CLSA has an outperform rating on M&M with the target price at Rs 4,417. Analysts said that the company remains confident in maintaining its market leadership position for SUVs, tractors and LCVs. With new launches and focus on void spaces, M&M expects there is scope for further market share gains in some of the segments. The company is looking for an organic revenue compounded annual growth rate (CAGR) of 15-40% in various segments during the FY26-FY30 period versus a 25% CAGR over the last five years on an overall basis. M&M plans to focus on export markets across all three areas of tractors with the Oja brand, LCVs with global pickup launches and UVs with new launches. The company has also upgraded its tractor volume growth guidance for FY25-FY30 from a 7% CAGR to a 9% CAGR. The company plans to grow its revenue for the LCV business by 1.6x during FY25-FY30. Analysts said M&M has aggressive plans to grow its growth gems.Morgan Stanley has an overweight rating on Maruti Suzuki India with the target at Rs 18,489. Analysts said that the post-festive demand and booking trends are holding well. They said operating leverage and net pricing will be the key drivers of margins in the coming quarters, while discounts peaked in the July-Sept quarter (Q2FY26). The company continues to see a healthy growth rate in exports.Nuvama has a buy on Vedanta with the target price at Rs 686. Analysts said that Vedanta’s focus on demerger, delivery and deleveraging (3Ds) is on course to pay off, supported by tailwinds of commodity prices. They feel a likely favourable outcome by NCLT in Dec-25 (demerger likely by Q4FY26-end), removal of overhang (not buying JP Associates) and further Rs 20 dividend per share by Jan 26 are additional triggers. Analysts expect the company’s earnings before interest, taxes, depreciation, and taxes (EBITDA) to increase at a CAGR of 16% over FY25–FY28 on the back of lower aluminium cost of production, aluminium and zinc volume growth and higher commodity prices.JP Morgan has an overweight rating on TCS with the target price at Rs 4,050. Analysts said that TCS announced a partnership with PE firm TPG with a commitment to invest $1 billion for a 27-49% stake in its newly formed Data centre business, HyperVault. TCS and TPG jointly pledged to invest up to Rs 18,000 crore in HyperVault in equity over several tranches. TCS previously had announced a 1 GW AI ready data centre with an outlay of $6.5 billion with a mix of debt and equity and likely equity partners. Analysts believe the event enables TCS to embark on its capex plans while limiting TCS’s direct equity outlay to $1 billion over the next 5-6 years as it recently highlighted.Citigroup has a buy rating on L&T with the target price at Rs 4,500. Analysts said that the company sees clear opportunities in the Middle East across areas, sees potential in Europe as well and has recently announced a partnership for renewable projects integration. Domestically, an improvement in private sector projects, now 30% of the domestic backlog, is aiding growth.

Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.

Mumbai: Adani Group‘s defence and aerospace unit is considering an acquisition of Flight Simulation Technique Centre (FSTC), India’s leading non-captive pilot training firm, people familiar with the matter said. If the deal goes through, it will mark the group’s entry into the aviation training business and ramp up its M&A portfolio.Established in 2012, FSTC has four simulator facilities in Gurugram, Hyderabad, and Mumbai, as well as four flying schools in Haryana, Surat, and Solapur, as listed on its website.The proposed FSTC transaction is expected to be routed through Horizon Aero Solutions, a 50:50 joint venture between Adani Defence Systems and Technologies (ADST) and Prime Aero. ADST is a wholly-owned subsidiary of group flagship Adani Enterprises, while Prime Aero is owned by Prajay Patel, son of Nationalist Congress Party leader Praful Patel.

ADST has been building its business both organically and through acquisitions. In Dec 2024, it acquired controlling interest in Air Works, which enabled its foray into aircraft maintenance, repair, and overhaul (MRO) business. It then furthered its presence with a 50% share purchase in Indamer Technics (the remaining 50% is held by Prime Aero).Defence and aerospace is a strategically important sector for the Adani Group, with plans to triple its investment in the near future. Currently, the group has invested Rs 5,000 crore in the sector.The potential FSTC deal will allow ADST to capitalise on the growing demand for cockpit crew, who are mandated to undergo a minimum number of flight simulation hours for training. Demand for military pilots is increasing due to rising geopolitical tensions, higher defence spends, and need for advanced skills.ADST has been supplying drones, loitering munitions, and other warfare systems to India’s defence ministry, which were used during Operation Sindoor, a four-day conflict between India and Pakistan in May of this year.FSTC’s clientele includes Indian defence forces and commercial airlines. “You are giving me shocking news. I’m boarding a flight. I’m going on a holiday,” said FSTC co-founder and MD Dilawer Singh Basraon, when reached on his cell phone. An Adani Group spokesperson declined to comment on TOI’s email query.In FY24, FSTC reported an operating profit of Rs 124.2 crore on a revenue of Rs 214.5 crore. A Nov 2024 note by India Ratings and Research highlighted that FSTC’s revenue growth has been fueled by ongoing investments in expanding its fleet of simulators and training aircraft, funded through a mix of resources including loans. In FY23, its operating profit and revenue were Rs 96.4 crore and Rs 165.1 crore, respectively.Apart from FSTC, CAE Simulation Training, a 50:50 joint venture between Canada’s CAE and InterGlobe Enterprises, also provides pilot training. Its main customers are Indigo (owned by InterGlobe) and Akasa. Additionally, there is the IPO-bound Flywings Simulator Training Centre. In Aug 2025, CAE, while announcing a new pilot training centre in Mumbai, predicted a demand for 20,000 new professional pilots in India over the next 10 years, with the Asia Pacific region requiring 98,000 pilots during the same period.

TOI correspondent from UK: Lakshmi Mittal has voted with his feet. The 75-year-old steel magnate has walked away from Britain — and straight into Switzerland — joining a rush of the ultra-rich escaping Labour govt’s tax squeeze targeting high-net-worth residents.Mittal, one of Britain’s richest men and a long-time Labour donor, has left the UK just days before chancellor Rachel Reeves’ autumn budget. He has become a tax resident of Switzerland and plans to spend most of his time in Dubai, where he has purchased a mansion on Naïa Island, a newly built enclave for global elites. The executive chairman of ArcelorMittal — born in Rajasthan’s Sadulpur — is an Indian citizen.Reeves is expected to announce fresh levies on Nov 26, including a proposed 20% “exit tax” and a mansion tax. Her 2024 Budget had already abolished the non-domicile tax regime and shut down use of offshore trusts to avoid the UK’s 40% inheritance tax — measures that advisers say accelerated Mittal’s decision.“The uncertainty of Labour’s tax policy, inheritance tax and abolition of the non-dom regime are a big concern for people who have worked hard and built up their wealth in the UK,” said Tory peer and multimillionaire Rami Ranger. “There is no tax in Dubai. Britain is the most taxed economy in the world.”A wealth adviser familiar with Mittal’s plans told the Sunday Times that many affluent foreign residents “cannot understand why all their assets, wherever they are in the world, should be subject to inheritance tax imposed by the UK Treasury. People in this situation feel they have little choice but to leave”.Mittal and his family were ranked eighth on the 2025 UK Rich List with a fortune of £15.4 billion (over Rs 180,887 crore). He founded Luxembourg-based ArcelorMittal, valued at £23.35 billion (over Rs 274, 268 crore), and controls a 38% stake.The family moved to London in 1995 and bought three adjoining mansions on Kensington Palace Gardens — “Billionaires’ Row” — including the marble-laden “Taj Mittal”, built with stone sourced from the same quarries used for the Taj Mahal.Mittal’s exit underscores deep unease among high-net-worth residents as Labour prepares further tax changes aimed at those with global assets, intensifying fears of an investor flight at the very top of the wealth pyramid.

US technology giants Apple, Amazon, Cisco, Meta, HP and Intel have jointly opposed demands from Reliance Jio and Vodafone Idea to allocate spectrum in the 6GHz band for mobile services, instead urging that the entire band be reserved for Wi-Fi use, reported PTI.In a joint response to Trai’s consultation paper for the next round of spectrum auctions, the companies said technical and commercial readiness in the 6GHz band “is not established” for mobile services and asked the government to avoid setting timelines for auction of the 6425-6725 MHz and 7025-7125 MHz ranges.“We do not recommend setting timelines for any future auction of the 6425-6725 MHz and 7025-7125 MHz ranges for IMT… TRAI, together with the Department of Telecommunications, should review the allocation of the upper 6 GHz band following the outcomes of WRC-27,” the joint submission said, adding that any unused upper 6GHz spectrum should be made available for unlicensed use in the interim.The government has said 400 MHz of 6GHz spectrum is immediately available for auction, an additional 300 MHz will be available by 2030, and 500 MHz in the lower band will be delicensed for low-power applications such as Wi-Fi.Jio has demanded inclusion of the entire 1200 MHz available in the 6GHz band in the auction, even though the government has decided to delicense 500 MHz in the lower range. Vodafone Idea has sought the sale of 400 MHz currently available for use. Airtel has asked the government to defer auction of the 6GHz band due to concerns over device availability, equipment readiness and global harmonisation.Qualcomm echoed similar concerns, stating, “The upper 6 GHz band is critical for mobile growth in India… By deferring the auction… until after WRC-27, India safeguards its 6G future, aligns with global standards, and honours its leadership aspirations.”Telecom industry body COAI, whose members include Jio, Airtel and Vodafone Idea, opposed delicensing. “Delicensing is misleading and counterproductive… Licensed IMT spectrum ensures quality-of-service, predictable performance and nationwide scalability,” COAI said, warning that allowing unlicensed Wi-Fi deployments could reduce exchequer revenues and give “disproportionate advantage to foreign OTT players”.The newly identified 6425-6725 MHz and 6725-7125 MHz bands form part of the upper 6GHz range, while the 5925-6425 MHz band has been earmarked for unlicensed low-power applications.

Markets regulator Sebi has introduced a new turnover-linked framework to define what qualifies as a material related party transaction (RPT), shifting from a fixed cap-based approach in a bid to resolve ambiguities and streamline compliance under the Listing Obligations and Disclosure Requirements (LODR) norms.The regulator has also revised audit committee approval thresholds for RPTs executed by subsidiaries and simplified disclosure requirements for smaller transactions. The move aims to balance investor protection with ease of doing business, while addressing concerns from companies that earlier thresholds imposed a “one-size-fits-all” burden on large entities.Under the notification dated November 18, entities with annual consolidated turnover up to Rs 20,000 crore must classify a transaction as material if it exceeds 10 per cent of turnover. For entities with turnover between Rs 20,001 crore and Rs 40,000 crore, the threshold has been set at Rs 2,000 crore plus 5 per cent of turnover above Rs 20,000 crore.For companies crossing Rs 40,000 crore turnover, materiality will be triggered at Rs 3,000 crore plus 2.5 per cent of turnover exceeding Rs 40,000 crore, or Rs 5,000 crore, whichever is lower. To safeguard minority shareholders, Sebi has capped the upper ceiling at Rs 5,000 crore for entities above the Rs 40,000 crore threshold.Previously, listed entities had to treat an RPT as material if its value exceeded Rs 1,000 crore or 10 per cent of annual consolidated turnover, whichever was lower. Stakeholders argued the uniform Rs 1,000 crore limit did not account for differences in operational scale or business models.Beyond materiality thresholds, Sebi has eased minimum information disclosures required for audit committee and shareholder approvals. If total RPTs with a related party (including ratified transactions) do not cross 1 per cent of annual consolidated turnover or Rs 10 crore, whichever is lower, a reduced disclosure format may be provided.The regulator said the simplified disclosure set will be less detailed than existing industry standards, addressing compliance concerns for smaller-value transactions.Sebi has also clarified the validity of omnibus approvals. Approvals granted at an annual general meeting will be valid until the next AGM, while those approved at other general meetings will be valid for up to one year from the date of approval.

Gold is likely to trade in a tight range in the near term as investors await key US economic indicators—including GDP and inflation data—and signals from the Federal Reserve’s December policy meeting that could define the direction of interest rates, analysts said, according to news agency PTI. They added that weekly US jobless claims, consumer confidence data and ISM Non-Manufacturing PMI will also shape market expectations on the Fed’s stance. Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd, said gold may “continue to see some consolidation (as focus remains) on the US data ahead of the Fed’s December policy meeting”, adding that housing, consumer confidence, jobless claims, GDP and PCE inflation numbers will be tracked closely.

Volatility, global cues and institutional demand

On MCX, gold futures for the December contract rose Rs 630, or 0.51 per cent, last week. Mer said the metal saw sharp price swings due to hawkish Fed commentary, fading hopes of a rate cut in December and a stronger dollar. He added that expectations of an end to the Russia-Ukraine war reduced risk premiums, while central-bank purchases—“with China adding gold for the 12th straight month and dumping US treasuries along with ETF inflows”—supported prices. In global markets, Comex gold futures gained USD 51.4, or 1.25 per cent, during the week. “Comex gold futures closed marginally higher, but the stronger dollar kept sentiment capped,” said Pankaj Singh, Investment Manager on smallcase and Founder & Principal Researcher SmartWealth.ai. FOMC minutes suggested policymakers may keep rates elevated through 2025, trimming December cut odds to 36 per cent, Singh said, adding that thin holiday-week liquidity could add volatility.

Record highs tempered by rate concerns

Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services, said gold has pulled back after hitting a record high in October and tends to underperform when rate easing is delayed. She said the metal remains up roughly 55 per cent for the year, supported by earlier rate cuts, central-bank accumulation and ETF inflows, adding that recent gains reflect a “debasement trade” as investors exit sovereign debt. “The medium-term structure for bullion remains constructive, with expectations for policy easing in 2026, persistent geopolitical uncertainty, and strong official-sector demand continuing to anchor the broader uptrend,” she said.

Silver trends and technical outlook

Silver futures on MCX for December delivery fell Rs 1,867, or 1.12 per cent, last week, while Comex silver futures declined 1.52 per cent. Mer said silver turned volatile along with industrial metals, adding that momentum looks “sideways/corrective” with resistance at Rs 1,56,700-1,59,200 per kg and support at Rs 1,49,500. A breakdown below that could trigger further declines to Rs 1.39-1.40 lakh per kg, he said. Analysts said safe-haven demand may support gold, but elevated rates and a firm dollar could cap gains in the near term.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)

NEW DELHI: The Board of Control for Cricket in India (BCCI) on Sunday named the squad for the three-match ODI series against South Africa.KL Rahul, India’s first-choice wicketkeeper-batter in ODIs, has been appointed stand-in captain for the series.

Axar Patel is not part of the squad, while Ravindra Jadeja has returned after missing the Australia ODIs. Varun Chakravarthy, who played a key role for India in the Champions Trophy, has also been left out.Tilak Varma has been included in the middle order, a move that signals the team management’s plan to add more left-hand batters in that phase.Ace pacer Jasprit Bumrah has been rested for the ODI series.

Regular captain Shubman Gill and vice-captain Shreyas Iyer were not available for selection because of injuries. Rahul was named captain in their absence.Gill suffered a neck injury during the first Test in Kolkata, which India lost. Iyer continues to recover from a spleen injury he picked up last month during the ODI series in Australia.KL Rahul has so far led India in 12 ODIs.With Iyer unavailable, a middle-order slot opened up for Tilak Varma, who recently played in a one-day series against South Africa A in Rajkot.The first ODI of the three-match series will be played on November 30 in Ranchi, the second ODI in Raipur on December 3rd, and third ODI in Visakhapatnam on December 6th.India’s ODI squad: Rohit Sharma, Yashasvi Jaiswal, Virat Kohli, Tilak Varma, KL Rahul (C) (wk), Rishabh Pant (wk), Washington Sundar, Ravindra Jadeja, Kuldeep Yadav, Nitish Kumar Reddy, Harshit Rana, Ruturaj Gaikwad, Prasidh Krishna, Arshdeep Singh, Dhruv Jurel