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Informist, Monday, Nov. 3, 2025                                      Tel +91 (22) 6985-4000

Equity Alert: Bank of Baroda surges over 5% as Q2 net profit beats estimates

MUMBAI--1140 IST--Shares of Bank of Baroda rose over 5% to the day's high of INR 292.75 after the bank's net profit for Jul-Sept beat analysts' estimates by a wide margin despite declining on year due to a high base. At 1138 IST, the stock traded 4.6% higher at INR 291.10 and was among the top gainer in the Nifty 200.

Global brokerage Investec raised its target price on the stock by 30% to INR 325, saying the bank showed strong growth with a decent return on assets due to lower credit costs during the quarter. The bank also saw robust asset quality and healty loan growth, driven by the retail and agriculture sectors. 

"We expect the bank to deliver an avg. ROE/ROA of 12%/0.9% over FY26/27, with loan growth run-rate of 14% over FY25-27," JM Financial said. It raised its target price by 22% to INR 330. "Based on robust 1HFY26 and gradual market share gains, we have increased our target multiple from 0.8x to 1.0x on FY27E standalone BVPS (book value per share)," the brokerage said in its report.

"...reported NIM (net interest margin) adjusted for IT refund was flat QoQ at 2.85% which was a positive, given NIM was expected to fall," Prabhudas Lilladher said in its report. "Bank is expecting a pick-up in credit accretion in H2FY26 led by corporate. We are watchful of NIM given corporate growth could be a drag on NIM," the brokerage added. It kept a 'buy' rating on the stock and raised the target price by 9% to INR 300. 

Till 1138 IST, 21.65 million shares of the bank were traded on the NSE, sharply higher than the 10.34 million shares traded till the same time Friday.  (Akash Mandal)

Equity Alert: Tube Investments choppy ahead of Jul-Sept earnings Mon

MUMBAI--1120 IST--Shares of Tube Investments of India were choppy after falling nearly 1% to the day's low of INR 2,994.50 ahead of the announcement of the company's September quarter earnings on Monday. At 1120 IST, shares of the company were at INR 3,025 on the NSE, up nearly 0.1%.

Motilal Oswal Financial Financial Services Ltd. estimates the company's net profit for the September quarter at INR 1.79 billion and revenue at INR 21.34 billion. This would mean 6% on-year growth in the net profit and 3% growth in the revenue in the reporting quarter. Sequentially, the net profit is likely to rise more than 6% and revenue is seen up nearly 13%.

While the company's metal formed division is expected to grow 6% on year, the mobility and engineering divisions are expected to grow 1% on year and 5% on year, respectively, Motilal Oswal said. The company's earnings before interest, tax, depreciation, and amortisation is seen at INR 2.60 billion, the brokerage said, adding that the EBITDA margin is expected to remain largely stable on year at 12.2%. 

The two brokerage reports available on the company with Informist have a 'buy' rating on the stock with a target price of INR 3,914. For the June quarter, Tube Investments reported a net profit of INR 1.68 billion and revenue came in at INR 18.92 billion. Shares of the company are up nearly 3% from Jul. 17, when the company detailed its June quarter earnings.  (Shreya Shetty)  

Equity Alert: Shriram Finance hits all-time high on robust Q2 earnings

MUMBAI--1115 IST--Shriram Finance rose over 6% to hit an all-time high of INR 794.75 as some brokerages turned bullish on the company's growth outlook after it posted robust earnings for the September quarter. The company declared its Jul-Sept earnings during the final hours of Friday's trading session and reported a higher-than-expected net profit of INR 23.07 billion. At 1114 IST, shares of the company were up over 4% at INR 781.10. 

Shriram Finance's net interest margin is expected to improve and the steady credit cost will also be a key driver in the company's growth, according to Nuvama Institutional Equitites. "The immediate focus areas are lowering the CoF (cost of funds), which will give SFL the flexibility to retain customers even when their credit rating improves and improving productivity, which would mean curtailing branch and head count addition," the brokerage said. Nuvama maintained its 'buy' rating on the stock and raised the target price on the stock to INR 870 from INR 710. 

"Steady credit cost reflects asset quality resilience despite industry headwinds. Growth and margins tailwinds expected to aid earnings trajectory," ICICI Securities said in a report. The brokerage expects an improvement of 2.9% in the company's return on assets in 2025-26 (Apr-Mar) to FY27. ICICI Securities has maintained its 'buy' rating on the stock and raised the target price on the stock to INR 880 from INR 725.  

Shriram Finance's consistent performance, disciplined growth and steady asset quality shows confidence in its execution and margins are likely to improve, factoring in its strong performance in the September quarter, said Emkay Global Financial Services. The brokerage has also reiterated its 'buy' rating on the stock and raised the target price to INR 850 from INR 750.  (P. Madhu Kumar)

Equity Alert: Niva Bupa Health Insurance Co dn 1% before likely Q2 net loss

MUMBAI--1037 IST--Shares of Niva Bupa Health Insurance Co. Ltd. were down 1% ahead of the company's September quarter earnings. The health insurer is expected to report a net loss due to a change in accounting norms and high frequency of claims. At 1037 IST, the stock was down 1.2% at INR 74.18 on the National Stock Exchange.

Niva Bupa is seen reporting a net loss of INR 189.00 million in the September quarter, according to a median of estimates from Kotak Securities Ltd. and Motilal Oswal Financial Services Ltd. The company reported a net profit of INR 130.20 million in the year ago period, before the new accounting norms kicked in. Motilal Oswal expects the company to report a net profit, and the company is the brokerage's 'top pick' in the general insurance space. Both brokerages expect expense ratio to reduce due to improvement in operational efficiency.

According to Insurance Regulatory and Development Authority of India norms, non-life insurers have to report premiums on an annual basis for all policies underwritten after Oct. 1, 2024. While non-life insurers can underwrite long-term policies, annually, premiums for only one year will be recorded, the guidelines said. 

The company's net premium income is expected to rise nearly 17% on year to INR 14.16 billion. Niva Bupa Health's premium fell 1.5% on year to INR 5.93 billion in September. 

Of the four research reports on the company available with Informist, all have a 'buy' rating on the stock at an average target price of INR 93. Going ahead, Motilal Oswal said the guidance on growth and combined ratio are the key factors to monitor. (Cassandra Carvalho) 

Equity Alert: Emkay says auto sales strong in Oct on festive demand, GST cut

MUMBAI--1021 IST--Underlying auto trends were strong in October, aided by demand improvement due to festive period and the cut in goods and services tax for the sector, Emkay Global Financial Services said in a report. Two-wheelers delivered a robust growth in October, with Eicher Motors driven by continued demand for the 350cc segment and TVS Motor Co. driven by demand for motorcycles, the report said.

"2W industry retails (sales) rose 52% YoY, with E-2W penetration at 4.6% in Oct (6.3% YTD)...within E-2Ws, Bajaj Auto (22%) now leads, with TVS (21%) a close #2 and Ather (20%) at #3," the brokerage said in the report. Excluding Hyundai Motors India, all other passenger vehicle makers recorded a healthy volume uptick led by a major rise in bookings due to GST cut and festival-led spike in demand. 

"MHCVs (medium and heavy commercial vehicles) saw healthy growth, with AL (Ashok Leyland) outpacing TTMT's (Tata Motors)...tractors continued to fare well, benefiting from the early festive, with M&M outpacing Escorts," the report said. "The E-3W penetration remains healthy at >30% with M&M leading the pack, followed by Bajaj and TVS rapidly closing the gap," it added. 

The brokerage said it expects the demand to be healthy, led by a strong enquiry pipeline, but whether such demand sustains after the festive season ends will be a key monitorable for the sector, the brokerage said. "We remain positive on 2Ws, led by improving replacement demand visibility (industry volumes still below the FY19 peak), a rural recovery after a prolonged weakness (aided by recent GST cuts), and sustained traction in exports," it said. Among two-wheeler makers, the brokerage expects Eicher Motors and TVS Motor to outperform due to strong product actions, disciplined pricing, and a healthy domestic-export mix.

In passenger vehicles, the brokerage said Maruti Suzuki remains its preferred pick due to its upcoming SUV-led product cycle and early signs of recovery seen in the small-car segment following the GST reduction.  (Akash Mandal)

Equity Alert: Indices in red for 3rd day, Maruti Suzuki down nearly 3%

MUMBAI--0940 IST--Benchmark equity indices opened slightly lower and were in negative territory for the third consecutive session. Maruti Suzuki India declined nearly 3% and was the worst performer in the Nifty 50 index despite the company reporting its highest ever monthly sales at 220,894 units in October. Bharat Electronics and Titan Company fell over 1% each. 

At 0938 IST the Nifty 50 index was down 0.1% at 25698.60 points and the BSE Sensex index was down 0.2% at 83781.54 points. Among the top Nifty 50 gainers, Shriram Finance rose nearly 5% and was up for the second straight session after the company posted robust earnings for the September quarter. Mahindra & Mahindra rose nearly 2% after the company announced the launch of its new seven-seater electric sports utility vehicle, XEV 9S and its domestic sport utility vehicles wholesale sales hit a record high in October. 

Most sectoral indices traded with gains, with the Nifty PSU Bank rising 1.6% in early trade. The Nifty Metal and Nifty Pharma rose 0.5% each. Nifty Consumer Durables was the biggest loser among the pack falling nearly 1%. Nifty Private Bank and Nifty IT were down 0.4% each. All broader market indices were in the positive territory. 

Among the Nifty 500 constituents, Intellect Design Arena rose nearly 9%, making it the biggest gainer and the stock traded in green for the fourth straight session. Wockhardt gained over 6% and Navin Flourine International was up over 5%. Netweb Technologies was the biggest loser among the Nifty 500 stocks and fell over 6%. The company reported muted quarter-on-quarter growth in its September quarter earnings.  (P. Madhu Kumar)

Equity Alert: Asian mkts mixed; CSI 300 dn after China mfg data misses views

MUMBAI--0850 IST--Asian indices were mixed in early trade Monday after China's manufacturing activity for October missed economists' estimates. The MSCI Asia-pacific index, excluding Japan, was up 0.5%. South Korea's Kospi was up over 2% and was the top gainer in the region while China's CSI 300 was the worst hit.

Japan's stock market was shut Monday for Culture Day. Among other gainers in Asia were FTSE Singapore Straight and Hong Kong's Hang Seng which were up 0.2-0.5%. 

The CSI 300 index was down for the third straight trading session. China's manufacturing activity slowed to 50.6 during the month, missing economists' poll of 50.9 from Reuters and was also lower than 51.2 reported in September. Investors remain cautious about whether the trade truce between the US and China will last for the full duration, Reuters reported. Last week, both the countries had agreement on a year-long trade truce, in line with expectations.

Australia's S&P/ASX 200 was down 0.2% after the country's central bank started its two-day monetary policy meeting Monday, with economists expecting the Reserve Bank of Australia to hold key interest rates at 3.6% after the country's inflation readings came in hotter than expected for the third quarter.

Following were the levels of key Asian indices at 0845 IST: 

(Adhithya Aji)   

Equity Alert: Mkt may start muted but Nifty 50 seen regaining 26000 this wk

MUMBAI--0810 IST--Benchmark indices are expected to start the week on a muted note but are seen rising later in the week. The Nifty 50 is likely to reclaim the 26000 level this week, analysts said. Some analysts even expect the 50-stock index to notch a fresh high this week as the Nifty 50's current levels are a good buying zone.

"The short-term trend of Nifty 50 is weak, but the overall medium-term trend of the market remains positive... any slide below 25700 levels, the market is expected to find strong support around 25500 levels and there is a higher possibility of sharp upside bounce from the lows by next week," said Nagaraj Shetti, senior technical research analyst at HDFC Securities, in a note. "We believe the current breather should be used to accumulate quality stocks in a staggered manner for up move towards the last week high of 26100 and previous all-time high of 26277," Bajaj Broking said in a note.

The November contract of the GIFT Nifty also indicates a muted start to the session. At 0756 IST, the contract was at 25856 points, up 32 points from its previous close. On Friday, the Nifty 50 had ended at 25722.10 points, down 155.75 points or 0.6%. The BSE Sensex closed at 83938.71 points, down 465.75 points or 0.6%.

On Friday, indices in the US ended slightly higher, buoyed by robust gains in technology stocks. Amazon surged 10% after the e-commerce giant said its cloud computing unit's revenue increased 20% in the third quarter, exceeding Wall Street's estimates, CNBC reported. Most Asian indices were higher in early trade Monday on AI-related optimism. Japan's Nikkei 225 and South Korea's Kospi were up around 2% each.  (Akash Mandal)

Equity Alert: US indices end higher Fri led by strong Q2 results from Amazon

MUMBAI--0807 IST--US indices ended higher Friday led by a 10% gain in shares of Amazon following the company's strong quarterly results. Benchmark indices Dow Jones Industrial Average and S&P 500 snapped a two-day losing run and closed slightly higher, and the tech-heavy Nasdaq Composite ended 0.6% up. 

The Dow Jones index saw its sixth consecutive month of gains for the first time since 2018. Though the US market saw some of its largest one-day losses in October in the history, the S&P 500 gained over 2% during the month, Nasdaq jumped almost 5%, and Dow Jones rose nearly 3%. 

Shares of Amazon surged after the e-commerce giant said its revenue from cloud computing unit rose 20% in the reporting quarter, beating the Street's view. Amazon Web Services, a comprehensive cloud platform offered by Amazon, is "growing at a pace we haven't seen since 2022," Andy Jassy, chief executive officer of the company, was quoted by CNBC-TV18. He also said that artificial intelligence and core infrastructure are experiencing strong demand. 

Following Amazon's results, investors were optimistic about AI players. AI software firm Plantir rose 3% and AI player Oracle gained over 2%. Netflix gained almost 3%, also supporting the rise in the Nasdaq Composite after the company announced a 10-for-1 stock split. Electric car major Tesla rose almost 4%. 

Following are the closing levels of US indices Friday:         

(Adhithya Aji) 

End

US$1 = INR 88.79

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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