Jio Platforms’ ₹30,213-crore IPO closes today, while Infosys, JSW Steel, Tata Motors’ commercial-vehicle business and Adani Power are scheduled to announce Q2 FY27 results. Swiggy, HPCL, Cyient and Adani Energy Solutions are also in the spotlight following their September-quarter earnings.
Friday, October 23, 2026
Indian stock markets enter Friday’s trading session with a busy earnings calendar, the final day of the Jio Platforms IPO and elevated crude oil prices influencing investor sentiment.
The Nifty 50 fell 123.70 points, or 0.54%, to 22,687.65 on Thursday, October 22. The BSE Sensex declined 460.30 points, or 0.62%, to 73,249.39, marking a third consecutive session of losses for the benchmarks.
Despite the recent decline, early indications pointed to a potentially positive start on Friday. GIFT Nifty futures were trading around 22,830.50 at 7:42 a.m. IST, while Brent crude futures were near $113.50 per barrel amid continued concerns over Middle East supply disruptions.
The contrast between a positive opening indication and high crude prices suggests that market direction could remain sensitive to developments during the session.
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Stocks to Watch Today: Key Highlights
| Stock / Event | Key development |
|---|---|
| Jio Platforms IPO | ₹30,213-crore issue closes today; subscribed 5.57 times by the end of Day 2 |
| Infosys | Q2 FY27 results due today; FY27 guidance and margins in focus |
| Swiggy | Revenue rises 36% YoY, but net loss widens sequentially |
| HPCL | Standalone quarterly PAT declines around 9% YoY |
| Cyient | Revenue reaches ₹2,235 crore; ₹12 interim dividend declared |
| Adani Energy Solutions | Reported PAT rises 145%, partly influenced by a tax gain |
| JSW Steel | Q2 results scheduled; steel prices and operating margins in focus |
| Tata Motors (TMCV) | Commercial-vehicle results due after 42.7% quarterly sales growth |
| Adani Power | Results scheduled today |
| Colgate-Palmolive India | Revenue grows, but EBITDA margin contracts |
| eMudhra | Company exits global SSL/TLS certificate business |
| Adani Total Gas | Standalone revenue increases 34%, while PAT rises 3% |
1. Jio Platforms IPO: Final Subscription Day Today
The Jio Platforms IPO closes on Friday, October 23, making it one of the most closely watched events in India’s primary market.
The ₹30,213-crore public offering consists of a fresh issue of up to 27 crore equity shares, with a price band of ₹1,065–₹1,119 per share.
Jio IPO details
| Particulars | Details |
|---|---|
| Issue size | ₹30,213 crore at upper price band |
| Price band | ₹1,065–₹1,119 |
| Lot size | 12 shares |
| Minimum investment at upper band | ₹13,428 |
| IPO closing date | October 23, 2026 |
| Expected allotment | October 26, 2026 |
| Scheduled listing | October 28, 2026 |
Investor demand accelerated during the second day of subscription.
According to Financial Express’ October 22 subscription report, the IPO was subscribed 5.57 times overall by approximately 7 p.m. IST on Day 2.
The qualified institutional buyer portion was subscribed 13.29 times, while the retail portion reached 1.54 times.
These are October 22 figures, not the final subscription numbers for October 23.
For investors, the final-day subscription trend may provide additional information about demand across investor categories. However, subscription levels alone cannot establish whether an IPO is attractively valued or predict its listing-day performance.
What to watch: Final category-wise subscription numbers, institutional participation and the announced allotment timetable.
2. Infosys: Q2 Results and FY27 Guidance in Focus
Infosys (NSE: INFY) is scheduled to announce its Q2 FY27 results on Friday, October 23.
The company’s official results schedule lists a management press conference at 4:30 p.m. IST, followed by an earnings conference call at 6 p.m. IST.
While quarterly revenue growth will attract attention, management guidance could be equally important.
Investors will be tracking constant-currency revenue growth, operating margins, large-deal wins and demand across major international markets.
The company’s commentary on discretionary technology spending, artificial intelligence-related opportunities and client budgets could also influence sentiment across Indian IT stocks.
What to watch: Actual revenue and margin performance, deal momentum and any revision to FY27 revenue-growth or profitability guidance.
The results are pending as of this pre-market edition.
3. Swiggy: Revenue Rises 36%, but Quarterly Loss Widens
Swiggy (NSE: SWIGGY) reported strong revenue growth for Q2 FY27, but its profitability remains under pressure.
The company posted a consolidated net loss of ₹922 crore, compared with ₹1,092 crore in the corresponding quarter last year.
Revenue from operations grew 36% year-on-year to ₹7,571 crore, from ₹5,561 crore a year earlier.
The sequential comparison was less encouraging. The net loss widened from ₹791 crore in Q1 FY27, despite revenue increasing from ₹6,812 crore.
This distinction matters because a narrowing annual loss and a widening quarterly loss can occur simultaneously.
Swiggy continues to invest in its Instamart quick-commerce platform, where dark-store expansion, delivery infrastructure and customer acquisition remain important cost drivers.
What to watch: Instamart’s expansion costs, order growth, food-delivery margins and the path toward more sustainable profitability.
4. HPCL: Q2 Profit Falls as Crude Oil Prices Remain Elevated
Hindustan Petroleum Corporation (NSE: HINDPETRO) reported lower year-on-year profitability for the September quarter.
Its standalone profit after tax stood at ₹3,482.62 crore, representing a decline of approximately 9% from the year-ago period.
The company’s consolidated PAT was ₹3,625.22 crore, down approximately 6% year-on-year.
These two profit figures are based on different reporting scopes and should be evaluated separately.
For oil marketing companies, a rise in crude prices can affect refinery costs, inventory valuations and fuel-marketing profitability. Higher tax expenses also contributed to HPCL’s quarterly profit decline.
With Brent crude trading near $113.50 per barrel in Friday’s early market update, the outlook for margins remains relevant.
What to watch: Refining margins, marketing profitability, crude-price volatility and management’s outlook for the coming quarters.
5. Cyient: Sequential Recovery and ₹12 Interim Dividend
Cyient (NSE: CYIENT) reported improving sequential performance in Q2 FY27, alongside an interim dividend announcement.
Revenue from contracts with customers reached approximately ₹2,235 crore, up around 8% quarter-on-quarter and more than 25% year-on-year.
Profit attributable to shareholders was approximately ₹121.4 crore, increasing about 17% sequentially but declining approximately 5% from the corresponding quarter last year.
The company also reported improving performance in its Digital, Engineering & Technology business, where revenue reached ₹1,664 crore.
In its official results release, Cyient highlighted stronger order intake, improving profitability and opportunities in defence, semiconductors and artificial intelligence.
Cyient dividend details
The company declared an interim dividend of ₹12 per equity share for FY27.
Its official NSE exchange filing dated October 22 confirms:
- Record date: October 28, 2026
- Dividend payment: By November 17, 2026
The financial figures cited above refer to the relevant reported measures. Profit attributable to shareholders should not be confused with other consolidated or business-segment profit figures.
What to watch: Operating margins, order execution, engineering-services demand and the sustainability of sequential profit improvement.
6. Adani Energy Solutions: PAT Jumps 145%, Tax Gain Influences Earnings
Adani Energy Solutions (NSE: ADANIENSOL) reported a strong increase in Q2 FY27 profit and operating performance.
According to its official October 22 earnings release:
| Financial measure | Q2 FY27 |
|---|---|
| Company-reported PAT | ₹1,364 crore |
| Total income | ₹10,239 crore |
| EBITDA | ₹3,548 crore |
| Operating EBITDA | ₹3,070 crore |
| Company-defined operational revenue | ₹7,167 crore |
The company reported 145% year-on-year growth in PAT, while EBITDA increased approximately 67%.
The improvement was supported by transmission operations, smart-meter installations and expansion across its energy-solutions businesses.
However, the rise in reported profit requires additional context.
According to Reuters’ October 22 earnings report, the company recorded a deferred-tax gain of approximately ₹1,581 crore, making it a significant factor in the reported earnings improvement.
Investors should also distinguish total income, consolidated revenue from operations and the company’s operational-revenue measure. They are not interchangeable.
The company highlighted a 2,500 MW round-the-clock power supply contract with Maharashtra State Electricity Distribution Company and continued expansion of its smart-meter business.
What to watch: Operating EBITDA, cash generation, tax-related effects, smart-meter execution and transmission-project progress.
7. JSW Steel: Quarterly Results Due Today
JSW Steel (NSE: JSWSTEEL) is scheduled to report its September-quarter results on October 23.
The steelmaker’s performance will be assessed against movements in domestic steel prices, production volumes, product mix and raw-material costs.
Steel prices improved in some product categories during the quarter, but stronger selling prices do not automatically guarantee better margins.
For that reason, investors will focus on consolidated EBITDA, EBITDA per tonne, domestic sales volumes, net debt and management’s outlook for steel demand.
What to watch: Operating profitability, steel realisations, input costs and demand from construction, infrastructure and automobiles.
The results are pending as of this pre-market edition.
Also Read: JSW Steel Q2 FY27 Results on Oct 23: Will Profit Jump 60-110%? What to Expect
8. Tata Motors (TMCV): Strong Vehicle Sales Ahead of Results
Tata Motors (NSE: TMCV), representing the commercial-vehicle business, is scheduled to announce its Q2 FY27 financial results on October 23.
The company reported 1,35,114 commercial-vehicle sales in Q2 FY27, compared with 94,681 vehicles in the corresponding quarter last year.
That represents 42.7% year-on-year growth across domestic and international markets.
The sales increase provides a positive volume backdrop, but investors will be examining whether it translated into stronger operating margins and cash generation.
Product mix, input costs and pricing will be important in determining the quality of the quarter’s performance.
What to watch: Revenue growth, EBITDA margins, operating leverage and management’s outlook for commercial-vehicle demand.
9. Adani Power: September-Quarter Earnings Scheduled
Adani Power (NSE: ADANIPOWER) is scheduled to consider its Q2 FY27 financial results today.
Investors will focus on electricity generation, plant utilisation, fuel costs, power-sales realisations and operating profitability.
The contribution of newer assets and any exceptional financial items may also influence reported results.
What to watch: Revenue, EBITDA, capacity utilisation, fuel economics and management commentary on power demand.
The results are pending as of this pre-market edition.
10. Colgate-Palmolive India: Revenue Grows, Margins Contract
Colgate-Palmolive India (NSE: COLPAL) reported double-digit revenue growth in Q2 FY27, although its operating margin declined.
Net profit rose 4.3% year-on-year to approximately ₹341.6 crore, while revenue from operations increased 12.3% to ₹1,705.8 crore.
EBITDA was approximately ₹474 crore, compared with ₹465 crore a year earlier.
However, the EBITDA margin contracted to approximately 28% from 31%, showing that stronger sales did not translate into equivalent operating-profit growth.
The company also announced an interim dividend of ₹24 per share.
Investors will assess whether higher advertising expenditure, input costs and competition continue to affect profitability.
What to watch: Domestic volume growth, premiumisation, operating margins and cost-control measures.
11. eMudhra: Global SSL/TLS Certificate Business Exit in Focus
eMudhra (NSE: EMUDHRA) will remain in focus after announcing its decision to withdraw from the global SSL/TLS website security certificate business.
The decision followed a security incident involving weak private keys associated with eight intermediate certificate authorities.
In its October 21 company statement, eMudhra said the issue arose from a flaw in a key-generation process.
The company stated that its infrastructure had not been compromised and that no data breach had occurred. These are the company’s statements, rather than an independent finding about every aspect of the incident.
Separately, India’s cybersecurity agency, CERT-In, confirmed that the reported incident concerned eMudhra’s international browser-trusted certificate business and did not affect its Indian digital-signature certificate and eSign services.
The distinction is important because the global certificate operation and India’s regulated digital-signature business serve different functions.
What to watch: Further technical disclosures, certificate replacement arrangements, customer impact and any longer-term reputational or commercial consequences.
12. Adani Total Gas: Revenue Growth Outpaces Profit
Adani Total Gas (NSE: ATGL) reported higher Q2 FY27 revenue and sales volumes, although profit growth was comparatively modest.
According to the company’s official October 22 results release:
- Standalone revenue: ₹2,102 crore, up 34% year-on-year.
- Standalone PAT: ₹167 crore, up approximately 3%.
- Consolidated PAT: ₹173 crore.
- Standalone EBITDA: ₹340 crore, up 12%.
The company reported 12% growth in standalone CNG and PNG sales volumes, while the cost of natural gas increased approximately 43%.
The difference between revenue growth and profit growth highlights the importance of input costs and pricing in the city-gas distribution business.
What to watch: Natural-gas sourcing costs, CNG and PNG volume growth, operating margins and the impact of elevated energy prices.
What Should Investors Watch in the Market Today?
Beyond individual company announcements, three developments could influence trading sentiment on Friday.
Crude oil and global market cues
Brent crude near $113.50 a barrel remains a significant consideration for India’s inflation outlook and companies sensitive to energy costs.
Oil marketing companies, airlines, chemicals businesses and other fuel-intensive sectors may respond differently to sustained crude-price volatility.
FII-DII activity
As reported by Moneycontrol on October 22, Foreign institutional investors were provisional net sellers of ₹3,458.70 crore in the cash market on October 22.
Domestic institutional investors were provisional net buyers of ₹2,891.32 crore during the same session.
The next session’s institutional flows may provide further insight into whether domestic buying is sufficient to offset foreign selling pressure.
Track the latest institutional cash-market activity and historical trends on NiftyTrader’s FII-DII Data Tracker.
Earnings guidance and market expectations
Several major companies are scheduled to report results during or after Friday’s session.
A company reporting higher profit does not necessarily guarantee a positive share-price reaction. Investors also consider valuation, analyst expectations, management guidance and whether the earnings improvement is operational or driven by one-time factors.
Bottom Line
The key events for Indian markets on October 23, 2026, are the final day of the Jio Platforms IPO, Infosys’ quarterly results and scheduled earnings from JSW Steel, Tata Motors and Adani Power.
Meanwhile, recent earnings from Swiggy, HPCL, Cyient and Adani Energy Solutions present different challenges for investors: expanding revenue, protecting margins, controlling costs and identifying how much reported profit reflects underlying operations.
With crude oil prices elevated and the market coming off three consecutive losing sessions, investors will be monitoring both company-specific developments and broader market sentiment.
For stock market news, earnings coverage, F&O market analysis and institutional activity, follow NiftyTrader.
Read Next: KEI Industries Shares Falls 11% Intraday Despite 39% Q2 Revenue Growth; Futures OI Diverges
Frequently Asked Questions
Which stocks are in focus today, October 23, 2026?
Infosys, Swiggy, HPCL, Cyient, Adani Energy Solutions, JSW Steel, Tata Motors (TMCV), Adani Power, Colgate-Palmolive India, eMudhra and Adani Total Gas are among the stocks drawing attention due to earnings and other corporate developments.
Is the Jio Platforms IPO closing today?
Yes. The Jio Platforms IPO is scheduled to close on Friday, October 23, 2026. The issue was subscribed 5.57 times by the end of October 22, according to published subscription data. The final October 23 subscription figures will be available after the bidding process concludes.
When are Infosys Q2 FY27 results scheduled?
Infosys is scheduled to announce its results on October 23, 2026. A management press conference is scheduled for 4:30 p.m. IST, followed by an earnings call at 6 p.m. IST.
What is the Cyient dividend record date?
Cyient has fixed October 28, 2026, as the record date for its ₹12-per-share interim dividend. According to its exchange filing, the dividend will be paid by November 17, 2026.
Disclaimer: This article is intended for general information and educational purposes only. It is not investment advice or a recommendation to buy, sell or hold any security. Market investments involve risk. Readers should independently verify financial information and refer to official company and exchange disclosures before making investment decisions. The information reflects the publication’s stated reporting time and may change after publication.
