Indian equities extended their decline on Thursday, October 22, as benchmark indices closed lower for a third straight session. The Nifty 50 fell 123.70 points, or 0.54%, to 22,687.65, while the Sensex lost 460.30 points, or 0.62%, to 73,249.39. Mid-cap and small-cap shares also weakened. Alongside the broader market slide, several company results and announcements put individual stocks in focus.
1. Sensex and Nifty extend losses; broader market under pressure
The Sensex and Nifty ended lower, with selling extending beyond the largest companies. Mid-cap and small-cap indices also fell, reflecting cautious trading across market segments. Investors weighed global risk and elevated energy costs while reacting to a busy earnings calendar.
2. eMudhra sinks after exit from global certificate business
eMudhra shares fell sharply after the digital-trust company announced a voluntary exit from its global SSL/TLS certificate business following the discovery of vulnerabilities affecting eight intermediate certificates. CERT-In had flagged the issue, and major browser operators moved to block affected certificates. The company said this business contributes about 1% of revenue and that its domestic digital-signature and eSign operations are unaffected.
3. M&M Financial slides despite 55% profit growth
Mahindra & Mahindra Financial Services reported September-quarter net profit of about ₹882 crore, up roughly 55% year on year, while net interest income rose 13% to around ₹2,391 crore. The shares nevertheless came under pressure. Investors are weighing the strong reported growth against questions around funding costs and the outlook for lending profitability.
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4. KEI Industries falls despite a stronger quarter
KEI Industries shares declined after the wires and cables maker reported Q2 net profit of about ₹262 crore, up 29% year on year, and revenue of roughly ₹3,776 crore. EBITDA also grew, with the margin improving slightly. The stock’s fall showed that positive headline earnings do not always overcome near-term expectations or broader market selling.
5. Eternal’s profit nearly doubles, but misses expectations
Eternal reported consolidated net profit of ₹125 crore for the September quarter, compared with ₹65 crore a year earlier. Adjusted revenue rose to ₹24,621 crore. However, profit and EBITDA were below market estimates, keeping attention on the gap between business growth and the earnings investors had expected.
6. Indian Hotels posts growth as margins contract
The Indian Hotels Company reported Q2 net profit of about ₹380 crore, up nearly 20% year on year, while revenue rose around 22% to ₹2,484 crore. EBITDA increased, but the EBITDA margin narrowed to about 20% from roughly 28% a year earlier. Investors will watch whether the company can sustain growth while improving operating margins.
7. PC Jeweller jumps after profit rises 58%
PC Jeweller shares advanced after the company reported September-quarter net profit of about ₹331 crore, up 58% year on year. Revenue rose nearly 28% to about ₹1,055 crore. The company also outlined plans to open 100 stores over the next 18 months, adding an expansion plan to its earnings update.
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8. BEL reports ₹1,011 crore in additional orders
Bharat Electronics said it received additional orders worth ₹1,011 crore since its previous update on October 13. The orders cover defence and communications equipment, including radar, sonar, jammers, upgrades and spares. The announcement adds to the company’s order flow and was among the defence-sector developments in focus.
9. Persistent Systems opens a ₹4,265 crore QIP
Persistent Systems opened a qualified institutional placement to raise up to $450 million, equivalent to about ₹4,265 crore. The company set a floor price of ₹5,550 per share and may offer a discount of up to 5%, subject to the final issue terms. Investors will track the final pricing and the use of proceeds.
10. Tata Communications wins Spanish tax appeal
Tata Communications said Spain’s National Court ruled in favour of its subsidiary in a tax dispute, annulling a VAT demand of about €15.51 million and a related penalty of about €18.10 million. The decision removes a substantial disputed liability, subject to the applicable legal process.
What investors will watch
The session’s news showed a market balancing weaker broader sentiment with a varied set of company updates. For the earnings stories, investors will focus on whether revenue growth converts into durable profit and margins. For order wins and fundraising plans, the next questions are execution, project economics and how the announced capital will support growth.
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Disclaimer: This article is for informational purposes only and is not investment advice. Onetrader is not registered with SEBI as an investment adviser or research analyst.
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