SEBI Reforms Drive Industry Transparency
SEBI’s latest reforms in the mutual fund industry signal a cultural reset ushering in transparency, tighter brokerage caps, and clear TER definitions. By addressing the long-standing opacity around commissions and distribution charges, the move promises greater value and trust for investors. The new framework introduces sharper disclosures, tighter checks on performance-linked fees, and stricter intermediary oversight, marking a decisive shift toward accountability and investor-centric regulation.
Broker Views – HSBC Turns Bullish on India
HSBC reaffirmed its positive stance on Indian equities, projecting the Sensex at 94,000 by end-2026. The brokerage expects an earnings recovery driven by expanding banking margins, easing inflation, and softer rates. It added that valuations are no longer a deterrent and foreign flows may strengthen as India remains under-owned in global EM portfolios.
Corporate Updates – Globe Civil Projects Rating Upgrade
Infomerics Valuation & Ratings revised Globe Civil Projects’ outlook to Positive from Stable, reaffirming IVR BBB (long-term) and IVR A3+ (short-term) ratings. The upgrade follows a stronger capital structure post its Rs.119 cr IPO, improved profitability with FY25 revenue of Rs.325.99 cr (+11% YoY) and PAT of Rs.24.05 cr (+57% YoY), and a healthy Rs.1,001 cr order book ensuring revenue visibility.
Broker Pick – Anand Rathi Favors Patel Retail
Anand Rathi featured Patel Retail Ltd. as its “Pick of the Month,” citing a bullish divergence on hourly charts. The firm expects a near-term upside of around 14%, recommending a buy between Rs.210–Rs.215 with a target of Rs.242 and stop-loss at Rs.197.5. Sustained strength above Rs.225 could confirm the uptrend and attract further interest.
IPO Watch – Shreeji Global FMCG Ltd
Shreeji Global FMCG Ltd successfully concluded its IPO, raising Rs.221.08 cr with an overall subscription of 3.14x. The issue saw QIBs subscribed 1.64x, NIIs 5.06x, and retail investors 2.91x. The firm manufactures and markets spices, seeds, pulses, atta, and grains under the “SHETHJI” brand and through white-label channels.
Results Highlights
Lupin: US FDA inspection at the Pune BioResearch Centre concluded with zero observations, reaffirming strong compliance.
Goodluck India: Q2 net profit Rs.42.4 cr (+6% YoY, -8% QoQ), revenue Rs.991.3 cr (+1% YoY), EBITDA Rs.91.9 cr (flat YoY, +31% QoQ).
Apex Frozen Foods: Q2 net profit Rs.11.9 cr (vs loss YoY), revenue Rs.238.3 cr (+19% YoY), EBITDA Rs.11.4 cr (+187% YoY).
Lambodhara Textiles: Q2 net profit Rs.3.31 cr (+4% YoY, +54% QoQ), revenue Rs.62.5 cr (+3% YoY), EBITDA Rs.9 cr (+15% YoY).
Fundraising Update
Ramakrishna Forgings has scheduled a board meeting on 12th November to consider fundraising through equity issuance.
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