December 11, 2025

TOP NEWS

Ashoka Buildcon : Adani-Ashoka-Aakshaya (a joint venture in which Adani Road Transport Limited holds 51% as lead member, Ashoka Buildcon holds 26%, and Aakshaya Infra Projects holds 23%) has received a Letter of Acceptance for the Mithi River Development and Pollution Control Project worth Rs 1,815.79 crore from the BMC.

Lloyd metal and Energy: Subsidiary Lloyds Global Resources FZCO will acquire a 50 per cent stake in Nexus Holdco FZCO for up to $55 million. Nexus owns majority stakes in Surya Mines SARL and eight other DRC-based firms with mining concessions and a copper plant. The Board also approved a non-binding MoU with Tata Steel to explore collaboration across mining, logistics, pellets and steelmaking. Positive

TCS: Announced that its Board has approved and executed a Securities Purchase Agreement to acquire 100% of Coastal Cloud Holdings, LLC and its subsidiaries, a leading US-based Salesforce Summit partner. Coastal Cloud specializes in Salesforce consulting, implementation, and managed services across multiple clouds, with strong expertise in AI, Agentforce, Data Cloud, and related technologies. It reported consolidated turnover of USD 132 million for FY24 and USD 141 million for the last twelve months ending September 2025, and employs nearly 400 Salesforce-certified professionals. The acquisition is an all-cash deal with an enterprise value of up to USD 700 million (including upfront and deferred payments, excluding customary adjustments). The transaction is expected to close by January 31, 2026, subject to regulatory approvals (including HSR antitrust clearance in the US).

Life Insurance Corporation of India: The Corporation has received a notice from the Deputy Commissioner of State Tax, Mumbai, demanding GST of Rs 2,370.34 crore, including interest and penalty, for financial years 2021–22 to 2023–24. The financial impact corresponds to the GST, interest, and penalty demanded. Negative for the stock

Fineotex Chemicals: Company acquires US-based CrudeChem Technologies to scale global oilfield chemicals play. CrudeChem makes eco-friendly oilfield chemical solutions for top energy producers , backed by labs & plants across Texas, serves $11.5B North America market.  Fineotex aims to build a $200M oilfield chemicals business over coming years.  Deal expands reach beyond textile/water to upstream, midstream, refining & ESG. Positive

Tata Steel: The Board cleared a 4.8 MTPA Phase 1 expansion at Neelachal Ispat Nigam (NINL) to strengthen its long-products portfolio. It also approved a 0.7 MTPA HRPGL line at Tarapur and the acquisition of a 50.01 per cent stake in Thriveni Pellets. Positive

Cipla: Launches Yurpeak® in India for Diabetes & Obesity Treatment. Priced the same as Mounjaro®, another tirzepatide brand by Lilly. - Nationwide expansion planned, including non-metro regions, leveraging Cipla’s distribution network.

Mazagon Dock Shipbuilders : The company has signed an MoU with the Brazilian Navy and the Indian Navy to collaborate on maintenance of Scorpène-class submarines and other military vessels. The partnership covers cooperation in procurement, sharing defence industry experience, and joint work in research, development, and technological innovation. Positive

Prestige Estates: The company's subsidiaries have acquired partnership interest in Bharatnagar Buildcon LLP, giving the group a 66.93% indirect stake.The acquisition was completed on December 10, 2025, through a Rs 938.75 crore capital infusion for business consolidation. Bharatnagar Buildcon LLP is a small real estate entity with minimal turnover, and the deal is not a related-party transaction. Positive

Lemon Tree Hotels: The company has signed two License Agreements viz. Lemon Tree Resort, Bapatla, Andhra Pradesh and Lemon Tree Hotel, Bhilai, Chhattisgarh. Both the properties shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of LTHL. Lemon Tree Resort, Bapatla, Andhra Pradesh will feature 90 well-appointed rooms, a restaurant, a bar, a banquet, a meeting room, a swimming pool, a spa and a fitness center. Lemon Tree Hotel, Bhilai, Chhattisgarh will feature 72 well-appointed rooms, a restaurant, a banquet, a meeting room, a swimming pool and a spa. Positive.

Chalet Hotels: The company has entered into (i) Share Subscription and Shareholders’ Agreement with Pro-zeal Green Power Fourteen Private Limited and Prozeal Green Power Private Limited and (ii) Power Purchase Agreement with Pro-zeal Green Power Fourteen Private Limited in respect of acquisition of 26% of the Equity Shares of Pro-zeal Green Power Fourteen Private Limited for a consideration of Rs. 26,000 in connection with setting up of Solar Power Plant in Maharashtra. Positive

Avenue Supermarts: The company has opened a new store at Kovilpatti, Thoothukudi (Tamil Nadu). The total number of stores as on date stands at 440. Positive.

MACRO WRAPUP

·         The DJIA, the S&P500, and the Nasdaq Composite Index rose 1.1%, 0.7%, and 0.3% respectively. The Eurostoxx 50 dipped 0.2%. The Dollar Index fell 0.4% to 98.79 and EUR-USD rose 70 pips to just under 1.1700.

• The US 2Y yield fell nearly 8bp to 3.54% and the 10Y yield fell 4bp to 4.15%. The German 10Y yield closed flat at 2.85% and the UK 10Yyield was also unchanged at 4.51%. Brent crude oil prices rose 0.4% to USD62.21 and gold rose 0.5% to USD4,229.
• FOMC Review: The FOMC made a 25 bps cut to the target range for the federal funds rate to 3.50-3.75% from 3.75-4.00%. The median rate projections were unchanged from September, so the FOMC still expects one rate cut of 25 bps in 2026 and another in 2027.
• As far as economic projections were concerned, the Fed raised its collective view of GDP growth for 2026, raising its September projection up by half a percentage point, to 2.3%. The Fed continues to expect inflation to hold above its 2% target until 2028. Unemployment rate is projected to ease from 4.5% end-2025 to 4.4% by 2026. Neutral for broader markets
• China’s PPI remained in deflation for the 38th straight month since October 2022. It fell 2.2% yoy in November vs -2.1% previously. This reflects the ongoing oversupply amid domestic demand weakness and overcapacity in many industries. CPI inflation picked up to 0.7% yoy in November, the same as the Bloomberg consensus, vs 0.2% in October.  Sentimentally negative for Industrial commodities

INVESTMENT CALL

Stock update: Divis Laboratories Ltd. - Strong growth prospects warrant premium valuation

Reco: Buy                  Reco. Price: Rs. 6,287                 Price Target: Rs. 7,375

• We upgrade our rating on Divis to Buy, roll over the valuation to FY28E and value the stock at 51 on FY28E EPS of Rs. 144.6 and arrive at a PT of Rs. 7,375.
• Strong Q2FY26 performance, with custom synthesis segment contributing 56% of the product mix
• Excellent track record with regulatory approvals, majority sales from regulated markets provide confidence.
• Robust balance sheet and continued improvement in performance warrants premium valuations.

Valuation (Consolidated)                                                                              Rs. crore

OTHER NEWS

State Bank of India and Bank of Baroda: Both the banks have received approval from the Reserve Bank of India (RBI) to establish a Section 8 Company under the Companies Act for the Digital Payments Intelligence Platform. The approval is subject to the exemption granted by the Department of Financial Services.

Sagility: Received an income tax assessment order for AY 2022–23 with a tax demand of Rs 351.3 million. The demand arises from transfer pricing and other adjustments of Rs 1,079.9 million made by the Income Tax Department. The company will appeal the order and believes it will not have any material financial or operational impact.

DCM Shriram and Bayer CropScience: signed an MoU to collaborate on advancing sustainable, technology-driven agriculture in India. The partnership will explore joint work in agri-inputs, seeds, biologicals, digital advisory tools, sustainable farming practices, soil health, carbon projects, and value-chain development, with the aim of strengthening farmer organisations and promoting future-ready agriculture.

Heritage Foods : The company has updated that its planned acquisition of a 51% stake in Peanutbutter and Jelly Pvt Ltd is still in process. The transfer of shares and related agreements are expected to be completed within the next 30 days, and the company will provide further updates as the transaction progresses.