🇮🇳 India Daybook: BEL Bags ₹1,011-Cr Defence Orders, Persistent Systems Launches $450M QIP

📍 ORDER WIN

• Bharat Electronics (BEL): The Navratna defence PSU secured additional orders valued at ₹1,011 crore following its last disclosure. Key equipment ordered includes Low-Level Light Weight Radars, advanced communication equipment, sonar systems, electronic jammers, system upgrades, and spares.

📍 FUNDRAISING

• Persistent Systems: The IT and digital engineering firm officially launched a Qualified Institutional Placement (QIP) issue to raise up to $450 million to bolster its balance sheet and fund strategic expansion initiatives.

📍 EARNINGS REACTION & RESULTS

• Mahindra & Mahindra Financial Services: Reported a 55% YoY jump in standalone net profit to ₹881.52 crore for the September quarter. Net interest income rose 13% YoY to ₹2,391 crore, supported by total asset growth of 21% to ₹1.80 lakh crore.
• The Indian Hotels Company (IHCL): Recorded a 19.5% year-on-year growth in consolidated net profit to ₹380 crore for Q2. Operating revenue rose 22% to ₹2,484 crore, alongside an upward revision of FY27 revenue growth guidance to 15–17%.
• KEI Industries: Reported a 29% increase in net profit to ₹262.4 crore for the quarter, with operational revenue advancing 29% to ₹3,776.4 crore. EBITDA expanded 40% to ₹376 crore, though EBITDA margins contracted 81 bps.
• Eternal: Second-quarter consolidated net profit nearly doubled to ₹125 crore from ₹65 crore in the year-ago period. Adjusted revenue stood at ₹24,621 crore, comfortably beating street forecasts.
• PC Jeweller: Logged a strong operational quarter, posting a 58% year-on-year increase in quarterly net profit.

📍 BUSINESS UPDATES & OPERATIONS

• NHPC: The state-run hydro major announced the commercial operation declaration of Unit 5 at the Subansiri Lower Hydroelectric Project, adding critical base capacity to the national grid.

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