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Angel One September Update

Nomura On Kotak Mahindra Bank

Shares of Vodafone Idea Ltd. are in focus on Monday, October 6, as the Supreme Court is set to deliver its verdict on the company’s plea regarding additional adjusted gross revenue (AGR) dues.

The top court had previously set new hearing dates twice in the past month before finalizing the judgment. Vodafone Idea has challenged the Department of Telecom’s (DoT) demand of ₹9,450 crore, arguing that it exceeds the scope of the court’s earlier ruling on AGR liabilities.

The outcome is closely watched by investors, as the debt-laden telecom company’s financial stability and stock performance could be significantly impacted.

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Nomura On HDFC Bank

Investec On PVR Inox

Nomura has maintained a Buy rating on HDFC Bank with a revised target price of ₹1,095 per share following the 1:1 bonus issue. The brokerage highlighted strong gross loan growth in Q2, signaling robust credit momentum, though soft deposit growth raises some concerns about funding for future loan expansion.

Key points from Nomura’s update:

Investec has maintained a Hold rating on PVR Inox with a target price of ₹1,215 per share, citing strong near-term growth potential from a robust FY26 box office.

While the company is expected to deliver good revenue growth in the first half of the year, long-term concerns about content volatility remain. Legal and regulatory challenges are not expected to significantly impact operations in the medium term.

Key highlights from Investec’s update:

Sales volumes jumped 41% YoY to 1.3 million sq.ft., while sales value fell 8% YoY to ₹1,902 crore. Despite this, realisation improved 7.6% year-on-year (YoY), reaching ₹13,648 per sq.ft.

Regional highlights:

1HFY26 Performance – Best Ever:

Gold hits a new high at above $3900

Gold prices +50% in 2025

Silver surges above $48 an oz

Copper futures climbed above $5/ lbs

Dollar Index climbs above 98

Citi on Bajaj Finance:

Morgan Stanley (MS) on Bajaj Finance:

JPMorgan On Avenue Supermart

Shares of IndusInd Bank Ltd. are in focus on Monday, October 6, following the bank’s September quarter (Q2) business update released after market hours last Friday.

GS On Avenue Supermart

Jefferies has initiated coverage on JSW Cement with a Buy rating and a target price of ₹170 per share.

The brokerage notes that JSW Cement has scaled to become one of the top-10 players in the Indian cement industry. The company is expected to achieve a 13-17% capacity and volume CAGR over FY25–FY28, while diversifying from a regional focus to a pan-India presence.

Jefferies highlighted that JSW Cement is well-positioned for a profitable scale-up, with an estimated EBITDA CAGR of 35% over FY25–FY28, signaling strong growth potential for investors.

Bernstein On HDFC Bank

Tata Capital, India’s biggest IPO of 2025, will open for subscription on Monday, September 6. The issue surpasses HDB Financial’s ₹12,500 crore IPO as the largest of the year.

The IPO comprises a fresh equity issue of ₹6,846 crore and an Offer for Sale (OFS) of ₹8,665 crore from promoters Tata Sons and International Finance Corporation (IFC).

Retail investors can apply for a minimum lot of 46 shares, requiring an investment of ₹14,996 at the upper price band, and can bid in multiples of 46 shares thereafter. 35% of the IPO is reserved for retail investors, while 50% is earmarked for institutions.

Click here for more details.

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Kalyan Q2 Update

Kalyan Q2 Update

Shares of FSN E-Commerce Ventures Ltd., the parent company of Nykaa, were in focus on Monday, October 6, after the company released its business update for the September quarter.

Nykaa said it delivered a “healthy performance” in Q2, with consolidated net revenue growth expected in the mid-20% range year-on-year, supported by an early festive season boost.

The company added that gross merchandise value (GMV) growth is expected to be in the thirties, marking an acceleration from the mid-twenties growth seen in previous quarters. This momentum was driven by renewed traction in the fashion vertical and steady gains in the beauty segment.

For more details check here.

External Affairs Minister S Jaishankar at Kautilya Economic Conclave 2025

The country’s hospital stocks, including Apollo Hospitals Ltd., Max Healthcare Ltd., Global Health Ltd., Narayana Health Ltd., Yatharth Hospitals, and Fortis Healthcare Ltd., have come under scrutiny following India’s first significant overhaul of the Central Government Health Services Scheme (CGHS) since 2014.

Bank of Baroda reported steady growth in its September business update. The lender’s global business rose 10.47% year-on-year (YoY) to ₹27.79 lakh crore.

Global advances increased 11.90% YoY to ₹12.79 lakh crore, while global deposits grew 9.28% to ₹15 lakh crore.

On the domestic front, deposits rose 9.66% YoY to ₹11.59 lakh crore, and advances climbed 11.49% to ₹9.38 lakh crore.

Standalone revenue for Q2FY25 stood at ₹16,218 crore, up 15.4% year-on-year, with a three-year CAGR of 15.8%. The company added 8 new stores during the quarter, taking its total count to 432.

In the first half of FY25, 17 stores were opened, reflecting a 14.5% year-on-year rise in total stores.

Key factors to watch:

Hind Zinc Q2 Update 

Saleable Metal Production -6% yoy at 246 kt vs 262 k tn

-Refined Zinc Production +2% at 202 kt vs 198 kt

-Refined Lead Production -29% yoy at 45 kt vs 63k tn

Silver Production -22% YoY at 144 tons vs 184 tons

Vedanta Q2 

Alumina – Langigarh +31% yoy at 653kt vs 499kt

Aluminium Production +1% YoY & At 617 kt vs 609 kt

Zinc international Mined Metal +38% yoy at 60k tn vs 44k tn

Oil and Gas

Average Daily Gross Operated Production (kboepd) -15% yoy at 89.3 vs 104.9

kboepd: Thousands of barrels of oil equivalent per day

Power Sales –2% yoy at 4331 vs 4352 (In million units)

After OPEC+ decided to boost production by a small amount, oil prices rose, allaying traders’ concerns about a massive increase.

West Texas Intermediate traded close to $62, and Brent climbed past $65 per barrel. Russia and other partners of the Organisation of the Petroleum Exporting Countries met on Sunday.

Utkarsh Small Finance Bank Ltd. posted a mixed performance for the September quarter. The bank’s loan book and deposit trends showed some moderation compared to the same period last year.

Its Gross Loan Portfolio fell 2.3% year-on-year to ₹18,655 crore, compared to ₹19,101 crore in the corresponding quarter last year. On a sequential basis, the portfolio declined 3%, reflecting the bank’s continued effort to reduce exposure to Joint Liability Group (JLG) loans.

For more details, please check here.

GIFT Nifty lower, trading at a discount of over 30 points from Nifty Fut Friday close, indicates a start in the red for the Indian market

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