The Nifty 50 declined 77.60 points, or 0.34%, to close at 22,811.35. According to Hariselvan Radhakrishnan, founder and CEO of HST Wealth, the 22,900–23,000 zone is likely to act as resistance, while 22,700 remains the immediate support for the index.
Against this backdrop, several stocks including Reliance Industries, Eternal, Alkem Labs, BEL, HPCL, Swiggy, GMDC and other are likely to remain in focus on Thursday, October 22, as investors track September-quarter earnings, credit rating updates, fundraising plans, regulatory developments and new business wins.
Reliance Industries
Reliance Industries said ICRA has reaffirmed its credit ratings of [ICRA]AAA (Stable) on its non-convertible debenture programme worth Rs 12,000 crore and assigned the same rating to bank loan facilities worth Rs 50,000 crore. The rating agency also reaffirmed the [ICRA]A1+ rating on the company's commercial paper programme of Rs 10,000 crore. With the latest rating action, the total rated amount has increased to Rs 72,000 crore from Rs 22,000 crore previously. The company received the rating letter on October 21.Eternal
Eternal, the parent company of Zomato and Blinkit, reported a 92.3% year-on-year increase in consolidated net profit to Rs 125 crore for the second quarter of FY27, compared with Rs 65 crore a year earlier. Revenue from operations surged 77.6% to Rs 24,138 crore from Rs 13,590 crore in the year-ago quarter. On a sequential basis, net profit rose 36% from Rs 92 crore in the June quarter, while revenue increased 19.4% from Rs 20,211 crore.Indian Hotels Company
The Tata Group hospitality company reported a 19.5% year-on-year increase in net profit to Rs 380 crore for the September quarter, compared with Rs 318 crore in the corresponding period last year. Revenue from operations rose 21.7% to Rs 2,484 crore from Rs 2,041 crore. EBITDA increased 23.9% to Rs 706 crore from Rs 570 crore, while EBITDA margin contracted to 19.95% from 27.9% a year earlier.Mahindra & Mahindra Financial Services
Mahindra & Mahindra Financial Services posted a 55% year-on-year increase in net profit to Rs 882 crore in the second quarter of FY27, compared with Rs 569 crore in the year-ago period. Net interest income rose 13.2% to Rs 2,391 crore, while total income increased 18% to Rs 5,962 crore. Total assets grew 21% to Rs 1.80 lakh crore, and quarterly disbursements rose 22% to Rs 16,499 crore. Business assets increased 15% to Rs 1.47 lakh crore.KEI Industries
KEI Industries reported a 29.3% year-on-year increase in second-quarter profit after tax to Rs 262.4 crore, while revenue rose 38.5% to Rs 3,776.4 crore. EBITDA increased 39.8% to Rs 376 crore, with the margin improving marginally to 10% from 9.9% a year earlier. Revenue exceeded the estimate of Rs 3,442 crore. However, profit and EBITDA fell short of estimates of Rs 275 crore and Rs 395 crore, respectively. The EBITDA margin was also below the projected 11.5%.Bharat Electronics
The Ministry of Defence has signed a Rs 770 crore contract with Bharat Electronics (BEL) for the supply of improved low-level light-weight radar (LLLR-I) systems to the Indian Army. The systems are designed to strengthen the Army's surveillance capabilities and help detect aerial threats, including small drones that can be difficult to identify.Persistent Systems
Persistent Systems has launched a qualified institutional placement (QIP) to raise up to $450 million, or approximately Rs 4,265 crore. A committee appointed by the company's board approved the opening of the issue on October 21. The company has set the floor price at Rs 5,550 per equity share.ALSO READ: Ahead of Market: 10 things that will decide stock market action on Thursday
Gujarat Mineral Development Corporation
Gujarat Mineral Development Corporation (GMDC) has presented a dividend cheque of Rs 223.55 crore to the Gujarat government, representing the state's share of the company's final dividend for FY26. The company's board had recommended a dividend of Rs 9.50 per equity share, with a face value of Rs 2, on May 14, 2026.Alkem Laboratories
Alkem Laboratories' audit committee has approved the initiation of a forensic audit into an incident involving the alleged misappropriation of funds by a former employee. The audit will examine the circumstances surrounding the incident, establish the root cause and recommend appropriate corrective measures. The approval was granted at the audit committee meeting held on October 21.Tata Communications
Tata Communications said the National Court of Spain has ruled in favour of its subsidiary, Tata Communications (Spain) S.L., in a tax dispute involving the Spanish Tax Agency. The court annulled a VAT demand of €15.51 million, including interest, and a penalty of €18.10 million. The dispute concerned the subsidiary's claim for a refund of input VAT and had reached the court following an appeal against a decision by Spain's Central Economic-Administrative Tribunal.Sagility
Sagility has acquired Chirok Health, a provider of clinical documentation improvement, medical coding, coding quality assurance and revenue integrity services for healthcare organisations. The acquisition expands Sagility's presence in services supporting healthcare providers' clinical documentation and revenue cycle operations.Pine Labs
Pine Labs has invested approximately Rs 25 crore in its wholly owned subsidiary, Synergistic Financial Networks Private Limited (SFNPL), by subscribing to 49,869 equity shares through a rights issue. The investment will support the subsidiary's working capital requirements, fund growth opportunities and enable further investments in its step-down subsidiaries. SFNPL will continue to remain a wholly owned subsidiary of Pine Labs.ALSO READ: Jio IPO Day 1: Issue subscribed 3 times on strong QIB push; retail portion booked 68%. Check GMP
Juniper Green Energy
Juniper Green Energy has incorporated two wholly owned subsidiaries: Juniper Green Cosmic Fifteen Private Limited and Juniper Green Kite Fifteen Private Limited.Omnitech Engineering
Omnitech Engineering has started receiving commercial orders for the manufacture and supply of precision-engineered components and sub-assemblies for the data centre infrastructure value chain. The orders follow the successful completion of the first article approval process by its customer, marking a step towards commercial supplies in the segment.Q2 Results
Adani Energy Solutions, Hindustan Petroleum Corporation, Havells India, Nippon Life India Asset Management, Swiggy, Adani Total Gas, Jindal Stainless, Colgate Palmolive (India), Hatsun Agro Products, Chennai Petroleum Corporation, Sagility, CreditAccess Grameen, Garware Hi-Tech Films, Jammu and Kashmir Bank, CIE Automotive India, Maharashtra Scooters, Cyient, Nuvoco Vistas Corporation, Bluestone Jewellery and Lifestyle, Mahindra Lifespace Developers, Paisalo Digital Ltd., Tata Teleservices (Maharashtra), Sapphire Foods India, Bansal Wire Industries, Rallis India, Pitti Engineering, Orient Cement, Poojaa Precision Engg, Tinna Rubber and Infrastructure Ltd., Accelya Solutions India, Fairchem Organics, Trishakti Industries, Indo Thai Securities, Cybertech Systems and Software, Varvee Global, Sayaji Industries, Parshva Enterprises.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
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