Tribute Portfolio Debuts In Mumbai With The Ballard, Reinterpreting The Spirit Of Historic ‘Bombay’

* Set in Ballard Estate, the 47-room hotel draws on South Mumbai’s architectural legacy, maritime history and evolving dining scene

Key Facts:

Brand Milestone: First Tribute Portfolio hotel in Mumbai.

Guest Accommodations: 47 rooms including a Presidential Suite

Dining Outlets: Goma (pan-Asian), Goma Sky (rooftop lounge), The Kettle Room (lobby café)

Design: Art Deco-inspired interiors that reinterpret the Neoclassical and Edwardian architecture

Tribute Portfolio, part of Marriott Bonvoy’s global portfolio of over 30 extraordinary hotel brands, today announced the opening of The Ballard, Mumbai, a Tribute Portfolio Hotel, the brand’s first hotel in Mumbai. Located in South Mumbai’s historic Ballard Estate, the 47-room hotel draws on the architectural character and enduring spirit of old Bombay, offering a fresh perspective on a neighborhood shaped by the city’s commercial, maritime and cultural heritage.

Tribute Portfolio is a growing family of characterful, independent hotels, each with a distinct sense of place and a story of its own. The Ballard, Mumbai, a Tribute Portfolio Hotel, brings this spirit to South Mumbai, reinterpreting the Neoclassical and Edwardian architecture of its surroundings through an Art Deco lens. Opposite the General Post Office and close to the Fort precinct, Mumbai Port, Flora Fountain, Horniman Circle and the Asiatic Society Library, the hotel places guests at the intersection of Mumbai’s past and present. From heritage buildings and historic institutions to art galleries, shopping and the city’s evolving dining scene, the neighborhood offers a window into the many sides of Mumbai today.

“Travelers today want a deeper connection with the places they visit, and where they stay plays a big part in that,” said Kiran Andicot, Senior Vice President, South Asia, Marriott International. “Tribute Portfolio brings together independent hotels with their own identity, each shaped by its surroundings. As we grow the brand in India, The Ballard, Mumbai, a Tribute Portfolio Hotel, is a compelling addition, drawing on the heritage and cultural fabric of South Mumbai and pairing it with sincere, intuitive service that makes guests feel truly connected to the city.”

Inside, classic detailing meets modern comfort. The hotel’s 47 rooms, including a Presidential Suite, take their cue from Art Deco, with vintage radios and telephones lending a nostalgic note to the experience. Some rooms overlook the General Post Office and Mumbai Port, further connecting the hotel to the district’s maritime story.

Dining at The Ballard offers another expression of the city’s layered story. Goma serves pan-Asian cuisine that brings together authentic regional and international flavors, while Goma Sky, a lively rooftop lounge for guests and locals alike, pairs Asian small plates with sweeping views of Mumbai Port and the Arabian Sea. At The Kettle Room, a lobby café, the humble kettle and its place in old Bombay inspire a relaxed setting for locally brewed chai, specialty coffee and freshly baked treats.

“South Mumbai rewards the curious,” said Pawan Poojari, Hotel Manager, The Ballard, Mumbai, a Tribute Portfolio Hotel. “Our guests step out of the hotel and straight into the Fort precinct, with the General Post Office across the road and CSMT minutes away. Rooted in the character of its neighborhood, The Ballard offers guests a distinctive window into the history, culture and energy of South Mumbai. In a city that is always on the move, we want this to be where Mumbai pauses to remember itself.”

The hotel is minutes from CSMT, a hub for suburban rail and Metro Line 3 (Aqua Line), which runs directly to both terminals of Chhatrapati Shivaji Maharaj International Airport, approximately 22 km away by road. The Eastern Freeway, Coastal Road and Atal Setu bring the wider city, including Navi Mumbai, within easy reach.

The hotel participates in Marriott Bonvoy – the award-winning travel program from Marriott International – allowing members to earn and redeem points for their stay at the new hotel, and at other hotels and resorts across Marriott Bonvoy’s portfolio of extraordinary hotel brands. With the Marriott Bonvoy app, members enjoy a level of personalization that allows them to travel with peace of mind.

For more information or to make a reservation, please visit: https://www.marriott.com/en-us/hotels/bomft-the-ballard-mumbai-a-tribute-portfolio-hotel/overview/

Bank of Baroda - Strong Core Trends; One-Off Gains Bolster Prudential Buffers; Maintain BUY

Bank of Baroda delivered a strong performance in Q2FY27, with RoA improving to 1.26%, aided by a one-off gain of ~Rs37bn from the NSE stake sale and revaluation. The bank utilised ~Rs16bn of proceeds to build prudential buffers, taking reported provisions to 55bps (18bps excluding these provisioning). Loan growth accelerated to 18.5% y/y – which stood at 13.5% ex-FCNR (B) – led by RAM and overseas advances, while asset quality improved with gross/net slippages contained at 82/17bps. NIM remained broadly stable, and the management raised its FY27 loan/ deposit growth guidance to 13-15%/11-13%. The unutilised FCNR (B) liquidity offers further headroom to support growth in H2FY27. Looking ahead, we expect credit growth to remain broadly in line with the system, while profitability should remain steady, aided by healthy operating performance and improving asset quality. We maintain BUY rating on the stock with a revised TP of Rs344, valuing it at 0.9x FY29e P/ABV.

Business growth accelerates: Credit growth accelerated to 18.5% y/y (vs. 17.6% in Q1), led by RAM (up ~19% y/y) and overseas advances (up 39.7% y/y), while domestic corporate growth remained relatively muted at 6.3% y/y. On liability side, deposit growth improved to 16.4% y/y and 11.2% ex-FCNR (B), aided by ~US$8.1bn (~Rs770bn) mobilised under FCNR (B) scheme. The incremental FCNR (B) liquidity, which remains largely undeployed, being retained to support H2 growth. CASA grew 10.4% y/y, while domestic CASA ratio fell 135bps q/q to 36.3%. LCR remained healthy at 133.6%. Reflecting the improving growth trajectory, the management raised its FY27 loan/deposit growth guidance to 13-15%/11-13% (from 12-14%/10-12%) earlier.

Asset quality strengthens; prudential buffers provide ECL cushion: Gross slippages fell to 82bps (from 97bps in Q1), while net slippages moderated to 17bps (vs. 49bps in Q1). GNPA/NNPA ratios improved 21/ 13bps q/q to 1.78/0.37. SMA-1/2 remained negligible at just 6bps of standard advances. Further, the bank created ~Rs16bn of prudential provisioning (~Rs13bn towards loan assets and ~Rs3bn as contingency provisioning on investments, which are not linked to any specific account) over and above its existing Rs25bn floating provisioning. These incremental buffers should provide an adequate cushion against the potential impact of ECL transition.

Stable NIM with healthy profitability: NIM marginally fell by 3bps q/q to 2.74%, as 5bps rise in cost of deposits was largely offset by 4bps rise in yields. The management expects NIM to move towards the upper end of its 2.75-2.95% guided range, aided by repricing of repo-linked book (~38% of loans) after the recent rate hike. Fee income fell 9% y/y (up 27% q/q), and the management expects further recovery, going ahead. The bank expects to deliver RoA of >1% in H2FY27 (~1% for FY27) and has retained its RoE guidance of 15-16%.

Valuation: We maintain BUY rating on the stock with a revised TP of Rs344, valuing it at 0.9x FY29e P/ABV.

Key Risks: (a) Lumpy slippages from corporate book; (b) delayed asset repricing; (c) higher-than-expected impact of ECL transition; and (d) lower-than-estimated credit growth.

Intellect Design Arena: Awaiting AI Monetisation… - Offer Favourable Risk-Reward Despite Uncertainties; Retain BUY

Intellect Design Arena's (IDA) Q2FY27 performance remained underwhelming, with revenue growing 13% y/y to ₹855cr & operating EBITDA margin improving ~80bps q/q to 20.6%. However, excluding a ₹31.5cr non-cash licence transaction with its UK JV, revenue growth moderates to ~9% y/y, with a ~2.5% q/q decline, raising concerns around underlying momentum. However, improving execution and operating leverage offer encouragement. IDA secured 21 customer wins, including eight Destiny Deals (vs. seven in Q1), while its ₹13,125cr pipeline (+9% y/y) supports medium-term growth prospects. MSOCK-led efficiencies enabled 25 platform go-lives (vs. 16 in Q1) on a broadly unchanged cost base, demonstrating early productivity gains. Management considers ~₹850cr a sustainable quarterly revenue base and expects to cross ₹900cr within the next two quarters, with costs contained at ₹680-700cr. While MSOCK expands the TAM into legacy modernisation, monetisation remains unproven; Purple Fabric adoption is nascent & anticipated C1 customer attrition could weigh on growth. Near-term upside lies primarily in improving MSOCK & Purple Fabric monetization coupled with deal conversion, even as incremental growth is heavily dependent on GTM execution.

We believe the ~60% correction from its 52-week high has shifted the risk-reward favourably, with IDA trading at ~15.9x/13.6x FY28/29E earnings, reasonable for an established banking technology player with differentiated IP/product, a sizeable pipeline & improving operating leverage potential. Admittedly, earnings conversion remains weak, with LTM EBITDA/PAT growing around +1%/-12% despite 17% top-line growth, while capitalised R&D costs can weigh on earnings & cash conversion. Proposed acquisition plan could accelerate customer access but bring execution risks. However, we believe IDA is approaching a transition from investment-led IP development to commercial scaling, where incremental revenue could drive disproportionate earnings & margins growth. Our BUY thesis rests on improving scalability of the existing business rather than aggressive AI monetisation, with MSOCK & Purple Fabric offering additional upside optionality. While revenue quality, sustained cost discipline & cash conversion remain key monitorables, we believe the valuation reset provides an attractive entry point ahead of a potential earnings inflection. We retain BUY.

Outlook & Valuation: We have revised our FY27/28/29e $Revenue and adj. PAT estimates by -2.1/-2.9/-3.1%, and -4.3/-4.5/-3.3%, respectively with FY27-29e adj. EPS CAGR of 17.9% and arrive at a TP of Rs667, implying a ~32% upside from CMP. At CMP, the stock trades at FY27/28e P/E of 15.9x/13.6x.  

Risks: Delayed AI (MSOCK & Purple Fabric) monetisation, SaaS transition & revenue volatility, sustained cost pressures, uncertain investment payback and acquisition risks.

Dixon Technologies - All-Round beat; Client Win, Exports Boost Mobile Outlook; Maintain BUY - Anand Rathi Research

A 12% EBITDA beat was led by better-than-expected mobile volumes, as Dixon continued to gain share in a challenging market (industry volumes down 26% y/y in Q2). Ex-Vivo, smartphone volumes are expected to remain broadly flat in FY27 at ~33-34m units. The next leg of mobile growth should come from the Vivo JV, which we expect to add ~5m/~22m units in FY27/FY28, along with customer addition and export ramp-up under MPMS. Beyond mobiles, the medium-term outlook remains compelling, driven by the scale-up in IT Hardware and Telecom & Networking. The Inventec and Gemtek JVs add optionality to global IT hardware and data centre opportunities. We model a 40.4% revenue CAGR and a 46.3% PAT CAGR over FY26-29e. We also build in 90bp EBITDA margin expansion from FY27 levels, aided by backward integration into displays and camera modules and by MPMS and IT PLI 2.0 benefits, driving a 460bp RoE expansion to 26.4%. Maintain BUY with a TP of Rs18,000 (45x H1FY29e EPS). Dixon’s strong balance sheet, superior cash generation and industry-leading return ratios should support premium valuations.

Beat on all fronts: Revenue grew 46.7% y/y to Rs218bn in Q2FY27 (up 22.0%/13.5% vs. ARe/BBG estimates), aided by higher smartphone ASPs amid elevated memory prices. EBITDA margin fell 104bps y/y to 2.7% (down 24bps/18bps vs. ARe/BBG estimates), primarily due to expiry of Mobile PLI 1.0 and optical dilution from higher handset ASPs (absolute EBITDA/handset remained largely unchanged). The company recognised a one-off fair value gain of Rs575mn on its stake in Aditya Infotech. APAT declined 6.5% y/y to Rs3.0bn, (37.5%/4.8% above that ARe/BBG estimates).

Vivo, New Customers and MPMS Drive Mobile Outlook: Management expects smartphone volumes (ex-Vivo) to remain broadly stable at ~33–34m units in FY27e despite an industry decline, implying continued share gains. We expect the Vivo JV, starting production in Q4FY27, to add ~5m/~22m units in FY27e/FY28e. A new Indian brand (~6-10m units in FY28) and Motorola exports (~6-7m units a year) provide further growth, with management guiding to ~55–60m units in FY28 including Vivo. MPMS should drive incremental production (Rs50bn/year over baseline) and localisation. Display and camera module localisation (~80–100bp margin accretion over two years) and MPMS/ECMS benefits should support margin expansion.

Outlook and Valuation: Post Q2FY27, our PAT estimates remain largely unchanged. We introduce FY29 estimates and model a 40.4%/41.5%/46.3% revenue/EBITDA/PAT CAGR over FY26–29e, driving a 460bp RoE expansion to 26.4%. At the CMP, the stock trades at 63.2x/32.6x FY27e/FY28e EPS, near its -1SD one-year forward P/E. We roll forward our valuation to H1FY29e and maintain BUY with a TP of Rs18,000, based on 45x H1FY29e EPS. Dixon’s strong balance sheet, healthy cash generation and industry-leading return ratios should continue to justify premium valuations.

Key Risks: (a) Delay in scaling Vivo JV and exports; and (b) slower ramp-up of component facilities.

Hero MotoCorp Brings Festive Cheer With ‘Hero Sang Tyohar Hai Har Kahin’

* UNVEILS EXCLUSIVE FOUR-DAY ‘HEROTSAV’ CELEBRATION

* RECORD CUSTOMER RESPONSE TO 12 NEW AND REFRESHED MODELS FUELS FESTIVE MOMENTUM ACROSS DEALERSHIPS

* EXCITING REWARDS INCLUDING A CHANCE TO WIN GOLD COINS AND HERO TWO-WHEELERS

* LIMITED-PERIOD BENEFITS FROM NOVEMBER 1–4: UPTO 100% FINANCE , 0% INTEREST ON SCOOTERS, EMI Starting from ₹2222, CASHBACK UP TO ₹10,000, CORPORATE BENEFITS UP TO ₹6,000 AND MORE

Taking the festive spirit up a notch, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, announced ‘Herotsav’—a special four-day celebration of festive offers and exciting rewards for customers across India. Running from November 1 to November 4, 2026, the initiative builds on the company’s nationwide festive campaign, ‘Hero Sang Tyohar Hai Har Kahin’, bringing even more cheer to customers looking to make their festive season memorable.

The celebration comes on the back of an exceptional customer response to Hero MotoCorp’s 12 newly introduced and refreshed models across its motorcycle and scooter portfolios, with strong demand and record footfalls at dealerships adding to the festive momentum. Through Herotsav, the company aims to make this season of new beginnings even more rewarding, giving customers an added reason to bring home their favourite Hero two-wheeler.

The four-day Herotsav celebration features an exciting line-up of offers, including:

Everyday Rewards: Chance to win Hero Two-wheelers, Gold Coins, along with other assured rewards

Special retail finance offers: Upto 100% finance, EMI starting from₹2222 and no cost EMI making it easier for customers to bring home their preferred two-wheeler.

Credit Card Cashback: Instant cashback of up to ₹10,000 on select credit cards.

Corporate Benefits: Savings of up to ₹6,000 on select models

Commenting on the initiative, Ashutosh Varma, Chief Business Officer, India Business Unit, Hero MotoCorp, said “We are truly humbled by the tremendous trust and enthusiasm our customers have shown towards Hero MotoCorp this festive season. The response to our 12 new and refreshed models has been exceptional, reflecting the strength of our portfolio and our enduring connection with customers across the country. Herotsav is our way of turning this festive enthusiasm into an even more rewarding experience—with special offers and exciting benefits for those looking to bring home a Hero two-wheeler. With the festive spirit running high and demand strong across our dealerships, we invite customers to make the most of this exclusive four-day celebration.”

Customers can avail Herotsav offers by visiting their nearest authorised Hero MotoCorp dealership or booking through the company’s digital retail platform. The special benefits are available for a limited period, from November 1 to November 4, 2026.

About Hero MotoCorp

Hero MotoCorp, headquartered in New Delhi, India, is the world’s largest manufacturer of motorcycles and scooters for 25 consecutive years with ~$5 billion revenue. The Company’s global footprint spans 53 countries across Asia, Africa, Europe, Central and Latin America with a customer base of over 130 million.

The Company operates eight manufacturing facilities - six in India and one each in Colombia and Bangladesh - along with two Research and Development centres: Hero Centre for Innovation and Technology (CIT) in India and Hero Tech Centre Germany (TCG). Hero MotoCorp is driving the transition to electric mobility through VIDA. Strategic alliances with Harley-Davidson and Zero Motorcycles support the design and development of premium and electric motorcycles, respectively.

Further demonstrating its commitment to the EV future, the Company has made strategic investments in two- and three-wheeler EV manufacturers, Ather Energy and Euler Motors.

Hero MotoCorp is the only Indian two-wheeler manufacturer listed on the prestigious Dow Jones Sustainability Index (DJSI).Hero MotoCorp’s Executive Chairman, Dr. Pawan Munjal, was named to the 2025 TIME100 Climate List of the 100 most influential leaders driving business climate action.

Beyond mobility, Hero MotoCorp is a major global promoter of sports, including golf, football, field hockey, and cricket. Hero MotoSports Team Rally is India, a flag bearer in global rally racing.

Tata Motors Registered 27% Growth YoY With Total Sales Of 47,652 Commercial Vehicle Units In October 2026

Tata Motors Limited sales in the domestic & international markets for October 2026 stood at 47,652 units, compared to 37,530 units during October 2025, up 27% YoY.

 

Category	October ’26	October ’25	Growth (Y-o-Y)
HCV Trucks	12,030	10,737	12%
ILMCV Trucks	7,213	6,169	17%
Passenger Carriers	3,826	3,184	20%
SCV cargo and pickup	16,715	15,018	11%
Total CV Domestic	39,784	35,108	13%
International Business	7,868	2,422	225%
Total CV	47,652	37,530	27%

 

Domestic sales of MH&ICV in October 2026, 19,263 units vs 16,624 units in October 2025 (up 16% YoY)

Domestic & International sales for MH&ICV in October 2026, was 20,712 units vs 17,827 units in October 2025 (up 16% YoY)

About Tata Motors Ltd (Formerly TML Commercial Vehicles Ltd):

Part of the USD 180 billion Tata Group, Tata Motors Ltd., (BSE: Scrip code 544569; NSE: Scrip code TMCV) is India’s largest and a globally renowned manufacturer of utility vehicles, pick-ups, trucks, and buses. With over eight decades of leadership in commercial mobility, the company is known for its innovation, reliability, and performance. Its advanced powertrains, connected technologies, and intelligent fleet solutions support a wide range of applications—from last-mile delivery to public transport while seamlessly driving the wheels of the nation’s economy. Guided by its brand promise Better Always, Tata Motors delivers future-ready solutions that enhance customer experience and drive sustainable growth. The company operates in India and South Korea, with a global presence across Africa, the Middle East, Latin America, Southeast Asia, and SAARC countries.

As per the Composite Scheme of Arrangement sanctioned by the Hon’ble National Company Law Tribunal, Mumbai Bench—amongst Tata Motors Limited, TML Commercial Vehicles Limited (the Company) and Tata Motors Passenger Vehicles Limited—the Company’s name was changed to Tata Motors Limited from TML Commercial Vehicles Limited (effective 29 October 2025), and its equity shares are listed on the BSE Ltd and the NSE Ltd.

Coal India - Share Of Coal In Generation Mix Back To 70% Level; Maintain BUY - Anand Rathi Research

India’s power demand reached 270GW in Jul-26 and continued to remain >250GW in the first half of Oct-26. With the contribution from hydro power falling in Oct-26, the shortfall was largely compensated by coal-based thermal power generation. The improvement in coal demand from thermal power plants was also reflected in coal rake loadings, which rose to 287 rakes/day, returning to Jun-Jul’26 levels. Though, the share of rake loadings directed towards the power sector increased to 93.71% (highest since Aug-25), the stepped-up evacuation efforts by COAL and Indian Railways, are yet to translate into a sustained build-up of inventories at power plants. As on date, >95GW of power plants have coal stocks below 25% of normative levels, with at least a dozen plants operating with stocks <10%. 

This indicates the need for significant inventory built-up, going forward. The prevailing power shortage is also prompting state governments to explore multiple procurement routes, which is likely to keep e-auction premium elevated in Q3FY27. We believe the time lag between order placement and actual deliveries has led to estimated shortfall of ~7.8m tonne in e-auction volume, which led to miss to ARe, with the benefits from the same expected to accrue in Q3FY27. In line with H1FY27 show, we have tweaked the product-mix, which has led to reduction in our FY27/28 EBITDA estimates by 4.6/4.7%. In lieu of macro-economic scenarios and 3% y/y reduction in global non-coking coal trade volume, our e-auction premium estimate of 47.5/45/42.5% for FY27/28/29e offers comfort. Rolling forward our estimates to Sep-28, we maintain BUY on Coal India with an unchanged TP of Rs520, valuing the stock at 5.9x EV/EBITDA (in-line with its LTA).

Lower-than-expected performance: FSA volume rose 8.4% y/y to 159.7m tonne (in-line with ARe), while e-auction volume missed miss to ARes at 22.8m tonne (up 47.7% y/y), possibly led by time lag between order booking and recognition. Revenue grew 20.9% y/y to Rs441.8bn, while blended ASP rose 7.3% y/y to Rs2,346/tonne. E-auction premium at 41% (down 600bps q/q). Reported EBITDA/Adj. EBITDA came in at Rs84.9/73.9bn (both lower than ARe).

H1 capex at 109% of planned outlay: The company registered ~27% y/y growth in capex to Rs79.7bn with key focus on strengthening mining infrastructure, acquiring land, procuring HEMM and advancing diversification projects. Mine-to-loading capex stood at Rs65.8bn (~82.6% of total outlay). With company undertaking multiple FMC projects with Rs256bn outlay by FY29, seven railway projects under development and strategic diversification projects i.e., Talcher Fertilisers and coal gasification etc. would eventually help company to inch towards 1bn tonne offtake in the coming years. 

Outlook and Valuation: Our FY27 offtake estimate of 799m tonne is substantially below COAL’s guidance of 850m tonne, which offers enough cushion to our estimates. Coal continues to remain a major energy source in India and with COAL being at centre of it benefits the most. We maintain BUY rating on the stock with a TP of Rs520, valuing it at 5.9x Sep-28 EV/EBITDA.

Key Risks: (a) Lower offtake; (b) higher RE share in power generation; and (c) lower e-auction volume and premium.