TOP ANNOUNCEMENTS FOR THE DAY #YESBANK: YES Bank said the Supreme Court, in a judgement dated October 15, 2026, upheld the Bombay High Court ruling on the write-down of its Rs. 8,415 Cr AT-1 bonds, 15.3% of market value, and the bank is still assessing the impact. #HDFCBANK: HDFC Bank has accepted Deputy Managing Director Kaizad Bharucha's request to leave on December 31, 2026, subject to RBI approval, cutting short a term that ran to April 18, 2029, with no successor named. #AXISBANK: Axis Bank posted Q2 FY27 standalone net profit of Rs. 7,003.28 Cr, up from Rs. 5,089.64 Cr, as gross NPAs eased to 1.16% and net NPAs to 0.35%. #JSWSTEEL: JSW Steel has received NCLT sanction to merge Piombino Steel into itself, bringing its investment in Bhushan Power and Steel directly under the company once the order is filed with the Registrar of Companies. #IDBI: IDBI Bank reported Q2 FY27 net profit of Rs. 2,205.45 Cr against Rs. 3,627.36 Cr, as last year included a one-off gain of Rs. 1,699 Cr, while net interest margin rose to 4.11%. #GPTINFRA: GPT Infraprojects subsidiary Alcon Builders and Engineers won a Rs. 134.11 Cr railway signalling contract from Western Railway's Ratlam Division, 8.4% of market value, to be executed in 548 days. #MAHICKRA: Mahickra Chemicals plans a Rs. 53,17,960 cash subscription for 2,65,898 shares of Vida Wellness, taking a 51% stake and moving into hygiene, cosmetics and wellness products. #OSELDEVICE: Osel Devices approved up to 1,70,000 preferential warrants at Rs. 412 per share, 1.1% of market value, convertible within 18 months, and named Kapil Kohli strategic consultant.

☀️ Front Wave Morning Pulse NIFTY 23,150.85 (+0.02%): Flat in pre-open. The Street expects a cautious, expiry-led session, with traders keeping positions light before Tuesday's Dussehra holiday and the weekend's Q2 results setting the tone. USDINR 94.8300 (-0.13%): Rupee firmer. RBI data on Friday showed reserves down $8.58 billion to $726 billion in the week to October 9 as the central bank sold Dollars. Brent 107.80 (-1.95%): Lower. Trump waived new Russia sanctions and the tariffs on major buyers of Russian oil late Friday, two days before they were due to take effect. Gold 148,350 (+0.29%): Bid. Haven demand after the Nasdaq fell 2.1% on Friday, closing its worst week since June on AI spending worries. US 10Y 5.060 (-0.41%) | India 10Y 7.370 (-0.16%): Both lower. October Fed hike odds fell below 15% from 27% after Chair Kevin Warsh declined to signal a move in Bangkok on Friday. 📊 Technical Desk: Commodities upgraded to Neutral and DXY downgraded to Neutral, with IT the week's sole winner, up 12%. With almost the whole board at Neutral, the desk expects consolidation for longer. A close above 23,200 in Nifty50 turns the desk cautiously bullish.

💡 Six banks reported Q2 FY27 ; Six different stories. #HDFC Bank: loans +16.3%, with retail assets back to 11.2% growth from 7.4% in March. Management sees Q2 as the margin bottom; ~70% of the book reprices to the October hike by December. Anup Bagchi takes over as MD & CEO. #ICICI Bank: loans +30% (24.1% ex-FCNR), domestic corporate +30.6%, credit cards -9.7%. NIM fell 18 bps to 4.18%, with more pressure flagged for Q3 before a Q4 recovery. #Axis Bank : PAT +37.6% as provisions fell 52%. NIM 3.36%, or 3.47% ex-FCNR. Management called Q2 the bottom. #IDBI Bank : PAT -39%, but only against last year's ₹1,699 cr NSDL gain. NIM rose 50 bps QoQ to 4.11%; profit is up two quarters running. #Central Bank: advances +30.4% against deposits +14.4%; CASA slipped 213 bps to 44.7%. PAT +21%, helped by a 14% tax rate. #YES Bank: PAT +65%, GNPA 1.2%. But if the Supreme Court's AT-1 ruling were booked, Q2 would turn into a ₹5,217 cr loss. The private majors are calling a margin bottom. The PSU names are lending faster than they are raising deposits. Source: Company Filings

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