Upgrades

Why did Titan launch beYon' brand in India? Titan launched its new store brand beYon' marking its official foray in the lab grown diamond (LGD) category. Its first store in Mumbai was launched on 29th December, 2025 which will cater to the needs of women's lifestyle categories beyond watches, perfumes, sarees and handbags along with...

AJP is implementing multiple strategic initiatives across focus branded generics markets of India, Asia, and Africa to sustain robust industry outperformance.

The NII of SBI Cards grew in double digits, reflecting improved portfolio mix and funding efficiency. It delivered a steady performance due to expanding co-branding partnerships, strong digital engagement and disciplined portfolio management. The management reiterated guidance for steady new account additions and stable margins, aided by improved collections, cost control and declining credit costs. Continued focus on innovation, AI-driven underwriting and UPI-linked card expansion is expected to strengthen customer acquisition and enhance profitability. However, rising competitive intensity in the credit card industry poses...

*over or under performance to benchmark index Delhivery Limited is India's largest fully integrated logistics provider. With a robust network spanning 18,700+ pin codes, 45 automated sort centres, and 73,000+ team...

Nippon AMC delivered strong Q2FY26 financial performance, driven by robust revenue growth, improving profitability and expanding margins. The growth drivers included growing financialisation of savings, gains in market share and growth in the digital business, which are expected to continue propelling growth. Expansion into new product categories and growing presence in global markets are expected to drive growth as well. Also, SEBI's recent consultation paper on mutual funds is likely to have only a minimal financial impact, with Nippon AMC well-positioned to...

*over or under performance to benchmark index coolers resulted in deterioration in gross margin. Revenue of GSK China, though, rose 31% YoY to Rs. 32cr, on account of sustained strong sales, with the accrued cash directed towards repaying debt. Revenue of its now discontinued operations of IMPCO in Mexico also rose 69% YoY to Rs. 17cr, owing to an expanding washing machine distribution network in the country and Climate Holding in Australia increased 17% YoY to Rs. 35cr on account of its transition to an asset-light model, expansion of the product slate and cost optimization measures....

UPL's strong Q2FY26 performance was characterised by broad-based operational improvement and margin accretion. With volume driving growth in both Global Protection and Advanta, the company enters H2FY26 with a healthier demand backdrop, normalised channel inventories and improved cost competitiveness. Management highlighted sustained traction in herbicidies and fungicidies, Advanta's integration with the post-harvest business continues to accelerate synergy benefits, and Superform's rising share of speciality chemicals strengthens diversification....

We met Bank of Baroda (BoB)’s CFO, V Inumella Sridhar, to discuss the management outlook on growth, margin strategy, and the ongoing noise around PSB consolidation.

On 22nd Dec’25, an agency named Cobrapost released an investigative report alleging large-scale related-party transactions, cash handling irregularities, governance lapses, and regulatory non-compliance at CIFC.

We met with the management of Hero MotoCorp (HMCL) to discuss the demand trends in the domestic 2W market and the company’s plan to capitalize on the same. Demand for 2Ws has picked up well post-GST rate cuts, and it is expected to be sustained, according to the management.

The Adani group has announced the simplification of its group structure and decided to consolidate the cement business under one entity. Currently, ACEM holds a 50.05% stake in ACC and 72.66% in Orient Cement.

APL Apollo Tubes is showing a well-structured Cup and Handle pattern on the daily timeframe, a formation that often signals trend continuation after a healthy consolidation. The stock has gradually rounded off its base over the past few months, reflecting steady accumulation rather than sharp speculative moves. The recent breakout from the handle portion of the pattern, accompanied by improved volumes, suggests that buyers are...

Kajaria Ceramics (KJC) in an exchange filing disclosed a financial fraud conducted by Mr. Dilip Maliwal, CFO of Kerovit Global, a wholly-owned subsidiary of Kajaria Bathware and a step-down subsidiary of KJC.

Slump in price of key APIs has exerted pressure on growth in Akums CDMO segment for the past several quarters, we believe this trend is now starting to reverse as API prices are now stabilizing.

The current order backlog is at Rs.1,916cr, which is ~1.6x FY26E projected sales. Anticipated order inflow for H2FY26 is at Rs1,000cr, while on a YTD basis, order inflow is Rs.376cr. The order pipeline looks promising, with potential opportunities within AMPL's total addressable market of Rs.25,000cr by FY28....

The Board of Shriram Finance (SHFL) has approved a preferential equity issuance of INR396.2b to MUFG Bank Ltd., a leading Japan-based financial institution, at an issue price of INR840.93 per share.

We reiterate our BUY recommendation on the stock.

Healthy presence in SUV space, augmented by sunroof segment addition: Gabriel has ~24% market share in PV space and realises healthy ~23% of its sales from this category. Interestingly, within PV space, GIL realizes large part of its sales from the SUV sub-segment which is witnessing healthy demand traction. Also notably, with aim to expand its presence in top selling SUV space & to catch up on premiumization trend, GIL has entered into JV with Inalfa for manufacturing of sunroof system components for OEMs in India. Simultaneously, it is entering the solar...