Upgrades

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...

As of 30 Sep 2025, SHF has a huge presence with 3,225 branches across India and employee count of 78,833, customer base of ~96.6 lakhs. Key Development: Shriram Finance's Board has approved a preferential issue of ~39,618 crore to MUFG Bank through issuance of 47.1 crore equity shares at 840.93 per share, resulting in 20% fully diluted stake for MUFG, subject to shareholder and regulatory approvals (RBI, CCI, etc.). Post completion, both MUFG Bank and the Promoter Group will each hold ~20% stake in the company. MUFG will gain the right to nominate up to two non-independent directors. The agreement...

The Healthcare Services segment logged a 10.2% YoY revenue growth to Rs. 3,217cr, primarily fuelled by an increase in the insurance and cash patients, which accounted for 86% of the inpatient hospital revenue. Notably, the average revenue...

Shriram Finance (SFL) has entered into a strategic partnership with MUFG Bank (Japan-based), wherein the partner has agreed to invest ~USD 4.4bn for 20% stake in SFL via preferential issue

Expect consumption growth to tread higher in Q3FY26: PML is riding upon strong consumption growth (H1FY26 up 13% YoY at 7335 crore, Q2FY26 up 14% YoY at 3750 crore, Q2FY26 adjusted for churns & restructuring 19-20% YoY). Family entertainment & multiplexes/Fashion & Accessories/Jewellery have been reporting 23%/17%/12% and 26%/14%/15% YoY growth in consumption during Q2FY26 and Q1FY16 respectively. Further, with festive season being in Q3FY26, the consumption growth is expected to trend higher in Q3FY26 and probably sustain in...

Robust order inflow and improving client demand visibility: KPIT recorded US$232mn in deal wins in Q2 (+12% YoY), including a US$100mn+ multi-year engagement with a European OEM, expected to ramp up over the next few quarters from Q3. Management noted improving client sentiment and renewed traction across autonomous driving, cybersecurity, after-sales diagnostics and commercial vehicle programs. Stronger demand trends in Europe, India and China, along with a healthy pipeline, provide confidence on revenue recovery...

We attended Voltas’s analyst meet, to gain deeper insight into its growth roadmap/demand environment. The management indicated prebuying activity ahead of the BEE rating changes wef 1-Jan-26 and inventories gradually depleting from 60 days (in Q2FY26) to 45 days (currently) vs 20-25 days (in Q3FY25).

Update Note

Balanced growth with improving liabilities profile: Post slower business growth in 1HFY26, amid muted traction in corporate segment, credit momentum is expected to accelerate in H2FY26, supported by a strong sanction pipeline and seasonal pickup in disbursement. Overall, we expect credit growth to track system level at ~11-12% in FY26-28E, led by retail, MSME and selective corporate lending. Corporate sanctioned pipeline stands at 40,000 crore, while 25,000 crore is under process. Traction in retail segment remained robust (17.6% in Q2FY26); reduction in GST and...

Customer-centric transformation driving market share expansion: Bajaj Finance is accelerating its transition from product-centric to customercentric operations, pivoting to deepen customer engagement and increase wallet share. With an existing >10 crore customer base and a target of 2022 crore by FY30, the company plans to deepen engagement and grow product per customer from 6.05 to 6.5-7.5 in FY30. Expanded digital reach, AI-driven personalization and multi-channel distribution is expected to drive a 10x scale up in disbursements (800 crore to 8000 crore/month) with AUM projected to sustain >20% growth and PAT growing at 22-24% CAGR over H1FY26-30, supporting credit market share growth from 2.32%...

Management expects growth in new age services to offset weakness in legacy/traditional business. Notably, AI expected to be margin accelerator via productivity, higher-value services & delivery efficiency. TCS is pivoting to acquisitions to speed up capability creation, as technology is changing rapidly due to GenAI and Agentic AI innovations. More acquisitive stance to strengthen AI advisory and domain depth (e.g., Coastal Cloud, ListEngage for Salesforce). Post-acquisition, TCS' portfolio now has all major Salesforce capabilities and market coverage....