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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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  • Hero MotoCorp Q2 FY27 Results: Consolidated Profit Jumps 42% to ₹1,861 Crore, Standalone Profit Up Only 5%

    Hero MotoCorp Q2 FY27 Results: Consolidated Profit Jumps 42% to ₹1,861 Crore, Standalone Profit Up Only 5%

    Hero MotoCorp reported a 42% year-on-year rise in consolidated net profit to ₹1,860.55 crore for the September 2026 quarter, up from ₹1,308 crore a year earlier. Revenue from operations rose 23% to ₹14,971 crore. The results were announced on Wednesday, October 28, 2026.

    The headline profit was helped by a gain of about ₹397 crore linked to its associates. On a standalone basis, profit rose only about 5% to ₹1,456.22 crore, and the operating margin fell.

    Hero MotoCorp Q2 FY27 Results at a Glance

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

    Metric (₹ crore) Q2 FY27 Q2 FY26 Change
    Consolidated revenue 14,971 12,218 +23%
    Consolidated net profit 1,860.55 1,308 About +42%
    Standalone revenue 14,687 12,130 +21%
    Standalone net profit 1,456.22 1,392.83 About +5%
    Standalone EBITDA 1,968 Not stated +8%
    Standalone EBITDA margin 13.4% 15.0% Down about 1.65 points

    Some reports round the consolidated profit growth to 41%, while others say 42%. Compared with the June 2026 quarter, consolidated net profit rose 31% from ₹1,417.93 crore.

    Why Standalone Profit Grew Far Slower Than Revenue

    Standalone revenue grew 21%, but standalone profit grew only about 5%. The gap came from the operating margin. EBITDA margin narrowed to 13.4% from 15.0%, a fall of roughly 165 basis points, and reports attribute this to commodity cost inflation and higher operating expenses that grew faster than realisations.

    Brokerage analysts quoted in market reports said EBITDA growth of 8% was in line with estimates, but net profit missed estimates by about 4% because of lower financial income. Hero MotoCorp shares were reported down about 3% following the results.

    The consolidated figure looks stronger because it includes the gain of about ₹397 crore from associates. Investors comparing quarters should check both standalone and consolidated numbers, since they show different parts of the picture.

    Volumes: Scooters and Electric Vehicles Drive Growth

    Standalone volumes grew about 10% year on year and 11% from the June quarter, according to reports.

    • Motorcycle volumes rose 6.5% to about 16.28 lakh units.
    • Scooter volumes, including electric and petrol models, rose 47.3% to about 2.40 lakh units.
    • Revenue growth outpaced volume growth, which the company’s presentation links to its broader mix of products and businesses.

    The VIDA electric brand grew quickly. Retail volumes were 67,000 units in the quarter, up 76%, and 1,24,000 units in the first half, up 108%, with a market share of about 11% in the half year. VIDA turned gross margin positive in the second quarter, ahead of management’s earlier guidance, according to the earnings call.

    Parts and Accessories Business

    The company’s parts and accessories business reported Q2 revenue of ₹1,941 crore, up 27%, and ₹3,630 crore in the first half, up 28%.

    First-Half FY27 Performance

    For the six months from April to September 2026, consolidated figures show faster revenue growth than profit growth.

    • Consolidated revenue: ₹28,096.85 crore, up 28% from ₹21,946.14 crore.
    • Consolidated net profit: ₹3,278.48 crore, up 8% from ₹3,026.63 crore.

    Profit growth of 8% against revenue growth of 28% shows that the margin pressure was not limited to the September quarter, and the earnings presentation points to commodity inflation as the main reason.

    Margin Outlook From Management

    Management reiterated its medium-term EBITDA margin target of 14% to 16%, and said it expects to reach that range over the next few quarters as commodity inflation eases. The Q2 margin of 13.4% is below that range, so the pace of cost relief will be a key point for investors.

    Management expressed confidence in the company’s growth trajectory across its premium, scooter, electric mobility, global business and commuter segments, while acknowledging near-term margin pressure.

    What the Results Mean for Shareholders

    Hero MotoCorp’s results show strong sales growth and weaker profitability on a standalone basis, which is a common pattern when input costs rise faster than prices. The investment in electric vehicles is showing progress through higher VIDA volumes and positive gross margins, but it is still a small part of overall revenue.

    Investors who want to follow the stock after the results can open demat account online and complete KYC before they place orders. A trading platform that shows live prices, volumes and exchange announcements can help track how the shares react over the coming sessions.

    Key Points to Watch

    The main items for the coming quarters are:

    • Whether commodity costs ease and the EBITDA margin moves back toward 14% to 16%.
    • Continued growth in scooter and VIDA volumes, and the pace of VIDA’s path to profit.
    • Whether the associates’ gain, which helped consolidated profit, repeats.
    • Demand in the motorcycle segment, where volume growth of 6.5% was slower than scooters.

    These are points to monitor, and the figures above are not a recommendation to buy or sell the shares.

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  • Fed Holds Rates at 3.75% to 4% in 10-2 Vote; Sensex Jumps Over 600 Points and Nifty Reclaims 22,850

    Fed Holds Rates at 3.75% to 4% in 10-2 Vote; Sensex Jumps Over 600 Points and Nifty Reclaims 22,850

    The US Federal Reserve left its benchmark interest rate unchanged at 3.75% to 4.00% on Wednesday, October 28, 2026, in a 10-2 vote. Indian equity indices rebounded on Thursday, October 29, with the Sensex up 608.18 points, or 0.83%, at 73,854.21 and the Nifty 50 up 166.15 points, or 0.73%, at 22,865.50 at about 12 pm.

    The figures are intraday readings and will change before the close.

    What the Federal Reserve Decided

    The Fed concluded its two-day meeting on October 28 by holding the federal funds target range at 3.75% to 4.00%, where it has been since a quarter-point increase in September, the first rate rise since 2023.

    Detail Outcome
    Federal funds target range 3.75% to 4.00%, unchanged
    Vote 10 in favour, 2 against
    Dissenters Governor Lisa Cook and Cleveland Fed President Beth Hammack, who wanted a quarter-point increase
    Statement on inflation Inflation “remains elevated”
    Next meeting December

    The statement said the committee wants an accumulation of more information before it decides on the policy stance needed to bring inflation back to 2% in a timely way. It did not give a clear signal on whether rates will rise in December. Reports said markets are pricing in the possibility of another increase before the end of the year, though that remains an expectation and not a decision.

    At his press conference, Fed Chair Kevin Warsh said politics played no role in the decision ahead of the US midterm elections, according to reports. The two dissents were both in favour of tightening, which shows that some members see the inflation risk as larger than the majority does. US stocks ended higher on Wednesday after the decision, while Asian markets were mixed on Thursday.

    How Indian Markets Reacted on October 29

    Indian benchmarks had a mixed start. The Nifty opened near its previous close and was up 33.70 points at 22,732.55 at 9:29 am. Buying then picked up through the morning.

    • At about 12 pm, the Sensex was up 608.18 points at 73,854.21 and the Nifty up 166.15 points at 22,865.50.
    • Market breadth was positive, with 2,032 shares advancing, 1,467 declining and 185 unchanged.
    • Live market reports showed gains widening further in the afternoon, with the Sensex up about 900 points and the Nifty above 22,950 at one stage.
    • FMCG and PSU bank stocks led the gains among sectors, while the Nifty Auto index slipped about 0.4% in the morning.

    Gains came after a weak session on Wednesday. The Sensex had fallen 352.64 points, or 0.48%, to close at 73,246.03, and the Nifty 50 had slipped 50.90 points, or 0.22%, to 22,698.85. The Nifty IT index fell 2%, while the Nifty Midcap and Nifty Smallcap indices rose 0.4% and 0.9%.

    Why the Fed Matters for Indian Investors

    US interest rates affect Indian markets mainly through capital flows and the exchange rate. Higher US rates make dollar assets more attractive and can draw money away from emerging markets, including India. Reports on Thursday noted that foreign outflows continued to weigh on sentiment even as the indices rose.

    The rupee ended Wednesday 11 paise weaker at 95.23 against the US dollar, from 95.12 the previous day, as high oil prices and global policy uncertainty kept currency traders cautious.

    Crude oil was another factor. Prices were near $115 a barrel on Wednesday, and oil cooled slightly on Thursday. India imports most of its oil, so high crude prices raise the import bill and can add to inflation.

    Wednesday’s Range and Intraday Swings

    Wednesday’s session was volatile. The Sensex touched an intraday low of 72,603.57 before recovering part of its losses, and the Nifty rebounded from a low of 22,497.70. Thursday’s recovery of about 650 points from the day’s low shows how large these swings have been this week.

    Investors who hold positions in a demat and trading account can see how these swings affect their portfolio value during the day. Active traders often follow the moves on an online trading platform that offers live index data and charts, particularly on days with global events such as a central bank decision.

    Key Events to Watch

    Several items will influence the market in the coming sessions:

    • Jio Platforms is scheduled to announce its September quarter results on October 30.
    • The US Federal Reserve’s next meeting in December, and incoming US inflation data.
    • US midterm elections next week, which reports cited as a factor for caution.
    • Crude oil prices and developments in West Asia.
    • Foreign investor flows in Indian equities.

    Nothing in this report predicts where the market will go from here, and the intraday figures above may change by the close.

    Key Numbers From the Last Two Sessions

    The numbers that defined the last two sessions are shown below.

    Index October 28 close October 29 at about 12 pm
    Sensex 73,246.03 (-0.48%) 73,854.21 (+0.83%)
    Nifty 50 22,698.85 (-0.22%) 22,865.50 (+0.73%)

    Closing figures for October 29 will be available after the market closes.

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  • Jio Platforms Ends Debut at ₹1,417.50, Up 26.7% on IPO Price; Market Cap Crosses ₹13 Lakh Crore

    Jio Platforms Ends Debut at ₹1,417.50, Up 26.7% on IPO Price; Market Cap Crosses ₹13 Lakh Crore

    Jio Platforms shares ended their first day of trading on Wednesday, October 28, 2026, at ₹1,417.50 on the NSE, up 26.68% from the IPO issue price of ₹1,119. The stock had listed at ₹1,358, a 21.36% premium, and gained further through the session.

    At the close, the company’s market capitalisation was above ₹13 lakh crore, which made it the second most valuable listed company in India after its parent, Reliance Industries, according to market reports. The company has also announced that its board will meet on Friday, October 30, 2026, to consider its September quarter results.

    Jio Platforms Debut: Key Numbers

    The table below summarises how the stock traded on its first day.

    Detail Figure
    IPO issue price (upper band) ₹1,119
    Listing price on NSE and BSE ₹1,358
    Listing premium 21.36%
    Closing price on NSE ₹1,417.50
    Gain over issue price at close 26.68%
    Market capitalisation at close About ₹13.05 lakh crore

    Closing figures differ slightly across reports. Some cite ₹1,419, which would be a gain of about 26.8% over the issue price, while the NSE figure of ₹1,417.50 is used here. The stock gained about 4.4% to 4.5% over its listing price during the session.

    What the Debut Meant for IPO Investors

    Investors who received one lot of 12 shares at ₹1,119 paid ₹13,428. At the NSE closing price of ₹1,417.50, the same lot was worth ₹17,010, a gain of ₹3,582 on paper. This is Findoc’s calculation from the reported prices. At the listing price of ₹1,358, the paper gain per lot had been ₹2,868.

    These gains are not realised until the shares are sold, and the price can change with each session. Investors who hold the shares in a demat and trading account can sell at any time during market hours, subject to the usual exchange rules and taxes.

    Demand Behind the Listing

    The listing followed strong demand in the IPO, which closed on October 23 with 22.19 times overall subscription.

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

    Retail investors placed bids worth more than ₹25,000 crore, excluding bids from eligible employees and small shareholders of Reliance Industries, according to exchange data reported on listing day. The company had also raised ₹8,109.85 crore from anchor investors before the issue opened.

    Why the Market Value Matters

    At ₹13.05 lakh crore, Jio Platforms is now larger by market value than any other listed company in India except Reliance Industries, according to reports. It also became the country’s most valuable listed telecom company.

    The company’s IPO of ₹30,213 crore was the largest in India, ahead of Hyundai Motor India’s ₹27,858.75 crore offering in 2024. At the upper end of the price band, the post-issue valuation was about ₹10.3 lakh crore. The closing price therefore put the market value roughly 27% higher than that, in line with the share price gain.

    Results on October 30 and Other Events to Watch

    Jio Platforms informed the exchanges that its board will meet on Friday, October 30, 2026, to consider its financial results. This will be the company’s first results announcement as a listed entity.

    Investors will watch several points:

    • Revenue, profit and subscriber numbers for the September quarter.
    • Average revenue per user, which is a key measure for telecom companies.
    • Management commentary on capital expenditure and the use of IPO proceeds.
    • The share price reaction on the next trading day.

    The company has said it plans to use the proceeds from the fresh issue of up to 27 crore shares to prepay certain borrowings of Reliance Jio Infocomm and for general corporate purposes.

    What Newly Listed Stocks Often Do

    Newly listed stocks tend to see larger price swings in the first few sessions because the market is still discovering a fair price. A strong first day does not predict future returns, and prices can fall as easily as they rise.

    Investors who did not receive an allotment in the IPO can still buy the stock on the exchanges at the market price. Those who do not yet have an account can open a demat account and complete KYC with a broker before placing orders. Active investors can then monitor the stock through a trading app, which shows live prices, volumes and exchange announcements.

    Market Backdrop on Listing Day

    The debut took place on a weak day for the broader market. The Sensex fell 352.64 points, or 0.48%, to close at 73,246.03, and the Nifty 50 fell 50.90 points, or 0.22%, to 22,698.85. Selling in IT and oil and gas stocks, along with elevated crude oil prices and caution before the US Federal Reserve’s decision, weighed on the indices. Jio Platforms was one of the few bright spots of the day.

    This report covers the closing price as reported on October 28. Check exchange websites for live prices and official announcements.

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  • Anthropic IPO: Public S-1 Filed for Nasdaq Listing as ANT; H1 Revenue Hits $16.3 Billion

    Anthropic IPO: Public S-1 Filed for Nasdaq Listing as ANT; H1 Revenue Hits $16.3 Billion

    Anthropic, the company behind the Claude AI models, made its IPO filing public on Monday, October 26, 2026, by filing a Form S-1 with the US Securities and Exchange Commission (SEC). The company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT.

    The filing shows revenue of about $16.3 billion for the first half of 2026, but it leaves the share count and price range blank. Reports citing people familiar with the plans put the target valuation between $1.5 trillion and $2 trillion, with a listing as early as the week of November 16.

    What the Anthropic S-1 Confirms

    The public filing follows a confidential draft that Anthropic submitted to the SEC on June 1, 2026. The table below separates what the filing states from what is still open.

    Item Status
    Filing date October 26, 2026
    Security Class A common stock
    Exchange and ticker Nasdaq Global Select Market, ANT
    Underwriters 22 banks, led by Goldman Sachs and Morgan Stanley
    Number of shares Blank in the filing
    Price range Blank in the filing
    Sellers The company and existing stockholders, according to HNGN

    Anthropic is a Delaware public benefit corporation, and the filing gives substantial space to its governance structure, including how voting power is shared between its co-founders and a Long-Term Benefit Trust, according to FinanceFeeds.

    The registration statement is not yet effective, so no shares can be sold until the SEC declares it effective and the offering is priced.

    Anthropic Financials Disclosed in the S-1

    Revenue has grown very fast, according to figures in the filing as reported by several outlets, including Reuters and Data Studios.

    Period Revenue Net loss
    Full year 2024 $386 million About $8.3 billion
    Full year 2025 $4.585 billion About $41.97 billion
    First half 2025 About $1.16 billion About $12.97 billion
    First half 2026 $16.286 billion $80.748 billion

    Revenue in the second quarter of 2026 alone was $11.555 billion, according to Decode the Future’s summary of the filing. Subtracting that from the half-year total implies first-quarter revenue of about $4.73 billion, which is Findoc’s calculation and not a figure from the filing.

    On an operating basis, the picture is narrower. The operating loss for the first half was $693 million, compared with $2.135 billion a year earlier. Kingy.ai reported a first-quarter operating loss of $1.667 billion, which means Anthropic booked operating income of $974 million in the second quarter.

    Why the Net Loss Is $80.7 Billion

    The headline loss is mostly an accounting item. The first-half net loss of $80.748 billion includes a $72.388 billion non-cash charge from changes in the fair value of convertible notes, derivatives and SAFEs, according to Crypto Briefing and Kingy.ai. These instruments rise in value as the company’s own valuation rises, and that increase is booked as an expense.

    The same pattern applied in 2025. Yahoo Finance reported that more than $34 billion of the roughly $42 billion loss that year came from accounting adjustments tied to the fair value of the company’s liabilities and not from cash outflows.

    Data Studios reported that on the company’s own non-GAAP measures, adjusted operating income was $1.618 billion in the first half, a margin of about 10%, and adjusted net income was $2.671 billion. Non-GAAP figures are the company’s own presentation and are not audited in the same way as the main financial statements. The first-half results in the filing are also unaudited.

    Valuation, Size and Timeline: What Reports Say

    The filing gives no offering valuation, so the figures below come from media reports citing unnamed sources and are not confirmed terms.

    Report Valuation Other details
    Last private round (May 2026) $965 billion post-money Series H, as reported by several outlets
    Wall Street Journal, via Investing.com $1.5 trillion to $2 trillion Raise of $100 billion or more; listing in the week of November 16; timing could change
    Bloomberg, earlier report $1.8 trillion to $2 trillion Roadshow from the week of November 9; debut before Thanksgiving on November 26
    Bloomberg, as cited by Investing.com on October 27 $1.4 trillion to $1.5 trillion, with $1.75 trillion possible Earlier Bloomberg report on investor indications

    Anthropic reported cash and cash equivalents of $112.4 billion as of June 30, according to Yahoo Finance. Axios noted that third-quarter numbers have not been reported but could appear in an amended filing before pricing, since they have been leaked. The Wall Street Journal said the company could disclose the share count and price range in roughly two weeks, after gauging investor feedback.

    Axios also reported that OpenAI said it does not expect to go public until next year.

    Retail Allocation and What It Means for Indian Investors

    Bloomberg reported on October 27 that JPMorgan will lead retail sales of the IPO in the United States, while Citigroup will coordinate an international retail offering. The company has considered allocating about 15% to 20% of the shares to retail investors, though the proportion could change. The countries named in the report for the international retail offering are Australia, Canada, Japan, Britain, Switzerland and some European Economic Area countries. India was not among them, though the report’s list may not be exhaustive.

    Because the shares will list on Nasdaq, they will not be available through the NSE or BSE IPO application process that Indian investors use for domestic issues. Investors in India who hold a demat and trading account should check with their broker whether US-listed shares can be accessed, and under what charges, tax treatment and Reserve Bank of India remittance limits. Those who want to follow the stock after listing can use an investing platform that offers US market data, but direct participation in the IPO itself may be limited.

    Anyone considering the stock should also read the final prospectus once the price range is set, since the current filing is incomplete.

    What to Watch Next

    Several milestones remain before ANT can trade:

    • An amended S-1 with the share count, price range and expected proceeds.
    • The start of the roadshow, which reports place in early to mid-November.
    • Whether third-quarter results are added to the filing.
    • The SEC declaring the registration statement effective.
    • Pricing and the first trading day, reported as targeted before Thanksgiving or in the week of November 16.

    The size of the offering, the valuation and the timing are all reported estimates, and the company has not confirmed them. The S-1 and any amendments are available on the SEC’s EDGAR database.

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  • Maruti Suzuki Q2 FY27 Results: Profit Falls 27% to ₹2,415 Crore Despite Record Sales and 26% Revenue Growth

    Maruti Suzuki Q2 FY27 Results: Profit Falls 27% to ₹2,415 Crore Despite Record Sales and 26% Revenue Growth

    Maruti Suzuki India reported a 27% year-on-year fall in standalone net profit to ₹2,415 crore for the September 2026 quarter, even as revenue from operations rose 26% to ₹53,340 crore and quarterly sales hit a record 6.97 lakh units. The company announced its results on Tuesday, October 27, 2026.

    Higher commodity costs linked to West Asia disruptions and a fall in non-operating income weighed on earnings.

    Maruti Suzuki Q2 FY27 Results at a Glance

    Revenue grew sharply, but costs grew faster. The table compares standalone figures with the year-ago quarter.

    Metric Q2 FY27 Q2 FY26 Change
    Revenue from operations (₹ crore) 53,340 42,332 +26%
    Net profit (₹ crore) 2,415 3,303 -27%
    Operating profit, EBIT (₹ crore) 2,803.7 3,382.0 -17%
    EBITDA margin 8.93% 12.01% Down 3.08 points
    Total expenditure (₹ crore) 50,604.2 39,007.5 +30%
    Exports (units) 1,08,119 1,10,487 About -2%

    On a consolidated basis, which includes the insurance broking and component joint ventures, net profit fell 26.4% to ₹2,466.1 crore from ₹3,349 crore, according to PTI-based reports.

    Why Profit Fell Despite Record Volumes

    Two factors stand out in the reports.

    First, input costs. Autocar Professional attributes the profit decline to commodity price inflation linked to West Asia disruptions. Total standalone expenditure rose 30%, ahead of the 26% growth in revenue, which squeezed the operating margin from 12.01% to 8.93%.

    Second, lower non-operating income. Autocar Professional also reported mark-to-market losses on the company’s investment portfolio, and Lapaas Voice, citing the same publication, put standalone other income at about ₹430 crore against ₹966 crore a year earlier. Other income is the money earned outside the core business, such as treasury returns, and a fall in it reduces profit even when sales rise.

    Operating profit (EBIT) fell 17% year on year, but it rose 10.8% from the June quarter, according to PTI-based reports.

    Record Sales Across Segments

    Sales volumes were the bright spot. Maruti Suzuki sold a record 6.97 lakh units in the quarter, according to BW Businessworld. For the first half of FY27, total sales reached 13,79,378 units, a growth of 27.9% year on year and the highest-ever for any half year.

    Domestic passenger vehicle growth was broad-based, with small car sales up 35.9% and SUV sales up 68.2%. Exports were 1,08,119 units against 1,10,487 units a year earlier, a decline of about 2% in what the company called a challenging geopolitical situation.

    First-Half FY27 Results

    For the six months to September 30, 2026, standalone figures show the same pattern of higher sales and lower profit.

    • Net sales: ₹1,00,575 crore, against ₹76,756 crore in the first half of FY26.
    • Standalone net profit: ₹5,767 crore, against ₹7,061 crore, a fall of about 18%.

    Sequential Comparison With the June Quarter

    Whalesbook reported that net profit of ₹2,414.9 crore compares with ₹3,352.1 crore in the June quarter, and that revenue of ₹53,340.2 crore compares with ₹52,455.1 crore. The figures reflect the integration of Suzuki Motor Gujarat, with earlier figures restated accordingly.

    Revenue rose only about 1.7% from the previous quarter, a figure calculated from the reported numbers, so the sharp year-on-year growth reflects a strong run over the past year rather than a surge in the latest three months. Profit, by contrast, fell about 28% from the June quarter on the same restated basis.

    How to Read the Margin and Profit Numbers

    EBITDA margin shows how much of each rupee of revenue is left after operating costs, before depreciation, interest and tax. A fall from 12.01% to 8.93% means that about three rupees less out of every hundred of sales remained as operating profit than a year earlier. EBIT is operating profit after depreciation, and it fell 17% even though revenue rose 26%.

    Standalone figures cover Maruti Suzuki India alone, while consolidated figures add its subsidiaries and joint ventures. The two sets of numbers moved in the same direction in this quarter, with a 27% fall in standalone profit and a 26.4% fall in consolidated profit.

    Share Price and What to Watch

    Maruti Suzuki shares closed at ₹11,450 on Tuesday, up ₹230 or 2.05%, according to Kotak Neo, before the reaction to the results could be seen in the market. Investors who want to follow the stock after the results need a demat account, and those who do not have one can complete demat account opening before placing orders. An online trading platform can then be used to watch how the stock responds on October 28.

    Key items to watch in the next quarters:

    • Whether commodity costs ease or stay elevated while West Asia tensions continue.
    • Whether the EBITDA margin recovers from 8.93% towards the 12% level of a year ago.
    • How other income behaves, given the mark-to-market losses on investments.
    • Export volumes, which fell slightly even as domestic sales grew strongly.

    Takeaway for Readers

    The Maruti Suzuki result shows that strong demand does not guarantee profit growth when input costs rise. Revenue grew 26%, volumes hit a record, and still profit fell 27%. For investors, the key numbers are the margin and the other income line, which explain most of the gap between sales and earnings.

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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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