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The festive season in India is not only a time of celebration but also a period that influences consumption patterns and investor behavior in the stock market. Sectors such as automobiles, fast-moving consumer goods (FMCG), and consumer durables often experience higher demand during festivals like Diwali, Dussehra, and Navratri. For long-term investors, understanding these seasonal trends can help in making informed portfolio decisions.

As we approach Diwali 2025, examining how festive demand affects these sectors provides insights into potential performance and helps in aligning investment strategies with seasonal consumer behavior.

Automobile Sector: Sales Boost During Festive Season

The automobile sector in India typically sees a spike in sales during festive months. Consumer sentiment improves, and manufacturers often introduce offers, discounts, and new models to attract buyers.

Factors influencing festive auto demand:

• Consumer sentiment: Festivals encourage discretionary spending, leading to increased vehicle purchases.
  
• Financing availability: Easy loans and attractive financing schemes support higher sales.
  
• New model launches: Manufacturers often time launches during festive seasons to capitalize on higher footfall in showrooms.
  

Passenger vehicles, two-wheelers, and electric vehicles (EVs) often witness a noticeable uptick in demand. Retail investors tend to monitor key auto stocks during this period, considering potential growth from seasonal sales and future demand trends.

While festive demand can provide a short-term sales boost, long-term performance in the auto sector depends on factors such as production efficiency, cost management, and the pace of EV adoption. Investors may benefit by focusing on companies with consistent market share and a clear roadmap for technology and product expansion.

FMCG Sector: Steady Demand from Consumption Patterns

The FMCG sector, which includes essential goods, personal care items, and packaged foods, generally benefits from seasonal consumption. Festivals encourage higher household spending, gift purchases, and stockpiling of daily-use items.

Reasons festive demand impacts FMCG stocks:

• Seasonal consumption: Increased purchases of sweets, beverages, and packaged food items contribute to revenue growth.
  
• Brand visibility: Companies often launch festival-specific products or marketing campaigns to attract customers.
  
• Rural demand: Recovery in rural consumption during festive periods can provide an additional revenue boost.
  

For long-term investors, FMCG stocks offer relative stability due to consistent demand throughout the year, complemented by seasonal spikes. While short-term sales may influence quarterly results, the underlying fundamentals such as distribution reach, brand strength, and product portfolio determine sustainable performance.

Consumer Durable Sector: Demand Driven by Lifestyle Purchases

Consumer durable companies, which produce electronics, home appliances, and kitchen equipment, often experience increased sales during festivals. Upgraded incomes, promotional offers, and gifting trends contribute to higher demand.

Key drivers of festive demand in consumer durables:

• Upgrade purchases: Consumers replace old appliances with newer models during festivals.
  
• Energy-efficient products: Growing awareness about efficiency and technology encourages sales of modern appliances.
  
• Retail promotions: Discounts, festive bundles, and EMI options attract more buyers.
  

Festive sales can impact short-term revenue and profitability for these companies. For investors, tracking consumer durable stocks during this period provides insights into market trends, brand preference, and potential growth areas. Companies with strong distribution networks and innovative product lines tend to benefit more from seasonal demand.

Investment Considerations for Festive Season

While festive demand can influence quarterly results, it is important for investors to maintain a long-term perspective. Here are some considerations:

1. Focus on Fundamentals: Short-term sales boosts are temporary. Companies with strong balance sheets, consistent revenue growth, and operational efficiency remain preferable for long-term investing.
   
2. Diversification Across Sectors: Investing in multiple sectors such as auto, FMCG, and consumer durables can reduce portfolio risk while capturing seasonal opportunities.
   
3. Monitor Trends, Not Hype: Seasonal promotions and marketing campaigns can temporarily influence stock prices. Investors should analyze underlying demand and growth potential rather than react solely to festive sentiment.
   
4. Evaluate Valuation: Even with higher demand, investors should consider whether a stock’s valuation aligns with its growth prospects and earnings potential.
   
5. Use Festive Period Strategically: This period can be suitable for reviewing portfolios, adding quality stocks at reasonable valuations, or initiating long-term positions in sectors benefiting from seasonal demand.
   

Sector Outlook for Diwali 2025

• Automobiles: Passenger vehicle sales may rise moderately, supported by festive demand and financing options. EV adoption continues to be a growth driver in selected segments.
  
• FMCG: Consumer staples are likely to see stable demand, with branded products and packaged foods contributing to revenue gains.
  
• Consumer Durables: Increased discretionary spending and gifting trends may benefit electronics and home appliance companies, with energy-efficient and smart products attracting attention.
  

Overall, while seasonal trends can provide short-term performance insight, the long-term outlook for these sectors is influenced by fundamentals, innovation, and broader economic conditions.

Conclusion

Festive seasons in India create unique opportunities for businesses and investors alike. Automobile, FMCG, and consumer durable sectors often see increased activity during this period, reflecting patterns in consumer behavior and market sentiment.

For investors, understanding how seasonal demand impacts these sectors can help in making informed decisions. By focusing on strong fundamentals, diversification, and long-term growth potential, investors can align their portfolios to benefit from festive trends without relying solely on short-term market sentiment.

As Diwali 2025 approaches, this period serves as both a reflection of consumer optimism and a chance for strategic investment planning, reinforcing the importance of patience, analysis, and disciplined investing.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Diwali is traditionally a period of cleaning and organizing, symbolizing a fresh start and the welcoming of positive energy into homes. The same principle can be applied to financial portfolios. Just as households tidy their surroundings, investors can benefit from reviewing and restructuring their investments before the new Samvat year begins. Portfolio cleansing involves assessing current holdings, identifying underperforming assets, rebalancing allocations, and ensuring that investments continue to align with long-term financial objectives.

Why Portfolio Cleansing Is Important

Portfolios are dynamic and can change in composition over time due to market movements, investment additions, or shifts in personal financial goals. Without regular review, an investor may hold assets that no longer fit their objectives, carry unnecessary risk, or underperform relative to alternatives. Cleansing the portfolio helps address these issues and ensures investments remain purposeful.

Key reasons for portfolio review include:

1. Alignment With Financial Goals:
   Financial priorities may evolve, whether it’s planning for retirement, funding education, or buying a home. Portfolio review ensures that allocations remain consistent with your current objectives.
   
2. Identifying Underperforming Investments:
   Some stocks, mutual funds, or other assets may consistently lag benchmarks or fail to meet expectations. Removing or replacing these investments can improve overall portfolio performance.
   
3. Managing Risk and Diversification:
   Market movements may alter your portfolio’s balance across equities, debt, or other assets. Portfolio cleansing allows you to rebalance and maintain the desired risk profile.
   
4. Tax Planning:
   The festive season provides an opportunity to review capital gains and losses, utilize tax-saving instruments, and optimize your portfolio for better tax efficiency.
   

Steps to Cleanse Your Portfolio

1. Evaluate Each Investment:
   Begin by reviewing every holding in your portfolio. Assess stocks, mutual funds, bonds, and other assets based on performance, fundamentals, and risk profile. Understanding how each investment contributes to your overall objectives is essential.
   
2. Assess Diversification:
   Check whether your portfolio is appropriately diversified across sectors, asset classes, and risk categories. Overconcentration in one area can increase vulnerability to market fluctuations.
   
3. Identify Redundant or Underperforming Assets:
   Investments that no longer align with your goals or consistently underperform may need to be trimmed or replaced. Freeing up these funds allows allocation toward better-performing or more relevant options.
   
4. Rebalance Asset Allocation:
   Changes in market conditions can shift the weightage of assets in your portfolio. Rebalancing helps restore your intended risk-return profile. For example, equities may grow disproportionately, requiring a shift toward debt or other instruments.
   
5. Set Clear Goals for the Year Ahead:
   Diwali is a symbolic time to plan for new beginnings. Establish investment targets for the upcoming financial year based on expected expenses, inflation, and long-term wealth goals.
   
6. Incorporate Tax Efficiency:
   Consider capital gains and losses while reviewing the portfolio. Selling underperforming assets may provide opportunities to offset gains, while investments in tax-saving instruments can reduce overall tax liability.
   
7. Update Investment Strategy:
   Life circumstances and market conditions evolve. Use this review to make adjustments to your strategy, ensuring it continues to meet your objectives and risk tolerance.
   

Why Diwali Is an Ideal Time for Portfolio Review

The festive season offers unique advantages for reviewing investments:

• Psychological Readiness: The festival symbolizes new beginnings, motivating investors to take a disciplined and structured approach to their finances.
  
• Quarter-End Assessment: Diwali falls near the end of the second quarter, making it a convenient time to review quarterly performance.
  
• Seasonal Insights: Consumer and sector trends during the festive period, such as increased spending on automobiles, FMCG, and consumer durables, can guide strategic investment decisions.
  

Practical Tips for Investors

1. Focus on Long-Term Goals: Avoid reacting to short-term market fluctuations. Keep financial objectives and risk tolerance at the center of decision-making.
   
2. Use Tools for Assessment: Investment calculators, portfolio tracking tools, and performance analyzers can provide clarity on asset allocation and returns.
   
3. Seek Expert Advice: Consulting a financial advisor can help identify gaps, suggest adjustments, and provide insights based on market conditions.
   
4. Maintain Discipline: Portfolio cleansing should be a structured exercise rather than a reaction to market noise or festive hype.
   
5. Document Changes: Recording adjustments ensures clarity, supports future reviews, and provides a reference for performance assessment.
   

Conclusion

Portfolio cleansing before Diwali is a practical step to ensure investments remain aligned, balanced, and positioned for long-term growth. It allows investors to identify underperforming assets, rebalance allocations, plan for taxes, and align portfolios with evolving financial goals.

The festival of Diwali, with its emphasis on light, renewal, and prosperity, provides an appropriate backdrop for financial review and strategic planning. By conducting a thorough portfolio review, investors can approach the new financial year with structure, clarity, and confidence, laying the groundwork for disciplined and informed investing in the year ahead.

Portfolio cleansing is more than just a symbolic exercise; it is an essential practice that can strengthen financial foundations, manage risk, and help investors achieve their long-term objectives while making the most of the festive season.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Diwali is a season traditionally associated with wealth, prosperity, and new beginnings. Investors often use this period to make new financial commitments, including buying gold or investing in equities. Both options carry historical and cultural significance in India, but they differ in terms of risk, returns, and long-term benefits. Understanding the characteristics of each can help investors make informed decisions during Diwali 2025.

Gold: The Traditional Choice

Gold has been an integral part of Indian culture for centuries. It is considered a symbol of wealth and security and is often bought during festivals, weddings, and other auspicious occasions.

Why investors consider gold:

1. Hedge Against Inflation: Gold tends to maintain its value over time and can act as a hedge against inflation, preserving purchasing power.
   
2. Liquidity: Physical gold, gold ETFs, and sovereign gold bonds are easily tradable, allowing investors to access funds when needed.
   
3. Safe-Haven Asset: Gold is often perceived as a safe investment during economic uncertainty or market volatility.
   
4. Diversification: Including gold in a portfolio can provide balance, as its performance is generally less correlated with equities.
   

Considerations before buying gold:

• Returns Are Moderate: While gold preserves value, long-term returns may be lower than equities.
  
• Storage and Security: Physical gold requires safe storage, which may involve additional costs.
  
• Price Volatility: Although safer than equities, gold prices can fluctuate based on global demand, currency movements, and geopolitical factors.
  

For Diwali 2025, gold remains a popular choice for symbolic investment and portfolio diversification, especially for those seeking stability and long-term preservation of wealth.

Equity: The Growth-Oriented Option

Equities represent ownership in a company and provide an opportunity to participate in its growth. Investing in stocks or equity mutual funds can offer higher potential returns than gold over the long term.

Advantages of investing in equities:

1. Long-Term Growth Potential: Historically, equities have delivered higher returns over extended periods compared to gold and other traditional assets.
   
2. Dividend Income: Certain stocks offer regular dividends, providing additional cash flow.
   
3. Wealth Creation Through Compounding: Reinvested returns can grow substantially over time, making equities suitable for long-term financial goals.
   
4. Variety of Options: Investors can choose from large-cap, mid-cap, small-cap stocks, or sector-specific funds depending on risk appetite and objectives.
   

Considerations before investing in equities:

• Higher Risk: Stock prices can be volatile in the short term, and market corrections may affect portfolio value.
  
• Research Required: Equity investing requires analysis of company fundamentals, market conditions, and sector trends.
  
• Emotional Discipline Needed: Investors must avoid reacting impulsively to market fluctuations.
  

During Diwali 2025, equities may attract long-term investors who aim to grow their wealth systematically through careful selection and disciplined investing.

Comparing Gold and Equity

Feature	Gold	Equity
Risk	Lower	Higher
Returns	Moderate	Potentially Higher
Liquidity	High	Moderate to High
Inflation Hedge	Strong	Moderate
Income Generation	None	Possible dividends
Long-Term Growth	Limited	Higher potential

From the comparison, it is clear that gold provides stability and security, while equities offer the potential for higher growth. The choice depends on individual financial goals, risk tolerance, and investment horizon.

Investment Strategy for Diwali 2025

1. Assess Financial Goals: Consider whether your objective is wealth preservation, growth, or a mix of both. Gold may be suited for security and diversification, while equities may serve long-term growth needs.
   
2. Balance Your Portfolio: Combining gold and equities can provide both stability and growth. For example, a moderate allocation to gold can hedge against market volatility, while equities drive long-term wealth creation.
   
3. Consider Systematic Investment: Investing in equities through SIPs (Systematic Investment Plans) allows gradual entry into the market, reducing the impact of short-term volatility. Similarly, gold ETFs or sovereign gold bonds can be used instead of physical gold for easier management and tracking.
   
4. Review Risk Appetite: Conservative investors may prefer higher allocation to gold, while those with higher risk tolerance may lean more toward equities.
   
5. Seasonal Opportunities: Diwali often brings consumer-driven growth in sectors like FMCG, auto, and consumer durables, which can reflect in stock performance. Understanding these trends may help investors identify potential opportunities.
   

Final Thoughts

Diwali 2025 offers an opportunity to reflect on financial priorities and make thoughtful investment decisions. Gold and equities serve different purposes within a portfolio, and their roles complement each other when balanced appropriately.

Gold continues to provide stability, liquidity, and an inflation hedge, making it suitable for conservative investors and portfolio diversification. Equities, on the other hand, offer long-term growth potential, compounding benefits, and income through dividends for those willing to navigate market volatility.

Ultimately, the choice between gold and equity depends on individual financial goals, risk tolerance, and investment horizon. A balanced approach that considers both stability and growth can help investors start the festive season with a structured financial plan, aligning with the spirit of Diwali — a season of light, prosperity, and new beginnings.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

India’s Information Technology (IT) sector, which faced a period of muted growth and cautious spending over the past year, is now beginning to see early signs of demand recovery. As global enterprises revisit their digital transformation strategies, Artificial Intelligence (AI) has emerged as the central driver of renewed interest and investment. This gradual shift in sentiment indicates that clients are becoming more open to AI-led projects, potentially signaling a turning point for the sector.

Gradual Revival After a Period of Uncertainty

The last few quarters have been challenging for India’s IT industry, with delayed deal ramp-ups, tighter budgets, and slower decision-making by clients—especially in key markets like the U.S. and Europe. However, recent earnings commentaries and order books from major IT players suggest that demand is stabilizing. While traditional outsourcing services such as application development and maintenance continue to contribute, the uptick in interest is largely being driven by next-generation technologies like AI, machine learning (ML), and automation.

Enterprises are increasingly exploring AI integration to enhance efficiency, reduce operational costs, and improve customer experiences. This renewed interest has led to a visible improvement in deal inquiries, particularly in the areas of data analytics, predictive modeling, and AI-driven automation tools.

AI as the Growth Catalyst

AI is reshaping the way global businesses operate, and Indian IT firms are positioning themselves to capture this opportunity. Clients are no longer limiting AI to experimental projects or pilot runs. Instead, they are evaluating scalable AI solutions that can be embedded across business functions—from customer support and marketing analytics to supply chain optimization and cybersecurity.

This transition aligns well with India’s IT service capabilities, which have evolved beyond cost-efficient outsourcing. Companies are now emphasizing consultative approaches, offering end-to-end AI transformation services that include strategy, implementation, and ongoing optimization. The focus has shifted from cost-saving contracts to value-driven engagements.

Shifting Client Behavior and Budgets

Clients who once paused or postponed IT spending are now revisiting their budgets to accommodate AI investments. The motivation stems from the clear potential of AI to enhance productivity and enable faster decision-making. Sectors like banking, retail, healthcare, and manufacturing are leading this adoption trend.

For instance, banks are integrating AI into risk assessment and fraud detection systems, while retail firms are using it for personalized marketing and demand forecasting. Healthcare organizations are exploring AI-driven diagnostics, and manufacturers are automating predictive maintenance and quality control. These trends indicate that AI is no longer a futuristic concept but a practical tool being woven into business operations.

Opportunities for Indian IT Companies

For Indian IT firms, this shift presents an opportunity to diversify their revenue streams and reduce dependence on legacy outsourcing services. Many companies are expanding their AI-focused teams, investing in proprietary platforms, and collaborating with global technology providers to co-develop AI solutions.

Additionally, the growing ecosystem around generative AI tools and language models is opening new service areas. IT firms are offering AI advisory and integration services to help clients deploy these tools responsibly and effectively. This move toward AI-based projects also allows companies to command better pricing compared to traditional IT contracts, which have often faced pricing pressures.

Challenges in the Transition

Despite the positive momentum, the path ahead is not without challenges. Clients remain cautious about the return on investment (ROI) from AI projects, and many are still in the early stages of defining their AI roadmaps. Furthermore, the rapid pace of AI development demands constant upskilling and reskilling within the IT workforce.

Indian IT firms also need to address data security, ethical AI usage, and compliance concerns as part of their offerings. Building trust through transparent AI governance frameworks will be key to sustaining long-term partnerships with clients.

Outlook: Steady Progress Rather Than a Sudden Surge

While a full-fledged demand recovery may take more time, the growing acceptance of AI projects is a clear signal that the IT sector is entering a new growth cycle. The pace of deal conversions and the increasing share of digital and AI-led contracts in revenue mixes suggest cautious optimism.

As clients continue to refine their strategies and look for measurable outcomes, Indian IT companies that balance innovation with execution discipline are likely to benefit the most. The sector’s focus on adaptability, domain expertise, and long-term client engagement positions it well to navigate this evolving landscape.

In essence, India’s IT sector appears to be moving from a phase of hesitation to exploration, with AI serving as the bridge to renewed growth. The coming quarters will reveal how effectively firms can translate this client interest into sustained business momentum.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

On October 16, 2025, Rubicon Research, a Mumbai-based pharmaceutical company, made its debut on the Indian stock exchanges. The company’s shares opened at ₹620 on the National Stock Exchange (NSE) and ₹620.10 on the Bombay Stock Exchange (BSE), marking a 27.84% and 27.86% premium, respectively, over its initial public offering (IPO) price of ₹485. This development attracted attention from investors and analysts, given the company’s focus on differentiated pharmaceutical products and its growing presence in international markets.

IPO Overview

Rubicon Research’s IPO was priced in the range of ₹461 to ₹485 per share, aiming to raise ₹1,377.50 crore. The issue consisted of a fresh issue of ₹500 crore and an offer for sale (OFS) of ₹877.50 crore by the promoter, General Atlantic Singapore RR Pte Ltd. The company’s plan to raise funds was centered on strengthening its balance sheet, reducing debt, and supporting future growth initiatives.

Investor response to the IPO was strong. The overall issue was oversubscribed 103.90 times, reflecting significant demand across different investor categories. Qualified Institutional Buyers (QIBs) led the demand, subscribing 130.26 times their reserved portion. Non-Institutional Investors subscribed 97.61 times, while Retail Investors participated 35.47 times, indicating broad-based interest from both professional and retail investors. The high subscription numbers also suggested that the market saw potential in the company’s business model and growth strategy.

Market Reception

Rubicon Research’s shares opened at ₹620 on both the NSE and BSE, demonstrating a positive initial market response. While this listing price was slightly below the grey market premium (GMP) expectations of around ₹145 or approximately 30% above the IPO price, it still reflected investor confidence in the company. The market debut highlighted interest in pharmaceutical companies with global exposure, particularly those focused on specialized formulations and high-value products.

The company’s business is centered on developing differentiated pharmaceutical formulations. Its portfolio includes 72 Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products, which cater primarily to the U.S. market. This focus on regulated international markets gives Rubicon Research a distinct position in the competitive pharmaceutical landscape and underlines the potential for steady revenue generation from high-quality, patented, or semi-patented products.

Use of IPO Funds

The funds raised from the IPO are set to be used for multiple purposes, reflecting both operational and strategic priorities. Around ₹310 crore is intended for repayment of borrowings. This repayment is expected to improve the company’s financial leverage, lowering interest obligations and enhancing flexibility in financial management.

The remaining proceeds will be used to support inorganic growth through acquisitions and other strategic initiatives. This could include acquiring companies or product portfolios that complement Rubicon Research’s current offerings. Additionally, the funds are designated for general corporate purposes, which may include investments in infrastructure, research and development, and expanding manufacturing capabilities. Effective deployment of the IPO proceeds is crucial to sustaining growth while maintaining financial stability.

Business and Market Considerations

Rubicon Research’s primary revenue driver is the U.S. market, which accounts for 98% of its total revenue. While this global focus offers access to high-value markets, it also introduces certain risks. Changes in U.S. regulatory policies, patent approvals, or pricing pressures could directly impact the company’s revenue streams. Another consideration is customer concentration. The top five clients contribute 71% of Rubicon Research’s revenue, which indicates that any change in their procurement decisions could significantly affect financial performance.

Despite these considerations, the company’s track record in delivering specialized formulations and its focus on compliance with international quality standards provide a foundation for potential growth. By maintaining a diversified product pipeline and exploring strategic acquisitions, Rubicon Research aims to mitigate some of the risks associated with market concentration.

Future Outlook

The debut of Rubicon Research on the stock market reflects a positive start, highlighting investor interest in pharmaceutical companies with international exposure and differentiated product offerings. While the premium at listing demonstrates optimism, it is essential for investors to monitor the company’s operational performance, market expansion, and customer diversification.

Going forward, Rubicon Research’s ability to sustain revenue growth, manage client concentration, and maintain regulatory compliance in the U.S. market will be critical in determining its long-term performance. For investors, the listing offers an opportunity to participate in a company positioned in a specialized segment of the pharmaceutical industry, but careful evaluation of associated risks is necessary.

Conclusion

Rubicon Research’s IPO debut showcases a favorable market response, underlining the attention that well-structured pharmaceutical businesses receive from investors. The company’s focus on specialized formulations, international market exposure, and strategic use of IPO funds provides a clear roadmap for potential growth. At the same time, considerations such as high reliance on a few clients and significant U.S. market exposure mean that investors should assess both opportunities and risks before making investment decisions. The company’s listing adds a noteworthy player to the pharmaceutical segment on Indian stock exchanges and provides a benchmark for other firms considering public offerings in the sector.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

As the festive season approaches, travel activity across India begins to surge, and few sectors benefit as directly as railways. Indian Railway Catering and Tourism Corporation (IRCTC), the PSU under the Ministry of Railways, often witnesses heightened investor attention during this period. With Diwali and Chhath Puja around the corner, Indian Railways is preparing to handle one of the busiest travel seasons of the year — and this sentiment frequently reflects in IRCTC’s stock performance.

IRCTC Share Price Movement Ahead of the Festive Season

In recent sessions, IRCTC’s share price has seen increased trading activity, as investors anticipate higher passenger volumes and catering revenues during the festive rush. Historically, the stock tends to see moderate momentum in the weeks leading up to Diwali, as markets price in higher earnings potential from tourism, catering, and ticketing services.

The festive period often brings more travelers booking tickets through the IRCTC platform, with both reserved and unreserved ticket segments seeing strong demand. This seasonal uptick in travel also leads to higher ancillary revenues from food services, packaged drinking water, and tourism packages offered by the PSU.

Indian Railways’ Preparation for the Festive Rush

Indian Railways has announced several special trains to manage the increased passenger load during Diwali and Chhath. Additional coaches are being added to existing routes, especially those connecting major cities like Delhi, Mumbai, Kolkata, Patna, and Varanasi. These moves not only aim to ease passenger congestion but also indirectly boost IRCTC’s revenue through higher catering orders and booking volumes.

Moreover, the company’s tourism vertical — including packages to festive destinations and pilgrimage circuits — is expected to benefit as families plan short vacations around Diwali.

Investor Sentiment and PSU Stock Outlook

Being a government-backed entity, IRCTC is often viewed as a stable long-term holding in the PSU segment. Investors tracking public sector stocks tend to see IRCTC as a consumer-facing PSU that benefits from both travel demand and digital transactions. With consistent dividend payouts and a strong monopoly in online railway ticketing, the stock remains a preferred option for those looking at steady growth opportunities in the transport and tourism sector.

During festive seasons, market sentiment around PSU stocks like IRCTC often strengthens due to optimism about higher operational revenue. However, investors also remain watchful of broader market trends, government policy changes, and operational costs that could impact quarterly results.

Diwali Travel Trend and Market Watch

The festive rush usually continues till late November, covering both Diwali and Chhath Puja travel cycles. With rising passenger bookings and strong demand for tourism packages, analysts expect IRCTC’s upcoming quarterly numbers to show stable performance across key revenue segments.

While traders may see short-term fluctuations driven by broader market movements, long-term investors generally focus on IRCTC’s fundamental strengths — its digital platform, diversified service model, and strong position within Indian Railways’ ecosystem.

Final Takeaway

As Indian Railways gears up for the Diwali and Chhath rush, IRCTC share price today reflects growing optimism among investors about seasonal revenue growth. Increased bookings, higher catering orders, and tourism demand could support the company’s operational performance through the festive months.

For those tracking PSU stocks, this festive season may serve as a reminder of how India’s travel trends and market sentiment move hand in hand during the country’s busiest time of the year.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

LG Electronics India made a strong debut on the stock market today, with its shares listing at a 50% premium over the IPO price. The company’s performance on the first day of trading indicates investor confidence and positive sentiment towards its business model, market position, and growth outlook. The listing marks a significant milestone for the consumer electronics major as it expands its footprint in the Indian capital market.

IPO Overview

The LG Electronics India IPO received considerable attention from investors during its subscription period. The issue was open for both institutional and retail investors, and it witnessed healthy participation across categories. The IPO aimed to raise funds for various purposes, including capacity expansion, product innovation, and debt reduction.

The price band for the IPO was set between ₹400 and ₹420 per share, and the issue received strong demand from qualified institutional buyers (QIBs), non-institutional investors (NIIs), and retail investors. The final issue price was fixed at ₹420 per share, and the stock opened at ₹630 on the listing day—reflecting a 50% premium.

Listing Day Performance

On the NSE, LG Electronics India’s shares opened at ₹630 and touched an intraday high of ₹650 before seeing some profit booking. On the BSE, the stock followed a similar trend. The listing-day gains highlighted investor optimism about the company’s ability to maintain its leadership in the Indian consumer electronics sector, which includes key categories like home appliances, televisions, and air conditioning systems.

Market analysts noted that the listing premium reflected strong fundamentals and the company’s well-established brand presence. Investors appeared to have factored in LG’s diversified product range, its local manufacturing capabilities, and its steady performance over the years.

Company Overview and Business Strength

LG Electronics India is a subsidiary of South Korea’s LG Electronics, one of the world’s largest consumer electronics companies. Since entering the Indian market in the late 1990s, LG has built a strong reputation for reliability, product innovation, and after-sales service.

The company operates in several key segments, including:

• Home Appliances – Refrigerators, washing machines, microwaves, and vacuum cleaners.
  
• Home Entertainment – Televisions and audio systems.
  
• Air Solutions – Air conditioners and purifiers.
  
• Information Technology Products – Monitors and laptops.
  

LG’s manufacturing plants in India, particularly in Greater Noida and Pune, cater not only to domestic demand but also serve as export hubs for select products. The company has consistently maintained a focus on localization, which has strengthened its supply chain and reduced costs.

Financial Performance and Outlook

In the last financial year, LG Electronics India reported steady revenue growth, driven by increased consumer demand for premium appliances and smart home products. The post-pandemic period saw a shift towards energy-efficient and connected devices, a trend that has benefited LG due to its wide product range and brand trust.

The company’s margin profile has also remained stable, supported by efficient operations and a strong distribution network. Analysts believe that the funds raised from the IPO will further help LG expand its manufacturing capacity, invest in R&D for smart products, and enhance its digital presence.

Given the growing middle-class population and rising disposable incomes, the consumer electronics sector in India continues to offer significant long-term growth potential. LG’s established brand equity and product innovation pipeline position it well to capitalize on this opportunity.

Investor Perspective

From an investor standpoint, the positive listing reflects confidence in LG Electronics India’s fundamentals. The company’s focus on sustainable growth, technology-led innovation, and customer satisfaction has been a consistent theme. While short-term volatility may occur as early investors book profits, the long-term outlook appears stable due to its strong balance sheet and operational efficiency.

Market experts suggest that investors should evaluate the stock based on its valuation and growth prospects rather than short-term listing gains. The consumer electronics industry remains competitive, with both domestic and global players vying for market share. However, LG’s experience, distribution strength, and consistent product quality give it a clear advantage.

Conclusion: A Positive Start with Long-Term Promise

The successful listing of LG Electronics India at a 50% premium marks a promising beginning for the company’s journey in the Indian stock market. It reflects strong investor sentiment and recognition of LG’s established market leadership. The funds raised through the IPO are expected to strengthen the company’s financial position and support its expansion plans.

For long-term investors, LG Electronics India represents a stable option in the consumer electronics segment, with potential for gradual value creation as the company continues to grow and innovate. The listing also adds another reputed multinational to India’s stock market landscape, reinforcing investor confidence in the country’s consumer-focused growth story.

As the trading days unfold, all eyes will be on how LG Electronics India sustains its momentum and delivers consistent performance in the quarters ahead.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Introduction

The Indian primary market continues to attract investor attention, and the latest entrant, Rubicon Research Limited, has gained strong traction. The pharmaceutical company’s IPO has seen active participation across all investor categories. With the subscription period closing on 13 October, investors are now assessing the final day’s data, grey market trends, and business fundamentals to decide whether the issue is worth applying for.

This detailed review looks at Rubicon Research’s IPO performance on Day 3, its grey market premium (GMP), subscription status, financial profile, strengths, and risks to help investors make an informed choice.

1. IPO Details and Structure

Rubicon Research’s IPO opened for bidding on 9 October and closed on 13 October. The company offered shares in the price band of ₹461 to ₹485 per share, with a total issue size of ₹1,377.5 crore.

The offering comprises both a fresh issue and an offer for sale (OFS) component. While the OFS allows existing shareholders to partially exit their holdings, proceeds from the fresh issue will be used primarily for the following purposes:

• Repayment or prepayment of existing borrowings.
  
• Funding business expansion and working capital needs.
  
• General corporate purposes.
  

The IPO’s objective is to strengthen Rubicon Research’s financial position, reduce debt burden, and create a foundation for long-term growth.

2. Day 3 Subscription Status

By the final day of bidding, the Rubicon Research IPO recorded significant interest from all investor segments. The enthusiasm picked up sharply on Day 3, which is common for IPOs as institutional investors typically submit bids closer to the deadline.

Here’s how the subscription stood at the end of Day 3:

• Overall subscription: Around 12.55 times.
  
• Retail individual investors (RII): Approximately 15 times.
  
• Non-institutional investors (NII): Around 31 times.
  
• Qualified institutional buyers (QIB): Roughly 2 times.
  

The strong response from retail and HNI investors reflects optimism toward the company’s growth story and the broader sentiment in the pharmaceutical sector. Institutional participation, while moderate, indicates selective interest from long-term investors.

Such subscription levels are often viewed as a sign of confidence, though they should not be interpreted as a guarantee of listing gains. Market conditions and post-listing demand will ultimately determine performance.

3. Grey Market Premium (GMP) Trend

In the grey market, Rubicon Research shares were reportedly trading at a premium of around ₹100–₹110 above the upper price band on Day 3. This suggests that market participants expect the stock to list at a price higher than the issue value.

The GMP has been relatively stable since the IPO opened, fluctuating slightly between ₹90 and ₹110. While grey market trends offer an early indication of demand, they are unofficial and not always accurate predictors of listing performance.

Still, consistent premiums often reflect positive short-term sentiment around an IPO, especially when subscription numbers align with market expectations.

4. Company Overview

Rubicon Research Limited is a pharmaceutical formulation company that develops and manufactures both generic and specialty drugs. The firm focuses on regulated markets such as the United States, which contributes a major share of its revenue.

Rubicon has built a strong portfolio of U.S. FDA-approved products and holds several ANDAs (Abbreviated New Drug Applications) and NDAs (New Drug Applications). The company invests significantly in research and development (R&D), focusing on complex formulations, extended-release technologies, and bioavailability enhancement.

In recent years, Rubicon has expanded its global presence through partnerships with leading pharmaceutical companies and contract development and manufacturing services.

Financially, the company has reported steady growth in both revenue and profitability, though margin fluctuations have occurred due to raw material costs and regulatory expenses.

5. Strengths of Rubicon Research

1. Strong presence in regulated markets:
Rubicon’s focus on developed markets such as the U.S. and Europe provides access to higher-margin opportunities and stable demand.

2. Diversified product portfolio:
The company’s range spans multiple therapeutic categories, including pain management, respiratory, dermatology, and gastrointestinal drugs.

3. R&D-driven business model:
A strong in-house R&D team supports new product development and formulation innovation, enhancing long-term competitiveness.

4. Strategic use of IPO proceeds:
Debt repayment and balance sheet strengthening will reduce interest costs, freeing up resources for expansion and operational efficiency.

5. Established manufacturing infrastructure:
The company’s facilities comply with global regulatory standards, which helps maintain export credibility and supports growth in international markets.

6. Key Risks and Concerns

1. High valuation:
At the upper end of the price band, the IPO values Rubicon Research at around 60 times its projected FY25 earnings. Such valuation leaves limited room for near-term upside.

2. Geographic concentration:
A large share of Rubicon’s revenue comes from the U.S. market, making it vulnerable to regulatory changes, pricing pressure, or policy revisions.

3. Customer dependency:
The company’s top clients account for a significant portion of its revenue. Any loss of a key customer could affect financial stability.

4. Working capital requirements:
Pharmaceutical manufacturing involves long inventory and receivable cycles, which could strain cash flow if not managed carefully.

5. Regulatory risk:
Operating in highly regulated markets exposes the company to compliance challenges. Any delay in approvals or non-compliance could impact profitability.

7. Analyst View and Investment Perspective

The Rubicon Research IPO has seen encouraging subscription levels and a stable GMP, which point to healthy investor sentiment. The company’s fundamentals — including its U.S. exposure, strong product portfolio, and consistent R&D investment — indicate long-term growth potential.

However, the valuation appears fully priced, meaning that immediate listing gains may be moderate. Investors with a short-term focus might face volatility depending on market sentiment post-listing.

For investors with a medium- to long-term horizon, Rubicon Research could be an interesting opportunity given its niche presence and global reach. The debt reduction post-IPO is likely to improve financial stability and support expansion plans.

Those seeking conservative exposure may prefer to apply for a smaller quantity or wait to assess listing performance before making larger commitments.

8. Verdict: Apply or Wait?

Rubicon Research’s IPO combines strong fundamentals with fair near-term optimism. The high subscription numbers and consistent GMP indicate positive listing expectations. Still, the elevated valuation and market concentration risks require measured participation.

Investors with a moderate risk appetite and an interest in the pharmaceutical sector can consider applying for the IPO with a medium-term investment view of one to two years. The company’s growth strategy, product innovation, and focus on debt reduction could contribute to future performance.

Those seeking short-term listing gains should remain cautious, as grey market premiums can fluctuate rapidly, and market sentiment plays a crucial role in determining the final outcome.

Conclusion

The Rubicon Research IPO reflects the ongoing momentum in the Indian primary market, particularly in the healthcare and pharmaceutical space. While the company’s fundamentals support a growth story, valuation and regulatory exposure remain key factors to monitor.

In summary, this IPO suits investors who are willing to take moderate risks for potential medium-term gains. A balanced approach — applying with limited exposure and a clear exit strategy — would be a prudent way to participate in this offering.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

In a strategic move to strengthen India’s food delivery and restaurant ecosystem, Swiggy has partnered with PayU Finance to roll out a credit program that targets ₹300 crore in annual disbursals to restaurant partners. This initiative reflects the growing need for financial support among small and medium-sized eateries that rely on food delivery platforms to sustain and scale their operations.

Swiggy’s restaurant ecosystem comprises thousands of partners ranging from local eateries to premium dining chains. For many of these businesses, managing cash flow is a consistent challenge due to high operational costs, delayed settlements, and fluctuating demand cycles. The collaboration between Swiggy and PayU Finance seeks to address these financial hurdles by providing easy access to credit, thereby helping restaurant owners maintain smooth operations and explore growth opportunities.

Background: The Growing Role of Fintech in the F&B Sector

India’s food and beverage industry has evolved rapidly in the past few years, driven by rising consumer demand for online food delivery and an expanding base of tech-savvy entrepreneurs. However, one of the major challenges for restaurant owners, especially smaller ones, has been access to quick and affordable credit. Traditional banking institutions often require collateral and involve lengthy approval processes, making it difficult for restaurant owners to secure funds during critical business phases.

Fintech firms like PayU Finance have filled this gap by offering flexible, tech-enabled credit solutions. Through their partnership, Swiggy and PayU aim to simplify financial access for restaurants by integrating lending directly into Swiggy’s platform, enabling partners to apply for credit seamlessly and receive approvals faster.

How the Partnership Works

Under this collaboration, restaurant partners on Swiggy’s platform can access instant credit through PayU Finance’s lending framework. The process is designed to be digital-first, eliminating the need for physical documentation or extensive verification steps. Eligible restaurant partners will receive pre-approved credit offers based on their transaction history, performance, and business data available with Swiggy.

The loans can be used for a variety of operational needs such as purchasing raw materials, paying staff salaries, upgrading kitchen equipment, or expanding restaurant capacity. The flexibility of usage and easy repayment options make the credit facility appealing for small and mid-sized restaurant owners who often face unpredictable cash flow cycles.

By leveraging PayU Finance’s underwriting technology and Swiggy’s data-driven insights, this initiative ensures responsible lending while reducing default risks. The credit program is expected to cover a wide range of restaurant partners across India, from Tier-1 cities like Mumbai and Bengaluru to smaller markets where food delivery is expanding at a steady pace.

Addressing Cash Flow Challenges in the Restaurant Industry

The food delivery business is inherently cyclical, with peak periods around weekends, festivals, or specific events, and slower days in between. Restaurants often face working capital gaps during off-peak times. In addition, many restaurants have high fixed costs related to rent, salaries, and raw material procurement, which can create financial strain during lean months.

With Swiggy and PayU Finance’s credit program, restaurant partners can access funds quickly to manage these challenges. Short-term loans can help them stabilize their operations, avoid disruptions, and even prepare for high-demand periods by stocking up on supplies or hiring additional staff.

Moreover, the integration of such financial products directly into the business ecosystem where restaurants already operate reduces friction. Instead of seeking credit externally, restaurant partners can now fulfill their financial requirements through the same platform that drives their daily revenue.

Swiggy’s Broader Vision for Partner Growth

Swiggy has consistently focused on enhancing the experience and success of its restaurant partners. Over the years, it has introduced several initiatives, including marketing support, data insights, and performance-based incentives. The new credit program adds a financial layer to this ecosystem, allowing partners to gain liquidity and stability.

The company’s vision goes beyond just being a food delivery intermediary. By creating financial support systems, Swiggy aims to position itself as an enabler of restaurant entrepreneurship in India. The move aligns with the broader trend of digital platforms becoming full-service ecosystems that cater to the operational, marketing, and financial needs of their partners.

The Role of PayU Finance in the Collaboration

PayU Finance, known for its credit products such as LazyPay and personal loans, has been expanding into the business financing space. Its expertise in underwriting and digital credit processing makes it an ideal collaborator for Swiggy.

Through this partnership, PayU Finance brings technology-led lending models that rely on data analytics and transaction insights. This enables credit evaluation even for restaurant owners with limited traditional credit history, ensuring that deserving businesses are not left out due to a lack of formal financial records.

Impact on the Food Service Industry

The ₹300 crore target in annual disbursals is expected to make a meaningful impact on the financial landscape of restaurant businesses across India. Increased liquidity among restaurants can translate into better service quality, faster growth, and improved employment opportunities in the sector.

It also strengthens the ecosystem for customers, as financially healthy restaurants are more likely to maintain consistent quality, introduce new dishes, and offer timely delivery. Over time, such initiatives could lead to a more resilient and competitive food service market.

Looking Ahead

The collaboration between Swiggy and PayU Finance represents a shift in how digital platforms are approaching business partnerships. By blending commerce, technology, and finance, companies can create sustainable ecosystems that benefit all participants.

For restaurant owners, this initiative brings a sense of financial empowerment and security. For Swiggy, it enhances partner loyalty and operational efficiency. For PayU Finance, it opens up a new segment of digital-first borrowers who are part of a fast-growing industry.

As India’s restaurant and food delivery market continues to expand, credit accessibility will play a key role in determining which businesses thrive in the long run. The Swiggy–PayU Finance partnership is a step toward ensuring that growth is not limited by financial constraints but supported by innovation and inclusion.

Info and FOMO

As the Swiggy–PayU Finance credit program expands, restaurant partners across India have a chance to secure easy access to working capital, empowering them to scale up operations and meet rising demand. Those who act early stand to gain a competitive advantage in streamlining their financial needs and building a stronger, more sustainable business foundation in the evolving food delivery market.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Yes Bank’s stock gained more than 8% in today’s trade, touching a new 52-week high of around ₹24.30. The rally reflects improved investor sentiment towards the private lender, backed by steady operational performance and a major strategic investment announcement.

Over the past few weeks, Yes Bank shares had already been showing steady momentum, and today’s rise extended that trend. The stock’s move comes amid increased optimism in the banking space and a string of positive developments surrounding the company.

Key Drivers Behind the Surge

1. Strategic Stake Acquisition by SMBC
A major trigger for this rally has been the strategic investment by Japan’s Sumitomo Mitsui Banking Corporation (SMBC), which recently acquired around a 20% stake in Yes Bank. The stake purchase came through a secondary transaction from existing shareholders, including some of the banks that had earlier supported Yes Bank during its restructuring phase.

The deal has been cleared by regulatory authorities, indicating confidence in the transaction’s long-term benefits. This move signals growing institutional trust in Yes Bank’s stability and future growth path. Notably, SMBC will not be classified as a promoter despite holding a significant stake, which gives the bank greater operational flexibility.

2. Positive Quarterly Performance
Yes Bank’s financial update for the second quarter ended September 30 showed an uptick in both advances and deposits. Loans and advances grew by about 6.5% year-on-year, while deposits increased by roughly 7%. The bank also reported a steady improvement in its current and savings account (CASA) ratio, a critical metric for low-cost deposit mobilization.

This operational growth highlights improving credit demand and stronger customer engagement. The steady rise in both retail and corporate lending has also contributed to the overall confidence surrounding the stock.

3. Market and Technical Momentum
From a technical perspective, Yes Bank’s stock has been on a gradual upward trajectory, crossing key resistance levels and moving averages. Traders note that the stock’s price action indicates sustained accumulation over recent sessions. The broader banking index’s positive movement has further supported this trend.

Institutional activity, especially post the SMBC announcement, appears to have lifted volumes in the counter. Fresh demand from both domestic and foreign institutional investors has supported the stock’s rise, signaling improved participation across market categories.

Factors Supporting Long-Term Outlook

The recent surge is not just a reaction to a single event but a reflection of deeper structural shifts within the bank. Over the past few years, Yes Bank has undergone a significant turnaround process—recapitalizing its balance sheet, improving asset quality, and focusing on retail expansion.

The entry of a strong global financial institution like SMBC could help enhance Yes Bank’s governance standards, operational efficiency, and access to international markets. The collaboration may also open up new avenues for technology adoption, cross-border trade financing, and treasury management.

The bank’s management has also emphasized strengthening its digital and retail banking infrastructure. With a growing digital customer base and an increased focus on small and medium enterprises (SMEs), the bank appears to be diversifying its revenue streams.

Risks and Considerations

While the rally reflects positive sentiment, investors should remain mindful of potential risks.

• Valuation Concerns: After a sharp rise, the stock may face short-term profit booking. Valuations will need to align with consistent earnings delivery.
  
• Regulatory and Macroeconomic Factors: Any changes in interest rates, inflation, or banking regulations could impact the sector’s overall trajectory.
  
• Execution Challenges: Maintaining credit growth while ensuring asset quality will remain a priority. Integrating strategic partnerships effectively is also critical for long-term performance.
  

What Lies Ahead

Market participants believe that if the bank continues to deliver steady results in the upcoming quarters, the stock could maintain its upward bias. Analysts are monitoring how the SMBC partnership translates into operational and strategic synergies.

The next few quarters will be crucial for Yes Bank as it continues to strengthen its retail loan book, manage non-performing assets, and expand digital banking offerings. Continued focus on cost optimization and better risk management practices could help sustain the bank’s improving financial profile.

Conclusion

Yes Bank’s recent performance on the exchanges highlights a period of renewed confidence among investors. The combination of a strong strategic investor, improving financial performance, and stable sectoral sentiment has helped the bank regain market traction.

However, the journey ahead will depend on consistent execution, effective capital utilization, and sustained improvement in asset quality. For now, the stock’s rise to a new 52-week high marks an important milestone in Yes Bank’s ongoing recovery story — one that investors will continue to watch closely in the quarters to come.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.