ADANI ENTERPRISES: Incorporates new subsidiary Munger Sultanganj Road Ltd on 3rd Nov 2025 for developing the Ganga Path under Hybrid Annuity Mode. Initial capital ₹1 lakh; operations yet to commence.
V2 RETAIL: Raises ₹400 cr via QIP at ₹2,134 per share, 2x oversubscribed. Top participants include Motilal Oswal MF, Edelweiss MF, Bandhan MF, Helios Flexi Cap Fund, Nomura Singapore Fund & Citigroup Global Markets Mauritius. Proceeds to fund retail expansion, supply chain, and digital initiatives.
MAX ESTATES: Targets ₹15,000 cr pre-sales & ₹723 cr rental income by FY28. FY25 bookings projected at ₹5,321 cr, FY26 between ₹6,000–6,500 cr. Commercial growth led by Max District, Delhi One, and Max Square Two.
STANDARD GLASS: To acquire 51% stake in C2C Engineering Pvt Ltd for ₹12.24 cr. C2C reported ₹20.1 cr turnover in FY25. Deal completion expected within 45 days.
GLENMARK: To launch 8.4% Sodium Bicarbonate Injection USP (50 mEq/50 mL) in the US in Nov 2025 — bioequivalent to Abbott’s listed drug with a market size of ~$63.8 mn.
RELIANCE & NOCIL: DGTR initiates anti-dumping probe on HIIR imports from China, Singapore & US. If established, duties to protect domestic producers but raise costs for tyre firms.
VODA IDEA & INDUS TOWER: Govt may extend calibrated relief measures to ensure Vi’s continued operations. Proposal to be submitted to PMO.
🟢 Positive for Vodafone Idea & Indus Towers.
Results Highlights
ROUTE MOBILE (Q2FY26):
💰 Net Loss ₹21.21 cr vs Profit ₹53.21 cr QoQ | ₹101 cr YoY
📈 Revenue ₹1,119 cr ⬆️7% QoQ | ⬆️1% YoY
⚙️ EBITDA ₹135 cr ⬆️45% QoQ | ⬆️1% YoY
📉 EBITDA Margin 12.14% vs 8.93% QoQ | 12.14% YoY
Sector & Market Updates
IEX: Oct 2025 traded volume surged 16.5% YoY to 11,233 MU, led by higher renewable generation.
• RTM +46.8% YoY | DAM +6.7% YoY | Green Market +21% YoY
• Average DAM price down 32% YoY to ₹2.67/unit due to surplus power.
TYRE STOCKS: DGTR probe into HIIR dumping from China, Singapore & US may lead to duties — benefiting domestic HIIR producers, but negative for tyre manufacturers.
Corporate Feature
MAHAMAYA LIFESCIENCES LTD – Redefining Crop Protection with Sustainable Innovation
An integrated agrochemical firm with strong presence in formulations and biologicals.
🏭 Manufacturing Edge:
• Plant at Dahej, Gujarat – 13 lakh litres (liquid) & 10.4 lakh kg (solid).
• New technical-grade unit under setup to boost margins.
📈 Financials (FY25):
Revenue ₹26,414.86 lakh ↑63% YoY | EBITDA Margin 9.22% | PAT Margin 4.84% | ROE 34.94% | ROCE 23.15% | EPS ₹7.60
💰 IPO (BSE SME):
Size ₹70.44 cr | Price Band ₹108–₹114 | Opens Nov 11–13 | Listing Nov 18, 2025
🌱 Portfolio: 50+ insecticide, herbicide, fungicide & bio-based products (Neem-based, Flonicamid, Spinosad, Pymetrozine).
🌍 Exports: Dominican Republic, Egypt, Turkey, Jordan, Ethiopia, UAE; expansion into SE Asia & LATAM.
🤝 Network: 310+ dealers; brands include MAYAMECTIN50, MAYASHIELD SUPER, VOLENO50, MAYAMRIT GR.
🌾 Vision: To become India’s leading biological crop-care innovator driving sustainable agriculture growth.
Broker Views
HSBC on Ambuja Cements
• Target ₹700 | Buy
• Q2 beat on tax writebacks & cost control; H2 to benefit from savings & capacity expansion.
UBS on Titan
• Target ₹4700 | Hold
• Strong Q2; jewellery revenue +19%; 11.1% EBIT margin despite higher promotions.
CLSA on Tata Consumer
• Target ₹1097 (prev ₹1065) | Hold
• Q2 beat on Tea & Salt growth; branded India biz robust; expects 30% medium-term growth.
Morgan Stanley on Kansai Nerolac
• Target ₹212 | Underweight
• Q2 miss; weaker decorative demand; lower other income dragged profit.
Fund Activity
HEALTHCARE GLOBAL: Motilal Oswal MF increased stake from 4.93% to 5.04% via open market purchase on 29th Oct 2025. 🟢
Industry Insight
TATA CHEMICALS:
UK business turns EBITDA positive; expected to achieve EBIT & PAT breakeven by Q4FY26.
Indian prices down 3–4%; US exports to SE Asia remain under pressure.
Leave A Comment