Goldman Sachs on Solar Industries
Buy | Target Price Rs. 18,215
Company secures an international defence order worth Rs. 1,400 cr to be executed over four years.
This is the first major global defence order since Feb 2025 and ensures order book accretion in Q3 FY26.
Defence and international segments remain key earnings drivers.
Government Sources on Investment Climate
Government open to suggestions on improving India’s investment environment.
Press Note 3 remains under review.
A 3-hour meeting with VCs, RBI, SEBI and ministries focused on easing doing business and enabling sovereign wealth fund entry.
Decisions will balance ease of business with national interest.
Industry Sources – Export Pressure
Indian exporters absorbing ~20% losses to retain overseas customers.
US tariff impact still not fully visible on labour-intensive exports.
Textile and leather exporters taking losses to avoid customer churn.
India losing share in non-US markets; China aggressively expanding.
Schemes like Interest Equalisation and MEIS providing support; new Export Promotion Mission benefits yet to start.
Elara Capital on SBI Cards
Upgrade to Accumulate | Target Price Rs. 1,006
Balance sheet clean-up nearing completion.
ROA improvement expected from H2 FY27 with better customer mix and fee income.
Forecast: 25% spends CAGR, 15% loan CAGR; ROA 4.5% and ROE 20.6% by FY28E.
Goldman Sachs on PTC Industries
Buy | Target Price Rs. 24,725
Mehsana expansion to significantly enhance industrial castings capability and revenue.
Global OEM supply-chain diversification expected to benefit the facility.
Goldman Sachs on M&M
Buy | Target Price Rs. 4,200
Tractor industry growth upgraded to 9% CAGR for next 5–7 years.
Strong prospects across emerging business verticals.
Compact SUV opportunity high through NU IQ platform.
Rare-earth supply for EVs not a concern.
Morgan Stanley on LG Electronics
Initiates Overweight | Target Price Rs. 1,864
Top-tier consumer durables franchise with industry-leading margins.
New capacity to support revenue and margin growth.
Exports and B2B contribution set to rise.
Investec on PVR Inox
Hold | Target Price Rs. 1,215
Q3 off to a strong start with ~26% NBO growth as of Nov 16.
Small/medium titles contributing meaningfully.
December performance remains crucial for Q3 outperformance.
Corporate Announcements
LTIMindtree
Strengthens partnership with Microsoft to accelerate Azure adoption and AI-led transformation.
Inox Green
To provide O&M services for 5 GW renewable projects developed by InoxGFL Group & KP Group.
UBS on HAL
Neutral | Target Price Rs. 5,200
Near-term triggers limited; execution remains sluggish.
Earnings estimates cut due to slow manufacturing ramp-up and modest MRO growth.
HSBC on Glenmark Pharma
Buy | TP cut to Rs. 2,110
Q2 impacted by upfront ISB-2001 payment and domestic sales issues.
Monroe plant commercialization remains key catalyst.
Jefferies on Indian Hotels
Buy | Target Price Rs. 935
Capability-led acquisitions strengthen wellness, experiential and mid-market offerings.
Diversifies revenue and enhances cross-selling.
Nuvama on Titagarh
Buy | Target Price Rs. 1,088
Q2 impacted by wheelset shortages.
Strong orders including Rs. 24.8 bn metro order; long-term outlook intact.
Emkay on Deepak Fertilizers
Buy | Target Price Rs. 2,000
Leadership in mining and industrial chemicals; strong growth runway.
Major expansions (TAN, NA) + Equinor contract to drive >50% EBITDA growth FY26–28.
JPMorgan on Hero MotoCorp
Upgrade to Overweight | Target Price Rs. 6,850
Market share stabilising; EV share rising.
GST cuts boosting lower-end 2W demand.
JPMorgan on Tata Capital
Initiate Overweight | Target Price Rs. 370
Strong growth potential with top-tier liability profile.
Net profit CAGR of 30% expected over FY26–28.
Block Deal Activity
Heavy block deals in JSW Steel, Lodha Developers, Patanjali Foods, SBI, Sun Pharma, PFC.
GQG moved shares from Reliance Trust to its fund – no fresh buying.
UBS on Axis Bank
Buy | Target Price Rs. 1,500
Sector tailwinds and easing liability pressure to support growth.
Credit cost decline and reasonable valuation drive re-rating potential.
RPSG Ventures
Acquires 40% in luxury fashion brand FSP Design (Falguni Shane Peacock) at Rs. 455.17 cr valuation.
Option to buy additional 10% in 18–24 months.
Strengthens presence in luxury apparel segment.
SeQuent Scientific – Merger Update
NCLT approves merger with Viyash group entities.
Combined H1 FY26 revenue Rs. 16.5 bn; EBITDA Rs. 3.2 bn.
Creates a major global animal health player.
Groww-Backed Billionbrain – Short Squeeze
Stock surged nearly 90% in 4 sessions due to settlement shortages.
Closeout penalties hit short sellers; no fundamental change.
Textiles – PLI Update
17 companies approved under PLI for textiles with Rs. 2,374 cr investment.
Expected to generate Rs. 12,893 cr sales and 22,646 jobs.
Praj Industries
Signs MoU to build Central Asia’s largest ethanol & SAF refinery in Uzbekistan.
Integrated plant includes ethanol, SAF, green diesel and e-SAF.
Biocon Pharma
USFDA approves Tofacitinib ER tablets (11mg final, 22mg tentative).
Strengthens complex generics pipeline.
360 One WAM – Citi View
90-day positive catalyst watch; TP Rs. 1,615.
Recurring flows strong; primary market momentum supportive.
Veranda Learning Updates
Announces national finalists for Avinyat / Avinya innovation competitions.
Ceinsys Tech
Wins Rs. 1.86 cr soil survey order; total MRSAC work now Rs. 5.04 cr.
Nuvama
Citi reiterates positive stance; TP Rs. 10,175.
Regulatory concerns seen as overplayed.
Medicamen Biotech
Emerging diversified oncology and specialty pharma player.
Strong presence across 35+ countries; US & EU filings ramping up.
Volume Spike Alerts
Multiple stocks record sharp early volume surges including Gold Tech, GR Infra, TeamLease, Azad Engineering, KDDL, Waaree Energies, Swan Energy, Intellect Design, Shakti Pumps.
Blue Cloud Softech
MoU with Konkan Railway to deploy 5G digital services at key stations.
TAC Infosec
Subsidiary Cyberscope listed on Polygon ecosystem; expected 400–500 new engagements annually.
Vinati Organics
Expects 15% volume growth and 10–12% revenue growth in FY26.
EBITDA margin to remain ~27%.
MEHQ & Guaiacol launch slightly delayed.
Mahanagar Gas – Management Highlights
40% volume loss due to pipeline damage; normalcy expected by Tuesday.
H1 volume growth 10%; similar growth seen for H2.
Kaynes Technologies – Management Highlights
Revenue up 58%; strong order book.
OSAT revenue expected to cross Rs. 1,000 cr by FY27.
FY26 growth guidance: 60%.
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