SEBI Fines CDSL ₹1 Crore, Bars EKI Energy for Two Months Over Revenue Misstatements

No exchange filings were analysed by Orivam today, so this wrap draws entirely on broker research and regulatory action reported elsewhere. The most notable regulatory news came from SEBI, which barred EKI Energy Services and its MD for two months and 12 months respectively, citing revenue misstatements of ₹197.04 crore and fund diversion of ₹26.34 crore, alongside penalties totalling ₹88 lakh. Separately, SEBI imposed a ₹1 crore penalty on Central Depository Services (India) for lapses including flawed pledge-rejection communication and cybersecurity control gaps.

On the corporate side, India IPO reported that Reliance Industries has expanded fuel exports to new territories, benefiting from higher refining margins amid Middle East supply disruptions and flexible crude sourcing. Vedant Poly Fabs opened its SME IPO today, running through November 4, seeking to raise ₹56.68 crore at a price band of ₹88–₹94 per share.

HDFC Securities published a wide set of Q2 earnings notes. It raised estimates and added V-Guard Industries to its top picks after revenue grew 38% YoY with EBITDA and profit up 54% and 71%, maintaining a BUY with a revised target of INR 430. The brokerage also flagged PB Fintech's 35% YoY core revenue growth and 46% YoY profit growth, though it cut its FY28 revenue estimate by about 15% citing IRDAI commission reset risk, keeping a BUY with a TP of INR 1,390. Aditya Birla Capital was also flagged for the same IRDAI distribution commission overhang despite strong lending and non-lending growth, with HDFC Securities maintaining ADD at a revised TP of INR 421.

Elsewhere in HDFC Securities' coverage, Nocil's Q2 EBITDA and profit beat estimates by 23% and 5% on pricing-led revenue growth, with ADD maintained at INR 201. GAIL's standalone EBITDA rose 101% YoY on strong gas marketing margins, with ADD retained at a revised TP of INR 203. Bank of Baroda's quarter was flattered by a one-off NSE stake sale gain, and the brokerage flagged caution on retail and MSME asset quality alongside an elevated credit-to-deposit ratio, while still reiterating BUY at INR 325. Sun Pharma saw EBITDA grow 14% YoY on 12% sales growth, with HDFC Securities trimming FY27E/28E EPS by 4%/2% and revising its target to INR 2,180, retaining BUY. Brigade Enterprises reaffirmed FY27 presales guidance of INR 90 billion with a large launch pipeline, prompting HDFC Securities to reiterate BUY at INR 940, while Aether Industries' results came in slightly ahead of estimates, with ADD maintained at a target of INR 1,617.