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September 30, 2025

Daily Morning Report Date: 30.09.2025
NIFTY OUTLOOK: 24634.90 FII -2831.59 cr DII 3845.87 cr
As discussed yesterday, market behavior remained on expected lines as Nifty bounced up to our level of 24787 (made a high of 24791.3) but failed to sustain and slipped to our breakdown level of 24610 (low of 24606.20).
An average bearish candle on the daily chart suggests continuation of the bearish trend. On a decisive breakdown of 24591, Nifty may slip further to 24546–24501, and if supply increases, it may test 24457.
On the upside, 24680–24725 may act as immediate resistance. A breakout above these and sustained trade may push Nifty towards 24768–24813.
Bank Nifty OUTLOOK:
SPOT: 54461.00 Pcr: 0.82 Max CE OI: 55000 Max PE OI: 54000
On 29th September 2025, Bank Nifty closed at 54461.00 (+71.61, -0.13%). The index moved 459.45 points during the session, making a high of 54686.05 and a low of 54226.60.
Technical View:
Support and resistance levels are 54104 and 55043.
Intraday support and resistance are 54335 and 54585.
Intraday Technical Strategy:
Go long above 54587 with stop loss 54545, target 54710.
Go short below 54334 with stop loss 54376, target 54208.
The RSI for Bank Nifty stands at 42.10. Below 30 is oversold, above 70 is overbought.
Bank nifty Day SMA Analysis:
Bank nifty is trading above 2 out of 8 SMA’s (150, 200 Day)
Bank nifty is trading below 6 out of 8 SMA’s. (5, 10, 20, 30 50,100, Day)
One Bullish candlestick Pattern was identified in bank nifty.• Harami Cross Uptrend
Macros:
1. Dollar index is @ 97.60.
2. S&P 500 is @ 16.03 (+4.84 %)
3. Brent crude is @ 67.05
4.US 10 years bond yield @ 4.139 ( -1.15%)
Note: As the trade rivalry between the US and China intensifies, Trump has slapped a $1 lakh H1B visa fee, while China has introduced its K visa (a new tech-related visa). Financial details of this visa are not yet available.
China’s new visa program, aimed at attracting foreign tech talent, kicks off this week. It is seen as a move to strengthen Beijing’s position in its geopolitical rivalry with Washington, as the new US visa policy prompts would-be applicants to seek alternatives.
Although China has no shortage of skilled local engineers, this program is part of its effort to portray itself as welcoming to foreign investment and talent, especially as US tariffs weigh on its economic outlook. The trade war has moved beyond tariffs, with China now trying to align with nations that have been harshly treated by the US. It will be interesting to see how this unfolds.
On commodities, bullion continues its rampage with gold and silver surging, while crude corrected slightly after supply concerns eased.
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Data watch
1.Fiis net long position is @ 16 %
2.Pcr weekly is @ 0.61 , Montly pcr is @ 1.08
3.Vix is @ 11.36 ( -0.61%)
4.Fiis sold in cash -2831.59 , Index fut sold -528.13 & bought stock fut is @ 3882.31.
5.Open interest position of intitutions & retail clients.
A . Fiis bought 6434 contracts and sold 9056 contarcts ( Created shorts , Net shorts position is @ 2622 )
B . Diis bought 96 contracts & created shorts in 721 contracts ( Created shorts ,Net positions is @ -625 contracts )
C.Reatil sold -2295 contracts & created shorts of 869 contracts ( Net position is @ -3164 contracts )
Note: Fiis net long position is @ 16% ( covered some shorts ) , Fiis created some shorts and exit some long positions . Diis are at side line no action was seen there , Retails have booked some long position and created some short positions . Over all 9925 short contracts were build and 4235 contracts on long side , over all long short position is 9925 : 4235 contarcts i.e every 2 shorts vs 1 long positions were created .
Vix colled down a bit & fiis buy/sell positions were mixed bag Fiis sold in index & Cash segment & bought Stock future, after 7-6 days bulls tryed to fight back and we saw tussle between bulls nad bears ( 1st pull backs are always sold in ) . Data suggest that nay fall will be countered with buying .
Levels of nifty will be given in Index view .
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Contributed by
Ashok bhandari : INH000019549
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IRIS BUSINESS SERVICES: SVP SALES & GROWTH HEAD RESIGNS
Mr. Serveshresth Sawhney, Senior VP of Sales & Growth, resigned effective 29 September 2025.
The resignation was due to personal reasons.
The departure may impact sales strategy and growth momentum in the near term.
MANGALORE CHEMICALS: COMPLETES ₹72.75 CR ACQUISITION OF ZUARI AGRO’S MAHAD PLANT
The company acquired Zuari Agro Chemicals’ super phosphate plant at Mahad, Maharashtra for ₹72.75 crore on a slump sale basis.
Operations of the plant will be taken over effective 1 October 2025.
The acquisition strengthens MCF’s product portfolio and manufacturing footprint in fertilizers.
SAMMAAN CAPITAL; BOARD MEET ON 2 OCT TO CONSIDER FUND RAISING VIA EQUITY
DCB BANK: RBI APPROVES AGA KHAN FUND TO ACQUIRE 60.6 LAKH SHARES
RBI has approved Aga Khan Fund for Economic Development to acquire 60,58,394 equity shares of DCB Bank via preferential issue.
The acquisition strengthens DCB Bank’s capital base and enhances promoter group support.
Shares acquired will be subject to a five-year lock-in, limiting near-term liquidity.
ZAGGLE PREPAID; BOARD MEET ON 3 OCT TO CONSIDER FUND RAISING VIA EQUITY SHARES
SIDDHI COTSPIN: BAGS MULTIPLE COTTON YARN ORDERS WORTH ₹54.76 CR
The company secured cotton yarn orders totaling ₹54.76 crore from multiple domestic vendors.
Key buyers include LB Tex (₹10.87 Cr), ACME Yarns (₹10.44 Cr), Khamar Denim (₹11.03 Cr), Nandan Denim (₹16.32 Cr), and DMP Global (₹6.10 Cr).
Orders are to be executed by March 2026, providing medium-term revenue visibility.
ALLCARGO GATI: TO HIKE PRICES BY 10.2% FROM JAN 1, 2026
The company will implement an average 10.2 percent general price increase for Express Distribution from 1 January 2026.
Price hike aims to support margin improvement and fund infrastructure, technology, and fleet investments.
Investments in ERP, AI/ML, and digital tools are planned to enhance operational efficiency and reliability.
BHARAT FORGE : LARGE TRADE NSE
MOTILAL OSWAL MUTUAL FUND BOUGHT 31.02 LKH SHARES ( 0.65 % STAKE ) @ ₹ 1217.32 /SHARE
CERA SANITARYWARE: EXITS SUBSIDIARY LLPS, UNLOCKS ₹19.1 CR, SHARPENS CORE FOCUS
The company sold its entire stake in Race Polymer Arts LLP and Packcart Packaging LLP effective 29 September 2025.
Sale consideration totaled ₹19.11 crore, with ₹16.60 crore from Race LLP and ₹2.51 crore from Packcart LLP.
The divestment allows Cera to focus on its core sanitaryware and allied businesses.
TATA STEEL: SIGNS LOI WITH DUTCH GOVT FOR €2 BN DECARBONISATION & HEALTH PROJECT AT TSN
Tata Steel Nederland signed a non-binding LoI with the Dutch government for low-CO2 steel transition and health measures at the IJmuiden site.
The plan includes decommissioning Blast Furnace #7 and Coke/Gas Plant 2, replacing them with natural gas/EAF, carbon capture, and future hydrogen use to reduce emissions by 7–8 MTPA CO2.
The Dutch government may provide up to €2 billion funding, with an additional €0.3 billion sought from the EU Innovation Fund.
ZUARI AGRO: COMPLETES BUSINESS TRANSFER OF SSP PLANT TO MANGALORE CHEMICALS FOR ₹72.75 CR
Zuari Agro completed the sale and transfer of its Granulated Single Super Phosphate plant at Mahad, Maharashtra to Mangalore Chemicals & Fertilizers Ltd on a slump-sale basis.
The transaction, valued at ₹72.75 crore, is effective 30 September 2025, with MCFL taking over operations from 1 October 2025.
The business transfer was intra-group, keeping value within the Adventz Group.
CONCORD ENVIRO: COMPLETES ACQUISITION OF PATHAK UTILITY, EXPANDS WATER TREATMENT BUSINESS
Subsidiary Rochem Separation Systems acquired 100 percent stake in Pathak Utility Pvt Ltd.
PUPL operates in operation and maintenance of water treatment plants, strengthening Concord Enviro’s presence in water and wastewater management.
PUPL reported ₹12.3 crore turnover and ₹2 crore net profit in FY25.
PRIME FOCUS: BOARD TO EVALUATE EXIT PROPOSAL FOR MINORITY STAKE IN DNEG
The company will hold a board meeting on 3 October 2025 to review Q2 and H1 FY26 results and other key matters.
Post preferential allotment, Prime Focus’ stake in DNEG S.à r.l. has increased to 88.28 percent fully diluted.
The board will discuss a possible exit of United Al Sager Group’s 7.46 percent stake in DNEG.
SUPRA TRENDS: AMENDS MOA TO EXPAND BUSINESS OBJECTS TO FOOD & HOSPITALITY
The company amended its MoA to include food and beverage, hospitality, hotels, malls, entertainment, and retailing businesses.
Clause III.C (‘Other Objects’) was deleted to narrow the company’s focus within the amended scope.
The move signals management’s intent to diversify operations into consumer-facing segments.
REC: TRANSFERS RAJGARH NEEMUCH POWER TRANSMISSION SPV TO GR INFRAPROJECTS
REC’s subsidiary RECPDCL transferred its entire stake in Rajgarh Neemuch Power Transmission Ltd to GR Infraprojects on 29 September 2025.
The SPV contributed negligible revenue, with consideration of only ₹15 crore covering professional fees and expenses.
The transfer aligns with government policy and tariff-based competitive bidding for transmission projects.
CAMLIN FINE SCIENCES: SETS TIMETABLE FOR VINPAI BLOCK ACQUISITION & SHARE ISSUE
The company is proceeding with Vinpai block acquisition through issuance of new shares as consideration.
A postal ballot for shareholder approval of the share issue is scheduled to conclude on 29 October 2025.
Shares are priced at ₹247.69 each, with sellers receiving 4.1 lakh shares (~2.14% of equity).
Allotment is expected by 12 November 2025, with OPAS filing to the French regulator by end-November.
BLS E-SERVICES: DEAL FOR SBI & HDFC BANK CSPS FALLS THROUGH
Planned acquisition of SBI and HDFC Bank CSPs under Sub-K Impact Solutions was called off.
The deal did not receive required approvals from the banks within the stipulated period.
Zero Mass Pvt Ltd, subsidiary of BLS, and Sub-K chose not to extend the long-stop period.
ADANI GREEN: TOTALENERGIES MAY EXIT STAKE, NO FURTHER GROWTH PLANS WITH ADANI
TotalEnergies plans to sell all renewable holdings outside the US, Brazil, and Europe, including its India investments.
The CEO stated no future growth is planned with Adani Green despite recognizing it as a “good company.”
The move signals a potential exit from Adani Green Energy Ltd, where Total holds both JV and direct stakes.
EFCIL (I) Limited Shareholders Approve Controversial Merger Despite Serious Governance Concerns https://share.google/4vCvL9FD7SOTCUry3
India planning to track solar energy equipment imports with new monitoring system - The Economic Times https://share.google/DshL6DOFCWC43YztG
Real money gaming ban to unlock growth for ill monetised non-RMG titles: Report - The Economic Times https://share.google/GZb1k4ko9j1bgVMNZ
How AI Data Centers Are Sending Your Power Bill Soaring https://share.google/ui1rQJDqBnUuf6fUM
Jefferies on Welspun Living
Target Price ₹120
Earlier Target ₹130
Recommendation Hold
Tough times until tariff issues are resolved
Significant near-term challenges in its US business
Washout of profitability in the short term and 15-20% decline in US revenues
MS on Mphasis
Target Price ₹3625
Recommendation Overweight
Believe the share price will rise relative to the country index over the next 60 days
Expect deal wins to remain strong in the coming quarters
Absolute and relative valuations appear compelling as we expect growth trends to improve going forward
MS on Coforge
Target Price ₹1880
Recommendation Overweight
Believe the share price will rise relative to the country index over the next 60 days
See both revenue growth and margins trends holding up in Q2 as well as in H2
Limited downside risk to consensus EPS estimates
MS on Lupin
Target Price ₹2096
Recommendation Equal-weight
Lupin Looks to Ophthalmology Growth With VISUfarma Deal
Acquisition will strengthen European operations and advance its global specialty franchise
Implied valuation is 11.7x 2025e EV/EBITDA
CLSA on Coforge
Target Price ₹2346
Recommendation Outperform
Able leadership, well incentivised with ESOPs and a strong track record
Derives two-thirds of its revenue from the financial services and travel verticals
Management's strong execution by building strong domain expertise in these verticals
Jefferies on Real Estate
Listed property developers are likely to post a second strong quarter of pre-sales growth
On track to meet the 20%+ growth target for the year
This reflects the market share gains as the cos' geographic expansion has come thru timely
Industry-level data has somewhat improved in Top-7 cities
DLF, LODHA, Godrej Prop remain preferred
Nomura on Anant Raj
Target Price ₹700
Recommendation Buy
Believe investors had strong interest in the data center theme in India
Liked the company's early start in the DC segment and relatively lower capex cost
Concerns were more around competitive pressure, risks and technical capabilities
Macquarie on HDFC Life
Target Price ₹700
Recommendation Underperform
Bracing for a tough quarter
Q2 VNB margins could be under pressure
Seeing some early signs of better run rate in protection post GST cuts; impact on ULIPs is high
Focusing more on agency, dip in 13m persistency is not a worry
BofA on Autos
September registrations back in positive: All's well that ends well
September retails for PVs & 2Ws will likely end the month at low to mid single digit growth
Entry cars & premium bikes shine
Tractors on a high, CVs bottoming out
GS on Industrials
Q2FY26 Preview: Export weakness to start becoming visible; domestic remains strong
Cables and Wires: think domestic demand remains strong for C&W; expect some moderation in the growth rates
Dixon: expect a 4% QoQ growth in mobile and EMS division vs 15% guided by the company for Q2
Buy rating on KEI, Sell on Dixon and remain Neutral on Polycab
TATA MOTORS : ANALYST MEET KEY TAKEAWAYS - NDTV PROFIT
Mgmt upgraded FY25-30 CV industry CAGR outlook to 6-8% from 5-7% earlier
Mgmt expects double-digit CV industry growth in H2
Saw 25-30% booking growth from 5-Sep till Navratras (industry: 20%)
Q3 to see higher discounts to push volumes
After a flat H1, the mgmt expects 7-8%/sub-5% PV industry growth in H2/FY26
Post-hit from cyber attack in Sep-25, JLR to resume production in a phased manner ahead
JLR demand outlook stays challenging in the near-term for Europe, China and US regions
For the India PV and CV industries, GST cuts to aid better growth outlook of high single-digit in H2FY26
Iveco (ex-defence) buyout to be EPS accretive initially, and should become meaningfully accretive in two years
HSBC on Indus Tower
Initiate Reduce, TP Rs 310
Growth muted as Airtel’s rollout slows & Vi demand is uncertain; case studies indicate a lack of pricing power
Scenario analysis suggests bull case is already priced in
TP implies EV/EBITDA of 5.4x for FY26e & 5.2x for FY27e
Key upside risks include,
1) major capital raise by Vi which boosts tenancy growth outlook;
2) higher-than-expected lease rentals
UBS on Quick Com
Eternal – Buy, TP Raised to Rs 400
Swiggy – Buy, TP raised to Rs 580
India's quick-commerce evolution is still surprising positively with Eternal and Swiggy emerging as core beneficiaries.
While think competition is intense, discounting looks broadly stable among the larger platforms
Increase Eternal & Swiggy FY27-30e QC GMV estimates by 15-30% & segment EBITDA by 15-40%
NUVAMA ON CONSUMER SECTOR
Due to GST transition issues; adverse impact on volumes/sales is likely to be 2-3%, primarily due to delayed consumer purchases and trade reluctance to stock higher-priced inventory
Q2FY26 will see adverse transition impact on volumes, margins, working capital days. To reverse November onwards
Inverted duty structure: refunds not allowed on services (A&P, logistics, leases), unused ITC may force pricing adjustments.
Heavy rains hurt carbonated drinks, beer, ice creams, HI, beverages (VBL, Emami, UBL, Dabur, GCPL). Paints: demand deferred, not lost
Harsh winter (La Niña) to aid skin care & immunity (HUL, Dabur, Emami); hurt CSD & juices (VBL, Dabur)
Maharashtra: double-digit spirits decline; offset by Andhra & Karnataka growth. Cigarettes: ITC vols +5-6% YoY; Godfrey much stronger at +20-25%
GST 2.0 reforms → boost via price cuts in larger packs, grammage in small packs. Rural demand resilient on govt. schemes + good rains (except Bihar). H2FY26 expected to see strong volume recovery across staples
Nepal, Minor negative; low single-digit exposure, disruptions normalising.
Coverage stocks shall clock revenue/volume growth of set 5%/2% YoY in Q2FY26 while EBITDA shall remain flat YoY
Top picks: Staples: Bikaji Foods, Britannia, Nestle, HUL and Tata Consumer; in Discretionary, we also like United Spirits and Asian Paints
NUVAMA ON TATA MOTORS
Target price 680 (maintain Reduce rating)
Post-hit from cyber-attack in Sep-25, JLR to resume production in a phased manner ahead
JLR demand outlook stays challenging in the near-term for Europe, China and US regions
For the India PV and CV industries, GST cuts to aid better growth outlook of high single-digit in H2FY26
Iveco (ex-defence) buyout at 2x CY24 EV/EBITDA to 900 be complete by Apr-26, EPS accretive initially, and should become meaningfully accretive in two years
Led by regulatory approvals, the separate listing of PV and CV businesses is likely in Oct-25 and Nov-25
CITI ON OMCS
Petroleum Minister & Secretary reaffirm undervaluation of OMCs; disappointed with market perception
Reassured investors: LPG compensation delivered, no forced fuel pricing cuts, focus on policy stability
Commitment to reasonable returns to fund capex + value unlocking
Clear alignment of govt & mgmt interests toward shareholder returns
Reiterate O/W IOCL vs. U/W ONGC pair trade
Initiate 90D Positive Short-term View on HPCL & BPCL
Near term Positives: 2Q earnings likely materially stronger than IQ. Sustained gov't support: LPG compensation to be booked in 2Q/3Q. Risk of fuel price cuts low, esp. with model code of conduct from early Oct 25 (Bihar elections)
HPCL target price ₹530 (maintain Buy(
BPCL target price 440 (maintain Buy)
IOCL target price 190 (maintain Buy)
ONGC target price 205 (maintain Sell)
MOSL ON TCI EXPRESS
Target price 730 (maintain Neutral)
Near-term outlook remains bleak due to elevated competition and weak volumes
Demand Trends: Weakness in manufacturing, auto, textiles segments despite strong macro indicators. E-way bills: +22% YoY (Apr-Aug 25). IIP (motor vehicles, trailers, semi-trailers): +8.3% (Apr-Jul'25). Intense competition weighing on volumes.
FY26 Outlook (Mgmt Guidance): Tonnage: +8-9% (vs. -1% in FY25). Revenue: +11-12%. Margins: At risk from inflationary labor costs, cost pressures, and low-margin international air express
Capex 280cr over FY26-27 for sorting center automation 8904 & network expansion
Dependence on higher-margin multimodal segments could be risky if demand recovery lags.
Expect TCIE to achieve an 8%/9%/20% volume/revenue/EBITDA CAGR over FY25-27E
MOSL ON ASTRAL
Target price 1,650 (maintain Buy)
Turning efforts into enduring rewards
CPVC Resin Plant to start in Sep'26; backward integration to lower costs, boost margins, and create entry barriers. Supports plan to double CPVC volumes in 5 years
Pipes (OPVC): Weak demand in 1HFY26 (heavy rains, low govt. orders). Recovery expected post-Diwali; long-term demand from contractors & govt. projects. BIS certification to benefit organized players.
Adhesives business targeted to double in 5 years. Bathware at early stage but strong growth potential with rising adoption by builders/contractors
Paints: Near-term disruption from aggressive competitor pricing. Price rationalization expected to restore stability soon
Heavy capex done; vertical integration via CPVC resin to yield positive returns in 2-3 years
Possible anti-dumping duty (ADD) could improve realizations & margins
Projects 15%/17%/22% CAGR in sales/EBITDA/Adj. PAT over FY25-28E
WELSPUN LIVING : ANALYST MEET KEY TAKEAWAYS - NDTV PROFIT
First analyst meet after imposition of 50% tariffs
Welspun has absorbed 25% tariffs while the rest is being borne by customers
Welspun has prioritised market share vs. near-term profitability
Retail demand in the US remains steady, as retailers have not passed on the full tariff impact
Retailers remain cautious on building inventory; this should result in a 15-20% decline in US revenue in Q2 and Q3
Mgmt. expects a washout of profitability until the 25% tariff penalty is withdrawn
Mgmt. is confident of a recovery once 25% tariff penalty is withdrawn
Mgmt is working on several cost measures
Looking to diversify its mix towards UK, Europe, Japan etc
Accelerate its India investments which should also benefit from the GST rate cut
MOSL ON NESTLE
Target price 1300 (maintain Neutral)
Improving macros to aid growth; valuation expensive
Sequential growth improving; GST cuts, good monsoon, easing inflation, govt. measures to boost demand from 3QFY26
Confectionery & coffee: High sensitivity to price packs → grammage addition to drive volume & revenue
Noodles: Shifted to larger packs; 15 pack still key; some grammage benefits continue
Milk & nutrition: Large packs; MRP cuts implemented
Packaged foods less impacted by grammage addition vs personal care
Old inventory being cleared; trade partners asked to sell at revised GST rates from 22 Sep. Temporary MRP cuts on old packs. Sticker price updates difficult → transition to take time
Management targeting double-digit revenue growth, led by volume expansion & deeper product penetration
E-com share: 8.6% FY25 sales, rising to 12.5% in 1QFY26; QC~45% of e-com
QC key for new launches (e.g., NESCAFÉ RTD cold coffee), boosting portfolio relevance & consumer connect
Project revenue/EBITDA/PAT CAGR of 10%/11%/12% over FY25-28E. The stock is trading at 68x/58x FY26E/FY27E EPS
GOLDMAN SACHS ON INTERGLOBE
Target price ₹6,000 (maintain Buy)
Outlook: International demand to remain strong with sustained double-digit growth
Domestic growth muted near term; festivals + new airports (NCR, Mumbai) to support Q3 recovery
Better yield management a positive surprise this quarter
Expect PBT (ex-FX) of ₹530 Cr (or 13.7/sh). Our forecasts imply RASK-CASK (ex-FX) of ₹0.13 (vs -₹0.17 in 2Q last year)
ASK/RPK growth: +7.2% / +8.1% YoY. International: +20% YoY. Domestic: +2% YoY (market share gains expected). Load Factor (PLF): 83.3% (vs 82.6% YoY). Capacity: Net +7 aircraft (wet lease return); more to come back in Q3
Yields: -4% QoQ (domestic-3.7%, international weaker). Better 3900 than earlier -8.5% estimate, thanks to capacity adjustments
Fuel costs: +3.6% QoQ; ₹1.47/ASK vs 1.38/ASK (1Q). Still lower YoY → CASK benefit
Buy-rated, with a 12-m target price of ₹6,000 based on 10.4X FY27E EV/EBITDAR
INDOSTAR: SELLS ₹309.6 CR COMMERCIAL VEHICLE LOAN PORTFOLIO TO PHOENIX ARC
The stressed CV loan book worth ₹309.6 crore has been sold to Phoenix ARC Pvt Ltd.
The consideration is up to ₹220.3 crore, implying a discount of around 29 percent.
The transaction was executed under RBI’s Transfer of Loan Exposures Directions 2021.
JONJUA OVERSEAS: SIGNS AVIATION GIC AGREEMENT WITH JONJUA AIR
Global In-house Centre (GIC) will support Jonjua Air in crew planning, route optimization, pricing, marketing and loyalty programs.
The focus is on air charter and air ambulance services with expertise in VTOL and STOL operations.
Operations will be based from Chandigarh International Airport.
The move follows global majors like Emirates, Lufthansa and American Airlines setting up GCCs in India.
Anchor Investors Onboard for B.A.G. Convergence IPO.
B.A.G. Convergence Limited is a digital media company managing News24 and E24 across web, apps, social media, YouTube and connected TV platforms covering news, entertainment, sports, spiritual, Auto & Tech, Business & more, has completed its Anchor Book allocation. The company raised ₹ 13.57 Cr through the allotment of 15,60,000 equity shares at ₹87 per share.
BRLM: Inventure Merchant Banker Services Private Limited
NOCIL : DGTR initiates anti-dumping investigation concerning imports of “4-
AmirIodipherlylamineoriginating in or exported from China and European Union
MUTHOOT, MANAPPURAM FINANCE, CSB, IIFL FINANCE: RBI TWEAKS LENDING RULES FOR SMALL BUSINESSES AND GOLD-BASED FIRMS
Banks can now revise loan spreads for SMEs more frequently, instead of only once in three years.
Borrowers get the option to reduce spreads earlier, lowering cost of borrowing.
They are also allowed to switch to fixed-rate loans at reset.
Banks can extend working capital loans to businesses using gold as raw material, not limited to jewellers.
BOROSIL RENEWABLES, WAAREE ENERGIES, PREMIER SOLAR: INDIA TO LAUNCH IMPORT MONITORING SYSTEM FOR SOLAR EQUIPMENT
The system will track origin, content and compliance of imported solar equipment.
It aims to support domestic solar manufacturers by curbing low-quality imports.
The framework aligns with the Approved List of Models and Manufacturers policy.
The initiative strengthens India’s clean energy targets and solar self-reliance.
PNB GILTS: FII BOND BUYING IN INDIA SLOWS AS RUPEE HITS RECORD LOW
The rupee has become Asia’s worst-performing currency, reducing foreign portfolio investor returns.
Overseas investors cut back on purchases of Indian government securities in September.
Global risk aversion, market volatility and China-bound flows also weighed on Indian debt markets.
WAAREE ENERGIES, PREMIER ENERGIES, VIKRAM SOLAR: DGTR IMPOSES ANTI-DUMPING DUTY ON CHINESE SOLAR CELL AND MODULE IMPORTS
The duty aims to protect Indian solar manufacturers from low-priced Chinese imports.
Beneficiaries include Adani Green, Tata Power Solar, Vikram Solar, Premier Energies, Waaree and Borosil Renewables.
The move is expected to boost domestic production, margins and capacity utilization.
Solar project developers like ReNew and Azure may face higher input costs.
As per Moody's Ratings, India will remain the fastest growing G20 economy for the next 2-3 years.
NOMURA ON HUL
Target price 2,900 (maintain Buy)
Consolidated revenue growth to be flat to low-single-digits for 2QFY26F
HUL had seen stable demand July and August, with sales growth of c.3-4% y-y (vs c.5% in 1QFY26), while September sales declined by c.8-10% y-y due to this transitory postponement of purchases
Recovery expected from November as prices stabilize
HUL management highlighted that this blip was a one-off transitory impact and that GST reforms will drive long-term consumption, as they benefit c.40% of HUL's portfolio
HUL at 55x Sep-27 EPS, in line with its 10-year average, resulting in a TP of 2,900.
Project EPS CAGR of 11% over FY26-28F, as we expect it to be at the trough of demand and margin cycle
Dollar Industries Announces Strategic Merger of Promoter Group Companies;
Brand Ownership to be Consolidated under Dollar Industries, Strengthening Governance and Unlocking Synergies
https://x.com/BeatTheStreet10/status/1972866000954458209
LOGISTICS STOCKS ; BLUEDART , ALCARGO RAISES THIER PRICES
PAPER STOCKS: DGTR IMPOSES ANTI-DUMPING DUTY ON VIRGIN MULTI-LAYER PAPERBOARD IMPORTS FROM CHINA AND CHILE
The duty protects domestic paper and packaging companies like JK Paper, West Coast Paper, TNPL and Century Ply’s paper division.
It supports the Atmanirbhar Bharat initiative by reducing reliance on low-cost imports.
Import-dependent packaging users in FMCG, pharma and consumer durables may face higher input costs.
The move enhances pricing power and utilization for Indian paperboard manufacturers.
MAN INDUSTRIES: SEBI FINES COMPANY AND BARS KEY EXECUTIVES FOR 2 YEARS
SEBI imposed a ₹25 lakh fine each on Man Industries, Chairman Ramesh Mansukhani, MD Nikhil Mansukhani, and Ex-CFO Ashok Gupta.
The executives are barred from accessing securities markets for two years until September 2027.
Violations relate to non-consolidation of financial statements with Merino Shelters Pvt Ltd and other procedural lapses.
The company stated there is no material impact on operations and is exploring legal remedies.
JINDAL STEEL: COMMISSIONS 3 MTPA BOF AT ANGUL, CAPACITY RISES TO 9 MTPA
The company has added a 3 MTPA Basic Oxygen Furnace at Angul, increasing crude steel capacity from 6 to 9 MTPA.
The new unit is integrated with Blast Furnace 2 for smooth operations into downstream mills.
The expansion will cater to demand from infrastructure, energy, automotive, oil and gas, and real estate sectors.
PM Modi welcomes Trump's announcement on Gaza
ASHOKA BUILDCON: SELLS 5 ROAD SPVS FOR ₹1,146 CR, MORE TRANSFERS PENDING
The company sold 100% stake in 5 HAM road SPVs across Punjab, Andhra Pradesh, Gujarat, Jharkhand and Telangana for ₹1,146 crore, including holdbacks.
Buyers include Epic Concesiones 2 Pvt Ltd and Infrastructure Yield Trust schemes (EAAA India Alternatives).
These SPVs contributed around 4% of FY25 turnover with a net worth of ₹961 crore.
The remaining 6 HAM SPVs will be transferred once conditions precedent are met.
MAN IND CLARIFIES ON SEBI ACTION
SEBI Action Has No Impact On The Day-To-Day Functioning Of The Business
Co Continues To Have A Strong Order Book Of Over ₹4,700 Cr & Remains Fully Operational
Co Does Not Engage In Any Trading Activity In Securities Markets
Man Industries 13% down
Now near to pref price of 323 per share
CMP 350
Anant Raj rises over 1% on positive brokerage note
PVR Inox down over 2% after US President Donald Trump says US to impose 100% tariff on movies made outside the country
Kalyan Jewellers - Upgrade
ICICI Sec on Kalyan Jewellers
Upgrade to Buy from Add; TP at Rs 670
Despite higher gold prices, festive-led demand to drive double-digit SSSG
Aggressive store rollout and Candere expansion
Risk-reward turning favourable; structural story intact
Schloss Bangalore In Focus
Kotak Securities
Initiate Add with TP of Rs 475
Long runway for luxury growth
Pure-play focus on luxury hospitality in India
Strong earnings growth over the next five years
Favorable demand-supply dynamics for the luxury hospitality industry
A strong brand, coupled with limited upcoming luxury supply in key Indian cities will support Leela’s hotels
Axis Cap
Initiate Buy with TP of Rs 505
India’s only pure-play luxury hospitality player growing owned portfolio
Owned palaces will be key vehicle of growth in near term
Robust near-term financial metrics; RoCE to inch up post FY28E
Strong pipeline will show up from FY29 onwards
Growth in medium term will be driven by same store RevPAR growth
See revenue/EBITDA CAGRs at 14/15% over FY25-28
ELARA CAPITAL Says 8-10% Of Total Value Of ₹20,000 Cr Of Indian Film Industry Comes From The US
Tariff Is Likely To Be Levied On US Box Office Collections Of The Movie
Not Much Impact On Listed Cos, Avoidable Situation By Increasing Exposure To Other Mkts
Things Are Quite Shaky In Terms Of Occupancy w.r.t PVR-Inox, Producers Have Seen Hefty Losses
PN GADGIL: PNG Jewellers Unveils Flagship-Level Store in Dadar, Mumbai s Cultural Heartbeat
ASHISH GUPTA, AXIS MUTUAL FUND: MARKET OUTLOOK AND SECTOR INSIGHTS
FDI inflows into India have been rising over the last four months.
Room exists for an RBI rate cut, timing likely in October or December.
Over the past 12 months, most capital goods companies have maintained margins, with capex uptick seen in EMS, defence, and power segments.
Key positives in the last six months include RBI liquidity measures, income tax cuts, GST relief, and government focus on domestic demand revival.
Earnings downgrades have bottomed out, with upgrades yet to start.
NBFCs are expected to benefit most from RBI’s increased liquidity and easing of asset quality stress.

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