Stocks in news: Reliance Industries, Jio Financial, Tata Tech, HDB Financial and Wipro

Indian equity benchmarks ended lower on Wednesday after a volatile session, with stronger-than-expected wholesale inflation and elevated crude oil prices prompting investors to book profits following Tuesday’s sharp rally. The Nifty 50 declined 99 points, or 0.44%, to close at 22,623.

From a technical perspective, the Nifty continues to test the 22,580-22,620 support zone, which has attracted buying interest. However, repeated tests could weaken this support unless the index moves back above the 22,750-22,800 range, said Hariselvan Radhakrishnan, Founder and CEO of HST Wealth. A decisive break below 22,580 could drag the index towards 22,400 and 22,300, while a sustained move above 22,800 could open the way towards 23,000.

Against this backdrop, shares of Reliance Industries, Tata Technologies, HDB Financial Services, Bajaj Consumer Care, IDBI Bank, Punjab National Bank and several other companies are likely to remain in focus on Thursday, October 15, as investors track quarterly earnings, corporate announcements, fundraising plans and acquisition-related developments.

Reliance Industries

Reliance Industries has filed the red herring prospectus (RHP) for the initial public offering of its subsidiary, Jio Platforms. The company has fixed the price band for the IPO at Rs 1,065-1,119 per share, paving the way for the listing of Mukesh Ambani’s telecom and digital services business in what could be India’s largest-ever IPO.

The issue comprises a fresh sale of up to 27 crore equity shares with a face value of Rs 10 each.

ALSO READ: Jio IPO: 5 strengths that put the Reliance-backed digital giant in spotlight

Tata Technologies

Tata Technologies reported a 5% year-on-year decline in consolidated net profit to Rs 171.4 crore in the second quarter of FY27, compared with Rs 181 crore in the corresponding period last year.

Revenue in US dollar terms grew 22% year-on-year on a constant-currency basis, while services revenue increased 26%. The company said it remains confident of delivering strong double-digit growth for the full year.

HDB Financial Services

HDB Financial Services reported a 34% year-on-year increase in net profit to Rs 780 crore for the September quarter, compared with Rs 581 crore a year earlier.

Net interest income rose 15.5% to Rs 2,534 crore from Rs 2,193 crore in the year-ago period. The company’s board also declared an interim dividend of Rs 2 per equity share with a face value of Rs 10 each.

Bajaj Consumer Care

Bajaj Consumer Care reported a 67.1% year-on-year increase in net profit to Rs 70.2 crore for the September quarter, compared with Rs 42 crore in the corresponding period last year.

Revenue rose 25.7% to Rs 333 crore from Rs 265 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 70.8% to Rs 82 crore from Rs 48 crore.

The EBITDA margin expanded to 24.7% from 18.1% a year earlier.

ALSO READ: Ahead of Market: 10 things that will decide stock market action on Thursday

IDBI Bank

The Cabinet Committee on Economic Affairs (CCEA) has cleared the strategic restructuring of IDBI Bank in a transaction valued at Rs 52,878 crore, according to the information provided.

Fairfax Financials has been selected as the qualified bidder for the stake sale, while the government and Life Insurance Corporation of India (LIC) will retain a combined 34% stake in the restructured entity.

The benchmark price for the fresh financial bids was set at Rs 75.99 per share, while the highest offer of Rs 81 per share was accepted.

Punjab National Bank

Punjab National Bank has received monetary penalties from the Reserve Bank of India (RBI) for non-compliance with operational guidelines governing currency chests under the central bank’s master directions.

The penalties included Rs 2,91,750 on September 9, 2026, and Rs 1,33,800, Rs 1,34,600 and Rs 2,99,600 on September 11, 2026.

The bank said the matter was purely operational in nature and that the penalty amounts were directly debited from its account maintained with the RBI. The deductions were identified during periodic reconciliation.

The lender added that it is strengthening its reporting systems to ensure such deductions are identified in a timely manner going forward.

Mangalore Refinery and Petrochemicals

Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC), reported nearly a threefold year-on-year increase in standalone net profit to Rs 1,881 crore for the second quarter of FY27, compared with Rs 639 crore in the year-ago period.

Revenue from operations rose 37.1% to Rs 35,590 crore from Rs 25,953 crore in the corresponding quarter of FY26. Profit before tax increased to Rs 2,519 crore from Rs 975 crore a year earlier.

Capri Global Capital

Capri Global Capital’s board has approved raising up to Rs 4,000 crore through the issuance of equity shares, debt securities, convertible securities, warrants or other securities and instruments.

The company may raise the funds through one or more permitted routes, including a rights issue, preferential issue through private placement, public issue, qualified institutions placement (QIP), foreign currency convertible bonds (FCCBs) and external commercial borrowings (ECBs).

Highway Infrastructure

Highway Infrastructure’s board has approved a proposal to increase its authorised share capital from Rs 40 crore, comprising 8 crore equity shares of Rs 5 each, to Rs 50 crore, comprising 10 crore equity shares of Rs 5 each. The proposal is subject to shareholders’ approval. The board has also approved the issuance of up to 1 crore warrants, each convertible into or exchangeable for one equity share within 18 months, at Rs 49.82 per warrant. The proposed preferential issue to the promoter and promoter group could aggregate up to Rs 49.82 crore.

Aeroflex Industries

Aeroflex Industries plans to invest Rs 202 crore by March 2028 to expand its manufacturing capacity across stainless steel hoses, hose assemblies and liquid cooling systems.

The company is looking to tap rising demand from data centres and other industrial applications. At peak capacity utilisation, the expanded facilities are expected to generate additional revenue of Rs 500-550 crore, the company said.

AXISCADES Technologies

AXISCADES Technologies’ board has approved, in principle, the proposed acquisition by its step-down subsidiary, XIDA Inc., of substantially all business assets of ITSJ Group Inc., a Delaware-based company headquartered in San Jose, California. The transaction will be structured as an asset purchase and is subject to the execution of an asset purchase agreement and fulfilment of the conditions precedent. XIDA will not acquire shares of ITSJ, and ITSJ will not become a subsidiary of AXISCADES or XIDA. The aggregate consideration will not exceed $7 million and will comprise cash, restricted shares of XIDA and a performance-linked earn-out.

Q2 results today

Nestle India, Wipro, Tech Mahindra, Jio Financial Services, Polycab India, HDFC Life Insurance Company, Indian Bank, Indian Railway Finance Corporation, HDFC Asset Management Company, Persistent Systems, L&T Finance, Tata Communications, 360 ONE WAM, Karur Vysya Bank, UCO Bank, Angel One, IIFL Finance, Metro Brands, CCL Products India, South Indian Bank, Sri Lotus Developers and Realty, Tips Music, Cyient DLM, Fedbank Financial Services, Alok Industries, and Sterling and Wilson Renewable Energy.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here