December 01, 2025

TOP NEWS

Godrej Properties : The company has emerged as the highest bidder for a ~5-acre land parcel in Neopolis, Kokapet through an HMDA e-auction. The planned premium residential project will offer ~2.5 million sq. ft. of saleable area with an estimated revenue potential of ~Rs. 4,150 crore. This strengthens GPL’s expansion in Hyderabad, following recent land buys and strong sales momentum in the city. Positive

NCC: After receiving a major order worth Rs. 2,062.71 crore, NCC has secured three additional orders totalling Rs. 530.72 crore in November 2025. These include Rs. 321.18 crore for the Buildings Division, Rs. 129.77 crore for the Water Division, and Rs. 79.77 crore for the Transportation Division. All orders are part of routine business, with no related-party involvement. Positive

Tega industries: Announced definitive agreement with an affiliate of funds managed by American Industrial Partners (AIP) to acquire Molycop, a leading global supplier of grinding media for the mining industry for an enterprise value of Rs 1.45 Bn (Rs 12,955 crore). With this acquisition Tega Ind becomes leading global mining consumables powerhouse with 26 plants worldwide. Post-closure, Tega will gain wider customer access across 400+ mines in 40 countries. Positive

Waaree Energies: Secured a new order to supply 140MW of solar modules. The order comes from a renowned customer actively involved in owning, developing, and operating renewable power projects within India. Positive.

Lupin : US Food and Drug Administration (USFDA) has approved an injection for treatment of cancer patients. The product will be manufactured at Lupin's biotech facility in Pune, which was inspected by the USFDA prior to approval, it added. Positive

Sterling Wilson: Company has signed a 5-year Strategic Partnership Framework Agreement, and received its first PO from Adani Green Energy Limited. This prestigious order is for a Balance of System (BOS) package for three Solar Power Projects at one of the World’s largest RE projects at Khavda Renewable Energy Park, Gujarat. This order involves supply of goods and onsite services with total order valued at approximately INR 1,381 crore excluding taxes. Positive

Brigade Group: The company has signed a Joint Development Agreement to launch a premium residential project on ~3 acres in Begumpet, Hyderabad. The project has a development potential of ~0.5 million sq. ft. and an estimated revenue potential of over ₹800 crore. Located in a prime, well-connected area, the project will offer modern homes with strong access to business hubs and social infrastructure. Brigade said Hyderabad remains a key growth market and this project strengthens its presence in the city. Positive

MACRO OUTLOOK

Macro Update: India’s GDP at 8.2%, reaffirms strong domestic growth momentum amid geopolitical headwinds

• India’s GDP accelerated sharply, growing at 8.2% in Q2FY26 (versus 5.6% in Q2FY25 and 7.8% in Q1FY26), standing at a six-quarter high. Markets likely to react constructively.
• Growth was primarily driven by the manufacturing and services sectors, supported by robust rural demand, increased government spending, early export shipments and pre-festive buying.
• A high H1 GDP print would drive the full-year the number to ~7% leading to India attaining “fastest growing” tag among global peers.
• Private consumption strengthened to 7.9%, indicating healthier demand.
• Strong momentum to positively influence equities, favouring sectors such as consumption, manufacturing, NBFCs, PSUs, auto, and real estate.

Outlook: The 8.2% GDP growth in Q2FY26 and 8.0% for H1FY26 decisively anchors a high-growth trajectory and firmly suggests an upward revision for the full fiscal consensus forecast. Momentum is fundamentally driven by robust domestic consumption, actively strengthened by progressive fiscal measures like adjusted tax brackets and GST rate reductions. Complemented by supportive monetary policy and a healthy financial system—evidenced by 11.4% credit growth in November 2025 (fortnightly) the economy is primed for expansion. Benign inflation also bodes well for lowering of key policy rates by the RBI. Strong GDP growth is expected to translate into strong corporate performances, ensuring a positive outlook for the stock market, especially for sectors sensitive to domestic demand such as consumption, automobiles, and the rural economy. Overall, the GDP print supports the medium-term equity narrative: corporate earnings remain backed by real activity rather than sentiment, and the investment cycle is expanding rather than peaking.

INVESTMENT CALL

REC Ltd - Healthy return ratios with attractive valuation

Reco/View: Positive, CMP: Rs. 362, PT: Rs. 450

• Management guided for an 11-12% AUM growth for FY26 despite a muted H1FY26. Strong pipeline of sanctions stood at Rs. ~1.5 lakh crore as of Sept-2025.
• AUM to reach Rs. ~8 lakh crore, translating an AUM CAGR of 12.3% over FY25-FY28 driven by investment in the renewable energy space.
• GS-3 and NS-3 reduced significantly over the last five years, at 1.06% and 0.24% as of Sept25, expected to reduce further in FY26. Hence, benign credit cost.
• We maintain a positive view on REC and revise PT to Rs. 450. Valuation is attractive, given an 18-20% RoE trajectory with a ~5% dividend yield

Valuation (Standalone)                                                                                 Rs. crore

OTHER NEWS

HDFC Bank: The Reserve Bank of India (RBI) has imposed a penalty of Rs 91 lakh on the bank. The regulator stated that the bank violated certain rules under the Banking Regulation Act, including issues related to interest-rate guidelines, outsourcing practices, and Know Your Customer (KYC) norms.

Billionbrains Garage Ventures: the parent company of investment platform Groww, invested Rs 104.47 crore in its subsidiary Finwizard Technology Private (FTPL). The fund infusion happened through a rights issue and is part of commitments made in a Share Purchase Agreement (SPA) signed earlier. FTPL has already received all required regulatory approvals for this issuance

ICICI Bank: The bank has allotted 3,945 non-convertible debentures (NCDs), each bearing a face value of Rs 1 crore, aggregating to Rs 3,945 crore for cash, on a private placement basis to identified investors. These bonds are unsecured subordinate tier-2 basel-III compliant. The bonds are rated CARE AAA; Stable by CARE Ratings and ICRA AAA (Stable) by ICRA.

Banking:  The Reserve Bank of India has done a major overhaul by consolidating circulars issued over seven decades of instructions into 244 master directions tailored to 11 categories of regulated entities. The exercise has eliminated 9,446 circulars, some dating back to 1944, replacing a dense and scattered web of rules with a single, continuous reference framework. RBI intends to reduce the compliance burden for banks and other regulated entities.

Banking: As per latest RBI fortnightly data the credit growth for banks was seen at 11.4% while deposits growth was at 9.5%. The outstanding bank credit as on November 14 stood at Rs 194 lakh crore while outstanding deposits were at Rs 241 lakh crore. Retail loans were up 14% YoY in which gold loans saw sharp surge. Industry segment witnessed 10% YoY growth while loans to services segment saw an uptick of 13% YoY as per sectoral deployment data by RBI for October 2025.

Mumbai Property Registrations for November: Property registrations in Mumbai jumped 20% YoY to 12,219 units in November, the highest for the month since 2013, according to Knight Frank. Stamp duty collections rose 12% to Rs. 1,038 crore. Residential transactions dominated, making up around 80% of all registrations.

Lenskart : The company reported an almost 20 percent year-on-year (YoY0 increase in its net profit to Rs 103.5 crore in the second quarter (Q2) of financial year 2025-26 (FY26), compared to Rs 86.3 crore in the same period a year ago. Lenskart’s consolidated segment data shows that India continued to drive the bulk of the company’s business, contributing Rs 1,230.6 crore in Q2 FY26, up from Rs 1,169.2 crore in Q1 and Rs 1,088.8 crore a year ago. Its international segment posted revenue of Rs 879.6 crore, compared to Rs 736.5 crore in the previous quarter and Rs 658.3 crore in Q2 FY25.