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Creating wealth through unfolded research. SEBI Registered Investment Adviser Reg No - INA000005358 Disclaimer: Channel view is purely for educational purposes. Visit our website https://Equity99.com
Больше2025 год в цифрах
120 515
Подписчики
-5724 часа
-3007 дней
-1 22830 день
Архив постов
Morning Alert..
*IMF hasn't questioned GDP growth figures, says FM Nirmala Sitharaman*
The ‘C’ rating assigned by the International Monetary Fund (IMF) to India’s national accounts data was linked only to the country’s use of an old base year of 2011-12 for GDP data, and the IMF had not questioned India’s growth numbers, Finance Minister Nirmala Sitharaman said on Wednesday. Terming the debate around the IMF’s rating for India’s national accounts data adequacy “very ill-informed”, the minister said the IMF report released recently mainly talks about India’s overall economic performance which it has praised. The IMF expects India to grow at 6.5 per cent in 2025-26, and has appreciated its macro stability and inflation management, with inflation, she noted, is expected to stay around 2.3 per cent, below the Reserve Bank of India’s tolerance band. The IMF, she said, gives data quality grades for countries from ‘A’ to ‘D’. A ‘B’ rating means data has some shortcomings but is broadly adequate, and ‘C’ means some shortcomings that can “somewhat hamper surveillance”. India got a ‘C’ grade only for its national accounts data because the base year used is still 2011-12. “If my base year is old, obviously the ranking will reflect that,” she said. The government has already decided to update the base year to 2022-23, which will come into effect from 27 February, 2026, she added.
*Global market action*
Dow Jones – Up by 0.17% or 81.22 points
FTSE – Down by 0.10% or 9.73 points
CAC – Down by 0.16% or 12.81 points
DAX – Down by 0.07% or 17.15 points
Gift Nifty – Down by 0.21% or 55.00 points
*FII/DII activities*
FII – Sold 3206.92Cr worth of shares
DII – Bought 4730.41Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.6x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
EIH Ltd – 98.3%
Vijaya Diagnostic Center Ltd – 93.8%
Star Health and Allied Insurance Co Ltd – 92%
Hatson Agro Product Ltd – 89.7%
Indiamart Intermesh Ltd – 89.6%
*Primary market activities*
IPOs opening today
Western Overseas Study Abroad Ltd (BSE SME) – Issue size 10.07Cr
Luxury Time Ltd (BSE SME) - Issue size 18.74Cr
*Commodities updates*
Gold – Rs 127720/10gm, Silver – Rs 178077/kg, Brcrude – Rs 5349/barrel, Copper – Rs 1076.40/kg.
Morning Alert..
*Short-covering drives rupee towards 90 vs dollar as pressure returns*
The rupee’s weakness against the dollar continued on Tuesday, with the Indian currency hurtling toward the closely watched 90 a dollar and facing renewed selling pressure on multiple fronts. Traders said a wave of short-covering (buying back) by speculators, combined with steady dollar demand from importers, kept the currency under pressure throughout the day. The rupee fell up to 89.96 during the day before regaining some strength to settle at 89.88 — a new closing low — against the previous close of 89.56. Its recoup by the end of the trade was likely due to intervention by the Reserve Bank of India (RBI) through dollar sales, said dealers. The 90 mark has become a critical psychological and technical barrier for the market. Dealers said that a cluster of buy-stop orders was likely positioned just above this zone, raising the stakes for the RBI. They said the central bank’s presence was essential at this stage to prevent traders from becoming too comfortable with one-way depreciation. If left unchecked, this can rapidly translate into heightened volatility in the exchange rate. “The RBI must remain active below 90. If the pair starts sustaining above this zone, the market could quickly shift into a higher trending phase toward 91.00 or even more,” said Anindya Banerjee, head, commodity and currency, Kotak Securities.
*Global market action*
Dow Jones – Up by 0.20% or 93.69 points
FTSE – Down by 0.01% or 0.73 points
CAC – Down by 0.28% or 22.39 points
DAX – Up by 0.51% or 121.42 points
Gift Nifty – Down by 0.02% or 4.00 points
*FII/DII activities*
FII – Sold 3642.30Cr worth of shares
DII – Bought 4645.94Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.7x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
P&G Hygiene & Healthcare Ltd – 88.9%
Indiamart Intermesh Ltd – 85.7%
Bikaji Foods International Ltd – 82.7%
Hexaware Technologies Ltd – 80.6%
ICICI Prudential Life Insurance Company Ltd – 78.8%
*Primary market activities*
IPOs opening today
Vidya Wires Ltd (Main board) – Issue size 300.01Cr
Aequs Ltd (Main board) – Issue size 921.81Cr
Meesho Ltd (Main board) - Issue size 5421.20Cr
Listing today
K K Silk Mills Ltd (BSE SME) – Subscribed 5.66x
Mother Nutri Foods Ltd (BSE SME) – Subscribed 15.92x
*Commodities updates*
Gold – Rs 126558/10gm, Silver – Rs 176637/kg, Brcrude – Rs 5311/barrel, Copper – Rs 1047/kg.
Morning Alert..
*IIP growth slips to 14-month low of 0.4% in October as output weakens*
India’s industrial production growth slowed to a 14-month low of 0.4 per cent in October, down from an upwardly revised 4.6 per cent in September, due to fewer working days and a sharp decline in electricity generation, according to data released by the National Statistics Office (NSO) on Monday. The last time Index of Industrial Production (IIP) growth was lower than October’s was in August 2024, when output had flattened. In October 2024, growth in IIP had stood at 3.7 per cent. In the first seven months of the current financial year (April–October), average IIP growth was 2.7 per cent, compared with 4 per cent in the same period of the previous financial year. Data showed that manufacturing output, which accounts for about 78 per cent of the index, grew 1.8 per cent in October, down from 5.6 per cent in September. Mining output contracted for the second consecutive month by 1.8 per cent, while electricity generation fell 6.9 per cent. The statistics ministry credited the decline in electricity generation to an extended monsoon and milder temperatures across several states and Union Territories.
*Global market action*
Dow Jones – Up by 0.07% or 32 points
FTSE – Down by 0.19% or 17.98 points
CAC – Down by 0.32% or 25.71 points
DAX – Down by 1.05% or 247.35 points
Gift Nifty – Down by 0.12% or 31.00 points
*FII/DII activities*
FII – Sold 1171.31Cr worth of shares
DII – Bought 2558.93Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Galaxy Surfactants Ltd – 86.7%
Aadhar Housing Finance Ltd – 86%
Balkrishna Industries Ltd – 84.7%
Vedant Fashion Ltd – 84.3%
Star Health and allied Insurance Co. Ltd – 83.7%
*Primary market activities*
Ipo`s opening today
Neochem Bio Solutions Ltd (NSE SME) – Issue size 44.97Cr
Helloji Holidays Ltd (BSE SME) – Issue size 10.96Cr
Listing today
SSMD Agrotech India Ltd (BSE SME) – Subscribed 1.62x
*Commodities updates*
Gold – Rs 126927/10gm, Silver – Rs 171812/kg, Brcrude – Rs 5322/barrel, Copper – Rs 1036.5/kg.
Morning Alert..
*After robust H1, economists upgrade full-year FY26 growth forecast to 7.5%*
With the first half (H1) gross domestic product (GDP) growth clocking 8 per cent, most economists have now upgraded their full-year 2025-2026 (FY26) growth forecast to 7.5 per cent, or above. Group Chief Economic Adviser at State Bank of India Soumya Kanti Ghosh said, assuming 7.5-7.7 per cent growth in Q3 (October-December) and 7 per cent in Q4 (January-March), the overall growth for FY26 would be approximately 7.6 per cent. Citing high frequency indicators, SBI in a research note said, credit growth of scheduled commercial banks (SCBs) is slowly picking up in the current financial year and grew by 11.3 per cent for the fortnight ended October 31, compared to 11.8 per cent during the same period. Deposits grew 9.7 per cent from last year’s 11.7 per cent during the same fortnight. “There is a one-way causal relationship between GDP and ASCB (all SCB) credit, with increase in credit leading to higher GDP,” it added. Chief Economist at CareEdge Ratings Rajani Sinha said she expected the GDP growth to moderate to around 7 per cent in H2 (October-March) of FY26 as the impact of front loading of exports fades and consumption demand moderates after the festival season.
*Global market action*
Dow Jones – Down by 0.27% or 129.37 points
FTSE – Up by 0.27% or 26.58 points
CAC – Up by 0.29% or 23.24 points
DAX – Up by 0.29% or 68.83 points
Gift Nifty – Up by 0.44% or 116.00 points
*FII/DII activities*
FII – Sold 3795.72Cr worth of shares
DII – Sold 4148.48Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Cera Sanitaryware Ltd – 92.9%
Vedant Fashion Ltd – 89.8%
JK Cement Ltd – 88.3%
Pfizer Ltd – 87.3%
Bharti Hexacom Ltd – 87.1%
*Primary market activities*
IPOs opening today
Ravelcare Ltd (BSE SME) – Issue size 24.10Cr
Clear Secured Services Ltd (NSE SME) – Issue size 85.60Cr
Speb Adhesives Ltd (NSE SME) – Issue size 33.73Cr
Invicta Diagnostics Ltd (NSE SME) – Issue size 28.12Cr
Astron Multigrain Ltd (BSE SME) - Issue size 18.40Cr
*Commodities updates*
Gold – Rs 126927/10gm, Silver – Rs 171812/kg, Brcrude – Rs 5322/barrel, Copper – Rs 1036.50/kg.
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Trend reversal move on daily chart of UNIVASTU
Look at the DAILY chart of UNIVASTU. After down trend stock has formed a trend reversal move on daily chart. MACD also turns bullish. Now above 71 expect rally up to 85/93 levels fast.
Morning Alert..
*State capital expenditure at 33.5% of FY26 target, shows CAG data*
States spent 33.5 per cent of their budgeted capital expenditure (capex) during the April–October period of 2025–26 (FY26), an analysis of monthly account reports of 19 states by the Comptroller and Auditor General of India (CAG) showed. Of the 19 states for which data is available, 16 spent less than 50 per cent of their Budget Estimates (BE) for capex in the first seven months of FY26. Haryana led the group by utilising the highest proportion of its BE, spending 85 per cent. Telangana trailed Haryana with 80.1 per cent, while Kerala and Madhya Pradesh spent 52.9 per cent and 47.8 per cent of their BE, respectively. Conversely, four states — Uttar Pradesh (19.4 per cent), Chhattisgarh (17.5 per cent), West Bengal (17.3 per cent), and Tripura (15.1 per cent) — lagged considerably, spending less than 20 per cent of their budgeted capex during the same period. This pace of capital outlays contrasts sharply with the aggregate BE of nearly ₹9.01 trillion for capex across these 19 states, of which actual spending until October has touched around ₹3.01 trillion. According to the latest Controller General of Accounts data, the Centre’s total capex for the first half (April–September) of FY26 stood at 52 per cent of BE.
*Global market action*
Dow Jones – Up by 0.16% or 74.56 points
FTSE – Down by 0.10% or 9.93 points
CAC – Up by 0.05% or 3.77 points
DAX – Up by 0.14% or 33.78 points
Gift Nifty – Up by 0.02% or 6.50 points
*FII/DII activities*
FII – Sold 1255.20Cr worth of shares
DII – Bought 3940.87Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.7x
*Stocks with high delivery percentage*
Century Plyboards India Ltd – 91.4%
UBL – 91%
Maharashtra Seamless Ltd – 87.1%
Garware Technical Fibres Ltd – 85.8%
Sun Pharma Industries Ltd – 81.8%
*Primary market activities*
IPOs opening today
Purple Wave Infocom Ltd (BSE SME) – Issue size 31.45Cr
Logiciel Solutions Ltd (BSE SME) – Issue size 39.90Cr
Exato Technologies Ltd (BSE SME) - Issue size 37.45Cr
Listing today
Sudeep Pharma Ltd (Main board) – Subscribed 93.71x
*Commodities updates*
Gold – Rs 125495/10gm, Silver – Rs 162603/kg, Brcrude – Rs 5287/barrel, Copper – Rs 1009.50/kg.
Fundamental Research
Rubicon Research is an IP-led specialty pharmaceutical formulations company focused on developing differentiated, patient-centric and affordable products for regulated markets, with a strong presence in the US. Founded in 1999, it has evolved from a development-only outfit into a fully integrated player with its own manufacturing, filings and commercialized products across multiple dosage forms. The company operates R&D and manufacturing facilities in India along with a development centre in Canada and a front-end office in the US, giving it a global innovation and supply footprint. Its capabilities span complex oral, nasal, ophthalmic, topical and drug–device combinations, backed by a sizeable patent estate in drug delivery technologies.
KEY INVESTMENT THESIS
Strong growth and margin trajectory
In Q2 FY26, Rubicon delivered about 39% year-on-year revenue growth with net profit up around 56%, demonstrating operating leverage as the base scales. EBITDA grew faster than sales with margins in the low-20s, reflecting a shift towards specialty/differentiated products and disciplined cost management.
Scaled, differentiated US-focused franchise
Rubicon is among the faster-growing Indian formulation players with an almost complete revenue skew to the US generics and specialty market, giving it exposure to a large, high-value geography. The portfolio is skewed to complex and differentiated products, including drug–device and combination formulations across multiple dosage forms, which supports better pricing power and stickier customer relationships.
Visibility from product and customer diversification
Revenue is well spread, with the top 5 and top 10 products contributing roughly 30% and just over 50% of sales respectively, reducing single-product concentration risk. Stable pricing driven by a focus on specialty products and a rising share of newer launches provides visibility for sustained revenue traction over the next few years.
R&D depth and diversified manufacturing base
Rubicon operates multiple R&D centres in India and Canada, focused on complex generics and life-cycle management, which underpins a steady pipeline of new launches and ANDA filings. Three manufacturing facilities in India with capabilities across oral solids, liquids, nasal and topical dosage forms create diversification and manufacturing flexibility, while regulatory approvals enable supplies to regulated markets.
Special Pharma Stock ( High Conviction)
Rubicon research CMP 650 / 652
Test Resistance 690 / 740 / 790 Sl 595
Coming Days View Strong View
Morning Alert..
*Cabinet greenlights ₹7,280 cr scheme for rare earth magnet manufacturing*
The Union Cabinet, in a meeting chaired by Prime Minister Narendra Modi, on Wednesday approved a ₹7,280 crore scheme to promote manufacturing sintered rare-earth permanent magnets (REPM), marking India’s first attempt to build an integrated domestic supply chain for the critical material. The “Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets” aims to create a production capacity of 6,000 tonnes of REPM a year to meet growing demand from sectors such as electric vehicles, renewable energy, electronics, aerospace, and defence, ultimately boosting local manufacturing competitiveness and the broader energy transition. Under the scheme, five beneficiaries will be selected through a global competitive bidding process, with each eligible for up to 1,200 tonnes per annum capacity. It includes ₹6,450 crore in sales-linked incentives for five years and ₹750 crore as capital subsidy for setting up manufacturing facilities. The scheme will run for seven years from the date of the award, including a-two year gestation period for building manufacturing units and five years for incentive disbursement.
*Global market action*
Dow Jones – Up by 0.10% or 48.57 points
FTSE – Up by 0.85% or 82.05 points
CAC – Up by 0.87% or 70.63 points
DAX – Up by 1.10% or 261.59 points
Gift Nifty – Up by 0.19% or 49.50 points
*FII/DII activities*
FII – Bought 4778.03Cr worth of shares
DII – Bought 6247.93Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.8x
Nifty Bank – 16.6x
*Stocks with high delivery percentage*
ZF Commercial vehicles Control System India Ltd – 97.2%
BASF Ltd – 92.8%
Maharashtra Seamless Ltd – 87.1%
GIC of India Ltd – 85.6%
Bharti Airtel Ltd – 85.1%
*Commodities updates*
Gold – Rs 125941/10gm, Silver – Rs 161432/kg, Brcrude – Rs 5193/barrel, Copper – Rs 1008.9/kg.
Morning Alert..
*Private banks may lose ground again in FY26 as credit growth lags*
India’s private-sector banks are likely to lose market share for a second consecutive year in 2025-26, as their loan books continue to expand much slower than overall bank credit. The combined loan book, or advances, of listed private-sector lenders such as HDFC Bank, ICICI Bank and Axis Bank grew 8.9 per cent year-on-year in FY25 and 9.9 per cent year-on-year in the first half of FY26. This lags behind the 11.4 per cent and 11.7 per cent year-on-year expansion in the combined loan book of all listed banks over the same periods. It could be the first time in more than 15 years that private-sector banks would trail overall bank credit growth for two consecutive years. Private-sector banks’ combined advances rose to ₹77.14 trillion at the end of September 2025, up from ₹73.56 trillion at the close of FY25 and ₹67.53 trillion at FY24-end. By contrast, listed banks’ combined advances rose to ₹193.6 trillion at end-September this year from ₹184.66 trillion at end-March and ₹165.56 trillion at the end of FY24. The analysis is based on the reported annual results and H1FY26 financials of 42 listed banks -- including private-sector banks, public-sector banks and small finance banks -- which together reported advances of ₹193.6 trillion at the end of September. For comparison, overall bank credit reached ₹192.7 trillion as of October 3, 2025.
*Global market action*
Dow Jones – Up by 0.26% or 120.15 points
FTSE – Up by 0.78% or 74.62 points
CAC – Up by 0.82% or 66.13 points
DAX – Up by 0.96% or 225.45 points
Gift Nifty – Up by 0.47% or 123.00 points
*FII/DII activities*
FII – Bought 785.32Cr worth of shares
DII – Bought 3912.47Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.5x
Nifty Bank – 16.4x
*Stocks with high delivery percentage*
Pfizer Ltd – 97.9%
V-Guard Industries Ltd – 93.6%
Grindwell Norton Ltd – 89.5%
Shree Cements Ltd – 81.9%
Dalmia Bharat Ltd – 80.1%
*Primary market activities*
IPOs opening today
K K Silk Mills Ltd (BSE SME) – Issue size 28.50Cr
Mother Nutri Foods Ltd (BSE SME) – Issue size 39.59Cr
Listing today
Excel Soft Technologies Ltd (Main board) – Subscribed 45.46x
Gallard Steel Ltd (BSE SME) – Subscribed 375.54x
*Commodities updates*
Gold – Rs 125324/10gm, Silver – Rs 156442/kg, Brcrude – Rs 5168/barrel, Copper – Rs 1003/kg.
Morning Alert..
*India and Canada to reboot trade deal negotiations after 2 years*
After a gap of more than two years amid a tumultuous bilateral relationship, India and Canada have finalised a broad framework and agreed to restart negotiations for a Comprehensive Economic Partnership Agreement (Cepa). Prime Minister Narendra Modi and his Canadian counterpart, Mark Carney, met late on Sunday on the sidelines of the G20 Summit in Johannesburg and agreed to advance relations in trade, investment, technology & innovation, energy, education, defence, and the space sector. “India and Canada have great potential in strengthening trade and investment linkages. We have set a target of $50 billion by 2030 for our bilateral trade. Canadian Pension Funds are also showing keen interest in Indian companies,” Modi posted on X. Speaking at the Indo-Canadian Business Chamber’s annual national convention on Monday in New Delhi, Union Commerce and Industry Minister Piyush Goyal said both countries had finalised the terms of reference and decided to launch and fast-track free-trade agreement negotiations. “The recent meetings that Prime Minister Modi and Prime Minister Mark Carney have had, including the one very recently at the G20 Summit, clearly give a direction for the future of the Canada-India relationship. They have agreed to begin negotiations for a high-ambition comprehensive economic partnership agreement,” the minister said.
*Global market action*
Dow Jones – Down by 0.08% or 37.71 points
FTSE – Down by 0.05% or 4.80 points
CAC – Down by 0.29% or 22.98 points
DAX – Up by 0.63% or 147.31 points
Gift Nifty – Up by 0.11% or 28.50 points
*FII/DII activities*
FII – Sold 4171.75Cr worth of shares
DII – Bought 4512.87Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.6x
Nifty Bank – 16.4x
*Stocks with high delivery percentage*
Indiamart Intermesh Ltd – 91.2%
UBL – 89.9%
Jyothy Labs Ltd – 88.7%
Westlife Foodworld Ltd – 88%
Power Grid oration of India Ltd – 86.6%
*Primary market activities*
IPO opening today
SSMD Agrotech India Ltd (BSE SME) – Issue size 34.09Cr
*Commodities updates*
Gold – Rs 123825/10gm, Silver – Rs 154450/kg, Brcrude – Rs 5232/barrel, Copper – Rs 999.65/kg.
Morning Alert..
*NMP 2.0: Railways targets ₹2.5 trillion asset monetisation in five years*
In its largest private-investment drive, the Ministry of Railways will monetise assets worth ₹2.5 trillion over five years as part of the second phase of the national monetisation pipeline (NMP 2.0), Business Standard has learnt. The ₹10 trillion pipeline, which will be the bedrock of central monetisation strategy till 2029-30, announced by Union Finance Minister Nirmala Sitharaman in her Budget speech in February, is in preparatory stages with individual ministries having made initial asset pipelines, and is expected to be unveiled soon. The railways will look to meet this target through public-private partnership (PPP) models and a multi-asset approach, a ministry spokesperson said. In monetisation, the government leverages revenue-generating operational assets by bringing in private participation through PPP, generally on a revenue-sharing basis. “Using this multi-asset approach, the ministry plans to monetise Gati Shakti Cargo Terminals and bring in new freight trains through private funding. Proceeds are expected to be realised through station redevelopment and commercial development around stations in PPP mode, as currently under progress for Vijayawada station,” the spokesperson added.
*Global market action*
Dow Jones – Up by 0.29% or 134.61 points
FTSE – Up by 0.13% or 12.06 points
CAC – Up by 0.02% or 1.58 points
DAX – Down by 0.81% or 186.98 points
Gift Nifty – Up by 0.32% or 83.00 points
*FII/DII activities*
FII – Sold 1766.05Cr worth of shares
DII – Bought 3161.61Cr worth of shares.
*Major Indian Indices PE*
Nifty 50 – 22.7x
Nifty Bank – 16.4x
*Stocks with high delivery percentage*
Grindwell Norton Ltd – 93.7%
V-Guard Industries Ltd – 89.4%
Lupin Ltd – 87.5%
Vijaya Diagnostics Centre Ltd – 84.2%
Godrej Consumer Products Ltd – 83.8%
*Commodities updates*
Gold – Rs 124175/10gm, Silver – Rs 154218/kg, Brcrude – Rs 5196/barrel, Copper – Rs 1002.95/kg.
