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Jomei Investments, a special purpose vehicle owned by Advent International Corporation, has exited Aditya Birla Capital by selling its entire 2.04 percent shareholding in the company via open market transactions on October 28.

<a href="https://www.moneycontrol.com/india/stockpricequote/finance-investments/adityabirlacapital/ABC9">Aditya Birla Capital</a> shares rose just 0.6 percent to close at Rs 312.6 on the NSE. The stock remained in uptrend since March this year, more than doubled in last eight months from around Rs 150 level despite intermittent correction.

Jomei Investments sold 5.32 crore equity shares (equivalent to 2.04 percent of paid-up equity) in Aditya Birla Capital, the holding company for the financial services businesses of the Aditya Birla group, via two block deals, at Rs 308 per share, valued at Rs 1,638.6 crore.

These 5.32 crore shares were bought by total 15 foreign and domestic institutional investors including Goldman Sachs, Plutus Wealth Management, Morgan Stanley, Norges Bank on account of the Government Pension Fund Global, Societe Generale, and Viridian Asia Opportunities Master Fund.

Other investors that picked Aditya Birla Capital shares were HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, ITI MF, Motilal Oswal AMC, SBI MF, DSP MF, Manulife Global Fund India Equity Fund, and Tara Emerging Asia Liquid Fund.

Meanwhile, the brisk action was also seen in <a href="https://www.moneycontrol.com/india/stockpricequote/pharmaceuticals/aareydrugspharmaceuticals/ADP">Aarey Drugs &amp; Pharmaceuticals</a>. which was locked in 2 percent upper circuit at Rs 91.29 despite stake sale by Pinewood Strategy.

India Opportunities Growth Fund - Pinewood Strategy sold 1.53 lakh shares (0.54 percent stake) at Rs 87.76 per share for Rs 1.3 crore.

<a href="https://www.moneycontrol.com/india/stockpricequote/auto-ancillaries-tyresrubber-products/tolinstyres/TTL04">Tolins Tyres</a> was also in focus, as its shares gained 3.10 percent to close at Rs 192.32 after BofA Securities Europe SA acquired 2.1 lakh shares (0.53 percent stake) at Rs 189.99 per share, valued at Rs 3.98 crore.

Olympus ACF continued to be seller in <a href="https://www.moneycontrol.com/india/stockpricequote/bank-private/utkarshsmallfinancebankre/USF02">Utkarsh Small Finance Bank</a> rights shares, offloading 1.46 crore shares at Rs 2.84 per share for Rs 4.15 crore.

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Jomei Investments exits Aditya Birla Capital, sells Rs 1,638.6-crore worth shares to 15 investors including Morgan Stanley, Goldman Sachs, Norges Bank

Jomei Investments, a special purpose vehicle owned by Advent International Corporation, has exited Aditya Birla Capital by selling its entire 2.04 percent shareholding in the company via open market transactions on October 28.

Aditya Birla Capital shares rose just 0.6 percent to close at Rs 312.6 on the NSE. The stock remained in uptrend since March this year, more than doubled in last eight months from around Rs 150 level despite intermittent correction.

Jomei Investments sold 5.32 crore equity shares (equivalent to 2.04 percent of paid-up equity) in Aditya Birla Capital, the holding company for the financial services businesses of the Aditya Birla group, via two block deals, at Rs 308 per share, valued at Rs 1,638.6 crore.

These 5.32 crore shares were bought by total 15 foreign and domestic institutional investors including Goldman Sachs, Plutus Wealth Management, Morgan Stanley, Norges Bank on account of the Government Pension Fund Global, Societe Generale, and Viridian Asia Opportunities Master Fund.

Other investors that picked Aditya Birla Capital shares were HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, ITI MF, Motilal Oswal AMC, SBI MF, DSP MF, Manulife Global Fund India Equity Fund, and Tara Emerging Asia Liquid Fund.

Meanwhile, the brisk action was also seen in Aarey Drugs &amp;amp; Pharmaceuticals. which was locked in 2 percent upper circuit at Rs 91.29 despite stake sale by Pinewood Strategy.

India Opportunities Growth Fund - Pinewood Strategy sold 1.53 lakh shares (0.54 percent stake) at Rs 87.76 per share for Rs 1.3 crore.

Tolins Tyres was also in focus, as its shares gained 3.10 percent to close at Rs 192.32 after BofA Securities Europe SA acquired 2.1 lakh shares (0.53 percent stake) at Rs 189.99 per share, valued at Rs 3.98 crore.

Olympus ACF continued to be seller in Utkarsh Small Finance Bank rights shares, offloading 1.46 crore shares at Rs 2.84 per share for Rs 4.15 crore.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/plastics/supremeindustries/SI48">Supreme Industries</a> dropped nearly 5 percent on October 28, a day after the company released its results for the second quarter of the financial year 2026. Brokerages have mixed reviews for the stock.

The shares of the plastic products manufacturer hit an intraday low of Rs 3,815.50 apiece, before recovering some losses to trade over 4 percent lower at Rs 3,828.50 apiece, as seen at 12.24 pm.

Supreme Industries Q2 Results:

Supreme Industries on October 27 reported a consolidated net profit of Rs 164.74 crore for the July-September quarter of the financial year 2026. This marks a 20 percent year-on-year drop from the Rs 206.60 crore net profit reported in the same period last year. The firm’s revenue from operations meanwhile rose over 5 percent YoY to Rs 2,394 crore in Q2 FY26.

Along with the Q2 results, the company also announced an interim dividend of Rs 11 per equity share for the financial year 2026. The record date to determine the eligibility of the shareholders set to receive the payment has been set at November 3.

CLSA on Supreme Industries:

CLSA kept a ‘Hold’ call on the stock, but cut its target price to Rs 4,275 per share. The latest target price implies an upside potential of nearly 7 percent from the stock’s previous closing price of Rs 4,000.90 per share.

The international brokerage said that the firm posted weak Q2 results with EBITDA declining 7 percent YoY. It noted that volume rose 12 percent YoY, partly helped by the Wavin acquisition.

The company has guided for FY26 volume growth of 12 percent-14 percent, and an EBITDA margin of 14.5 percent-15.5 percent. The management is hopeful of a demand uptick in the second half of FY26, driven by agriculture and infrastructure. If demand recovers, actual volume delivery could be close to its guidance, though margin expectations look tough to be met, CLSA said.

Yes Securities on Supreme Industries:

Yes Securities kept a ‘Neutral’ call on Supreme Industries, with a target price of Rs 4,083 apiece. This implies an upside potential of more than 2 percent from the stock’s previous closing price. The domestic brokerage said that the company posted better than expected volume growth, but margins disappointed.

PL Capital on Supreme Industries:

PL Capital however upgraded the stock to rating from ‘Accumulate’ to ‘Buy, citing recent correction in stock price. The domestic brokerage noted that the volume growth was 11.8 percent above its estimates of 6.8 percent. Supreme Industries expects H2 FY26 to be better than H1 FY26, supported by the likely imposition of ADD on PVC resin, improved agriculture demand, and higher government spending, PL Capital said.

JM Financial on Supreme Industries:

JM Financial maintained its ‘Buy’ rating on the stock, with a revised target price of Rs 5,180 per share. This implies an upside potential of more than 29 percent from the stock’s previous closing price. The brokerage said that the firm delivered an in-line operating performance.

Supreme Industries share price history:

The company had released its results during market hours on October 27. The stock had dropped nearly 3 percent intraday before closing flat yesterday. The stock has now extended losses.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-28-10-2025-liveblog-13635571.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Supreme Industries shares fall 5% after Q2 net profit drops 20%: Should you buy, sell or hold?

The shares of Supreme Industries dropped nearly 5 percent on October 28, a day after the company released its results for the second quarter of the financial year 2026. Brokerages have mixed reviews for the stock.

The shares of the plastic products manufacturer hit an intraday low of Rs 3,815.50 apiece, before recovering some losses to trade over 4 percent lower at Rs 3,828.50 apiece, as seen at 12.24 pm.

Supreme Industries Q2 Results:

Supreme Industries on October 27 reported a consolidated net profit of Rs 164.74 crore for the July-September quarter of the financial year 2026. This marks a 20 percent year-on-year drop from the Rs 206.60 crore net profit reported in the same period last year. The firm’s revenue from operations meanwhile rose over 5 percent YoY to Rs 2,394 crore in Q2 FY26.

Along with the Q2 results, the company also announced an interim dividend of Rs 11 per equity share for the financial year 2026. The record date to determine the eligibility of the shareholders set to receive the payment has been set at November 3.

CLSA on Supreme Industries:

CLSA kept a ‘Hold’ call on the stock, but cut its target price to Rs 4,275 per share. The latest target price implies an upside potential of nearly 7 percent from the stock’s previous closing price of Rs 4,000.90 per share.

The international brokerage said that the firm posted weak Q2 results with EBITDA declining 7 percent YoY. It noted that volume rose 12 percent YoY, partly helped by the Wavin acquisition.

The company has guided for FY26 volume growth of 12 percent-14 percent, and an EBITDA margin of 14.5 percent-15.5 percent. The management is hopeful of a demand uptick in the second half of FY26, driven by agriculture and infrastructure. If demand recovers, actual volume delivery could be close to its guidance, though margin expectations look tough to be met, CLSA said.

Yes Securities on Supreme Industries:

Yes Securities kept a ‘Neutral’ call on Supreme Industries, with a target price of Rs 4,083 apiece. This implies an upside potential of more than 2 percent from the stock’s previous closing price. The domestic brokerage said that the company posted better than expected volume growth, but margins disappointed.

PL Capital on Supreme Industries:

PL Capital however upgraded the stock to rating from ‘Accumulate’ to ‘Buy, citing recent correction in stock price. The domestic brokerage noted that the volume growth was 11.8 percent above its estimates of 6.8 percent. Supreme Industries expects H2 FY26 to be better than H1 FY26, supported by the likely imposition of ADD on PVC resin, improved agriculture demand, and higher government spending, PL Capital said.

JM Financial on Supreme Industries:

JM Financial maintained its ‘Buy’ rating on the stock, with a revised target price of Rs 5,180 per share. This implies an upside potential of more than 29 percent from the stock’s previous closing price. The brokerage said that the firm delivered an in-line operating performance.

Supreme Industries share price history:

The company had released its results during market hours on October 27. The stock had dropped nearly 3 percent intraday before closing flat yesterday. The stock has now extended losses.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of Bata India and the newly-listed stocks of Canara HSBC Life and Canara Robeco AMC dropped sharply in trade on October 28 after the Q2 results released by the three companies failed to meet expectations.

The three companies had released their results in the post market hours of October 27.

Bata India Q2 Results:

<a href="https://www.moneycontrol.com/india/stockpricequote/leather-products/bataindia/BI01">Bata India</a> reported a consolidated net profit of Rs 13.89 crore for Q2 FY26. This marks a 73 percent YoY drop from the Rs 51.98 crore net profit reported in Q2 FY25. The firm's revenue from operations dropped 4 percent YoY to Rs 801.3 crore during the quarter under review, as against Rs 837 crore in the same period last year.

The company said that deferment of purchases by channel partners and customers since the announcement of GST rate rationalization had impacted its financial performance during the quarter. "Further, disruption in one of the largest warehouses in July 2025 also had temporary business impact. The Quarter has ended on a positive note with signs of recovery in festive season," it added.

"We remain cautiously optimistic about recovery towards balance of this year, backed by our strong market positioning and wide network while maintaining strong focus on cost efficiencies," said Bata India MD and CEO Gunjan Shah.

Bata India share price:

The shares of the company dropped more than 6 percent to hit an intraday low of Rs 1,090.50 apiece. The stock then recovered some losses to trade 3 percent lower at Rs 1,130 apiece, as seen at 11.38 am.

Citi kept a 'Sell' call on the stock, with a target price of Rs 750 per share. This implies a downside potential of nearly 36 percent from the stock's previous closing price. The international brokerage said that the firm's revenue has declined below its estimates despite weak base and early onset of festive season. Citi noted that Bata India’s profitability was weak, with EBITDA declining.

Canara HSBC Life Q2 Results:

<a href="https://www.moneycontrol.com/india/stockpricequote/lifehealth-insurance/canarahsbclifeinsurancecompany/CHL02">Canara HSBC Life Insurance Company</a> reported a standalone net profit of Rs 40.81 crore for Q2 FY26. This marks a 10.69 percent YoY rise from the Rs 36.87 crore net profit reported in Q2 FY25. The newly-listed firm’s net premium income rose 23 percent YoY to Rs 2,259.73 crore.

For the first half of the ongoing financial year 2026 (April-September), Canara HSBC Life reported a 21 percent YoY increase in value of new business (VNB) to Rs 214.3 crore with a VNB margin of 19.6 percent.

Canara HSBC Life share price:

The shares of the company dropped more than 4 percent to hit an intraday low of Rs 116.50 apiece. The stock then recovered all losses to trade nearly flat at Rs 121.61 apiece, as seen at 11.50 am. The stock has gained over 13 percent in the past five days.

Canara HSBC Life shares had made a flat listing on October 17, listing exactly at the IPO price of Rs 106 per share. The stock has so far gained nearly 10 percent since then.

Canara Robeco AMC Q2 Results:

Recently-listed <a href="https://www.moneycontrol.com/india/stockpricequote/finance-investment/canararobecoassetmanagementcompany/CRAMCL">Canara Robeco AMC</a> reported a net profit of Rs 48.71 crore for Q2 FY26, marking a drop of nearly 3 percent YoY from the Rs 50.04 crore net profit reported in Q2 FY25. The firm's revenue from operations meanwhile rose 3 percent YoY to Rs 107.65 crore during the quarter under review.

Canara Robeco AMC share price:

Canara Robeco AMC shares plunged more than 11 percent to hit an intraday low of Rs 311.10 apiece. The stock later recovered some losses and was trading around 5 percent lower at Rs 334.45 apiece.

The stock had debuted at a premium of more than 5 percent over the IPO price at Rs 280.25 apiece on NSE on October 16. The stock has so far gained around 11 percent since then.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-28-10-2025-liveblog-13635571.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Q2 Results impact: Bata India shares drop 7% on weak earnings; Canara HSBC Life, Canara Robeco AMC plunge up to 11%

The shares of Bata India and the newly-listed stocks of Canara HSBC Life and Canara Robeco AMC dropped sharply in trade on October 28 after the Q2 results released by the three companies failed to meet expectations.

The three companies had released their results in the post market hours of October 27.

Bata India Q2 Results:

Bata India reported a consolidated net profit of Rs 13.89 crore for Q2 FY26. This marks a 73 percent YoY drop from the Rs 51.98 crore net profit reported in Q2 FY25. The firm's revenue from operations dropped 4 percent YoY to Rs 801.3 crore during the quarter under review, as against Rs 837 crore in the same period last year.

The company said that deferment of purchases by channel partners and customers since the announcement of GST rate rationalization had impacted its financial performance during the quarter. &quot;Further, disruption in one of the largest warehouses in July 2025 also had temporary business impact. The Quarter has ended on a positive note with signs of recovery in festive season,&quot; it added.

&quot;We remain cautiously optimistic about recovery towards balance of this year, backed by our strong market positioning and wide network while maintaining strong focus on cost efficiencies,&quot; said Bata India MD and CEO Gunjan Shah.

Bata India share price:

The shares of the company dropped more than 6 percent to hit an intraday low of Rs 1,090.50 apiece. The stock then recovered some losses to trade 3 percent lower at Rs 1,130 apiece, as seen at 11.38 am.

Citi kept a 'Sell' call on the stock, with a target price of Rs 750 per share. This implies a downside potential of nearly 36 percent from the stock's previous closing price. The international brokerage said that the firm's revenue has declined below its estimates despite weak base and early onset of festive season. Citi noted that Bata India’s profitability was weak, with EBITDA declining.

Canara HSBC Life Q2 Results:

Canara HSBC Life Insurance Company reported a standalone net profit of Rs 40.81 crore for Q2 FY26. This marks a 10.69 percent YoY rise from the Rs 36.87 crore net profit reported in Q2 FY25. The newly-listed firm’s net premium income rose 23 percent YoY to Rs 2,259.73 crore.

For the first half of the ongoing financial year 2026 (April-September), Canara HSBC Life reported a 21 percent YoY increase in value of new business (VNB) to Rs 214.3 crore with a VNB margin of 19.6 percent.

Canara HSBC Life share price:

The shares of the company dropped more than 4 percent to hit an intraday low of Rs 116.50 apiece. The stock then recovered all losses to trade nearly flat at Rs 121.61 apiece, as seen at 11.50 am. The stock has gained over 13 percent in the past five days.

Canara HSBC Life shares had made a flat listing on October 17, listing exactly at the IPO price of Rs 106 per share. The stock has so far gained nearly 10 percent since then.

Canara Robeco AMC Q2 Results:

Recently-listed Canara Robeco AMC reported a net profit of Rs 48.71 crore for Q2 FY26, marking a drop of nearly 3 percent YoY from the Rs 50.04 crore net profit reported in Q2 FY25. The firm's revenue from operations meanwhile rose 3 percent YoY to Rs 107.65 crore during the quarter under review.

Canara Robeco AMC share price:

Canara Robeco AMC shares plunged more than 11 percent to hit an intraday low of Rs 311.10 apiece. The stock later recovered some losses and was trading around 5 percent lower at Rs 334.45 apiece.

The stock had debuted at a premium of more than 5 percent over the IPO price at Rs 280.25 apiece on NSE on October 16. The stock has so far gained around 11 percent since then.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The shares of several EMS stocks jumped in trade on October 28 after Indian government announced the first set of approvals under the Electronics Component Manufacturing Scheme (ECMS).

The government on October 27 announced that it has cleared seven projects worth Rs 5,532 crore in investment and Rs 44,406 crore in projected output.

Which companies received approvals?

The approved companies include Kaynes Circuits India, which is a subsidiary of <a href="https://www.moneycontrol.com/india/stockpricequote/electronics-components/kaynestechnologyindia/KTI">Kaynes Technology</a>, SRF, Syrma Strategic Electronics, which is a subsidiary of <a href="https://www.moneycontrol.com/india/stockpricequote/engineering-industrial-equipments/syrmasgstechnology/SST06">Syrma SGS</a>, and Ascent Circuits — with Tamil Nadu accounting for five of the seven projects. Together, they are expected to create over 5,000 jobs in the first phase.

Electronics Component Manufacturing Scheme (ECMS):

This comes after what officials described as an "unprecedented" industry response to ECMS. The Ministry of Electronics and IT (MeitY) received 249 applications with a total investment commitment of Rs 1.15 lakh crore, which is nearly double the scheme’s original target of Rs 59,350 crore. The proposals represent a projected production value of Rs 10.34 lakh crore and employment potential of 1.41 lakh, compared to initial estimates of Rs 4.57 lakh crore and 91,600 jobs.

"The components being approved today—multi-layer PCBs, copper laminates, camera modules, and polypropylene film—are the foundation of every electronic device," said Union Minister for Electronics and IT Ashwini Vaishnaw. "With these plants, India will meet 20 percent of its domestic demand for high-density PCBs, 15 percent for camera modules, and 100 percent for copper laminates," he added.

Among the approved firms, Kaynes Circuits leads with four projects spanning across PCBs, HDI boards, camera modules, and laminates, while SRF will produce polypropylene film, a key material used in capacitors. Syrma Strategic Electronics and Ascent Circuits will both manufacture multi-layer PCBs, critical for sectors ranging from consumer electronics to aerospace and defence.

EMS stocks jump:

Syrma SGS Technology shares gained more than 6 percent to hit an intraday high of Rs 800.85 apiece so far during the day, before paring some gains and trading over 4 percent higher at Rs 786.05 apiece, as seen at 10.55 am.

Kaynes Technology shares meanwhile rose over 2 percent to trade at Rs 6,886.50 apiece. SRF shares gained nearly 1 percent earlier during the day, before erasing all gains to trade in the red. <a href="https://www.moneycontrol.com/india/stockpricequote/diversified/srf/SRF">SRF</a> reported a net profit of Rs 388 crore for Q2 FY26 on October 27, marking a 93 percent YoY rise from the Rs 201 crore net profit reported in Q2 FY25. The firm’s revenue from operations meanwhile rose 6 percent YoY to Rs 3,640 crore during the quarter under review.

Morgan Stanley remained 'underweight' on the stock, with a target price of Rs 2,175 per share. This implies a downside potential of nearly 28 percent from the stock’s previous closing price. The international brokerage said that the company’s core PAT missed estimate by 10 percent.

Also read: <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-28-10-2025-liveblog-13635571.html">Our LIVE blog on stock market updates</a>

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Kaynes Tech, Syrma SGS, other EMS shares jump up to 6% after govt clears projects worth Rs 5,532 crore

The shares of several EMS stocks jumped in trade on October 28 after Indian government announced the first set of approvals under the Electronics Component Manufacturing Scheme (ECMS).

The government on October 27 announced that it has cleared seven projects worth Rs 5,532 crore in investment and Rs 44,406 crore in projected output.

Which companies received approvals?

The approved companies include Kaynes Circuits India, which is a subsidiary of Kaynes Technology, SRF, Syrma Strategic Electronics, which is a subsidiary of Syrma SGS, and Ascent Circuits — with Tamil Nadu accounting for five of the seven projects. Together, they are expected to create over 5,000 jobs in the first phase.

Electronics Component Manufacturing Scheme (ECMS):

This comes after what officials described as an &quot;unprecedented&quot; industry response to ECMS. The Ministry of Electronics and IT (MeitY) received 249 applications with a total investment commitment of Rs 1.15 lakh crore, which is nearly double the scheme’s original target of Rs 59,350 crore. The proposals represent a projected production value of Rs 10.34 lakh crore and employment potential of 1.41 lakh, compared to initial estimates of Rs 4.57 lakh crore and 91,600 jobs.

&quot;The components being approved today—multi-layer PCBs, copper laminates, camera modules, and polypropylene film—are the foundation of every electronic device,&quot; said Union Minister for Electronics and IT Ashwini Vaishnaw. &quot;With these plants, India will meet 20 percent of its domestic demand for high-density PCBs, 15 percent for camera modules, and 100 percent for copper laminates,&quot; he added.

Among the approved firms, Kaynes Circuits leads with four projects spanning across PCBs, HDI boards, camera modules, and laminates, while SRF will produce polypropylene film, a key material used in capacitors. Syrma Strategic Electronics and Ascent Circuits will both manufacture multi-layer PCBs, critical for sectors ranging from consumer electronics to aerospace and defence.

EMS stocks jump:

Syrma SGS Technology shares gained more than 6 percent to hit an intraday high of Rs 800.85 apiece so far during the day, before paring some gains and trading over 4 percent higher at Rs 786.05 apiece, as seen at 10.55 am.

Kaynes Technology shares meanwhile rose over 2 percent to trade at Rs 6,886.50 apiece. SRF shares gained nearly 1 percent earlier during the day, before erasing all gains to trade in the red. SRF reported a net profit of Rs 388 crore for Q2 FY26 on October 27, marking a 93 percent YoY rise from the Rs 201 crore net profit reported in Q2 FY25. The firm’s revenue from operations meanwhile rose 6 percent YoY to Rs 3,640 crore during the quarter under review.

Morgan Stanley remained 'underweight' on the stock, with a target price of Rs 2,175 per share. This implies a downside potential of nearly 28 percent from the stock’s previous closing price. The international brokerage said that the company’s core PAT missed estimate by 10 percent.

Also read: Our LIVE blog on stock market updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

<a href="https://www.moneycontrol.com/india/stockpricequote/bank-private/janasmallfinancebank/JSFBL">Jana Small Finance Bank</a> shares declined up to 6 percent in intraday trade on Tuesday after the Reserve Bank of India (RBI) returned its application to transition into a universal bank.

The stock fell 5.79 percent to a low of Rs 431 on the NSE, snapping a three-day winning streak. The decline followed the bank’s disclosure that the RBI had returned its June application citing non-fulfilment of criteria.

Managing Director and Chief Executive Ajay Kanwal said the communication from the regulator, received late on Monday, did not specify the reasons for the decision.

“We will soon figure out what the answer really is, and we will rectify as per the expectations. We have to keep in mind that this is a return and not a rejection,” Kanwal told PTI.

He said the bank will engage with senior RBI officials this week to understand the concerns and address them before resubmitting the application. No timeline was provided for a fresh filing.

In an exchange filing, the bank said the RBI has returned the application "made for voluntary transition to universal bank due to non-fulfilment of the criteria mentioned in the RBI circular in this regard."

Kanwal said there will be no change from an asset side, as the lender can continue most activities permitted to universal banks. However, the inability to undertake co-lending remains a restriction, though he added this does not hinder the bank’s business plan.

From a liability perspective, he said a universal bank licence would have helped lower the cost of funds, and those plans now stand deferred.

Kanwal also said the recent restructuring of the bank’s parent organisation was unrelated to its universal bank ambitions.

Earlier this year, the RBI had granted an in-principle approval to AU Small Finance Bank for conversion into a universal bank. Jana Small Finance Bank’s application had driven investor interest, contributing to a recent rise in its share price.

(Inputs from PTI)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Jana Small Finance Bank declines up to 2% as RBI returns its universal bank application

Jana Small Finance Bank shares declined up to 6 percent in intraday trade on Tuesday after the Reserve Bank of India (RBI) returned its application to transition into a universal bank.

The stock fell 5.79 percent to a low of Rs 431 on the NSE, snapping a three-day winning streak. The decline followed the bank’s disclosure that the RBI had returned its June application citing non-fulfilment of criteria.

Managing Director and Chief Executive Ajay Kanwal said the communication from the regulator, received late on Monday, did not specify the reasons for the decision.

“We will soon figure out what the answer really is, and we will rectify as per the expectations. We have to keep in mind that this is a return and not a rejection,” Kanwal told PTI.

He said the bank will engage with senior RBI officials this week to understand the concerns and address them before resubmitting the application. No timeline was provided for a fresh filing.

In an exchange filing, the bank said the RBI has returned the application &quot;made for voluntary transition to universal bank due to non-fulfilment of the criteria mentioned in the RBI circular in this regard.&quot;

Kanwal said there will be no change from an asset side, as the lender can continue most activities permitted to universal banks. However, the inability to undertake co-lending remains a restriction, though he added this does not hinder the bank’s business plan.

From a liability perspective, he said a universal bank licence would have helped lower the cost of funds, and those plans now stand deferred.

Kanwal also said the recent restructuring of the bank’s parent organisation was unrelated to its universal bank ambitions.

Earlier this year, the RBI had granted an in-principle approval to AU Small Finance Bank for conversion into a universal bank. Jana Small Finance Bank’s application had driven investor interest, contributing to a recent rise in its share price.

(Inputs from PTI)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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Jomei Investments exits Aditya Birla Capital, sells Rs 1,638.6-crore worth shares to 15 investors including Morgan Stanley, Goldman Sachs, Norges Bank

Supreme Industries shares fall 5% after Q2 net profit drops 20%: Should you buy, sell or hold?

Q2 Results impact: Bata India shares drop 7% on weak earnings; Canara HSBC Life, Canara Robeco AMC plunge up to 11%

Kaynes Tech, Syrma SGS, other EMS shares jump up to 6% after govt clears projects worth Rs 5,532 crore

Jana Small Finance Bank declines up to 2% as RBI returns its universal bank application

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Jomei Investments exits Aditya Birla Capital, sells Rs 1,638.6-crore worth shares to 15 investors including Morgan Stanley, Goldman Sachs, Norges Bank

Supreme Industries shares fall 5% after Q2 net profit drops 20%: Should you buy, sell or hold?

Q2 Results impact: Bata India shares drop 7% on weak earnings; Canara HSBC Life, Canara Robeco AMC plunge up to 11%

Kaynes Tech, Syrma SGS, other EMS shares jump up to 6% after govt clears projects worth Rs 5,532 crore

Jana Small Finance Bank declines up to 2% as RBI returns its universal bank application

BPO/ITeS Industry Stocks
Check latest stock performance, list of stocks, earnings review & more details about the BPO/ITeS industry stocks.