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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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October 23, 2026

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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October 23, 2026

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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October 23, 2026

Swiggy Q2 FY27 Results: Net Loss Narrows to ₹922 Crore, Revenue Rises 36% as Instamart Loss Widens

Swiggy reported a consolidated net loss of ₹922 crore for the September 2026 quarter, narrower than the ₹1,092 crore loss a year earlier. Revenue from operations rose 36.1% year on year to ₹7,571 crore, but the loss in its quick commerce business grew. The results were announced after market hours on Thursday, October 22, 2026.

The loss was larger than the average analyst expectation of about ₹792 crore reported by Whalesbook, and it was also higher than the ₹791 crore loss Swiggy posted in the June quarter.

Swiggy Q2 FY27 Results at a Glance

Swiggy’s growth came across most of its businesses, but the quick commerce arm Instamart again absorbed most of the losses. The table compares the key reported figures with the year-ago quarter.

Metric (₹ crore)	Q2 FY27	Q2 FY26	Change
Revenue from operations	7,571	5,561	+36.1%
Consolidated net loss	922	1,092	Loss narrowed 15.6%
Quick commerce segment revenue	1,305	980	+33.2%
Quick commerce segment loss	764	735	Loss higher by 29
Supply chain and distribution revenue	3,690	2,560	+44.1%
Platform innovations revenue	106	12	About 8.8 times

Revenue also grew sequentially, rising from ₹6,812 crore in the June 2026 quarter to ₹7,571 crore, an increase of about 11%. Growth of that size in a single quarter points to continued expansion across the business, even as losses stayed high.

For the six months ended September 30, 2026, Swiggy’s consolidated revenue from operations reached ₹14,383 crore, up from ₹10,522 crore in the same period last year. For the full financial year ended March 31, 2026, the company had reported a consolidated loss of ₹4,154 crore.

Why the Loss Narrowed Year on Year but Rose From June

Compared with the September 2025 quarter, the loss narrowed by about 15.6%, helped by faster revenue growth than expense growth. Compared with the June 2026 quarter, however, the loss widened from ₹791 crore to ₹922 crore.

Swiggy’s consolidated adjusted EBITDA loss also increased, to ₹760 crore in the September quarter from ₹651 crore in the June quarter. Adjusted EBITDA is a profit measure that excludes certain items, and a rising loss on this measure means operating costs rose faster than operating income between the two quarters. Coverage of the results links the pressure mainly to spending on Instamart.

Instamart: Faster Growth, Higher Losses

Instamart remains the central question for the company. Its revenue rose to ₹1,305 crore from ₹980 crore a year earlier, but its segment loss increased to ₹764 crore from ₹735 crore.

The segment loss was also higher than in the June 2026 quarter, when it stood at ₹651 crore, an increase of ₹113 crore in one quarter. Business Today and Kotak Neo put the Instamart loss at ₹895 crore for the quarter, which is measured on a different basis from the segment figure above. The business added 69 dark stores during the quarter, taking its network to 1,240 stores. Dark stores are fulfilment centres that serve online orders only and are the base of the quick delivery model.

The quarter shows the trade-off Swiggy faces. More stores can lift order volumes and market presence, but they also add rent, staffing and delivery costs before the orders reach a scale that covers them.

Quick commerce delivers groceries and household items in minutes from local dark stores. Its economics depend on order density, so each new store typically runs at a loss until enough customers order from it every day.

Food Delivery Profit Reaches a Record High

The core food delivery business moved in the opposite direction. Its adjusted EBITDA rose to a record ₹341 crore from ₹240 crore a year earlier, according to Kotak Neo’s report on the results.

This divergence is now a defining feature of Swiggy’s reporting: food delivery is profitable on an adjusted basis, while quick commerce is not. Elsewhere, the supply chain and distribution segment grew revenue 44.1% to ₹3,690 crore.

Newer businesses are also growing from a small base. The platform innovations segment, which includes Swiggy Minis, Swiggy Sports, Snacc, Toing, Crew and Jus+, generated ₹106 crore of revenue against ₹12 crore a year ago.

What the Results Mean for Swiggy Shareholders

Swiggy shares settled at ₹211.30 on October 22, down more than 5% for the day, according to Business Today. Because the results came after market hours, the stock’s reaction to the numbers themselves will show up in the October 23 session.

Holding Swiggy shares requires a demat account, and investors who do not have one can open a demat account online before placing an order. Active investors can then track the stock on a trading platform and compare the reported numbers with the figures above.

Key points to watch from the results include:

Whether Instamart’s losses stabilise as the dark store network matures.
How food delivery profit evolves as competition and discounting change.
Whether the consolidated adjusted EBITDA loss, now ₹760 crore, reverses its rise.
How quickly the newer platform businesses contribute to revenue.

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October 23, 2026

Sensex Falls 460 Points, Nifty Ends at 22,688 as Brent Crude Tops $112 After Saudi Oilfield Attack

The Sensex fell 460.30 points, or 0.62%, to close at 73,249.39 on Thursday, October 22, 2026, while the Nifty 50 lost 123.70 points, or 0.54%, to settle at 22,687.65. Benchmark indices ended lower as Brent crude climbed above $112 a barrel after a drone attack on a Saudi Aramco oilfield.

Selling was broad, and smaller companies fell more sharply than the large caps. Business Standard described the session as the third straight day of losses for the benchmarks.

Sensex and Nifty 50 Closing Levels on October 22

Both indices ended the session in the red after an intraday decline. Market participants cited support near 22,550 on the Nifty 50 and 73,000 on the Sensex during the fall.

Index	Close	Change (points)	Change (%)
BSE Sensex	73,249.39	-460.30	-0.62%
Nifty 50	22,687.65	-123.70	-0.54%

The broader market fell harder than the headline indices. The Nifty Midcap 100 ended 0.87% lower and the Nifty Smallcap 100 dropped 1.14%. When mid and small caps fall by more than the Nifty 50, it indicates that selling reached well beyond a handful of heavyweight stocks.

The closing auction session gives a closer look at the final minutes. In that session, the short window after regular trading in which closing prices are determined, the Sensex was down 417.50 points at 73,292.13 and the Nifty 50 was down 144.80 points at 22,666.55. Those were interim readings, and the final closing figures were 73,249.39 for the Sensex and 22,687.65 for the Nifty 50.

Why Indian Markets Fell: Crude Oil and West Asia Tension

Oil prices moved higher on Thursday after a drone attack on a Saudi Aramco oilfield, which intensified worries that the expanding West Asia conflict could disrupt supplies. Brent crude, the international benchmark that Indian refiners use as a reference, climbed above $112 per barrel.

India imports most of its crude oil, so higher prices raise the import bill and can push up inflation and input costs for companies. That is why oil spikes tend to weigh on Indian equities, particularly in consumer-facing and energy-linked sectors.

Inflation is a particular sensitivity because fuel costs feed into transport, manufacturing and food prices, which in turn affect how much room the central bank has to support growth. Other factors also played a part, according to market commentary on the close:

Concerns about the inflation outlook, with market participants also referring to the minutes of the Reserve Bank of India’s October 5 to 7 Monetary Policy Committee meeting, released on October 21.
Caution ahead of the US Federal Reserve’s policy meeting on October 27 and 28.
Profit-taking in IT stocks after their recent run-up.

Sector and Stock Moves in the Session

Selling was widespread across sectors. Nifty IT, Nifty FMCG and Nifty Media declined the most, while Nifty Pharma was the best-performing sectoral index. Reliance Industries, Eternal and HDFC Bank were among the top losers on the Nifty 50 and weighed on the benchmark.

The Bank Nifty also stayed under pressure and extended its corrective decline for a third consecutive session. Banking stocks carry a large weight in the benchmarks, so weakness in them matters for the headline indices.

Pharma’s gain shows that selling was not uniform, with selective buying in pharma and financial services providing limited support while FMCG, energy and IT stocks weighed on the market.

What the Fall Means for Traders and Investors

Daily index moves matter differently for different market participants. Intraday traders who follow index levels on a stock trading app watch support and resistance zones closely, and sharp swings in crude oil can change those levels within a session.

Long-term investors usually look at the same data differently. Those who hold shares in a demat and trading account often review whether their portfolio is concentrated in the sectors under pressure, such as FMCG and IT, rather than reacting to a single day’s close. Nothing in the data above signals a direction for the market from here, and it does not amount to advice to buy or sell.

Results and Events to Track on October 23

Friday’s session brings a heavy corporate results calendar. Several Nifty companies are scheduled to announce September quarter numbers.

Infosys is due to announce its second-quarter results after market hours.
JSW Steel is scheduled to report between 2 pm and 3:30 pm.
Dr Reddy’s Laboratories is scheduled to report between 1 pm and 3 pm.
Shriram Finance is also on the list, with the timing listed as variable.
Among F&O stocks, Adani Power, BPCL, CG Power, Coforge, Godrej Properties and IndusInd Bank are also announcing quarterly earnings.

Investors will also track crude oil prices and any further developments in West Asia, since both drove Thursday’s move. The Federal Reserve’s policy meeting on October 27 and 28 is the next major global event on the calendar.

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October 23, 2026

Jio Platforms IPO Final Day: Issue Subscribed About 5.5 Times After Day 2 as QIB Demand Leads

Jio Platforms’ ₹30,213 crore IPO enters its last bidding day today, October 23, 2026, after the issue drew about 5.5 times subscription by the end of Day 2. Institutional investors led the demand, while the retail portion was subscribed roughly 1.5 times, according to subscription data reported on October 22.

The issue is India’s largest public offer. It opened on Wednesday, October 21, and closes today, Friday, October 23.

Jio Platforms IPO Subscription After Two Days

Demand built quickly from the first session. The Jio Platforms IPO was fully subscribed within about 100 minutes of opening on October 21, with bids worth roughly ₹69,800 crore for 62.36 crore shares by 5 pm, according to India TV News. By the close of Day 1, overall subscription stood at 3.04 times, based on figures compiled by HDFC Sky.

On Day 2, the pace picked up. Overall subscription reached 4.38 times by 3 pm IST, and reports after the close put it between 5.54 and 5.6 times, depending on the outlet. The table below shows how each investor category has bid so far.

Snapshot	QIB (ex-anchor)	NII	Retail	Overall
Day 1 close	9.04x	1.61x	0.73x	3.04x
Day 2, 3 pm IST	10.07x	4.60x	1.40x	4.38x
Day 2 close (reported)	About 13x	5.97x	1.54x	About 5.6x

QIB means qualified institutional buyers such as mutual funds, insurers and banks. NII means non-institutional investors, who bid above ₹2 lakh. A figure of 1x means bids equal the shares reserved for that category, so anything above 1x is oversubscription.

How Institutions, NIIs and Retail Investors Have Bid

The institutional book has carried the issue. QIB demand, excluding anchor investors, was already above 9 times at the end of Day 1 and kept rising on Day 2. The non-institutional category moved from 1.61 times on Day 1 to about 5.97 times by the close of Day 2.

Retail investors took longer to arrive. The retail portion was subscribed 0.73 times at the end of Day 1, crossed full subscription during Day 2 and ended that day at about 1.54 times. That is a healthy cover, but far below the institutional multiples, which means retail applicants should not assume every bid will be allotted in full.

Shareholder and employee quotas were also oversubscribed. At 3 pm on Day 2, the shareholder category stood at 3.36 times and the employee category at 1.93 times.

Price Band, Lot Size and Anchor Book at a Glance

The IPO is entirely a fresh issue of up to 27 crore equity shares, so the money raised goes to the company and not to selling shareholders. Key terms of the offer are below.

Price Band: ₹1,065 to ₹1,119 per share, as announced in a Reliance Industries stock exchange filing on October 14.
Minimum Bid: one lot of 12 shares, which costs ₹13,428 at the upper end of the band.
Employee Discount: ₹54 per share for eligible employees, with up to ₹500 crore reserved for them.
Anchor Book: ₹8,109.85 crore raised from 212 anchor investors at ₹1,119 per share, ahead of the public issue.
Valuation: about ₹10.3 lakh crore after the issue at the upper end of the band.

Anchor investors are large institutions that commit money a day before the public issue opens. Demand in this anchor book exceeded ₹2.5 lakh crore, more than 30 times the portion available. LIC received the largest allocation, while domestic mutual funds took 2.489 crore shares worth ₹2,784.96 crore through 95 schemes of 25 fund houses.

What Retail Investors Should Check Before Bidding Closes

Applicants can bid using UPI or ASBA, and allotted shares are credited electronically. That makes a working demat account essential. Investors who do not yet have one would need to open a demat account and complete KYC before they can apply to an issue like this one, so for today’s close the practical step is to confirm existing account details.

For those already set up, the bid can be placed through an online trading platform that offers IPO applications. Anyone planning to invest in IPO online should check that the UPI handle linked to the bid is active and that the bank balance covers the amount blocked. The blocked amount is released if shares are not allotted.

Before bidding, applicants can also confirm the following points:

The demat account number and DP ID entered in the application match the account that should receive shares.
The UPI mandate request is approved on the payment app once the bid is submitted.
The bid is at or above the cut-off price if the investor wants to take part regardless of the final price fixed within the band.
Retail bids stay within the ₹2 lakh limit for individual investors.

Why This Issue Stands Out in India’s IPO History

At ₹30,213 crore, the Jio Platforms IPO is larger than Hyundai Motor India’s ₹27,858.75 crore offer in 2024, which had been the biggest until now. Jio Platforms plans to use the proceeds to prepay certain borrowings of its subsidiary Reliance Jio Infocomm and for general corporate purposes, as set out in its offer documents.

Jio Platforms reported a net profit of ₹7,764.1 crore for the June 2026 quarter, with total income of ₹40,197.9 crore. Those figures, along with the scale of the offer, explain why institutional demand has been so strong.

Dates and Steps to Track After the Close

Bidding ends today, October 23. After that, the registrar, KFin Technologies, will finalise the basis of allotment, and investors can check their status on the registrar’s website or on the NSE and BSE IPO pages. The allotment and listing dates are published in the red herring prospectus and in exchange notices, so applicants should rely on those documents for the exact schedule.

Final subscription numbers will be published by the exchanges once bidding closes at the end of today’s session. Day 3 figures may differ meaningfully from the Day 2 snapshot, especially in the retail and NII categories, where bids tend to arrive late.

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October 23, 2026

UltraTech Cement Q2 Profit Rises 21% to ₹1,494 Cr; Stock Slips

UltraTech Cement reported a 21.3% rise in consolidated net profit to ₹1,494 crore for the July to September quarter of FY27, on 18.8% growth in revenue from operations to ₹23,295.07 crore. The Aditya Birla group flagship announced its Q2 results on Monday, 19 October 2026, and the stock fell as much as 5.3% from the day’s high.

The shares touched a low of ₹10,626 after hitting ₹11,219 earlier in the session, and they trade close to their 52-week low of ₹10,325.

UltraTech Cement Q2 FY27 Results at a Glance

Domestic cement volume grew 13.8% to 35.9 million tonnes, even in a quarter affected by the monsoon. Operating profit rose 20.3% to ₹3,721 crore, and the EBITDA margin expanded by 19 basis points year on year to 16%.

UltraTech Cement Q2 FY27 key numbers

Metric	Q2 FY27	Change YoY
Consolidated net profit	₹1,494 crore (from ₹1,231.58 crore)	21.3%
Revenue from operations	₹23,295.07 crore (from ₹19,606.93 crore)	18.8%
Operating profit (EBITDA)	₹3,721 crore	20.3%
EBITDA margin	16%	19 bps higher
Domestic cement volume	35.9 million tonnes	13.8%

UltraTech Cement H1 FY27 Performance

Consolidated net profit for the first half of FY27 was ₹4,194.94 crore, up 12.2% from ₹3,740.20 crore in the first half of FY26. Total income grew 17.3% to ₹47,943.27 crore from ₹40,882.38 crore.

The first half was stronger in the June quarter. UltraTech reported a profit of about ₹2,600 crore and revenue of ₹24,648.20 crore in Q1 FY27, so Q2 profit was well below Q1 and revenue fell 5.5% from it. This is the sequential decline that investors noticed after the results.

The Year-Ago Base for UltraTech Cement

This year’s growth came on a high base. In Q2 FY26, the company’s consolidated profit jumped 75.2% to ₹1,231.58 crore, and revenue was ₹19,607 crore with an EBITDA margin of 15.8%. Against that comparison, a 21.3% rise in profit and a margin of 16% show continued but slower improvement.

Cost Pressure Flagged Earlier by Management

On its Q1 call, management had guided that costs in Q2 would be higher by ₹130 to ₹140 per tonne because of the full impact of fuel price increases and seasonal maintenance. Q1 had also shown that fuel, raw material and packaging costs were rising.

Q1 FY27 operating EBITDA per tonne was ₹1,214, only ₹16 higher than a year earlier.
Fuel costs rose 5% to ₹915 per tonne in Q1, and raw material costs rose 9% to ₹682 per tonne.
Capacity utilisation in Q1 was 81%, and consolidated capacity was 205.5 million tonnes per annum.

The Q2 numbers show a small margin gain against last year but a lower profit than the previous quarter, which is consistent with that cost guidance.

UltraTech Cement Share Price Reaction

The stock reversed its early gains after the results on 19 October. At 2:20 pm it traded at ₹10,702, down 1.9%, on volumes of about 4.77 lakh shares on the NSE. The Nifty 50 was down 1.2% at 22,863 at the time.

UltraTech Cement share price markers

Marker	Price
Day’s high, 19 October	₹11,219
Day’s low, 19 October	₹10,626
52-week low (23 March 2026)	₹10,325
52-week high (10 February 2026)	₹13,110

The broader market was also weak that day. The Sensex ended 876 points lower, and selling was heavy in private banks. The reports reviewed did not cite a separate catalyst for cement stocks.

Green Power Milestone

Earlier this month, UltraTech became the first Indian company to cross 2 GW of captive green power capacity. It commissioned a 116.55 MW wind energy project in Barmer, Rajasthan, and 10 MW of waste heat recovery capacity at Sarlanagar Cement Works in Karnataka. According to the company, these plants meet about 48% of its current power requirement.

India Cements Integration

UltraTech’s acquisition of India Cements is a part of its cost story. On the Q1 call, the company said India Cements’ EBITDA per tonne had risen from ₹386 in Q2 FY26 to ₹603 in Q1 FY27, with a target of ₹1,000 per tonne in sight by Q4 FY28 as capital expenditure benefits flow through. At the end of Q1, the company also reported a green power mix of 47%.

What Investors Track in Cement Stocks

Cement demand is closely tied to housing, infrastructure and monsoon conditions, and prices and input costs vary by region. Investors who follow the sector usually look at volume growth, EBITDA per tonne, fuel and freight costs and capacity additions.

To buy shares of listed cement companies, investors need to open a demat account and a trading account with a registered broker. Those who track results-day moves on a stock trading app can compare the share price with the 52-week range shown above. The company’s exchange filings are the primary source for the full results and investor presentation.

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October 21, 2026

Tonbo Imaging IPO Allotment Today After 136x Subscription

The Tonbo Imaging IPO allotment is due on Wednesday, 21 October 2026, after the ₹852.18 crore issue closed on 19 October with a subscription of 135.9 times. The Bengaluru-based defence electronics maker is set to list on the NSE and BSE on Friday, 23 October.

Demand came mainly from institutions. Qualified institutional buyers bid 293.56 times the shares reserved for them, while retail investors bid 31.07 times.

Tonbo Imaging IPO Subscription Status

The issue opened on 15 October and received 55.24 lakh applications by the close, according to Chittorgarh data reported by Business Standard. Overall subscription rose from about 4 times on the first day to 7.78 times at the end of the second day, and then jumped on the final day.

Tonbo Imaging IPO subscription by category

Category	Times subscribed
Qualified institutional buyers (QIB)	293.56x
Non-institutional investors (NII), total	170.94x
Bids above ₹10 lakh (bNII)	184.73x
Bids of ₹2 lakh to ₹10 lakh (sNII)	143.37x
Retail investors	31.07x
Overall	135.9x

The QIB category was subscribed only 3.95 times at the end of day two, so most institutional demand arrived on the closing day, which is typical for book-built issues.

Tonbo Imaging IPO Key Terms

The issue is entirely an offer for sale (OFS) of 1,21,74,046 equity shares of ₹2 face value. The company will not receive any proceeds, and the money goes to the selling shareholders.

Price band: ₹665 to ₹700 per share.
Lot size: 21 shares, which needs ₹14,700 at the upper band.
Allocation: 50% for QIBs, 15% for non-institutional investors and 35% for retail investors.
Shares outstanding before and after the issue: 5,72,82,100, since no new shares are issued.
Implied market value at the upper band: about ₹4,010 crore, which is the share count multiplied by ₹700.

Demand in Rupee Terms

The retail category offered about 42.56 lakh shares, worth ₹297.92 crore, and drew bids for 13.22 crore shares worth ₹9,256.85 crore. In the QIB category excluding the anchor portion, ₹170.24 crore was on offer and bids worth ₹49,975.32 crore came in.

The offer-for-sale structure means the selling shareholders receive the money. The DRHP filed in December 2025 listed promoter selling shareholders, a promoter group selling shareholder and investor selling shareholders.

Tonbo Imaging IPO Anchor Book

Tonbo Imaging raised ₹255.36 crore from 43 anchor investors on 14 October at ₹700 per share, the top of the price band. It allotted 36,48,013 shares. Domestic mutual funds took 57.72% of the anchor allocation through 12 fund houses across 25 schemes.

Business Standard named Amansa Investments as the largest anchor buyer with 24.32 lakh shares. Lock-in for half of the anchor shares ends on 20 November 2026, and for the rest on 19 January 2027.

Tonbo Imaging Financials and Valuation

Tonbo’s revenue from operations fell 22.69% to ₹362.65 crore in FY26 from ₹469.08 crore in FY25, and profit after tax declined to ₹50.88 crore from ₹72.76 crore. Revenue in FY24 was ₹428.19 crore.

The RHP shows concentrated sales. The top 10 customers accounted for 77.83% of FY26 revenue, and tactical systems contributed 58.37%. Revenue from customers outside India was ₹20.21 crore, or 5.57%, in FY26, against 65.52% in FY25.

At the upper band, the pre-IPO price to earnings ratio is 78.83, based on pre-IPO earnings per share of ₹8.88. The RHP lists Bharat Electronics, Data Patterns, Astra Microwave, Zen Technologies and Paras Defence as peers. An independent review of the RHP also noted an accounting operating loss in the first quarter of FY27.

How Tonbo Imaging Compares With Listed Defence Electronics Peers

The RHP compares Tonbo with listed companies using price to earnings ratios. Paras Defence and Space Technologies is shown at 117.74, Data Patterns at 87.29, Astra Microwave at 83.92, Zen Technologies at 73.44 and Bharat Electronics at 45.70, against 78.83 for Tonbo at the upper band.

About Tonbo Imaging

Tonbo Imaging is a defence electronics original equipment manufacturer based in Bengaluru, with systems deployed in 24 countries. Its DRHP described it as founded in 2003 by technologists, and the promoters named in the offer documents are Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D’Souza.

Tonbo Imaging IPO Dates: Allotment, Refund and Listing

Tonbo Imaging IPO timetable

Event	Date
Issue opened	15 October 2026
Issue closed	19 October 2026
Basis of allotment	21 October 2026
Refunds and credit of shares to demat accounts	22 October 2026
Listing on NSE and BSE	23 October 2026

How to Check Tonbo Imaging IPO Allotment Status

Applicants can check the allotment on the registrar’s website or the exchange websites using their PAN, application number or demat details. People who want to invest in IPO online need a PAN-linked demat account, and many check the status in their share market app as well.

Applicants who do not receive shares have their blocked funds released, and refunds start on 22 October. The final listing price will be set by trading on 23 October, and the exchanges publish the opening price once trading begins.

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October 21, 2026

Sensex Tumbles 876 Points on Oct 19; What to Watch on Oct 21

The Sensex fell 876.37 points, or 1.17%, to 73,852.90 on Monday, 19 October 2026, and the Nifty 50 dropped 257.20 points to 22,888.95. Selling in private banks after their Q2 results and elevated oil prices pulled both indices below their previous levels, and markets were closed on Tuesday for Dussehra.

Trading resumes on Wednesday, 21 October, with GIFT Nifty pointing to a positive start and Brent crude near $110 a barrel.

How the Sensex and Nifty Closed on 19 October

Both benchmarks snapped a two-day winning streak. During the session the Sensex fell as much as 1,020.73 points, or 1.36%, to 73,708.54, and the Nifty touched an intraday low of about 22,845. Only five Sensex constituents closed higher, while 25 ended lower.

Market close on 19 October 2026

Index	Move on 19 October
Sensex	Down 876.37 points (1.17%) to 73,852.90
Nifty 50	Down 257.20 points (1.11%) to 22,888.95
Nifty Private Bank	Down 1.85%
Nifty FMCG	Down 1.44%
Nifty IT	Down 1.28%
Nifty PSU Bank	Up 2.60%

The Sensex had closed at 74,729.27 and the Nifty at 23,146.15 on Friday, 16 October, so Monday’s fall took the Nifty below the 23,000 level.

Why the Indian Stock Market Fell on 19 October

Several factors came together on Monday. The main domestic trigger was the market’s response to weekend results from the large private banks.

HDFC Bank, ICICI Bank and Axis Bank were the top drags on the Sensex, and Business Standard said the three together accounted for more than half of the selling.
Investors focused on margin pressure, higher operating costs and weaker treasury income at private lenders, according to analysts quoted by PTI.
Brent crude held above $108 a barrel, which kept oil-related worries alive.
Weak global technology cues and selling by foreign portfolio investors were also cited as factors.

A break below the Nifty’s 23,000 mark accelerated the decline, according to one market analyst. Business Standard’s live blog said market capitalisation of about ₹4.5 trillion was wiped out at the day’s low.

Private Bank Results Behind the Selloff

HDFC Bank reported a 4.7% rise in standalone net profit to ₹19,510 crore, but its net interest margin eased by 8 basis points from the previous quarter. Axis Bank reported a 38% rise in standalone profit to ₹7,003 crore, yet its margin narrowed to 3.36% from 3.73% a year earlier and its results missed estimates cited in reports.

Axis Bank shares fell about 4.5% to ₹1,231.50 in morning trade, and HDFC Bank fell about 1.3% to ₹718.60. Business Standard said the market’s focus was on margins, costs and treasury income and not on the headline profit growth.

Sector Moves: Private Banks Fall, PSU Banks Rise

The selling was broad, and all major NSE sector indices except the PSU bank gauge ended lower. The Nifty Private Bank index fell the most at 1.85%, followed by Nifty FMCG at 1.44% and Nifty IT at 1.28%.

PSU banks bucked the trend and rose 2.60%. Union Bank of India shares also jumped about 5% after its Q2 profit rose 30% year on year and asset quality improved.

What Global Cues and Oil Mean for the 21 October Opening

GIFT Nifty was trading 83 points, or 0.35%, higher at 23,015 in early reports on Wednesday, pointing to a positive opening for the Nifty 50. Asian stocks rose, with South Korea’s Kospi up 4.4% and Japan’s Nikkei 225 up 1.16%, after Wall Street gained on strong early corporate earnings.

Oil prices spiked again. Brent crude December futures were quoted at $110.2, up 1.2%, and WTI at $99.08, up 1.2%, as investors weighed Red Sea shipping risks and threats to oil infrastructure in Saudi Arabia. US Secretary of State Marco Rubio said reaching a peace deal with Iran is extremely difficult.

Q2 Results and Events on 21 October

The earnings season continues on Wednesday. Companies reporting Q2 results include Eternal, Adani Green Energy, Indian Hotels Company, KEI Industries, SRF, M&M Financial Services and Aditya Birla Sun Life AMC.

Business Standard’s stocks to watch list also named Hindustan Zinc, YES Bank, Bajaj Finance, IREDA and L&T Technology Services, which reported results on 19 October. The Jio Platforms IPO also opens for subscription on 21 October.

Data Points to Track on 21 October

The Nifty’s reaction around the 23,000 level, which it broke on 19 October.
Brent crude near $110 a barrel and any news from the Gulf and the Red Sea.
Moves in HDFC Bank, ICICI Bank and Axis Bank after the Q2 selling.
Q2 results from Eternal, Adani Green Energy and Indian Hotels Company during the day.

These are the items that drove or are expected to drive the index on the first session after the break, based on the reports cited here.

How Investors Track Market Moves

Traders who follow index moves on a stock trading app can compare the opening level with GIFT Nifty and the previous close at 22,888.95. Anyone placing orders needs a trading account linked to a demat account for delivery trades.

The exchange websites publish closing data, circuit limits and sector index values, and they remain the primary source for the index figures in this report.

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October 21, 2026

Bajaj Finance Q2 Profit Up 29% to ₹6,367 Cr; ₹17,500 Cr Raise Due

Bajaj Finance reported a 29% rise in consolidated net profit to ₹6,367 crore for the July to September quarter of FY27, as assets under management grew 26% to ₹5.85 trillion. The non-bank lender announced the Q2 results on 19 October 2026 and said it plans to raise up to ₹17,500 crore through a qualified institutional placement (QIP) and warrants.

The stock is in focus on 21 October, after markets were closed on 20 October for Dussehra.

Bajaj Finance Q2 FY27 Results at a Glance

Net interest income (NII) grew 24% to ₹13,335 crore from ₹10,785 crore a year earlier, and net total income rose 23% to ₹15,974 crore. Profit before tax grew 29% to ₹8,537 crore, with a return on assets of 4.6% and a return on equity of 20.6%.

Bajaj Finance Q2 FY27 key numbers

Metric	Q2 FY27	Change
Consolidated net profit	₹6,367 crore	29% YoY
Net interest income	₹13,335 crore	24% YoY
Net total income	₹15,974 crore	23% YoY
Assets under management	₹5.85 trillion	26% YoY
New loans booked	13.45 million	11% YoY
Loan losses and provisions	₹2,166 crore	4% YoY

The company added ₹37,680 crore to its AUM during the quarter. It said year-on-year growth in loan volumes is not strictly comparable because the festive season started earlier last year.

Asset Quality and Credit Cost

Loan losses and provisions rose 4% to ₹2,166 crore, which included a prudent management and macroeconomic provision of ₹337 crore. Excluding it, provisions fell 12% to ₹1,829 crore. Credit cost fell to 1.56% from 1.88% a year earlier, or 1.32% excluding the additional provision.

The gross NPA ratio improved to 1.06% from 1.24% a year ago.
The net NPA ratio fell to 0.42% from 0.60%.
Stage 2 and Stage 3 assets rose during the quarter, partly because of a transitional movement in the gold loan portfolio.
The lender said it does not expect the transitional rise in Stage 2 gold loans to affect credit costs.

On the earnings call, management said about ₹550 crore of the roughly ₹1,100 crore Stage 2 increase from gold loans had already moved back to Stage 1.

Customers, Gold Loans and Deposits

Bajaj Finance added 4.42 million customers in the quarter and took its customer franchise to 128.85 million. For FY27, it expects to book 60 to 62 million new loans and add 18 to 20 million customers.

The gold loan portfolio is just over ₹24,000 crore, or about 4.1% of the balance sheet. The lender added 321 branches in the quarter, taking its gold loan network to 2,022 branches, and plans 2,700 to 2,800 by the end of FY27. Its deposit book stood at ₹69,754 crore, or 14% of consolidated borrowings.

The ₹17,500 Crore QIP and Warrants Plan

The board has approved raising up to ₹11,700 crore through a QIP and up to ₹5,800 crore through warrants convertible into equity shares, issued to promoter and holding company Bajaj Finserv. Both proposals need shareholder approval, and the company said it will convene an extraordinary general meeting for the QIP.

The company’s late-night exchange notice on 1 October described the plan, according to a TradingView report. It is the first equity fundraising by the company since a ₹10,000 crore raise in November 2023.

Management’s Rationale

Rajeev Jain, Vice Chairman and Managing Director, said the raise is principally for growth. He noted that the balance sheet has roughly doubled since the last raise three years ago, so the amount is smaller relative to the size of the business. The capital adequacy ratio was 20.33% at the end of September, with Tier-I capital at 19.43%.

Earnings Call Highlights

On the earnings call, management discussed AUM growth of 26.5% to ₹5,84,624 crore and net AUM addition of about ₹38,000 crore in the quarter. Profit before tax grew 29% to ₹8,537 crore, in line with profit after tax.

Management also said the company is on track to meet its FY27 targets for new loans and customer additions. It linked the capital raise to the growth outlook rather than to any stress on capital ratios, pointing to the strong capital adequacy of 20.33%.

Margins and What Analysts Watch

The chief financial officer said the net interest margin in the first half was about 5 basis points lower than in March, with Q2 down 10 to 12 basis points. Management said profitability and return ratios should be managed through lower operating expenses and credit costs.

Anyone who wants to buy NBFC shares needs to open demat account online with a depository participant and a trading account. Those who follow results-day moves on an online trading platform will see how the price reacts to the profit numbers and the dilution plan together.

Key Dates and Documents to Follow

The next steps are the shareholder approvals, the EGM notice and the pricing of the QIP. Bajaj Finance’s exchange filings carry each of these, along with the investor presentation for the quarter.

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October 21, 2026