Research notes

The report lists NAVINFLUOR under long build-up in the market monitor section.

The report states Afϐle 3i will acquire Israeli advertising technology firm Perion Network for approximately $420 million in an all-cash deal.

The report states Gulf Oil Lubricants plans to re-enter the US and Mexican markets in 2027 and is exploring acquisitions, targeting a potential global listing within three to five years.

The report notes Coal India recorded its highest-ever monthly coal supply of 70.3 million tonnes in October, up 19% year-on-year.

The report states Dixon Technologies faces near-term margin pressure from higher memory prices and mobile production costs, despite strong revenue growth and market-share gains.

The report notes Muthoot Finance's Stage-3 gold loan assets rose to 3.87% in September from 2.25% a year earlier, driven by short-tenure loans and monthly EMIs.

The report states that IOCL's 2QFY27 EBITDA of INR303b and PAT of INR216b beat estimates due to better-than-estimated marketing performance, but cuts FY27 EBITDA estimate to INR412b from INR576b on expected marketing margin pressure ahead of state elections, and reiterates a Neutral rating with a target price of INR135 based on 4.5x Dec'27 EBITDA plus investment value.

The report states Reliance Industries expanded fuel exports to new territories amid Middle East disruptions, capturing higher refining margins through flexible crude sourcing.

The report states SEBI barred EKI Energy Services for two months and its MD for 12 months over revenue misstatements of ₹197.04 crore and fund diversion of ₹26.34 crore, with total penalties of ₹88 lakh.

The report states SEBI imposed a ₹1 crore penalty on CDSL for operational and regulatory lapses including pledge rejection communication flaws and cybersecurity control issues.

The report states Vedant Poly Fabs' SME IPO opens for subscription from November 2 to November 4, seeking to raise ₹56.68 crore at a price band of ₹88–₹94 per share.

The report says Q2 EBITDA/APAT were 23%/5% above estimates on pricing-led revenue growth, and maintains ADD with a target price of INR 201.

The report says V-Guard revenue grew 38% YoY with EBITDA/APAT up 54%/71%, upgrades FY27-29E estimates, maintains BUY with a revised TP of INR 430/sh, and adds the stock to its top picks list.

The report says BEL reaffirmed its FY27 presales guidance of INR 90bn and a sizeable launch pipeline, and reiterates BUY with a TP of INR 940/sh.

The report says AIL's growth will be led by ramp-up in exclusive manufacturing and new capacity commissioning, with EBITDA/APAT 2/5% above estimates, and maintains ADD with a target price of INR 1,617.

The report says PBFINTECH posted 35% YoY core revenue growth and 46% YoY PAT growth, downgrades FY28 revenue estimate by ~15% on IRDAI commission reset risk, and maintains BUY with a TP of INR1,390.

The report says ABCAP sustained strong growth across lending and non-lending businesses, flags IRDAI distribution commission guidelines as an overhang, and maintains ADD with a revised SOTP-based TP of INR 421.

The report says Q2FY27 standalone EBITDA rose 101% YoY driven by strong NG marketing margins, and maintains ADD with a revised target price of INR 203.

The report says Q2FY27 earnings were flattered by a one-off NSE stake sale gain, flags caution on retail/MSME asset quality and elevated credit-to-deposit ratio, and reiterates BUY with a revised TP of INR325.

The report says EBITDA grew 14% YoY on 12% sales growth, retains BUY and cuts FY27E/28E EPS by 4%/2% while revising target price to INR 2,180.

The report notes Adani Airport Holdings and IHCL signed an agreement to develop eight airport-linked hotels with over 2,000 rooms across four cities.

The report notes IHCL and Adani Airport Holdings signed an agreement to develop eight airport-linked hotels with over 2,000 rooms across four cities.

The report notes ACME Solar signed a 25-year PPA with NTPC for a 400 MW renewable energy project, strengthening long-term revenue visibility.

The report notes Afcons Infrastructure was awarded two EPC contracts in Uttar Pradesh worth a combined nearly Rs 3,469 crore.

The report lists Eicher Motors among the day's top losers, down 0.85-1.79%.