Indian equities extended their recovery on Friday, with sustained buying in information technology stocks lending support to the broader market. Strong quarterly earnings and upbeat management commentary reinforced investor confidence in the sector’s earnings outlook.

The Nifty 50 advanced 149 points, or 0.65%, to close at 23,146. A sustained close above the 23,150 mark could extend the recovery towards 23,300–23,500, according to Hariselvan Radhakrishnan, founder and CEO of HST Wealth. However, Radhakrishnan cautioned that Bank Nifty needs to break above 56,000, while broader market participation must improve for the rally to gain durability. A failure to sustain above 23,000, he said, would suggest that the recovery remains narrow and vulnerable to elevated crude oil prices, higher bond yields and renewed foreign selling.

Against this backdrop, shares of Vedanta, HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, Oil India, Zen Technologies, HFCL, Ireda, and several other companies will be in focus on Monday, October 19, as investors assess quarterly earnings, corporate announcements, fundraising plans and regulatory developments.

Vedanta, the flagship company of the Vedanta Group, announced plans to double annual zinc production capacity at its South African operations to 500,000 tonnes following an investment of nearly $600 million in Phase II of the Gamsberg project under Vedanta Zinc International (VZI). The expansion marks one of the largest mining investments in South Africa this decade and is expected to strengthen Vedanta’s zinc production capabilities.

HDFC Bank, India’s largest private-sector lender, reported a 4.7% year-on-year increase in second-quarter net profit to Rs 19,510 crore, while net interest income (NII) grew 9.7%. However, the bank’s net interest margin (NIM) declined to a record low of 3.16%, while treasury trading income plunged 67.4% year-on-year.

ICICI Bank reported better-than-expected net profit and net interest income for the September quarter, accompanied by an improvement in asset quality. Net profit rose 20.1% year-on-year to Rs 14,843 crore, while NII increased 17.7% to Rs 25,339 crore.

Yes Bank reported a 65.14% year-on-year increase in net profit to Rs 1,080 crore, while NII grew 22.7% to Rs 2,822 crore.

Asset quality improved sequentially, with the gross non-performing asset (NPA) ratio declining to 1.2% from 1.3%. The net NPA ratio remained unchanged at 0.2%. Provisions stood at Rs 317.3 crore in the September quarter, compared with Rs 394.4 crore in the preceding quarter and Rs 419 crore in the corresponding period last year.

LTM

LTM reported a marginal 0.1% year-on-year decline in profit after tax (PAT) to Rs 1,379.9 crore in Q2FY27, compared with Rs 1,381.2 crore in Q2FY26. Revenue, however, rose 13.6% to Rs 11,807.6 crore from Rs 10,394.3 crore a year earlier. Earnings before interest and tax (EBIT) increased 11.5% to Rs 1,838.1 crore, compared with Rs 1,648.1 crore in the year-ago quarter.

Oil India Limited (OIL) signed a revenue sharing contract (RSC) on October 15, 2026, for Special Coal Bed Methane (CBM) Block SRONHP-(CBM)-2026/1, marking a milestone in its energy diversification strategy.

Axis Bank reported a 37.6% year-on-year increase in September-quarter net profit to Rs 7,003 crore, while NII rose 11.8% to Rs 15,372 crore, surpassing estimates. Asset quality improved during the quarter, with the gross NPA ratio at 1.16% and the net NPA ratio easing to 0.35%.

IDBI Bank reported a 39% year-on-year decline in second-quarter profit to Rs 2,206 crore. However, excluding a one-off gain from the sale of its investment in NSDL in the year-ago quarter, profit increased 14%. NII grew 28.7%, while NIM expanded to 4.11%.

India Cements, a subsidiary of UltraTech Cement, reported a sharp increase in second-quarter profit, supported by operational efficiencies and higher capacity utilisation.

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Bajaj Healthcare reported a 26.9% year-on-year increase in net profit, while revenue rose 18.9%. EBITDA increased 15.8% to Rs 31 crore. However, the EBITDA margin contracted to 17.7% from 18.2% in the corresponding quarter last year, indicating some pressure on operating profitability despite growth in earnings and revenue.

Central Bank of India reported a 21.1% year-on-year increase in second-quarter net profit to Rs 1,469 crore, supported by 26.3% growth in NII. Asset quality improved, with the gross NPA ratio easing to 2.39%. The bank’s board also approved a fundraising plan of up to Rs 7,000 crore through bonds.

Travel technology company ixigo reported a turnaround in its September-quarter performance, posting a net profit of Rs 61.3 crore against a loss of Rs 3.2 crore in the year-ago period. Revenue increased 12.9% to Rs 321 crore. EBITDA stood at Rs 18.1 crore, compared with an EBITDA loss of Rs 3.7 crore in the corresponding quarter last year. The return to profitability, alongside positive EBITDA, marks an improvement in the company’s financial performance.

Himadri Speciality Chemical reported a 28.9% year-on-year increase in September-quarter net profit to Rs 239.8 crore, while revenue climbed 44.2% to Rs 1,543 crore from Rs 1,070 crore. The company is targeting a doubling of profit by FY28, supported by expansion into battery materials and international markets.

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Bajaj Housing Finance reported an 18% year-on-year increase in Q2FY27 profit after tax to Rs 757 crore, compared with Rs 643 crore in the corresponding quarter of the previous financial year. NII rose 10% to Rs 1,055 crore from Rs 956 crore, while net total income increased 15% to Rs 1,254 crore from Rs 1,090 crore, according to the company’s exchange filing.

Amber Enterprises India announced that its material subsidiary, IL JIN Electronics (India) Limited, entered into a share-swap agreement on October 18, 2026, to acquire the remaining 40% stake in Power-One Micro Systems Private Limited.

Under the agreement, IL JIN will acquire 1,75,680 equity shares of Power-One from existing shareholders. In consideration, it will issue and allot 1,76,000 compulsorily convertible preference shares (CCPS A3), each with a face value of Rs 10 and an issue price of Rs 10,000, including a premium of Rs 9,990 per share.

Upon completion, IL JIN will hold 100% of Power-One’s equity share capital, making Power-One a wholly owned subsidiary of IL JIN and, consequently, Amber Enterprises India.

Schneider Electric Infrastructure said an appeal filed by the company against an earlier order concerning excess input tax credit (ITC) claimed for FY2017-18 has been rejected. The company received an order-in-appeal from the Joint Commissioner, CGST and Central Excise, Kolkata Appeal-I Commissionerate, rejecting its appeal against the original order dated July 16, 2024.

The original proceedings involved a demand for excess ITC claimed during FY2017-18, along with a penalty.

Zen Technologies announced that its board has approved an investment of Rs 135.15 crore to acquire a 51.98% stake in Bengaluru-based defence technology company Cogknit Semantics Private Limited on a fully diluted basis. Cogknit won the iDEX challenge to develop a Battlefield Management System (BMS) for Main Battle Tanks and received the Raksha Mantri’s Award for Innovation in 2022.

Bajaj Finance, UltraTech Cement, Hindustan Zinc, Union Bank of India, Piramal Finance, LT Technology Services, HFCL, Indian Renewable Energy Development Agency, Gallantt Ispat, Sobha, Jaiprakash Power Ventures, SML Mahindra, Waaree Renewable Technologies, Just Dial, Elevate Campuses, Tatva Chintan Pharma Chem, Bhansali Engineering Polymers, A-One Steels India, Varmora Granito, Delta Corp, NELCO, GOCL Corporation, Mangalam Global Enterprise, Aerpace Industries, AksharChem (India), Quint Digital, Modern Dairies, Shri Niwas Leasing and Finance, Koura Fine Diamond Jewelry, Modern Steels, Bloom Industries, Yash Management and Financial Services, and Ontic Finserve.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here