November 12, 2026

TOP NEWS

War update: Tensions between Washington and Tehran remain high as both sides maintain firm positions on sanctions, military preparedness and the conditions for a possible agreement. Rubio has said US economic pressure on Iran will intensify, with the country's oil revenues expected to decline further as restrictions tighten. Iran has rejected Washington's position and warned that it would respond swiftly to any military threat. The Islamic Revolutionary Guard Corps has displayed what it described as an underground missile city, while Iranian officials have denied reports of a planned meeting with US Vice President JD Vance. Separately, Tehran has said there are no ongoing negotiations with Washington and continues to demand that the US address its conditions before talks can resume. Oil prices hovered around $92/barrel. Asian markets are trading in a positive sentiment in the range of 1-2%. Gift nifty indicates positivity of 37 points on bourses. Indian markets has given a return of more than 10% starting from November and overall buying from FII’s have been around 60-70k crore .

Triveni Turbine (-ve): Revenues for Q2FY27 degrew by 3% to Rs 491 crore missing our estimates. Operating profit were down by 44% to Rs 64 crore. Margins were down by 969 bps on account of lower gross margins. Exports sales were lower by 47% yoy led the revenue to decline. Domestic business was up by 52%. Order booking was up 17% yoy to Rs 764 crore.  Export order booking grew 49.8% Y-o-Y to 368 crore from Rs 246 crore in Q2 FY26 and accounted for 48.1% of total order booking as against 37.6% in Q2FY26. The Company is confident of its new product and technology introductions, which in turn provide visibility for healthy growth in the years to come.

ITC: The company has raised the retail price of its Gold Flake Regular Size Filter Tips (RSFT), 69 mm cigarette pack by ₹10 to ₹135 from ₹125. This marks the second price increase for the brand in 2026, following a ₹30 hike in February that took the pack's price from ₹95 to ₹125. Gold Flake RSFT is a key product in ITC's cigarette business, accounting for around 30-35% of the company's total cigarette volumes, according to analysts. Its contribution to profits is understood to be even higher, making pricing decisions for the segment particularly important to ITC's overall cigarette business.

Mishra Dhatu Nigam (MIDHANI): Company have posted a strong set of financial results for the second quarter of FY27, with net profit more than doubling year-on-year (YoY), supported by robust revenue growth and improved operating performance. Reported strong Q2FY27 performance, with revenue increasing 40.1% YoY to Rs. 306.2 crore, while sales grew 37.8% to Rs. 286.3 crore. Net profit surged 114.8% to Rs. 27.8 crore compared with Rs. 13 crore in Q2FY26. For H1FY27, revenue increased 40.2% to Rs. 555.7 crore, sales grew 36.5% to Rs. 513.8 crore and net profit rose 70.9% to Rs. 44.3 crore. For Q2FY27, the company reported sales was INR 2,863.04 million compared to INR 2,077.62 million a year ago.

DCX systems: Consol loss reduced to Rs 26 lakhs vs Rs 9 crore loss in Q2FY26. Revenue drops 27.3% to Rs 140.2 crore Vs Rs 192.9 crore. Consolidated order book stands at ₹2,984 crore as of FY26, indicating robust positioning in radar and electronic warfare systems.

BPCL (+ve) : Crude trading around $92/bbl, a drop in crude oil lowers BPCL’s biggest input cost, and pump prices are often kept unchanged, so its margin on every litre of petrol and diesel it sells widens.

HDFC Life: HDFC Life Insurance reported a 17.84 per cent increase in NBP to ₹3,333.6 crore, while Axis Max Life Insurance recorded 16.91 per cent growth to ₹1,130.13 crore. Life insurers' new business premium rises 26% to ₹42,914 cr in October: Life insurers’ new business premium (NBP) grew 26.2 per cent year-on-year (Y-o-Y) to ₹42,914 crore in October 2026, supported by strong premium mobilisation by both state-owned Life Insurance Corporation of India (LIC) and private insurers. In October last year, the industry’s new business premium had grown 12.5 per cent. According to data released by the Life Insurance Council, private life insurers reported a 19.45 per cent Y-o-Y increase in NBP to ₹17,598.82 crore, while LIC posted stronger growth of 31.35 per cent to ₹25,315.52 crore, taking the industry’s overall premium mobilisation to ₹42,914.34 crore. NBP refers to the premium received by an insurer from policies sold and issued for the first time during a particular reporting period. Among the larger private insurers, ICICI Prudential Life Insurance reported the highest growth of 37.46 per cent, with NBP rising to ₹2,437.44 crore. Aditya Birla Sun Life Insurance followed with a 20.05 per cent increase to ₹1,347.8 crore, while Bajaj Life Insurance posted a 19.36 per cent rise to ₹1,355.19 crore. SBI Life Insurance, the largest private-sector life insurer, posted an 11.65 per cent increase to ₹3,556 crore. The industry’s growth momentum was also reflected in the cumulative numbers for the first seven months of FY27. NBP rose 21.39 per cent Y-o-Y to ₹2.89 trillion during April-October, compared with ₹2.38 trillion in the corresponding period of the previous financial year. Private insurers continued to marginally outperform LIC on a cumulative basis, with their NBP rising 22.04 per cent to ₹1.19 trillion. LIC reported a 20.94 per cent increase to ₹1.70 trillion during the period. Positive for ICICI Prudential, LIC, HDFC life

INVESTMENT CALL

First cut: Triveni Turbine Q2FY2027 (Consolidated) results – Weak quarter but order inflows remained strong

·         Revenues for Q2FY27 degrew by 3% to Rs 491 crore missing our estimates. Operating profit were down by 44% to Rs 64 crore. Margins were down by 969 bps on account of lower gross margins. Exports sales were lower by 47% yoy led the revenue to decline. Domestic business was up by 52%.

·         Order booking was up 17% yoy to Rs 764 crore.  Export order booking grew 49.8% Y-o-Y to 368 crore from Rs 246 crore in Q2 FY26 and accounted for 48.1% of total order booking as against 37.6% in Q2FY26.

·         The Company is confident of its new product and technology introductions, which in turn provide visibility for healthy growth in the years to come..

·         View: Triveni Turbine Q2FY27 had a weak quarter. We shall review our earnings estimates and come out with a detailed note post the conference call. Currently we have a Buy rating on the stock.

Results (consolidated)                                                                                             Rs crore

OTHER NEWS

Hindustan Copper Ltd: Revenue from operations jumped 25.4% to Rs 1,175 crore for the quarter ended on September 30, 2026 from Rs 937 crore in the last quarter, according to an exchange filing on Wednesday. Operations improved, with Earnings before interest, taxes, depreciation, and amortisation up 38.4% at Rs 703 crore for the quarter under review from Rs 508 in Q1FY27. EBITDA margin expanded to 59.9% quarter on quarter from 54.2%.  Company reported a 179% year-on-year increase in standalone net profit for the September quarter of FY27, as higher sales volumes and metal prices boosted earnings. The state-owned company's net profit rose 47.3% to Rs 520 crore in the second quarter of current fiscal from Rs 353 crore in the previous quarter.

Lalithaa Jewellery Mart on Wednesday reported a 4.5% growth in net profit for the quarter ended September 30, 2026, at ₹253 crore. Revenue for the quarter grew 7.5 per cent year-on-year (y-oy) and stood at ₹7,020 crore.

Bajaj Finance shares in focus after launching Rs. 11,700 crore QIP: Shares of Bajaj Finance Ltd. will be in focus on Thursday, November 12, after the company launched a qualified institutional placement (QIP) worth up to ₹11,700 crore to raise fresh capital from institutional investors.The company has fixed the floor price for the issue at ₹992.25 per share. The indicative issue price is ₹1,025 per share, representing a discount of around 5% to the prevailing market price, according to CNBC-TV18. The latest development confirms an earlier CNBC-TV18 report that Bajaj Finance was considering a QIP of up to ₹11,700 crore as part of its broader ₹17,500 crore fundraising plan. The proposed fundraise also includes the issuance of warrants worth up to ₹5,800 crore to its holding company, Bajaj Finserv.