Morning Updates– 12 Nov 2025

Tata Motors 👍🏻 Focus on CV business listing today; Street values unit at ₹280–₹336 per share (Nuvama, Elara, Jefferies). Groww (Billionbrains Garage Ventures) 👀 IPO listing buzz — muted GMP suggests flat debut expected. Vedanta 👀 NCLT hearing on demerger scheme today; key trigger for stock sentiment. Tata Power 👎🏻 Weak Q2 — revenue down 1% YoY, EBITDA down 12%; renewables PAT up 70%. Exploring Bhutan hydro JV. PI Industries 👍🏻 Strong Q2; EBITDA margin up 63 bps YoY to 28.9%, driven by better product mix. BSE 👍🏻 Solid quarter — revenue up 11.5% QoQ, PAT up 3.5%; minor market share loss post expiry switch. Aavas Financiers 👍🏻 Guides 18% AUM growth for FY26, expects >20% beyond; steady traction in retail housing. Bharat Forge 👍🏻 Positive management tone — DAM Capital says “worst is behind.” Torrent Power 👍🏻 Strong Q2 — revenue +10%, PAT +50% on higher merchant power gains and new 1.6 GW win. Biocon 👍🏻 Impressive Q2 — revenue +20%, EBITDA +28%; PAT turns positive led by biosimilars. CONCOR 👍🏻 Better than expected — revenue +3%, PAT +4%; margins slightly lower but operationally stable. Thermax 👎🏻 Weak Q2 — revenue -5%, PAT -39% due to infra drag. Adani Enterprises 👀 To raise ₹25,000 crore via rights issue at ₹1,800/share (24% discount); record date 17 Nov.