27, the Sensex ended 8.08 points lower at 73,598.67 and the Nifty 50 closed at 22,749.75, down 3.45 points. Crude oil prices and the US Federal Reserve’s policy decision, due on October 28, have kept investors cautious.

    Reports from exchange data and brokerages will show how the stock trades over the day, and the closing price will matter more for investors than the opening price.

    Points to Watch After the Listing

    Several items will matter for the stock in the coming sessions:

    • How the price holds relative to the ₹1,358 listing level through the day.
    • Trading volumes and the reaction of institutional investors who received allotments at ₹1,119.
    • Disclosures from the company and the exchanges after listing.
    • Broader market direction, including the Fed decision and crude oil prices.

    This report covers the listing as reported on October 28. Investors should check exchange websites for live prices and official announcements.

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  • Sensex Drops Over 500 Points in Early Trade, Nifty Slips Below 22,500 as IT Stocks and Oil Weigh

    Sensex Drops Over 500 Points in Early Trade, Nifty Slips Below 22,500 as IT Stocks and Oil Weigh

    Indian benchmark indices opened the week sharply lower on Monday, October 26, 2026, as the Infosys guidance cut dragged IT stocks and crude oil stayed elevated amid the unresolved Middle East crisis. The Sensex was down 535.28 points, or 0.73%, at 72,588.55 at 9:22 am, while the Nifty slipped below 22,500, according to HDFC Sky.

    Only nine of the 50 Nifty stocks were trading in the green, and the Nifty IT index tumbled 1.79% at that point.

    Sensex and Nifty Today: How the Session Opened

    Early trade was volatile. India TV News reported that the Sensex fell 133.79 points, or 0.18%, to start the session at 72,990.04, while the Nifty shed 75.60 points to open at 22,524.40. Within minutes, selling deepened, and the Sensex was down more than 500 points at 9:22 am. Newsbytes reported a smaller loss of 284.62 points, with the Sensex at 72,839.21 and the Nifty at 22,499.25, down 0.45%, by around 9:39 am.

    All figures here are intraday readings and will change as the session progresses.

    Reading Sensex Nifty 50
    Friday close, October 23 73,123.83 (-125.56) 22,600.00 (-87.65)
    Monday open 72,990.04 (-133.79) 22,524.40 (-75.60)
    About 9:22 am 72,588.55 (-535.28) Below 22,500

    The Nifty is now just over 1% above its 52-week low of 22,179.90, according to HDFC Sky.

    How the Market Closed on Friday

    The benchmarks ended Friday lower for the fourth session in a row. The Sensex fell 125.56 points, or 0.17%, to close at 73,123.83, and the Nifty 50 dropped 87.65 points, or 0.39%, to settle at 22,600.

    The Nifty opened at 22,742.20 and swung between a high of 22,787.25 and a low of 22,372, according to 5paisa, before buying at lower levels pulled it back to the close. The Nifty Bank index fell 638.35 points, or 1.16%, to 54,287.35, with losses concentrated in public sector and some private sector lenders.

    Goodreturns reported that metal, realty and PSU bank stocks were among the main laggards on Friday, while consumption and IT stocks showed relative resilience. That reversed on Monday, when IT led the decline.

    The recovery from Friday’s low was about 228 points, from 22,372 to the 22,600 close. Persistent selling in mid-cap and small-cap stocks added to concerns, according to Goodreturns, while ScanX noted that domestic institutional investors continued to support the market. GIFT Nifty had pointed to a flat open at 22,611 before the session began, but domestic indices opened lower.

    Why Markets Are Falling: IT Weakness, Oil and Geopolitics

    Three factors weighed on sentiment at the start of the week.

    • Infosys guidance cut: Infosys lowered its FY27 revenue growth guidance to 1% to 2% in constant currency. The stock fell as much as 4% to ₹1,107 in early trade, and the Nifty IT index touched a low of 31,184.70, down 2.53%.
    • Crude oil: Goodreturns reported crude oil topping $114 a barrel ahead of Monday’s session. HDFC Sky noted that oil eased on Monday but stayed elevated because of the Middle East conflict.
    • Global cues: India TV News said uncertainty over the US Federal Reserve’s policy outlook also weighed on sentiment. Wall Street’s Dow Jones Industrial Average fell sharply in the previous session, according to ScanX.

    Higher crude prices matter for India because the country imports most of its oil. They raise the import bill and can add to inflation, which in turn affects interest rate expectations.

    Gainers and Losers in Early Trade

    Sector moves were uneven. Kotak Mahindra Bank led the Sensex gainers with a rise of about 2.77% in early trade, according to India TV News, and the private bank index rose 0.47%, based on Newsbytes. Sun Pharma, Axis Bank, ITC and Tata Steel were also among the early gainers.

    On the losing side, Infosys, HCL Technologies, UltraTech Cement, Hindustan Unilever and NTPC were among the main laggards. Realty, auto and PSU bank stocks were also lower, and the broader midcap and smallcap indices slipped.

    What Traders and Investors Are Watching

    Intraday traders who follow live index levels on a stock trading app are watching the Nifty’s support near 22,372, a level flagged by Goodreturns, along with the 52-week low of 22,179.90. Those who hold shares in a trading account may also check how much of their portfolio is exposed to IT stocks, which led the fall.

    Nothing in the data above signals where the market goes next, and daily moves can reverse quickly.

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  • EAAA India Alternatives IPO Opens Today: ₹1,200 Crore Offer at ₹1,585 to ₹1,665 a Share, Lot of 9 Shares

    EAAA India Alternatives IPO Opens Today: ₹1,200 Crore Offer at ₹1,585 to ₹1,665 a Share, Lot of 9 Shares

    The ₹1,200 crore initial public offering of EAAA India Alternatives, an alternative asset manager in the Edelweiss group, opens for subscription today, October 26, 2026, and closes on Wednesday, October 28. The price band is ₹1,585 to ₹1,665 per share, and the minimum bid is one lot of 9 shares.

    The issue is entirely an offer for sale (OFS), so the money raised goes to the selling shareholders and not to the company.

    EAAA India Alternatives IPO Details at a Glance

    The key terms of the offer are summarised below.

    Detail Information
    Opens and closes October 26 to October 28, 2026
    Price band ₹1,585 to ₹1,665 per share
    Issue size Up to ₹1,200 crore, 72,07,207 shares
    Issue type Book-built, entirely offer for sale
    Face value ₹5 per share
    Lot size 9 shares
    Minimum investment ₹14,985 at the upper band
    Listing BSE and NSE
    Valuation at upper band About ₹10,765 crore

    Retail investors can apply for up to 117 shares, or 13 lots, which comes to ₹1,94,805 at the upper band, according to StockGro. Anchor investors committed about ₹360 crore on October 23, as reported by Univest.

    IPO Timeline: Allotment and Listing Dates

    The allotment is expected on October 29, with refunds and share credit following. The tentative listing date is Monday, November 2, 2026, on the BSE and NSE, according to Chittorgarh and StockGro. Listing dates are tentative until the exchanges confirm them.

    Bids for the issue can be placed in multiples of 9 shares within the price band. Investors apply through a broker app or net banking, using UPI or ASBA to block the application amount.

    EAAA India Alternatives Financials

    The company’s profit and income have grown over the past three financial years, based on figures in the issue documents summarised by IPO Premium and Chittorgarh.

    Period Total income (₹ crore) Profit after tax (₹ crore)
    FY24 584.25 175.16
    FY25 786.54 229.78
    FY26 963.76 265.20
    Quarter to June 2026 336.13 80.71

    Total income rose about 22.5% in FY26 and profit after tax rose about 15.4%. Net worth stood at ₹1,075.54 crore at the end of March 2026, and total borrowing was ₹441.03 crore. Earnings per share was ₹41.02 for FY26, which implies a price to earnings ratio of about 40.6 at the upper band, based on the data trackers publish.

    Return on net worth was 25.97% in FY26 and 27.10% in FY25.

    The June 2026 quarter profit of ₹80.71 crore is about 30% of the full-year FY26 profit, which shows the pace at which earnings are building in the current year. Quarterly figures can vary, however, and investors should compare them with the full-year numbers in the prospectus.

    What an Offer for Sale Means for Investors

    In an offer for sale, existing shareholders sell part of their holdings to new investors. The company does not receive any proceeds, so there is no fresh capital to fund growth or repay debt through this issue. The number of shares outstanding stays at 6,46,55,246 before and after the IPO.

    The IPO therefore changes who owns the company, not how much capital it has. Because it is a book-built issue, the final price is decided within the ₹1,585 to ₹1,665 band after demand from all investor categories has been tallied, and bids at the cut-off price accept whatever that final price turns out to be. For that reason, investors typically look at the valuation, the business model and the track record of profit growth.

    How to Apply for the EAAA India Alternatives IPO

    An application needs a demat account, a UPI-linked bank account and enough balance to cover the bid. Investors who do not have an account can open demat account online with their broker, complete KYC, and then apply in the next open IPO.

    For those who are already set up, the steps to invest in IPO online are usually as follows:

    • Select the EAAA India Alternatives issue in the IPO section of the broker app or net banking platform.
    • Enter the number of lots and a price within the ₹1,585 to ₹1,665 band, or choose the cut-off price.
    • Enter the UPI ID and approve the mandate request on the payment app.
    • Check allotment status on the registrar’s website after the basis of allotment is finalised.

    Market Backdrop for the IPO

    The issue opens in a weak market. The Nifty 50 closed at 22,600 on Friday and the Sensex at 73,123.83, with benchmark indices pressured by high crude oil prices and geopolitical tension. The Jio Platforms IPO, which closed with 22.19 times subscription on October 23, is due to list on Wednesday, the same day this issue closes.

    Subscription numbers for the first day will be published by the exchanges at the close of bidding hours.

    Points to Check Before Bidding

    Investors considering the issue can review a few items in the red herring prospectus:

    • The selling shareholders and how much each is offering.
    • The company’s fee structure and asset management business mix.
    • The risk factors listed in the offer documents.
    • The grey market premium, which is unofficial and has been quoted as zero on October 22 and 23 and ₹36 on October 26 by different trackers. It is not an indicator of listing price.

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  • Infosys Q2 FY27 Results: Profit Rises 6% to ₹7,823 Crore as FY27 Revenue Guidance Is Cut to 1% to 2%

    Infosys Q2 FY27 Results: Profit Rises 6% to ₹7,823 Crore as FY27 Revenue Guidance Is Cut to 1% to 2%

    Infosys reported a consolidated net profit of ₹7,823 crore for the September 2026 quarter, about 6% higher than a year earlier, but lowered its full-year revenue growth guidance to 1% to 2% in constant currency. The previous range was 1.5% to 3.0%. The company announced its results on October 23, 2026.

    The board also declared an interim dividend of ₹26 per share. Infosys shares fell as much as 4% in early trade on Monday, October 26.

    Infosys Q2 FY27 Results at a Glance

    Revenue grew modestly in dollar terms, while the operating margin held steady. The table summarises the main figures.

    Metric Q2 FY27 Comparison
    Consolidated net profit ₹7,823 crore Up about 6% year on year; ₹7,769 crore in Q1
    Revenue from operations ₹49,244 crore Up about 11% year on year; ₹48,211 crore in Q1
    Revenue in dollars $5,145 million Up 1.5% year on year and 1.2% quarter on quarter, constant currency
    Operating margin 21.0% Stable
    EPS growth (rupees) 8.7% Year on year
    Free cash flow $928 million 113.3% of net profit

    For the first half of FY27, constant-currency revenue growth was 1.9% year on year and the operating margin was 21.0%, according to the company’s filing with the US Securities and Exchange Commission.

    Why Infosys Cut Its FY27 Revenue Guidance

    Infosys now expects FY27 revenue growth of 1% to 2% in constant currency. That compares with 1.5% to 3.0% after the June quarter and 1.5% to 3.5% when the year began in April. The operating margin guidance of 20% to 22% was retained.

    Media reports cited management comments about heightened market volatility and uncertain demand. Asianet News Network reported that softer volumes and the exit from a large European manufacturing contract affected the quarter, and that clients are seeking cost efficiencies through artificial intelligence, which adds pricing pressure on traditional IT services.

    A cut of this kind matters because it lowers the growth the company expects over the remaining two quarters.

    Large Deals and AI Revenue

    The company highlighted bookings and artificial intelligence as areas of strength.

    • Large deal total contract value (TCV) was $5.2 billion, with 62% net new, including a mega deal of more than $2 billion.
    • AI revenue was 10.5% of total revenue and grew 29% sequentially.
    • Free cash flow conversion was 113.3% of net profit, which signals strong cash generation.

    Large deal wins can take time to turn into revenue, which is one reason analysts focus on guidance rather than bookings. Net new means the portion of deal value that comes from new work and not from renewals.

    Interim Dividend of ₹26 Per Share

    Infosys declared an interim dividend of ₹26 per equity share, with November 3 as the record date, according to published reports. Investors whose names appear as holders on the record date are eligible, and the payout is reported to be on November 11.

    Eligibility depends on the shares being held in the investor’s demat and trading account on the record date, so anyone planning to qualify should check the exchange’s settlement timeline before buying.

    Infosys Share Price Reaction on October 26

    The stock opened the week sharply lower. Infosys touched an intraday low of ₹1,107 on the NSE on Monday, down about 4% from its previous close of ₹1,153.80, according to Upstox and Asianet News Network. It later recovered some of the fall and traded near ₹1,139 to ₹1,143 in morning trade.

    The Nifty IT index fell as much as 2.53% to an early low of 31,184.70 from 31,995.50 at the previous close, as the Infosys guidance cut weighed on the sector. Anyone tracking the stock on an online trading platform should note that these are intraday readings and will change through the session.

    Key Points for Investors

    Several items stand out from the results:

    • Profit grew about 6% year on year, with the operating margin stable at 21.0%.
    • Revenue growth in constant currency was 1.5% year on year, which is modest compared with the profit growth.
    • The lowered guidance range of 1% to 2% implies subdued growth for the rest of FY27.
    • AI revenue and large deal wins are the main positives in management’s commentary.
    • Sources differ slightly on the year-ago net profit, with figures of ₹7,364 crore and ₹7,387 crore reported, though both indicate growth of about 6%.

    What to Watch Next

    The key questions for the coming quarters are whether large deal wins convert to revenue, how pricing pressure from AI-led efficiency affects the core business, and whether margins stay within the 20% to 22% range.

    Other large IT companies reporting their quarterly numbers will also influence how the sector is valued. For now, the Infosys result shows a company with steady profit and strong cash flow but a more cautious growth outlook.

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  • Jio Platforms IPO Allotment Today: Issue Subscribed 22.19 Times, Listing Scheduled for October 28

    Jio Platforms IPO Allotment Today: Issue Subscribed 22.19 Times, Listing Scheduled for October 28

    The basis of allotment for the Jio Platforms IPO is expected to be finalised today, October 26, 2026, after the ₹30,213 crore issue closed on October 23 with 22.19 times overall subscription. Institutional investors drove the final tally, with qualified institutional buyers (QIBs) bidding 70.55 times their quota, while retail investors subscribed 2.72 times.

    Shares are scheduled to list on the BSE and NSE on Wednesday, October 28, 2026.

    Jio Platforms IPO Final Subscription Status

    Demand rose sharply on the last day of bidding. At the end of Day 2, the issue stood at roughly 5.5 times. A surge of final-day orders, mainly from institutions, lifted the overall figure to 22.19 times, according to category-wise data from the exchanges.

    Category Subscription
    QIB 70.55x
    NII, total 14.00x
    NII, bids above ₹10 lakh 15.89x
    NII, bids of ₹2 lakh to ₹10 lakh 10.22x
    Retail 2.72x
    Employees 2.93x
    Shareholders 7.60x
    Overall 22.19x

    Share-wise, the issue received bids for about 438.26 crore shares against 19.75 crore shares on offer, according to a Multibagg report citing exchange data. The QIB portion drew bids for more than 345.75 crore shares against 4.9 crore reserved.

    What the 2.72x Retail Subscription Means

    The retail quota had about 8.5 crore shares reserved, and investors bid for 23.11 crore shares. Because the retail category was oversubscribed 2.72 times, not every retail applicant will receive the shares applied for.

    Retail demand was nevertheless broad. Reports put the number of applications at about 1.37 crore, with some outlets citing about 1.39 crore. India TV News reported that Jio Platforms became the first public offer globally to cross 1 crore applications.

    Retail subscription finished below the employee quota (2.93 times) and well below the shareholder category (7.6 times), which was reserved for existing Reliance Industries shareholders.

    Allotment, Refund and Listing Timeline

    The schedule for the remaining steps, is as follows.

    • October 26, 2026: Basis of allotment expected to be finalised.
    • October 27, 2026: Refunds, unblocking of UPI mandates and credit of shares to demat accounts.
    • October 28, 2026: Tentative listing date on BSE and NSE.

    Listing dates are tentative until confirmed by the exchanges. Angel One notes that category-wise subscription figures vary slightly across sources and that the basis of allotment published by the registrar, KFin Technologies, is definitive.

    How to Check Jio Platforms IPO Allotment Status

    Applicants can check the outcome on the registrar’s website, on the BSE website or on the NSE IPO bid verification page. The status becomes available once the basis of allotment is approved, which Angel One expects later today.

    Most checks follow the same steps:

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

    Investors who see no allotment do not need to take action. The blocked amount is released to the bank account, with the unblocking of UPI mandates and refunds scheduled for October 27.

    Where Shares Will Be Credited

    Allotted shares are credited electronically on the day after allotment, so they appear in the investor’s demat account before listing. Allotment results apply only to bids made through a demat account, and investors who want to take part in later offers can open a demat account in advance rather than during an issue window.

    On listing day, investors who received shares can sell or hold them through their usual trading app. The opening price on the exchanges is set through a price discovery process, so the first traded price may differ from the issue price of ₹1,119 at the upper end of the band.

    Key Terms of the Issue

    The IPO was entirely a fresh issue of up to 27 crore shares at a price band of ₹1,065 to ₹1,119 per share, and the minimum bid was 12 shares, or ₹13,428 at the upper band. Anchor investors had committed ₹8,109.85 crore ahead of the public issue.

    At ₹30,213 crore, it is larger than Hyundai Motor India’s ₹27,858.75 crore offering in 2024, which had been the biggest in the country until now. Jio Platforms plans to use proceeds to prepay certain borrowings of Reliance Jio Infocomm and for general corporate purposes.

    Points to Watch Before Listing

    Several items will matter between now and Wednesday:

    • Whether the registrar finalises the allotment on schedule today.
    • The refund and demat credit processing on October 27.
    • Exchange notices confirming the listing date and the trading arrangements for October 28.
    • Market conditions, since benchmark indices have been under pressure from high crude prices and geopolitical tension.

    Investors should rely on the registrar and exchange websites for individual allotment results and on exchange circulars for the official listing schedule.

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  • HPCL Q2 FY27 Results: Profit Returns at ₹3,625 Crore as Refining Margin Jumps to $32.15 a Barrel

    HPCL Q2 FY27 Results: Profit Returns at ₹3,625 Crore as Refining Margin Jumps to $32.15 a Barrel

    Hindustan Petroleum Corporation Ltd (HPCL) reported a consolidated net profit of ₹3,625.22 crore for the September 2026 quarter, recovering from a net loss of ₹12,264.67 crore in the June quarter. Revenue from operations rose 26.1% year on year to ₹1,39,140 crore, and the gross refining margin climbed to $32.15 per barrel. The results were released on October 22, 2026.

    Even so, profit was 6.1% lower than a year earlier, because gains from refining were offset by pressure on fuel marketing.

    HPCL Q2 FY27 Results: Key Numbers

    The state-run refiner and fuel retailer posted a sharp rebound from the first quarter, but its profit stayed below the year-ago level. The table compares the main consolidated figures.

    Metric Q2 FY27 Q2 FY26 Change
    Consolidated net profit (₹ crore) 3,625.22 3,859 -6.1%
    Revenue from operations (₹ crore) 1,39,140 1,10,323 +26.1%
    Gross refining margin ($ per barrel) 32.15 8.80 Up $23.35
    First-half consolidated result (₹ crore) Loss of 8,639 Profit of 7,970 Swing to loss

    The gross refining margin (GRM) is the amount a refiner earns for turning a barrel of crude oil into fuels such as petrol, diesel and jet fuel, measured here before export cess. HPCL’s average GRM for April to September was $27.89 per barrel, against $5.95 a year earlier, according to Lapaas Voice.

    Why Profit Fell Despite the Higher Refining Margin

    A margin more than three and a half times the year-ago level would normally lift profit sharply. Instead, consolidated profit slipped 6.1%. Discovery Alert attributes this to under-recoveries at the pump, which arise when retail fuel prices do not fully reflect the cost of crude and product. Analytics Insight also noted that pressure on marketing margins remained a concern even as refining gains restored operating profitability.

    The company reported higher volumes. Kotak Neo’s report on the results states that petrol and diesel sales grew 10% during the quarter. Higher sales volumes and a stronger refining margin helped revenue, but they did not fully offset the weaker marketing economics.

    The key point for readers is the split between two businesses. Refining benefited from the margin jump, while marketing, which sells fuel to consumers, remained under pressure.

    Standalone and Consolidated Profit Compared

    HPCL also reported standalone numbers, which cover the parent company alone. Standalone net profit was ₹3,483 crore, down 9% year on year, after a standalone loss of ₹11,526 crore in the June quarter. Analytics Insight reported that the standalone profit beat analyst estimates.

    Consolidated profit includes subsidiaries and joint ventures, which is why it is higher at ₹3,625.22 crore. For the first half of FY27, HPCL reported a consolidated net loss of ₹8,639 crore, compared with a consolidated profit of ₹7,970 crore in the first half of FY26. The September quarter profit therefore narrowed, but did not erase, the loss from the June quarter.

    Points to note from the reported figures:

    • The June quarter consolidated loss of ₹12,264.67 crore was far larger than the September quarter profit, so the half-year result remains negative.
    • Revenue growth of 26.1% outpaced the decline in profit.
    • The refining margin rose by $23.35 per barrel from the year-ago quarter.
    • Standalone and consolidated profit both fell year on year, by 9% and 6.1% respectively.

    HPCL Share Price Before the Results

    HPCL shares ended Thursday’s session on the National Stock Exchange at ₹340.80, down 1.87% from the previous close of ₹347.30. The results came out in the evening, after the market closed, so the stock’s response to the numbers will show in the October 23 session.

    Investors who want to follow the stock need shares held in a demat account, and those who do not yet have one can open a demat account before placing orders. An investing platform that shows exchange filings and price data can help track how the stock moves once the market digests the quarterly numbers.

    Why Oil Prices Matter for HPCL’s Next Quarters

    HPCL’s results depend heavily on crude oil prices and on how much of any cost increase it can pass on at the pump. On the day the results were released, Brent crude traded above $112 a barrel after a drone attack on a Saudi Aramco oilfield, which raises the cost of crude for Indian refiners.

    Higher crude can lift refining margins when product prices rise with it, but it can also widen under-recoveries when retail prices are held steady. That combination explains why HPCL’s margin and its profit moved in different directions this quarter.

    What to Watch Next

    Several items will shape how investors read HPCL’s performance in the coming quarters:

    • Whether the gross refining margin stays above $30 per barrel or moves closer to earlier levels.
    • How marketing margins and under-recoveries change as crude prices move.
    • Growth in petrol and diesel sales after the 10% rise reported this quarter.
    • Progress on the company’s investments in green energy and new projects, which the results also highlighted.

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  • IDBI Bank Fairfax Deal: Government and LIC to Cap Stakes at 15% Each After 60.72% Stake Sale

    IDBI Bank Fairfax Deal: Government and LIC to Cap Stakes at 15% Each After 60.72% Stake Sale

    The government and Life Insurance Corporation of India (LIC) plan to become public shareholders in IDBI Bank, with their stakes capped at 15% each, after selling a combined 60.72% stake to Fairfax Financial Holdings. DIPAM Secretary Arunish Chawla outlined the plan on October 22, 2026. Fairfax will then have to make an open offer to the bank’s minority shareholders.

    The sale values the combined stake at about ₹53,000 crore, or roughly $5.5 billion, and is still subject to approval from the Reserve Bank of India (RBI).

    IDBI Bank Fairfax Deal: Key Terms

    The government approved the sale of the controlling stake to Canada-based Fairfax last week. The seller-wise split is shown below.

    Seller Stake sold Approximate value (₹ crore)
    Government of India 30.48% 26,620
    LIC 30.24% 26,440
    Total 60.72% About 53,000

    Whalesbook reports that the stake is being sold at ₹81 per share. The deal moves the bank from public-sector control to a private strategic owner, which would take over responsibility for managing the bank and providing it with capital.

    What the Government and LIC Will Hold After the Sale

    Both sellers want to stay invested, but in a different role. According to DIPAM Secretary Chawla, the government and LIC will become public shareholders and will not have representation on the bank’s board. A public shareholder is an investor who is not part of the promoter group and has no special control rights.

    The post-sale holdings will not be equal at first. The government will retain 15%, while LIC will initially hold 19%. The regulator has directed LIC to bring its holding down from 19% to 15%, so LIC will need to trim its stake over time. Because those shares would be sold into the market, the bank’s public float is expected to increase.

    Key points on the post-deal shareholding are:

    • Government of India: retains 15% and gives up promoter status and board seats.
    • LIC: initially holds 19% and has been directed to reduce to 15%.
    • Fairfax: acquires the 60.72% controlling stake and takes over management responsibility.
    • Public Float: rises as LIC reduces its holding to the 15% limit.

    Open Offer and RBI Approval: What Happens Next

    The next steps follow a set order. Fairfax and the sellers sign the share purchase agreement, after which Fairfax must make an open offer to IDBI Bank’s minority shareholders under the applicable takeover regulations. An open offer gives existing public shareholders an exit route at a stated price when control of a listed company changes hands.

    The final execution of the deal depends on RBI approval, and regulatory procedures are currently underway. The transaction is expected to be completed by the end of the current financial year, which runs to March 31, 2027. The open offer price has not been announced in the sources reviewed for this report, so minority shareholders should wait for the formal public announcement for the terms.

    Investors should note that the ₹81 per share price relates to the stake sale by the government and LIC. The price of any open offer is set separately under takeover rules and will be published when the offer is announced.

    Employee Opposition and a Planned Strike

    The proposed sale has drawn opposition. A strike by IDBI Bank employees and officers is planned for November 2 and 3, and the sale has been criticised for leaving the interests of employees and public shareholders unclear after the government and LIC withdraw their board nominees.

    The strike is a sign of the pushback the deal faces, though it does not change the approval process, which sits with the RBI and the regulators involved in the open offer.

    What the IDBI Bank Deal Means for Shareholders and Market Participants

    For existing shareholders, the important dates will be the open offer announcement and the RBI decision. Participation in an open offer requires shares to be held in a demat account, and investors who do not have one can open demat account online before the offer period begins. Those who already hold the shares should check that their account details and KYC are up to date.

    Market participants can follow filings, regulator approvals and price movements through a share market app, since announcements on the share purchase agreement and open offer will come through stock exchange filings.

    This is a long-running privatisation. The transaction would reduce the government’s holding in a commercial bank and bring in a strategic owner, which makes the RBI approval and the open offer price the two items most likely to drive news over the coming months.

    Milestones to Track in the IDBI Bank Sale

    The following events will mark the progress of the deal:

    • Signing of the share purchase agreement between the sellers and Fairfax.
    • Announcement of the open offer and its price for minority shareholders.
    • RBI approval for the strategic sale.
    • LIC’s reduction of its stake from 19% to 15%.
    • The employee strike scheduled for November 2 and 3.

    Completion is targeted for the end of the current financial year, subject to approvals.

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  • SEBI Eases Margin Rules for Early Pay-In: Sellers Can Use Delivered Shares Against Next Cash Trade

    SEBI Eases Margin Rules for Early Pay-In: Sellers Can Use Delivered Shares Against Next Cash Trade

    The Securities and Exchange Board of India (SEBI) on Thursday, October 22, 2026, issued a circular easing margin rules for investors who use the early pay-in (EPI) facility in the cash market. Clearing corporations will not collect margins on a client’s later cash-market positions up to the value of securities for which an EPI request has been accepted.

    The change is aimed at investors with a net sell obligation in a settlement who have completed the EPI process through the clearing corporation.

    What SEBI’s Early Pay-In Margin Circular Changes

    Early pay-in lets an investor deliver shares that have been sold before the normal settlement process is complete. Until now, the margin benefit applied only to the transaction for which the shares were delivered. The circular extends that benefit to the investor’s subsequent cash-market trades, up to the accepted EPI value.

    Point Earlier position Under the new circular
    Scope of margin benefit Only the trade for which shares are delivered Also later cash-market positions, up to accepted EPI value
    Timing n/a Provided on a real-time basis
    Eligible value n/a Lower of EPI value and value of securities sold
    Trade-for-trade segment n/a Not covered
    Effective date n/a February 22, 2027, as reported by Kotak Neo

    The trade-for-trade segment is excluded because transactions there are settled on a gross basis, with no netting of buy and sell positions.

    How the Eligible Margin Benefit Is Calculated

    Clearing corporations will calculate the available EPI value on the trade date. The benefit becomes available once the clearing corporation accepts the shares delivered through EPI against the client’s sell transaction.

    The eligible amount is the lower of two numbers: the value of securities for which EPI has been made, and the value of securities the client has sold. For illustration, if a client sells shares worth ₹1,00,000 and delivers shares worth ₹80,000 through EPI, the eligible value is ₹80,000.

    When the client takes a fresh cash-market position the same day, the clearing corporation assesses the margin after adjusting for the eligible EPI value. The investor therefore needs to arrange less additional margin for the next trade.

    Safeguards Built Into the Framework

    SEBI has attached risk-management conditions to the relief. The benefit is not permanent once granted, and it can be reversed if the client changes the underlying position.

    • If the client later squares off the sale position against which the EPI benefit was used, the benefit is withdrawn.
    • Any resulting margin shortfall is blocked from the proprietary collateral of the trading member or clearing member.
    • Trading members must configure their risk management systems so that clients can square off positions or take fresh positions using EPI benefits only if the required margins are available.
    • The treatment does not apply to securities in the trade-for-trade segment.

    The conditions keep risk controls in place alongside the relief. Because any shortfall is blocked from the member’s own collateral, the risk checks that SEBI has directed brokers to configure matter for how the benefit works in practice.

    Who Proposed the Change and What Happens Next

    SEBI said the move follows proposals from the Brokers’ Industry Standards Forum, recommendations of its Risk Management Review Committee and its own internal deliberations. In other words, it combines requests from market intermediaries with the regulator’s own review of risk.

    Stock exchanges, clearing corporations and other market institutions have been asked to make the required system and process changes before the new treatment takes effect. Kotak Neo’s report on the circular gives the date as February 22, 2027, which leaves about four months for the required changes.

    What This Means for Investors Using a Demat and Trading Setup

    The relief is most relevant to investors who sell shares and then take another position in the cash market soon after. Instead of arranging the full additional margin for the next trade, the eligible value of shares already delivered can be taken into account.

    To use early pay-in, shares must sit in the investor’s demat account, so demat account opening and KYC are the first requirements for anyone who does not yet have an account. Margin is then applied to orders placed through the investor’s trading account with the broker.

    Investors should note that the benefit is limited and conditional. It covers only cash-market positions, it applies only up to the accepted EPI value, and it can be withdrawn if the original sale position is reversed.

    Dates and Details to Track

    The circular was issued on Thursday, October 22, 2026. The effective date reported by Kotak Neo is February 22, 2027. Investors can watch for notices from exchanges and clearing corporations, which are expected to describe how the real-time benefit will be applied.

    Anyone planning to rely on the new margin treatment should read the circular on SEBI’s website and any notice from their broker for the final operating details.

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