Newsletter
Refrigerators under fire, wholesale inflation rises, and dating in its ‘complicated’ era.
🗓️ Morning, folks!
Hacking computers is so passé. Some hackers decided to turn up the heat on your groceries instead.
Hundreds of French supermarkets, including Carrefour and Intermarché, were hit by a cyberattack that turned their fridges and freezers into heaters, putting fresh and frozen food worth millions of euros at risk.
The hackers hijacked software that controls refrigeration temperatures, with some freezers reportedly hitting a toasty 50°C overnight.
Around 400 stores were affected, forcing retailers to bin potentially unsafe food and shut down some units.
The software, supplied by Danish firm Danfoss, was running on older systems that could no longer receive security updates.
French prosecutors have launched a cybercrime investigation, while officials warn that when hackers start messing with the food supply, things can get pretty heated. Literally.
Back to business, the Sensex and Nifty fell on Wednesday, ending two days of gains as investors sold shares to lock in profits after Tuesday’s strong rally.
Energy stocks led the gains, with the sector’s index rising nearly 1.5%. Pharma and healthcare indices fell over 1%.
IT stocks rose for a second straight session, bucking the broader market’s decline.
💡 Spotlight: Fuel costs push wholesale inflation higher ⛽
India’s wholesale inflation rose to 11.39% in September from 9.92% in August, driven by higher fuel, food and manufactured goods prices.
Inflation in the fuel and power category climbed to 25.8% from 22.9%, recording the sharpest rise among the major categories.
What’s driving it: the US-Iran conflict and disruptions in the Strait of Hormuz continue to put pressure on crude oil prices, with Brent remaining above $105 a barrel.
FYI: retail inflation tracks prices you pay. Wholesale inflation tracks prices before goods reach shops. If businesses pass rising costs on to customers, you could end up paying more.
Let’s hit it! 💪🏻
1 Big Thing: IDBI Bank finds a ₹52,878 crore suitor 🇨🇦
Before we get into the details, it’s important to understand why this is a big deal- it is the largest-ever FDI in India’s financial sector.
The Union Cabinet has approved the sale of 60.72% of IDBI Bank to Canada Inc, a company backed by Fairfax Financial, for ₹52,878 crore.
Note: the deal marks a major milestone in IDBI Bank’s journey since 2017.
The deets: here’s how the ownership will change.
The government is calling this deal a strategic restructuring, meaning a change in IDBI Bank's ownership, rather than simply a stake sale.
Background: in September 2018, nearly 32% of IDBI Bank’s loans were classified as bad loans. The government provided financial support, and LIC acquired a majority stake in 2019.
Since then, IDBI Bank’s financial health has improved considerably. In the same year the Bank was classified as a private sector bank by the RBI after LIC’s ₹21,624 crore investment.
So, the government is now selling a controlling stake in a bank that is in much better financial shape.
Big picture: as per official sources, the government is expected to raise ₹88,000 crore in FY27 by selling stakes in companies and earning money from government-owned assets, exceeding its budget target of ₹80,000 crore for the first time since FY19.
The IDBI Bank deal alone is expected to bring around ₹26,000 crore to the government.
2. BHEL delivers in Q2 🔥
Bharat Heavy Electricals (BHEL) shares surged nearly 5% after the state-owned engineering company reported Q2 results that beat market expectations.
By the numbers 📊:
- Revenue: up 23.8% at ₹9,300 cr vs ₹7,511 cr (YoY)
- Net profit: at ₹810 cr vs ₹368 cr (YoY)
- EBITDA: up 76.6% at ₹1,026 cr vs ₹581 cr (YoY)
- EBITDA margin: at 11% vs 7.7% (YoY)
- Other expenses: at ₹721 cr vs ₹391 cr (QoQ)
What drove the growth: revenue from BHEL’s power business rose nearly 17% to ₹6,637.9 crore, while its industry business grew 45% to ₹2,662.5 crore compared with a year earlier.
Orders and expansion plans: BHEL’s board approved a ₹500 crore investment in facilities at Haridwar that manufacture equipment for thermal and nuclear power plants.
At the end of September, its outstanding order book, or the value of orders yet to be completed, stood at ₹2.57 lakh crore, up 17.27% from a year earlier.
More on earnings 💸,
Billionbrains Garage Ventures, the parent company of stockbroking platform Groww, also reported its Q2 earnings.
Key numbers 📊:
- Revenue: flat at ₹1,502 cr vs ₹1,501.4 cr (QoQ)
- Net profit: down 1.4% at ₹725 cr vs ₹735 cr (QoQ)
- EBITDA: down 0.2% at ₹969 cr vs ₹970.7 cr (QoQ)
- EBITDA margin: at 64.51% vs 64.7% (QoQ)
While growth was muted compared with the previous quarter, the annual picture was stronger. Revenue rose 47.4% and net profit jumped 53.9% compared with Q2FY26.
Groww’s push into margin trading funding (MTF), commodities and wealth management cushioned the impact of the Closing Auction Session (CAS) amid market volatility and uncertain investor sentiment.
3. Bank of Baroda’s $15 billion legal drama 👀
Bank of Baroda fell nearly 4% after businessman BR Shetty filed a $15 billion lawsuit against the bank and several others. The accusation pertains to carrying out suspicious transactions linked to the collapse of his business empire.
12:36 PM · Oct 14, 2026 · 81 Views
Who all are involved: BR Shetty, founder of UAE-based NMC Healthcare, which collapsed in 2020 over hidden debt, has accused former executives Prasanth and Promoth Manghat and Bank of Baroda of involvement in alleged financial wrongdoing.
The allegations: as per Shetty, the bank allegedly received over 100 alerts about suspicious transactions but failed to investigate them properly. He claimed the money was transferred using signatures and instructions that were never approved.
BoB allegedly allowed people without permission to operate his personal account and move money between companies and accounts to make suspicious transactions appear legitimate.
The bank’s Abu Dhabi branch allegedly guided NMC executives on how to structure transactions to avoid scrutiny. Moreover, NMC executives gave bank officials gifts, including Apple laptops, iPads and iPhones.
Important: these are allegations made by Shetty. They have not been proven in court.
BoB’s side: the bank said it could not comment on the allegations without reviewing the case.
However, it added that it would firmly defend itself and take necessary steps to protect its interests if formally served with the lawsuit.
4. Dating is tricky & so is owning a dating app 📱
Bumble is set to go private in a $1.3 billion deal with Ithaca Holdings after years of slowing growth and a shrinking user base, as changing dating habits put pressure on the online dating industry.
Breaking it down: Bumble has struggled to turn its business around. Its paying user base fell 16.4% to around 3.2 million in the second quarter of 2026, while revenue has been declining for nearly two years.
The company’s market value had shrunk to about $582 million as of Monday’s close, a far cry from its $14 billion valuation when it went public in 2021.
5. What is Zetwerk really betting on? 👀
Zetwerk IPO opens today, aiming to raise ₹5,012 crore.
From connecting factories with customers to manufacturing solar equipment, power transformers and precision components, Zetwerk has built a ₹15,000 crore-plus revenue business.
But with thin margins and negative cash flow, can Zetwerk turn this opportunity into sustainable profits?
6. Stocks that kept us interested 🚀
What went up ⬆️
📈 Transformers and Rectifiers spiked 15%, Elecon Engineering gained 10% and Hero Motors, Canara Bank and Tata Elxsi surged up to 6% after announcing Q2 results.
⛏️ Bharat Coking Coal surged more than 5% after hiking coking coal prices.
🏙️ Swan Corp rose 3% after its subsidiary, Swan Realty, launched Bodhi, a luxury residential project with 24 residences in Bengaluru’s Jayanagar.
💰 MMTC ended over 3% higher after the Supreme Court rejected the company’s plea against the National Spot Exchange settlement to traders.
🏗️ Ahluwalia rose 3% after bagging a university construction order worth ₹310 cr in Greater Noida.
What went down ⬇️
🏨 Leela Palaces Hotels fell nearly 2% after the company announced its second quarter financial results.
What else are we snackin’ 🍿
🥳 IPO ready: Jio Platforms filed its IPO prospectus, setting the stage for subscriptions to open October 21 and close on October 23.
🛰️ Satellite approvals: Bharti Enterprises chairman Sunil Mittal said its satellite internet venture is significantly ahead of Starlink in securing regulatory approvals in India.
🛡️ Defence partnership: Sigma Advanced Systems signed an MoU with Munitions India to explore advanced ammunition guidance solutions using its Course Correction Guidance Kit.
That’s a wrap! Don’t let the weekday blues get to you.
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Disclaimer: this newsletter is for informational and research purposes only. Nothing here should be considered financial, investment, legal, or professional advice.
