Market Cues: India Stocks Brace for Muted Open; HUL Demerger, Defense Deals, & Earnings Drama Unfold!

The Indian stock market is poised for a muted opening, following cues from global markets and GIFT Nifty. The NSE Nifty 50 closed 0.47% higher at 25,695 and the BSE Sensex rose 0.40% to 83,871 on Tuesday.

**Hindustan Unilever** received National Company Law Tribunal approval for demerging its ice cream business into a new entity, Kwality Wall’s (India), aligning with global strategy.

**Bharat Forge** reported a 23% year-on-year rise in consolidated net profit to Rs 299.27 crore for the September quarter, boosted by strong domestic manufacturing and defence sector growth, despite subdued export markets.

**Oil and Natural Gas Corporation (ONGC)** anticipates production recovery from its Mumbai High field, in partnership with BP, beginning in January, with significant gains expected by FY29–FY30.

**Tata Power** posted a 13.93% year-on-year profit growth to Rs 1,245 crore in Q2 FY26, though consolidated revenue saw a slight decline of 0.97%.

**Paras Defence and Space Technologies** secured a domestic order worth Rs 35.68 crore from the defense ministry for portable counter-drone systems, expected to be completed by May 2026.

**Emcure Pharmaceuticals** saw a 24.7% year-on-year net profit increase to Rs 251 crore and a 13.4% revenue rise, with strong contributions from both domestic and international sales.

**Finolex Cables** reported a 28% year-on-year net profit jump to Rs 186.9 crore, driven by revenue growth and a significant increase in power cable sales, despite flat electrical wire volumes and subdued communication cable volumes.

**Max Financial Services** experienced a sharp 96% year-on-year net profit decline to Rs 4.1 crore, primarily due to lower earnings from its life insurance arm, Axis Max Life.

**JSW Steel** is reportedly considering selling up to half its stake in Bhushan Power & Steel Ltd (BPSL), with Japan's JFE Steel being a potential frontrunner.

**BSE Limited** announced a robust 61% year-on-year net profit increase to Rs 558 crore, with revenue up 44% and EBITDA surging 78%.

**Awfis Space Solutions** reported a 58.8% year-on-year net profit decline to Rs 15.9 crore, though revenues grew 25.5% driven by demand for flexible workspaces.

**Balrampur Chini Mills** presented mixed results, with net profit falling 20% year-on-year to Rs 54 crore, but revenue rising 29% and EBITDA margins improving significantly.

Impact: This news has a significant impact on the Indian stock market, influencing specific sectors and individual stock prices based on corporate performance, strategic decisions, and order wins. Rating: 7/10.

Difficult Terms: * **Demerger**: A corporate restructuring where a company spins off a division into a separate, independent entity. * **YoY (Year-on-Year)**: A comparison of a metric from the current period to the same period in the previous year. * **Consolidated Net Profit**: The total profit of a parent company and all its subsidiaries after all intercompany transactions are eliminated. * **Consolidated Revenue**: The total income generated by a parent company and all its subsidiaries. * **EBITDA**: Earnings Before Interest, Taxes, Depreciation, and Amortization; a measure of a company's operating performance. * **NCLT (National Company Law Tribunal)**: A specialized tribunal in India that handles corporate disputes and insolvency cases. * **Scheme of Arrangement**: A court-approved plan for reorganizing a company's share capital, assets, or liabilities, often involving mergers or demergers. * **Rectification Order**: An order from a court or tribunal to correct an error in a previous order or document. * **Muted Note**: Opening with little movement or change in value. * **GIFT Nifty**: An index representing the performance of the Indian stock market (Nifty 50), traded offshore in India's International Financial Services Centre (IFSC).