RUBIO: WE'LL DISCUSS INDIAN REFINING OF VENEZUELAN CRUDE

RAILTEL CORPORATION OF INDIA LIMITED: CO. SECURES ORDER WORTH ₹47.4 CRORE FROM HARYANA STATE ELECTRONICS DEVELOPMENT CORPORATION FOR SITC OF STRUCTURED LAN; EXECUTION PERIOD UNTIL APRIL 2028

US ADP WEEKLY EMPLOYMENT CHANGE SEP 26: 18.500K (PREV 24.750K)

VENUS PIPES & TUBES LIMITED: CO. COMMENCES PIPE SPOOLING OPERATIONS AHEAD OF SCHEDULE; RECEIVES LOI WORTH ₹185 CRORE FROM DATA CENTRE CUSTOMER; FASTER EXECUTION AND DISPATCH EXPECTED ONCE ORDERS ARE RECEIVED.

APPLE: ANNOUNCES NEW AMERICAN MANUFACTURING PROGRAM PARTNERS FOR IPHONE DUO AND IPHONE 18 PRO

SHREE RAM TWISTEX Q2 FY27

Net Profit: ₹4 Cr ↑1% YoY | ↓23% QoQ

Revenue: ₹93 Cr ↑35% YoY | ↓34% QoQ

EBITDA: ₹9 Cr ↑35% YoY | ↓36% QoQ

EBITDA Margin: 9.3% vs 9.3% YoY | 9.7% QoQ

KAPSTON SERVICES Q2 FY27

Net Profit: ₹85 Cr ↓35% YoY | ↑21% QoQ

Revenue: ₹220 Cr ↑10% YoY | ↑5% QoQ

Other Income: ₹30 Cr — Flat YoY | ↓52% QoQ

IRAN NAVY SAYS VIOLATING TANKER CAUGHT FIRE IN HORMUZ STRAIT - TASNIM

SPACEX Q3

Revenues of $14.6 billion, up 161% from $5.6 billion YoY

Net income of $4.4 billion, an improvement of $5.5 billion from net loss of $1.1 billion

Adjusted EBITDA of $8.8 billion, up 306% from $2.2 billion

Income from operations of $2.8 billion

Launched first revenue-generating Starship mission, delivering 26 Starlink V3 satellites

Continued to scale nameplate compute, reaching 1.7 GW as of September 30, 2026

Added $6.7 billion of incremental SI solutions and infrastructiure revenue year-over-year

Delivered year-over-year revenue growth of 69% and income from operations growth of 99% for the Connectivity segment

Q2 Earnings

Good-Bajaj Finance, Sobha, Tatva Chintan Pharma, Jai Prakash Power

Inline/Mixed-Hind Zinc, LTTS, NELCO, IREDA, Waree Renewable Tech, Just Dial, Elevate Campuses (Q1)

Weak-A-One Steel, Gallant Ispat, A-One Steel (Q1), Piramal Finance, Delta Corp

OPENING CUES

Oil Steadies As Traders Weigh-In US-Iran Talks

Treasury Rates Cool-Off Slighlty

US Futures Advance On Strong Corporate Earnings

Elon Musk:SpaceX and Tesla Explore Potential Merger

Strong Earnings From SpaceX

Nikkei, Kospi-Rally On AI Optimism

Rest of Asian Markets Open Muted

FII Shorts At 90% vs 89%

FIIs Turn Sellers In Cash Markets After 1 Session

🏢 JEFFERIES ON ULTRATECH CEMENT

• Rating: BUY

• Target Price raised to ₹14,380 from ₹14,065.

• Strong quarter with volumes, EBITDA and PAT rising 13–21% YoY.

• Cement pricing momentum improving since mid-September.

• Focus remains on protecting EBITDA per tonne amid higher costs.

• Management raises expectations for the cables and wires business.

• Sustained cement price recovery remains a key trigger.

🏢 CITI ON ULTRATECH CEMENT

• Rating: BUY

• Target Price cut to ₹13,200 from ₹14,750.

• Q2 performance broadly in line, with cost pressures continuing.

• Pricing and cost trends expected to improve in Q3, supported by September and October price hikes.

• Management expects strong industry growth, with UltraTech likely to outperform the market.

• Focus areas: Pricing, premiumisation and cost control.

🏢 BOFA SECURITIES ON ULTRATECH CEMENT

• Rating: BUY

• Target Price raised to ₹13,900 from ₹13,400.

• Q2 results broadly in line; management remains positive on demand and pricing.

• Cement demand outlook remains strong, with ~8% growth in H1 and ~10% in Q2.

• Higher costs amid West Asia uncertainty could support cement price hikes.

• Recent price hikes indicate EBITDA/MT may have bottomed out.

🏢 ULTRATECH CEMENT – HSBC

• Rating: BUY

• Target Price: ₹13,200

• Market share gains partly offset by higher costs.

• Spot cement prices are around 5% above Q2 average.

• 1-year forward EV/EBITDA is below its 5-year average of 19.8x.

• Cement price hikes expected to help offset cost inflation.

💻 JP MORGAN ON LTTS

• Rating: NEUTRAL

• Target Price raised to ₹3,700 from ₹3,300.

• Q2 revenue and margins beat estimates for the second consecutive quarter.

• Management's H2 guidance is stronger.

• FY27–FY29 revenue and earnings estimates raised by 1–3%.

💻 NOMURA ON LTTS

• Rating: NEUTRAL

• Target Price raised to ₹3,500 from ₹3,290.

• Q2 FY27 EBIT margins significantly beat estimates.

• Growth driven by data centres, energy transition, robotics and plant engineering.

• FY27–FY28 EPS estimates raised by around 3–4%.

🏭 HSBC ON TATA STEEL

• Rating: BUY

• Target Price: ₹260

• HSBC believes the valuation discount versus peers is unjustified.

• Key investor concerns include post-2030 India profitability, Netherlands operations and potential market share loss in India.

• HSBC expects strong India business performance to support further debt reduction.

⛏️ CITI ON HINDUSTAN ZINC

• Rating: SELL

• Target Price raised to ₹495 from ₹480.

• Q2 performance ahead of estimates, but current zinc and silver prices limit further upside.

• Zinc prices may moderate going forward.

• Citi estimates LME zinc at $3,700/tonne in CY28.

• Silver contributes around 50% of EBITDA; further upside depends on easing macro conditions.

• Physical zinc market expected to remain relatively balanced through 2027.

🏦 CLSA ON BAJAJ FINANCE

• Rating: OUTPERFORM

• Target Price: ₹1,300

• Q2 FY27 delivered strong performance across all parameters.

• Remains CLSA's top pick in the NBFC sector.

• Asset quality trends remain healthy across products.

• FY27–FY29 PAT estimates raised by 2–3% on stronger growth, partly offset by lower insurance distribution fee income.

• CLSA views Bajaj Finance as a strong long-term compounder in India's large-cap financial sector.

🛒 HSBC ON CONSUMER / FMCG

📈 MARICO

• BUY | TP ₹1,050 (Earlier ₹1,020)

📈 TATA CONSUMER

• BUY | TP ₹1,180 (Earlier ₹1,390)

📊 COLGATE

• HOLD | TP ₹1,860 (Earlier ₹2,140)

📊 DABUR

• HOLD | TP ₹426 (Earlier ₹456)

📊 GODREJ CONSUMER

• HOLD | TP ₹960 (Earlier ₹990)

📊 NESTLÉ INDIA

• HOLD | TP ₹1,390 (Earlier ₹1,480)