December 08, 2025

TOP NEWS

HFCL : The company has secured export orders worth ~USD 72.96 million (approx. Rs. 656 crore) for the supply of optical fiber cables to a major international customer through its overseas subsidiary. The order, to be executed by November 2026, reinforces global confidence in HFCL’s manufacturing and technological capabilities. Positive

Fino payment bank: The bank received RBI's in principal approval for Small finance bank. Fino Payments Bank had applied for small finance bank license in October-December 2023. After RBI's approval, Fino Payments Bank plans to introduce three lending products, including individual loans under Rs 50,000 and secured lending towards micro, small and medium enterprise. Positive

Cochin Shipyard: Company has finalized ship building contracts with Denmark based Svitzer to construct 4 fully electric TRAnsverse tugs. The 70 tonne bollard pull vessels will be built at CSL and will support the company’s global fleet renewal and operational upgrade plans. Deliveries will begin in late 2027. The partnership brings together Svitzer’s experience in advanced and sustainable towage solutions and CSL’s shipbuilding capabilities and local engineering expertise. Positive

Bajaj FinServ: The holding company of the Bajaj Group’s financial services business has laid out plans for the next five years. During this period, it is targeting an 18–22 per cent compound annual growth rate (CAGR) in net profit at ₹21,000–24,000 crore on a consolidated basis. It is also targeting over 220 million active customers, up from over 100 million currently. Bajaj Finserv would enter the pensions and wealth management businesses next year, A public listing of the insurance arms is also likely over the next 4-5 years. Positive for the company

Biocon : The biopharmaceutical company announced a strategic corporate action to fully integrate its subsidiary Biocon Biologics (BBL) into Biocon, subject to applicable approvals. It will acquire the remaining stake in Biocon Biologics from Serum Institute Life Sciences (Serum), Tata Capital, and Activ Pine through a share swap of 70.28 Biocon shares for every 100 Biocon Biologics shares, at a share price of Rs 405.78 per Biocon share, valuing Biocon Biologics at $5.5 billion. The integration is expected to be completed by March 31, 2026. Additionally, the company’s subsidiary Biocon Pharma has received tentative approval from the US FDA for its ANDA for Carbidopa and Levodopa Extended-Release Capsules, which are used to treat Parkinson’s disease.

SPML Infra: The company has won a ₹207.38 crore Jal Jeevan Mission project from PHED Jhalawar to upgrade water supply systems in the Kota–Bundi region. The work includes new intake wells, WTPs, reservoirs, pipelines, and automation systems, along with 10 years of O&M, benefiting over 1.03 million people.SPML Infra, in JV with Shree Hari Infraprojects, has won a ₹207.38 crore Jal Jeevan Mission project from PHED Jhalawar to upgrade water supply systems in the Kota–Bundi region. The work includes new intake wells, WTPs, reservoirs, pipelines, and automation systems, along with 10 years of O&M, benefiting over 1.03 million people. Positive.

MACRO OUTLOOK

• The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.2%, 0.2%, and 0.3% respectively last Friday. For the week, the three major indices rose 0.5%, 0.3%, and 0.9% respectively. The Eurostoxx 50 edged up 0.1% last Friday and gained 1% for the week.
• The Dollar Index was flat last Friday at 98.99 but fell 0.5% last week. EUR-USD was unchanged last Friday at 1.1640 and gained 40 pips for the week.
• The US 2Y yield rose nearly 4bp to 3.56% last Friday and gained 7bp for the week. The US 10Y yield rose nearly 4bp to 4.14% last Friday and jumped 12bp for the week. Brent crude oil prices rose 0.8% to USD63.75 last Friday and gained 0.9% for the week. Gold fell 0.2% to USD4,198 last Friday and fell 1% for the week.
• University of Michigan Consumer Sentiment Index rose to 53.3 in December 2025 from 51 in November, beating expectations of 52 and marking the first rise in five months.  The 1-year inflation expectations slipped to 4.1% (Bloomberg consensus: 4.5%) vs 4.5% previously and the average 5-year inflation rate in five years was also lower at 3.2% (Bloomberg consensus: 3.4%) vs 3.4% previously. Positive for USD.
• US. PCE price index rose 0.3% in September 2025, matching August and in line with expectations. Goods prices increased by 0.5%, while services slowed to 0.2%. Core PCE, excluding food and energy, rose 0.2%, consistent with forecasts. Annually, headline PCE inflation climbed to 2.8%, it’s highest since April 2024, while core PCE inflation decreased to 2.8%. September's report was delayed due to a government shutdown. neutral for USD
• China’s central bank added to its gold reserves for a 13th straight month, China rose by 30,000 troy ounces last month, bringing the total to around 74.12 million troy ounces. Positive for Gold.
• The key event this week will be the Fed decision on 10 December. The Fed is expected to cut the Fed funds rate by 25bp to 3.50-3.75%. Last Friday, the Fed funds futures priced in 96% chance of a 25bp cut. They priced in a total cut of 58bp by June 2026 and 82bp by December 2026.

INVESTMENT CALL

Stock update: Aditya Birla Fashion & Retail – Better execution to drive growth

Reco: Buy                  Reco. Price: Rs. 77                 Price Target: Rs. 90

• Aditya Birla Fashion & Retail Ltd (ABFRL) is focused on clocking sustainable, profitable growth with steady investments in brand building, store experience, luxury expansion and omni-channel capabilities.
• Long-term growth triggers include - recovery in Pantaloons, profitable scale-up of value fashion and branded ethnic wear, and a turnaround in TMRW. Higher marketing spends and investments in TASVA/ OWND would drag near-term profitability.
• We expect ABFRL to clock 14% and 21% revenue and EBITDA CAGR, respectively, over FY25-FY28E.
• Stock trades at 20x/15x/12x its FY26E/FY27E/FY28E EV/EBITDA, respectively. We maintain a Buy with a revised SOTP-based PT of Rs. 90.

Valuation (Consolidated)                                                   Rs. crore

OTHER NEWS

Zen Technologies: Company has been  awarded a major contract from the Ministry of Defence, Government of India, totaling Rs 120 crore to set up India's first Combat Training Node (CTN), at the Infantry School, the alma mater of the Infantry located at Mhow, Madhya Pradesh. Positive

MTAR Technologies:  Announced that it has secured an order worth Rs 194 crore from Megha Engineering & Infrastructures (MEIL) for the supply of end fittings and associated components for the civil nuclear power sector. These orders form part of Rs 504 crore in confirmed orders for the Kaiga 5 & 6 reactors. He added that the company expects to secure the remaining orders shortly and sees strong growth potential in the civil nuclear segment due to favorable industry tailwinds. Positive

Delhivery: The logistics services provider has successfully completed testing of its autonomous Vertical Take-off and Landing (VTOL) drone technology at Deoria, Uttar Pradesh. Positive

Landmark Cars: The premium automotive retailer has received approval from BYD India to open a showroom and a workshop in Pune, Maharashtra. These facilities will be established by the company’s subsidiary Watermark Cars. Positive

ICICI Bank: ICICI Prudential AMC, a subsidiary of ICICI Bank, has filed a Red Herring Prospectus for a Rs 10,603-crore IPO. The public issue, with a price band of Rs 2,061–2,165 per share, will open for subscription from December 12 to 16.

Ashoka Buildcon : The company has received a ₹447.21 crore additional work order from BMC for its ongoing project to construct Flyover Arm-1 and Arm-2 at the Sion–Panvel Highway T-Junction in M/E Ward. With this added scope, the total project cost rises to ₹1,573.79 crore, and the revised completion deadline is January 13, 2028. Positive

NBCC : The company has successfully sold 175 residential units in Iconic Tower 13 at Aspire Leisure Valley, Greater Noida (West), through an e-auction, achieving a total sale value of approx. Rs. 485.41 crore.

PSYS: Persistent Systems Limited has informed the stock exchanges that it has executed a Share Purchase Agreement on December 5, 2025 (U.S. time) to acquire 100% stake in its step-down subsidiary, Aepona Group Limited (Ireland), from its wholly-owned subsidiary Persistent Systems Inc., USA. The transaction is an internal group restructuring aimed at entity rationalization and operational efficiency. It is a related-party transaction conducted at arm’s length and will be settled in cash for a consideration of €13.88 million. Aepona Group Limited, incorporated in July 2000, is engaged in software development services. Its turnover stood at nil in FY23, €38,634 in FY24, and €1.27 million in FY25. The transfer is expected to be completed by March 31, 2026.

Coforge: Coforge Limited announced the launch of a z/TPF Center of Excellence (CoE) under its Advanced Engineering Services unit. The CoE focuses on AI-powered modernization of mission-critical transaction processing systems, primarily for the aviation, hospitality, financial services, and retail sectors. The center combines deep z/TPF mainframe expertise with agentic AI tools to enable faster, lower-risk migration of legacy TPF systems to modern, cloud-ready, AI-enabled platforms. Key offerings include up to 80% automated code rationalization (Assembler, TPF-C, ALCS), up to 50% automated TPFDF-to-relational database migration, and full platform transformation to open systems.