Stock Notes, 13 May 2026

Things I compiled yesterday as part of my stock research activities.

Quarterly Results

Core Business

🟢 Indian Hotels MD cited strong demand conditions, with the PM’s domestic tourism push and busy wedding season lifting hospitality activity. IHCL operates 320+ hotels and the demand upcycle directly supports room rate and occupancy expansion across its portfolio.

🟢 One MobiKwik invested ₹54.7 Cr to build a merchant payments vertical, targeting 10x growth by FY28. It enters a segment dominated by Razorpay and Pine Labs, betting on its existing merchant base rather than a costly greenfield build.

🟢 Dr Reddy’s Labs plans to imminently launch generic semaglutide injection in Canada, where it holds first-mover approval from Health Canada, and generic oral semaglutide tablets in India. Canada is the world’s second-largest semaglutide market, making DRL’s first-mover position a meaningful near-term revenue opportunity.

🟢 SBI approved long-term fundraising of up to $2 Bln for FY2026-27. Offshore debt at this scale supports loan book growth without drawing on domestic deposits, maintaining the bank’s funding mix discipline.

🔴 ABB India flagged that Q4 was impacted by the West Asia conflict, with raw material costs remaining a key concern. The company’s automation and power equipment segments carry above-average input cost sensitivity, making cost pass-through ability the critical variable to watch.

New Orders Received

🟢 RVNL emerged as L1 bidder for South East Central Railway’s ₹221.33 Cr electronic interlocking and auto-signalling project in Bilaspur Division, to be executed in 730 days. The win continues RVNL’s run of S&T wins across railway zones, adding depth to an already large order book.

Economy & Other

🟢 NSE is targeting a DRHP filing by early June, ahead of market expectations. NSE’s implied unlisted market valuation of approximately ₹6 lakh crore would make this India’s largest-ever IPO.

🔴 India’s affordable smartphone segment fell roughly 46% in Q1 2026 as DRAM and NAND price hikes made budget devices unaffordable. CMR forecasts a 10 to 12% full-year market decline, with recovery dependent on memory price normalisation in H2.

🔴 India’s oil minister disclosed OMCs are losing roughly ₹1,000 Cr daily and over ₹1 lakh Cr this quarter, with no fuel price hike planned and last fiscal’s refiner profits at risk of being entirely wiped out.

🔴 Factory workers are leaving urban manufacturing hubs including Noida for villages as LPG, rent, and transport costs make city life unaffordable. The resulting labour squeeze adds production risk to industrial clusters already under demand pressure.

🟢 India’s April CPI came in at 3.48%, above March’s 3.40% but well below the 3.80% consensus estimate, a positive macro surprise. Inflation holding below the RBI’s 4% target for multiple consecutive months strengthens the case for further rate cuts in the current easing cycle.

That’s it for today.

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Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.