DOW TIMES (ABOVE & BEYOND)

🚨 *Alphabet falls 13%, putting it on course for its biggest ever post-earnings drop* https://www.cnbc.com/amp/2026/10/29/alphabet-google-microsoft-msft-shares-today-earnings.html

Photo from Hemant Gupta

*Symphony Ltd. (C)* Net Revenue at Rs. 275.0 cr. Vs. Rs. 210.0 cr. YoY ⬆️, Rs. 378.0 cr. QoQ 🔻. EBITDA at Rs. 36.0 cr. Vs. Rs. 14.0 cr. YoY ⬆️, Rs. 46.0 cr. QoQ 🔻. EBITDA Margin at 13.1% Vs. 6.7% YoY ⬆️, 12.2% QoQ ⬆️. Net Profit at Rs. 24.0 cr. Vs. Rs. 17.0 cr. YoY ⬆️, Rs. 40.0 cr. QoQ 🔻. Ashika *Ind-Swift Laboratories Ltd. (C)* Net Revenue at Rs. 240.5 cr. Vs. Rs. 158.6 cr. YoY ⬆️, Rs. 191.5 cr. QoQ ⬆️. EBITDA at Rs. 45.5 cr. Vs. Rs. 7.5 cr. YoY ⬆️, Rs. 33.4 cr. QoQ ⬆️. EBITDA Margin at 18.9% Vs. 4.7% YoY ⬆️, 17.5% QoQ ⬆️. Net Profit at Rs. 34.2 cr. Vs. Rs. 8.0 cr. YoY ⬆️, Rs. 24.7 cr. QoQ ⬆️. *Heidelberg Cement India Ltd. (S)* Net Revenue at Rs. 567.8 cr. Vs. Rs. 511.7 cr. YoY ⬆️, Rs. 628.1 cr. QoQ 🔻. EBITDA at Rs. 48.2 cr. Vs. Rs. 57.5 cr. YoY 🔻, Rs. 66.8 cr. QoQ 🔻. EBITDA Margin at 8.5% Vs. 11.2% YoY 🔻, 10.6% QoQ 🔻. Net Profit at Rs. 16.8 cr. Vs. Rs. 24.9 cr. YoY 🔻, Rs. 30.6 cr. QoQ 🔻. Ashika *Monarch Networth Capital Ltd. (C)* Net Revenue at Rs. 123.1 cr. Vs. Rs. 83.1 cr. YoY ⬆️, Rs. 90.9 cr. QoQ ⬆️. EBITDA at Rs. 76.9 cr. Vs. Rs. 63.8 cr. YoY ⬆️, Rs. 60.0 cr. QoQ ⬆️. EBITDA Margin at 62.5% Vs. 76.7% YoY 🔻, 66.0% QoQ 🔻. Net Profit at Rs. 56.6 cr. Vs. Rs. 45.0 cr. YoY ⬆️, Rs. 45.2 cr. QoQ ⬆️. *NIIT Learning Systems Ltd. (C)* Net Revenue at Rs. 528.6 cr. Vs. Rs. 475.7 cr. YoY ⬆️, Rs. 565.1 cr. QoQ 🔻. EBITDA at Rs. 79.5 cr. Vs. Rs. 92.7 cr. YoY 🔻, Rs. 93.0 cr. QoQ 🔻. EBITDA Margin at 15.0% Vs. 19.5% YoY 🔻, 16.5% QoQ 🔻. Net Profit at Rs. 37.3 cr. Vs. Rs. 47.0 cr. YoY 🔻, Rs. 57.4 cr. QoQ 🔻. Ashika *Nilkamal Ltd. (C)* Net Revenue at Rs. 1125.9 cr. Vs. Rs. 967.7 cr. YoY ⬆️, Rs. 819.7 cr. QoQ ⬆️. EBITDA at Rs. 134.7 cr. Vs. Rs. 85.3 cr. YoY ⬆️, Rs. 74.6 cr. QoQ ⬆️. EBITDA Margin at 12.0% Vs. 8.8% YoY ⬆️, 9.1% QoQ ⬆️. Net Profit at Rs. 67.8 cr. Vs. Rs. 33.7 cr. YoY ⬆️, Rs. 24.4 cr. QoQ ⬆️. *ESAF Small Finance Bank Ltd. (S)* NII at Rs. 643.3 cr. Vs. Rs. 371.8 cr. YoY ⬆️, Rs. 584.1 cr. QoQ ⬆️. Net Profit at Rs. 160.2 cr. Vs. Rs. -115.8 cr. YoY ⬆️, Rs. 80.1 cr. QoQ ⬆️. GNPA at 2.8x Vs. 8.5x YoY 🔻, 5.4x QoQ 🔻. NNPA at 0.3x Vs. 3.8x YoY 🔻, 0.8x QoQ 🔻. Ashika *Menon Bearings Ltd. (C)* Net Revenue at Rs. 98.3 cr. Vs. Rs. 62.5 cr. YoY ⬆️, Rs. 91.8 cr. QoQ ⬆️. EBITDA at Rs. 19.6 cr. Vs. Rs. 9.8 cr. YoY ⬆️, Rs. 20.1 cr. QoQ 🔻. EBITDA Margin at 20.0% Vs. 15.6% YoY ⬆️, 21.9% QoQ 🔻. Net Profit at Rs. 14.7 cr. Vs. Rs. 6.8 cr. YoY ⬆️, Rs. 14.1 cr. QoQ ⬆️. *India Motor Parts & Accessories Ltd. (S)* Net Revenue at Rs. 221.7 cr. Vs. Rs. 198.7 cr. YoY ⬆️, Rs. 234.3 cr. QoQ 🔻. EBITDA at Rs. 16.7 cr. Vs. Rs. 14.6 cr. YoY ⬆️, Rs. 18.2 cr. QoQ 🔻. EBITDA Margin at 7.5% Vs. 7.3% YoY ⬆️, 7.8% QoQ 🔻. Net Profit at Rs. 27.7 cr. Vs. Rs. 25.5 cr. YoY ⬆️, Rs. 21.7 cr. QoQ ⬆️. Ashika *Lincoln Pharmaceuticals Ltd. (C)* Net Revenue at Rs. 191.3 cr. Vs. Rs. 163.4 cr. YoY ⬆️, Rs. 177.3 cr. QoQ ⬆️. EBITDA at Rs. 23.7 cr. Vs. Rs. 25.4 cr. YoY 🔻, Rs. 27.4 cr. QoQ 🔻. EBITDA Margin at 12.4% Vs. 15.6% YoY 🔻, 15.5% QoQ 🔻. Net Profit at Rs. 20.4 cr. Vs. Rs. 20.0 cr. YoY ⬆️, Rs. 36.2 cr. QoQ 🔻.

*Privi Speciality Chemicals Ltd. (C)* Net Revenue at Rs. 760.5 cr. Vs. Rs. 678.7 cr. YoY ⬆️, Rs. 666.2 cr. QoQ ⬆️. EBITDA at Rs. 199.8 cr. Vs. Rs. 182.0 cr. YoY ⬆️, Rs. 152.3 cr. QoQ ⬆️. EBITDA Margin at 26.3% Vs. 26.8% YoY 🔻, 22.9% QoQ ⬆️. Net Profit at Rs. 117.5 cr. Vs. Rs. 90.2 cr. YoY ⬆️, Rs. 82.8 cr. QoQ ⬆️. *V-Guard Industries Ltd. (C)* Net Revenue at Rs. 1852.9 cr. Vs. Rs. 1340.9 cr. YoY ⬆️, Rs. 1810.7 cr. QoQ ⬆️. EBITDA at Rs. 167.9 cr. Vs. Rs. 109.3 cr. YoY ⬆️, Rs. 191.0 cr. QoQ 🔻. EBITDA Margin at 9.1% Vs. 8.1% YoY ⬆️, 10.5% QoQ 🔻. Net Profit at Rs. 111.7 cr. Vs. Rs. 65.3 cr. YoY ⬆️, Rs. 130.3 cr. QoQ 🔻. Ashika *JSW Holdings Ltd. (C)* Net Revenue at Rs. 166.6 cr. Vs. Rs. 83.6 cr. YoY ⬆️, Rs. 34.6 cr. QoQ ⬆️. EBITDA at Rs. 161.6 cr. Vs. Rs. 80.0 cr. YoY ⬆️, Rs. 28.9 cr. QoQ ⬆️. EBITDA Margin at 97.0% Vs. 95.7% YoY ⬆️, 83.6% QoQ ⬆️. Net Profit at Rs. 130.9 cr. Vs. Rs. 67.2 cr. YoY ⬆️, Rs. 24.5 cr. QoQ ⬆️. *BlackBuck Ltd. (C)* Net Revenue at Rs. 235.3 cr. Vs. Rs. 151.1 cr. YoY ⬆️, Rs. 204.2 cr. QoQ ⬆️. EBITDA at Rs. 50.6 cr. Vs. Rs. 36.5 cr. YoY ⬆️, Rs. 49.7 cr. QoQ ⬆️. EBITDA Margin at 21.5% Vs. 24.2% YoY 🔻, 24.3% QoQ 🔻. Net Profit at Rs. 41.4 cr. Vs. Rs. 29.2 cr. YoY ⬆️, Rs. 42.2 cr. QoQ 🔻. Ashika *Voltamp Transformers Ltd. (S)* Net Revenue at Rs. 684.2 cr. Vs. Rs. 482.6 cr. YoY ⬆️, Rs. 543.8 cr. QoQ ⬆️. EBITDA at Rs. 105.8 cr. Vs. Rs. 93.6 cr. YoY ⬆️, Rs. 80.3 cr. QoQ ⬆️. EBITDA Margin at 15.5% Vs. 19.4% YoY 🔻, 14.8% QoQ ⬆️. Net Profit at Rs. 85.1 cr. Vs. Rs. 78.9 cr. YoY ⬆️, Rs. 91.2 cr. QoQ 🔻. *Paras Defence And Space Technologies Ltd. (C)* Net Revenue at Rs. 151.1 cr. Vs. Rs. 105.7 cr. YoY ⬆️, Rs. 127.9 cr. QoQ ⬆️. EBITDA at Rs. 44.5 cr. Vs. Rs. 29.7 cr. YoY ⬆️, Rs. 31.9 cr. QoQ ⬆️. EBITDA Margin at 29.5% Vs. 28.1% YoY ⬆️, 24.9% QoQ ⬆️. Net Profit at Rs. 30.6 cr. Vs. Rs. 19.5 cr. YoY ⬆️, Rs. 20.7 cr. QoQ ⬆️. Ashika *Thyrocare Technologies Ltd. (C)* Net Revenue at Rs. 270.8 cr. Vs. Rs. 216.5 cr. YoY ⬆️, Rs. 240.0 cr. QoQ ⬆️. EBITDA at Rs. 89.3 cr. Vs. Rs. 71.4 cr. YoY ⬆️, Rs. 77.3 cr. QoQ ⬆️. EBITDA Margin at 33.0% Vs. 33.0% YoY ⬆️, 32.2% QoQ ⬆️. Net Profit at Rs. 15.2 cr. Vs. Rs. 47.8 cr. YoY 🔻, Rs. 51.3 cr. QoQ 🔻. *Equitas Small Finance Bank Ltd. (S)* NII at Rs. 1025.7 cr. Vs. Rs. 773.7 cr. YoY ⬆️, Rs. 1029.6 cr. QoQ 🔻. Net Profit at Rs. 218.0 cr. Vs. Rs. 24.1 cr. YoY ⬆️, Rs. 183.6 cr. QoQ ⬆️. GNPA at 2.3x Vs. 2.9x YoY 🔻, 2.4x QoQ 🔻. NNPA at 0.7x Vs. 1.0x YoY 🔻, 0.7x QoQ 🔻. Ashika *Garware Technical Fibres Ltd. (C)* Net Revenue at Rs. 462.6 cr. Vs. Rs. 347.9 cr. YoY ⬆️, Rs. 482.4 cr. QoQ 🔻. EBITDA at Rs. 80.0 cr. Vs. Rs. 48.4 cr. YoY ⬆️, Rs. 90.1 cr. QoQ 🔻. EBITDA Margin at 17.3% Vs. 13.9% YoY ⬆️, 18.7% QoQ 🔻. Net Profit at Rs. 58.6 cr. Vs. Rs. 31.9 cr. YoY ⬆️, Rs. 64.6 cr. QoQ 🔻. *Senores Pharmaceuticals Ltd. (C)* Net Revenue at Rs. 192.3 cr. Vs. Rs. 153.9 cr. YoY ⬆️, Rs. 180.2 cr. QoQ ⬆️. EBITDA at Rs. 57.7 cr. Vs. Rs. 41.7 cr. YoY ⬆️, Rs. 53.8 cr. QoQ ⬆️. EBITDA Margin at 30.0% Vs. 27.1% YoY ⬆️, 29.8% QoQ ⬆️. Net Profit at Rs. 36.6 cr. Vs. Rs. 30.1 cr. YoY ⬆️, Rs. 30.5 cr. QoQ ⬆️. Ashika *Wheels India Ltd. (C)* Net Revenue at Rs. 1711.0 cr. Vs. Rs. 1264.0 cr. YoY ⬆️, Rs. 1491.0 cr. QoQ ⬆️. EBITDA at Rs. 128.2 cr. Vs. Rs. 92.6 cr. YoY ⬆️, Rs. 111.8 cr. QoQ ⬆️. EBITDA Margin at 7.5% Vs. 7.3% YoY ⬆️, 7.5% QoQ 🔻. Net Profit at Rs. 60.2 cr. Vs. Rs. 31.7 cr. YoY ⬆️, Rs. 38.9 cr. QoQ ⬆️. *Greaves Cotton Ltd. (C)* Net Revenue at Rs. 1175.9 cr. Vs. Rs. 815.5 cr. YoY ⬆️, Rs. 974.1 cr. QoQ ⬆️. EBITDA at Rs. 73.4 cr. Vs. Rs. 51.9 cr. YoY ⬆️, Rs. 56.3 cr. QoQ ⬆️. EBITDA Margin at 6.2% Vs. 6.4% YoY 🔻, 5.8% QoQ ⬆️. Net Profit at Rs. -29.8 cr. Vs. Rs. 6.3 cr. YoY 🔻, Rs. 6.2 cr. QoQ 🔻. Ashika *Man InfraConstruction Ltd. (C)* Net Revenue at Rs. 266.0 cr. Vs. Rs. 169.2 cr. YoY ⬆️, Rs. 218.3 cr. QoQ ⬆️. EBITDA at Rs. 80.6 cr. Vs. Rs. 57.0 cr. YoY ⬆️, Rs. 71.5 cr. QoQ ⬆️. EBITDA Margin at 30.3% Vs. 33.7% YoY 🔻, 32.8% QoQ 🔻. Net Profit at Rs. 65.2 cr. Vs. Rs. 60.0 cr. YoY ⬆️, Rs. 62.7 cr. QoQ ⬆️.

Ashika_Result at a Glance_October 29, 2026 *Asian Paints Ltd. (C)* Net Revenue at Rs. 9976.5 cr. Vs. Rs. 8531.3 cr. YoY ⬆️, Rs. 10541.9 cr. QoQ 🔻. EBITDA at Rs. 1557.1 cr. Vs. Rs. 1503.4 cr. YoY ⬆️, Rs. 2168.8 cr. QoQ 🔻. EBITDA Margin at 15.6% Vs. 17.6% YoY 🔻, 20.6% QoQ 🔻. Net Profit at Rs. 1085.4 cr. Vs. Rs. 1018.2 cr. YoY ⬆️, Rs. 1559.5 cr. QoQ 🔻. *Interglobe Aviation Ltd. (C)* Net Revenue at Rs. 23363.8 cr. Vs. Rs. 18555.3 cr. YoY ⬆️, Rs. 24584.1 cr. QoQ 🔻. EBITDA at Rs. 1907.4 cr. Vs. Rs. 579.5 cr. YoY ⬆️, Rs. 3267.1 cr. QoQ 🔻. EBITDA Margin at 8.2% Vs. 3.1% YoY ⬆️, 13.3% QoQ 🔻. Net Profit at Rs. -1879.1 cr. Vs. Rs. -2582.1 cr. YoY ⬆️, Rs. -238.0 cr. QoQ 🔻. Ashika *Laurus Labs Ltd. (C)* Net Revenue at Rs. 2206.4 cr. Vs. Rs. 1653.5 cr. YoY ⬆️, Rs. 2026.3 cr. QoQ ⬆️. EBITDA at Rs. 750.3 cr. Vs. Rs. 403.3 cr. YoY ⬆️, Rs. 638.3 cr. QoQ ⬆️. EBITDA Margin at 34.0% Vs. 24.4% YoY ⬆️, 31.5% QoQ ⬆️. Net Profit at Rs. 436.2 cr. Vs. Rs. 194.5 cr. YoY ⬆️, Rs. 362.1 cr. QoQ ⬆️. *Ambuja Cements Ltd. (C)* Net Revenue at Rs. 9197.0 cr. Vs. Rs. 9175.0 cr. YoY ⬆️, Rs. 9500.0 cr. QoQ 🔻. EBITDA at Rs. 1271.0 cr. Vs. Rs. 1762.0 cr. YoY 🔻, Rs. 1589.0 cr. QoQ 🔻. EBITDA Margin at 13.8% Vs. 19.2% YoY 🔻, 16.7% QoQ 🔻. Net Profit at Rs. 236.0 cr. Vs. Rs. 2336.0 cr. YoY 🔻, Rs. 660.0 cr. QoQ 🔻. Ashika *Godrej Consumer Products Ltd. (C)* Net Revenue at Rs. 4413.1 cr. Vs. Rs. 3708.2 cr. YoY ⬆️, Rs. 4225.5 cr. QoQ ⬆️. EBITDA at Rs. 820.0 cr. Vs. Rs. 733.3 cr. YoY ⬆️, Rs. 801.3 cr. QoQ ⬆️. EBITDA Margin at 18.6% Vs. 19.8% YoY 🔻, 19.0% QoQ 🔻. Net Profit at Rs. 522.9 cr. Vs. Rs. 459.3 cr. YoY ⬆️, Rs. 504.5 cr. QoQ ⬆️. *Apar Industries Ltd. (C)* Net Revenue at Rs. 6931.2 cr. Vs. Rs. 5715.4 cr. YoY ⬆️, Rs. 6591.1 cr. QoQ ⬆️. EBITDA at Rs. 720.8 cr. Vs. Rs. 465.1 cr. YoY ⬆️, Rs. 757.6 cr. QoQ 🔻. EBITDA Margin at 10.4% Vs. 8.1% YoY ⬆️, 11.5% QoQ 🔻. Net Profit at Rs. 447.3 cr. Vs. Rs. 251.7 cr. YoY ⬆️, Rs. 467.5 cr. QoQ 🔻. Ashika *Welspun Corp Ltd. (C)* Net Revenue at Rs. 4643.7 cr. Vs. Rs. 4373.6 cr. YoY ⬆️, Rs. 4081.1 cr. QoQ ⬆️. EBITDA at Rs. 726.7 cr. Vs. Rs. 591.1 cr. YoY ⬆️, Rs. 692.3 cr. QoQ ⬆️. EBITDA Margin at 15.6% Vs. 13.5% YoY ⬆️, 17.0% QoQ 🔻. Net Profit at Rs. 495.1 cr. Vs. Rs. 443.5 cr. YoY ⬆️, Rs. 1047.9 cr. QoQ 🔻. *Suzlon Energy Ltd. (C)* Net Revenue at Rs. 4875.7 cr. Vs. Rs. 3870.8 cr. YoY ⬆️, Rs. 3829.1 cr. QoQ ⬆️. EBITDA at Rs. 719.8 cr. Vs. Rs. 720.8 cr. YoY 🔻, Rs. 595.2 cr. QoQ ⬆️. EBITDA Margin at 14.8% Vs. 18.6% YoY 🔻, 15.5% QoQ 🔻. Net Profit at Rs. 394.2 cr. Vs. Rs. 1279.4 cr. YoY 🔻, Rs. 305.2 cr. QoQ ⬆️. Ashika *Blue Star Ltd. (S)* Net Revenue at Rs. 2750.1 cr. Vs. Rs. 2294.5 cr. YoY ⬆️, Rs. 3198.3 cr. QoQ 🔻. EBITDA at Rs. 116.6 cr. Vs. Rs. 137.0 cr. YoY 🔻, Rs. 127.6 cr. QoQ 🔻. EBITDA Margin at 4.2% Vs. 6.0% YoY 🔻, 4.0% QoQ ⬆️. Net Profit at Rs. 38.2 cr. Vs. Rs. 69.9 cr. YoY 🔻, Rs. 69.4 cr. QoQ 🔻. *Grindwell Norton Ltd. (C)* Net Revenue at Rs. 883.7 cr. Vs. Rs. 774.7 cr. YoY ⬆️, Rs. 803.3 cr. QoQ ⬆️. EBITDA at Rs. 166.5 cr. Vs. Rs. 140.7 cr. YoY ⬆️, Rs. 157.0 cr. QoQ ⬆️. EBITDA Margin at 18.8% Vs. 18.2% YoY ⬆️, 19.5% QoQ 🔻. Net Profit at Rs. 133.2 cr. Vs. Rs. 107.4 cr. YoY ⬆️, Rs. 115.3 cr. QoQ ⬆️. Ashika *Pine Labs Ltd. (C)* Net Revenue at Rs. 806.2 cr. Vs. Rs. 649.9 cr. YoY ⬆️, Rs. 736.9 cr. QoQ ⬆️. EBITDA at Rs. 126.0 cr. Vs. Rs. 75.4 cr. YoY ⬆️, Rs. 94.9 cr. QoQ ⬆️. EBITDA Margin at 15.6% Vs. 11.6% YoY ⬆️, 12.9% QoQ ⬆️. Net Profit at Rs. 38.6 cr. Vs. Rs. 6.0 cr. YoY ⬆️, Rs. 19.6 cr. QoQ ⬆️. *Shadowfax Technologies Ltd. (C)* Net Revenue at Rs. 1537.7 cr. Vs. Rs. 982.1 cr. YoY ⬆️, Rs. 1358.1 cr. QoQ ⬆️. EBITDA at Rs. 103.8 cr. Vs. Rs. 39.2 cr. YoY ⬆️, Rs. 91.8 cr. QoQ ⬆️. EBITDA Margin at 6.7% Vs. 4.0% YoY ⬆️, 6.8% QoQ 🔻. Net Profit at Rs. 68.0 cr. Vs. Rs. 13.0 cr. YoY ⬆️, Rs. 65.4 cr. QoQ ⬆️. Ashika

*Corporate Actions* *Dividend* *30-Oct-26* CHENNPETRO: Interim Dividend - Rs. - 25.00 ADOR: Interim Dividend - Rs. - 7.50 SAGILITY: Interim Dividend - Rs. - 0.15 DCMSHRIRAM: Interim Dividend RAILTEL: Interim Dividend EMBASSY: Income Distribution REITs *IPO* SFC Environmental Technologies: Open: 27-Oct-26; Close: 29-Oct-26 BLS Polymers: Open: 27-Oct-26; Close: 29-Oct-26 M.K. Sons Fine Jewels: Open: 28-Oct-26; Close: 30-Oct-26 Bombay Coated & Special Steels: Open: 29-Oct-26; Close: 02-Nov-26 *Buyback* --- *Bonus Issue* --- *Stock Split* Chandni Machines: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 29-Oct-26 Meenakshi India: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 30-Oct-26 Galaxy Agrico Exports: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 30-Oct-26 Gujarat Natural Resources: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 05-Nov-26 Knowledge Marine & Engineering Works: Stock Split From Rs. 5/- to Rs. 1/-; Ex-Date: 06-Nov-26 *Right Issue* Ola Electric Mobility: Open: 22-Oct-26; Close: 30-Oct-26 Shivam Autotech: Open: 22-Oct-26; Close: 19-Nov-26

*Ashika Daily Morning Report* *To Read More:* https://tinyurl.com/9tbafy5n *DERIVATIVE SNAPSHOT* Nifty Nov. cl @22778(-65.8) Prem : +79.15 v/s +94.05 Nifty Nov. OI (+4.77 shares) PCR increased to 1.07 from 1.06 *Option statistics:* Indian VIX: 16.25 v/s 16.40 Addition in OI (Nifty Nov. Contract): 23500 CE +10.72 lakhs, 22600 CE +9.83 Lakhs Reduction in OI (Nifty Nov. Contract): 22200 PE -2.62 lakhs, 24400 CE -0.76 lakhs *Top Longs:* AMBUJACEM (6.9%), HDFCBANK (1.4%), ITC (2.4%) *Top shorts:* RELIANCE (8.0%), YESBANK (0.6%), WIPRO (4.5%) *Top long unwind:* ICICIBANK (-0.5%), GAIL (-0.5%), PETRONET (-0.5%) *Top short covering:* IREDA (-2.2%), LTF (-1.0%), MAHABANK (-1.7%) *Top 10 rise in volume/rise in price for F&O stock:* PGEL, LT, VOLTAS, BLUESTARCO, PATANJALI, KPITTECH, UPL, CHOLAFIN, AUBANK, TVSMOTOR *Top 10 rise in volume/fall in price for F&O stock:* NAUKRI, DMART, PIDILITIND, RELIANCE, INDUSTOWER, KAYNES, PRESTIGE, TECHM, SAIL, POLICYBZR

*Ashika Bulk Deal & Insider Trade Update* *Bulk Deal* Rajgor Castor Derivati L: Fivex Capital Vcc - Fivex Emerging Star Fund Sell 363000 Shares @ Rs. 16.86 Rajgor Castor Derivati L: Craft Emerging Market Fund Pcc-Elite Capital Fund Sell 288000 Shares @ Rs. 16.9 Jublingrea: East Bridge Capital Master Fund I Limited Buy 921668 Shares @ Rs. 601.75 Sollfege: Kuber India Opportunity Fund Sell 360000 Shares @ Rs. 55 Mtl: 3 Sigma Global Fund Sell 110400 Shares @ Rs. 114.35 *Block Deals* Sterlite Technologies Ltd: Poonawalla Aviation Private Limited Buy 601900 Shares @ Rs. 887 Sterlite Technologies Ltd: Serum Institute Of India Private Limited Sell 601900 Shares @ Rs. 887 Ashika *Insider Trade* *Acquisition* * Tiger Logistics (India) Ltd: Brahma Suppliers Private Limited, Promoter Group, Acquisition 60000 shares on 28-Oct-26 * Shakti Pumps India Ltd-$: VINTEX TOOLS & MACHINERIES PRIVATE LIMITED, Promoter Group, Acquisition 14000 shares on 27-Oct-26 * Ncl Industries Ltd-$: Charulata V Goradia, Promoter Group, Acquisition 309034 shares on 26-Oct-26 * Premier Polyfilm Ltd: Amitaabh Goenka, Promoter, Acquisition 47825 shares on 26-Oct-26 *Disposal* * Ncl Industries Ltd-$: Vinodrai V Goradia, Promoter, Disposal 309034 shares on 26-Oct-26 *Dividend* --- *Result Today* Coal India Ltd. Asian Paints Ltd. Interglobe Aviation Ltd. Trent Ltd. Laurus Labs Ltd. Ambuja Cements Ltd. Godrej Consumer Products Ltd. Apar Industries Ltd. Welspun Corp Ltd. Motilal Oswal Financial Services Ltd. Suzlon Energy Ltd. Blue Star Ltd. Timken India Ltd. MTAR Technologies Ltd. Milky Mist Dairy Food Ltd. Grindwell Norton Ltd. Deepak Nitrite Ltd. Pine Labs Ltd. Brigade Enterprises Ltd. Firstsource Solutions Ltd. Computer Age Management Services Ltd. Shadowfax Technologies Ltd. Alivus Life Sciences Ltd. Indegene Ltd. Shaily Engineering Plastics Ltd. Horizon Industrial Parks Ltd. Privi Speciality Chemicals Ltd. V-Guard Industries Ltd. JSW Holdings Ltd. Vedanta Power Ltd. Vedanta Oil and Gas Ltd. BlackBuck Ltd. Titagarh Rail Systems Ltd. Voltamp Transformers Ltd. Paras Defence And Space Technologies Ltd. Strides Pharma Science Ltd. Indian Energy Exchange Ltd. KRN Heat Exchanger And Refrigeration Ltd. Thyrocare Technologies Ltd. Equitas Small Finance Bank Ltd. Garware Technical Fibres Ltd. Bliss GVS Pharma Ltd. Sanofi India Ltd. Restaurant Brands Asia Ltd. Senores Pharmaceuticals Ltd. Wheels India Ltd. Ram Ratna Wires Ltd. Archean Chemical Industries Ltd. Kalpataru Ltd. Praj Industries Ltd. Greaves Cotton Ltd. Man InfraConstruction Ltd. Care Ratings Ltd. RPG Life Sciences Ltd. Asset Reconstruction Company (India) Ltd. ICRA Ltd. Greenply Industries Ltd. Symphony Ltd. Ind-Swift Laboratories Ltd. Borosil Ltd. Indostar Capital Finance Ltd. Indraprastha Medical Corporation Ltd. Steamhouse India Ltd. Heidelberg Cement India Ltd. Monarch Networth Capital Ltd. Nocil Ltd. NIIT Learning Systems Ltd. Nilkamal Ltd. ESAF Small Finance Bank Ltd. Krishna Defence and Allied Industries Ltd. Silver Touch Technologies Ltd. AYM Syntex Ltd. Anlon Healthcare Ltd. EPACK Durable Ltd. Team Ashika

*FOMC PRESS CONFERENCE* - 29th Oct 2026, 2am Singapore time. *Fed leaves the rates unchanged to 3.75% - 4%.* - ⁠Vote was 10-2 to hold the rates steady. - ⁠Inflation remains elevated. - ⁠Uncertainty elevated due to Geopolitical risk. - ⁠Economic activity expanding at strong pace. - ⁠Spending resilient, productivity strong, capex robust. - ⁠Job gains keeping pace with the workforce growth, unemployment little unchanged - ⁠Committee continues to seek a timely return to 2% inflation rate. - ⁠Fed seeks *accumulation of more information* to determine future policy. *Speech Summary:* * ⁠Economic activity is expanding at a strong pace. * ⁠GDP in 3rd quarter could be above 3%. * ⁠Economic growth has strengthened. * ⁠Capital expenditure are at a historically high share of GDP, led by high tech investments. * ⁠Market participation becoming somewhat more discerning in capital allocation. * ⁠I am unwilling and unable to call overall financial conditions tight. * ⁠FOMC schedule will change starting next fall. * ⁠We believe *8 meetings per year is the right number* for the FOMC. * ⁠There will be 2 strategies meeting in 2027 and 2 in 2028 * ⁠Anticipate one meeting in 2027 will not have Federal funds rate vote or policy statement. * ⁠*Productivity and job task force will be doing a field hearing on November 16.* * ⁠Politics plays no role in the Fed decision or discussions. * ⁠Economy is strong and has been marked up in the last three quarters. *Warsh has started to introduce changes in schedule and on format of the meetings even further. Task force meeting on 16th November will give further insights into where the Fed is headed.* Varun Chugh Founder & CEO Ivera Advisors Pte Ltd (CMS Licensed firm by Monetary Authority of Singapore)

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Waaree Energies, Q2 FY27: sales up 24%, profit down 15%, and the margin story has moved upstream Revenue Rs 7,518 crore, +24% EBITDA Rs 1,335 crore, -5% EBITDA margin about 17.8%, from about 23% a year ago PAT to shareholders Rs 719 crore, -15% H1 operating cash flow Rs 3,484 crore The stock has fallen from about Rs 3,200 to under Rs 2,300 in six months. Waaree is selling more panels than ever, but each one earns less. Why margins are under pressure India now has about 233 GW of module capacity, and factories are running at only 35-40% (IEEFA/JMK Research). Too many module makers chasing the same buyers means prices get cut. Exports, the old escape route, are hurt too. US duties above 200% on most Indian makers have cut exports to the US by nearly half from the FY24 peak. What could lift them The government’s ALMM List-II rule. Since 1 June 2026, most solar projects must use Indian-made cells, not just Indian-made modules. India has only about 31 GW of cell capacity against about 193 GW of modules, and most of those cells sit with integrated players like Waaree. Makers with their own cells are the ones who can keep supplying. The catch: Waaree made 1.9 GW of cells in H1 against 6.3 GW of modules, so it still buys most of its cells outside. The benefit grows only as its own cell lines ramp. Next comes ALMM List-III, which extends the same rule to wafers from 1 June 2028. Waaree is building a 10 GW ingot-wafer plant in Nagpur for about Rs 6,200 crore. If that lands on time, it controls almost the whole chain. If it is late, it buys wafers like everyone else. Then there is storage. Its battery arm has started making BESS containers, with 5.15 GWh of pack capacity and lithium cells planned later this year. Not in the numbers yet. The open risks The US customs investigation has moved to a formal “Notice of Determination of Evasion,” which Waaree is appealing. Beyond the provision taken earlier, the auditors note no further adjustment yet.