Indian stocks head into Thursday, October 22, with Reliance Industries’ expanded credit-rating coverage, a Rs 770 crore defence contract for Bharat Electronics and Alkem Laboratories’ approval of a forensic audit among the company-specific developments to watch. Persistent Systems has also opened a fundraising issue, while HPCL and Swiggy are among companies scheduled to report quarterly results.
Key Takeaways
- Reliance’s total rated amount increased to Rs 72,000 crore after ICRA assigned ratings to bank loan facilities and reaffirmed existing programme ratings.
- BEL secured a Rs 770 crore radar supply contract, while Alkem approved a forensic audit into alleged fund misappropriation by a former employee.
- Persistent Systems launched a QIP to raise up to $450 million; HPCL, Swiggy and other companies are scheduled to release quarterly earnings.
Table of Contents
- Indian stocks: Reliance ratings and Persistent fundraising
- BEL signs radar supply deal as Omnitech receives orders
- Alkem approves investigation; Tata Communications wins tax ruling
- Quarterly results show growth, with mixed estimate comparisons
- Acquisition, subsidiary funding and dividend payment
- Conclusion
Indian stocks: Reliance ratings and Persistent fundraising
Reliance Industries received an ICRA rating letter on October 21 covering a total rated amount of Rs 72,000 crore, up from Rs 22,000 crore previously. The change reflects broader rating coverage, rather than an announcement that the company has raised that amount.
ICRA assigned [ICRA]AAA (Stable) to Rs 50,000 crore of bank loan facilities and reaffirmed the same rating on Reliance’s Rs 12,000 crore non-convertible debenture programme. It also reaffirmed [ICRA]A1+ on the company’s Rs 10,000 crore commercial paper programme.
Separately, Persistent Systems launched a qualified institutional placement to raise up to $450 million, approximately Rs 4,265 crore. A board-appointed committee approved the issue’s opening on October 21, with a floor price of Rs 5,550 per equity share.
BEL signs radar supply deal as Omnitech receives orders
The Ministry of Defence signed a Rs 770 crore contract with Bharat Electronics for improved low-level light-weight radar systems, known as LLLR-I, for the Indian Army. The systems are intended to strengthen surveillance and detect aerial threats, including small drones that can be difficult to identify.
Omnitech Engineering has begun receiving commercial orders for precision-engineered components and sub-assemblies used in data centre infrastructure. The orders followed the customer’s successful completion of the first article approval process, marking a step toward commercial supplies in that segment.
Alkem approves investigation; Tata Communications wins tax ruling
Alkem Laboratories’ audit committee approved the initiation of a forensic audit on October 21 following an incident involving alleged misappropriation of funds by a former employee. The audit is intended to examine the circumstances, identify the root cause and recommend corrective measures.
Tata Communications reported that Spain’s National Court ruled in favour of its subsidiary, Tata Communications (Spain) S.L., in a dispute with 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 input VAT refund claim and reached the court after an appeal against a decision by Spain’s Central Economic-Administrative Tribunal.
Quarterly results show growth, with mixed estimate comparisons
Mahindra & Mahindra Financial Services reported second-quarter FY27 net profit of Rs 882 crore, up 55% year-on-year. Net interest income increased 13.2% to Rs 2,391 crore, while quarterly disbursements rose 22% to Rs 16,499 crore.
KEI Industries’ second-quarter profit after tax increased 29.3% to Rs 262.4 crore, and revenue rose 38.5% to Rs 3,776.4 crore. Revenue exceeded the cited estimate of Rs 3,442 crore, but profit and EBITDA were below estimates of Rs 275 crore and Rs 395 crore, respectively.
Indian Hotels Company reported September-quarter net profit of Rs 380 crore, up 19.5% from a year earlier, while revenue from operations increased 21.7% to Rs 2,484 crore.
Companies scheduled to report results on October 22 include Hindustan Petroleum Corporation, Swiggy, Adani Energy Solutions, Havells India, Nippon Life India Asset Management and Colgate Palmolive (India).
Acquisition, subsidiary funding and dividend payment
Sagility acquired Chirok Health, adding services in clinical documentation improvement, medical coding, coding quality assurance and revenue integrity for healthcare organisations.
Pine Labs invested approximately Rs 25 crore in wholly owned subsidiary Synergistic Financial Networks Private Limited through a rights issue. The funds will support working capital, growth opportunities and further investments in step-down subsidiaries.
Gujarat Mineral Development Corporation presented a Rs 223.55 crore dividend cheque to the Gujarat government, representing the state’s share of its final dividend for FY26. The board had recommended a dividend of Rs 9.50 per share on May 14, 2026.
Conclusion
The October 22 watchlist spans completed contracts and corporate actions alongside pending fundraising and earnings releases. Alkem’s audit approval starts an investigation into allegations, while Persistent’s QIP launch remains distinct from a completed capital raise.
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