Special Pharma Stock ( High Conviction)
Rubicon research CMP 650 / 652
Test Resistance 690 / 740 / 790 Sl 595
Coming Days View Strong View
Rubicon research CMP 650 / 652
Test Resistance 690 / 740 / 790 Sl 595
Coming Days View Strong View
Fundamental Research
Rubicon Research is an IP-led specialty pharmaceutical formulations company focused on developing differentiated, patient-centric and affordable products for regulated markets, with a strong presence in the US. Founded in 1999, it has evolved from a development-only outfit into a fully integrated player with its own manufacturing, filings and commercialized products across multiple dosage forms. The company operates R&D and manufacturing facilities in India along with a development centre in Canada and a front-end office in the US, giving it a global innovation and supply footprint. Its capabilities span complex oral, nasal, ophthalmic, topical and drug–device combinations, backed by a sizeable patent estate in drug delivery technologies.
KEY INVESTMENT THESIS
Strong growth and margin trajectory
In Q2 FY26, Rubicon delivered about 39% year-on-year revenue growth with net profit up around 56%, demonstrating operating leverage as the base scales. EBITDA grew faster than sales with margins in the low-20s, reflecting a shift towards specialty/differentiated products and disciplined cost management.
Scaled, differentiated US-focused franchise
Rubicon is among the faster-growing Indian formulation players with an almost complete revenue skew to the US generics and specialty market, giving it exposure to a large, high-value geography. The portfolio is skewed to complex and differentiated products, including drug–device and combination formulations across multiple dosage forms, which supports better pricing power and stickier customer relationships.
Visibility from product and customer diversification
Revenue is well spread, with the top 5 and top 10 products contributing roughly 30% and just over 50% of sales respectively, reducing single-product concentration risk. Stable pricing driven by a focus on specialty products and a rising share of newer launches provides visibility for sustained revenue traction over the next few years.
R&D depth and diversified manufacturing base
Rubicon operates multiple R&D centres in India and Canada, focused on complex generics and life-cycle management, which underpins a steady pipeline of new launches and ANDA filings. Three manufacturing facilities in India with capabilities across oral solids, liquids, nasal and topical dosage forms create diversification and manufacturing flexibility, while regulatory approvals enable supplies to regulated markets.
Rubicon Research is an IP-led specialty pharmaceutical formulations company focused on developing differentiated, patient-centric and affordable products for regulated markets, with a strong presence in the US. Founded in 1999, it has evolved from a development-only outfit into a fully integrated player with its own manufacturing, filings and commercialized products across multiple dosage forms. The company operates R&D and manufacturing facilities in India along with a development centre in Canada and a front-end office in the US, giving it a global innovation and supply footprint. Its capabilities span complex oral, nasal, ophthalmic, topical and drug–device combinations, backed by a sizeable patent estate in drug delivery technologies.
KEY INVESTMENT THESIS
Strong growth and margin trajectory
In Q2 FY26, Rubicon delivered about 39% year-on-year revenue growth with net profit up around 56%, demonstrating operating leverage as the base scales. EBITDA grew faster than sales with margins in the low-20s, reflecting a shift towards specialty/differentiated products and disciplined cost management.
Scaled, differentiated US-focused franchise
Rubicon is among the faster-growing Indian formulation players with an almost complete revenue skew to the US generics and specialty market, giving it exposure to a large, high-value geography. The portfolio is skewed to complex and differentiated products, including drug–device and combination formulations across multiple dosage forms, which supports better pricing power and stickier customer relationships.
Visibility from product and customer diversification
Revenue is well spread, with the top 5 and top 10 products contributing roughly 30% and just over 50% of sales respectively, reducing single-product concentration risk. Stable pricing driven by a focus on specialty products and a rising share of newer launches provides visibility for sustained revenue traction over the next few years.
R&D depth and diversified manufacturing base
Rubicon operates multiple R&D centres in India and Canada, focused on complex generics and life-cycle management, which underpins a steady pipeline of new launches and ANDA filings. Three manufacturing facilities in India with capabilities across oral solids, liquids, nasal and topical dosage forms create diversification and manufacturing flexibility, while regulatory approvals enable supplies to regulated markets.
Morning Alert..
*State capital expenditure at 33.5% of FY26 target, shows CAG data*
States spent 33.5 per cent of their budgeted capital expenditure (capex) during the April–October period of 2025–26 (FY26), an analysis of monthly account reports of 19 states by the Comptroller and Auditor General of India (CAG) showed. Of the 19 states for which data is available, 16 spent less than 50 per cent of their Budget Estimates (BE) for capex in the first seven months of FY26. Haryana led the group by utilising the highest proportion of its BE, spending 85 per cent. Telangana trailed Haryana with 80.1 per cent, while Kerala and Madhya Pradesh spent 52.9 per cent and 47.8 per cent of their BE, respectively. Conversely, four states — Uttar Pradesh (19.4 per cent), Chhattisgarh (17.5 per cent), West Bengal (17.3 per cent), and Tripura (15.1 per cent) — lagged considerably, spending less than 20 per cent of their budgeted capex during the same period. This pace of capital outlays contrasts sharply with the aggregate BE of nearly ₹9.01 trillion for capex across these 19 states, of which actual spending until October has touched around ₹3.01 trillion. According to the latest Controller General of Accounts data, the Centre’s total capex for the first half (April–September) of FY26 stood at 52 per cent of BE.
*Global market action*
Dow Jones – Up by 0.16% or 74.56 points
FTSE – Down by 0.10% or 9.93 points
CAC – Up by 0.05% or 3.77 points
DAX – Up by 0.14% or 33.78 points
Gift Nifty – Up by 0.02% or 6.50 points
*FII/DII activities*
FII – Sold 1255.20Cr worth of shares
DII – Bought 3940.87Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Century Plyboards India Ltd – 91.4%
UBL – 91%
Maharashtra Seamless Ltd – 87.1%
Garware Technical Fibres Ltd – 85.8%
Sun Pharma Industries Ltd – 81.8%
*Primary market activities*
IPOs opening today
Purple Wave Infocom Ltd (BSE SME) – Issue size 31.45Cr
Logiciel Solutions Ltd (BSE SME) – Issue size 39.90Cr
Exato Technologies Ltd (BSE SME) - Issue size 37.45Cr
Listing today
Sudeep Pharma Ltd (Main board) – Subscribed 93.71x
*Commodities updates*
Gold – Rs 125495/10gm, Silver – Rs 162603/kg, Brcrude – Rs 5287/barrel, Copper – Rs 1009.50/kg.
*State capital expenditure at 33.5% of FY26 target, shows CAG data*
States spent 33.5 per cent of their budgeted capital expenditure (capex) during the April–October period of 2025–26 (FY26), an analysis of monthly account reports of 19 states by the Comptroller and Auditor General of India (CAG) showed. Of the 19 states for which data is available, 16 spent less than 50 per cent of their Budget Estimates (BE) for capex in the first seven months of FY26. Haryana led the group by utilising the highest proportion of its BE, spending 85 per cent. Telangana trailed Haryana with 80.1 per cent, while Kerala and Madhya Pradesh spent 52.9 per cent and 47.8 per cent of their BE, respectively. Conversely, four states — Uttar Pradesh (19.4 per cent), Chhattisgarh (17.5 per cent), West Bengal (17.3 per cent), and Tripura (15.1 per cent) — lagged considerably, spending less than 20 per cent of their budgeted capex during the same period. This pace of capital outlays contrasts sharply with the aggregate BE of nearly ₹9.01 trillion for capex across these 19 states, of which actual spending until October has touched around ₹3.01 trillion. According to the latest Controller General of Accounts data, the Centre’s total capex for the first half (April–September) of FY26 stood at 52 per cent of BE.
*Global market action*
Dow Jones – Up by 0.16% or 74.56 points
FTSE – Down by 0.10% or 9.93 points
CAC – Up by 0.05% or 3.77 points
DAX – Up by 0.14% or 33.78 points
Gift Nifty – Up by 0.02% or 6.50 points
*FII/DII activities*
FII – Sold 1255.20Cr worth of shares
DII – Bought 3940.87Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Century Plyboards India Ltd – 91.4%
UBL – 91%
Maharashtra Seamless Ltd – 87.1%
Garware Technical Fibres Ltd – 85.8%
Sun Pharma Industries Ltd – 81.8%
*Primary market activities*
IPOs opening today
Purple Wave Infocom Ltd (BSE SME) – Issue size 31.45Cr
Logiciel Solutions Ltd (BSE SME) – Issue size 39.90Cr
Exato Technologies Ltd (BSE SME) - Issue size 37.45Cr
Listing today
Sudeep Pharma Ltd (Main board) – Subscribed 93.71x
*Commodities updates*
Gold – Rs 125495/10gm, Silver – Rs 162603/kg, Brcrude – Rs 5287/barrel, Copper – Rs 1009.50/kg.
Equity99
Trend reversal move on daily chart of UNIVASTU Look at the DAILY chart of UNIVASTU. After down trend stock has formed a trend reversal move on daily chart. MACD also turns bullish. Now above 71 expect rally up to 85/93 levels fast.
Near 3 month Break out above 75🔤 🔤 🔤 🔤
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Morning Alert..
*After robust H1, economists upgrade full-year FY26 growth forecast to 7.5%*
With the first half (H1) gross domestic product (GDP) growth clocking 8 per cent, most economists have now upgraded their full-year 2025-2026 (FY26) growth forecast to 7.5 per cent, or above. Group Chief Economic Adviser at State Bank of India Soumya Kanti Ghosh said, assuming 7.5-7.7 per cent growth in Q3 (October-December) and 7 per cent in Q4 (January-March), the overall growth for FY26 would be approximately 7.6 per cent. Citing high frequency indicators, SBI in a research note said, credit growth of scheduled commercial banks (SCBs) is slowly picking up in the current financial year and grew by 11.3 per cent for the fortnight ended October 31, compared to 11.8 per cent during the same period. Deposits grew 9.7 per cent from last year’s 11.7 per cent during the same fortnight. “There is a one-way causal relationship between GDP and ASCB (all SCB) credit, with increase in credit leading to higher GDP,” it added. Chief Economist at CareEdge Ratings Rajani Sinha said she expected the GDP growth to moderate to around 7 per cent in H2 (October-March) of FY26 as the impact of front loading of exports fades and consumption demand moderates after the festival season.
*Global market action*
Dow Jones – Down by 0.27% or 129.37 points
FTSE – Up by 0.27% or 26.58 points
CAC – Up by 0.29% or 23.24 points
DAX – Up by 0.29% or 68.83 points
Gift Nifty – Up by 0.44% or 116.00 points
*FII/DII activities*
FII – Sold 3795.72Cr worth of shares
DII – Sold 4148.48Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Cera Sanitaryware Ltd – 92.9%
Vedant Fashion Ltd – 89.8%
JK Cement Ltd – 88.3%
Pfizer Ltd – 87.3%
Bharti Hexacom Ltd – 87.1%
*Primary market activities*
IPOs opening today
Ravelcare Ltd (BSE SME) – Issue size 24.10Cr
Clear Secured Services Ltd (NSE SME) – Issue size 85.60Cr
Speb Adhesives Ltd (NSE SME) – Issue size 33.73Cr
Invicta Diagnostics Ltd (NSE SME) – Issue size 28.12Cr
Astron Multigrain Ltd (BSE SME) - Issue size 18.40Cr
*Commodities updates*
Gold – Rs 126927/10gm, Silver – Rs 171812/kg, Brcrude – Rs 5322/barrel, Copper – Rs 1036.50/kg.
*After robust H1, economists upgrade full-year FY26 growth forecast to 7.5%*
With the first half (H1) gross domestic product (GDP) growth clocking 8 per cent, most economists have now upgraded their full-year 2025-2026 (FY26) growth forecast to 7.5 per cent, or above. Group Chief Economic Adviser at State Bank of India Soumya Kanti Ghosh said, assuming 7.5-7.7 per cent growth in Q3 (October-December) and 7 per cent in Q4 (January-March), the overall growth for FY26 would be approximately 7.6 per cent. Citing high frequency indicators, SBI in a research note said, credit growth of scheduled commercial banks (SCBs) is slowly picking up in the current financial year and grew by 11.3 per cent for the fortnight ended October 31, compared to 11.8 per cent during the same period. Deposits grew 9.7 per cent from last year’s 11.7 per cent during the same fortnight. “There is a one-way causal relationship between GDP and ASCB (all SCB) credit, with increase in credit leading to higher GDP,” it added. Chief Economist at CareEdge Ratings Rajani Sinha said she expected the GDP growth to moderate to around 7 per cent in H2 (October-March) of FY26 as the impact of front loading of exports fades and consumption demand moderates after the festival season.
*Global market action*
Dow Jones – Down by 0.27% or 129.37 points
FTSE – Up by 0.27% or 26.58 points
CAC – Up by 0.29% or 23.24 points
DAX – Up by 0.29% or 68.83 points
Gift Nifty – Up by 0.44% or 116.00 points
*FII/DII activities*
FII – Sold 3795.72Cr worth of shares
DII – Sold 4148.48Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Cera Sanitaryware Ltd – 92.9%
Vedant Fashion Ltd – 89.8%
JK Cement Ltd – 88.3%
Pfizer Ltd – 87.3%
Bharti Hexacom Ltd – 87.1%
*Primary market activities*
IPOs opening today
Ravelcare Ltd (BSE SME) – Issue size 24.10Cr
Clear Secured Services Ltd (NSE SME) – Issue size 85.60Cr
Speb Adhesives Ltd (NSE SME) – Issue size 33.73Cr
Invicta Diagnostics Ltd (NSE SME) – Issue size 28.12Cr
Astron Multigrain Ltd (BSE SME) - Issue size 18.40Cr
*Commodities updates*
Gold – Rs 126927/10gm, Silver – Rs 171812/kg, Brcrude – Rs 5322/barrel, Copper – Rs 1036.50/kg.
Morning Alert..
*IIP growth slips to 14-month low of 0.4% in October as output weakens*
India’s industrial production growth slowed to a 14-month low of 0.4 per cent in October, down from an upwardly revised 4.6 per cent in September, due to fewer working days and a sharp decline in electricity generation, according to data released by the National Statistics Office (NSO) on Monday. The last time Index of Industrial Production (IIP) growth was lower than October’s was in August 2024, when output had flattened. In October 2024, growth in IIP had stood at 3.7 per cent. In the first seven months of the current financial year (April–October), average IIP growth was 2.7 per cent, compared with 4 per cent in the same period of the previous financial year. Data showed that manufacturing output, which accounts for about 78 per cent of the index, grew 1.8 per cent in October, down from 5.6 per cent in September. Mining output contracted for the second consecutive month by 1.8 per cent, while electricity generation fell 6.9 per cent. The statistics ministry credited the decline in electricity generation to an extended monsoon and milder temperatures across several states and Union Territories.
*Global market action*
Dow Jones – Up by 0.07% or 32 points
FTSE – Down by 0.19% or 17.98 points
CAC – Down by 0.32% or 25.71 points
DAX – Down by 1.05% or 247.35 points
Gift Nifty – Down by 0.12% or 31.00 points
*FII/DII activities*
FII – Sold 1171.31Cr worth of shares
DII – Bought 2558.93Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Galaxy Surfactants Ltd – 86.7%
Aadhar Housing Finance Ltd – 86%
Balkrishna Industries Ltd – 84.7%
Vedant Fashion Ltd – 84.3%
Star Health and allied Insurance Co. Ltd – 83.7%
*Primary market activities*
Ipo`s opening today
Neochem Bio Solutions Ltd (NSE SME) – Issue size 44.97Cr
Helloji Holidays Ltd (BSE SME) – Issue size 10.96Cr
Listing today
SSMD Agrotech India Ltd (BSE SME) – Subscribed 1.62x
*Commodities updates*
Gold – Rs 126927/10gm, Silver – Rs 171812/kg, Brcrude – Rs 5322/barrel, Copper – Rs 1036.5/kg.
*IIP growth slips to 14-month low of 0.4% in October as output weakens*
India’s industrial production growth slowed to a 14-month low of 0.4 per cent in October, down from an upwardly revised 4.6 per cent in September, due to fewer working days and a sharp decline in electricity generation, according to data released by the National Statistics Office (NSO) on Monday. The last time Index of Industrial Production (IIP) growth was lower than October’s was in August 2024, when output had flattened. In October 2024, growth in IIP had stood at 3.7 per cent. In the first seven months of the current financial year (April–October), average IIP growth was 2.7 per cent, compared with 4 per cent in the same period of the previous financial year. Data showed that manufacturing output, which accounts for about 78 per cent of the index, grew 1.8 per cent in October, down from 5.6 per cent in September. Mining output contracted for the second consecutive month by 1.8 per cent, while electricity generation fell 6.9 per cent. The statistics ministry credited the decline in electricity generation to an extended monsoon and milder temperatures across several states and Union Territories.
*Global market action*
Dow Jones – Up by 0.07% or 32 points
FTSE – Down by 0.19% or 17.98 points
CAC – Down by 0.32% or 25.71 points
DAX – Down by 1.05% or 247.35 points
Gift Nifty – Down by 0.12% or 31.00 points
*FII/DII activities*
FII – Sold 1171.31Cr worth of shares
DII – Bought 2558.93Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Galaxy Surfactants Ltd – 86.7%
Aadhar Housing Finance Ltd – 86%
Balkrishna Industries Ltd – 84.7%
Vedant Fashion Ltd – 84.3%
Star Health and allied Insurance Co. Ltd – 83.7%
*Primary market activities*
Ipo`s opening today
Neochem Bio Solutions Ltd (NSE SME) – Issue size 44.97Cr
Helloji Holidays Ltd (BSE SME) – Issue size 10.96Cr
Listing today
SSMD Agrotech India Ltd (BSE SME) – Subscribed 1.62x
*Commodities updates*
Gold – Rs 126927/10gm, Silver – Rs 171812/kg, Brcrude – Rs 5322/barrel, Copper – Rs 1036.5/kg.
Morning Alert..
*Short-covering drives rupee towards 90 vs dollar as pressure returns*
The rupee’s weakness against the dollar continued on Tuesday, with the Indian currency hurtling toward the closely watched 90 a dollar and facing renewed selling pressure on multiple fronts. Traders said a wave of short-covering (buying back) by speculators, combined with steady dollar demand from importers, kept the currency under pressure throughout the day. The rupee fell up to 89.96 during the day before regaining some strength to settle at 89.88 — a new closing low — against the previous close of 89.56. Its recoup by the end of the trade was likely due to intervention by the Reserve Bank of India (RBI) through dollar sales, said dealers. The 90 mark has become a critical psychological and technical barrier for the market. Dealers said that a cluster of buy-stop orders was likely positioned just above this zone, raising the stakes for the RBI. They said the central bank’s presence was essential at this stage to prevent traders from becoming too comfortable with one-way depreciation. If left unchecked, this can rapidly translate into heightened volatility in the exchange rate. “The RBI must remain active below 90. If the pair starts sustaining above this zone, the market could quickly shift into a higher trending phase toward 91.00 or even more,” said Anindya Banerjee, head, commodity and currency, Kotak Securities.
*Global market action*
Dow Jones – Up by 0.20% or 93.69 points
FTSE – Down by 0.01% or 0.73 points
CAC – Down by 0.28% or 22.39 points
DAX – Up by 0.51% or 121.42 points
Gift Nifty – Down by 0.02% or 4.00 points
*FII/DII activities*
FII – Sold 3642.30Cr worth of shares
DII – Bought 4645.94Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.7x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
P&G Hygiene & Healthcare Ltd – 88.9%
Indiamart Intermesh Ltd – 85.7%
Bikaji Foods International Ltd – 82.7%
Hexaware Technologies Ltd – 80.6%
ICICI Prudential Life Insurance Company Ltd – 78.8%
*Primary market activities*
IPOs opening today
Vidya Wires Ltd (Main board) – Issue size 300.01Cr
Aequs Ltd (Main board) – Issue size 921.81Cr
Meesho Ltd (Main board) - Issue size 5421.20Cr
Listing today
K K Silk Mills Ltd (BSE SME) – Subscribed 5.66x
Mother Nutri Foods Ltd (BSE SME) – Subscribed 15.92x
*Commodities updates*
Gold – Rs 126558/10gm, Silver – Rs 176637/kg, Brcrude – Rs 5311/barrel, Copper – Rs 1047/kg.
*Short-covering drives rupee towards 90 vs dollar as pressure returns*
The rupee’s weakness against the dollar continued on Tuesday, with the Indian currency hurtling toward the closely watched 90 a dollar and facing renewed selling pressure on multiple fronts. Traders said a wave of short-covering (buying back) by speculators, combined with steady dollar demand from importers, kept the currency under pressure throughout the day. The rupee fell up to 89.96 during the day before regaining some strength to settle at 89.88 — a new closing low — against the previous close of 89.56. Its recoup by the end of the trade was likely due to intervention by the Reserve Bank of India (RBI) through dollar sales, said dealers. The 90 mark has become a critical psychological and technical barrier for the market. Dealers said that a cluster of buy-stop orders was likely positioned just above this zone, raising the stakes for the RBI. They said the central bank’s presence was essential at this stage to prevent traders from becoming too comfortable with one-way depreciation. If left unchecked, this can rapidly translate into heightened volatility in the exchange rate. “The RBI must remain active below 90. If the pair starts sustaining above this zone, the market could quickly shift into a higher trending phase toward 91.00 or even more,” said Anindya Banerjee, head, commodity and currency, Kotak Securities.
*Global market action*
Dow Jones – Up by 0.20% or 93.69 points
FTSE – Down by 0.01% or 0.73 points
CAC – Down by 0.28% or 22.39 points
DAX – Up by 0.51% or 121.42 points
Gift Nifty – Down by 0.02% or 4.00 points
*FII/DII activities*
FII – Sold 3642.30Cr worth of shares
DII – Bought 4645.94Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.7x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
P&G Hygiene & Healthcare Ltd – 88.9%
Indiamart Intermesh Ltd – 85.7%
Bikaji Foods International Ltd – 82.7%
Hexaware Technologies Ltd – 80.6%
ICICI Prudential Life Insurance Company Ltd – 78.8%
*Primary market activities*
IPOs opening today
Vidya Wires Ltd (Main board) – Issue size 300.01Cr
Aequs Ltd (Main board) – Issue size 921.81Cr
Meesho Ltd (Main board) - Issue size 5421.20Cr
Listing today
K K Silk Mills Ltd (BSE SME) – Subscribed 5.66x
Mother Nutri Foods Ltd (BSE SME) – Subscribed 15.92x
*Commodities updates*
Gold – Rs 126558/10gm, Silver – Rs 176637/kg, Brcrude – Rs 5311/barrel, Copper – Rs 1047/kg.
Morning Alert..
*IMF hasn't questioned GDP growth figures, says FM Nirmala Sitharaman*
The ‘C’ rating assigned by the International Monetary Fund (IMF) to India’s national accounts data was linked only to the country’s use of an old base year of 2011-12 for GDP data, and the IMF had not questioned India’s growth numbers, Finance Minister Nirmala Sitharaman said on Wednesday. Terming the debate around the IMF’s rating for India’s national accounts data adequacy “very ill-informed”, the minister said the IMF report released recently mainly talks about India’s overall economic performance which it has praised. The IMF expects India to grow at 6.5 per cent in 2025-26, and has appreciated its macro stability and inflation management, with inflation, she noted, is expected to stay around 2.3 per cent, below the Reserve Bank of India’s tolerance band. The IMF, she said, gives data quality grades for countries from ‘A’ to ‘D’. A ‘B’ rating means data has some shortcomings but is broadly adequate, and ‘C’ means some shortcomings that can “somewhat hamper surveillance”. India got a ‘C’ grade only for its national accounts data because the base year used is still 2011-12. “If my base year is old, obviously the ranking will reflect that,” she said. The government has already decided to update the base year to 2022-23, which will come into effect from 27 February, 2026, she added.
*Global market action*
Dow Jones – Up by 0.17% or 81.22 points
FTSE – Down by 0.10% or 9.73 points
CAC – Down by 0.16% or 12.81 points
DAX – Down by 0.07% or 17.15 points
Gift Nifty – Down by 0.21% or 55.00 points
*FII/DII activities*
FII – Sold 3206.92Cr worth of shares
DII – Bought 4730.41Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.6x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
EIH Ltd – 98.3%
Vijaya Diagnostic Center Ltd – 93.8%
Star Health and Allied Insurance Co Ltd – 92%
Hatson Agro Product Ltd – 89.7%
Indiamart Intermesh Ltd – 89.6%
*Primary market activities*
IPOs opening today
Western Overseas Study Abroad Ltd (BSE SME) – Issue size 10.07Cr
Luxury Time Ltd (BSE SME) - Issue size 18.74Cr
*Commodities updates*
Gold – Rs 127720/10gm, Silver – Rs 178077/kg, Brcrude – Rs 5349/barrel, Copper – Rs 1076.40/kg.
*IMF hasn't questioned GDP growth figures, says FM Nirmala Sitharaman*
The ‘C’ rating assigned by the International Monetary Fund (IMF) to India’s national accounts data was linked only to the country’s use of an old base year of 2011-12 for GDP data, and the IMF had not questioned India’s growth numbers, Finance Minister Nirmala Sitharaman said on Wednesday. Terming the debate around the IMF’s rating for India’s national accounts data adequacy “very ill-informed”, the minister said the IMF report released recently mainly talks about India’s overall economic performance which it has praised. The IMF expects India to grow at 6.5 per cent in 2025-26, and has appreciated its macro stability and inflation management, with inflation, she noted, is expected to stay around 2.3 per cent, below the Reserve Bank of India’s tolerance band. The IMF, she said, gives data quality grades for countries from ‘A’ to ‘D’. A ‘B’ rating means data has some shortcomings but is broadly adequate, and ‘C’ means some shortcomings that can “somewhat hamper surveillance”. India got a ‘C’ grade only for its national accounts data because the base year used is still 2011-12. “If my base year is old, obviously the ranking will reflect that,” she said. The government has already decided to update the base year to 2022-23, which will come into effect from 27 February, 2026, she added.
*Global market action*
Dow Jones – Up by 0.17% or 81.22 points
FTSE – Down by 0.10% or 9.73 points
CAC – Down by 0.16% or 12.81 points
DAX – Down by 0.07% or 17.15 points
Gift Nifty – Down by 0.21% or 55.00 points
*FII/DII activities*
FII – Sold 3206.92Cr worth of shares
DII – Bought 4730.41Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.6x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
EIH Ltd – 98.3%
Vijaya Diagnostic Center Ltd – 93.8%
Star Health and Allied Insurance Co Ltd – 92%
Hatson Agro Product Ltd – 89.7%
Indiamart Intermesh Ltd – 89.6%
*Primary market activities*
IPOs opening today
Western Overseas Study Abroad Ltd (BSE SME) – Issue size 10.07Cr
Luxury Time Ltd (BSE SME) - Issue size 18.74Cr
*Commodities updates*
Gold – Rs 127720/10gm, Silver – Rs 178077/kg, Brcrude – Rs 5349/barrel, Copper – Rs 1076.40/kg.
Morning Alert..
*Fitch lifts FY26 growth forecast to 7.4% on stronger consumer demand*
Fitch Ratings raised its growth forecast for the current financial year to 7.4 per cent from its earlier 6.9 per cent, citing increased consumer spending and improved consumer sentiment following goods and services tax (GST) reforms. “Private consumer spending is the main driver of growth this year, supported by strong real income dynamics, increased consumer sentiment, and the impact of recently implemented goods and services tax reforms,” Fitch Ratings stated in its latest Global Economic Outlook on Thursday. The upward revision by the global credit rating agency comes days after the economy expanded at its fastest pace in six quarters, growing 8.2 per cent during the July-September (Q2) period, outstripping both official and private forecasts by a significant margin. The outlook further noted that the gap between nominal and real GDP narrowed further in Q2, with the GDP deflator just 0.5 per cent higher compared with the year earlier and growth is expected to ease over the remainder of the financial year. For FY27, Fitch expects growth to ease to 6.4 per cent, closer to its estimate of potential, with domestic demand—particularly consumer spending—remaining the key driver. Public investment growth is likely to moderate, while private investment should pick up in the second half of FY27 as financial conditions loosen, it said.
*Global market action*
Dow Jones – Up by 0.10% or 45.56 points
FTSE – Up by 0.19% or 18.80 points
CAC – Up by 0.43% or 34.61 points
DAX – Up by 0.79% or 188.32 points
Gift Nifty – Down by 0.01% or 3.50 points
*FII/DII activities*
FII – Sold 1944.19Cr worth of shares
DII – Bought 3661.05Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.7x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
Indiamart Intermesh Ltd – 90.4%
Torrent Pharma Ltd – 84.2%
UBL – 83.7%
IPCA Labs Ltd – 83.6%
Berger Paints India Ltd – 82%
*Primary market activities*
IPOs opening today
Flywings Simulator Training Center Ltd (NSE SME) – Issue size 57.05Cr
Encompass Design India Ltd (NSE SME) - Issue size 40.21Cr
Methodhub Software Ltd (BSE SME) - Issue size 103.02Cr
Listing today
Purple Wave Infocom Ltd (BSE SME) -Subscribed 6.88x
Logiciel Solutions Ltd (BSE SME) -Subscribed 2.04x
Exato Technologies Ltd (BSE SME) -Subscribed 947.21x
*Commodities updates*
Gold -Rs 127659/10gm, Silver – Rs 174232/kg, Brcrude – Rs 5382/barrel, Copper – Rs 1073.65/kg.
*Fitch lifts FY26 growth forecast to 7.4% on stronger consumer demand*
Fitch Ratings raised its growth forecast for the current financial year to 7.4 per cent from its earlier 6.9 per cent, citing increased consumer spending and improved consumer sentiment following goods and services tax (GST) reforms. “Private consumer spending is the main driver of growth this year, supported by strong real income dynamics, increased consumer sentiment, and the impact of recently implemented goods and services tax reforms,” Fitch Ratings stated in its latest Global Economic Outlook on Thursday. The upward revision by the global credit rating agency comes days after the economy expanded at its fastest pace in six quarters, growing 8.2 per cent during the July-September (Q2) period, outstripping both official and private forecasts by a significant margin. The outlook further noted that the gap between nominal and real GDP narrowed further in Q2, with the GDP deflator just 0.5 per cent higher compared with the year earlier and growth is expected to ease over the remainder of the financial year. For FY27, Fitch expects growth to ease to 6.4 per cent, closer to its estimate of potential, with domestic demand—particularly consumer spending—remaining the key driver. Public investment growth is likely to moderate, while private investment should pick up in the second half of FY27 as financial conditions loosen, it said.
*Global market action*
Dow Jones – Up by 0.10% or 45.56 points
FTSE – Up by 0.19% or 18.80 points
CAC – Up by 0.43% or 34.61 points
DAX – Up by 0.79% or 188.32 points
Gift Nifty – Down by 0.01% or 3.50 points
*FII/DII activities*
FII – Sold 1944.19Cr worth of shares
DII – Bought 3661.05Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.7x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
Indiamart Intermesh Ltd – 90.4%
Torrent Pharma Ltd – 84.2%
UBL – 83.7%
IPCA Labs Ltd – 83.6%
Berger Paints India Ltd – 82%
*Primary market activities*
IPOs opening today
Flywings Simulator Training Center Ltd (NSE SME) – Issue size 57.05Cr
Encompass Design India Ltd (NSE SME) - Issue size 40.21Cr
Methodhub Software Ltd (BSE SME) - Issue size 103.02Cr
Listing today
Purple Wave Infocom Ltd (BSE SME) -Subscribed 6.88x
Logiciel Solutions Ltd (BSE SME) -Subscribed 2.04x
Exato Technologies Ltd (BSE SME) -Subscribed 947.21x
*Commodities updates*
Gold -Rs 127659/10gm, Silver – Rs 174232/kg, Brcrude – Rs 5382/barrel, Copper – Rs 1073.65/kg.
Morning Alert..
*Petroleum exports to US surge in Oct as labour intensive sectors bear brunt*
India’s petroleum exports to the US surged 94.5 per cent in October to $251.5 million, making it the only major export category to post positive growth, apart from iPhone-led telecom instruments, which jumped 204 per cent during the month. This surge comes even as India’s key refined petroleum markets — including the Netherlands (-15.7 per cent), Australia (-93.1 per cent) and Togo (-62.3 per cent) — sharply cut their purchases from India during the same month. The US has long been a major buyer of Indian petroleum products, accounting for 6.9 per cent ($5.8 billion) of India’s petroleum exports in financial year 2024 (FY24). In October, its share stood at 6.4 per cent. During the month, exports of gems and jewellery continued to be the hardest hit to the US, with shipments of pearls, precious, and semi-precious stones plunging 77.3 per cent. Exports of gold and other precious metal jewellery dropped 51.2 per cent, disaggregated data released by the commerce department showed. Among other categories, exports of cotton fabrics and madeups (-28.3 per cent), marine products (-22.5 per cent), industrial machinery for dairy (-28.1 per cent), readymade garments (-19.6 per cent), drug formulations (-7.5 per cent) and auto components (-18.9 per cent) also contracted significantly to the U.S.
*Global market action*
Dow Jones – Down by 0.03% or 15.21 points
FTSE – Down by 0.45% or 43.86 points
CAC – Down by 0.09% or 7.29 points
DAX – Up by 0.61% or 146.11 points
Gift Nifty – Down by 0.04% or 10.00 points
*FII/DII activities*
FII – Sold 438.90Cr worth of shares
DII – Bought 4189.17Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Westlife Foodworld Ltd – 92.4%
SKF India Ltd – 89.7%
Shree Cement Ltd – 83.1%
Berger Paints India Ltd – 83%
Metro Brands Ltd – 83%
*Primary market activities*
IPOs opening today
Riddhi Display Equipments Ltd (BSE SME) – Issue size 24.68Cr
Corona Remedies Ltd (Main board) – Issue size 655.37Cr
Wakefit Innovations Ltd (Main board) – Issue size 1288.89Cr
Prodocs Solutions Ltd (BSE SME) – Issue size 27.60Cr
KV Toys India Ltd (BSE SME) – Issue size 40.15Cr
Listing today
Ravelcare Ltd (BSE SME) – Subscribed 437.60x
Clear Secured Services Ltd (NSE SME) – Subscribed 8.83x
Speb Adhesives Ltd (NSE SME) – Subscribed 2.34x
Invicta Diagnostics Ltd (NSE SME) – Subscribed 4.27x
Astron Multigrain Ltd (BSE SME) – Subscribed 1.22x
*Commodities updates*
Gold – Rs 130456/10gm, Silver – Rs 178881/kg, Brcrude – Rs 5424/barrel, Copper – Rs 1093.10/kg.
*Petroleum exports to US surge in Oct as labour intensive sectors bear brunt*
India’s petroleum exports to the US surged 94.5 per cent in October to $251.5 million, making it the only major export category to post positive growth, apart from iPhone-led telecom instruments, which jumped 204 per cent during the month. This surge comes even as India’s key refined petroleum markets — including the Netherlands (-15.7 per cent), Australia (-93.1 per cent) and Togo (-62.3 per cent) — sharply cut their purchases from India during the same month. The US has long been a major buyer of Indian petroleum products, accounting for 6.9 per cent ($5.8 billion) of India’s petroleum exports in financial year 2024 (FY24). In October, its share stood at 6.4 per cent. During the month, exports of gems and jewellery continued to be the hardest hit to the US, with shipments of pearls, precious, and semi-precious stones plunging 77.3 per cent. Exports of gold and other precious metal jewellery dropped 51.2 per cent, disaggregated data released by the commerce department showed. Among other categories, exports of cotton fabrics and madeups (-28.3 per cent), marine products (-22.5 per cent), industrial machinery for dairy (-28.1 per cent), readymade garments (-19.6 per cent), drug formulations (-7.5 per cent) and auto components (-18.9 per cent) also contracted significantly to the U.S.
*Global market action*
Dow Jones – Down by 0.03% or 15.21 points
FTSE – Down by 0.45% or 43.86 points
CAC – Down by 0.09% or 7.29 points
DAX – Up by 0.61% or 146.11 points
Gift Nifty – Down by 0.04% or 10.00 points
*FII/DII activities*
FII – Sold 438.90Cr worth of shares
DII – Bought 4189.17Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Westlife Foodworld Ltd – 92.4%
SKF India Ltd – 89.7%
Shree Cement Ltd – 83.1%
Berger Paints India Ltd – 83%
Metro Brands Ltd – 83%
*Primary market activities*
IPOs opening today
Riddhi Display Equipments Ltd (BSE SME) – Issue size 24.68Cr
Corona Remedies Ltd (Main board) – Issue size 655.37Cr
Wakefit Innovations Ltd (Main board) – Issue size 1288.89Cr
Prodocs Solutions Ltd (BSE SME) – Issue size 27.60Cr
KV Toys India Ltd (BSE SME) – Issue size 40.15Cr
Listing today
Ravelcare Ltd (BSE SME) – Subscribed 437.60x
Clear Secured Services Ltd (NSE SME) – Subscribed 8.83x
Speb Adhesives Ltd (NSE SME) – Subscribed 2.34x
Invicta Diagnostics Ltd (NSE SME) – Subscribed 4.27x
Astron Multigrain Ltd (BSE SME) – Subscribed 1.22x
*Commodities updates*
Gold – Rs 130456/10gm, Silver – Rs 178881/kg, Brcrude – Rs 5424/barrel, Copper – Rs 1093.10/kg.
Morning Alert..
*EU trade commissioner Sefcovic in Delhi for push on India-EU trade talks*
European Union (EU) Trade Commissioner Maroš Šefčovič is in New Delhi for a two-day visit aimed at advancing talks on the proposed trade and investment agreements. With the year-end deadline fast approaching, Šefčovič held a meeting with his counterpart, Commerce and Industry Minister Piyush Goyal. He also met External Affairs Minister S Jaishankar. “In India for a two-day marathon of meetings with Piyush Goyal to advance our trade and investment negotiations. EU-India ties are growing fast — as they should between partners. But we’ve only scratched the surface. A commercially meaningful FTA would unlock enormous potential,” Šefčovič, who is the European Commissioner for Trade and Economic Security, said on X on Monday. A team, led by the European Commission’s Director General for Trade and Economic Security Sabine Weyand, is also in India to iron out differences on issues related to both goods and services. During an official round of talks last month, the commerce department had said that both sides saw ‘substantive progress’ across several negotiating areas and were able to narrow down the divergences. Common understanding arrived on many issues. Despite that, both sides still need to iron out differences in certain areas such as steel, carbon tax, automobiles and non-tariff barriers. The proposed deal is in the final stage, where the toughest issues will be taken up. “We are in the last leg of negotiations. The last leg is the most arduous leg of negotiations because these are the toughest things that are decided at the end,” commerce secretary Rajesh Agrawal had said in the past.
*Global market action*
Dow Jones – Up by 0.01% or 5.54 points
FTSE – Down by 0.23% or 21.92 points
CAC – Down by 0.08% or 6.31 points
DAX – Up by 0.07% or 17.87 points
Gift Nifty – Down by 0.31% or 80.00 points
*FII/DII activities*
FII – Sold 655.59Cr worth of shares
DII – Bought 2542.49Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.6x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
Grindwell Norton Ltd – 91.8%
Honeywell Automation India Ltd – 91.5%
Global Health Ltd – 84.4%
Metro Brands Ltd – 80%
Balkrishna Industries Ltd – 79.9%
*Primary market activities*
Neochem Bio Solutions Ltd (NSE SME) – Subscribed 15.52x
Helloji Holidays Ltd (BSE SME) – Subscribed 30.16x
*Commodities updates*
Gold – Rs 130025/10gm, Silver – Rs 181800/kg, Brcrude – Rs 5340/barrel, Copper – Rs 1096.95/kg.
*EU trade commissioner Sefcovic in Delhi for push on India-EU trade talks*
European Union (EU) Trade Commissioner Maroš Šefčovič is in New Delhi for a two-day visit aimed at advancing talks on the proposed trade and investment agreements. With the year-end deadline fast approaching, Šefčovič held a meeting with his counterpart, Commerce and Industry Minister Piyush Goyal. He also met External Affairs Minister S Jaishankar. “In India for a two-day marathon of meetings with Piyush Goyal to advance our trade and investment negotiations. EU-India ties are growing fast — as they should between partners. But we’ve only scratched the surface. A commercially meaningful FTA would unlock enormous potential,” Šefčovič, who is the European Commissioner for Trade and Economic Security, said on X on Monday. A team, led by the European Commission’s Director General for Trade and Economic Security Sabine Weyand, is also in India to iron out differences on issues related to both goods and services. During an official round of talks last month, the commerce department had said that both sides saw ‘substantive progress’ across several negotiating areas and were able to narrow down the divergences. Common understanding arrived on many issues. Despite that, both sides still need to iron out differences in certain areas such as steel, carbon tax, automobiles and non-tariff barriers. The proposed deal is in the final stage, where the toughest issues will be taken up. “We are in the last leg of negotiations. The last leg is the most arduous leg of negotiations because these are the toughest things that are decided at the end,” commerce secretary Rajesh Agrawal had said in the past.
*Global market action*
Dow Jones – Up by 0.01% or 5.54 points
FTSE – Down by 0.23% or 21.92 points
CAC – Down by 0.08% or 6.31 points
DAX – Up by 0.07% or 17.87 points
Gift Nifty – Down by 0.31% or 80.00 points
*FII/DII activities*
FII – Sold 655.59Cr worth of shares
DII – Bought 2542.49Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.6x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
Grindwell Norton Ltd – 91.8%
Honeywell Automation India Ltd – 91.5%
Global Health Ltd – 84.4%
Metro Brands Ltd – 80%
Balkrishna Industries Ltd – 79.9%
*Primary market activities*
Neochem Bio Solutions Ltd (NSE SME) – Subscribed 15.52x
Helloji Holidays Ltd (BSE SME) – Subscribed 30.16x
*Commodities updates*
Gold – Rs 130025/10gm, Silver – Rs 181800/kg, Brcrude – Rs 5340/barrel, Copper – Rs 1096.95/kg.
Morning Alert..
*US President Donald Trump signals action on Indian rice 'dumping'*
US President Donald Trump on Tuesday (India time) hinted at fresh tariffs on Indian rice, as a delegation led by Deputy US Trade Representative (USTR) Rick Switzer arrived in New Delhi to assess the proposed trade deal between the two countries. “They shouldn’t be dumping. I mean, I heard that from others. You can’t do that,” Trump said, adding that he would ‘take care’ of the alleged dumping of the commodity in the American market. Trump was speaking at a White House event unveiling $12 billion in fresh support for American farmers. Meryl Kennedy, who runs her family’s agribusiness, Kennedy Rice Mill in Louisiana, told Trump that rice producers in the southern part of the country are ‘really struggling’ and that countries, including India, are ‘dumping’ rice into the US. He further said that America lost half of its car and chip industries because these products were being manufactured in other countries, and previous administrations did not impose tariffs on these imports. “It’s the same thing with rice. It’ll be good and will get solved very quickly. We just need the countries. Just give us the names of the countries. Tariffs, again. It solves the problem in two minutes.”
*Global market action*
Dow Jones – Up by 0.01% or 4.96 points
FTSE – Down by 0.03% or 3.08 points
CAC – Down by 0.69% or 55.92 points
DAX – Up by 0.48% or 116.64 points
Gift Nifty – Down by 0.11% or 29.00 points
*FII/DII activities*
FII – Sold 3760.08Cr worth of shares
DII – Bought 6224.89Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.5x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
Shree Cements Ltd – 82.3%
Honasa Consumer Ltd – 82.2%
JSW Energy Ltd – 81.3%
Star Health and Allied Insurance Co Ltd – 81.1%
Glaxosmithkline Pharma Ltd – 80.7%
*Primary market activities*
IPOs opening today
Shipwaves Online Ltd (BSE SME) – Issue size 56.35Cr
Park Medi World Ltd (Main board) – Issue size 920Cr
Nephrocare Health Services Ltd (Main board) - Issue size 871.05Cr
Unisem Agritech Ltd (BSE SME) - Issue size 21.45Cr
Listing today
Vidya Wires Ltd (Main board) – Subscribed 28.53x
Aequs Ltd (Main board) – Subscribed 104.30x
Meesho Ltd (Main board) – Subscribed 81.76x
Shree Kanha Stainless Ltd (NSE SME) – Subscribed 2.81x
*Commodities updates*
Gold – Rs 130050/10gm, Silver – Rs 187900/kg, Brcrude – Rs 5245/barrel, Copper – Rs 1079.90/kg.
*US President Donald Trump signals action on Indian rice 'dumping'*
US President Donald Trump on Tuesday (India time) hinted at fresh tariffs on Indian rice, as a delegation led by Deputy US Trade Representative (USTR) Rick Switzer arrived in New Delhi to assess the proposed trade deal between the two countries. “They shouldn’t be dumping. I mean, I heard that from others. You can’t do that,” Trump said, adding that he would ‘take care’ of the alleged dumping of the commodity in the American market. Trump was speaking at a White House event unveiling $12 billion in fresh support for American farmers. Meryl Kennedy, who runs her family’s agribusiness, Kennedy Rice Mill in Louisiana, told Trump that rice producers in the southern part of the country are ‘really struggling’ and that countries, including India, are ‘dumping’ rice into the US. He further said that America lost half of its car and chip industries because these products were being manufactured in other countries, and previous administrations did not impose tariffs on these imports. “It’s the same thing with rice. It’ll be good and will get solved very quickly. We just need the countries. Just give us the names of the countries. Tariffs, again. It solves the problem in two minutes.”
*Global market action*
Dow Jones – Up by 0.01% or 4.96 points
FTSE – Down by 0.03% or 3.08 points
CAC – Down by 0.69% or 55.92 points
DAX – Up by 0.48% or 116.64 points
Gift Nifty – Down by 0.11% or 29.00 points
*FII/DII activities*
FII – Sold 3760.08Cr worth of shares
DII – Bought 6224.89Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.5x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
Shree Cements Ltd – 82.3%
Honasa Consumer Ltd – 82.2%
JSW Energy Ltd – 81.3%
Star Health and Allied Insurance Co Ltd – 81.1%
Glaxosmithkline Pharma Ltd – 80.7%
*Primary market activities*
IPOs opening today
Shipwaves Online Ltd (BSE SME) – Issue size 56.35Cr
Park Medi World Ltd (Main board) – Issue size 920Cr
Nephrocare Health Services Ltd (Main board) - Issue size 871.05Cr
Unisem Agritech Ltd (BSE SME) - Issue size 21.45Cr
Listing today
Vidya Wires Ltd (Main board) – Subscribed 28.53x
Aequs Ltd (Main board) – Subscribed 104.30x
Meesho Ltd (Main board) – Subscribed 81.76x
Shree Kanha Stainless Ltd (NSE SME) – Subscribed 2.81x
*Commodities updates*
Gold – Rs 130050/10gm, Silver – Rs 187900/kg, Brcrude – Rs 5245/barrel, Copper – Rs 1079.90/kg.
Morning Alert..
*ADB raises India's growth forecast by 70 bps to 7.2% on consumption boost*
The Asian Development Bank (ADB) on Wednesday raised India’s growth forecast for the financial year 2026 (FY26) by 70 basis points to 7.2 per cent, citing consumption boost driven by recent tax cuts. However, its growth projection for FY27 remained unchanged at 6.5 per cent. The upward revision by the Manila-based lender comes on the heels of India reporting an impressive 8.2 per cent GDP growth in the second quarter of FY26 (Q2FY26), the fastest in six quarters. “India’s GDP grew by 8.2 per cent in the second quarter of the current fiscal (July–September 2025), the fastest in six quarters, supported by robust private consumption despite subdued government spending. The FY26 outlook has been upgraded by 0.7 percentage points to 7.2 per cent, largely due to strong domestic demand aided by recent tax reductions,” said ADB in its latest Asian Development Outlook. The ADB revision aligns with improved sentiment among other global institutions as well. The IMF recently praised India’s growth momentum and fiscal discipline, while Fitch Ratings on Thursday lifted its FY26 forecast to 7.4 per cent from 6.9 per cent earlier, citing stronger consumer spending and better sentiment following GST reforms.
*Global market action*
Dow Jones – Down by 0.02% or 9.85 points
FTSE – Up by 0.14% or 13.52 points
CAC – Down by 0.37% or 29.82 points
DAX – Down by 0.13% or 32.51 points
Gift Nifty – Up by 0.51% or 135.50 points
*FII/DII activities*
FII – Sold 1651.06Cr worth of shares
DII – Bought 3752.31Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.4x
Nifty Bank – 16.5x
*Stocks with high delivery percentage*
V-Guard Industries Ltd – 92.7%
HUL – 84.1%
P&G Hygiene & Healthcare Ltd – 82.8%
Sai Life Sciences Ltd – 82.4%
Garware Technologies Fibres Ltd – 81.8%
*Primary market activities*
IPOs opening today
HRS Aluglaze Ltd (BSE SME) – Issue size 50.92Cr
Pajson Agro India Ltd (BSE SME) – Issue size 74.45Cr
Listing today
Western Overseas Study Abroad Ltd (BSE SME) – Subscribed 1.41x
Luxury Time Ltd (BSE SME) – Subscribed 635.53x
*Commodities updates*
Gold - Rs 129808/10gm, Silver – Rs 188750/kg, Brcrude – Rs 5234/barrel, Copper – Rs 1085.55/kg.
*ADB raises India's growth forecast by 70 bps to 7.2% on consumption boost*
The Asian Development Bank (ADB) on Wednesday raised India’s growth forecast for the financial year 2026 (FY26) by 70 basis points to 7.2 per cent, citing consumption boost driven by recent tax cuts. However, its growth projection for FY27 remained unchanged at 6.5 per cent. The upward revision by the Manila-based lender comes on the heels of India reporting an impressive 8.2 per cent GDP growth in the second quarter of FY26 (Q2FY26), the fastest in six quarters. “India’s GDP grew by 8.2 per cent in the second quarter of the current fiscal (July–September 2025), the fastest in six quarters, supported by robust private consumption despite subdued government spending. The FY26 outlook has been upgraded by 0.7 percentage points to 7.2 per cent, largely due to strong domestic demand aided by recent tax reductions,” said ADB in its latest Asian Development Outlook. The ADB revision aligns with improved sentiment among other global institutions as well. The IMF recently praised India’s growth momentum and fiscal discipline, while Fitch Ratings on Thursday lifted its FY26 forecast to 7.4 per cent from 6.9 per cent earlier, citing stronger consumer spending and better sentiment following GST reforms.
*Global market action*
Dow Jones – Down by 0.02% or 9.85 points
FTSE – Up by 0.14% or 13.52 points
CAC – Down by 0.37% or 29.82 points
DAX – Down by 0.13% or 32.51 points
Gift Nifty – Up by 0.51% or 135.50 points
*FII/DII activities*
FII – Sold 1651.06Cr worth of shares
DII – Bought 3752.31Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.4x
Nifty Bank – 16.5x
*Stocks with high delivery percentage*
V-Guard Industries Ltd – 92.7%
HUL – 84.1%
P&G Hygiene & Healthcare Ltd – 82.8%
Sai Life Sciences Ltd – 82.4%
Garware Technologies Fibres Ltd – 81.8%
*Primary market activities*
IPOs opening today
HRS Aluglaze Ltd (BSE SME) – Issue size 50.92Cr
Pajson Agro India Ltd (BSE SME) – Issue size 74.45Cr
Listing today
Western Overseas Study Abroad Ltd (BSE SME) – Subscribed 1.41x
Luxury Time Ltd (BSE SME) – Subscribed 635.53x
*Commodities updates*
Gold - Rs 129808/10gm, Silver – Rs 188750/kg, Brcrude – Rs 5234/barrel, Copper – Rs 1085.55/kg.