Business
Lenders expected to exhibit strong Q3FY22 results
Listed lenders in India’s equity markets are expected to report ‘optically’ strong earnings growth for Q3FY22, said HDFC Securities in a report.
Accordingly, the brokerage house expects its coverage universe of 23 lenders to report 51 per cent YoY growth during the period under review.
This trend, the report said will come largely on the back of expected normalisation of provisions.
“The pace of collections and recoveries continues to improve, which, concurrent with normalised economic activity, is likely to moderate the stressed pool,” the report said.
“Disbursements are likely to witness healthy growth, driven by seasonal pick-up in retail loans as large corporate Capex remains elusive.”
As per the report, the revival in business momentum is likely to drive a 10.4 per cent YoY loan growth for the brokerage house’s coverage universe, with large private banks and large NBFCs (BAF) continuing to clock market share gains.
“The third wave of the pandemic is unlikely to impact Q3 earnings except in underlying sectors like travel and tourism that are already under stress.”
“However, we expect most lenders to maintain a surplus provisioning buffer for potential asset quality issues. We tweak our FY22E-FY24E forecasts for select lenders to factor in lower credit growth and marginally higher credit costs.”
Besides, HDFC Securities continue to prefer large banks with strong balance sheets and formidable deposit franchises.
Furthermore, it cited that business momentum continues to gather pace.
“In a quarter relatively unaffected by the pandemic and near-normal resumption of economic activity, we expect to see strong sequential growth in disbursements, particularly in retail and SME segments, riding on seasonal and pent- up demand.”
“Provisional filings suggest that banks within our coverage universe continue to gain market share as reflected in loan growth at 12 per cent YoY compared to system-wide YoY credit growth at 7 per cent.”
At present, the brokerage house has 23 lenders in its coverage universe including ICICI Bank, SBI, Bajaj Finance, SBI Cards, and Axis Bank.
Business
Tesla rolls out Halloween Mode for ‘Model Y’ in India

Tesla India on Friday said it launched a new software update for Model Y and Model Y L vehicles that adds a range of Halloween-themed features, highlighting the company’s over-the-air (OTA) software update capabilities.
According to the Elon Musk-backed firm, the update allows Tesla vehicles to receive new features and improvements remotely without requiring a visit to a service centre.
Halloween Mode includes a ghost-themed vehicle avatar, Halloween sound effects, special lighting sequences, seasonal vehicle wraps and a themed lock sound, it said.
The update also introduces a ‘Trick or Treat Mode’ which activates sound and lighting effects when visitors approach the vehicle.
Other features include a photobooth function and a voice messaging feature that allows users to speak through the Tesla app and have the vehicle relay messages, the company said.
Tesla said customers can experience the new features at its Experience Centres across India.
The company currently operates those centres in Noida, Delhi, Gurugram, Chennai, Hyderabad, Bengaluru and Mumbai and has approved collision centres in Pune and Ahmedabad.
Earlier in October, Tesla CEO Elon Musk showcased a new version of the Roadster sports car with a prototype briefly lifting off the ground during a demonstration at a SpaceX facility in Texas.
A post on X shared by Musk showed the vehicle navigating an elevated curved track before becoming airborne for a short distance and landing safely, drawing comparisons to a flying car.
The showcase highlighted a specialised propulsion system that combines the electric vehicle platform with high-pressure air tanks and thruster technology.
According to Tesla, the system can generate lift and improve vehicle dynamics through strategically placed thrusters that help control movement while off the ground.
The test prompted enthusiastic reactions from company executives, who described it as evidence that flying-car technology is moving closer to reality. Tesla, however, did not provide a timeline for commercial deployment.
Musk said the vehicle would remain practical for everyday use, although he acknowledged that road legality could depend on local regulations.
Business
Maha CM directs development of state-of-the-art digital platforms for aggregator companies

Maharashtra Chief Minister Devendra Fadnavis on Thursday directed the transport department to build a state-of-the-art digital platform to provide real-time information on aggregator companies’ vehicles, drivers, and working hours, aiming to make app-based passenger transport services in the state safer, more transparent, and well-organised.
He instructed that this platform should integrate Artificial Intelligence (AI)-based analytics to maintain effective control over vehicle operations, driver dispatch, parking management, and passenger services.
CM Fadnavis gave these instructions during a meeting concerning the Maharashtra Aggregator Rules-2026. The review covered the growing number of vehicles in the aggregator sector, the challenges faced by independent taxi drivers, passenger safety, and transparency in ride allocation on digital platforms. Transport Minister Pratap Sarnaik, Additional Chief Secretary (Transport) Sanjay Sethi, Transport Commissioner Rajesh Narvekar, and other transport department officials were present.
The Chief Minister directed that complete digital details must be available for every vehicle operated by aggregator companies. This includes registration, assigned parking locations, driver profile, driving license, police verification, and other required documents.
Additionally, the system must maintain real-time logs indicating which driver is operating which vehicle across various shifts throughout the day. In the event of an incident, a robust mechanism should ensure that details regarding the vehicle and driver are immediately accessible.
By leveraging artificial intelligence on this platform, the system will analyse vehicle operations, driver shifts, and other critical parameters. This will allow regulatory authorities to monitor compliance with rules and enable prompt action whenever necessary, he said.
CM Fadnavis highlighted the need to verify whether independent taxi drivers and large fleet management companies receive equal opportunities when rides are allocated on app-based transport platforms.
He noted that it is essential to audit the criteria and reasons based on which specific vehicles are assigned rides on digital platforms. He directed officials to utilise technology to detect any bias or unfair discrimination in ride allocation algorithms.
The Chief Minister stressed that while passengers must receive safe and reliable service, local drivers must also get equal employment opportunities.
To achieve this, priority must be given to effective enforcement of rules, transparent ride allocation, and technical oversight of aggregator operations.
In light of the expansion of the state’s aggregator sector and growing passenger needs, he directed the Transport Department to develop an efficient, technology-driven regulatory framework that balances the interests of independent taxi drivers, passenger safety, and overall traffic discipline.
Business
Nifty, Sensex post early mild gains despite mixed global cues

The Indian equity markets opened with mild gains early on Thursday despite mixed global cues and elevated crude prices.
As of 9.25 am, Sensex added 168 points, or 0.23 per cent, to reach 73,414 and Nifty gained 45 points, or 0.20 per cent, to reach 22,744.
Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 gained 0.25 per cent, and the Nifty Smallcap 100 added 0.13 per cent.
Sectoral indices on NSE traded mixed with gains led by Nifty IT, up 0.80 per cent and pharma, up 0.30 per cent. Nifty private bank and media were among top losers, down 0.18 per cent and 0.16 per cent, respectively.
The opening gain of benchmarks may remain selective unless the Nifty decisively crosses 22,800, as the Federal Reserve’s policy message, elevated crude and high US bond yields continue to restrict broader risk-taking, an analyst said.
Brent crude remains elevated near $114.50 a barrel amid persistent geopolitical uncertainty, keeping energy costs high and leaving oil-sensitive sectors exposed to sustained cost pressures.
The Federal Reserve kept its policy rate unchanged, but two members voted for an increase, and markets raised expectations of another hike in December. The US 10-year Treasury yield consequently moved to around 5.02 per cent, indicating that the policy pause has not materially loosened global financial conditions.
Unless yields stabilise below recent levels, dollar assets may continue competing with emerging markets for capital and limit the durability of foreign inflows into India, market participants said.
In the previous session, Nifty closed at 22,698, down 0.22 per cent, after a recovery was capped by profit booking. Immediate support is placed at 22,600–22,650, while resistance is seen at 22,850–22,900.
In the previous session, Bank Nifty closed at 54,267, up 0.54 per cent. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,600–54,800.
In Asian markets, China’s Shanghai index declined 0.82 per cent, and Shenzhen dipped 2.48 per cent, Japan’s Nikkei added 0.28 per cent, and Hong Kong’s Hang Seng Index advanced 0.06 per cent. South Korea’s Kospi lost 2.72 per cent.
The US markets ended in green overnight as Nasdaq added 0.27 per cent, S&P 500 gained 0.28 per cent, and the Dow Jones inched up 0.19 per cent.
On October 28, foreign institutional investors (FIIs) net bought equities worth Rs 872 crore, while domestic institutional investors (DIIs) bought equities worth Rs 643 crore.
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