News from trendlyne

1.Eternal (Zomato): 

This internet software & services company hit an all-time high of Rs 349.9 on October 10 after Citi raised its target price from Rs 320 to Rs 395. The increase was largely driven by the strong performance of its quick commerce business, Blinkit. Citi anticipates Blinkit's gross order value (GOV) to jump by 123% in FY26 and 57% the following year, fueled by the rapid addition of dark stores and launches in new cities.

The upcoming second quarter result is expected to be another strong period for Blinkit, with projections of up to 140% YoY growth in GOV. This growth is partly due to the festive season beginning towards the end of September. The company’s core food delivery business is projected to grow 18% YoY in Q2.

While Blinkit continues to perform well, competition in the quick commerce sector is heating up. Amazon has expanded its service, Amazon Now, to Mumbai after trial runs in Bengaluru and Delhi. Though Amazon is a new entrant with about 100 stores, it is now competing with established players like Blinkit, which has 1,544 stores, and Swiggy, with 1,062. Analysts see this as a typical phase of market growth where competition helps expand the overall market, and customer loyalty will likely benefit existing companies.

In a surprising move, Goldman Sachs sold over Rs 924 crore of its shares in Eternal through multiple block deals over the past month. This sale occurred even after its own brokerage arm had recommended the stock with a ‘Buy’ in September, citing the growth potential in the quick commerce unit. The bulk of the shares sold by Goldman Sachs were acquired by Morgan Stanley and BofA Securities Europe.

Eternal CFO Akshant Goyal said, “By moving most of the quick commerce business from a marketplace to an owned-inventory model over the next 2–3 quarters, we expect EBITDA margins on GOV to improve to 5–6% (from –1.8% currently) and RoCE to cross 40%.”

Regarding the food delivery business, Goyal has adjusted the growth forecast for FY26 down to 15% from the previous 20% estimate. This cut reflects restaurants offering more discounts to attract customers in a weak demand environment. However, the company aims to return to a growth rate of around 20% in FY27.

2. Hero MotoCorp:

This two-wheeler manufacturer rose 1.2% over the past week after September wholesales grew 7.9% YoY to 6.9 lakh units. The strong performance was fueled by a surge in domestic motorcycle and scooter sales, while exports nearly doubled, jumping 94.8% to 39,638 units. The stock features in a screener of stocks with high FII holdings, with a holding of 27.1%.

A reduction in GST rates from 28% to 18% boosted the company's scooter sales, which jumped 54.4% YoY, while motorcycle wholesales also climbed 4.8%. This tax relief is particularly crucial for Hero, as half its sales come from rural and semi-urban areas. The increased disposable income from the income-tax relief and reduction in prices from the GST cut are expected to revive demand in these key markets.

Commenting on the strong demand, Ashutosh Varma, Chief Business Officer of the company's India Business Unit, noted, "On the first day of Navratri, the number of customers walking into our showrooms and buying a two-wheeler more than doubled YoY. The sales that were deferred in anticipation of new pricing with GST 2.0 have picked up, and we are getting clear signs of customers’ strong intent to own a new vehicle without delay. Our newly launched festive range of 12 segment-leading models is driving this surge in demand across scooters and motorcycles.”

A weak Q1FY26 preceded the strong performance in September as Hero MotoCorp’s revenue declined 3.8% YoY due to the company temporarily shutting down four plants for maintenance and to resolve supply chain issues. Meanwhile, net profit jumped 63.1% YoY during the quarter, driven by price hikes, a rich product mix and a one-time income of Rs 629.4 crore from the Ather Energy IPO.

Post Hero MotoCorp’s September update, Axis Direct retains its ‘Buy’ call with a higher target price of Rs 5,960 per share. This indicates a potential upside of 8.4%. The brokerage points to Hero’s expanding EV portfolio, dominant market share in entry-level motorcycles, and international expansion as key growth drivers. It expects the company to deliver a revenue and net profit CAGR of 7.6% each over FY26-28. 

3. Max Healthcare Institute:

Thishealthcare company rose 6.6% on September 6 following achange in government policy. The Union Health Ministry hiked Central Government Health Scheme (CGHS) rates for 2,000 medical procedures—the first revision in nearly a decade. This allows healthcare companies to charge higher prices for services provided to government employees.

This policy change directly impacts a key revenue stream, as 20% of the company's revenue comes from government patients, with 10% tied to CGHS. Nuvama Institutional Equitiesprojects the rate hike could boost revenue by 5–8%, improve EBITDA by 18%, and expand margins by 350–400 basis points.

The company's performance is already on the rise. InQ1FY26, revenue and net profit soared by over 30% YoY. This growth was fueled by higher patient volumes, stable revenue per bed, and new hospital contributions. Occupancy rates climbed to a healthy 76%. The outlook is even brighter. Trendlyne’sForecaster predicts a 46.8% profit surge in Q2FY26, driven by 44.8% revenue growth to Rs 2,583 crore. 

Aggressive expansion underpins this growth. The companyplans to nearly double its capacity from 5,200 to over 10,000 beds by FY29, focusing on Delhi NCR and Mumbai. Chairman Abhay Soiconfirmed the immediate plan: “Our focus remains on commissioning the new bed capacities. We expect to add approximately 1,000 brownfield and 500 greenfield beds in FY26.”

Motilal Oswal endorses this positive outlook,maintaining its ‘Buy’ rating. The brokerage cites clear earnings potential fueled by ongoing expansion and disciplined capital use. It forecasts annual growth of 21% in revenue, 22% in EBITDA, and 27% in net profit over FY26-27, setting a target price of Rs 1,350.

4. Delhivery:

The stock of this warehousing & logistics company rose 7% in the past week after it provided a positive operational update for Q2FY26. The company reported shipping goods worth more than Rs 19,500 crore and processing over 10.4 crore e-commerce and freight shipments, signaling a period of robust growth.

Delhivery’s performance is drawing attention on the street. Foreign brokerage Macquarie notes the company handled a peak of 6.2 million parcels per day in September, matching its expectations. This suggests Delhivery has scaled operations effectively without compromising quality after its Rs 1,407 crore acquisition of Ecom Express in June, aimed at expanding its nationwide reach.

The company's Q1FY26 revenue rose by 6.2% YoY, fuelled by double digit growth in the B2C shipment volumes. Trendlyne’s Forecaster estimates its revenue to grow by 13.6% in Q2, due to rising retention volumes at Ecom express. The stock features in a screener of stocks having strong momentum.

Looking ahead, Delhivery plans to expand its quick-delivery services to three more cities and increase its number of local fulfillment centers. CEO Sahil Barua is confident that the company's Partial Truckload (PTL) freight division will achieve a healthy operating margin of 16-18%. He expects 20% revenue growth for the PTL division in FY26, driven by expansion into under-served geographies and further penetration into SME and retail segments.

This positive outlook is echoed by Kotak Securities, which recently upgraded Delhivery’s stock to a ‘Buy’ rating and raised its price target to Rs 565. The brokerage firm highlights the company's stable market share and notes that its current valuation doesn't fully capture the potential of its new business initiatives, which could add even more value for investors.

5. Kalyan Jewellers India:

This jewellery retailer has seen its share price climb 4.2% over the past week. The rise followed a strong Q2 business update, where the company reported a 31% YoY jump in revenue.

Kalyan Jewellers’ India operations witnessed strong growth despite a surge in gold prices, thanks to robust wedding demand and an early start to the festive season. The inclusion of Navratri sales helped cushion the impact of last year’s (Q2FY25) high base, which was caused by a customs duty reduction on gold. Meanwhile, same-store sales grew about 16% during the period, a clear signal of steady consumer demand.

Gold prices have risen 50% so far this year. However, jewellery retailers noted that higher gold prices also led to a rise in the average ticket size, which offset a marginal decline in the number of buyers. The company’s peer, Titan, also reported healthy revenue growth in Q2FY26, with a 20% YoY increase. According to Trendlyne’s Forecaster, Kalyan Jewellers' revenue is expected to grow by 22.5% YoY in Q2FY26.

Meanwhile, the company added 15 new stores in India during the quarter, two in the Middle East, and 15 outlets for its Candere brand. Candere, the company's online-focused brand, continued to expand rapidly, delivering a huge 127% jump in revenue supported by more visitors both in showrooms and online. As of September 30, Kalyan Jewellers’ total store count stood at 436. Executive Director Ramesh Kalyanaraman said, “We are on track to add around 15 more Kalyan showrooms in India before Diwali, encouraged by strong customer traffic across major markets.”

ICICI Securities upgraded its rating on the company to ‘Buy’ with a target price of Rs 670. The brokerage expects Kalyan’s sales momentum to remain strong, helped by steady demand even with high gold prices, as well as its accelerating pace of opening new stores. It projects the company’s revenue to grow at a 28% CAGR over FY26-27.

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

I still remember signing 30-odd pages to open my first demat and trading account. There were so many forms that my signature became an unreadable scrawl by the end. To trade, you had to call your broker for almost everything, because of the complicated processes.

This wasn’t even that long ago, before you write me off as some uncle grumbling about “the offline days.”

Today, you can decide to become a trader in the morning and be buying stocks in a few hours. No paperwork, no calls.

It’s never been easier to buy or sell a stock — whether in the cash or derivatives market. The experience is frictionless. Maybe too frictionless.

A little friction creates 'thehrav', a small pause which stops you from acting impulsively.

That pause? It's gone.

Now, trading apps don’t want calm investors. They want hyperactive ones who are clicking ‘buy’ and ‘sell’ on every tiny market move. In the US, Robinhood was criticised for turning trading into a dopamine game, with digital confetti, flashy alerts, and dark patterns that kept users hooked. Those same patterns are now showing up in Indian apps as well.

A 2021 study found that India’s top trading platforms use harmful nudges like “Didn’t invest yet? It’s a good day to start” and send users sad emojis if they haven't placed any orders.

Technology has made markets more accessible, but also more impulsive.

The Rise of the One Percent and the FIRE Dream

The so-called “one percent” and “FIRE” (Financially Independent, Retire Early) movements say that without investing in stocks, you’ll never be financially independent or a millionaire.

These ideas took off during Covid, when stock markets stayed open while everything else closed down, and people discovered the thrill of trading. The bull market that followed made fortunes for many new investors.

But as investors demanded more information, we got too much of it. To win eyeballs, websites turned to clickbait headlines, dramatic storytelling, and turned every rumor into news.

What are retail investors reading? Hint: It's not the 1,000 word Economist article.

Elon Musk tweets, telling people to cancel Netflix.

Subscriptions drop.
Stock prices tumble.
$20 billion vanishes.

Markets today don’t just move with the fundamentals — they react to headlines, outrage and hot takes. A meme can make money, and a tweet from a big enough handle can trigger massive sell-offs. In this noise, are we really getting the right information? Increasingly, no. We’re getting the most clickable version of the truth.

An economy that is falling for clickbait

The clickbait approach was once limited to creators chasing views, but is now baked into mainstream financial media. Every small economic correction becomes “the next 2008 crisis.” Every cautious analyst comment is headlined as a sell signal.

This exaggeration creates a panic loop of clicks and shares. As a result, videos like “The Stock Market Crash is Your Best Chance to Be a Millionaire”go viral.

Even professionals aren’t immune. High-frequency trading algorithms now scrape headlines and social media sentiment in real time, giving institutional analysts a similar, panic driven picture. So when the financial media plays up volatility, those headlines can literally create volatility.

Take Elon Musk’s infamous 2018 tweet: “Am considering taking Tesla private at $420. Funding secured.”

The market believed him. Tesla’s stock price jumped nearly 10%. Later, the US SEC found there was no concrete deal. Musk paid a $40 million fine and stepped down as chairman.

Closer home, earlier this year, NITI Aayog CEO B.V.R. Subrahmanyam claimed that India had overtaken Japan to become the world’s fourth-largest economy.

The internet went wild, and traditional media like The Indian Express reported it at face value. Only later did it clarify that the ranking depended on which metric was used, nominal GDP or PPP.

But India has been the third largest by PPP since 2009. As usual, the truth arrives late.

The Finfluencer effect

Sandeep Parekh, the Managing Partner of Finsec Law Advisors, said, “Today’s con artists have replaced cold calls and call centres with content creators and clickbait thumbnails.”

Remember Sadhna Broadcast Limited? Here, SEBI uncovered an orchestrated campaign of circular trading and deceptive YouTube videos, with a scripted price action. It was market manipulation rebranded as ‘financial advice’, thanks to finfluencers. In the Gensol Engineering scandal, some retail investors lost up to 95% of their wealth.

A CFA Institute survey found that:

• 17% of investors lost money following influencer advice
• 59% of Indian finfluencers have brand sponsorships
•  63% don’t disclose these sponsors

But not all finfluencers are villains. SEBI data shows that 72% of investors who follow finfluencers said they have profited from these recommendations.

Still, SEBI has flagged over one lakh instances of misleading or unlawful financial content in just the last 18 months — from stock tips to pump-and-dump schemes. A while ago, SEBI shut down a Telegram channel called Bullrun2017 that recommended micro-cap stocks. In this scam, channel admins bought shares of very small companies, recommended them to their subscribers, and then sold them for a profit. SEBI has raided the offices of multiple such Telegram scams, whose channels had many millions of subscribers. 

AI doesn't fix the bias

I recently asked ChatGPT two questions:

1. Is it the right time to buy defence stocks in India?

2. Is it the wrong time to buy defence stocks in India?

When I framed the question positively, the response began with optimism — then moved to risks. When I framed it negatively, it started with risks — then moved to positives.

Large language models reflect the tone of the user’s question. They are incredibly polite, and start by agreeing with your initial framing. It's built to sound like a good friend who doesn't want to hurt your feelings.

We live in an era where information isn’t just fast — it’s fragmented, filtered, and often fabricated.

And now, thanks to AI, it’s personalised.

What’s “true” depends on who’s scrolling.

The early signals for the Q2FY26 earnings are here. The previous quarter was tough, with company revenues in Q1 growing at their slowest pace in over two years. Sectors like banking and FMCG felt the squeeze from weak margins and sluggish urban consumption.

Expectations are modest for the second quarter, with profit growth for the Nifty 50likely to be in the single digits. Motilal Oswal points out that the quarter’s growth will be "anchored by oil & gas, metals, telecom, cement, and technology," with most consumer and banking segments seeing headwinds.

Some analysts have kept the IT services sector in the spotlight, but for the wrong reasons. Growth is likely to stay muted as global clients remain cautious due to economic pressures and the early deflationary effects of AI. While the big IT firms are expected to see slower growth, some mid-tier companies, such as Coforge, might buck the trend. Banks are also preparing for a weaker quarter as the profit margins on loans get thinner due to the RBI’s 100 bps rate cuts this year.

Despite the muted mood, there are still some bright spots. In this edition of Chart of the Week, we look at Nifty 500 companies with the highest projected revenue and EPS growth in Q2FY26. All of these companies also have consensus ‘Buy’ or ‘Strong Buy’ ratings. The screener includes names like Max Healthcare and Syrma SGS Technology, which signal where analysts see sustained momentum despite the broader slowdown.

Exciting growth stories with ‘Strong Buy’ rating

Even in a quarter with modest expectations, some companies stand out for their strong projected performance. The Forecaster expects them to lead in revenue and EPS growth in Q2FY26, while analysts remain bullish on their prospects this quarter.

Neuland Laboratories is set for a major comeback. After a sharp 33.4% drop in Q1 revenue, Trenldyne Forecaster now predicts its revenue will jump by 45.6% and EPS by 111.8%. This turnaround is tied to its new production facility in Telangana, which will boost its peptide capacity (chemical production) by over 12 times. CEO Sucheth Davuluri noted the first quarter was “below par” due to weak customer orders, but it “doesn’t change our outlook on the healthy growth” expected over the year.

Meanwhile, GE Vernova T&D and Schneider Electric Infrastructure are benefiting from India's infrastructure spending and the shift toward green energy. GE T&D has secured large orders, including a Rs 500 crore deal to support the grid integration of renewables. Schneider is seeing strong demand from the expansion of data centres and the broader move towards digitisation. Revenue is projected to rise 42.8%, with EPS estimated at 83.3%, supported by its involvement in AI and networking.

In the consumer market, Radico Khaitan is banking on the strategy of premiumization. Trendlyne Forecaster expects its revenue to grow by 26.8%, driven by its high-end brands, which already make up nearly half of its sales. As more people turn to premium products, the company expects its profit margins to expand significantly.

Big bets on expansion, new frontiers

UltraTech Cement, Max Healthcare, and CG Power are fueling their growth through ambitious expansion plans and investments in high-potential areas. UltraTech, already the world's largest cement producer outside of China, has a production capacity of around 172 million tonnes per annum (MTPA). It is on track to increase its capacity to 200 MTPA by 2026, a year ahead of schedule. Recent acquisitions of other cement businesses will further solidify its top position. Revenue is projected to grow 27.4%, with EPS expected to rise 119.2%.

In the healthcare sector, Max Healthcare is nearly doubling its bed capacity to 10,000 by 2029. A majority of this expansion will come from upgrading existing facilities, which is a faster way than building new ones. The Forecaster projects its revenue to rise 55.1% in Q2 as the company also aims to increase its revenue per patient by focusing on complex and high-value medical treatments.

CG Power is venturing into the high-tech world of semiconductors. The company is setting up India's first complete chip assembly and testing facility in Gujarat with a massive Rs 7,600 crore investment, supported by government incentives. At the same time, its main businesses in power systems and railway parts remain strong, with a record order book of nearly Rs 13,000 crore.

From IT to exchanges: Stocks gaining traction this quarter

Coforge had a good start to the year, with its revenue growing by 52.8% YoY in Q1. CEO Sudhir Singh noted that a strong order book and the largest-ever addition of new employees have positioned the company for growth. For Q2, revenue is projected to grow 33.4%, with EPS expected to rise 87.3%. Analysts at Sharekhan pointed to Coforge’s executable order book of $1.5 billion (~Rs 13,300 crore) over the next 12 months as a key driver of confidence in its FY26 growth trajectory.

Syrma SGS Technology saw its revenue dip in the first quarter, but its net profit soared, highlighting better operational management. The company is now moving into manufacturing printed circuit boards (backward integration), which will give it more control over its supply chain and improve profit margins. The company’s management is focusing on high-growth and high-margin areas like industrial automation, electric vehicles, healthcare, and smart meters.

Meanwhile, BSE is drawing attention ahead of Q2 results, with focus shifting to regulatory changes in derivatives trading. Following a directive from SEBI to streamline trading schedules, from September 1, BSE's weekly contracts now expire on Thursdays, while the NSE has moved its expiry day to Tuesdays. Trendlyne Forecaster expects its revenue to surge 34.8% and EPS by 51% in Q2.

CEO Sundararaman Ramamurthy highlighted that these efforts are aimed at deepening the derivatives market, and he expects a 3–5% growth in trading volumes for monthly and other non-weekly contracts. He added that despite global challenges, strong participation from domestic investors and ongoing reforms provide confidence in the market's long-term growth.

1. ACME Solar Holdings:

Motilal Oswal retains its ‘Buy’ rating on this renewable energy producer, with a target price of Rs 370, an upside of 27.5%. Analysts Abhishek Nigam and Preksha Daga forecast a robust growth trajectory, driven by the company's strong project execution, rising momentum in power purchase agreement (PPA) signings, and expansion in the battery storage business.

ACME's project pipeline ensures strong revenue visibility as the company plans to grow its installed capacity to 5.5 GW from 2.5 GW by FY28. Analysts note the company is actively bidding for utility-scale projects, with new contract wins being crucial for future earnings. 

Government initiatives to resolve PPA deadlocks for 40 GW of renewable projects should unlock significant long-term profit growth across the sector. The company is tapping into new demand drivers, especially in the emerging battery storage segment, with plans to install 3-3.5 gigawatt-hours (GWh) of capacity by the end of 2025. 

Nigam and Daga note that management's focus on commissioning new capacity and entry into the battery storage segment will drive profitability. They expect ACME Solar to deliver a revenue and net profit CAGR of 67.3% and 60%, respectively, over FY26-28.

2. Star Cement:

Axis Direct maintains its ‘Buy’ rating on this cement producer, with a target price of Rs 325, an upside of 24.5%. Analysts Uttam Kumar Srimal and Shikha Doshi believe that the company’s capacity expansion, plant incentives, and strong demand are key growth catalysts, fueled by the government's infrastructure push in the North-East.

Star Cement commissioned a 3.3 million tonnes per annum (MTPA) clinker grinding unit in Meghalaya. Analysts note that its plans to further boost its total capacity to 11.7 MTPA by FY27 by adding new facilities in Silchar and Jorhat will drive long-term revenue visibility. They add that the Central government's infrastructure focus has increased cement demand in the North-East, where the company holds a 27% market share.

Star Cement is also expanding into the Rajasthan market to reduce geographical concentration and diversify its operations. Srimal and Doshi expect this to be an additional demand driver, supported by favourable government initiatives. 

The analysts note that management's focus on increasing sales of premium cement, which grew by 85% YoY in FY25, and cost optimisation will drive net profit growth. They expect Star Cement to deliver a CAGR of 16% for revenue, 31% for EBITDA, and 52% for net profit, respectively, over FY26-27.

3. Tata Motors:

Emkay reiterates its ‘Buy’ rating on this vehicle manufacturer with a target price of Rs 750, an upside of 7.4%. Analysts Chirag Jain and Nandan Pradhan see a clear growth path, driven by a strengthening outlook for both passenger (PV) and commercial vehicles (CV), the company’s upcoming demerger, and the strategic acquisition of Iveco Group.

Management upgraded its FY26-30 CV industry CAGR outlook to 6-8%, anticipating double-digit growth in H2FY26 as consumer demand recovers. Analysts highlight that recent GST cuts will lower operational expenses for fleet operators, boosting the bottom line. The IVECO acquisition is expected to drive EPS growth and generate strong free cash flow, supporting Tata Motors' profitability goals.

Jain and Pradhan note that Jaguar Land Rover's (JLR) recent tariff headwinds are now resolved following new trade deals between the US and EU/UK. JLR is also set to resume full production after a halt caused by a cyber-attack, although this disruption is expected to lower liquidity temporarily. They add that the company’s PV segment bookings rose 25-30% from early September to the Navratras. The slowing of the post-Covid surge in used car purchases drove demand for small cars.

4. Pitti Engineering:

Deven Choksey maintains its ‘Buy’ rating on this small-cap electrical equipment manufacturer with a target price of Rs 1,126, an upside of 15.1%. Analysts praise Pitti Engineering’s strong operations and expansion goals following a visit to its Aurangabad facility. The plant, which spans 26 acres, runs at 65-70% utilisation and can surge to 80% to meet peak demand. Management is pushing for greater automation to boost productivity and reduce manual handling, with 12 additional acres reserved for growth.

Management will invest Rs 150 crore over the next 18-20 months to expand its lamination, machining, and tooling capacity. Analysts believe this move will fortify the company’s 12% domestic market share. Pitti Engineering hopes to keep its leadership position by focusing on premium products and operational excellence.

Analysts noted the company’s clever use of leftover steel coils for small laminations, a tactic that minimises waste and boosts profit margins. The company is also establishing a new tooling room at its Aurangabad plant, bringing a key function in-house. The current inventory level stands at 45 days, with a goal to reduce this as the business scales.

5. V-Mart Retail:

Ventura initiates a ‘Buy’ rating on this retail store company with a target price of Rs 1,069, an upside of 30.4%. Analysts see V-Mart as perfectly positioned to capture India’s booming apparel market, which is projected to surge to Rs 10.6 lakh crore by 2027 from Rs 6.8 lakh crore in 2024 at a 16% annual growth rate.

Favourable economic trends, including GST rate cuts and a strong monsoon, are set to fuel consumer spending, especially in the Tier 2 to Tier 4 cities that form V-Mart’s core market. To capitalise on this, management plans an aggressive retail expansion, growing its network to 660 stores from 510 by FY28. The company will invest over Rs 350 crore to fund new stores and upgrade existing ones.

Analysts project revenue to climb at a 16.1% annual rate, reaching Rs 5,094 crore by FY28. This growth stems from higher sales volume, steady prices, and increased footfall. The financial outlook looks strong, with EBITDA and net profit projected to grow at 16.6% and 33.7% annually, respectively, hitting Rs 609 crore and Rs 109 crore by FY28.

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

(You can find all analyst picks here)

Indian stock markets bounced back last week, with the Nifty 50 gaining nearly 1% and recovering from the previous week's decline. The rebound was driven by the Reserve Bank of India's latest announcements, which included a higher economic growth forecast of 6.8% for FY26 and new banking sector reforms.

The RBI held the key repo rate steady at 5.5% and maintained a neutral outlook. The central bank also lowered the inflation forecast for FY26 to 2.6% from 3.1%, thanks to lower food prices and recent GST rate cuts.

Siddhartha Khemka, Head of Research at Motilal Oswal, noted, "Sector momentum has turned positive after the GST rate cuts. This is likely to continue, helped by supportive monetary policy, a good monsoon, and a recovery in demand during the festive season."

The upcoming week is set to be a record-breaker for new stock offerings, with eight companies looking to raise over Rs 30,000 crore. Additionally, 22 companies will make their stock market debut, following the 30 that listed last week.

30 new companies listed last week; SMEs take charge

Last week's new listings saw a mixed performance, with many stocks struggling to hold onto early gains.

Jain Resource Recycling had a strong debut, opening 14.3% higher and is now trading 40.5% above its issue price.

Solarworld Energy Solutions and TruAlt Bioenergy listed at premiums of 10.7% and 10%. TruAlt is still up 4.6%, while Solarworld has fallen 7.7% below its issue price.

Anand Rathi and Jinkushal Industries listed at 4.3% and 3.3% premiums. Anand Rathi is trading 9.1% above its issue price, while Jinkushal is down 4.5%. 

Jain Resource, TruAlt Bio and Anand Rathi gain post listing; others decline

Seshaasai Technologies and Pace Digitek listed at 2.1% and 2.7% premiums. Seshaasai is trading 2.6% below its issue price, while Pace Digitek is up 1.4%. 

Jaro Institute Of Technology made a flat debut at Rs 890 and is currently trading 17.3% below its issue price. Meanwhile, BMW Ventures and Epack Prefab Technologies had a weak start, listing at 21.2% and 9.9% discounts, respectively.

Jaro Institute, BMW Ventures and Epack trade below their issue prices 

Among SME debuts, Manas Polymers and Energies had a strong debut. The company listed at a 90% premium. KVS Castings, Chatterbox Technologies and Aptus Pharma listed at premiums of 18.4%, 17.4% and 15.4%, respectively. 

MPK Steels, BharatRohan Airborne, and Telge Projects had positive debuts, listing at 1.3%, 5.9% and 3%, respectively. Earkart listed at a modest 0.4% premium, while Bhavik Enterprises and Ameenji Rubber debuted at 2.1% and 1% premiums.

True Colors and Praruh Technologies had flat debuts. Meanwhile, Justo Realfintech, Ecoline Exim, and Matrix Geo Solutions listed marginally lower by 0.1%. 

Systematic Industries and Solvex Edibles debuted at 0.6% and 5.6% discounts, respectively. Gurunanak Agriculture and Gujarat Peanut both listed at 20% discounts, and are now trading well below their issue prices.  

Rukmani Devi Garg Agro Impex also had a weak debut, listing at a 20% discount. 

Big week ahead: LG Electronics, Tata Capital open for subscription

Tata Capital is the largest IPO from the Tata Group and is set to become the biggest NBFC listing in India. It plans to raise Rs 15,511 crore, with a price band of Rs 310-326. Tata Capital’s IPO opened on October 6, will close on October 8, with this listing scheduled for October 13.

Global consumer durable leaderLG Electronics India plans to raise Rs 11,607 crore with a price band of Rs 1,080-1,140. It manufactures and distributes home appliances and consumer electronics (excluding mobile phones). LG’s IPO will be open from October 7-9, and will list on October 14.The issue is entirely an offer for sale by the parent company.

Canara Robeco Asset Management serves as the investment manager for Canara Robeco Mutual Fund. The company offers a wide range of investment options, including equity, debt, and hybrid schemes. The Rs 1,326.1 crore issue opens on October 9 and closes on October 14, with listing on October 16. The price band is set at Rs 253-266. 

Canara Bank promoted private life insurer Canara HSBC Life Insurance Company’s IPO will be open from October 10-14, with the listing scheduled for October 17. This is the second subsidiary of Canara Bank launching its IPO this week. The issue is an offer for sale of around 23.8 crore shares.

Anantam Highways Trust is an infrastructure investment trust (InvIT) focused on investing in road infrastructure. Its IPO will be open from October 7 to October 9, and will list on October 17. The company aims to raise Rs 400 crore via a fresh issue. The price band is set at Rs 98- 100. 

Rubicon Research is a pharmaceutical formulations company focused on research and development, with a portfolio of speciality and drug-device combination products targeting regulated markets, especially the US. Its Rs 1,377.5 IPO will be open from October 9-13, with the listing scheduled for October 16. 

LG Electronics & Rubicon lead FY25 profit surge among mainline firms

This week will see two SME IPOs opening for subscription. Mittal Sections is engaged in the manufacturing of basic iron and steel products. It manufactures mild steel sections and structural steel products, including MS flat bars, round bars and more. It plans to raise Rs 52.9 crore with a price band of Rs 136-143. Mittal Sections will be open from October 7-9, and will list on October 14.

SK Minerals & Additives is involved in the manufacturing, processing, and supply of industrial minerals and speciality chemicals. It plans to raise Rs 41.2 crore with a price band of Rs 120-127. SK Minerals will be open between October 10-14, with its listing scheduled for October 17.

22 companies are lined up for listing this week 

Among mainline IPOs, Advance Agrolifestood out with bids for 56.9X the shares on offer, with HNIs showing strong interest at 175.3X. The company is set to list on October 8. Advance Agrolife manufactures a wide range of agrochemical products that support the entire lifecycle of crops.

Logistics player Om Freight Forwarders received bids for 3.9X the shares on offer. The company is set for listing on October 8.  

Advance Agrolife draws strong HNI interest; others see modest subscription

Biopharma engineering company Fabtech Technologies received bids for 2X the shares on offer. Logistics solutions player Glottis was also oversubscribed at 2X. Both these companies are set for listing on October 7.

WeWork Management is scheduled for listing on October 10. The company offers flexible workspace solutions, including custom buildings, enterprise suites, managed offices, private offices, and co-working spaces. Its IPO was undersubscribed on day 1; it received bids from the retail segment for 0.1X the shares offered.

17 SMEs are also scheduled for listing this week:

• Dhillon Freight Carrier and Om Metallogic are set for listing on October 7. Dhillon Freight’s IPO received bids for 2.8X the shares on offer, while Om Metallogic was oversubscribed at 1.4X. 
• Sodhani Capital, Suba Hotels, and VijayPD Ceutical are also set for listing on October 7. Their IPOs were subscribed 4.6X, 14.3X, and 1.4X, respectively. 
• Sheel Biotech, Zelio EMobility, and Munish Forge will list on October 8. Sheel Bio was oversubscribed at 14.9X, while Zelio and Munish Forge received bids for 1.5X and 3.4X the shares on offer. 
• Valplast Technologies, BAG Convergence, and Sunsky Logistics will also list on October 8. Valpast received bids for 1.2X the shares offered, BAG Convergence Sunsky were both undersubscribed by 1.4X.
• Infinity Infoway and Chiraharit are scheduled for listing on October 8. Infinity Infoway was a top performer among the SME lot as it received subscriptions for 258.5X the shares on offer. Meanwhile, Chiraharit was oversubscribed by 1.8X. 
• Shlokka Dyes, Greenleaf Envirotech, and DSM Fresh Foods will list on October 9. As on day 3, IPOs of Greenleaf and DSM Fresh were subscribed 0.3X and 0.9X respectively, while Shlokka Dyes was heavily undersubscribed.
• NSB BPO Solutions is scheduled to list on October 10. Its IPO received bids for just 0.1X the shares offered as on day 8.

1.Bharat Electronics (BEL): 

This aerospace & defence company rose 2.4% over the past week after the Indian Army reportedly issued a Rs 30,000 crore tender for the Quick Reaction Surface-to-Air Missile (QRSAM) project on September 29, appointing BEL as the lead integrator. The project covers the procurement of 5-6 regiments of the indigenously developed ‘Anant Shastra’ missile system. This news adds to a strong year for the stock, which has climbed 45.3% over the past year, outperforming the Nifty 50 index.

The company won orders worth Rs 712 crore on September 16 for IT infrastructure and cybersecurity solutions. It also secured another Rs 1,092 crore in orders for projects like upgrading electronic warfare systems, enhancing the defence network, and supplying tank subsystems. These consistent wins have helped increase the company's order book to over Rs 1 lakh crore.

BEL’s Q1FY26 revenue grew 3.5% YoY, but missed Forecaster estimates by 8.7% due to order execution delays caused by the geopolitical conflict between Israel and Iran, resulting in supply chain issues. However, a favourable project mix supported a 22.6% YoY jump in net profit, beating estimates by 6.2%. 

Speaking on the company’s order inflow, BEL’s Chairman & Managing Director, Manoj Jain, noted, “We have 4-5 major leads for our drones business, including Archer unmanned aerial vehicles, where big orders are expected. Further opportunities are present in the loitering ammunition, logistics drones and strong traction for anti-drone systems in export markets.”

Reflecting this optimism, Motilal Oswal Financial Services maintains its 'Buy' rating on BEL with a target price of Rs 490, an upside of 18.7%. The brokerage expects BEL to deliver revenue and net profit CAGRs of 17.8% and 17.4%, respectively, over FY26-28.

2. Lupin:

This pharma company jumped over 3% on October 1 following positive news on multiple fronts. The company received US FDA approval for its Rivaroxaban oral suspension, a medication used to treat and prevent blood clots in children. This newly approved drug has estimated annual sales of approximately $11 million (~Rs 98 crore) in the US.

Adding to the optimism, the Trump administration clarified that the 100% tariff would apply only to branded and patented drugs, not the generic medicines, which make up most Indian exports to the US. Lupin earns about 40% of its revenue from the US. Its revenue from US generics grew 22% YoY to $282 million (~Rs 2,500 crore) in Q1FY26.

Earlier this week, Lupin’s subsidiary, Nanomi BV, acquired VISUfarma for €190 million (Rs 1,685 crore). This Amsterdam-based eyecare company has a presence in major European countries, including Italy, the UK, Spain, Germany, and France. The move could be beneficial for the company, as countries with trade agreements, like Europe and Japan, are exempted from US tariffs on pharma products.

CEO Vinita Gupta said the company is considering steps to manage possible tariffs. “We may move a few high-value products to our US manufacturing site if tariffs are imposed. We are also exploring shifting product rights to the US, which may raise some tax costs but will benefit us, especially for high-value products made in India,” she said. Gupta added that a 10–15% tariff in the US should be manageable, but higher tariffs could affect the company’s operations.

Trendlyne’s Forecaster estimates Lupin’s profit to rise 47% in Q2FY26, with revenue growth of 59% to Rs 6,580 crore. The stock appears undervalued based on its current and future earnings. Its current price-to-earnings (PE) ratio of 24.5 is well below its 5-year average of 54.2.

Sharekhan has a ‘Buy’ rating on Lupin, pointing to stronger sales in India for diabetes, heart, and respiratory medicines, along with the launch of complex generics and specialty products in the US. It expects the company’s revenue to grow at a CAGR of 11% over FY26–27, with margins steady at around 25%.

3. Poly Medicure:

Thismedical device manufacturer rose 2.5% on September 25 afterannouncing the acquisition of 100% of Medistream SA, the parent company of the Citieffe Group, for €31 million (approximately Rs 324 crore). The deal marks the company’s strategic entry into the global orthopaedics market.

Citieffe, an Italian manufacturer, specialises in the orthopaedic trauma and extremities segment, with operations in Italy, the USA, and Mexico. The purchase adds a significant new business line to Poly Medicure’s portfolio, diversifying beyond its core focus on cardiology, critical care, and renal care.

Rahul Gautam, President of Strategy and Corporate Development,highlighted the market's potential: “Orthopaedics is obviously a large segment in the overall medical devices sector. It's about $61 billion, growing at 3 to 4%. Within that, trauma and extremity is the largest segment at about $12 billion, and it's growing the fastest at about 6 to 7%.”

This follows the September 3acquisition of the Netherlands-based PendraCare Group for €18.3 million (approximately Rs 188.5 crore). That move was aimed at scaling its global interventional cardiology business. Together, these acquisitions, funded by a ~Rs 1,000 croreQIP in late 2024, strengthen Poly Medicure’s international presence and diversify its revenue streams.

Financially, the company is on solid ground.Q1FY26 revenue grew 10.8% YoY, while net profit soared 25.7%. This performance was fueled by a 20.1% jump in domestic revenue, credited to strong demand from private hospitals and new product launches. MD Himanshu Baid remainsupbeat: “We continue to remain bullish on the domestic market and reiterate our guidance for revenue growth of 30% for the domestic business for FY26.”

However, analysts are cautious about the Citieffe Group acquisition. Systematixkept its ‘Hold’ rating, citing fierce competition in the orthopaedics market. While the acquisition is strategically positive for the long term, the company faces near-term hurdles: integrating the new firm, optimising costs, and scaling up in the highly competitive US market. Reflecting this cautious outlook, the brokerage's price target suggests a limited upside of just 5.5% from current levels, despite the company's promising move into high-value orthopaedics.

4. APL Apollo Tubes:

The stock of this iron & steel products company closed 2.7% higher on October 1 after it reported positive sales volume growth in Q2FY26. The company's sales volume grew by 7.6% from the previous quarter, hitting over 855,000 tonnes. Its ‘Apollo Structural’ products were the star performer, with sales in that category surging by nearly 20%.

This positive sales report comes despite management's earlier concerns over US tariffs and a slowdown in government infrastructure spending during the first half of the year. However, Chairman Sanjay Gupta expects a significant turnaround in the coming months, backed by increased government budget allocations for infrastructure. “We are ready with our capacity, product range, and distribution network,” he said, adding that he expects the second half of the year to be much stronger than the first.

The strong Q2 sales mark a welcome acceleration from the first quarter, when revenue grew by just 3.9% compared to the same period last year due to geopolitical issues and an early monsoon. Trendlyne’s Forecaster estimates its revenue to grow by 8.4% in Q2, due to expected capacity expansions and demand recovery from railways, aviation, real estate and infrastructure projects. The stock features in a screener of companies which have shown relative outperformance as compared to the industry over the past month.

Looking at the bigger picture, APL Apollo is in the midst of an ambitious expansion to increase its production capacity from 4.5 to 6.8 million tonnes over the next few years. After the slow start to the year, the company has adjusted its full-year forecast, now expecting sales volume to grow by 10-15%, down from an earlier 15-20% projection.

Analysts at Geojit BNP Paribas are echoing management’s positive outlook. They see strong growth ahead, driven by the national infrastructure push and rising demand for structural steel. The firm expects a strong recovery in the second half of the year and believes APL Apollo is well-positioned for sustained growth, maintaining a ‘Buy’ rating on the stock with a price target of Rs 1,854.

5. Premier Energies:

This electrical equipment maker has risen 2.3% over the past month, driven by new order wins. On September 29, Premier Energies secured two orders worth $20 million (~Rs 177 crore) to supply and install solar power systems in Benin, West Africa. The project also includes installing rooftop solar systems, solar streetlights, and water heaters.

Earlier in September, the company’s subsidiaries secured orders worth Rs 2,703 crore for supplying solar photovoltaic (PV) modules and cells with a total capacity of 2,059 MW. These recent wins have significantly boosted Premier Energies' order book, which has now reached over Rs 11,000 crore in Q2FY26, up 76.5% YoY. 

This comes as India's solar sector is set for a transformation, with the government targeting 500 GW of renewable capacity by 2030. Electricity demand is projected to grow 5.8% annually by 2030, with solar energy’s contribution expected to jump from 7.9% to 19.2%. The company plans to boost its solar cell and module manufacturing, tapping into the government’s push for self-reliance in the solar energy sector.

The company is also expanding into related areas like ingots, wafers, battery storage, and solar inverters. The management expects this to significantly boost revenue, projecting a three-to-four-fold increase over the next two years.

Premier Energies plans to expand its cell capacity threefold to 10 GW and double its module capacity to 11.1 GW by FY28. Commenting on this, Chief Business Officer Vinay Rustagi said, “We are currently undertaking a Rs 12,500 crore investment over the next three years to indigenise the entire solar value chain in India.”

Analysts believe this expansion, supported by 10GW of ingot-wafer backward integration and vertical moves into BESS and inverters, positions the firm to benefit from government policies supporting local solar manufacturing. Based on this outlook, Avendus Spark has initiated coverage on Premier Energies with an 'Accumulate' rating and a Rs 1,100 price target.

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

Ever seen a stunning travel video of a place, only to find out on arriving that it is a crowded mess? That's the "Instagram vs. Reality" trap. The low scenery to people ratio can ruin your vacation.

After returning from this holiday, I was back to checking my portfolio. Here too, I found that my hopes had crashed into the hard wall of reality. The Fed had cut interest rates by 25 basis points that week — a move that investors like me had hoped would spark a bullish rally. But that didn't happen.

Instead, inflation warnings, a mixed economic outlook, conflicting opinions among Fed officials about how much more to cut, President Trump complaining loudly about the Fed Chair -- all of this left the market struggling. The S&P 500 dropped by one percent immediately after the rate cut announcement, only to recover during the subsequent press conference. The dominant feeling is of economic uncertainty.

The Fed's words shake up the market

The Federal Reserve is now speaking to a market that listens to them more closely than ever before. Harvard University researchers have found that market swings during Fed Chair Jerome Powell's press conferences are more than three times higher compared to the Chairs before him. The regulator's words can now move markets as much as corporate earnings or economic data.

Ask your girlfriend if you are good looking. Then ask your brother. You will probably get very different answers. When it comes to markets, Trump is like the girlfriend, and Powell is like your brother: Trump thinks markets are always doing "great" under his Presidency,  while Powell speaks without any frills. Even when delivering good news (a rate cut, market improvement) he mentions potential bad news that may lie ahead. 

Powell's press conferences often send markets into a sharp reversal - this is a pattern rarely seen under previous Fed chairs. 

India's RBI adds to the turmoil

The trend of markets reacting to every word of the regulator isn't just a US phenomenon. The Reserve Bank of India (RBI) faces a similar challenge. Just today, hints of a potential interest rate cut in December sent markets higher. 

RBI meetings and commentary are now dissected in heavy detail by analysts, so governors have to watch every word. Personalities are also analyzed closely. Under Raghuram Rajan, dovish comments barely moved markets. In contrast, under Shaktikanta Das, dovish messages consistently led to stock market declines.

The change in RBI's direction has also been very visible after the governor's role went from Das to Sanjay Malhotra in December 2024. The RBI’s approach in currency markets changed dramatically, and under the new governor, it has allowed the rupee more flexibility, letting it move within a wider band. This has led to increased day-to-day volatility in the rupee, with daily trading ranges nearly tripling compared to before.

Market participants, especially corporates, have reacted by ramping up currency hedging to manage this higher volatility. This differs from Shaktikanta Das’ interventionist approach, where the rupee barely budged. The first rate cut in several quarters also came only when Malhotra took charge.  

So are regulators the new market movers?

India's securities market regulator, SEBI, also wields significant power over markets, and is more heavy handed compared to the US equivalent, the SEC.

When SEBI banned Jane Street Capital in July 2025, it triggered a sharp drop in trading volumes and erased over Rs. 12,000 crore in market value for several financial firms.

SEBI's reforms in the derivatives market also cooled retail participation. Its moves in derivatives have impacted the business models of major brokerages like Zerodha, which is considering shifting away from the discount brokerage approach and charging fees to make up for the loss in F&O revenues. 

One argument here is that markets and retail participation are changing fast. The regulators have to respond accordingly. As the current SEBI chief, Tuhin Kanta Pandey, says, “volatility is the new normal”.

Algorithms add fuel to the fire

Technology is accelerating these market reactions. With automated systems now responsible for over half of all trading, regulatory news triggers instant positive/negative tagging and algorithmic trades, replacing slow human decision making.

This speed can be dangerous. A simple typo in Lyft’s 2024 earnings report, which mistakenly projected a 500-basis-point profit surge instead of 50, caused trading algorithms to flood the market. The stock shot up 60% in after-hours trading before the error was caught.

The Financial Stability Board warns that as finance gets faster, regulators must keep pace. A crisis like the Silicon Valley Bank failure, can now spark global financial turmoil as algorithms react before regulators do.

The transparency paradox

Communication in an environment like this is a double-edged sword. Being transparent about the risks for example, helps reduce differences between the analysts the regulator is speaking to, but doesn’t necessarily make their predictions more accurate.

More transparency and detailed briefings can also cause regulatory errors or miscommunication, causing immediate market disruption. “As the speed of risk and information increases, so does the speed at which trust can be won or lost”, says analyst Martin Moloney. 

Regulatory statements are no longer just commentary—they are driving asset prices and market volatility.

"Like other Trump schemes, this H-1B caper will backfire," wrote billionaire Silicon Valley investor Michael Moritz in the Financial Times. He argued that the new $100K fee for H1B visas shows a poor understanding of what makes US tech successful. Moritz warned that the high fee will simply push companies to move work to other global cities like Istanbul, Poland, or Bengaluru.