Financial Summary: Saturday, October 24, 2026

Iran Claims Hormuz Control After Mines Hit 2 Oil Tankers

Iran asserts control of the Strait of Hormuz following mine strikes on two oil tankers and issues a warning to US warships.

Trump signs executive order targeting mortgage insurance and refinance costs

President Trump signed an executive order aimed at reducing mortgage insurance and refinancing costs, intended to benefit homebuyers and reduce expenses, though analysts doubt its effectiveness given limited scope and implementation challenges.

FIIs dump Indian stocks for 10th week as midcaps, smallcaps post worst losses in 20 months

Foreign institutional investors continued their tenth consecutive week of selling, contributing to a 2.4% decline in the Nifty 50, as midcap and smallcap indices recorded their worst weekly performance in two years. Net FII sales amounted to Rs 26,970 crore, contrasting with DII purchases of Rs 1,09,420 crore.

Jio IPO Rewrites India's IPO History With Record Fundraising and Demand

Jio's IPO has broken India's record for both fundraising and subscription, with a 22.19 times oversubscription and surpassing Hyundai Motor India’s previous largest IPO. Allotted shares are expected to be credited by October 27.

NSE Chief Chauhan Flags AI Cyber Threats, Reviews Network Vulnerabilities

NSE Chief Ashishkumar Chauhan warned of AI-driven cyber threats and quantum computing risks as the exchange reviewed network vulnerabilities, underscoring the importance of robust security. The market capitalization of NSE reached ₹460 lakh crore, surpassing the value of India's banking system combined.

Kotak Mahindra Bank Q2 Profit Jumps 29.5% to Rs 5,645 Crore

Kotak Mahindra Bank reported a 26% year-on-year rise in consolidated profit after tax to Rs 5,645 crore for Q2, with net interest income up 16%. The standalone net profit jumped 29.5%, beating analyst estimates, though net interest margin saw a marginal dip due to FCNR(B) inflows. The results were announced alongside those of AU Small Finance Bank, IDFC First Bank, and other companies.

JK Cement Q2 profit climbs 8% to ₹173 crore, approves ₹130 crore Telangana paints plant

JK Cement reported a 6.3% year-on-year rise in Q2 net profit to ₹169.3 crore, driven by a 23.65% increase in revenue to ₹3,733.42 crore, and a 21% rise in grey cement sales to 5.37 million tonnes. The board approved a ₹130 crore investment for a paints plant in Telangana.

KEC International wins record ₹2,872 crore PGCIL transmission orders

KEC International has secured its largest-ever transmission order worth ₹2,872 crore from Power Grid Corporation of India, boosting its order book and reaffirming its position in India's power transmission EPC market.

India urges food supply chain overhaul as consumption patterns shift

India calls for a rethink of food supply chains to align with changing consumption patterns, as agricultural production gains spur policy discussions on distribution and data infrastructure.

AI sell-off spreads as neoclouds face credit pressure, Solidigm pulls IPO

The tech sell-off has widened beyond mega-cap names into the AI infrastructure build-out, with neocloud providers facing mounting credit risk and Solidigm withdrawing its IPO. CNBC's Club is now focused on an upcoming data center stock earnings report next week as a key test of the sector's resilience. CrowdStrike's CEO added to the alarm with a stark prediction about the industry.

Trump pushes AI buildout as own voters grow wary

President Trump is advocating for a significant AI infrastructure initiative, although his base expresses growing skepticism about the implications.