Stocks to watch today are led by major corporate developments, quarterly earnings, and regulatory rulings as the Indian stock market opens on a strong note on Friday. GIFT Nifty futures were up 96 points at 23,082 as of 7:38 AM.
Asia-Pacific markets traded higher, with Japan’s Nikkei 225 rising 1.8 per cent and South Korea’s KOSPI gaining 2.72 per cent. Meanwhile, Brent crude extended losses with December futures quoted at $105.59, down 0.32 per cent on the Intercontinental Exchange. Overnight, the Dow Jones Industrial Average and the S&P 500 settled 1.08 per cent and 0.33 per cent higher, respectively, while the Nasdaq Composite ended 0.08 per cent higher.
Key Points Of The Stocks To Watch Today
- Wipro reported a decline in Q2 net profit to ₹3,199.7 crore and guided for subdued Q3 revenue growth between -1.5 per cent and 0.5 per cent QoQ in constant currency.
- Reliance Industries announced that the Jio Platforms IPO is scheduled for October 21–23 with a price band of ₹1,065–₹1,119 per share.
- Yes Bank faced a Supreme Court ruling against its write-off of ₹8,400 crore worth of Additional Tier-1 bonds from its 2020 rescue exercise.
- Maruti Suzuki received an income tax appellate order covering eight years, reducing the interest component by ₹6,300 crore.
Earnings And Corporate Actions In Focus
Tech Mahindra announced an interim dividend of ₹15 per share and approved a 1:1 bonus issue. Its Q2 net profit rose 6.7 per cent QoQ to ₹1,586 crore, while revenue increased 3 per cent to ₹16,180.2 crore.
Jio Financial Services reported a 132 per cent year-on-year increase in income, excluding dividend income, in Q2, driven by expansion in lending and digital financial services. Jio Credit’s profit increased 140 per cent year-on-year, while assets under management grew 154 per cent.
Angel One saw its net profit surge 44.7 per cent QoQ to ₹334.9 crore, with revenue remaining largely flat at ₹1,426.9 crore, alongside an interim dividend announcement of ₹1.40 per share. Persistent Systems recorded an 8.4 per cent QoQ revenue growth to ₹4,664 crore, though net profit declined 27.2 per cent to ₹352 crore.
Regulatory And Banking Developments
CSB Bank denied reports of merger discussions with IDBI Bank, stating that no negotiations are ongoing. Rajesh Exports stated it would continue cooperating with the SEBI investigation, providing required documents while denying wrongdoing.
ICICI Prudential Life Insurance saw a rectification order reduce its tax demand to ₹279 crore from ₹328 crore, easing its outstanding tax exposure by ₹49 crore. Mankind Pharma agreed to acquire a 70 per cent stake in Belgium-based Armed Cell Therapeutics for ₹511.18 crore, marking its entry into next-generation cancer cell therapies.
Frequently Asked Questions
When is the Jio Platforms IPO scheduled?
The Jio Platforms IPO is scheduled for October 21–23, with a price band set between ₹1,065 and ₹1,119 per share, as part of Reliance Industries developments.
What did the Supreme Court rule regarding Yes Bank?
The Supreme Court ruled against Yes Bank regarding the write-off of ₹8,400 crore worth of Additional Tier-1 bonds that were processed during its 2020 rescue exercise, carrying financial and regulatory implications.
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