Top Stories: Reliance posts strong Q2, Nifty Bank hits record, FSSAI bans ‘ORS’ labels & more

Markets wrapped up the week on a high note with Reliance Industries Ltd leading the headlines after posting a solid Q2, powered by resilient energy, retail and digital operations.

The Nifty Bank index too scaled a new record high, surging nearly 10,000 points from its 2025 lows, with only one constituent underperforming.Globally, gold prices soared past $4,300 per ounce, heading for their best weekly gain since 2020 amid geopolitical uncertainty, even as Wall Street slipped on renewed regional banking worries.

Back home, Natco Pharma shares rose after the Supreme Court cleared the sale of its spinal muscular atrophy drug, while FSSAI cracked down on misleading food labels using the term “ORS.”

In defence, India marked a milestone as the indigenous Tejas Mk1A fighter jet completed its maiden flight, bolstering the country’s Make in India push.

Reliance Industries delivers robust Q2 performance led by strong growth in consumer businesses



Diversified conglomerate Reliance Industries Ltd (RIL) reported a consolidated net profit of ₹18,165 crore for the quarter ended September 2025, marking a 10% year-on-year (YoY)increase from ₹16,563 crore, supported by steady growth across its energy, digital, and retail businesses. However, profit was down sequentially from ₹26,994 crore in the June quarter, which had included exceptional gains.

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Also Read: Reliance Retail Q2 Results: Revenue rises 19% YoY to ₹90,544 crore, EBITDA beats estimates

Nifty Bank scales record high, jumps 10,000 points from 2025 lows with only one underperformer



The Nifty Bank index hit a new record high of 57,651 on Friday, October 17, surpassing its previous all-time high level of 57,628. The index has now gained in 12 out of the last 14 trading sessions, during which it has gained over 3,000 points.

From the 2025 low that the index fell to on March 11, the index has gained close to 10,000 points, enroute to its all-time high. The index had made a low of 47,702 on March 11.

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Gold eyes best week since 2020 amid global uncertainty



Gold reached an all-time high above $4,300 per ounce on Friday (October 17), positioning itself for its strongest weekly gain in five years. Spot gold climbed 0.3% to $4,336 per ounce as of 0233 GMT, after hitting a session peak of $4,379 an ounce.

US gold futures for December delivery rose 1% to $4,349 an ounce.

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Asian shares dip after credit woes hit Wall Street



Asian shares slipped at the open Friday after risk sentiment dimmed on Wall Street as bad loans at two US banks heightened concerns about the credit market. US stock futures indicated further weakness.

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Major US business group sues over Trump's $100,000 H-1B visa fee



The largest US business lobbying group filed a lawsuit on Thursday challenging President Donald Trump's $100,000 fee on new H-1B visas for highly skilled foreign workers.

The lawsuit by the US Chamber of Commerce, which says it represents 300,000 businesses, is the group's first against the Trump administration since the Republican president took office for a second term in January.

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Donald Trump says Putin war summit will happen in 'two weeks or so'



US President Donald Trump said he would hold a second meeting with Russian President Vladimir Putin “within two weeks or so” aimed at ending the war in Ukraine.

Trump and Putin agreed to meet in Budapest during a two-hour phone call on Thursday. Later, Trump expressed optimism that the summit could result in a ceasefire breakthrough even though an August meeting in Alaska failed to yield one.

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Piyush Goyal urges Indian industry for import substitution, cites examples from Japan, Korea

FILE PHOTO- PIYUSH GOYAL

Union Minister for Commerce and Industry, Piyush Goyal, on Friday, 17 October, called upon Indian businesses to prioritise locally available alternatives to imported intermediate goods, in a bid to support domestic industry and advance the Swadeshi initiative.

Speaking at the 105th Annual General Meeting of ASSOCHAM in New Delhi, Goyal pointed out the tendency of Indian firms to opt for imports even for marginal cost savings, contrasting this with the practices of companies in Japan and South Korea, which favour local suppliers.

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Natco Pharma shares jump after Supreme Court allows sale of Spinal Muscular Atrophy treatment drug



Shares of Natco Pharma Ltd. gained up to 3% on Friday, October 17, after the Supreme Court dismissed a plea by Roche, challenging the interim Delhi High Court Order on the roll out of the generic version of the Risdipalm.

The Supreme Court, during its hearing said that there is no reason to interfere with the interim order issued by the Delhi High Court and subsequently refused to restrain Natco Pharma from the sale and export of the generic version of the Risdipalm.

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FSSAI bans use of ‘ORS’ on food and beverage labels



The Food Safety and Standards Authority of India (FSSAI) has prohibited the use of the term “ORS” on any food or beverage product label, including as part of a brand name or trademark. The regulator said such use violates provisions of the Food Safety and Standards Act, 2006, and can mislead consumers.

In its latest order, FSSAI directed all food business operators to remove the word “ORS” from their products, whether used as a standalone term or with any prefix, suffix, or trademark. The regulator stated that such labelling and naming practices are “false, deceptive, ambiguous, and misleading” to consumers.

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Tejas Mk1A LCA fighter jet completes its maiden flight



In a significant milestone for India's defence sector, the indigenously manufactured Tejas Mk1A fighter jet took its maiden flight from Hindustan Aeronautics Limited's (HAL) Nashik facility on Friday, October 17.

Defence Minister Rajnath Singh was the chief guest at the event, marking the inauguration of HAL's third production line for the Light Combat Aircraft (LCA).

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We'll see you on Monday with another engaging 'Top 10@10.'