Stories
Stocks to Watch for 15 October: IDBI Bank, Tata Tech, Jio and 15 other shares in focus
- •Tata Technologies reported a 5.2 percent decline in net profit to ₹171.4 crore while revenue increased by 2.1 percent.
- •HDB Financial Services registered a 34.3 percent increase in net profit reaching ₹780.2 crore.
- •The Cabinet Committee on Economic Affairs approved Fairfax Financial Holdings to acquire a 60.72 percent stake in IDBI Bank for ₹52,878.08 crore.
- •Jio Platforms announced its IPO will open on October 21 and close on October 23.
- •Hyundai Motor India announced an investment of up to ₹11,000 crore in its Pune plant.
Key Questions Answered
The Cabinet Committee on Economic Affairs approved Fairfax Financial Holdings as a strategic buyer to acquire a 60.72% stake in IDBI Bank for ₹52,878.08 crore. This sale encompasses a 30.48% government stake and a 30.24% LIC stake, after which the government will retain 15% and LIC will retain 19% in the bank.
The Jio Platforms IPO is scheduled to open for subscription on October 21 and will close on October 23. The offering features a reservation of equity shares worth up to ₹2,500 crore for eligible Reliance Industries shareholders and up to ₹500 crore designated for employees.
Tata Technologies reported a 5.2% year-on-year decline in net profit down to ₹171.4 crore compared to ₹180.8 crore previously. Meanwhile, the company's revenue increased by 2.1% to ₹1,699 crore, and EBIT saw a slight decrease of 0.8% to reach ₹219 crore.
