November 19, 2025

TOP NEWS

Azad Engineering: signed an agreement with Pratt & Whitney Canada Corporation to develop and make aircraft engine components. The agreement establishes a framework for long-term collaboration aimed at strengthening Azad's manufacturing capabilities in the aerospace sector. Positive

KEC International: company has been excluded from participating in the tenders and from receiving contract awards for nine months, starting November 18.  Power Grid Corp's action is related to an alleged transgression of contractual provisions tied to a matter that was previously communicated to the exchanges on March 24 this year. It said the restriction would not affect any of the existing Power Grid Corp projects that are currently under execution. Company informed that t is examining various options, including legal recourse, and approaching Power Grid Corp to reconsider its decision. Negative

Punjab National Bank: Moody's Rating Agency has upgraded Punjab National Bank's (PNB) Baseline Credit Assessment (BCA) and Adjusted Baseline Credit Assessment by one notch. The bank's Counterparty Risk Rating and Bank Deposits rating have been upgraded to Baa3/P-3, while its Baseline Credit Assessment is now ba1. The outlook for these ratings remains stable. This upgrade is part of Moody's adoption of a new methodology for bank ratings globally and suggests an improvement in PNB's standalone financial strength and enhanced creditworthiness. Positive for the Bank

LTIMindtree Ltd - LTIMindtree Strengthens Relationship with Microsoft to Accelerate Microsoft Azure Adoption and Drive AI-Powered Transformation

Tata Consultancy Services | TCS has won a five-year deal to modernise core business systems and cloud infrastructure for the UK’s National Health Service (NHS). According to an NHS statement shared by TCS with stock exchanges, the two will work together to strengthen healthcare supply chains using cloud and AI tools to improve the delivery of critical products and services. TCS will deploy cloud- and AI-enabled solutions to upgrade NHS Supply Chain’s IT systems and boost efficiency. Positive

Bank of Baroda: Moody’s rating has affirmed Baa3 rating of Bank of Baroda (BOB) and upgraded the Baseline Credit Assessments (BCAs) of the Bank by one notch to ba1. The upgrade of BOB's BCA and adjusted BCA reflects the updated ratio definition, improvements in its asset quality and capitalization. Positive for the bank

Escorts Kubota: The agricultural and construction equipment maker has introduced its third-generation Ride-On Rice Transplanters—KA6 and KA8—under the Kubota brand across seven states: Tamil Nadu, Punjab, Odisha, Madhya Pradesh, Andhra Pradesh, Kerala, and Telangana, where demand for mechanized paddy solutions is rising. Positive for the company

Macro Wrap

·         Indian Inc:  India’s October trade deficit widened to USD4.2bn (Bloomberg consensus: USD3bn) vs USD3.2bn in September. October exports declined 11.8% yoy vs 6.8% growth in September, marking the deepest contraction since August 2024. This was driven by weaker shipments to the US, and high base effects last year when exports rose 16.6%. Meanwhile, imports rose 16.6% yoy vs 16.7% in September. This marked the largest trade deficit recorded. It was driven by weaker exports due to the higher US tariffs, and increased imports due to the GST 2.0 reform and Diwali related demand. negative for Indian rupee.

• India's Machinery exports, which make up 28% of total exports, contracted 16.7% yoy vs 2.9% expansion in September, while jewellery shipments fell 29.5% vs 0.4% growth previously. On the other hand, electronic exports, which are exempted from the US tariffs, rose 19.1% vs 50.5%, By destination, shipments to the US declined 8.6% yoy vs -11.9% in September , On a positive note, exports to China rose 42.4% vs 32.0% in September, driven by a warming of relations which has also led to the reopening of overland trade.
• The DJIA, the S&P500, and the Nasdaq Composite Index fell 1.1%, 0.8%, and 1.2% respectively. The Eurostoxx 50 dropped 1.9%. The Dollar Index was unchanged at 99.55. EUR-USD edged down 10 pips to 1.1580. The US 2Y yield fell 4bp to 3.57% and the 10Y yield dropped 2.5bp to 4.11%. The German 10Y yield was little changed at 2.71%. The UK 10Y yield rose 2bp to 4.55%. Brent crude oil prices rose 1% to USD64.83. Gold rose 0.6% to USD4,067.
• US Weekly ADP data showed that US companies shed 2.5k jobs per week in October, indicating that the pace of employment losses appears to be slowing into November. President Donald Trump’s approval rating has dropped to 38%, the lowest since he returned to office, as Americans express dissatisfaction with his handling of high living costs and the investigation into the late Jeffrey Epstein. Positive for Gold.

·         The US Labor Department's website revealed 232,000 new unemployment claims for the week ending October 18. Due to a technical issue, this data was released early. Remaining jobless claims data from the shutdown will be posted by Thursday's end.

INVESTMENT CALLS

Viewpoint: V2 Retail (Consolidated) result update – Robust Q2; growth momentum to sustain

View: Positive                 Reco. Price: Rs. 2,325                Price Target: Rs. 2,810

• V2 Retail’s (V2Rs) Q2FY26 numbers were robust, with revenues rising 87% y-o-y, EBITDA margin up 336 bps y-o-y, driving sharp rise in PAT to Rs. 17 crore versus loss of Rs. 2 crore in Q2FY25.
• V2R guided for 130 store additions in FY26 and 150 in FY27. It aspires is to be a pan-India player in 2-3 years.
• Out of the QIP proceeds of Rs. 400 crore, Rs. 135 crore to be used repay the debt, Rs. 165 crore for working capital and Rs. 100 crore for general corporate purposes.
• Stock trades at 21x/15x/11x its FY26E/FY27E/FY28E EV/EBIDTA, respectively. We stay Positive with a revised PT of Rs. 2,810.

Valuation (Consolidated)                                                               Rs. crore

OTHER NEWS

NSDL: The company has received a warning letter from SEBI for non-compliance in relation to a few instances where disclosures by directors or committee members to MIIs were made later than 15 days after dealing in securities. No major impact

Choice International: Through its subsidiary, Choice Consultancy Services, the company has acquired 100% shareholding in Ayoleeza Consultants, which currently manages live orders exceeding Rs 200 crore along with its partners. The development is positive for the company. However, the stock price has already given run up in the last 6-8 months