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The Baseline
02 Dec 2025
Five stocks to buy from analysts this week - December 2, 2025
By Ruchir Sankhla

1. KPIT Technologies: 

ICICI Direct maintains its ‘Buy’ rating on this software firm with a target price of Rs 1,400, an upside of 11.7%. The company reported strong Q2FY26 results, with revenue up 5.8% YoY to Rs 1,611.3 crore, driven by improvements across US, European, and Asian markets. Analysts Bhupendra Tiwary and Anjini Sharma remain positive, citing growth from the Caresoft and N-Dream acquisitions and rising deal wins.

Management attributes revenue growth to improved client sentiment and renewed traction in autonomous, cybersecurity, after-sales diagnostics, and commercial vehicle programs. However, net profit fell 17% to Rs 169.1 crore due to elevated one-time expenses and finance costs from the Caresoft acquisition. Analysts note KPIT's shift from services to end-to-end solutions and greater use of fixed-price contracts will enhance delivery efficiency and profitability.

Tiwary and Sharma foresee strengthening demand from Europe, India, and China, along with a robust deal pipeline, driving medium-term revenue growth. A 3-year, $100 million deal with a European original equipment manufacturer will ramp up from Q3FY26, supporting near-term revenue. Analysts expect KPIT to deliver revenue and net profit CAGR of 12.3% and 15.9% respectively, over FY26-28.

2. Radico Khaitan:

Emkay retains its ‘Buy’ call on this alcohol manufacturer with a target price of Rs 3,700 per share, an upside of 15.2%. Analysts Nitin Gupta and Mohit Dodeja believe the company's strong execution in driving volumes and easing raw material prices will support both top-line and earnings growth.

Management expects to sustain double-digit volume growth, with its prestige and above (P&A) segment growing 15-20%. It sees good execution as crucial for boosting international market volumes, helped by the D'Yavol Spirits BV acquisition, which adds tequila and scotch to Radico’s portfolio. Analysts note that Radico’s market share in Andhra Pradesh jumped to 30% from 10%.

Gupta and Dodeja emphasise that lower grain prices and vertical integration from its extra-neutral alcohol facility will benefit the company's margins. They add that increasing consumer demand, Radico’s diverse product portfolio, and the potential opening of the Bihar market will boost revenue growth. Analysts expect Radico to deliver a revenue CAGR of 17.2% and a net profit CAGR of 38.3% over FY26-28.

3. PB Fintech:

Geojit BNP Paribas upgrades this software company to a ‘Buy’ rating, with a target price of Rs 2,031, an upside of 8.8%. The company posted strong Q2FY26 results: net profit surged 165% YoY, and revenue grew 38%. Total insurance premiums improved 40% and online new protection business jumped 44%, driving revenue growth.

Management has focused on profitable expansion, aiming for Rs 1 lakh crore in premiums by FY30. It expects higher renewal income to boost profitability. Diversification of the Point-of-Sale Person (PoSP) business across motor and non-motor products has helped expand market share. CEO Yashish Dahiya highlights steady profitability in the United Arab Emirates (UAE), supported by cross-border health insurance demand and improved claims management.

Analyst Antu Eapan Thomas notes that lending disbursals almost doubled, though core lending faced some pressure. He anticipates PB Fintech will sustain strong long-term growth that will come from rising renewal income, increasing online protection penetration, a more balanced PoSP business, and continued UAE strength. Thomas also expects the company's expanding market share to support revenue and profit growth through FY30.

4. Privi Speciality Chemicals: 

Motilal Oswal initiates a ‘Buy’ rating on this chemical manufacturer, with a target price of Rs 3,960, an upside of 25%. Analysts Sumant Kumar and Yash Darak see strong potential, citing the company's solid market position and its ability to meet global demand for aroma chemicals. Privi plans to boost its core production capacity to 66,000 metric tonnes from 48,000 by March 2028.

Management expects the proposed merger with Privi Fine Sciences to enhance its green chemistry portfolio. This merger will add bio-based ingredients like furfural, cyclopentanone, and maltol, used to manufacture fragrances and pharmaceuticals, among other products. The company also anticipates growth from its joint venture with Swiss leader Givaudan, which is building a new plant in Mahad, Maharashtra. This plant will produce complex, high-value molecules under long-term agreements.

Kumar and Darak predict robust growth for Privi, forecasting a 27% revenue CAGR, 34% EBITDA CAGR, and 46% net profit CAGR between FY26-28. They believe expanding capacity and increasing green chemistry product sales will drive profitability. Analysts highlight Privi's move towards high-margin, value-added, green chemistry products, which consistently offer gross margins above 40%.

5. Carysil: 

Anand Rathi maintains its ‘Buy’ rating on this small-cap household products manufacturer with a target price of Rs 1,265, an upside of 27%. Its Q2FY26 results were strong: revenue grew 16% YoY to Rs 2,400 crore, and net profit soared 62% to Rs 272 crore. Robust demand for quartz sinks, stainless steel sinks, and kitchen appliances boosted this, with key segments maintaining high capacity utilisation.

Carysil's management projects about 15% revenue growth for FY26 and expects an 18-20% EBITDA margin. Strong European orders, consistent global brand demand, and ongoing China +1 sourcing benefits drive this outlook. To meet demand, Carysil is expanding, adding 1 lakh quartz sinks by December 2025, increasing stainless steel sink capacity, and boosting faucet production to 1.5 lakh units by Q2FY27. New partnerships with IKEA and Lowe’s should also drive sales volumes.

Analysts Rishab Bothra and Tania Lalla foresee a 17% revenue CAGR and 25% net profit CAGR for FY26-28, driven by rising demand, scale benefits, premiumisation in India, and online sales. Bothra and Lalla noted Carysil has improved its EBITDA margin to 19.2% through better operating efficiency, lower costs, and higher other income.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

 
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Trendlyne Marketwatch
02 Dec 2025
Market closes lower, dragged by weakness in media, metal and chemical stocks
By Trendlyne Analysis

Nifty 50 closed at 26,032.20 (-143.6, -0.6%), BSE Sensex closed at 85,138.27 (-503.6, -0.6%) while the broader Nifty 500 closed at 23,822.25 (-100.2, -0.4%). Market breadth is in the red. Of the 2,585 stocks traded today, 870 were on the uptick, and 1,660 were down.

Indian indices closed lower after falling throughout the day, dragged by weakness in media, metal and chemical stocks. The Indian volatility index, Nifty VIX, fell 3.4% and closed at 11.2 points. Solar panel and cell manufacturer Emmvee Photovoltaic closed 9.4% higher as its Q2FY26 net profit jumped 6.8x YoY to Rs 237.9 crore, helped by inventory destocking.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower. Nifty Realty and Nifty Metal closed in the red. According to Trendlyne’s sector dashboard, Fertilizers emerged as the worst-performing sector of the day, with a fall of 1.3%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading in the green, indicating a positive start to the session. Marvell Technology reportedly nears a deal worth over $5 billion to acquire Celestial AI to boost its AI chip capabilities. Meanwhile, CrowdStrike, Bank of Nova Scotia, GitLab, and Pure Storage are set to report their earnings today.

  • Money flow index (MFI) indicates that stocks like Hero MotoCorp and GMR Airports are in the overbought zone.

  • Axis Direct maintains its 'Buy' rating on Biocon, with a target price of Rs 440 per share. This indicates a potential upside of 10.9%. The brokerage believes that the expansion and new product launches in biosimilars and generics, and a rich product mix, will drive revenue and profit growth. It expects the firm's revenue to grow at a CAGR of 19.8% over FY26-27.

  • GHV Infra Projects receives a Rs 109 crore order from GHV (India) to execute civil, mechanical, electrical, plumbing, and finishing work for buildings in Jamshedpur, Jharkhand.

  • Swiggy is rising as it reportedly plans a qualified institutional placement (QIP) of equity shares worth Rs 10,000 crore.

  • HM Bangur, Chairman of Shree Cements, says demand has improved in recent days following the Bihar state elections and the festive season. He projects FY26 volumes of about 36 metric tonnes and an EBITDA of Rs 1,100–1,200 per tonne. He also highlights a strategic shift, with the company moving from a purely value-focused model to a more balanced value-plus-volume approach.

  • Yes Bank and Union Bank of India rise after NSE announces their inclusion in the Bank Nifty index from December 31. The index will now include 14 stocks, up from the current 12, as part of a major methodology change.

  • Motilal Oswal retains its 'Buy' call on Adani Ports & SEZ, with a target price of Rs 1,770 per share. This indicates a potential upside of 16.9%. The brokerage believes that capacity enhancements at key ports, ongoing infrastructure projects, and global port acquisitions provide visibility for top-line growth. It expects the company's revenue to grow at a CAGR of 14% over FY26-28.

  • Ambuja Cements expands its clinker capacity as it commissions a 4 million tonne per annum (MTPA) brownfield unit in Bhatapara, Chhattisgarh, taking its total capacity to 66 MTPA.

  • Data from the Commerce Ministry shows India’s crude oil imports rose 10.3% YoY to 1.2 billion barrels in April–October, even as the import bill fell 4.3% to $82.9 billion amid lower prices. Analysts expect the trend of higher import volumes but softer values to persist, helped by ample global supply and steady demand. Russia remained India’s largest supplier, though its share eased as refiners diversified ahead of tighter Western sanctions, while US shipments grew the fastest, lifting its share to 6.9%.

  • NRB Bearings enters an agreement to form a 75:25 joint venture (JV) with Italy-based Unitec to manufacture a new range of cylindrical roller bearings (CRBs) for the industrial business.

  • Indian Bank lowers its one-year marginal cost of funds-based lending rate (MCLR) to 8.8% and its up-to-three-month treasury bills-linked lending rates (TBLR) to 5.4%, a reduction of 5 basis points, effective December 3.

  • Emmvee Photovoltaic Power surges as its Q2FY26 net profit jumps 6.8x YoY to Rs 237.9 crore, helped by inventory destocking. Revenue grows 2.8x YoY to Rs 1,149.4 crore, supported by an improvement in the photovoltaic (PV) modules segment. It features in a screener of stocks with improving RoE over the past two years.

  • India’s industrial production grows just 0.4% YoY in October, far below expectations and the weakest reading in 14 months. Nomura notes that labour-intensive, tariff-exposed sectors such as leather, textiles, and food products remain under significant pressure from the steep 50% Trump tariffs, with most categories posting sequential declines. It adds that even the first month of broad GST cuts has provided “little relief.”

  • Bajaj Housing Finance plunges to its 52-week low of Rs 95 per share as its promoter, Bajaj Finance, plans to sell a 2% stake (~16.7 crore shares) to meet the minimum public shareholding (MPS) requirement.

  • Indian Hotels' subsidiary, Roots Corp, acquires 51% stake each in ANK Hotels and Pride Hospitality for Rs 109.3 crore and Rs 81.2 crore, respectively.

  • Insolation Energy's wholly-owned subsidiary, Insolation Green Energy, receives orders worth Rs 516.1 crore from renowned companies to supply solar PV modules.

  • Jefferies maintains a 'Buy' rating on KFIN Technologies with a target price of Rs 1,460. The brokerage notes that the domestic mutual fund business remains the company’s primary growth engine, aided by market share gains from stronger onboarding, improved technology, and greater operational efficiency. It expects international revenue to pick up from Q1FY27 as client monetisation improves, and says management’s positive view on pricing should further support robust MF revenue growth.

  • Force Motors' November wholesales grow 52.9% YoY to 2,883 units, driven by a 59.3% YoY increase in domestic sales. However, exports decline 20.8% YoY to 118 units.

  • NACL Industries' board of directors approves raising Rs 250 crore through a rights issue of equity shares.

  • Tata Communications' subsidiary, Tata Communications (Netherlands) BV, enters an agreement to acquire a 51% stake in Commotion Inc for $25.5 million (~Rs 227 crore).

  • Nuvama initiates coverage on Voltamp Transformers with a 'Buy' rating and a target price of Rs 10,200. The brokerage believes the company is well-placed to benefit from growth in T&D, renewable energy, data centres, and semiconductors. It expects Voltamp to outperform other private-capex-linked peers. Despite softer margins, it projects EPS to grow 13–15% by FY27 and anticipates revenue to rise 18% YoY as capacity expands to 20,000 megavolt-ampere (MVA).

  • Hero MotoCorp's monthly wholesales grow 31% YoY to 6 lakh units in November due to higher motorcycle and scooter sales and domestic business. Exports surge by 69.6% YoY to 33,970 units during the month.

  • Amber Enterprises' subsidiary, IL JIN Electronics (India), acquires an 80% stake in Shogini Technoarts for Rs 506 crore.

  • Afcons Infrastructure is rising as it wins engineering, procurement & construction (EPC) orders worth Rs 884 crore for civil infrastructure works under its marine & industrial businesses.

  • Bharat Dynamics rises after securing orders worth Rs 2,461.6 crore from the Indian Army to supply anti-tank guided missiles (ATGMs) and surface-to-air missiles (SAMs).

  • Nifty 50 was trading at 26,141.50 (-34.3, -0.1%), BSE Sensex was trading at 85,325.51 (-316.4, -0.4%), while the broader Nifty 500 was trading at 23,914.90 (-7.6, 0.0%).

  • Market breadth is in the red. Of the 2,084 stocks traded today, 860 showed gains, and 1,142 showed losses.

Riding High:

Largecap and midcap gainers today include Balkrishna Industries Ltd. (2,445.60, 6.3%), Asian Paints Ltd. (2,954.40, 3.0%) and United Breweries Ltd. (1,720, 2.9%).

Downers:

Largecap and midcap losers today include Bajaj Housing Finance Ltd. (97.02, -7.2%), Indian Bank (859.45, -3.1%) and Bajaj Holdings & Investment Ltd. (11,049, -2.5%).

Volume Shockers

22 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Balkrishna Industries Ltd. (2,445.60, 6.3%), Akzo Nobel India Ltd. (3,482.80, 5.6%) and Birlasoft Ltd. (404.95, 5.1%).

Top high volume losers on BSE were Bajaj Housing Finance Ltd. (97.02, -7.2%), Bajaj Holdings & Investment Ltd. (11,049, -2.5%) and Bikaji Foods International Ltd. (700.65, -2.1%).

Gujarat State Petronet Ltd. (298.45, 2.7%) was trading at 102.4 times of weekly average. C.E. Info Systems Ltd. (1,734.80, 3.6%) and Gujarat Gas Ltd. (403.25, 1.7%) were trading with volumes 12.6 and 11.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

15 stocks hit their 52 week highs, while 20 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Ashok Leyland Ltd. (160, -0.2%), Asian Paints Ltd. (2,954.40, 3.0%) and Bank of Baroda (296.90, 0.5%).

Stocks making new 52 weeks lows included - Bata India Ltd. (964.70, -1.0%) and Chambal Fertilisers & Chemicals Ltd. (438.95, -0.6%).

18 stocks climbed above their 200 day SMA including Akzo Nobel India Ltd. (3,482.80, 5.6%) and Birlasoft Ltd. (404.95, 5.1%). 11 stocks slipped below their 200 SMA including Metro Brands Ltd. (1,125.30, -3.7%) and Chalet Hotels Ltd. (879.95, -1.9%).

 
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Trendlyne Marketwatch
01 Dec 2025
Market closes flat, dragged by healthcare and realty sectors
By Trendlyne Analysis

Nifty 50 closed at 26,175.75 (-27.2, -0.1%), BSE Sensex closed at 85,641.90 (-64.8, -0.1%) while the broader Nifty 500 closed at 23,922.45 (-10.8, 0.0%). Market breadth is in the red. Of the 2,609 stocks traded today, 1,054 were gainers and 1,496 were losers.

Indian indices closed flat, dragged by the healthcare and realty sectors. However, the Nifty 50 and Sensex touched their all-time highs in the morning session, driven by Q2FY26 GDP growth surging to a six-quarter high of 8.2%. The Indian volatility index, Nifty VIX, closed flat at 11.6 points. Lenskart Solutions closed 4.7% higher as its Q2FY26 revenue grew 18% YoY, led by improvements in the domestic and international markets.

Nifty Smallcap 100 closed in the green, while Nifty Midcap 100 closed flat, tracking the benchmark index. BSE Auto and Nifty India Digital were among the best-performing indices of the day. According to Trendlyne’s sector dashboard, Diversified Consumer Services emerged as the highest-performing sector of the day, with a rise of 1.5%.

European indices are trading mixed. Major Asian indices closed with varied trends. US index futures are trading lower, signalling a cautious start to the session as investors eye the AI industry profits and bets on a potential Fed rate cut later this month. United Health reportedly sells Banmedica for $1 billion to aid turnaround amid higher medical costs.

  • Relative strength index (RSI) indicates that stocks like GMR Airport and Federal Bank are in the overbought zone.

  • Maruti Suzuki India is rising as its total wholesales jump 26.2% YoY to 2.3 lakh units in November, driven by a 60.9% increase in exports. Total domestic passenger vehicle sales grow 19.7%.

  • Escorts Kubota is rising as its total wholesales grow 17.9% YoY to 10,580 units in November. Exports surge 87.7% to 458 units, while domestic wholesales increase 15.9% to 10,122 units.

  • TVS Motor rises as its total wholesales grow 30% YoY to 5.2 lakh units in November, driven by a 27% YoY increase in two-wheelers and a 58% YoY growth in international business.

  • India’s gross GST collection for November edges up 0.7% YoY to Rs 1.7 lakh crore. Net GST receipts stand at Rs 1.52 lakh crore. Refunds issued during the month declined by 4% to Rs 18,196 crore.

  • Patel Engineering's board of directors approves a rights issue of 14.8 crore shares worth Rs 399 crore at an issue price of Rs 27 per share. The board sets December 4 as the record date for the issue.

  • Lenskart Solutions is rising sharply as its Q2FY26 net profit jumps 19.6% YoY to Rs 102.2 crore. Revenue grows 18% YoY to Rs 2,129.4 crore, led by improvements in the domestic and international markets. It features in a screener of stocks with rising net cash flow and cash from operating activities.

  • Arkade Developers receives approval from the National Company Law Tribunal (NCLT) to demerge its subsidiary, Filmistan, from itself.

  • Mahindra & Mahindra’s total vehicle sales rise 19% YoY to 92,670 units in November. In the utility vehicles segment, the company sells 56,336 units in the domestic market, marking a 22% increase, and 57,598 units overall, including exports. Domestic commercial vehicle sales rise 17%. The strong performance was driven by sustained demand following recent tax cuts.

  • Wockhardt surges more than 10% as the US FDA approves its new drug application (NDA) for Zaynich antibiotic. The antibiotic is used against the gram-negative pathogens, which are responsible for prolonged hospitalisation and high mortality. The US FDA also grants the company fast-track designation for this NDA to address urgent, unmet medical needs.

  • Ashok Leyland is rising as its total sales rise 29% YoY to 18,272 units in November. Its medium and heavy commercial vehicles' sales increase by 27%, while light commercial vehicles' sales grow by 33%.

  • SML Mahindra hits its 5% upper limit as its total sales grow 102% YoY to 1,087 units in November. Passenger vehicle sales increase 116% YoY, while cargo vehicles are up 83%.

  • Tobacco stocks like ITC and Godfrey Phillips decline after Finance Minister Nirmala Sitharaman introduces the Central Excise (Amendment) Bill, 2025, along with the “Health Security se National Security” Cess Bill, outlining the proposed tax structure for cigarettes, tobacco products, and pan masala manufacturing. The government has reportedly proposed excise duty bands for cigarettes based on stick length.

  • Authum Investment & Infrastructure's board of directors approves a bonus issue of shares in the ratio of 4:1.

  • Neuland Laboratories' board of directors approves a capex of Rs 189 crore to set up a research & development (R&D) facility in Hyderabad.

  • Sterling and Wilson Renewable Energy signs a five-year partnership agreement and receives its first purchase order from Adani Green Energy. The Rs 1,381 crore order involves a Balance of System package for three solar projects at the Khavda Renewable Energy Park in Gujarat, covering the supply of goods and onsite services.

  • India’s manufacturing PMI slips to a nine-month low of 56.6 in November, down from 59.2 in October. The slowdown was due to reduced demand following stringent US tariffs. Both factory output and new orders grew at their slowest pace since February, while international demand also weakened.

  • Waaree Energies is rising as it secures an order to supply 140 MW of solar modules.

  • ICICI Bank rises as it receives approval from the Reserve Bank of India (RBI) to acquire a 100% stake in ICICI Prudential Pension Funds Management (ICICI PFM) from ICICI Prudential Life Insurance (ICICI Life).

  • Dalmia Bharat's subsidiary, Dalmia Cement (Bharat), receives a Rs 143.4 crore show-cause notice from the Central GST for AY19.

  • India’s Q2FY26 GDP grew 8.2%, beating economists’ estimates of 7.2% and prompting several upward revisions to full-year growth forecasts. However, economists note that nominal GDP growth of 8.7%, though slightly above expectations, still signals pressure on corporate earnings. They also add that the chances of an RBI rate cut in December now appear slim.

  • Tega Industries rises as it enters an agreement with an affiliate of funds managed by American Industrial Partners (AIP) to acquire Molycop at an enterprise value of $1.5 billion.

  • Brigade Enterprises is rising as it signs a joint development agreement to develop a premium residential project in Begumpet, Hyderabad. The project spans approximately 3 acres, with a gross development value (GDV) of around Rs 800 crore and a total development potential of 0.5 million square feet.

  • NCC is rising as it secures multiple orders worth Rs 530.7 crore in the buildings, water and transportation segments.

  • Maharashtra Seamless is rising as it receives an order worth Rs 217 crore from Oil and Natural Gas Corp (ONGC) to supply seamless pipes used in exploration, drilling and production activities.

  • Nifty 50 was trading at 26,291.05 (88.1, 0.3%), BSE Sensex was trading at 85,983.60 (276.9, 0.3%) while the broader Nifty 500 was trading at 24,019.70 (86.5, 0.4%).

  • Market breadth is ticking up strongly. Of the 2,148 stocks traded today, 1,489 were on the uptick, and 569 were down.

Riding High:

Largecap and midcap gainers today include TVS Motor Company Ltd. (3,661.80, 3.7%), Hindustan Zinc Ltd. (499.85, 3.0%) and Hyundai Motor India Ltd. (2,395.70, 3%).

Downers:

Largecap and midcap losers today include Max Healthcare Institute Ltd. (1,125.40, -3.2%), GlaxoSmithKline Pharmaceuticals Ltd. (2,493, -3.0%) and Page Industries Ltd. (37,405, -2.4%).

Volume Rockets

12 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Wockhardt Ltd. (1,472.20, 19.2%), ZF Commercial Vehicle Control Systems India Ltd. (14,827, 12.3%) and TVS Holdings Ltd. (15,250, 6.4%).

Top high volume losers on BSE were Bata India Ltd. (974, -2.5%) and Star Health and Allied Insurance Company Ltd. (481, -1.4%).

JM Financial Ltd. (154.58, 6.4%) was trading at 15.7 times of weekly average. Indian Energy Exchange Ltd. (146.70, 5.3%) and Sterling and Wilson Renewable Energy Ltd. (229.47, 1.6%) were trading with volumes 5.7 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

25 stocks hit their 52 week highs, while 15 stocks hit their 52 week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,530.50, 0.9%), AIA Engineering Ltd. (3,840, -0.6%) and Bank of Baroda (295.55, 2.0%).

Stocks making new 52 weeks lows included - Bata India Ltd. (974, -2.5%) and Jyothy Labs Ltd. (295.50, -1.5%).

16 stocks climbed above their 200 day SMA including Wockhardt Ltd. (1,472.20, 19.2%) and JSW Holdings Ltd. (21,125, 4.4%). 12 stocks slipped below their 200 SMA including KPR Mill Ltd. (1,043.10, -3.4%) and Max Healthcare Institute Ltd. (1,125.40, -3.2%).

 
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The Baseline US
30 Nov 2025
The magic weight loss pill that could rewrite the anti-obesity market

We’re right on schedule for post-Thanksgiving regret — when you ask yourself if you really needed to reload your plate with food for the third time. Eating like it’s a competitive sport felt great in the moment. What’s a few pounds when the mashed potatoes and gravy were that good?

But Susan, who’s been on semaglutide for more than six months, had a very different Thanksgiving. The drug’s active ingredient suppressed her hunger, made her feel full. “I stared at a plate of stuffing and didn’t feel the usual urge to dive in,” she said.

That ability — to turn someone away from a delicious dish against all odds — is reshaping the stock market for GLP drug manufacturers. Drug maker Eli Lilly for example, has seen its stock price surgenearly 40% over the past year, and cracked the trillion-dollar club.

But the original pioneer, Novo Nordisk, maker of Ozempic and for a brief time, Europe’s most valuable company, saw its valuation drop by more than 50% last year. It took another hit after its Phase 3 Alzheimer’s trials failed.

The winner in this market is changing fast. Even with the current Lilly–Novo duopoly, the anti-obesity market is getting more competitive, with pricing fights, new formats, and a innovation race that is changing who stays on top.

What’s driving the trillion-dollar rally?

OnNovember 21, 2025, Eli Lilly became the first healthcare company to reach a $1 trillion market cap. Analysts don't see this as a peak — it is just confirmation that Lilly now leads the obesity market, and is going to keep soaring.

Morgan Stanley raised its price target for Lilly by another 10% to $1,290, arguing that the weight-loss drug boom is still in its early innings. With supply bottlenecks easing, Morgan Stanley models show sales continuing to beat expectations.

Bank of America and Truist Securities echo that view, crediting Lilly's massive new investments in manufacturing capacity. Put simply, Lilly can now supply weight loss drugs at a level that competitors can’t match. That advantage is showing up in the numbers.

Lilly's Zepbound Q3 sales nearly tripled to $3.6 billion, overtaking Wegovy’s $3.1 billion, which grew only 18% YoY. Analysts expect Zepbound to pull decisively ahead of Wegovy, with an even bigger lead in 2026.

A big part of the momentum comes from patient experience. Data from drugs.comshows Zepbound outperforming Wegovy across every major category. It delivers higher weight loss with better tolerability: nausea hits 31% of Wegovy users versus 25% of Zepbound users.

The oral revolution

The next battleground is clear: who launches the first, blockbuster weight-loss pill. Pills are cheaper to make, easier to store, and far more convenient than today’s injectable pens, which still face supply shortages.

Analysts expect a big shift from injections to daily pills by the end of the decade. Goldman Sachs has already adjusted its outlook: after factoring in expected price cuts for injectables once pills arrive, it now pegs the global anti-obesity market at $95B by 2030 (down from $130B).

Looking further ahead, Goldman sees a $120B peak by 2033, with $70B coming from the U.S. and $50B from international markets.

At the center of Wall Street’s optimism is Eli Lilly’s pill candidate, Orforglipron. The one-a-day pill has cleared Phase 3 and is expected to launch in 2026. Trials show patients losing around 15% of body weight over 36 weeks.

Its edge lies in chemistry. Unlike fragile, peptide-based injectables, Orforglipron is a small-molecule drug — meaning it can be mass-produced in standard chemical plants, just like statins or Tylenol. If approved, it could ease global supply pressure almost immediately.

The pill is also simpler for users: no fasting windows, no water rules, and you can take it with coffee. Weight loss (10–14.7%) is a touch lower than injectables, but convenience and scalability make it attractive. Side effects are similar to the injection: mild-to-moderate nausea, diarrhea and constipation.

Novo Nordisk’s planned pill is more effective but also higher friction. It's not a new compound, but just high-dose oral semaglutide. It is essentially “Wegovy in pill form” — which delivers 15–17% weight loss but requires an empty stomach, minimal water, and a 30-minute wait before eating to protect the peptide from digestion.

Everyone wants a piece of the pie

As Lilly and Novo plan to launch their pills by 2026, a second wave of biotech challengers is lining up behind them. AMGEN, Viking Therapeutics and Roche are all advancing weight-loss efforts, hoping to break the Lilly-Novo duopoly by 2027.

“Investors clearly prefer Lilly over Novo in the obesity-drug arms race,” said Evan Seigerman of BMO Capital Markets. “But that premium also leaves Lilly exposed to a big downside, if any pipeline drug disappoints.”

By contrast, other companies, which are trading at lower valuations face less downside and more upside if their bets work.

And there's more competition coming. One of the biggest news stories in late 2025 was Pfizer’s re-entry into the obesity space through its acquisition of Metsera. Novo reportedly tried to block the deal with a surprise $9B offer, forcing Pfizer to raise its Metsera bid to $10B.

Why the urgency from Novo? Because Metsera owns what analysts call the industry’s “crown jewel”: MET-097i, a once-monthly GLP-1 injection. Pfizer is betting that if the choice is between 52 injections a year or 12, the winner is obvious.

Analysts say the scramble underscores just how competitive this market is about to get. One put it simply: “As the GLP-1 race widens, companies aren’t just fighting for market share anymore; they’re fighting for staying power.”

As always,

The Trendlyne team

 
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The Baseline
28 Nov 2025
Five Interesting Stocks Today - November 28, 2025
By Trendlyne Analysis

1. Emami:

The stock of this personal products company rose 2.7% on November 27, fueled by a vote of confidence from Goldman Sachs. The global brokerage firm reiterated its ‘Buy’ rating and set an ambitious target price of Rs 825, suggesting the stock could soar by over 60% from current levels.

This optimism comes despite a tough second quarter. Net profit fell 14.8% YoY to Rs 182.3 crore, and revenue dropped 11.5% as sales dipped for key brands like Navratna, Boroplus, and Kesh King. The slump was driven by a “double whammy” of poor timing: delayed stocking of winter products and heavy rains that weakened demand for summer items such as talcum powder.

The company’s Q2 net profit marginally missed Trendlyne's Forecaster estimate by 2.4% as its summer portfolio continued to face pressure amidst excessive rains. Its stock features in a screener of companies where mutual funds have increased shareholding over the past month.

While most categories dipped in Q2, strategic investments grew a solid 16%. October saw a strong turnaround driven by early winter demand. Management now targets double-digit value growth in Q3, further boosted by a lower 5% GST rate on 93% of its portfolio, which is expected to drive volumes in key segments.

Mohan Goenka, the company’s Director and Chairman, is bullish on the third quarter, anticipating high single-digit growth and possibly double-digit growth if winter sales hold up. The company launched 12 new products in the male grooming space, including sunscreens, shower gels, and undereye creams. Looking further ahead, Goenka said: “We believe FY27 will be a stronger year than FY26, as the summer portfolio gains share.”

In their analysis, Goldman Sachs argued that the market has mispriced the stock, claiming that recent earnings volatility is obscuring Emami's solid, underlying growth trajectory. The brokerage expects a strong recovery over the next four quarters but cautioned investors about risks like intense competition, adverse weather conditions, unexpected leadership changes, and overdependence on niche product categories.

2. Inventurus Knowledge Solutions:

Thishealthcare services provider rose 5.8% last week after Nomurainitiated coverage with a ‘Buy’ rating and target price of Rs 2,000. Inventurus Knowledge Solutions (IKS) provides outsourcing and technology solutions to healthcare providers, with nearly 95% of its revenue coming from the US market. Nomura notes that IKS is well-positioned to benefit from prevailing industry trends.

The US healthcare sector is dealing with high costs and regulatory pressures, driving hospitals and insurers to seek partners who can help them streamline operations. The market is projected to grow at around 12% CAGR, reaching Rs 5 lakh crore (~$59 billion) by 2028. Nomura expects demand to be driven by greater adoption of digital systems that connect healthcare providers and improve care coordination.

IKS’ revenue rose 22% YoY inQ2FY26, thanks to increased business from large physician groups and higher demand for billing & collection services. Net profit surged 60%, helped by cost control through AI-enabled automation. The acquisition of AQuity Solutions in October 2023 added a sizable client base, allowing IKS to cross-sell services and lift its EBITDA margin by 530 bps to 34.8%.

CEO Sachin Guptasaid, “We reached the mid-30s in margins earlier than expected, driven by strong growth in our top 10 customers. We’re comfortable with the margin range we are at.” He added that IKS has identified around 50 customers, each with a potential revenue of about Rs 450 crore annually over the next five years.

CFO Nithya Balasubramanian noted that R&D spending has increased to nearly 5% of revenue as the company develops its AI-native platform. She added that IKS currently has a net debt of Rs 412 crore and said excess cash will be used to reduce debt, keeping it on track to be debt-free by FY27.

3. Tilaknagar Industries:

Thisbeverage manufacturer rose 3.2% on November 20 after itlaunched Seven Islands Pure Malt Whisky, marking its entry into the premium segment. The move signals a major shift for the brandy-focused company, which is now establishing whisky as a second major growth engine.

Management says long-term demand trends are fueling the expansion. “With whisky commanding over 60% of India’s spirits market, expanding into this category was the next natural step for us,”explained Amit Dahanukar, Chairman and Managing Director.

On October 8, the company wonapproval from the Competition Commission of India to acquire the Imperial Blue whisky business from Pernod Ricard for Rs 4,150 crore. The deal is set to close in Q3FY26. “The acquisition will be funded through an almost equal combination of equity and debt,” Dahanukarconfirmed.

InQ2FY26, revenue climbed 6.2% YoY, driven by a 16.2% jump in volume and market share gains. However, this growth missed analyst expectations after monsoon disruptions dampened consumption. Higher advertising costs squeezed margins to 15.1% from 17.5%, causing net profit to fall 9.5%.

To strengthen its premium push, Tilaknagar Industriesraised its stake in Spaceman Spirits Lab to 21.3%. The move unlocks access to high-growth craft spirits like Samsara Gin, Sitara Rum, and Amara Vodka, allowing the company to scale them at low cost through its own distribution network. Tilaknagar is alsoexpanding capacity at its Prag Distillery and launching its Mansion House Whisky and Monarch Legacy Edition Brandy in new markets.

Choice International Equities maintains its ‘Buy’ rating and a Rs 650 price target, upgrading its revenue forecasts for FY26 and FY27. The brokerage sees the Imperial Blue deal as a major boost to long-term scale but warns of near-term margin pressure.

4.Voltas:

This consumer electronics maker has risen 1.6% since November 25 after Life Insurance Corp of India (LIC) bought a 2% stake worth Rs 914.9 crore through open market purchases. This move brings LIC's total holding in the company to approximately 7.1%.

Voltas reported a weak set of numbers for the September quarter. The company’s revenue declined 10.4% YoY to Rs 2,347.3 crore, missing Trendlyne’s Forecaster estimates by 2.7%. Net profit fell sharply by 74.4% to Rs 34.3 crore, 63% below estimates.

The company’s cooling products division, which accounts for more than half of its total revenue, saw a 23% decline. The company highlighted that this slowdown was caused by an early monsoon, delayed customer purchases ahead of GST changes, and margin pressures.

In contrast, the electro-mechanical projects segment provided a bright spot, with its revenue rising 10% and its profit nearly doubling during the quarter. The company said this strong performance was driven by steady progress on domestic projects in the electrical, water, and solar sectors.

Voltas retained its market leadership in air conditioners, increasing its market share to 18.5% from 17.8% in the previous quarter. This was helped by new product launches, expanded manufacturing, and a wider sales network. The company aims to further strengthen its position by expanding its premium lineup with 5-star, internet-connected, AI-based models, while still focusing on the popular, high-volume 3-star segment.

Commenting on the company’s performance, Mukundan Menon, Managing Director of Voltas, said, “The second quarter was marked by external challenges, but our fundamentals remain strong. The GST reduction and upcoming new energy efficiency standards will encourage customers who have been waiting to buy in the coming quarters.”

Emkay Global maintains its ‘Buy’ rating on the company with a Rs 1,500 target price. The brokerage believes that despite current challenges, Voltas’ earnings will improve as seasonality normalises in the second half of the year.

5. NBCC (India):

This construction & engineering stock climbed 2.6% on November 20 after landing a Rs 2,966 crore contract from the Nagpur Metropolitan Region Development Authority (NMRDA). This involves developing Phase 1 of the Naveen Nagpur project, an urban development spanning 692 hectares.

The same day, NBCC also sold 609 residential units in Greater Noida through an e-auction, generating Rs 1,069.4 crore. The company won additional orders worth Rs 608.3 crore on November 17 and 24. The largest among these is a project to build an integrated township for the Damodar Valley Corp.

In Q2FY26, NBCC’s revenue jumped 19.5% YoY to Rs 3,017.2 crore, driven by higher execution in its PMC business. Net profit grew 25.7% to Rs 153.5 crore, thanks to lower inventory expenses and write-offs. Increased contributions from ongoing projects, including the completion of phase-1 of the residential development in Netaji Nagar and phase-1 of the Amrapali project, fueled revenue growth. Management expects Phase 2 of the Amrapali project to contribute significantly in the upcoming quarters, with potential sales of Rs 17,000 crore.

Following the results, NBCC’s Chairman & Managing Director, KP Mahadevaswamy, noted, “We are confident of achieving Rs 14,000-15,000 crore in revenue with an EBITDA margin of 6-6.5% during FY26, fueled by completion of projects in the real estate business during H2FY26.”

Elara Capital retains its ‘Buy’ call on NBCC, with a target price of Rs 165 per share, an upside of 41.4%. The brokerage remains positive on the stock due to NBCC’s expertise in redeveloping government land, reviving stalled private realty projects, and buildings & hospitals. It believes the company's asset-light model, stable margins, and lean working capital cycle will drive strong return ratios, exceeding 20%.

Trendlyne’s Forecaster estimates NBCC’s revenue to grow 8.7% to Rs 13,089.4 crore and net profit to jump 33.1% to Rs 720 crore in FY26. While the stock is overvalued based on its current PE, it is undervalued at future earnings estimates.

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations

 
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Trendlyne Marketwatch
28 Nov 2025
Market closes lower, dragged down by Hardware Technology and Telecommunications Equipment sectors
By Trendlyne Analysis

Nifty 50 closed at 26,202.95 (-12.6, -0.1%), BSE Sensex closed at 85,706.67 (-13.7, 0.0%) while the broader Nifty 500 closed at 23,933.20 (-14.6, -0.1%). Market breadth is in the red. Of the 2,594 stocks traded today, 1,161 were on the uptick, and 1,383 were down.

Indian indices closed lower after erasing gains in the morning session. The Indian volatility index, Nifty VIX, declined 1.4% and closed at 11.6 points. Life Insurance Corp of India (LIC) bought 37.8 lakh shares (~2% stake) worth Rs 702.7 crore in ACC through the open market. This deal takes LIC's stake in ACC to 10.6% from 8.6%.

Nifty Midcap 100 & Nifty Smallcap 100 closed lower, following the benchmark index. BSE Auto and Nifty Auto were among the top index gainers today. According to Trendlyne’s Sector dashboard, Pharmaceuticals & Biotechnology emerged as the best-performing sector of the day, with a rise of 0.6%.

Asian indices closed mixed, while European indices are trading higher. US index futures traded higher, indicating a positive start to the trading session. Markets are now pricing in over an 80% probability of a 25 bps Fed rate cut at the December 9–10 meeting, a sharp jump from about 40% just a week earlier, according to CME FedWatch. The Fed will have additional inflation data to review before its December meeting, as the September PCE price index data, originally due this week, will now be released on December 5.

  • Money flow index (MFI) indicates that stocks like Hero MotoCorp, Coromandel International, GMR Airports, and M&M Financial are in the overbought zone.

  • Emcure Pharmaceuticals discloses that Maharashtra GST officials conducted a search and seizure at its Mumbai premises. The action was carried out in connection with suspected tax discrepancies identified by the department.

  • Reliance Industries rises to a new 52-week high of Rs 1,581.3 as its joint venture, Digital Connexion, reportedly signs a memorandum of understanding (MoU) with the Andhra Pradesh government to invest Rs $11 billion (~Rs 98,416 crore). The JV will set up a 1 GW, AI-native data centre campus in Visakhapatnam.

  • Venkatraman Narayanan, MD of Happiest Minds Technologies, says the company’s AI business reached breakeven six months ahead of schedule. He sees a potential pipeline of $30–50 million from AI-focused deals over the coming years. Narayanan adds that AI currently contributes 2.7% of the company’s revenue, and the firm aims to scale the core AI business to 5% in the near future.

  • Ceigall India surges as it secures an order worth Rs 1,089 crore from Madhya Pradesh Road Development Corp (MPRDC) to build the Indore–Ujjain greenfield access-controlled four-lane highway.

  • Eureka Forbes surges to its 52-week high of Rs 668.3 as it aims to double revenue to Rs 5,500 crore and improve EBITDA margin by 330 bps to 15% by FY30 from FY25, supported by category growth, premiumisation, and its digital service platform. The company's management highlighted its expansion beyond water purifiers into a wider health and hygiene portfolio.

  • ICICI Securities retains its 'Buy' call on Premier Energies, with a target price of Rs 1,320 per share. This indicates a potential upside of 35%. The brokerage remains confident on the stock, given its ability to scale its capacity, integrated ecosystem and the strong demand for solar power. It expects the firm to deliver a revenue CAGR of 46.2% over FY26-27.

  • Vikas Gupta, MD of PG Electroplast, remains optimistic about the company’s outlook. He says the washing machine division grew 40% YoY in Q2, while the room AC segment has a strong order pipeline and should deliver a solid Q3. Gupta is confident of achieving the Rs 5,800-crore revenue target, with about Rs 3,500 crore coming from ACs, and expects room AC prices to rise 11–12% in December.

  • Dilip Buildcon is rising as it receives an order worth Rs 879.3 crore from the National Highways Authority of India (NHAI) for four-laning the Paramakudi–Ramanathapuram section of National Highway 49 in Tamil Nadu.

  • The Supreme Court (SC) orders a Rs 520.8 crore refund to Lodha Developers, affirming the company as the bonafide successful resolution applicant for V Hotels. Lodha had deposited the amount as security against claims related to V Hotels.

  • Ashoka Buildcon is falling sharply as the National Highways Authority of India (NHAI) temporarily bars the company from its tenders for a month. NHAI also issues a show-cause notice to Ashoka Buildcon regarding the construction of a bridge from Aroor to Thuravoor Thekku section of NH-66, where two precast girders fell, resulting in the fatality of a commercial vehicle driver.

  • Goldman Sachs upgrades One97 Communications (Paytm) to a 'Buy' rating and a higher target price of Rs 1,570. The brokerage says the regulatory overhang that pressured the stock through 2024–25 is beginning to ease, enabling Paytm to regain momentum in its core payments business. It expects revenue growth of over 20% in a more stable policy environment, with additional upside if payment-charge regulations become more favourable or if Paytm captures more market share.

  • Bandhan Bank is rising as its board approves the sale of non-performing assets worth Rs 3,212.2 crore and written-off loan portfolios worth Rs 3,719.1 crore through a mix of Swiss Challenge bidding and auction processes.

  • GAIL falls sharply after the Petroleum and Natural Gas Regulatory Board (PNGRB) issues transmission tariff revisions, raising tariffs 12% to Rs 65.7 per million metric british thermal unit (MMBtu). The hike is lower than the 33% increase GAIL sought and the 20% increase expected by the street.

  • Voltamp Transformers is rising sharply as it secures an order worth Rs 85.1 crore from Gujarat Energy Transmission Corp to supply power transformers.

  • Elara Capital maintains a positive outlook on India’s consumer internet sector, citing Eternal as a key valuation anchor and assigning an ‘Accumulate’ rating to Swiggy. It notes that India’s e-commerce penetration remains low at about 7% in CY24, placing the market at an early inflection point similar to the US and China in the early 2010s. Elara adds that Indian internet companies are still in the early maturity phase, growing 25–40% while gradually moving toward profitability.

  • Lenskart Solutions rises sharply as Jefferies initiates coverage on the company with a 'Buy' call and a target price of Rs 500 per share. This indicates a potential upside of 18.6%. The brokerage believes that the eyewear company's vertically integrated, multi-channel model gives it cost advantages, faster delivery capabilities, and a better customer experience.

  • Sudeep Pharma's shares debut on the bourses at a 23.1% premium to the issue price of Rs 593. The Rs 895 crore IPO received bids for 93.7 times the total shares on offer.

  • Adani Enterprises is rising as its arm, Adani Defence Systems and Technologies, enters an agreement to acquire a 72.8% stake in Flight Simulation Technique Centre (FSTC) from Flight Simulation Solutions (FSS) for Rs 820 crore.

  • JM Financial initiates coverage on Belrise Industries with a 'Buy' rating and a target price of Rs 215. The brokerage says Belrise is a leading player in 2W metal components, with a 24% market share, and ranks among the top three suppliers. It highlights the company’s expanding EV-focused portfolio and the scale-up of the 4W segment, with plans to double revenue from this category over the next 2–2.5 years. Ongoing deleveraging is also expected to support strong earnings growth.

  • Tanfac Industries surges as it secures an order worth Rs 336 crore from Krishna Organics to supply high-purity diluted hydrofluoric acid.

  • Refex Industries surges more than 10% as it secures an order worth Rs 100 crore to excavate and transport pond ash.

  • Bombay Dyeing & Manufacturing Co falls as it plans a temporary shutdown of its Patalganga plant from November 28 to December 18, resulting in a volume shortfall of 7,500 metric tonnes (MT). The company plans this shutdown for maintenance activities.

  • Zydus Lifesciences is rising as it receives tentative approval from the US FDA for Empagliflozin and Linagliptin tablets. The drug is used to improve glycaemic control in adults with type 2 diabetes mellitus and has a market size of $215.8 million according to IQVIA.

  • Nifty 50 was trading at 26,230.35 (14.8, 0.1%), BSE Sensex was trading at 85,791.55 (71.2, 0.1%) while the broader Nifty 500 was trading at 23,946.45 (-1.3, 0.0%).

  • Market breadth is horizontal. Of the 2,039 stocks traded today, 939 were on the uptrend, and 1,005 went down.

Riding High:

Largecap and midcap gainers today include Ipca Laboratories Ltd. (1,447, 3.7%), SRF Ltd. (2,927.30, 3.1%) and Varun Beverages Ltd. (481.55, 3.1%).

Downers:

Largecap and midcap losers today include GAIL (India) Ltd. (176.09, -4.2%), Swiggy Ltd. (378.30, -2.2%) and Astral Ltd. (1,440, -2.1%).

Volume Rockets

12 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Welspun Living Ltd. (148.82, 12.3%), Zee Entertainment Enterprises Ltd. (101.47, 3.5%) and Poonawalla Fincorp Ltd. (480.30, 3.2%).

Top high volume losers on BSE were KIOCL Ltd. (355.35, -4.5%), GAIL (India) Ltd. (176.09, -4.2%) and Chalet Hotels Ltd. (886.40, -1.1%).

BLS International Services Ltd. (329.75, 2.7%) was trading at 4.6 times of weekly average. Hatsun Agro Products Ltd. (1,047, -0.5%) and Cholamandalam Financial Holdings Ltd. (1,848, 2.6%) were trading with volumes 3.9 and 3.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks overperformed with 52 week highs, while 8 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,516.90, 0.5%), AIA Engineering Ltd. (3,862.60, 0.7%) and Cummins India Ltd. (4,479.30, 0.7%).

Stocks making new 52 weeks lows included - Jyothy Labs Ltd. (300.05, -1.6%) and SJVN Ltd. (77.86, -1.3%).

7 stocks climbed above their 200 day SMA including JSW Holdings Ltd. (20,284, 2.3%) and Swan Corp Ltd. (446.80, 1.5%). 22 stocks slipped below their 200 SMA including GAIL (India) Ltd. (176.09, -4.2%) and Jyoti CNC Automation Ltd. (1,010.25, -2.8%).

 
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The Baseline created a screener test 2
28 Nov 2025
 
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Trendlyne Marketwatch
27 Nov 2025
Market closes flat amid profit booking after touching all-time highs
By Trendlyne Analysis

Nifty 50 closed at 26,215.55 (10.3, 0.0%) , BSE Sensex closed at 85,720.38 (110.9, 0.1%) while the broader Nifty 500 closed at 23,947.75 (-7.5, 0.0%). Market breadth is in the red. Of the 2,590 stocks traded today, 1,146 were in the positive territory and 1,386 were negative.

Indian indices closed flat due to profit booking after touching all-time highs. The Indian volatility index, Nifty VIX, fell 1.5% and closed at 11.8 points. The IMF said India would grow 6.6% in FY26, supported by GST reforms despite US tariffs, and added that new trade deals and faster domestic reforms could lift exports, investment, and jobs.

Nifty Smallcap 100 closed lower, while Nifty Midcap 100 closed flat. Nifty Oil & Gas and Nifty Realty were among the top index losers today. According to Trendlyne’s sector dashboard, Commercial Services & Supplies emerged as the worst-performing sector of the day, with a fall of 1.3%.

Asian indices closed mixed. European indices are trading lower, except for Germany’s DAX. US index futures are trading flat. The US markets will remain closed on Thursday for Thanksgiving Day and will open for a shortened session on Friday. Meanwhile, AXIA Energia, LG Display, and New Fortress Energy are set to report their results later today.

  • Relative strength index (RSI) indicates that stocks like GMR Airport, Federal Bank, Shriram Finance, and Hero MotoCorp are in the overbought zone.

  • One97 Communications’ (Paytm) arm, Paytm Payments Services, gets final RBI approval to operate as a payment aggregator. The authorisation allows the subsidiary to onboard merchants and facilitate online transactions.

  • India Glycols' board of directors allots 51 lakh shares worth Rs 467 crore on a preferential basis at an issue price of Rs 915 per share.

  • NACL Industries is rising as its board of directors schedules a meeting on December 1 to consider a proposal to raise funds by issuing securities through a rights issue, qualified institutional placement, or other modes.

  • Gyanesh Chaudhary, MD & CEO of Vikram Solar, says the company is adding 5 GW of capacity at its Vallam plant, targeting 13 GW next year and 17.5 GW by FY27. He expects scaled efficiency early in Q4. Chaudhary adds that the PLI scheme will provide Rs 528.54 crore in benefits for the new plant, supporting domestic solar manufacturing as India adds 44.2 GW of capacity in 2025.

  • Ashiana Housing plans to invest Rs 750 crore in a new residential project in Gurugram, featuring 542 units across six towers. The project will be funded through internal accruals, International Finance Corp (IFC) support, customer advances, and ICICI Pru NCD-backed financing.

  • ICICI Direct maintains its 'Buy' call on KPIT Technologies, with a target price of Rs 1,400 per share. This indicates a potential upside of 15.4%. The brokerage believes that the Caresoft acquisition, investment in helm.ai, entry in the micromobility & industrial verticals, and a strong deal pipeline will drive long-term revenue momentum. It expects the firm's revenue to grow at a CAGR of 12.3% over FY26-28.

  • Indo Tech Transformers rises as it secures a Rs 91.3 crore order to supply 11 transformers to Four EF Constructions for NTPC projects. The company will deliver all units between August and October 2026.

  • Chief Economic Advisor V Anantha Nageswaran says India is on track to cross the $4 trillion GDP mark this financial year, noting that the economy has already surpassed the $3.9 trillion level as of March 2025. He notes that sustained growth is crucial amid global geopolitical shifts, with India’s expanding economic size expected to play a key role in shaping its international influence.

  • Juniper Hotels' board of directors approves the corporate insolvency resolution process (CIRP) for Gstaad Hotels. The company plans to acquire Gstaad's assets from its Committee of Creditors (CoC) for a claim of Rs 1,175 crore.

  • Studds Accessories' Q2FY26 net profit jumps 17.9% YoY to Rs 20.6 crore, helped by lower raw materials, finance, and depreciation & amortisation expenses. Revenue grows 6.3% YoY to Rs 157.3 crore during the quarter. It features in a screener of stocks with improving RoE over the past two years.

  • Kesar India acquires 24,256 sq. meters of land in Hingna, Nagpur, with a 1.5 million sq. ft. development area and a revenue potential of Rs 900 crore.

  • The IMF projects India’s economy to grow 6.6% in FY26, supported by GST reforms that help cushion the impact of prolonged 50% US tariffs, and expects resilient growth despite external pressures. It adds that new trade deals and quicker domestic structural reforms could further lift exports, private investment, and jobs.

  • Indian Hume Pipes is rising as it sells 15,310.8 sq. meters of land at Azamabad Industrial Area, Hyderabad, to Ashoka Builders for Rs 174 crore.

  • Axis Direct retains its 'Buy' call on NLC India, with a target price of Rs 310 per share. This indicates a potential upside of 25%. The brokerage remains positive on the stock, given its expansion in the thermal and renewable energy segments. It expects the company to deliver a revenue CAGR of 13.7% over FY26-28.

  • Ashok Leyland surges to its all-time high of Rs 157.5 per share as its board of directors approves the merger of its subsidiary, Hinduja Leyland Finance, into NDL Ventures. As per the scheme of the merger, Hinduja's shareholders will receive 25 shares of NDL for every 10 shares held in the company.

  • Anil Gupta, CMD of KEI Industries, says copper price volatility is routine and typically passed on to consumers. He sees a short-term impact from the price volatility. As of Q2FY26, 73% of the company’s order book comes from the cable business across domestic and export markets. Gupta adds that commercial production at Sanand Phase 1 will begin in the first week of December, with over half of the projects set for commissioning next month.

  • Jammu & Kashmir Bank rises as its board of directors approves raising Rs 750 crore through a qualified institutional placement (QIP) of equity shares.

  • CarTrade Tech is falling as it calls off its proposed deal with Girnar Software to acquire CarDekho and BikeDekho.

  • Sterling and Wilson Renewable Energy is rising as it secures an order worth $147 million (~Rs 1,313 crore) to build a 240 MW AC solar power project in South Africa, including design, engineering, procurement, and construction services.

  • Goldman Sachs retains a 'Buy' rating on Emami with a target price of Rs 825. The brokerage says Emami’s growth and valuations look out of sync, as earnings volatility is overshadowing its stable growth trajectory and pressuring valuations. It expects a strong rebound over the next four quarters but warns of downside risks from intense competition, unfavourable weather, and heavy reliance on niche categories.

  • Patel Engineering surges as it bags two letters of intent (LoIs) worth Rs 798.2 crore from Saidax Engineers and Infrastructures for coal excavation and transportation at Jhiria West open cast project (OCP), Bilaspur.

  • Whirlpool of India plunges more than 10% as its promoter, Whirlpool Mauritius, reportedly plans to sell 95 lakh shares (~7.5% stake) worth Rs 978.5 crore at a floor price of Rs 1,030 per share.

  • Ashoka Buildcon is rising as its subsidiary, Ashoka Concessions, sells five special purpose vehicles (SPVs) to Maple Infrastructure Trust for Rs 1,814.4 crore.

  • Asian Paints' step-down subsidiary, Berger Paints Emirates, plans to set up a new 55,800 kilolitre (KL) paint manufacturing facility in the United Arab Emirates (UAE), with an investment of AED 140 million (~Rs 340 crore).

  • Nifty 50 was trading at 26,251.95 (46.7, 0.2%), BSE Sensex was trading at 85,748.26 (138.8, 0.2%), while the broader Nifty 500 was trading at 24,008 (52.8, 0.2%).

  • Market breadth is overwhelmingly positive. Of the 2,082 stocks traded today, 1,504 were in the positive territory and 510 were negative.

Riding High:

Largecap and midcap gainers today include Ashok Leyland Ltd. (159.75, 7.3%), Escorts Kubota Ltd. (3,847.80, 4.4%) and Mahindra & Mahindra Financial Services Ltd. (363.65, 3.9%).

Downers:

Largecap and midcap losers today include Bajaj Holdings & Investment Ltd. (11,246, -4.2%), Eicher Motors Ltd. (6,999, -2.8%) and Adani Enterprises Ltd. (2,255, -2.6%).

Volume Rockets

13 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Ashok Leyland Ltd. (159.75, 7.3%), Gujarat Mineral Development Corporation Ltd. (553.15, 4.7%) and Tejas Networks Ltd. (503.80, 4.6%).

Top high volume losers on BSE were Whirlpool of India Ltd. (1,063.80, -11.4%), Cholamandalam Financial Holdings Ltd. (1,800.70, -2.7%) and Devyani International Ltd. (136.33, -2.1%).

Gillette India Ltd. (8,763, 4.0%) was trading at 14.6 times of weekly average. Bayer Cropscience Ltd. (4,572.40, -0.3%) and Tata Teleservices (Maharashtra) Ltd. (52.94, 4.2%) were trading with volumes 11.3 and 8.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

15 stocks took off, crossing 52 week highs, while 3 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Ashok Leyland Ltd. (159.75, 7.3%), Axis Bank Ltd. (1,287.30, -0.2%) and Bharat Heavy Electricals Ltd. (290.85, 0.4%).

Stocks making new 52 weeks lows included - SKF India Ltd. (1,938.50, -0.6%) and Deepak Nitrite Ltd. (1,559.60, -0.6%).

20 stocks climbed above their 200 day SMA including Chalet Hotels Ltd. (896.05, 2.2%) and ICICI Bank Ltd. (1,392.20, 1.3%). 13 stocks slipped below their 200 SMA including Cholamandalam Financial Holdings Ltd. (1800.70, -2.7%) and General Insurance Corporation of India (384.75, -2.0%).

 
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The Baseline
27 Nov 2025
By Divyansh Pokharna

After a slow start to FY26, Indian companies finally found their rhythm in Q2. Average profit growth jumped over 15% YoY, signalling investors that business momentum is returning. The recovery was broad as well, with renewables, metals, and consumer-focused sectors all reporting healthier numbers, making this one of the widest earnings rebounds in recent quarters.

Three factors powered this: cheaper raw materials, stronger demand, and better financial health (less debt). Mid-sized industrial firms gained the most, as falling interest costs directly lifted their margins.

“Mid-caps have now outperformed large-caps for the fourth quarter in a row, showing that India’s earnings recovery is becoming broader. Overall, market conditions look healthier than they did last year,” a Motilal Oswal report said.

The shift from Q1 is noticeable. The year began with soft guidance and hesitant spending, but Q2 made analysts more optimistic. Many now believe the worst of the slowdown is behind us. As Kotak Institutional Equities noted, “The Q2FY26 earnings season may mark a turning point: we expect Nifty 50 profits to grow ~10% in FY26, driven by HDFC Bank, ICICI Bank and Reliance.”

Against this backdrop, some industries are doing better than others. In this edition of Chart of the Week, we take a close look at the top performers—from jewellery and solar power to finance and food—to see exactly who is powering this revival and whether they can keep this momentum going for the rest of the year.

Festive buying lifts jewellery demand in Q2

The gems & jewellery industry delivered one of the most impressive performances. The industry’s revenue more than doubled, helped by an early start to festive buying. With Navratri falling in early October, customers began shopping in September, giving organised players a head start. High gold prices also pushed buyers toward branded chains, widening the gap with unorganised sellers.

Titan posted a 59% jump in net profit and strong revenue growth, aided by its gold exchange program. Kalyan Jewellers’ net profit nearly doubled, supported by stronger sales in newer non-South markets. Rajesh Exports saw its refining and export business rebound, delivering the sharpest revenue growth in the sector.

Management commentary was equally upbeat. “Same-store sales for the 30 days up to Diwali were over 30%, and demand stayed firm even after,” said Ramesh Kalyanaraman, Executive Director at Kalyan Jewellers. Titan observed a similar trend: “When gold prices didn’t fall, people who were waiting to buy finally went ahead with their purchases,” said MD CK Venkataraman.

Renewable push supports solar manufacturers

The electrical equipment space, especially solar energy, stood out. Industry revenue grew around 37%, while net profit surged over 80%. Rapid adoption of renewables, simplified power-purchase policies, and a cut in GST for solar and wind gear from 12% to 5% lowered project costs and boosted demand.

Vikram Solar saw one of the largest jumps as module sales nearly tripled amid strong domestic and export demand. Waaree Energies’ profit more than doubled in Q2, supported by 2.6 GW module output and robust orders. However, the company faced an income-tax raid on November 18 linked to alleged discrepancies in past export incentives. The stock has fallen by 7.6% in the last month.

HBL Engineering also joined the rally, with a 131% rise in revenue and 344% growth in net profit. However, their management took a cautious tone, noting that while Q2 was exceptionally strong, FY26 results should not necessarily be used as a baseline for all future quarters.

A healthy monsoon keeps fertilizers in demand

The fertilizer industry had a strong Q2, with revenue rising 36% and net profit surging 63%. A favourable monsoon lifted sowing activity across major agricultural belts, especially for Rabi crops.

Paradeep Phosphates benefited from its merger with Mangalore Chemicals, while Chambal Fertilisers saw better traction in its non-urea segment. Coromandel International gained from its new phosphoric-acid plant, which reduced raw-material interruptions and enabled smoother production, lifting revenue 30%.

“With favourable monsoons and positive farmer sentiment, we expanded distribution. Fertiliser plants operated at full capacity, lifting sales volumes by 17% in H1FY26,” said S Sankarasubramanian, MD & CEO of Coromandel International.

Input cost relief helps edible oil and food players

Edible oils and food & beverages delivered steady growth this quarter, though the drivers differed across segments. Edible oils’ profit rose 27% as lower import duties on crude palm, soya, and sunflower oils brought down refining costs and improved volumes for manufacturers.

AWL Agri Business posted higher revenue but saw profits decline because duty-free imports from Nepal increased competition and pressured domestic refiners. The stock also slipped after Adani Commodities sold its entire remaining stake in the company, marking a complete exit. 

CIAN Agro swung to a Rs 19 crore profit from a marginal loss last year, helped by the acquisition of Sec One Sales & Marketing in August 2025, which improved its sales and distribution reach. Patanjali Foods also recorded a strong quarter, driven by branded edible oils and FMCG sales.

Meanwhile, the food & beverages industry grew 20% in revenue as household spending picked up after the RBI’s 50 bps rate cut and recent income-tax changes. Manorama Industries saw higher demand for its specialty fats, helping the company more than double its profit. Varun Beverages also reported a profit increase, driven by higher export volumes and smoother cost management, including timely sourcing of key raw materials.

Internet software firms struggle while finance remains stable

The internet software & services and finance sectors showed a clear divergence. Internet software companies grew their top line, but profit fell sharply due to company-specific setbacks. Nazara Technologies slipped into losses after a ban on several real-money games hit one of its most profitable verticals.

One97 Communications (Paytm) reported a steep fall in net profit due to the absence of last year’s one-time gain from the sale of its ticketing business to Eternal. PB Fintech was the clear outlier in the sector, with profit more than doubling as its insurance and lending platforms continued to scale smoothly.

In contrast, the finance sector was far more stable, supported by steady credit demand and manageable funding costs. Bajaj Finance continued to see healthy loan growth, helped by rising consumer and SME borrowing. Muthoot Finance’s performance improved as high gold prices and low delinquencies supported its core lending business.

Jio Financial Services’ revenue grew sharply, but profit rose only 1% as they continued making upfront investments to expand their digital lending and payments platform.

 
T
Trendlyne Marketwatch
26 Nov 2025
Market closes higher, buoyed by lower oil prices and anticipation of Fed rate cut
By Trendlyne Analysis

Nifty 50 closed at 26,205.30 (320.5, 1.2%), BSE Sensex closed at 85,609.51 (1022.5, 1.2%) while the broader Nifty 500 closed at 23,955.20 (300.2, 1.3%). Market breadth is ticking up strongly. Of the 2,588 stocks traded today, 1,855 were on the uptick, and 685 were down.

Indian indices closed higher, driven by lower oil prices, foreign inflow and anticipation of a Fed rate cut in December. The Indian volatility index, Nifty VIX, fell 1.9% and closed at 12 points. Bharti Airtel closed lower as its promoter reportedly plans to sell shares worth Rs 7,193 crore via block deals.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, tracking the benchmark index. BSE Metal and Nifty Capital Markets were among the best-performing indices of the day. According to Trendlyne’s sector dashboard, Metals & Mining emerged as the highest-performing sector of the day, with a rise of 2.4%.

European indices are trading higher, except Russia’s RTSI and MOEX indices. Major Asian indices closed in the green, except China’s FTSE China 50 and Thailand’s SET indices. US index futures are trading higher, signalling a positive start to the session, after September retail sales grew 0.2%, raising hopes of a Fed rate cut in December. Meanwhile, Deere & Co, JBS NV and Li Auto are set to report their results later today.

  • Money flow index (MFI) indicates that stocks like Hero MotoCorp, Asian Paints, GMR Airports, and M&M Financial are in the overbought zone.

  • Hindustan Construction is rising as its board of directors approves raising Rs 1,000 crore through the rights issue of equity shares.

  • Deven Choksey maintains its 'Accumulate' rating on Gujarat Fluorochemicals with a target price of Rs 3,798 per share. This indicates a potential upside of 10.9%. The brokerage expects the company's revenue to grow, supported by sustained momentum in its fluoropolymer segment and a scale-up in the battery chemicals business by FY27. It expects the firm's revenue to grow at a CAGR of 13% over FY26-28.

  • Thermax is rising as its arm, Thermax Babcock & Wilcox Energy Solutions, secures an order of over Rs 580 crore from Dangote Industries for utility boilers in its Nigeria refinery project. The contract includes four high-pressure boilers, along with engineering, commissioning, and support.

  • Shailesh Chandra, CEO and MD of Tata Motors PV, says the launch of the Tata Sierra could lift the company’s SUV market share from about 16–17% today to 20–25%. He expects November to pick up after the GST cut and is confident that the second half of the year will return to solid growth following a weak first half.

  • Reports suggest that around 51.7 lakh shares of Reliance Infrastructure have changed hands at an average price of Rs 157 per share, worth approximately Rs 81.2 crore. Elimath Advisors is likely the buyer in the transaction.

  • Paras Defence & Space Technologies rises as it enters a licensing agreement with the Defence Research & Development Organisation (DRDO) to transfer its driver night sight (DNS) technology for T-90 tanks.

  • Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) rise after Brent crude slips to a one-month low of $61 per barrel. West Texas Intermediate (WTI) crude also hits a one-month low at $57 amid concerns of excess global supply over demand.

  • Aditya Virwani, MD of Embassy Developments, remains confident of meeting the FY26 guidance of Rs 5,000 crore in pre-sales and Rs 2,200 crore in collections, despite achieving only about 12–13% in the first half. He says the business is coming out of a long-dormant phase, and with major launches in Bengaluru and Mumbai, the company expects a strong pickup in H2FY26.

  • Pace Digitek is rising as it secures a Rs 199.4 crore order from Larsen & Toubro. The contract involves supplying battery energy storage systems to the Kajra power project through its subsidiary, Lineage Power

  • Shakuntala Shetty sells 11.8 lakh shares (0.6% stake) in Narayana Hrudayalaya, worth approximately Rs 230.7 crore, at an average price of Rs 1,960.1 per share in a block deal.

  • AustralianSuper acquires 94.8 lakh shares (0.7% equity) of AWL Agri Business in a bulk deal worth Rs 260.8 crore. The transaction was executed at an average price of Rs 275 per share.

  • Riju Jhunjhunwala, Vice Chairman of HEG, highlights that the recent promoter buying signals strong confidence in the business outlook. The company targets the demerger of its graphite business by mid-2026. Looking ahead, Jhunjhunwala projects significant growth in the Graphite Electrode segment, with EBITDA expected to rise from Rs 450 crore in FY26E to Rs 650 crore in FY27E.

  • Geojit BNP Paribas upgrades Lupin to a 'Buy' call from 'Hold', with a higher target price of Rs 2,225 per share. This indicates a potential upside of 8.2%. The brokerage is confident in the company's long-term performance, led by its investments, operational improvements, and a strong pipeline. It expects the firm to deliver a revenue CGAR of 10.2% over FY26-27.

  • Vikram Solar expands its module production capacity by 5 gigawatts (GW) at its Vallam facility in Tamil Nadu, taking its total capacity to 9.5 GW.

  • Elgi Equipments rises sharply after SBI Mutual Fund acquires 55 lakh shares (1.8% equity) for Rs 268.6 crore. The fund already held a 4.3% stake in the company.

  • Nuvama initiates coverage on Premier Energies with a 'Buy' rating and a target price of Rs 1,270. The brokerage says the company is well-placed to benefit from growth in the New Energy ecosystem while its core solar business stays steady. It expects some margin pressure but notes that the company's move into wafers, BESS (battery energy storage systems), transformers and inverters should support growth and reduce overall risk.

  • ASK Automotive rises as its promoter, Kuldip Singh Rathee, sells a 4% stake (~78.9 lakh shares) for Rs 373 crore at an average price of Rs 473 per share. The sale is to meet the minimum public shareholding requirement of 25%. SBI Mutual Funds buys 78.6 lakh shares for Rs 371.9 crore.

  • Excelsoft Technologies' shares debut on the bourses at a 12.5% premium to the issue price of Rs 120. The Rs 500 crore IPO received bids for 43.2 times the total shares on offer.

  • Indraprastha Gas is rising as it forms a 50:50 joint venture (JV) with CEID Consultants & Engineering to set up a compressed biogas plant.

  • Elara Securities maintains its 'Buy' rating on Kaynes Technology with a target price of Rs 7,670. The brokerage remains positive on the company’s long-term outlook, supported by a capex of Rs 11,000 crore through FY29. It notes FY26 revenue guidance remains steady at Rs 4,500 crore, driven by demand across automotive, EVs, railways, aerospace, and industrials.

  • Zydus Lifesciences rises as it receives approval from the US FDA for Verapamil Hydrochloride extended-release tablets. The drug is used to treat high blood pressure and has a market size of $24.5 million according to IQVIA.

  • Indian Overseas Bank is rising as it receives an income tax refund order worth Rs 835.1 crore from the Income Tax (IT) Department for AY23.

  • Bharti Airtel is falling as its promoter entity, Indian Continent Investment, owned by the Mittal family, reportedly plans to sell 3.4 crore shares (or 0.6% stake) worth Rs 7,193 crore via block deals.

  • NCC is rising as it receives an order worth Rs 2,062.7 crore from the Public Works (Health & Education) Department, Assam, to expand and modernise Gauhati Medical College & Hospital.

  • Nifty 50 was trading at 25,969.65 (84.9, 0.3%), BSE Sensex was trading at 84,503.44 (-83.6, -0.1%) while the broader Nifty 500 was trading at 23,749.55 (94.5, 0.4%).

  • Market breadth is overwhelmingly positive. Of the 2,081 stocks traded today, 1,540 were on the uptick, and 465 were down.

Riding High:

Largecap and midcap gainers today include Lloyds Metals & Energy Ltd. (1,241, 4.4%), Siemens Ltd. (3,318.80, 4.3%) and JSW Steel Ltd. (1,154.40, 3.8%).

Downers:

Largecap and midcap losers today include AWL Agri Business Ltd. (264.25, -2.7%), Mahindra & Mahindra Financial Services Ltd. (351, -2.6%) and FSN E-Commerce Ventures Ltd. (264.45, -2.2%).

Crowd Puller Stocks

18 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Natco Pharma Ltd. (927.40, 11.2%), Gujarat Mineral Development Corporation Ltd. (528.10, 8.2%) and Tata Investment Corporation Ltd. (766.60, 5.5%).

Top high volume losers on BSE were Chennai Petroleum Corporation Ltd. (896.60, -12.0%), Bharti Airtel Ltd. (2,126.80, -1.6%) and BASF India Ltd. (4,199.20, -0.7%).

Carborundum Universal Ltd. (876.55, 5.0%) was trading at 16.0 times of weekly average. ZF Commercial Vehicle Control Systems India Ltd. (12,893, 0.8%) and General Insurance Corporation of India (392.50, 2.7%) were trading with volumes 6.3 and 6.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks made 52 week highs, while 4 stocks tanked below their 52 week lows.

Stocks touching their year highs included - AIA Engineering Ltd. (3,763.10, -1.6%), Axis Bank Ltd. (1,290.20, 1.9%) and Bank of India (148.85, 1.1%).

Stocks making new 52 weeks lows included - United Breweries Ltd. (1,700.10, 0.1%) and Deepak Nitrite Ltd. (1,569.50, -0.7%).

29 stocks climbed above their 200 day SMA including Natco Pharma Ltd. (927.40, 11.2%) and JK Cement Ltd. (5,925, 6.1%). 6 stocks slipped below their 200 SMA including Swan Corp Ltd. (438.75, -1.5%) and Adani Enterprises Ltd. (2,315, -0.8%).