Sensex today | Stock Market Live: Sensex rises 350 pts, Nifty crosses 23,900
SENSEX 77,050.51 + 132.66 NIFTY 23,843.45 + 32.60 CRUDEOIL 9,054.00 -50.00 GOLD 139,768.00 + 316.00 SILVER 180,234.00 + 536.00 SENSEX 77,050.51 + 132.66 NIFTY 23,843.45 + 32.60 NIFTY 23,843.45 + 32.60 CRUDEOIL 9,054.00…
+ 132.66
NIFTY 23,843.45+ 32.60
CRUDEOIL 9,054.00-50.00
GOLD 139,768.00+ 316.00
SILVER 180,234.00+ 536.00
SENSEX 77,050.51+ 132.66
NIFTY 23,843.45+ 32.60
NIFTY 23,843.45+ 32.60
CRUDEOIL 9,054.00-50.00
CRUDEOIL 9,054.00-50.00
GOLD 139,768.00+ 316.00
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By Team BLKS Badri Narayanan
Updated - November 04, 2026 at 10:38 AM.ensex Today, Nifty 50 | Stock Market Live Updates - Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 4th November 2026.
Markets opened on a cautious note on Wednesday, November 4, with the Nifty 50 trading at 23,837.25, up 26.40 points or 0.11 per cent from its previous close of 23,810.85, while the Sensex opened at 76,853.11 against its previous close of 76,917.85, and was last seen at 77,071.67, up 153.82 points or 0.20 per cent. The muted start follows a sharp four-session rally that had lifted the Nifty by 370 points in the previous session alone.
Sensex was trading higher by 386.58 points or 0.50% at 77,304.43 as at 10.13 am. Nifty 50 rose 112.70 points or 0.47% to 23,923.55.
Follow today’s Q2 results live updates
Among the top gainers on the Nifty 50, State Bank of India led with its stock trading at ₹980.55, up 1.06 per cent from its previous close of ₹970.25, on volumes of 10.41 lakh shares worth ₹101.56 crore. ITC followed, gaining 1.02 per cent to ₹276.70 from ₹273.90, with 16.83 lakh shares changing hands for ₹46.29 crore. Apollo Hospitals rose 0.82 per cent to ₹8,509 from ₹8,440, while Nestle India gained 0.80 per cent to ₹1,258.40 from ₹1,248.40. Max Healthcare rounded out the top five gainers, adding 0.78 per cent to trade at ₹902.50, up from ₹895.50.
On the losing side, HCL Technologies was the biggest drag, falling 1.45 per cent to ₹1,418.20 from its previous close of ₹1,439.10 on volumes of 41,070 shares worth ₹5.85 crore. Infosys slipped 1.39 per cent to ₹1,132.10 from ₹1,148.10, with 1.82 lakh shares traded for ₹20.74 crore. BSE Ltd declined 1.38 per cent to ₹3,615 from ₹3,665.70, while TCS dropped 1.27 per cent to ₹2,467.30 from ₹2,499.10 on volumes of 67,440 shares worth ₹16.70 crore. NTPC shed 0.95 per cent to ₹318.50 from ₹321.55.
- November 4, 2026 10:38
Fractal Analytics reports multifold jump in net profit to ₹79.2 crore in Q2
Fractal Analytics reports multifold jump in net profit to ₹79.2 crore in Q2
Fractal Analytics posts a strong Q2 with ₹79.2 crore net profit, ₹956.5 crore revenue, 16% adj. EBITDA margin, and 115% NRR.
- November 4, 2026 10:31
India’s dollar hedging slumps as RBI cracks down on speculation
India’s dollar hedging slumps as RBI cracks down on speculation
The steps by RBI have made it more expensive to build forward dollar positions, helping ease pressure on the rupee
- November 4, 2026 10:28
Embassy Developments loss widens to ₹271 cr in Q2, revenue falls to ₹311 cr
Embassy Developments loss widens to ₹271 cr in Q2, revenue falls to ₹311 cr
Total income fell to ₹311.17 crore in the second quarter of this fiscal from ₹536.9 crore in the corresponding period of the preceding year.
- November 4, 2026 10:25
India's palm oil imports hit 14-month high, soyoil purchases set record
India's palm oil imports hit 14-month high, soyoil purchases set record
India’s edible oil imports hit multi-month highs in October, with palm oil and soyoil surging ahead of Diwali, signaling strong festive demand.
- November 4, 2026 10:17
Emcure Pharma shares hit 10% upper circuit as Q2 net profit rises
Emcure Pharma shares hit 10% upper circuit as Q2 net profit rises
Emcure Pharmaceuticals shares rallied 10 per cent to hit the upper circuit on Wednesday after the company reported a 29.31 per cent increase in consolidated net profit to ₹325.06 crore in the September quarter, supported by strong growth in its international business.
- November 4, 2026 10:11
Indian startups valued above $500 million rise to 51 in 2026, Hurun report says
India has 51 startups valued above $500 million in 2026: Hurun report
India has 51 startups valued above $500 million in 2026, worth $34.1 billion combined. Their revenue grew 50 per cent, with FinTech leading the list.
- November 4, 2026 10:11
HDFC Securities issues statement in relation to the recent Moneycontrol report concerning Stockal and the FIR filed in the matter
Statement from HDFC Securities:
We have seen the recent report by Moneycontrol referring to Stockal and the FIR. To set out the facts:
The report itself notes that HDFC Securities is not named among the accused in the FIR.
It is also noteworthy that HDFC Securities’ operational partnership with Stockal ended in 2024.
Customer trust and regulatory compliance are central to how we operate.
We will continue to cooperate with regulators and authorities as required, and will share further updates if appropriate.
- November 4, 2026 10:09
Markolines Pavement Technologies receives two Letters of Acceptance-cum work orders from Brihanmumbai Municipal Corporation
Markolines Pavement Technologies received two Letters of Acceptance-cum work orders from Brihanmumbai Municipal Corporation (”BMC”), aggregating to Rs 135 crore, inclusive of applicable GST and physical contingencies for undertaking microsurfacing and resurfacing works on the Eastern Express Highway and Western Express Highway in Mumbai.
- November 4, 2026 10:08
Sun Pharmaceutical Industries issues clarification on Assam facility halt news reports
Sun Pharmaceutical Industries clarified that the news report about the halt in eye-care drug production at its Assam facility relates to developments in August 2026 and does not involve any new event on October 30, 2026. The company said the matter was assessed at the time and was not considered to require disclosure under Regulation 30 of the SEBI Listing Regulations.
Regarding the movement in its share price, Sun Pharma said it could not attribute it to the news report or any specific factor.
Shares traded at Rs 1788.10 on the NSE, up 1%
- November 4, 2026 10:06
Rupee rises 14 paise to 94.61 against US dollar in early trade
Rupee rises 14 paise to 94.61 against US dollar in early trade
Rupee strengthens to 94.61 against the dollar on steady oil, weaker USD, and strong markets amid US midterms and FII inflows.
- November 4, 2026 10:01
Awfis Space shares zoom over 12% to Rs 271.90 on the NSE
Follow businessline’s live coverage of Q2 results today here
- November 4, 2026 10:00
Rajesh Power receives orders from Dakshin Gujarat Vij Company Limited
Rajesh Power has received orders from Dakshin Gujarat Vij Company Limited (DGVCL) for Turnkey Contracts for Conversion of the existing 11/22kV HT & LT Overhead Network to Underground (UG) Cable System, with SCADA-Compatible Equipments under SI Scheme at various Locations under DGVCL, Gujarat.
- November 4, 2026 09:59
Renaissance Global opens new store of Jean Dousset at Newbury Street in Boston, US
- November 4, 2026 09:59
Crude oil futures fall ahead of US midterm election outcome
Crude oil futures fall ahead of US midterm election outcome
Oil futures dip as US midterm results loom; Brent at $103.02, WTI at $95.26, with API inventory drop and Middle East diplomacy in focus.
- November 4, 2026 09:58
Bagmane Prime Office REIT declares ₹527 crore distribution to unitholders for Q2
Bagmane Prime Office REIT Q2 results: ₹527 crore distribution declared
Bagmane Prime Office REIT declares ₹527 crore distribution for Q2 after leasing 1.2 million sq ft and raising committed occupancy to 99 per cent.
- November 4, 2026 09:58
Gold rises as dollar weakens ahead of US midterm election results
Gold rises as dollar weakens ahead of US midterm election results
Gold climbs as dollar weakens ahead of US midterms, with Fed rate-cut bets rising and payrolls data in focus.
- November 4, 2026 09:57
NLMC puts HIL’s 5.119-acre Delhi land parcel up for sale at ₹829.69 crore
NLMC e-auction: HIL's 5.119-acre Delhi land parcel priced at ₹829.69 crore
NLMC seeks bidders for HIL's 5.119-acre Delhi land parcel at ₹829.69 crore, with metro connectivity and development potential of FSI up to 400.
- November 4, 2026 09:44
Crude oil futures trade lower on Wednesday morning as markets monitored the outcome of US mid-term elections
At 9.41 am on Wednesday, January Brent oil futures were at $103.02, down by 0.56 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $95.26, down by 0.86 per cent. November crude oil futures were trading at ₹9034 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹9104, down by 0.77 per cent, and December futures were trading at ₹8955 against the previous close of ₹9025, down by 0.78 per cent.
- November 4, 2026 09:43
Belrise Industries announces that it has entered into a License and Technical Assistance Agreement with Japan-based Yamato Co Ltd; shares flat at Rs 211.55 on the NSE
- November 4, 2026 09:43
BHEL receives orders from Adani Power Limited for 4 projects of 2x800 MW each (each project valued at Rs 5,000-7,000 cr); shares surge 3% to Rs 415.80 on the NSE
- November 4, 2026 09:42
Bengaluru, Hyderabad and Delhi-NCR hold 61% of India’s FDE talent pool
India's forward-deployed engineering talent: Bengaluru leads with 34%
Bengaluru leads India's FDE talent pool with 34%, while Hyderabad and Delhi-NCR take the combined share of the top three cities to 61%, a report says.
- November 4, 2026 09:42
SPML Infra limited obtains orders worth Rs. 186.41 cr from Power Grid Corporation of India Limited; shares up 2% to Rs 139 on the NSE
- November 4, 2026 09:42
GE Vernova T&D India receives LoA from Power Grid Corporation of India for Terminal Station
GE Vernova T&D India has received a Letter of Award (LoA) from Power Grid Corporation of India for the design and establishment of a 6,000 MW (±800 kV) HVDC LCC Terminal Station, comprising two 3,000 MW terminals, for renewable power evacuation from Barmer II to South Kalamb.
GE Vernova shares traded at Rs 3975.80 on the NSE; and Power Grid traded at Rs 257.45.
- November 4, 2026 09:34
Revolt Motors secures order for 1,100 electric motorcycles from Bihar Police
- November 4, 2026 09:34
Equitas Small Finance Bank Limited announces Mr. Balaji Nuthalapadi as Interim CEO, subject to RBI Approval
Shares traded 4% higher at Rs 54.80 on the NSE.
- November 4, 2026 09:34
Highway Infrastructure wins its biggest-ever civil construction contract worth ₹198.31 crore from CPWD; order book surges to ₹1,776.19 crore
Shares flat at Rs 71.99 on the NSE.
- November 4, 2026 09:33
Shinhan Vietnam Finance Company picks FinnOne Neo 9.0 to modernise its consumer finance operations and support its growth in Vietnam
Shinhan Vietnam Finance Company (“Shinhan Finance”), part of Shinhan Card and Shinhan Financial Group, has selected FinnOne Neo® 9.0, Nucleus Software’s flagship end-to-end lending platform, to modernise its consumer finance operations and support its growth in Vietnam.
- November 4, 2026 09:32
IT Stocks drag Nifty even as FMCG and Healthcare hold firm; FIIs buy for third straight session
Stock market today: Sensex, Nifty cautious after rally; SBI, ITC gain
Sensex and Nifty trade cautiously after a sharp rally as SBI and ITC gain, technology stocks decline and continued FII buying supports market sentiment.
- November 4, 2026 09:31
SBI, Emcure, Awfis shares gain after Q2 results, MCX & Bata decline, Bajaj Finserv & NSE flat
Follow businessline’s live coverage of Q2 results today here
- November 4, 2026 09:30
Brokerage calls today
Kotak Inst Eqt on NSE
Recommendation: Buy, Target: ₹2200
NSEs investment case is underpinned by its market leadership across liquidity pools revenue diversification and scalable in house technology.
Expect mid teens earnings growth along with improving EBITDA margins low capital intensity and strong cash generation.
Key risks include further derivatives regulation trading volume sensitivity market share loss and technology or cybersecurity failures.
JPM on NSE
Recommendation: Overweight, Target: ₹2130
NSE reported 2Q27 consolidated revenue from operations of Rs 40.7 bn up 10.6 percent YoY and down 10.8 percent QoQ which was 4 percent ahead of JPMe.
Strong expense control resulted in operating EBITDA coming in at Rs 30.8bn up 10.7 percent YoY and down 13.2 percent QoQ and 5.5 percent above JPMe.
EBITDA margins were stable at 75.7 percent despite lower revenues QoQ.
Lower other income dragged core APAT to Rs 25.6bn up 10.1 percent YoY and down 16.2 percent QoQ and 3.5 percent above JPMe.
NSE trades at a FY28E P E of 36.8x.
Macquarie on NSE
Recommendation: Outperform, Target: ₹1975
In line quarter with equity cash ahead and options below estimates.
New products nascent but regulatory backdrop expected to improve.
Impact of CAS ADTO declined QoQ across equity cash futures option notional and options premium due to Closing Auction Session CAS rules.
Continue to expect volume recovery from 3QFY27E onwards as SEBI revised CAS framework last month.
Market share declined 130bp QoQ in equity cash ADTO and 50bp in options premium ADTO.
Jefferies on NSE
Recommendation: Buy, Target: ₹2125 (Earlier Target: ₹2085)
Strong cash equities commodity options and non transaction revenues support diversification.
Potential securities lending and borrowing reforms offer further growth opportunities and mutual fund order market share improves.
Higher technology spending and transaction tax pressures remain concerns while Jefferies believes valuations understate NSEs competitive advantages.
Emkay Global on NSE
Recommendation: Buy, Target: ₹2050
CAS amendments effective December 2026 expected to boost cash market participation and trading volumes.
Easing EPI margins and potential securities lending reforms could further support market expansion.
Planned corporate bond index futures launch awaits RBI approval and technology costs expected to grow in mid teens.
B&K on NSE
Recommendation: Buy, Target: ₹2100
Upcoming CAS regulatory changes and recovering options volumes expected to support trading activity.
Strong IPO pipeline improving colocation demand and growing mutual fund platform offer additional catalysts.
Options market share stabilises around 70 to 72 percent and disciplined costs support profitability outlook.
Kotak Inst Eqt on BSE
Recommendation: Buy, Target: ₹4000
BSE has established a credible position in index options with liquidity spreading beyond expiry day.
At the same time adjacent businesses such as cash MF and colocation continue to deliver healthy growth.
Expect these drivers to support 17 percent revenue CAGR and 20 percent adjusted EBITDA CAGR over FY2027 to 30E even without further gains in derivatives market share.
Jefferies on MCX
Recommendation: Buy, Target: ₹4000
Options trading remains the key growth driver accounting for 76 percent of transaction revenues.
Jefferies forecasts 25 percent earnings CAGR over three years supported by strong revenue growth and margin expansion.
MCX dominant commodity exchange position supports growth outlook while competition and regulatory changes remain key risks.
UBS on SBI
Recommendation: Neutral, Target: ₹1100
Reported a mixed quarter with strong NII growth of 5 percent QoQ and NIM of 2.94 percent both ahead of est.
Yet loan growth of 18.2 percent YoY and 3 percent miss on PPOP due to higher opex were key negatives.
There was also a one time gain from SBI MF listing of Rs72.9bn but was partly offset by treasury losses of Rs12.8bn.
Ex of listing gain RoA for H1 was under 1 percent vs reported RoA of 1.14 percent.
Retail loan growth of 14.5 percent YoY continued to lag overall loan growth and segments other than gold remained weak.
Bank continues to maintain full year guidance of 14 to 15 percent loan growth 1 percent RoA and over 3 percent domestic NIM.
Macquarie on SBI
Recommendation: Outperform, Target: ₹1220
2Q Exceptional gains aid earnings while loan growth remains healthy.
Margins resilient.
Asset quality remains healthy and ECL impact manageable.
At 1.3x FY28E P BV valuations look comfortable against expected ROA above 1 percent.
CLSA on SBI
Recommendation: Outperform, Target: ₹1325
Delivered a 2 percent NII beat versus our estimates driven by an 11bp QoQ domestic NIM expansion.
Lower fee income and treasury losses led to a 3 percent PBT miss.
Domestic loans growth at 17 percent YoY was broad based while international loans declined 3 percent QoQ adjusted for FCNR deposit backed loans.
Deposit growth was healthy at 12 percent YoY with 8 percent YoY CASA growth only soft spot.
In line with sector asset quality continued to improve with net slippages down 10bp YoY even off a low base.
SBI should be largely unaffected by the new insurance distribution guidelines with distribution income less than 3 percent of PBT.
Bernstein on SBI
Recommendation: Market Perform, Target: ₹1300
Headline earnings growth masked a softer underlying quarter with lower credit costs and stake sale gains supporting profitability.
Healthy loan growth and an 8 bps QoQ NIM recovery failed to lift underlying PPoP which declined 1 percent YoY amid weaker other income and rising expenses.
Excluding one offs EPS grew a more modest 5 percent YoY while RoA declined 21 bps QoQ to 0.90 percent compared with reported EPS growth of 13 percent and RoA of 1.19 percent.
HSBC on SBI
Recommendation: Buy, Target: ₹1220
2QFY27 underscored by strong NII and NIMs while loan growth was lower and opex higher than estimates.
Upgrade EPS by 4 to 8 percent for FY27 to 29e on stronger than estimated NIM momentum and operating leverage playing out.
TP cut as build in some discount for slower loan growth and lower multiples for some subsidiaries.
CITI on SBI
Recommendation: Buy, Target: ₹1300
SBI Rs230bn PAT up 14 percent YoY was lifted by a Rs72.9bn stake sale gain partly offset by a Rs12.8bn treasury loss and 15 percent YoY 38 percent QoQ opex growth.
NII rose 14 percent YoY 4.6 percent QoQ beating estimates as NIMs expanded 8bps vs our forecast of 2bps decline.
With 49 percent of loans linked external benchmarks incl 32 percent repo linked NIMs should skew favorably in a rising rate cycle though management conservatively reiterated 3 percent plus NIM guidance.
Loan growth was modest at 3.3 percent QoQ 18.2 percent YoY lagging the system as corporate lending stayed flat.
Management retained 14 to 15 percent FY27 advances guidance though we expect 16 percent plus.
Slippages stayed below 0.5 percent and credit costs under 0.35 percent.
ECL transition impact is pegged at Rs195bn 3.3 percent of net worth and 0.4 percent of advances.
Nomura on SBI
Recommendation: Neutral, Target: ₹1100
2QFY27 NII beat but loan growth slows.
In line core performance weak treasury and higher opex offset by one time gain on SBI FUNDS stake sale.
NIM expansion led to NII beat and higher opex lower other income resulted in PPOP miss.
Growth guidance maintained at 14 to 15 percent in FY27P and asset quality benign.
Kotak Inst Eqt on SBI
Recommendation: Buy, Target: ₹1250
Reported 15 percent yoy earnings growth led by a 7 percent yoy operating profit growth stake sale in mutual fund.
RoE at 15 percent was driven by healthy NII growth NIM recovering 10bps qoq and a low credit cost.
Asset quality remains a minor concern.
Like franchise given its inexpensive valuation for a superior return profile.
Jefferies on Aegis Vopak
Recommendation: Hold, Target: ₹265 (Earlier Target: ₹280)
Retains 5 bn capex plan through FY31 and JNPA Kandla and Kochi expansions remain on track.
Kandla Gorakhpur pipeline completion could improve LPG terminal utilisation as Jefferies expects 36 percent EBITDA CAGR over FY26 to 30.
Ambitious capacity and market share assumptions alongside demanding valuations limit near term conviction.
Kotak on Amara Raja Energy and Mobility
Recommendation: Reduce, Target: ₹700
Lead acid battery business expected to remain steady supported by automotive and aftermarket demand.
Gotion partnership termination creates technology capex and execution risks for planned LFP cell manufacturing.
Raw material inflation pressures near term margins and lithium ion expansion remains capital intensive and uncertain.
Jefferies on Bajaj Finserv
Recommendation: Buy, Target: ₹2300 (Earlier Target: ₹2550)
Bajaj Finance and life insurance remain key growth drivers while general insurance faces underwriting pressure.
Life insurance product mix shifts towards term and annuities supporting margins and mutual fund business continues scaling.
Regulatory clarity on insurance commissions and expenses remains critical and cuts core profit estimates by 1 to 2 percent.
CITI on Bata India
Recommendation: Sell, Target: ₹550 (Earlier Target: ₹675)
Revenue grew 7.5 percent YoY on a low base partly affected by shift in festive period.
Profitability was weak as well with EBITDA declining 1 percent YoY and adj PAT declining 12 percent YoY.
Pre IND AS 116 EBITDA margin was 6 percent in 1HFY27 vs 7.5 percent in 1HFY26.
Adj for one off expenses EBITDA grew by 4 percent YoY.
Other highlights growth was impacted due to shift in festive season partly offset by higher ASP.
Bata India revenue growth and profitability have been relatively weak over the past few years and we see scope for further de rating.
Cut FY27 to 28E EPS est by 17 percent and target P E multiple to 25x Sep 28E factoring weak growth and profitability.
Nomura on BEL
Recommendation: Buy, Target: ₹530
Upbeat on large order wins in multiple verticals.
Robust operational performance in 1HFY27.
On course to meet FY27E order intake target of at least INR550bn.
Transitioning into a phase of substantial contract acquisitions.
Trading at 33x 29x FY28F FY29F EPS.
CITI on Bharat Electronics
Recommendation: Buy, Target: ₹515
Retains FY27 revenue growth guidance of 15 percent plus and order inflow target above Rs 25000 crore excluding QRSAM.
Next Generation Corvette electronics opportunity of nearly Rs 20000 crore moves closer to order conversion.
QRSAM approval remains the key catalyst and Shatrughat Samaghat and HAMMER orders strengthen the near term pipeline.
Jefferies on Bharat Electronics
Recommendation: Buy, Target: ₹490
Retains FY27 revenue growth guidance of 15 percent plus and order inflow guidance of Rs 55000 crore.
Expects Rs 30000 crore QRSAM order by March 2027 and naval electronics and electronic warfare strengthen pipeline.
Missiles and drones offer major long term opportunities and cuts FY27 EPS estimate by 3 percent.
Kotak on Bharat Electronics
Recommendation: Add, Target: ₹420
Retains FY27 revenue growth guidance of 15 percent plus EBITDA margin above 28 percent and core order target of Rs 25000 crore.
QRSAM and AMCA order awards remain key catalysts and timely conversion of defence pipeline critical.
Cuts FY27 to 29 estimates by 1 to 2 percent and strong execution supports outlook despite order timing uncertainty.
UBS on Bharat Electronics
Recommendation: Buy, Target: ₹500
Retains FY27 revenue growth guidance of 15 percent plus with potential upside from strong execution.
QRSAM orders of nearly Rs 30000 crore and Next Generation Corvette orders exceeding Rs 20000 crore are key catalysts.
Expansion into missiles drones counter drone systems and airborne electronics broadens long term opportunities.
Kotak on Carborundum Universal
Recommendation: Sell, Target: ₹1090 (Earlier Target: ₹1080)
Ceramics business remains resilient while abrasives face Chinese competition and higher input costs.
Semiconductor business expected to contribute a mid to high single digit share of revenue and profit by FY31.
Foskor closure and overseas business normalisation offer recovery potential and expensive valuations remain a concern.
HSBC on CONCOR
Recommendation: Hold, Target: ₹483
Q2 review steady revenue performance weighed down by weak domestic profitability.
Volume recovery should be gradual amid geopolitical uncertainties and competitive intensity.
Jefferies on Dhoot Transmission
Recommendation: Buy, Target: ₹1750 (Earlier Target: ₹1730)
Strong two wheeler demand and rising EV adoption underpin 29 percent EPS CAGR over FY26 to 29.
Expanding into battery packs sensors and controllers and hikes FY27 capex guidance to Rs 750 crore.
Copper cost pass through improving Multilink profitability and normalising ESOP costs expected to drive margin recovery.
Kotak on Dhoot Transmission
Recommendation: Sell, Target: ₹1420
Electric two wheeler adoption and higher component content support 26 percent revenue CAGR over FY26 to 29.
Battery packs and EV components offer diversification and Multilink acquisition expands product capabilities.
Expects margins around 15 to 15.5 percent over FY28 to 29 and expensive valuations and manufacturing costs warrant caution.
Jefferies on Emcure Pharma
Recommendation: Buy, Target: ₹2500 (Earlier Target: ₹2320)
Hikes FY27 revenue growth guidance to over 20 percent from mid teens and targets 100 bps margin improvement.
Amphotericin B expansion across 20 European countries and upcoming Treprostinil launch support international growth.
Domestic recovery and new product approvals strengthen outlook and hikes FY27 to 29 EPS estimates by 3 to 4 percent.
Kotak on Emcure Pharmaceuticals
Recommendation: Buy, Target: ₹2450
Hikes FY27 sales growth guidance to over 20 percent from mid teens and targets upper end of 75 to 100 bps margin expansion guidance.
Zuventus recovery new launches and deeper molecule penetration expected to accelerate domestic growth.
International business remains a key growth engine and Kotak expects 19 percent EPS CAGR over FY26 to 29.
CITI on Endurance Technologies
Recommendation: Buy, Target: ₹3550
Strong domestic two wheeler demand and expanding order wins support India growth outlook.
Standalone order pipeline strengthens across FY27 to 29 and capacity expansion in India and Europe supports execution.
European business performance and commodity inflation remain key monitorables and higher capital costs pressure profitability.
Kotak on Eureka Forbes
Recommendation: Buy, Target: ₹600
Retains FY27 guidance for accelerating revenue growth while maintaining EBITDA margins.
Water purifier market share gains premiumisation and new launches in air purifiers and water softeners support growth.
Expanding retail presence and marketing investments strengthen distribution and commodity inflation remains a margin risk.
Nomura on IGL
Recommendation: Neutral, Target: ₹140
Near term margin risk on high gas costs.
Volume growth recovered to 2yr highs and spot gas sourcing hurts margins.
2Q big miss on margins as higher spot LNG purchases raises gas costs.
3Q profitability may remain under pressure as gas costs have increased further.
Stock trades at 15.4x FY28F EPS vs its historical one year forward average of 18.2x.
Kotak on KEC International
Recommendation: Add, Target: ₹360 (Earlier Target: ₹400)
Cuts FY27 revenue growth guidance to 8 to 10 percent from 12 to 15 percent amid Middle East disruptions and execution delays.
Record order book of nearly Rs 40000 crore supports visibility and India transmission and distribution and cables remain growth drivers.
Cuts FY27 to 29 estimates by 3 to 5 percent and right of way challenges high debt and weak civil project margins remain concerns.
CLSA on Max Health
Recommendation: Outperform, Target: ₹1160
Reported network revenue growth of 18 percent YoY mainly driven by an increase in operational beds while its margin remained flattish YoY despite high bed additions.
Max plan to increase bed capacity by c 65 percent over FY27 to 30 is progressing as planned.
It expects its greenfield and brownfield facilities to breakeven within 1 year or 1 quarter of operations.
Expect margins to improve as operating leverage increases from higher occupancies at its newer facilities.
Kotak on Max Healthcare
Recommendation: Add, Target: ₹935
Plans to nearly double bed capacity by FY30 and brownfield expansion expected to support faster utilisation.
Capacity commissioning delays and intensifying competition across Delhi NCR remain key concerns.
Supreme Court proceedings on hospital trade margins pose regulatory risks and valuations limit upside despite growth visibility.
Nomura on MGL
Recommendation: Buy, Target: ₹1465
2QFY27 results miss estimates on higher gas costs and volume in line.
Unit EBITDA of INR6.8 scm was down 14 percent q q and 20 percent below estimate.
Adjusted net income at INR1.5bn declined 20 percent q q and 29 percent below estimate.
Lower other income and higher interest cost added to EBITDA miss.
Stock currently trades at an FY28F P E of 11.4x compared with average one year forward multiple of 12x.
Stock offers a dividend yield of 2.9 percent.
HSBC on Nalco
Recommendation: Buy, Target: ₹465 (Earlier Target: ₹480)
Alumina prices rebound around 30 percent potentially offsetting subdued global aluminium prices.
New 1 MT alumina refinery expected to commence production in January 2027 and smelter expansion targeted for December 2030.
Low cost operations and net cash position support outlook and cuts FY27 to 29 EBITDA estimates by 1 to 5 percent.
GS on Neuland Labs
Recommendation: Buy, Target: ₹25275 (Earlier Target: ₹24675)
Q2 sales and EBITDA declining 13 percent and 37 percent respectively ahead of GSe on account of weakness in commercial CMS projects and decline in the Spec API segment.
EBITDA margin came in at 21.7 percent despite improvement in gross margin on account of operating deleverage.
Management reiterated that quarterly performance can remain uneven and should be assessed over a longer period given the inherent lumpiness in CMS ordering patterns.
Expect NEUL growth trajectory to remain underpinned by continued scale up in commercial CMS as management remains confident of the scaleup in FY27 and 28E.
Improved development pipeline visibility with management highlighting at least two new late phase projects including peptide opportunities which could support future commercial conversion.
Expanding capability led investments across peptides complex molecules and capacity expansion including Gland Pharma collaboration for sterile APIs.
Management reiterated its medium term aspiration of 20 percent growth while retaining caution on quarterly volatility.
Bernstein on Paytm
Recommendation: Outperform, Target: ₹2200
Potential UPI MDR implementation could add nearly Rs 1000 crore to FY28 profit before tax.
Merchant lending growth and operating leverage expected to drive non linear earnings expansion through FY30.
BNPL scale up and consumer credit cross selling offer further upside and regulatory timing remains a key uncertainty.
Kotak on Petronet LNG
Recommendation: Sell, Target: ₹265
Dahej terminal market share weakens to an estimated 54 to 56 percent reflecting intensifying competition.
India LNG demand outlook improves following West Asia disruptions but Dahej competitive positioning remains challenged.
Reliance on trading and efficiency gains raises earnings sustainability concerns and muted volume growth limits conviction.
Nomura on Petronet
Recommendation: Buy, Target: ₹355
Volumes remain strong despite high gas costs.
Qatar lost volume offset by alternate sources and petchem plant remains on track for FY29F.
Sharply cut FY27 to 29F revenue estimates due to higher share of tolling volumes where gas cost is not recognised in topline.
Introduce a one time 10 percent cut in Dahej regas tariff from 2029 onwards.
CITI on Power Grid
Recommendation: Buy, Target: ₹335 (Earlier Target: ₹360)
Hikes FY27 capex guidance to Rs 37000 to 40000 crore and cuts capitalisation guidance to Rs 25000 to 30000 crore.
Transmission projects worth Rs 2.2 lakh crore under execution and Rs 67200 crore bidding pipeline support visibility.
Right of way delays remain a near term concern and project commissioning and order conversion are key catalysts.
Jefferies on Power Grid
Recommendation: Buy, Target: ₹300 (Earlier Target: ₹315)
Hikes FY27 capex guidance to Rs 37000 to 40000 crore and cuts capitalisation guidance to Rs 25000 to 30000 crore.
Projects worth Rs 2.2 lakh crore under execution support visibility and transmission bidding pipeline remains healthy.
Right of way delays pose execution risks and sustained capex and 16 to 17 percent ROE support medium term outlook.
Kotak on S H Kelkar And Company
Recommendation: Buy, Target: ₹290 (Earlier Target: ₹270)
Retains 12 to 13 percent annual revenue growth guidance and targets EBITDA margins above 15 percent within 12 to 24 months.
New India factories expected to commence operations in Q4FY27 and Q4FY28 and global fragrance expansion supports growth.
Expects EBITDA to double over FY26 to 29 and net debt likely to decline by March 2027 as inventories normalise.
HSBC on Sedemac
Recommendation: Buy, Target: ₹4000
2Q revenue in line but EBITDA margins miss estimates due to higher semiconductor and PCB costs and margins in 2H to hold vs 1H.
Increasing ISG and EFI ECU penetration and biz win for ISG ECU and magneto kit to drive up ASPs and help revenue growth.
TP implies FY28 P E of 64x which believe is justified considering the strong growth trajectory.
GS on Solar Ind
Recommendation: Buy, Target: ₹26550
Q2 ahead of estimates across all key parameters.
Growth was led by the Defense and International businesses with revenues increasing 98 percent and 57 percent YoY respectively.
Commercial Explosives revenue increased 61 percent YoY but declined 29 percent QoQ with sequential moderation in India business largely reflecting seasonality.
This came against a volatile Ammonium Nitrate pricing environment with the AN index up 14.6 percent YoY but down 25 percent QoQ.
Despite sharp sequential correction in AN prices SOIL managed commodity cycle well with limited impact on profitability.
CITI on Tata Motors PV
Recommendation: Sell, Target: ₹270 (Earlier Target: ₹305)
Healthy domestic passenger vehicle demand and market share gains offset by escalating cost pressures.
Cuts India PV margin estimates and valuation multiple to 13x EV EBITDA from 17x.
JLR new model launches expected to increase marketing expenses and margin uncertainty keeps Citi cautious.
Jefferies on TBO Tek
Recommendation: Buy, Target: ₹1905
Europe and Asia Pacific remain key growth engines and Middle East recovery supports geographic diversification.
Classic Vacations integration and operating leverage support long term profitability and expects 41 percent PAT CAGR over FY26 to 29.
Geopolitical disruptions could pressure near term travel demand although normalisation offers recovery potential.
UBS on TVS Motor
Recommendation: Buy, Target: ₹5630
Norton unveils new 450cc roadster with global launch including India planned for 2027.
Expected pricing around Rs 5 lakh with India manufacturing aimed at expanding Norton addressable market.
New model complements premium Manx and Atlas motorcycles and UBS believes Norton growth potential remains underappreciated.
- November 4, 2026 09:29
Kotak brokerage updates
Initiating Coverage
NSE (BUY, FV Rs2200)
(@NSEIndia)
- Initiate with BUY, implying around 38X December 2028E EPS.
- NSE’s investment case is underpinned by its market leadership across liquidity pools, revenue diversification and scalable in-house technology.
- We expect mid-teens earnings growth, along with improving EBITDA margins, low capital intensity and strong cash generation. The key risks include further derivatives regulation, trading-volume sensitivity, market share loss and technology or cybersecurity failures.
BSE (ADD, FV Rs4000)
- Initiate with ADD, implying ~38X December 2028E EPS.
- BSE has established a credible position in index options, with liquidity spreading beyond expiry day. At the same time, adjacent businesses such as cash, MF and colocation continue to deliver healthy growth.
- We expect these drivers to support ~17% revenue CAGR and ~20% adjusted EBITDA CAGR over FY2027-30E, even without further gains in derivatives market share.
Rating Change: Amara Raja (Upgrd to Reduce, FV Rs700)
SBI (BUY, FV Rs1250)
- Reported ~15% yoy earnings growth, led by a 7% yoy operating profit growth (stake sale in mutual fund).
- RoE at 15% was driven by healthy NII growth (~15% yoy), NIM recovering ~10bps qoq and a low credit cost (~30bps).
- Asset quality remains a minor concern. We like the franchise given its inexpensive valuation for a superior return profile. Maintain BUY with an unchanged FV of Rs1,250.
Bharat Electronics (ADD, FV Rs420)
- BEL’s 2QFY27 reported PAT came in 5% ahead of expectation as strong execution was aided by higher other income.
- For FY2027, BEL reiterated its guidance of (1) 15%+ revenue growth, (2) an EBITDA margin of 28%+ and (3) Rs250 bn in core orders (ex-QRSAM). The timely awarding of QRSAM and AMCA orders remains the next key monitorable.
- We lower FY2027-29 estimates by 1% to 2% and increase our FV to Rs420 as we roll forward to December 2028E.
- November 4, 2026 09:27
F&O Ban
* Kaynes Technology India
* SAIL
- November 4, 2026 09:26
New Listings
* Mainboard: MK Sons Fine Jewels
* SME: Carver Roboweld, Ajwa Projects
- November 4, 2026 09:26
Major corporate actions
Ex-Dividend Stocks:
Coal India, Asian Paints, Godrej Consumer Products, Praruh Technologies, Privi Speciality Chemicals, Silver Touch Technologies, Symphony and Vaibhav Global.
Rights Issue Ex-Date:
Crescentis Capital, Suvidhaa Infoserve.
Bonus Ex-Date:
Concord Biotech.
Income Distribution Ex-Date:
Anzen India Energy Yield Plus Trust
- November 4, 2026 09:25
Q2 results to be announced today – 4 November
Apollo Hospitals, Lenskart, Nykaa, Physicswallah, Afcons Infrastructure, Alembic Pharmaceuticals, Apollo Tyres, Aurobindo Pharma, Biocon, Balkrishna Industries, Balrampur Chini Mills, Cummins India, Dabur India, Exide Industries, JK Lakshmi Cement, Dr Lal PathLabs, PFC, Premier Energies, Torrent Power, Websol Energy System and Zydus Lifesciences.
- November 4, 2026 09:25
MCX Q2 profit jumps over two-fold to ₹455 crore as trading volumes surge
MCX Q2 results: Net profit more than doubles to ₹455 crore in FY27
MCX reports a more than two-fold rise in Q2 FY27 net profit to ₹455 crore as total income and futures and options trading volumes surge.
- November 4, 2026 09:22
Sensex gains 214.75 pts or 0.28% to 77,132.60 at 9.16 am after opening at 76,853.11 from 76,917.85 previous close; Nifty 50 inches up 36.40 pts or 0.15% to 23,847.25
- November 4, 2026 09:20
US midterms 2026: Democrats make early gains as Indian-Americans win key races
US midterms 2026: Indian-Americans win key races as Vivek Ramaswamy trails
Indian-Americans Suhas Subramanyam, Aruna Miller and Pia Dandiya score victories in US midterms as Vivek Ramaswamy trails in Ohio's governor race.
- November 4, 2026 09:20
A list of recent bulk deals
SFC Environmental Technologies
Major institutional buying:
* Trust Mutual Fund: 6.02 lakh shares at ₹426.10
* Carnelian Asset Management: 10.7 lakh shares at ₹393.01
* Abakkus Investment Managers: 13.15 lakh shares at ₹379
* Combined investment: Approx. ₹117.5 Cr (3.05% of paid-up capital)
Additionally, HNI investor Sanjay Popatlal Jain purchased 5 lakh shares at ₹368.57.
Other Bulk Deals
* Womancart: Nexus Global Opportunities Fund acquired 1.5 lakh shares at ₹77.60.
* Vardhman Polytex: Pine Oak Global Fund acquired 25 lakh shares at ₹4.71.
- November 4, 2026 09:18
Stocks in focus
JNK India
* Received an overseas order worth ₹300–600 Cr from JNK Global, Korea, for a heater package project in Nigeria.
Highway Infrastructure
* Received LOA worth ₹198.3 Cr from CPWD for CISF infrastructure development in Madhya Pradesh.
Hindustan Zinc
* Launched two new value-added zinc alloy products – VedAZ and VedAyush for the galvanising industry.
- November 4, 2026 09:18
Stock market live today: Monthly business update
Indian Energy Exchange (October YoY)
* Electricity traded volume: 13.1 BU | Growth: +16.5%
* Real-time market volume: 5.7 BU | Growth: +23.7%
* Day-ahead market volume: 4,508 MU | Decline: -3.8%
Allcargo Terminals
* Total volume: 68,200 TEUs
* YoY Growth: +4%
* MoM Growth: +10%
- November 4, 2026 09:17
Q2 results – Strong performers
Lloyds Metals & Energy
* Revenue: ₹5,672.5 Cr | Growth: +55.3%
* Net Profit: ₹1,045.6 Cr | Growth: +88.0%
* Board approves 360 MW thermal power plant at Konsari, Maharashtra.
* Investment approval for up to 30% stake in renewable energy projects for 168 MW captive power procurement.
MCX India
* Revenue: ₹799.7 Cr | Growth: +113.7%
* Net Profit: ₹454.6 Cr | Growth: +130.2%
Aarti Drugs
* Revenue: ₹826.2 Cr | Growth: +26.6%
* Net Profit: ₹82.9 Cr | Growth: +83.2%
Global Health (Medanta)
* Revenue: ₹1,469 Cr | Growth: +33.6%
* Net Profit: ₹220.7 Cr | Growth: +39.3%
Metropolis Healthcare
* Revenue: ₹496.8 Cr | Growth: +15.8%
* Net Profit: ₹75.5 Cr | Growth: +42.7%
Vijaya Diagnostic Centre
* Revenue: ₹255.4 Cr | Growth: +26.7%
* Net Profit: ₹59.5 Cr | Growth: +37.4%
Awfis Space Solutions
* Revenue: ₹438.7 Cr | Growth: +19.6%
* Net Profit: ₹30.8 Cr | Growth: +92.8%
2. Q2 Results – Mixed Performance
National Stock Exchange (NSE)
* Revenue: ₹4,066.8 Cr | Growth: +10.6%
* Net Profit: ₹2,577.6 Cr | Growth: +22.8%
Lupin
* Revenue: ₹7,827.3 Cr | Growth: +11.1%
* Net Profit: ₹1,155.3 Cr | Decline: -22.2%
* Launched Raltegravir 600 mg tablets in the US after USFDA approval. Eligible for 180-day generic drug exclusivity.
- November 4, 2026 09:16
Macro and market updates this morning
U.S. Midterm Elections: Kalshi put odds of a Democratic sweep—winning both the House and Senate—at 82% shortly after 6:30 p.m. EST, while Polymarket showed 85% odds. Bettors have poured more than $115 million into Kalshi’s market on the balance of power in Congress, while more than $65 million has been put into the same market on Polymarket.
President Donald Trump said Washington had reached an understanding with Israeli Prime Minister Benjamin Netanyahu to halt around USD4bn in annual funding to Israel after the end of this year. However, the nature of the proposed cuts remains unclear, given that the existing USD3.8bn annual military aid agreement runs until 2028.
Meanwhile, Gulf oil exports declined in October after reaching their highest levels since the Iran war began in September, according to shipping data from Vortexa and Kpler. Crude, condensate and refined product shipments (excluding LPG) averaged 17.1mn bpd, down from 18.9mn bpd in September, although still at around three-fourths of pre-war levels. Kpler also reported a decline of nearly 1mn bpd in crude and condensate flows, while indicating that the figures could be revised upwards as additional shipment data emerges.
Separately, hostilities between Russia and Ukraine intensified ahead of the planned resumption of US-brokered peace talks next week. Russia launched a multi-wave assault involving dozens of missiles and hundreds of drones, targeting Ukraine’s energy infrastructure and disrupting power supplies across several regions. Russian officials also reported that a major oil refinery in Yaroslavl caught fire following a Ukrainian drone attack.
On the trade front, President Trump indicated that Washington was nearing a trade agreement with Canada, signalling progress towards easing bilateral trade tensions. Fertiliser shipments have emerged as one of the key components of the proposed arrangement.
In the US, labour market data remained resilient, with job openings rising to 7.5mn, above market expectations of 7.15mn, according to the latest JOLTS report. Additionally, factory orders increased by 1.8%, exceeding expectations of 1.2% and recovering from the previous month’s 0.1% rise, signalling improved manufacturing demand.
In India, unofficial gold imports surged sharply in Q3CY26 following the government’s customs duty hike, according to the World Gold Council (WGC). Informal shipments jumped over 1,500% YoY to 50 tonnes during July-September, compared with just 3 tonnes a year ago, based on estimates from Metals Focus.
Separately, Apple reported its highest-ever revenue in India for the September quarter of FY26, with growth across its iPhone, Mac and Services businesses, according to CEO John Ternus, highlighting the continued expansion of its India operations.
Meanwhile, the government is reviewing customs duty exemptions on 118 products due to expire, seeking inputs from industry stakeholders and line ministries. The review covers inputs for power projects and select medical devices, with a focus on addressing inverted duty structures and supporting domestic manufacturing. The outcome is expected to feed into the Union Budget for FY28.
In a related development, the Union Health Ministry has proposed expanding authorised entry points for importing drugs, medical devices and cosmetics by including additional inland container depots, special economic zones and an international airport. The move aims to streamline import clearances and improve access to healthcare products.
On the industrial front, Commerce and Industry Minister Piyush Goyal said India would develop indigenous tunnel boring machines if China imposes export restrictions on the equipment, highlighting efforts to reduce dependence on critical imported machinery.
Finally, India is exploring greater diversification of its LNG supplies, with Qatar willing to consider New Delhi’s request to include US-sourced LNG under its renewed supply arrangement. Petronet LNG is in discussions with Qatar to source a portion of US LNG under its long-term contract from 2028, potentially providing greater flexibility in sourcing amid disruptions linked to the Iran war.
Asian market
Asian market opened lower today whereas The S&P 500 and Nasdaq closed on the higher end and Dow Joney declined. The Nasdaq Composite rose on Tuesday as investors moved back into key technology stocks after recent pressure and geared up for U.S. midterm election results.
Brent: 104.80, DXY: 101.5, US10Y:4.92%, USDINR: 94.74, GIFTNIFTY: -0.20%
EQUITY PREVIEW:
AIA Engineering (AIAE): 2Q Net Income -9.7% Y/y to INR2.5b, Misses Estimates
Bajaj Finserv (BJFIN): 2Q Net Income +23% Y/y to 27.58B Rupees
Bajaj Holdings (BJHI): 2Q Net Income 19.93B Rupees Vs. 15.59B Y/y
Bata India (BATA): 2Q Net Income +30% Y/y to 181.2m, Beats Estimates
Chambal Fertilisers (CHMB): 2Q Net Income -2.6% Y/y to INR6.32b, Beats Estimates
Embassy Developments (EMBDL): 2Q Net Loss 2.71B Rupees
Gail India (GAIL): Seeks Cargo for November Delivery: LNG TENDER
GSK Pharma (GLXO): 2Q Net Income +31% Y/y to INR3.36b, Beats Estimates
Hindustan Petroleum (HPCL): Seeks Sour Crude for December Delivery: OIL TENDER
Hindustan Zinc (HZ): Launches VedAZ, VedAyush Zinc alloys
JNK India (JNKINDIA): Wins order valued between INR3b-6b
Kotak Mahindra (KMB): Wins Antirust Approval for Deutsche Unit Buy
Mahanagar Gas (MAHGL): 2Q Net Income -29% Y/y to INR1.37b, Misses Estimates
Metropolis Health: Metropolis Health 2Q Net Income Beats Estimates
Motilal Oswal Financial (MOFS): Announces Leadership Changes at Units
Multi Commodity Exchange of India (MCX): MCX 2Q Net Income Meets Estimates
National Stock Exchange (NSE): 2Q Net Income Rises 23% Y/y to INR25.8b
Pfizer India (PFIZ): 2Q Net Income +66% Y/y to INR3.13b, Beats Estimates
SKF India: SKF India 2Q Net Income 517M Rupees Vs. 1.06B Rupees Y/y
Solar Industries (SOIL): 2Q Net Income +79% Y/y to INR6.17b, Beats Estimates
State Bank of India (SBIN): 2Q Net Income +14% Y/y to INR230.4b, Beats Est., Aided by One-Off Gains
Equitas Small Finance Bank (EQUITASB): Equitas Small Finance Bank Names Nuthalapadi Interim CEO
- November 4, 2026 09:02
US midterm exit polls: Two-thirds of voters blame Trump for high prices
US midterm exit polls: Two-thirds blame Trump for high prices
US midterm exit polls show two-thirds blame Trump for high prices, 62% disapprove of his performance and 7 in 10 want more Congressional checks.
- November 4, 2026 09:01
US midterm elections: Voters signal rebuke to Trump as Democrats eye control of Congress
US midterm elections: Trump faces voter backlash as Democrats eye Congress
Americans vote in crucial US midterms as Trump faces voter backlash, Democrats seek control of Congress and Indian-American candidates contest key races.
- November 4, 2026 09:01
Mukesh Ambani’s Jio holds talks with Comcast, Charter for US broadband technology deal
Mukesh Ambani's Jio in talks with Comcast, Charter for broadband technology deal
Jio Platforms is in talks with Comcast and Charter to license its wireless broadband technology as Ambani's company targets 10-15 global partners.
- November 4, 2026 09:00
Ferrero India targets strong growth amid premiumisation wave in chocolate market
Ferrero targets over 2x growth in India’s chocolate market
Ferrero aims to grow over twice the industry rate in India, banking on premium chocolates, festive gifting and new launches across Kinder and Ferrero Rocher.
- November 4, 2026 09:00
Lupin Q2 net profit falls 22.19% to ₹1,155.3 crore
Lupin Q2 net profit falls 22.19% to ₹1,155.3 crore
Lupin's Q2 net profit falls 22.19% to ₹1,155.3 crore amid revenue rise and US settlement adjustments.
- November 4, 2026 08:58
Belding India puts merger scheme with DC&T Global on hold
Belding India has decided to keep its proposed amalgamation with DC&T Global Private Limited in abeyance, citing potential operational impact on DC&T’s growth opportunities. The company said it may reconsider the transaction at an appropriate time, subject to necessary approvals.
- November 4, 2026 08:56
SPML Infra bags ₹186.41-crore Power Grid order for 765 kV transmission infrastructure
SPML Infra has secured a ₹186.41-crore order from Power Grid Corporation of India to extend the 765/400/220 kV Bhadla-III Substation and Ramgarh Pooling Station in Rajasthan, strengthening transmission infrastructure along a key renewable energy corridor.
- November 4, 2026 08:56
GE Vernova T&D India receives Power Grid award for 6,000 MW HVDC project
GE Vernova T&D India has received a Letter of Award from Power Grid Corporation of India for a 6,000 MW, ±800 kV HVDC terminal station project to evacuate renewable power from Barmer II to South Kalamb. The definitive agreement will be executed in due course.
- November 4, 2026 08:55
Revolt Motors bags order for 1,100 electric bikes from Bihar Police
Revolt Motors has secured an order from Bihar Police to supply 1,100 BlazeX electric motorcycles for patrolling operations. The order strengthens its institutional business and could encourage other State police forces, government departments and public-sector organisations to adopt electric two-wheelers.
- November 4, 2026 08:49
India’s consumption boom faces test as household borrowing outpaces income growth
India’s household debt rises as consumption boom faces pressure
India’s household debt hits a record 46% of GDP as borrowing outpaces income growth, raising concerns over repayments, savings and consumption-led growth.
- November 4, 2026 07:39
Oil edges down as investors await US midterm election results
Oil prices slipped in early trade on Wednesday as investors awaited the results of the US midterm elections and their potential impact on peace talks in the Middle East, even after industry data showed US crude stocks unexpectedly fell last week.
Brent futures fell 26 cents, or 0.25%, to $103.34 a barrel by 0157 GMT. US West Texas Intermediate crude futures fell 53 cents, or 0.55%, to $95.56.
In the previous session, Brent eased more than 1% to its lowest level in nearly four weeks as traders weighed talks to end the wars in Ukraine and Iran. ( Reuters)
- November 4, 2026 07:38
Major Q2 results out now
BMW VENTURES Q2FY27 (STANDALONE)
REVENUE 731.00 CR VS 502.00 CR
(+45.62% YOY┃+20.03% QOQ)
EBITDA 22.00 CR VS 20.00 CR
(+11.00% YOY┃+5.00% QOQ)
EBITDA MARGIN 3.00% VS 4.00% YOY & 3.40% QOQ
PAT 11.00 CR VS 7.00 CR
(+48.78% YOY┃0.00% QOQ)
EPS 1.22 VS 0.82
(+48.78% YOY┃0.00% QOQ)
LINDE INDIA Q2FY27
REVENUE 723.00 CR VS 644.00 CR
(+12.27% YOY┃+4.18% QOQ)
EBITDA 232.00 CR VS 282.00 CR
(-17.73% YOY┃+15.42% QOQ)
EBITDA MARGIN 32.00% VS 43.80% YOY & 28.90% QOQ
PAT 119.00 CR VS 171.00 CR
(-30.41% YOY┃+13.33% QOQ)
EPS 13.93 VS 20.05
(-30.52% YOY┃+13.62% QOQ)
COSMO FIRST Q2FY27
REVENUE 1,388.00 CR VS 919.00 CR
(+51.03% YOY┃+18.33% QOQ)
EBITDA 144.00 CR VS 103.00 CR
(+39.81% YOY┃+5.88% QOQ)
EBITDA MARGIN 10.30% VS 11.20% YOY & 11.60% QOQ
PAT 99.00 CR VS 47.00 CR
(+110.64% YOY┃+83.33% QOQ)
EPS 37.98 VS 18.07
(+110.18% YOY┃+83.39% QOQ)
SEDEMAC MECHATRONICS Q2FY27 (STANDALONE)
REVENUE 401.00 CR VS 286.00 CR
(+40.21% YOY┃+29.35% QOQ)
EBITDA 76.00 CR VS 61.00 CR
(+24.59% YOY┃+28.81% QOQ)
EBITDA MARGIN 18.90% VS 21.30% YOY & 19.10% QOQ
PAT 39.00 CR VS 30.00 CR
(+30.00% YOY┃+18.18% QOQ)
EPS 8.81 VS 6.92
(+27.31% YOY┃+17.62% QOQ)
GLOBAL HEALTH Q2FY27
REVENUE 1,469.00 CR VS 1,099.00 CR
(+33.67% YOY┃+12.65% QOQ)
EBITDA 370.00 CR VS 231.00 CR
(+60.17% YOY┃+28.92% QOQ)
EBITDA MARGIN 25.20% VS 21.00% YOY & 22.00% QOQ
PAT 219.00 CR VS 158.00 CR
(+38.61% YOY┃+39.49% QOQ)
EPS 8.21 VS 5.89
(+39.39% YOY┃+38.92% QOQ)
ASK AUTOMOTIVE Q2FY27
REVENUE 1,555.00 CR VS 1,054.00 CR
(+47.53% YOY┃+14.51% QOQ)
EBITDA 179.00 CR VS 137.00 CR
(+30.66% YOY┃+11.18% QOQ)
EBITDA MARGIN 11.50% VS 13.00% YOY & 11.80% QOQ
PAT 102.00 CR VS 80.00 CR
(+27.50% YOY┃+20.00% QOQ)
EPS 5.15 VS 4.05
(+27.16% YOY┃+19.21% QOQ)
NEULAND LABORATORIES Q2FY27
REVENUE 450.00 CR VS 514.00 CR
(-12.45% YOY┃-29.91% QOQ)
EBITDA 98.00 CR VS 156.00 CR
(-37.18% YOY┃-56.05% QOQ)
EBITDA MARGIN 21.70% VS 30.20% YOY & 34.70% QOQ
PAT 52.00 CR VS 97.00 CR
(-46.39% YOY┃-64.86% QOQ)
EPS 40.24 VS 75.49
(-46.70% YOY┃-65.04% QOQ)
MINDA CORPORATION Q2FY27
REVENUE 2,189.00 CR VS 1,535.00 CR
(+42.61% YOY┃+18.58% QOQ)
PAT 143.00 CR VS 85.00 CR
(+68.24% YOY┃-30.58% QOQ)
EPS 6.08 VS 3.60
(+68.89% YOY┃-30.51% QOQ)
BODAL CHEMICALS Q2FY27
REVENUE 863.00 CR VS 480.00 CR
(+79.79% YOY┃+21.72% QOQ)
EBITDA 107.00 CR VS 23.00 CR
(+365.22% YOY┃+55.07% QOQ)
EBITDA MARGIN 12.40% VS 4.80% YOY & 9.70% QOQ
PAT 81.00 CR VS 6.00 CR
(+1,278.72% YOY┃+168.88% QOQ)
EPS 6.48 VS 0.47
(+1,278.72% YOY┃+168.88% QOQ)
GUJARAT FLUOROCHEMICALS Q2FY27
REVENUE 1,760.00 CR VS 1,210.00 CR
(+45.45% YOY┃+10.83% QOQ)
EBITDA 473.00 CR VS 358.00 CR
(+32.12% YOY┃+10.51% QOQ)
EBITDA MARGIN 26.90% VS 29.60% YOY & 27.00% QOQ
PAT 240.00 CR VS 169.00 CR
(+42.01% YOY┃+9.59% QOQ)
EPS 22.11 VS 15.38
(+43.76% YOY┃+9.62% QOQ)
SOLAR INDUSTRIES INDIA Q2FY27
REVENUE 3,519.00 CR VS 2,082.00 CR
(+69.02% YOY┃-4.06% QOQ)
EBITDA 1,006.00 CR VS 553.00 CR
(+81.92% YOY┃-0.89% QOQ)
EBITDA MARGIN 28.60% VS 26.50% YOY & 27.70% QOQ
PAT 650.00 CR VS 361.00 CR
(+80.06% YOY┃-2.40% QOQ)
EPS 68.19 VS 38.12
(+78.88% YOY┃-5.44% QOQ)
ASAHI INDIA GLASS Q2FY27 (STANDALONE)
REVENUE 1,474.00 CR VS 1,082.00 CR
(+36.23% YOY┃+11.67% QOQ)
EBITDA 341.00 CR VS 177.00 CR
(+92.66% YOY┃+7.57% QOQ)
EBITDA MARGIN 23.10% VS 16.30% YOY & 24.00% QOQ
PAT 171.00 CR VS 47.00 CR
(+260.22% YOY┃+12.79% QOQ)
EPS 6.70 VS 1.86
(+260.22% YOY┃+12.79% QOQ)
Anthem Biosciences — Q2FY27 Results
Revenue ₹594.03 Cr vs ₹550.50 Cr
(+7.91% YoY┃+42.04% QoQ)
EBITDA ₹271.50 Cr vs ₹218.41 Cr
(+24.31% YoY┃+80.32% QoQ)
EBITDA Margin 45.70% vs 39.67% YoY & 36.00% QoQ
PBT ₹296.37 Cr vs ₹229.60 Cr
(+29.08% YoY┃+104.99% QoQ)
PAT ₹211.46 Cr vs ₹173.43 Cr
(+21.93% YoY┃+76.31% QoQ)
Other Income ₹58.90 Cr vs ₹47.75 Cr YoY & ₹24.89 Cr QoQ
ENDURANCE TECHNOLOGIES Q2FY27
REVENUE 4,786.00 CR VS 3,583.00 CR
(+33.58% YOY┃+10.92% QOQ)
EBITDA 559.00 CR VS 477.00 CR
(+17.19% YOY┃+4.29% QOQ)
EBITDA MARGIN 11.70% VS 13.30% YOY & 12.40% QOQ
PAT 274.00 CR VS 227.00 CR
(+20.70% YOY┃+11.84% QOQ)
EPS 19.50 VS 16.16
(+20.67% YOY┃+12.20% QOQ)
- November 4, 2026 07:34
All-time high breakout alert: 5 stocks close at fresh lifetime highs on 03-11-2026
💠MCX
💠Ather Energy
💠Welspun Living
💠Divi’s Laboratories
💠Spectrum Electrical Industries
- November 4, 2026 07:33
Nomura says market may be misreading the entire AI data centre boom
Big Tech is spending hundreds of billions on AI infrastructure. Free cash flow is under pressure. Investors are worried the AI boom isn’t profitable.
But Nomura argues something very different:
AI infrastructure is already highly profitable. The cash flows simply haven’t caught up with the investment cycle.
Here’s the breakdown
1/ The profitability numbers tell a different story.
According to Nomura’s November 2 report:
* AWS revenue: $46B, +39% YoY
* AWS operating margin: 38.7%
* Google Cloud revenue: $30.7B, +103% YoY
* Google Cloud operating margin: 36.2%
* Azure growth: +48%
These are not the numbers of an industry struggling to generate operating profits.
2/ The real issue is timing, not necessarily profitability.
Big Tech pays for data centers, GPUs, networking and memory upfront.
Revenue and cash generation arrive over subsequent years.
That creates a classic free-cash-flow J-curve:
CAPEX accelerates → FCF deteriorates → Infrastructure generates revenue → Investment growth moderates → FCF recovers.
3/ Nomura expects operating income to surge before free cash flow.
Its illustrative forecasts suggest operating-income growth could peak around 2029, while FCF growth accelerates later.
That distinction matters enormously for investors valuing AI infrastructure businesses.
4/ Why can’t hyperscalers simply stop spending?
Because AI increasingly threatens their existing businesses.
Search, advertising, shopping, software and cloud services are being reshaped by AI agents.
Companies that underinvest today risk surrendering customers, data and market share tomorrow.
5/ Demand may not be the primary constraint. Capacity is.
Nomura cites enormous contracted cloud backlogs:
* Google Cloud: $560.8B
* AWS: ~$496B
* Microsoft commercial RPO: $677B
These figures have different reporting definitions, but collectively illustrate substantial contracted demand.
6/ Big Tech has financing alternatives to cutting CAPEX.
Nomura identifies four paths:
① Accelerate investment
② Freeze CAPEX
③ Use joint ventures and operating leases
④ Monetize contracted future cash flows
Its preferred expectation is continued investment supported by increasingly sophisticated financing structures.
7/ Oracle offers a real-world example.
Nomura highlights Oracle’s combination of long-term leases, project financing, customer prepayments and customer-provided hardware.
The broader message: hyperscalers can restructure who finances infrastructure without necessarily reducing how much infrastructure gets built.
8/ This distinction is critical for semiconductors and memory.
Negative hyperscaler FCF does not automatically imply collapsing demand for GPUs, DRAM, HBM or other data-center components.
If spending continues through financing structures, semiconductor demand can remain resilient even while hyperscalers optimize their balance sheets.
9/ What could invalidate the thesis?
A genuine compute oversupply.
Watch:
* Cloud revenue growth
* GPU rental pricing
* Contracted backlog growth
* Data-center utilization
* Memory supply commitments
* Hyperscaler investment guidance
These are more useful indicators than negative FCF alone.
10/ The investment takeaway:
The key question is not simply:
“Why is Big Tech burning so much cash?”
It is:
“Will the infrastructure being built today generate enough durable cash flow to justify its cost of capital?”
Nomura is optimistic.
- November 4, 2026 07:17
Lupin Q2 net profit falls 22.19% to ₹1,155.3 crore
Lupin Q2 net profit falls 22.19% to ₹1,155.3 crore
Lupin's Q2 net profit falls 22.19% to ₹1,155.3 crore amid revenue rise and US settlement adjustments.
- November 4, 2026 07:13
Global markets: US stock futures dip as investors await midterm election results
US stock futures slid and the dollar softened on Wednesday as investors girded for results from US midterm election with the focus on whether Democrats can wrest control of Congress from President Donald Trump’s Republicans.
Futures for S&P 500 slid 0.5% while Nasdaq futures fell 0.9%.
Asian markets inched higher as beaten-down tech stocks found favour after strong results from chipmaker AMD eased some concerns over the durability of the AI trade.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.4%, led by South Korean stocks , which rose over 2% in early trading. Japan’s Nikkei slid 1.5% after returning from a holiday. ( Reuters)
- November 4, 2026 07:01
Stock pick for today: Nuvama Wealth Management
- November 4, 2026 06:59
SEBI signs MoU with Digital India BHASHINI div to provide services in regional languages
Markets regulator SEBI has entered into a memorandum of understanding (MoU) with Digital India BHASHINI division to facilitate access to its services in regional languages.
The agreement, signed on Tuesday, will enable SEBI to use BHASHINI’s language translation APIs, models and tools, including automatic speech recognition, text-to-speech, machine translation and optical character recognition.
The collaboration will also facilitate the enhancement of BHASHINI’s language models with securities market-related terminology, SEBI said in a statement. - PTI
- November 4, 2026 06:55
Today's stock recommendation: Nuvama Wealth Management (₹1,866) – BUY
Stock to buy today: Nuvama Wealth Management (₹1,866) – BUY
Nuvama Wealth Management stock targets ₹2,150 with a bullish setup; buy at ₹1,866, use dips to ₹1,820, and follow tight stop-losses.
Published on November 4, 2026
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
