[LIVE] Stock Market on Nov 12, Nifty, Sensex Updates: Top gainers today — Adani Enterprises, ONGC, Tech Mahindra, TCS, Eternal, Adani Ports, Wipro, Infosys, HCLTech, Bharti Airtel

At 10:15 AM IST, the IT pack was trading firm with TCS up 1.77% at ₹3,101, followed by LTIMindtree rising 1.72% to ₹5,809. Tata Technologies advanced 1.64% at ₹696.05, while Mphasis climbed 1.59% to ₹2,821.70 and Tata Elxsi gained 1.53% to ₹5,364.50.

Other major gainers included Tech Mahindra (+1.42%), Persistent Systems (+1.30%), and Infosys (+1.25%). The Sensex was up 489.25 points at 84,360.57, and the Nifty gained 144.95 points to 25,839.90, supported by strength in large-cap IT counters.

Adani Group stocks rallied in early trade on November 12, driving market gains. As of 9:59 AM IST, Adani Enterprises jumped 5.08%, Adani Green rose 3.91%, and Adani Energy Solutions gained 3.11%. Other group stocks like Adani Ports, Adani Total Gas, and Adani Power also traded higher. The Sensex climbed 551.80 points to 84,423.12, while the Nifty advanced 161.10 points to 25,856.05.

Adani Enterprises led the Nifty gainers’ list, rising 3.58% to ₹2,451.50, followed by ONGC (+1.76%), Tech Mahindra (+1.72%), and TCS (+1.71%). Other notable gainers included Eternal (+1.52%), Adani Ports (+1.19%), Wipro (+1.17%), and Infosys (+1.14%) ahead of its buyback record date.

At the index level, Nifty 50 advanced 155.25 points, or 0.60%, to 25,850.20, supported by buying in IT and energy stocks.

Infosys Limited shares traded higher in early trade, extending their positive momentum ahead of the company’s buyback record date set for November 14, 2025. The stock opened at ₹1,540, touched an intraday high of ₹1,547.50, and was last seen trading at ₹1,545.70, up 1.01% from the previous close of ₹1,530.30.

VA Tech Wabag, a leading Indian multinational in water technology, has announced its first investment under its BLUE SEED programme, backing Bengaluru-based startup Nimble Vision to drive indigenous DeepTech innovation in water conservation and automation. The strategic investment will enable Nimble Vision to expand IoT-based water automation systems, develop AI-driven predictive analytics for leakage detection and energy optimisation, and create smart sensors and controllers under the Atmanirbhar Bharat initiative.

Sun Pharmaceutical Industries announced that its partner Philogen S.p.A. has released results from the Phase III FIBROSARC clinical trial testing Fibromun with doxorubicin in patients with advanced or metastatic soft tissue sarcoma (STS). While the trial did not meet its primary endpoint of progression-free survival (PFS), results showed positive trends favouring the combination treatment — with median PFS of 7.9 months versus 4.6 months for doxorubicin alone, and median overall survival of 28.3 months versus 19.6 months. Philogen plans to start a new confirmatory Phase III study in 2026 with overall survival as the main endpoint, after discussions with regulators.

Adani Cement has partnered with Finland-based Coolbrook to install the world’s first commercial RotoDynamic Heater™ (RDH™) at its Boyareddypalli cement plant in Andhra Pradesh. The system, powered entirely by renewable energy, will help cut around 60,000 tonnes of CO₂ emissions annually, with potential to expand tenfold. The breakthrough marks the first industrial-scale deployment of RDH technology globally, aligning with Adani Cement’s net-zero 2050 goal and plan to achieve 60% green power share by FY28.

BSE Ltd: Turnover data remains strong despite change in expiry day, operating revenue up 11.5% QoQ

Awfis Space Solutions: EBITDA up 32.7%, margin at 36% vs 34.1% YoY
Onesource: EBITDA up 38%, margin at 28.4% vs 23.3% YoY
Kolte Patil Developers: Reports EBITDA loss vs EBITDA profit, Group CEO resigns

Paras Defence: Bags defence orders worth ₹40 crore
Hexaware Technologies: Deepens Google Cloud partnership with launch of advanced insurance solutions

Bikaji Foods: EBITDA up 25.6%, margin at 13.8% vs 12.7% YoY
Landmark Cars: Net profit vs loss, revenue up 33.5% YoY
Dhampur Sugar: Revenue up 23%, EBITDA vs EBITDA loss YoY
Pearl Global: EBITDA up 24%, margin at 9.2% vs 8% YoY
Gokaldas Exports: EBITDA down 7%, margin at 6.6% vs 7.5% YoY

Gujarat Fluorochemicals: EBITDA up 23.4%, margin at 30% vs 24.8% YoY
Cosmo First: EBITDA up 19%, revenue rises 21% YoY
PI Industries: EBITDA down 13%, revenue declines 16% YoY

Torrent Power: EBITDA up 25%, margin at 19% vs 17% YoY
Waaree Energies: Bags order for 360 MW of solar modules
Tata Power: Muted Q2, EBITDA down 12% YoY

Bharat Forge: Arm bags ₹250 crore order for unmanned underwater systems
Kirloskar Oil Engines: EBITDA up 28.5%, revenue rises 30% YoY
Transrail Lighting: EBITDA up 33%, net profit rises 65% YoY
PTC India: EBITDA up 17.7%, revenue rises 12% YoY
Thermax: Q2 misses estimates, EBITDA down 38% YoY
CONCOR: Margin at 24.5% vs 25.5% YoY, EBITDA flat YoY
RVNL: EBITDA down 20.6%, margin at 4.2% vs 5.6% YoY
Centum Electronics: EBITDA down 5.2%, margin at 6.3% vs 7.5% YoY

Max Financial Services: Q2 above estimates, VNB up 25%, total APE up 16% YoY
Aavas Financiers: AUM rises 16%, NIM up 26 bps YoY
Zaggle Prepaid: Revenue up 43%, net profit rises 73% YoY
ESAF Small Finance Bank: Gross NPA at 8.54% vs 7.48% QoQ, NII down 32.5% YoY

Biocon: Q2 above estimates, EBITDA up 22% YoY
JB Chemicals: EBITDA up 14.4% YoY, margin at 28.5% vs 27%
IOL Chemicals: EBITDA up 37%, margin at 10% vs 7.9% YoY
Fortis Healthcare: EBITDA up 28%, margin improves to 24% from 22.6% YoY
EIH Ltd: EBITDA down 12%, margin at 25.8% vs 29.6% YoY
Emcure Pharma: From Reuters – Novo Nordisk cuts Wegovy price by up to 37% in India
Godrej Industries: EBITDA down 76.5%, margin at 2.7% vs 11.9% YoY

Nomura has maintained a Buy call on EPL Ltd with a target price of ₹350 per share, following another quarter of strong performance, in line with management guidance. The company’s Q2FY26 results came in above estimates, driven by continued momentum in the Beauty & Cosmetics (B&C) segment. The brokerage noted that while AMESA and Oral Care segments were temporarily impacted by the GST transition, overall growth trends remain robust. Nomura said the management has retained its guidance of double-digit sales growth, with operating profit expected to grow faster than revenue, supported by an improved product mix and operational efficiencies.

Nomura has maintained a Buy call on Ather Energy with a target price of ₹790 per share, noting that the company’s Q2 EBITDA loss was lower than expected, supported by higher sales volumes. The brokerage said market share expansion visibility remains strong, driven by network growth and the upcoming EL model launch, which are seen as key catalysts for sustained performance. Nomura expects robust volume growth of 57%, 40%, and 33% in FY26, FY27, and FY28, respectively, backed by improving scale, expanding reach, and operational efficiencies.

InCred has maintained a Reduce call on Bosch Ltd with a target price of ₹27,910 per share, after the company’s Q2 EBITDA declined 4% QoQ, falling below estimates due to flat sales growth and elevated raw material costs. The brokerage has retained its FY26F estimates, which factor in an 11% YoY EPS growth in H2FY26, but noted that the recent correction in the stock is likely to continue given its rich valuation. InCred said that while the medium-term outlook remains stable, near-term upside appears limited amid margin pressures and premium pricing.

InCred has maintained a Hold call on Bharat Forge with a target price of ₹1,209 per share, after the company reported a 12% YoY decline in Q2FY26 EBITDA, largely due to weakness in the US commercial vehicle (CV) business. The brokerage noted that passenger vehicle and industrial segments supported profitability, helping the company deliver a healthy EBITDA margin of 28.3%. However, management expects demand challenges in North America to persist through H2FY26, while a tightening global environment is likely to weigh on short-term earnings.

Nomura has maintained a Neutral call on Bharat Forge with a target price of ₹1,553 per share, noting that the defence segment is helping offset export weakness. The company’s Q2 revenue came in below expectations, though EBITDA performance was in line.

The brokerage believes the commercial vehicle (CV) cycle is bottoming out, with a potential upcycle likely to begin from H2FY27. Nomura also said the cyclical downturn in exports appears close to its trough and expects a recovery by H2FY27. Additionally, it noted that an India–US trade deal could ease tariff concerns, reducing a key overhang for the company’s export business.

HSBC has maintained a Buy call on Crompton Greaves Consumer Electricals but cut its target price to ₹430 per share, citing margin pressures and muted growth in the September quarter. The brokerage said weak ECD segment growth and higher costs weighed on Q2 performance. HSBC noted that investments in new product categories, along with increased advertising and promotional spends and rising input costs, are likely to impact near-term margins. Consequently, the brokerage has revised its near-term earnings forecasts lower by 16–20%, while retaining a positive long-term view supported by product diversification and brand strength.

Nomura has maintained a Buy call on ONGC while cutting its target price to ₹270 per share, following a Q2 earnings miss driven by higher operating expenses. The brokerage expects 4% volume CAGR over FY25–28, supported by steady production growth and operational improvements. Nomura said the company has guided oil output of 19.8 and 21 million tonnes for FY26 and FY27, respectively, with annual capex set at ₹30,000–35,000 crore. ONGC is targeting ₹5,000 crore in opex reduction and aims to reach 10 GW of renewable capacity by 2030.

Jefferies has maintained a Buy call on ONGC but cut its target price to ₹310 per share, citing a broadly in-line quarterly performance. The company’s consolidated EBITDA and PAT were in line with estimates, while management guided for production growth starting Q4FY26 onwards. The brokerage said ONGC is focusing on operating cost optimisation to protect profitability amid a soft crude price environment. Jefferies described the stock as the cheapest among global peers, noting it is pricing in crude at $60 per barrel. It has, however, revised FY27 and FY28 EPS estimates downward by 5% and 8%, respectively.

CLSA has retained a High Conviction Outperform call on ONGC with a target price of ₹330 per share, after the company’s QFY26 EBIT and PAT came in 2–4% ahead of estimates. The brokerage highlighted management’s outlook for gas output from the KG-98/2 block, which is expected to ramp up from Q1FY27. Additionally, production gains from the Daman offshore field are anticipated in 2026, while ONGC also sees potential upside from its Mumbai High field through its strategic partnership with BP Plc.

The Shenzhen Component Index slipped 0.63% to 13,204.73, down 84.28 points in early trade. The decline was led by losses in technology and consumer stocks, as investors turned cautious amid ongoing concerns over domestic demand and slowing industrial activity in China.

The SSE Composite Index rose 0.22% to 4,011.36, gaining 8.60 points in early trade. The uptick was supported by modest buying in banking and industrial stocks, as investors assessed the outlook for China’s economy and awaited fresh policy cues from Beijing to bolster growth momentum.

The Korea Composite Stock Price Index (KOSPI) advanced 0.75% to 4,137.26, adding 30.86 points in early trade. Buying interest in technology and financial stocks supported the benchmark, as investors remained optimistic about global growth prospects and improving corporate earnings momentum across the region.

Japan’s Nikkei 225 Index advanced 0.17% to 50,927.24, adding 84.36 points in early trade. Gains were driven by strength in technology and export-oriented stocks, reflecting a positive start to the Asian trading session. Market sentiment remained supported by stable U.S. futures and optimism around corporate earnings momentum.

Jefferies has maintained a Buy call on Max Financial Services with a target price of ₹1,900 per share, following strong performance in the September quarter. The company reported 25% YoY VNB growth, driven by a 185 bps margin expansion to 25% and 16% growth in APE.

The brokerage said better product mix and favourable yield curve movements likely supported margin improvement, while embedded value (EV) grew 15% YoY with an operating RoEV of 16%. However, Jefferies noted that the 13-month persistency ratio declined 200 bps YoY. It added that while the recent GST changes may weigh on margins, Max Financial appears better placed to manage the impact compared to peers, supported by its balanced product mix and cost efficiency.

Jefferies has maintained a Buy call on PI Industries with a target price of ₹4,315 per share, even as the company reported a 16% YoY decline in revenue, which still came in 8% above estimates due to better-than-expected CSM exports. The brokerage noted that CSM exports fell 18% YoY, while domestic revenues declined 13% YoY, slightly below expectations. However, pharma growth surprised positively, though losses continued as anticipated. Management has retained its guidance for single-digit revenue growth in FY26, with new products growing 27% YoY during the quarter, reflecting strong momentum in the innovation-led portfolio.

CLSA has maintained a Hold call on Tata Power with a target price of ₹369 per share, noting that Q2 performance was impacted by the Mundra IPP shutdown, weakness in Indonesian mines, and losses in the RE IPP and Tata Projects segments.

The brokerage said core profitability fell 53% YoY despite 14% capacity growth, as lower solar and wind utilisation and higher interest rates weighed on margins. However, treasury income rose 56% YoY, cushioning the decline in reported PAT. CLSA also highlighted that coal profit per tonne dropped 67% YoY due to lower seaborne prices, while Odisha Discom operations, solar EPC, and module businesses performed well despite the import restrictions.

Morgan Stanley has maintained an Overweight call on Shriram Finance with a target price of ₹925, implying a potential upside from the current market price of ₹831. The brokerage highlighted that credit costs have declined in 1HFY26, though some slippages are likely ahead. It expects net interest margins (NIMs) to expand as liquidity conditions normalise and sees a strong FY26–27 EPS CAGR supporting earnings visibility. Morgan Stanley also projects a tangible ROE of around 16%, with valuations at 13.8x FY27E P/E and 2.2x P/B, reflecting confidence in the company’s steady long-term profitability trajectory.

Goldman Sachs has maintained a Buy call on Schneider Electric Infrastructure with a target price of ₹950, noting strong order momentum despite a Q2 revenue miss. The brokerage highlighted that order inflows rose 46.5% YoY to ₹840 crore, while gross margins stood at 39%.

Goldman Sachs said the company’s expansion projects remain on track, although it has trimmed FY26–28 EBITDA estimates by 15%, 1%, and 3%, respectively. The firm added that Schneider continues to focus on the medium-voltage smart grid segment, which has delivered a 33% CAGR in order inflows, supporting its long-term growth outlook.

Goldman Sachs has maintained a Sell call on ONGC with a target price of ₹220, noting that the company’s Q2 EBITDA was in line while gas volumes remained flat. The brokerage highlighted that ONGC has guided for a 5% CAGR in oil and gas production for FY25–27, compared to Goldman’s modelled growth of 2%. It added that the stock has underperformed the Sensex, and Goldman Sachs has cut FY26–28 EBITDA estimates by 13% due to lower production and price assumptions. The brokerage said the valuation remains unappealing, maintaining its cautious stance on the stock.

Elara Capital has maintained an Accumulate call on Jindal Stainless with a target price of ₹836, citing steady operational growth and margin improvement. The company reported EBITDA of ₹1,390 crore, up 17% YoY and 6% QoQ, supported by healthy realisations and cost control.

Elara noted that subsidiary EBITDA rose 83% YoY, while sales volume increased 15% YoY to 648,050 tonnes. The brokerage expects 9–10% growth in FY26, with additional capacity of 1.2 million tonnes to support expansion. However, it flagged imports and demand slowdown as key near-term risks for the stainless steel maker.

Elara Capital has maintained a Buy call on KEC International with a target price of ₹930, citing strong execution and robust order inflows. The company reported revenue of ₹6,090 crore, up 19% YoY, and EBITDA of ₹430 crore, up 34% YoY, with margins at 7.1% and T&D contributing 67% of revenue.

Elara highlighted that order inflow surged 70% YoY, taking the order book to ₹39,300 crore. The management guided for 15% revenue growth in FY26, though the brokerage has trimmed FY26–28 EPS estimates due to low-margin legacy orders and delayed payments.

The firm continues to view KEC positively on improved execution, diversified order book, and margin recovery potential, retaining a Buy rating with a target price of ₹930 (16x Sep’27E P/E).

Citi has maintained a Buy call on Aavas Financiers with a target price of ₹2,350, citing steady performance and improved profitability. The company’s PAT rose 11% YoY and 18% QoQ to ₹164 crore, aided by higher assignment income and lower credit costs.

The brokerage said AUM growth remained steady, with disbursements normalising post Q1 delays, and asset quality strong with 1+ DPD below 4% and credit cost under 25 bps. Citi also noted that funding costs declined, while spreads expanded, supported by a focus on low-ticket rural lending.

Aavas guided for 18% AUM growth in FY26 and over 20% growth beyond FY26, with RoA at 3.8–4.0% and RoE between 16–17% projected over FY27–28.

Goldman Sachs has maintained a Neutral call on BSE Ltd with a target price of ₹2,460 per share. The brokerage said Q2 underlying EPS came in at ₹13.6, about 3% above its estimate of ₹13.2. Operating revenue rose 12% QoQ and 44% YoY, while operating expenses increased 14% QoQ and 7% YoY.

Goldman Sachs noted that from September 2025, BSE will contribute 5% of transaction revenue to the Core SGF. The company’s underlying PAT grew 6% QoQ and 62% YoY, also coming in 3% ahead of estimates, reflecting strong operating momentum despite higher costs.

Nuvama has maintained a Hold call on Vodafone Idea, citing steady operational performance in Q2FY26. Revenue grew 1.6% QoQ and 2.4% YoY to ₹11,190 crore, in line with estimates, while ARPU rose 1.2% QoQ and 7.1% YoY to ₹167. Subscriber loss moderated to 1 million, and the 4G base increased by 0.4 million to 127.8 million.

The brokerage noted a 10 bps QoQ rise in EBITDA margin to 41.9%, aided by lower costs, while losses narrowed to ₹5,560 crore on reduced finance expenses. However, it flagged high leverage and limited debt funding visibility, with AGR dues at ₹78,500 crore. Nuvama said that while 5G rollout and tariff tweaks support ARPU, balance sheet repair remains crucial for the company’s turnaround.

Bank of America (BoFA) has maintained an Underperform call on Vodafone Idea with a target price of ₹6.5. The brokerage said EBITDA was in line, with ARPU at ₹189, up 8% year-on-year, while subscriber base declined by around 1 million.

BoFA highlighted the company’s net loss of ₹5,500 crore and capex at ₹1,750 crore, with FY26 guidance of ₹7,500–8,000 crore. It noted that high leverage and weak growth persist, with AGR dues at nearly $8.8 billion.

The company is in the process of raising ₹50,000–55,000 crore to support its 4G expansion and 5G rollout, though BoFA remains cautious, stating that the risk-reward profile remains unfavourable.

Goldman Sachs has maintained a Sell call on Bajaj Finserv with a target price of ₹1,785. The brokerage said Q2 performance was in line, but the growth outlook has moderated further. It has cut FY26–FY28 EPS estimates by 4–7% to reflect slower topline growth, lower margins, and updated management commentary indicating a more cautious business outlook.

Jefferies has maintained a Hold call on BSE Ltd with a target price of ₹2,930. The brokerage noted healthy growth in option revenues, even as cash segment trends remain soft. It added that a lower SGF charge lifts estimates and emphasised that clarity on norms for index options expiry will be key for the exchange going forward.

The SSE Composite Index was down 0.04% at 4,001.02, while the Shenzhen Component Index edged 0.18% lower. Weakness in smaller-cap stocks and muted domestic sentiment weighed on Chinese equities early in the session.

The KOSPI Index rose 0.84% to 4,140.83, driven by gains in semiconductor and banking stocks. Investor sentiment remained upbeat as global markets steadied ahead of key trade updates.

The Hang Seng Index climbed 0.84% to 26,921.73, led by advances in financial and tech names. The Hang Seng TECH Index added 0.39%, mirroring overnight strength in global tech counters.

The Nikkei 225 traded higher by 0.20% at 50,943.42, supported by buying in export-oriented and tech stocks. The broader TOPIX index also gained 0.95%, reflecting firm investor sentiment across Japanese equities.