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India Market Recap

Indian equity benchmarks, the Sensex and Nifty 50, ended sharply higher on Monday, November 2, supported by strong buying in Oil & Gas and Metal stocks despite mixed global cues. The BSE Sensex surged 1,233.25 points, or 1.66%, to close at 75,692.78, while the Nifty 50 advanced 387.70 points, or 1.68%, to settle at 23,440.80. The strong rally reflected improved buying interest across key sectors and a recovery in investor sentiment. Market participants will continue to monitor global developments, crude oil prices and geopolitical signals for further direction. On the technical front, Nifty support is placed around 23,200–23,300, while resistance is seen in the 23,550–23,650 range.

US Market Recap

US equities traded mixed on Monday as investors continued rotating away from technology stocks. The Nasdaq Composite declined 1.07%, while the S&P 500 fell 0.51%. In contrast, the Dow Jones Industrial Average advanced approximately 214 points, or 0.41%, reflecting relative resilience in traditional blue-chip stocks. Technology shares faced significant selling pressure following major corporate developments. The divergence between the major US indices reflected continued uncertainty around the sustainability of AI-related spending and its potential returns.

Asian Market Update

Asian markets traded mixed on Tuesday, with South Korean equities coming under pressure following technology-sector losses on Wall Street. South Korea's Kospi declined 3.28% in early trading, while heavyweight Samsung Electronics fell 4.37%. In contrast, Australia's S&P/ASX 200 advanced 0.22%, remaining in positive territory. Hong Kong's Hang Seng index futures stood at 23,535, compared with the previous close of 23,393, indicating a potentially positive opening. Japan's markets remained closed for a public holiday. Regional sentiment was influenced by weakness in US technology stocks, concerns over AI-related investments and developments in global markets.

Commodity Check

Crude oil prices extended their decline on Tuesday, November 3, following a nearly 8% fall in the previous session. Hopes of progress in US–Iran diplomatic negotiations eased concerns over further disruptions to global energy supplies. Brent crude futures were last trading at $104.50 per barrel, down 0.24% during the session, after settling at $104.77 on Monday, marking a 7.6% decline. Meanwhile, US West Texas Intermediate (WTI) crude futures fell 7.4% to settle at $96.46 per barrel, recording their steepest daily decline since July 27. The sell-off followed signals from Washington and Tehran suggesting that a diplomatic resolution to the eight-month conflict could be possible. US President Donald Trump reportedly indicated that Iran wanted to reach a deal, while Iranian President Masoud Pezeshkian expressed willingness to pursue negotiations. Pezeshkian also stated that the government had received additional authority from Supreme Leader Ayatollah Mojtaba Khamenei to advance diplomatic efforts. Iranian Foreign Minister Abbas Araghchi said an agreement with Washington remained possible, provided the US demonstrated goodwill and a genuine commitment to a peaceful resolution.

Stocks In News

One Point One Solutions: Subsidiary One Point One Technology Labs allots 1.6 crore shares to the company through a rights issue; shareholding remains at 62.75%.
NBCC India: Receives two orders worth Rs. 71 crore from OIL and HAL; signs an MoU with the Bihar government for four projects worth Rs. 2,000 crore, with expected redevelopment proceeds of Rs. 5,152 crore.
GRSE: Signs a Rs. 32,000 crore contract with the Indian Navy to construct five next-generation corvettes.
E2E Networks: Launches 'Blaze', a pay-per-token inference service for open AI models.
DCW: To commence a Rs. 40 crore share buyback at Rs. 58 per share on November 3, with the programme running until February 8, 2027.
IMFA: JSW Renew Energy issues 2.6 crore shares worth Rs. 26 crore; IMFA's shareholding in the company stands at 26%.
Nelcast: Plans to increase capacity at its Ponneri plant to 60,000 TPA from 40,000 TPA, effective January 2027.
Sri Lotus Developers: Promoter to sell up to 4.87% stake through an offer for sale (OFS) at a floor price of Rs. 240 per share on November 3–4.
Samvardhana Motherson: Signs an agreement with NTU Singapore to advance magnetic curing technology for manufacturing.
ITC: Approves the amalgamation of its subsidiary, Sproutlife Foods, with the company.
Castrol India: Stonepeak acquires a 51% indirect stake in Castrol India following the completion of bp's sale of its Castrol ownership chain; bp retains a 35% indirect interest through the acquirer.
Sudarshan Chemical: Subsidiary Sudarshan Germany Horizons completes the sale of its 100% stake in VP4 Frankfurt to Celanese US Holdings LLC.
Trident: Approves capex of Rs. 4,650 crore for expansion, including 336 additional looms, 99,840 spindles at Budhni, a Rs. 106 crore yarn manufacturing unit in Madhya Pradesh and a 60 MW hybrid renewable energy project.
Amara Raja Energy & Mobility: Approves capex of Rs. 2,320 crore through its subsidiary to expand battery pack manufacturing capacity, with completion targeted within 30 months.
IIFL Capital Services: FIH Mauritius-led offer receives an extension from SEBI; the open offer will proceed after regulatory clearances.
Tata Communications: Clarifies that it regularly evaluates strategic opportunities but does not comment on market speculation, following reports about a potential sale of STT GDC India at $5.5 billion.
Lupin: Receives USFDA approval for Amifampridine tablets.
Mazagon Dock Shipbuilders: Clarifies reports regarding potential shipyard partnerships, stating that investment and financing options for shipbuilding hubs and clusters, including Dighi and Dugarajapatnam, are under evaluation.
ACME Solar: Commissions 66.68 MW of the solar component of its Bikaner hybrid power project; subsidiary ACME Renewtech has commissioned 200.04 MW of the project's total 300 MW capacity.
Muthoot Finance: GST officials conduct search and seizure operations at the company's office; the company cooperates fully and reports no disruption to business operations.
TVS Holdings: Subsidiary HCIFPL allots 12.55 crore shares at Rs. 38.55 per share; the company will invest Rs. 483.91 crore in its finance subsidiary.
Belrise Industries: Enters into a licensing agreement with Japan's Yamato for manufacturing support across several products.
Sun Pharmaceutical Industries: Clarifies that reported developments concerning its eye-care drug plant occurred in August 2026 and were assessed at the time without being considered material for disclosure.
Ola Electric: Approves the allotment of 37 crore shares at Rs. 16.20 per share.
Bosch: Board to meet on November 6 to consider a stock split and bonus share issue.
Walchandnagar Industries: Appoints Chandra Bhan Yadav as interim CFO.
Lloyds Engineering Works: Plans to invest Rs. 100 crore in its subsidiary, Steel Infra Solutions.

Earnings

Marico Q2 (Consolidated)

Revenue grew 13% YoY to Rs. 3,897 crore from Rs. 3,450 crore,
EBITDA grew 26.6% YoY to Rs. 709 crore from Rs. 560 crore,
EBITDA margin improved to 18.2% from 16.2% YoY,
Net profit grew 31% YoY to Rs. 550 crore from Rs. 420 crore,

Petronet LNG Q2 (Consolidated)

Revenue grew 29.6% QoQ to Rs. 7,202 crore fromn Rs. 5,558 crore.
EBITDA grew 8.3% QoQ to Rs. 1,662 crore from Rs. 1,535 crore.
EBITDA margin declined to 23.1% from 27.6% QoQ.
Profit grew 11.5% QoQ to Rs. 1,235 crore from Rs. 1,108 crore.
To pay an interim dividend of Rs. 7 per share.

KRBL Q2 (Consolidated)

Revenue grew 14.3% YoY to Rs. 1,727 crore from Rs. 1,511 crore.
EBITDA grew 47% YoY to Rs. 332 crore from Rs. 226 crore.
EBITDA margin improved to 19.2% from 15% YoY.
Net profit grew 50.6% YoY to Rs. 259 crore from Rs. 172 crore.

HLE Glascoat Q2 (Consolidated)

Revenue declined 1.1% YoY to Rs. 347 crore from Rs. 351 crore.
EBITDA declined 5.1% YoY to Rs. 37 crore from Rs. 39 crore.
EBITDA margin declined to 10.7% from 11.1% YoY.
Net profit grew 19.2% YoY to Rs. 14.3 crore from Rs. 12 crore.

MOIL Q2 (Consolidated)

Revenue declined 0.5% QoQ to Rs. 369 crore from Rs. 371 crore.
EBITDA declined 19.3% QoQ to Rs. 109 crore from Rs. 135 crore.
EBITDA margin declined to 29.5% from 36.4% QoQ.
Net profit declined 29.5% QoQ to Rs. 62 crore from Rs. 88 crore.
To pay an interim dividend of Rs. 2.20 per share.

Primo Chemicals Q2 (Consolidated)

Revenue remained flat at Rs. 135 crore YoY.
EBITDA declined 56.7% YoY to Rs. 6.5 crore from Rs. 15 crore.
EBITDA margin declined to 4.8% from 11.1% YoY.
Reported a net loss of Rs. 0.4 crore against a profit of Rs. 2.8 crore YoY.

VRL Logistics Q2

Revenue grew 20.7% YoY to Rs. 962 crore from Rs. 797 crore.
EBITDA grew 46.4% YoY to Rs. 221 crore from Rs. 151 crore.
EBITDA margin improved to 23% from 18.9% YoY.
Net profit stood at Rs. 103 crore against Rs. 50 crore YoY.

Wockhardt Q2 (Consolidated)

Revenue grew 23.9% YoY to Rs. 969 crore from Rs. 782 crore.
EBITDA declined 2.8% YoY to Rs. 173 crore from Rs. 178 crore.
EBITDA margin declined to 17.9% from 22.8% YoY.
Net profit grew 1.3% YoY to Rs. 79 crore from Rs. 78 crore.

CONCOR Q2 (Consolidated)

Revenue grew 1% YoY to Rs. 2,379 crore from Rs. 2,355 crore.
EBITDA declined 4.5% YoY to Rs. 550 crore from Rs. 576 crore.
EBITDA margin declined to 23.1% from 24.5% YoY.
Net profit declined 6.9% YoY to Rs. 353 crore from Rs. 379 crore.
To pay a second interim dividend of Rs. 1.90 per share.

Bosch Home Comfort Q2

Revenue grew 16.3% YoY to Rs. 471 crore from Rs. 405 crore.
EBITDA loss stood at Rs. 39 crore against a loss of Rs. 36 crore YoY.
Net loss stood at Rs. 42 crore against a loss of Rs. 40 crore YoY.

ESDS Software Q2 (Consolidated)

Revenue grew 3% QoQ to Rs. 138 crore from Rs. 134 crore.
EBIT declined 0.8% QoQ to Rs. 37.3 crore from Rs. 37.6 crore.
EBIT margin declined to 27% from 28.1% QoQ.
Net profit grew 6.1% QoQ to Rs. 31.1 crore from Rs. 29.3 crore.

Granules India Q2 (Consolidated)

Revenue grew 20.3% YoY to Rs. 1,560 crore from Rs. 1,297 crore.
EBITDA grew 21.6% YoY to Rs. 338 crore from Rs. 278 crore.
EBITDA margin improved to 21.7% from 21.4% YoY.
Net profit grew 38.9% YoY to Rs. 182 crore from Rs. 131 crore.

Fine Organic Q2 (Consolidated)

Revenue grew 22.1% YoY to Rs. 729 crore from Rs. 597 crore.
EBITDA grew 36.5% YoY to Rs. 185 crore from Rs. 135 crore.
EBITDA margin improved to 25.3% from 22.6% YoY.
Net profit grew 39.4% YoY to Rs. 152 crore from Rs. 109 crore.
Raised the investment limit in its arm by Rs. 120 crore to Rs. 420 crore.

Gujarat Narmada Valley Q2 (Consolidated)

Revenue grew 40.9% YoY to Rs. 2,773 crore from Rs. 1,968 crore.
EBITDA grew 6.5% YoY to Rs. 197 crore from Rs. 185 crore.
EBITDA margin declined to 7.1% from 9.4% YoY.
Net profit grew 8.4% YoY to Rs. 194 crore from Rs. 179 crore.

JK Paper Q2 (Consolidated)

Revenue grew 12% YoY to Rs. 1,939 crore from Rs. 1,732 crore.
EBITDA grew 27.5% YoY to Rs. 283 crore from Rs. 222 crore.
EBITDA margin improved to 14.6% from 12.8% YoY.
Net profit grew 37.5% YoY to Rs. 101 crore from Rs. 73.7 crore.

Carborundum Universal Q2 (Consolidated)

Revenue grew 13.2% YoY to Rs. 1,469 crore from Rs. 1,298 crore.
EBITDA grew 17.7% YoY to Rs. 184 crore from Rs. 156 crore.
EBITDA margin improved to 12.5% from 12% YoY.
Net profit declined 83.3% YoY to Rs. 12.5 crore from Rs. 74.5 crore.
Reported a one-time loss of Rs. 80 crore in Q2.

Akums Drugs Q2 (Consolidated)

Revenue grew 31.8% YoY to Rs. 1,342 crore from Rs. 1,018 crore.
EBITDA stood at Rs. 194 crore against Rs. 95 crore YoY.
EBITDA margin improved to 14.5% from 9.3% YoY.
Net profit stood at Rs. 115 crore against Rs. 43 crore YoY.

Borana Weaves Q2

Revenue grew 44.7% YoY to Rs. 138.2 crore from Rs. 95.5 crore.
EBITDA grew 17.1% YoY to Rs. 25.4 crore from Rs. 21.7 crore.
EBITDA margin declined to 18.4% from 22.7% YoY.
Net profit declined 3% YoY to Rs. 16.2 crore from Rs. 16.7 crore.

Trident Q2 (Consolidated)

Revenue declined 3.8% YoY to Rs. 1,719 crore from Rs. 1,787 crore.
EBITDA grew 46.7% YoY to Rs. 314 crore from Rs. 214 crore.
EBITDA margin improved to 18.3% from 12% YoY.
Net profit grew 93.4% YoY to Rs. 176 crore from Rs. 91 crore.
To set up a yarn manufacturing unit in Madhya Pradesh for Rs. 106 crore.
To set up a 60 MW hybrid renewable energy project.

Fusion Finance Q2

Total income grew 12.2% YoY to Rs. 486 crore from Rs. 433 crore.
Net profit stood at Rs. 86.5 crore against a loss of Rs. 22.1 crore YoY.

PTC India Q2 (Consolidated)

Revenue grew 6.5% YoY to Rs. 5,812 crore from Rs. 5,459 crore.
EBITDA declined 48.2% YoY to Rs. 142.7 crore from Rs. 275.3 crore.
EBITDA margin declined to 2.5% from 5% YoY.
Net profit declined 24.8% YoY to Rs. 143.7 crore from Rs. 191 crore.

Rupa & Company Q2 (Consolidated)

Revenue grew 0.1% YoY to Rs. 320.4 crore from Rs. 320.2 crore.
EBITDA grew 16.3% YoY to Rs. 25.9 crore from Rs. 22.3 crore.
EBITDA margin improved to 8.1% from 7% YoY.
Net profit grew 17.9% YoY to Rs. 17.1 crore from Rs. 14.5 crore.

TBO Tek Q2 (Consolidated)

Revenue grew 52.5% YoY to Rs. 865.6 crore from Rs. 567.5 crore.
EBITDA grew 54.1% YoY to Rs. 135.6 crore from Rs. 88 crore.
EBITDA margin improved to 15.7% from 15.5% YoY.
Net profit grew 12.6% YoY to Rs. 76 crore from Rs. 67.5 crore.

GSFC Q2 (Consolidated)

Revenue grew 48.7% YoY to Rs. 4,741 crore from Rs. 3,187 crore.
EBITDA declined 58.5% YoY to Rs. 140 crore from Rs. 337 crore.
EBITDA margin declined to 2.9% from 10.6% YoY.
Net profit declined 38.3% YoY to Rs. 200 crore from Rs. 324 crore.

Gopal Snacks Q2

Revenue grew 22.9% YoY to Rs. 462 crore from Rs. 376 crore.
EBITDA grew 66.8% YoY to Rs. 41.7 crore from Rs. 25 crore.
EBITDA margin improved to 9% from 6.6% YoY.
Net profit grew 76.9% YoY to Rs. 46 crore from Rs. 26 crore.
One-time gain stood at Rs. 35 crore against Rs. 22 crore YoY.

Thomas Cook Q2

Revenue declined 6.3% YoY to Rs. 1,944 crore from Rs. 2,074 crore.
EBITDA declined 13.9% YoY to Rs. 93 crore from Rs. 108 crore.
EBITDA margin declined to 4.8% from 5.2% YoY.
Net profit declined 21.2% YoY to Rs. 52 crore from Rs. 66 crore.

Arvind Fashions Q2 (Consolidated)

Revenue grew 10% YoY to Rs. 1,559 crore from Rs. 1,418 crore.
EBITDA grew 15.5% YoY to Rs. 216 crore from Rs. 187 crore.
EBITDA margin improved to 13.9% from 13.2% YoY.
Net profit grew 29.4% YoY to Rs. 48.5 crore from Rs. 37.5 crore.

ITC Q2

Revenue grew 1.8% YoY to Rs. 18,401 crore from Rs. 18,081 crore, beating the estimate of Rs. 17,520 crore.
EBITDA declined 17.5% YoY to Rs. 5,160 crore from Rs. 6,251 crore, against the estimate of Rs. 5,021 crore.
EBITDA margin declined to 28% from 34.6% YoY, against the estimate of 28.7%.
Net profit declined 20.1% YoY to Rs. 4,137 crore from Rs. 5,176 crore, against the estimate of Rs. 4,129 crore.