HIND ZINCAMARENDU PRAKASH
Have Hedged 40,000 Tonne At $3,500/tonne & 36,000 Tonne At $3,700/tonne In Lead
FY27 Volume Guidance For Refined Metal At 11 Lk Tonne & Silver At 680 Tonne
Revise Cost Of Production Guidance From $975-1,000/tonne ΀ο $825-850/tonne For FY27
Board Approval For Phase 2 Is Expected Soon To Get To 2 mt Capacity
Separating Silver Biz Is A Board Decision Which Will Be Taken At An Appropriate Time
Have Hedged 40,000 Tonne At $3,500/tonne & 36,000 Tonne At $3,700/tonne In Lead
FY27 Volume Guidance For Refined Metal At 11 Lk Tonne & Silver At 680 Tonne
Revise Cost Of Production Guidance From $975-1,000/tonne ΀ο $825-850/tonne For FY27
Board Approval For Phase 2 Is Expected Soon To Get To 2 mt Capacity
Separating Silver Biz Is A Board Decision Which Will Be Taken At An Appropriate Time
β€2
π’ OBEROI REALTY: PL UPGRADES TO BUY
β’ Rating upgraded to BUY from Accumulate.
β’ Target Price: βΉ2,100.
β’ Valuation based on DCF/SOTP.
β’ Q2 FY27 performance was largely in line with estimates.
β’ Strong pre-sales supported by the successful launch of the 360 North project in Gurugram.
β’ Rating upgraded to BUY from Accumulate.
β’ Target Price: βΉ2,100.
β’ Valuation based on DCF/SOTP.
β’ Q2 FY27 performance was largely in line with estimates.
β’ Strong pre-sales supported by the successful launch of the 360 North project in Gurugram.
Eternal to announce its Q2 earnings today:
Key things to watch out for:
βΆοΈFood delivery NOV to grow 18-20% YoY
βΆοΈBlinkit NOV growth to be strong at 80% YoY & 18-20% QoQ
βΆοΈImpact of festive season shift
Key things to watch out for:
βΆοΈFood delivery NOV to grow 18-20% YoY
βΆοΈBlinkit NOV growth to be strong at 80% YoY & 18-20% QoQ
βΆοΈImpact of festive season shift
UNION BANK says
Expect Deposit Growth To Surge Over 10% | Expect To Transmit The Entire Repo Rate Hike
Expect To Transmit The Entire Repo Rate Hike | Bank Is Trying To Build Up On The Efficiencies
Every Rate Hike Of 25 Bps Will Increase NIM By 5 Bps Per Quarter
Bank Continues To Focus On CASA Growth
Not seen stress in Agri Portfolio Due To Drought
Don't Think 50 Bps Rate Hike Will Impact NPAs
Expect Deposit Growth To Surge Over 10% | Expect To Transmit The Entire Repo Rate Hike
Expect To Transmit The Entire Repo Rate Hike | Bank Is Trying To Build Up On The Efficiencies
Every Rate Hike Of 25 Bps Will Increase NIM By 5 Bps Per Quarter
Bank Continues To Focus On CASA Growth
Not seen stress in Agri Portfolio Due To Drought
Don't Think 50 Bps Rate Hike Will Impact NPAs
JAIRAM SRIDHARAN PIRAMAL FINANCE
IRDAI Paper Is A Material Event For NBFCs Including Piramal Finance
See 18-24 bps RoA Impact Due To IRDAI Regulations
Revenue & Profit Before Tax Will Surely Be Impacted From The IRDAI Regulation
1/3rd Of Fee Income Comes From Insurance
Insurance Is A Pushed Product, & People Need To Be Convinced For That
IRDAI Paper Is A Material Event For NBFCs Including Piramal Finance
See 18-24 bps RoA Impact Due To IRDAI Regulations
Revenue & Profit Before Tax Will Surely Be Impacted From The IRDAI Regulation
1/3rd Of Fee Income Comes From Insurance
Insurance Is A Pushed Product, & People Need To Be Convinced For That
Govt may hike fdi in psu banks soon - zee biz exclusive
Canara bank sbi bank all psu in focus
Canara bank sbi bank all psu in focus
UPDATE ON PSU BANKS - PREPARATIONS TO INCREASE FDI LIMIT IN PSU BANKS FROM 20% TO 49%
Jio Platforms IPO gets fully subscribed on Day 1 of issue
QIB portion subscribed 3.25x as of 10:36 am
NII subscription 0.26x; retail portion subscribed 0.23x
QIB portion subscribed 3.25x as of 10:36 am
NII subscription 0.26x; retail portion subscribed 0.23x
π3π€·ββ2π2β€1
π CONCOR: Q2 FY27 PHYSICAL VOLUMES
β’ Total throughput: 14.48 lakh TEUs, up 0.53% YoY.
β’ EXIM throughput: 10.93 lakh TEUs, down 0.07% YoY.
β’ Domestic throughput: 3.56 lakh TEUs, up 2.43% YoY.
H1 FY27 (AprilβSeptember)
β’ Total throughput: 28.53 lakh TEUs, up 4.48% YoY.
β’ EXIM throughput: 21.62 lakh TEUs, up 4.57% YoY.
β’ Domestic throughput: 6.91 lakh TEUs, up 4.22% YoY.
β’ Total throughput: 14.48 lakh TEUs, up 0.53% YoY.
β’ EXIM throughput: 10.93 lakh TEUs, down 0.07% YoY.
β’ Domestic throughput: 3.56 lakh TEUs, up 2.43% YoY.
H1 FY27 (AprilβSeptember)
β’ Total throughput: 28.53 lakh TEUs, up 4.48% YoY.
β’ EXIM throughput: 21.62 lakh TEUs, up 4.57% YoY.
β’ Domestic throughput: 6.91 lakh TEUs, up 4.22% YoY.
AYE FINANCE Q2 FY27
Net Profit: βΉ87 Cr β151% YoY | β16% QoQ
Revenue: βΉ514 Cr β18% YoY | β8% QoQ
Operating Profit: βΉ254 Cr β49% YoY | β15% QoQ
Operating Profit Margin: 49.4% vs 39.1% YoY | 46.4% QoQ
Other Income: βΉ13 Cr vs βΉ10 Cr YoY | βΉ12 Cr QoQ
Net Profit: βΉ87 Cr β151% YoY | β16% QoQ
Revenue: βΉ514 Cr β18% YoY | β8% QoQ
Operating Profit: βΉ254 Cr β49% YoY | β15% QoQ
Operating Profit Margin: 49.4% vs 39.1% YoY | 46.4% QoQ
Other Income: βΉ13 Cr vs βΉ10 Cr YoY | βΉ12 Cr QoQ
BAJAJ FINANCE Q2 FY27 CONCALL HIGHLIGHTS π
π Financial Performance
β’ PBT up 29% YoY to βΉ8,537 crore.
β’ PAT up 29% YoY to βΉ6,367 crore.
β’ AUM up 26.5% to βΉ5,84,624 crore, with quarterly addition of nearly βΉ38,000 crore.
β’ ROA at 4.6%; ROE at 20.6%.
β’ Operating expenses to total income improved to 33%.
β’ Cost of funds declined 9 bps QoQ to 7.31%.
β’ Fee income grew 20% in H1; long-term growth guidance at 15β18%.
π Business Growth
β’ Added 45 lakh new customers, taking total customer base to 12.9 crore.
β’ Booked 1.35 crore new loans during the quarter.
β’ Urban Consumer Finance grew 43%, Rural Consumer Finance 63% and MFI 54%.
β’ MSME book grew 3%; management expects double-digit growth in H2.
π Financial Performance
β’ PBT up 29% YoY to βΉ8,537 crore.
β’ PAT up 29% YoY to βΉ6,367 crore.
β’ AUM up 26.5% to βΉ5,84,624 crore, with quarterly addition of nearly βΉ38,000 crore.
β’ ROA at 4.6%; ROE at 20.6%.
β’ Operating expenses to total income improved to 33%.
β’ Cost of funds declined 9 bps QoQ to 7.31%.
β’ Fee income grew 20% in H1; long-term growth guidance at 15β18%.
π Business Growth
β’ Added 45 lakh new customers, taking total customer base to 12.9 crore.
β’ Booked 1.35 crore new loans during the quarter.
β’ Urban Consumer Finance grew 43%, Rural Consumer Finance 63% and MFI 54%.
β’ MSME book grew 3%; management expects double-digit growth in H2.
BAJAJ FINANCE Q2 FY27 CONCALL HIGHLIGHTS π
π‘ Asset Quality
β’ Gross NPA at 1.06%; Net NPA at 0.42%.
β’ Created βΉ337 crore macroeconomic overlay provision.
β’ Macro provision at βΉ226 crore and management overlay at βΉ512 crore.
β’ Reduced lending to customers with multiple loans from 14% to 7%, targeting 3.5%.
πͺ Gold Loan Business
β’ Gold loan portfolio crossed βΉ24,000 crore, accounting for 4.1% of the balance sheet.
β’ Added 320 branches, taking the total to 2,022; target of 2,800 branches by year-end.
β’ Discontinued short-tenor schemes and shifted focus to longer-tenor loans.
π° Capital Raise
β’ Board approved βΉ11,700 crore QIP and βΉ5,800 crore preferential warrants.
β’ Targeting a lower leverage range of 5β5.5 times to strengthen the balance sheet and support growth.
π‘ Asset Quality
β’ Gross NPA at 1.06%; Net NPA at 0.42%.
β’ Created βΉ337 crore macroeconomic overlay provision.
β’ Macro provision at βΉ226 crore and management overlay at βΉ512 crore.
β’ Reduced lending to customers with multiple loans from 14% to 7%, targeting 3.5%.
πͺ Gold Loan Business
β’ Gold loan portfolio crossed βΉ24,000 crore, accounting for 4.1% of the balance sheet.
β’ Added 320 branches, taking the total to 2,022; target of 2,800 branches by year-end.
β’ Discontinued short-tenor schemes and shifted focus to longer-tenor loans.
π° Capital Raise
β’ Board approved βΉ11,700 crore QIP and βΉ5,800 crore preferential warrants.
β’ Targeting a lower leverage range of 5β5.5 times to strengthen the balance sheet and support growth.
β€1
BAJAJ FINANCE Q2 FY27 CONCALL HIGHLIGHTS π
π€ Technology & Digital
β’ FinAI team expanded to 328 employees.
β’ AI bots handle 75% of DIY customer service volumes.
β’ Digital disbursements grew 111% YoY.
β’ New B2B risk model indicates potential 15β20% improvement in risk outcomes.
π― FY27 Guidance
β’ AUM growth guidance at 26β27%.
β’ Medium-term AUM growth guidance maintained at 23β25%.
β’ Targeting 1.8β2 crore new customers and 6β6.2 crore new loans in FY27.
β’ Management expects FY27 to be one of the lowest years for credit costs.
β’ Monitoring El NiΓ±o risks and reducing exposure in affected districts.
π€ Technology & Digital
β’ FinAI team expanded to 328 employees.
β’ AI bots handle 75% of DIY customer service volumes.
β’ Digital disbursements grew 111% YoY.
β’ New B2B risk model indicates potential 15β20% improvement in risk outcomes.
π― FY27 Guidance
β’ AUM growth guidance at 26β27%.
β’ Medium-term AUM growth guidance maintained at 23β25%.
β’ Targeting 1.8β2 crore new customers and 6β6.2 crore new loans in FY27.
β’ Management expects FY27 to be one of the lowest years for credit costs.
β’ Monitoring El NiΓ±o risks and reducing exposure in affected districts.
β€1
ZERODHA, NIKHIL KΞΞΞ΀ΠSAYS
We Applied For More Of The Anchor Portion Than We Were Allotted
Demand For Jio IPO Is Far Higher Than Supply, ARPUs May Go Up As Consumption Rises
Jio IPO Is A Bright Spot In A Somewhat Bleak Time For The Market
I Think People Are Pricing IPOs Better, Leaving Something On The Table
We Were Hoping For βΉ500 Cr Of Jio IPO, Got Only βΉ25 Cr Allotment
We Applied For More Of The Anchor Portion Than We Were Allotted
Demand For Jio IPO Is Far Higher Than Supply, ARPUs May Go Up As Consumption Rises
Jio IPO Is A Bright Spot In A Somewhat Bleak Time For The Market
I Think People Are Pricing IPOs Better, Leaving Something On The Table
We Were Hoping For βΉ500 Cr Of Jio IPO, Got Only βΉ25 Cr Allotment
π³1π1
Bazaar.Updateπ
ZERODHA, NIKHIL KΞΞΞ΀ΠSAYS We Applied For More Of The Anchor Portion Than We Were Allotted Demand For Jio IPO Is Far Higher Than Supply, ARPUs May Go Up As Consumption Rises Jio IPO Is A Bright Spot In A Somewhat Bleak Time For The Market I Think Peopleβ¦
ZERODHA, NIKHIL KΞΞΞΞ€Ξ
Lot Of Al Cos In The US Don't Have A Very Defensible Moat
Prefer Open Source Al Models
Hope Al Grows In India Rather Than Sharing Our Data With Foreign Countries
In Many Ways If I Were To Study Bubbles Of The Past, There Are Signs Of It
Hoping This Time Is Different w.r.t The Al Bubble
Lot Of Al Cos In The US Don't Have A Very Defensible Moat
Prefer Open Source Al Models
Hope Al Grows In India Rather Than Sharing Our Data With Foreign Countries
In Many Ways If I Were To Study Bubbles Of The Past, There Are Signs Of It
Hoping This Time Is Different w.r.t The Al Bubble
π1
Hyundai, Maruti, Tata Motors PV and M&M IN Focus β 14% drop in registration
BofA Says
Early data points from Vahan registrations suggest mixed trends
PVs are lagging, with registrations down 14% YoY
Discounts stepping up, particularly in SUVs
Commercial segments, trucks are trending up almost 50% YoY, albeit on a benign CV base
2Ws appear to be holding up well despite a high base, with 6% YoY growth
Tractors appear steady as well
BofA Says
Early data points from Vahan registrations suggest mixed trends
PVs are lagging, with registrations down 14% YoY
Discounts stepping up, particularly in SUVs
Commercial segments, trucks are trending up almost 50% YoY, albeit on a benign CV base
2Ws appear to be holding up well despite a high base, with 6% YoY growth
Tractors appear steady as well
VISHAL MEGA MART Q2 FY27
Net Profit: βΉ158 Cr β4% YoY | β39% QoQ
Revenue: βΉ3,399 Cr β14% YoY | β9% QoQ
EBITDA: βΉ412 Cr β4% YoY | β24% QoQ
EBITDA Margin: 12.1% vs 13.2% YoY | 14.6% QoQ
Other Income: βΉ38 Cr vs βΉ20 Cr YoY | βΉ33 Cr QoQ
Net Profit: βΉ158 Cr β4% YoY | β39% QoQ
Revenue: βΉ3,399 Cr β14% YoY | β9% QoQ
EBITDA: βΉ412 Cr β4% YoY | β24% QoQ
EBITDA Margin: 12.1% vs 13.2% YoY | 14.6% QoQ
Other Income: βΉ38 Cr vs βΉ20 Cr YoY | βΉ33 Cr QoQ
Paras Healthcare IPO Subscription as of 12:30 Day 1
β’ QIB: 0.09x
β’ NII: 0.08x
β’ Retail: 0.02x
β’ Total Subscription: 0.09x
β’ Issue Size: βΉ1,450 Cr
β’ Price: βΉ693
β’ Closing Date: 23 October 2026
β’ QIB: 0.09x
β’ NII: 0.08x
β’ Retail: 0.02x
β’ Total Subscription: 0.09x
β’ Issue Size: βΉ1,450 Cr
β’ Price: βΉ693
β’ Closing Date: 23 October 2026
Jio Platforms IPO Subscription as of 12:30 Day 1
β’ QIB: 4.13x
β’ NII: 0.77x
β’ Retail: 0.51x
β’ Total Subscription: 1.45x
β’ Issue Size: βΉ30,213 Cr
β’ Price: βΉ1,119
β’ Closing Date: 23 October 2026
β’ QIB: 4.13x
β’ NII: 0.77x
β’ Retail: 0.51x
β’ Total Subscription: 1.45x
β’ Issue Size: βΉ30,213 Cr
β’ Price: βΉ1,119
β’ Closing Date: 23 October 2026
β€2
Vishal MegaMart β Weak Q2; Numbers BELOW estimates;
Miss On All Fronts
Revenue at Rs 3399 cr vs est of Rs 3492 cr
EBITDA at Rs 412 cr vs est of Rs 448 cr
EBITDA Margins at 12.1% vs est of 12.8%
Miss On All Fronts
Revenue at Rs 3399 cr vs est of Rs 3492 cr
EBITDA at Rs 412 cr vs est of Rs 448 cr
EBITDA Margins at 12.1% vs est of 12.8%
β€2