Stocks to Watch Today, Nov 2: RIL, Jio, Maruti, Affle, Coal India in focus

The first trading session of November brings a packed corporate news calendar for Indian markets, but the recovery in benchmark indices has yet to translate into broader market strength. The Nifty 50 reclaimed 23,000 on Friday, even as midcap and smallcap stocks extended their losses.

Monday’s watchlist is led by Reliance Industries and Jio Platforms after their September-quarter results, fresh automobile sales figures from Maruti Suzuki, TVS Motor and other manufacturers, and Affle 3i’s proposed $420 million acquisition of Perion Network.

There are also important developments beyond headline earnings. Bank of Baroda’s quarterly profit benefited from a sharp increase in non-interest income, Indian Oil recognised government-approved LPG compensation during the first half, and Coal India reported record monthly coal supplies. Meanwhile, Sun Pharma faces a regulatory overhang and Granules India is due to report earnings on the same day it faces scrutiny over 11 USFDA observations.

Market Snapshot: Nifty Reclaims 23,000, But Broader Market Remains Weak

Indian equity benchmarks ended higher on Friday, October 30, with the Nifty 50 gaining 116.35 points, or 0.51%, to close at 23,053.10. The Sensex advanced 308.49 points, or 0.42%, to settle at 74,459.53.

However, the broader market told a different story.

For October, the Nifty gained 1.91% and the Sensex advanced 2.73%, ending their two-month losing streak. However, the Nifty Midcap 100 declined 3.42%, while the Nifty Smallcap 100 lost 4.06%.

This divergence suggests that the benchmark recovery was not accompanied by widespread buying.

Three factors that could influence Monday’s trade

Foreign fund flows: FIIs returned as net buyers on Friday, purchasing equities worth ₹3,598.54 crore in the cash market. However, their cumulative October net selling remained substantial at approximately ₹45,162 crore on the NSE cash-market activity basis. Depository-based flow calculations can differ because of their reporting methodology. DIIs were net sellers of ₹817.51 crore on Friday.

GIFT Nifty: Early pre-market indications pointed towards a positive opening for domestic equities. The futures indication can change before the opening bell and should not be treated as a confirmed Nifty opening level.

Crude oil: Brent crude declined 1.4% to $111.84 per barrel in early Monday trade as Iranian and Qatari officials continued discussions aimed at ending the US-Israeli war on Iran. However, Reuters reported that renewed geopolitical tensions after Tuesday’s US midterm elections could push Brent towards $120. The risk remains relevant for India’s import bill, inflation and oil-sensitive companies.

Stocks in Focus Today

1. Reliance Industries: Shareholder Profit Jumps 40.6%, Retail Profit Falls 24.3%

Reliance Industries will remain one of the biggest earnings triggers on Monday after reporting a strong September-quarter performance, although growth was not evenly distributed across its businesses.

The company reported consolidated profit attributable to shareholders of ₹25,548 crore in Q2 FY27, up 40.6% from ₹18,165 crore in the corresponding quarter last year.

Its broader consolidated profit after tax, including the share of associates and joint ventures, stood at ₹29,550 crore, compared with ₹22,092 crore a year earlier.

Other financial highlights included:

• Gross revenue increased 27.8% to ₹3,62,268 crore.
• Consolidated EBITDA rose 23.9% to ₹62,409 crore.
• Oil-to-chemicals (O2C) EBITDA surged 67.9% to ₹25,203 crore.
• Digital Services EBITDA increased 17.7% to ₹22,223 crore.

However, Reliance Retail’s earnings moved in the opposite direction. Its profit after tax, including the share of associates and joint ventures, declined 24.3% to ₹2,611 crore.

Revenue from operations increased 5.8% to ₹80,220 crore, but EBITDA from operations fell 11.1% to ₹5,886 crore. Finance costs increased 53.9% to ₹905 crore.

The contrast between strong O2C and digital earnings and weaker retail profitability makes the composition of Reliance’s growth an important factor for investors.

Also Read: Reliance Q2 FY27 Results: Shareholder PAT Jumps 41%, O2C EBITDA Up 68%, Retail Slips

2. Jio Platforms: Profit Rises 13.7%; ARPU Reaches ₹218.80

Jio Platforms will attract attention after reporting its first quarterly results following its stock market listing.

According to the company’s Q2 FY27 financial presentation, consolidated net profit increased 13.7% year-on-year to ₹8,387 crore.

Revenue from operations rose 11.4% to ₹40,475 crore, while EBITDA increased 16.6% to ₹21,879 crore.

The EBITDA margin expanded 250 basis points to 54.1%.

Average revenue per user (ARPU) improved 3.5% to ₹218.80. The company’s subscriber base reached 542.4 million, including approximately 300 million 5G customers.

The improvement in ARPU and operating margins points to stronger monetisation. Investors will watch whether higher customer spending and subscriber additions can continue to support profitability as Jio expands its digital services.

3. Maruti Suzuki, TVS Motor, Hyundai and Hero MotoCorp: October Sales Surge

Automobile manufacturers will be among the busiest stocks on Monday after reporting strong October sales and dispatch volumes.

The figures below are company-reported wholesale sales and dispatches, not necessarily retail registrations.

Maruti Suzuki: The company reported its highest-ever monthly sales of 2,76,120 vehicles. Domestic sales, including sales to other OEMs, stood at 2,26,248 units, while exports increased 59.3% to 49,872 units. Domestic passenger vehicle sales reached 2,12,384 units.

TVS Motor: Total sales increased 29% to 7 lakh units. Electric two-wheeler sales surged 120% to 71,382 units, making the EV business a significant contributor to the monthly performance.

Hero MotoCorp: Total dispatches increased 16% to 7.34 lakh units. Scooter volumes jumped 60.8% to 1,04,603 units, while motorcycle dispatches increased 10.3% to 6,29,800 units. Exports, however, declined 5.4%.

Hyundai Motor India: Total sales increased 17.7% to 82,299 units. Domestic sales rose 16.7% to 62,799 units, while exports increased 21.1% to 19,500 units.

Tata Motors: The commercial vehicle business reported total sales of 47,652 units, up 27%. Domestic sales increased 13% to 39,784 units, while international business volumes reached 7,868 units.

Mahindra & Mahindra: Overall automobile sales increased 9% to 1,31,109 vehicles. Domestic utility vehicle sales reached a record 73,338 units, although annual growth was limited to 2%. Domestic tractor sales declined 13%.

Eicher Motors: Its Royal Enfield motorcycle business reported sales of 1,33,442 units, up 7%. Exports increased 47% to 11,915 units.

The October figures provide a positive festive-season demand signal, but the next earnings cycle will determine whether manufacturers can convert higher wholesale volumes into stronger revenue and margins. The distinction between factory dispatches and actual customer registrations also remains important.

4. Affle 3i: $420 Million Perion Deal Adds a Major Acquisition Trigger

Affle 3i is among the most prominent corporate-action-driven stocks heading into Monday’s session.

The company’s Israel-based step-down subsidiary, Affle 3iL, has signed a definitive agreement to acquire US-listed Perion Network in an all-cash transaction.

Perion shareholders will receive $11.70 per share, valuing the transaction at approximately $420 million. The offer represents a 34.5% premium to Perion’s October 30 closing price.

The deal is expected to expand Affle’s presence in connected television, retail media, digital advertising and other technology-led advertising channels.

Affle also reported strong Q2 FY27 results:

• Revenue from operations increased 21.2% to ₹783.6 crore.
• EBITDA grew 24.2% to ₹181.4 crore.
• EBITDA margin improved 56 basis points to 23.2%.
• Net profit rose 17.4% to ₹129.8 crore.

However, the Perion acquisition is not yet complete. The merger agreement provides a 40-day go-shop period ending at 11:59 PM local time in Israel on December 11, 2026, during which Perion can solicit alternative proposals.

Shareholder approval and regulatory clearances are also required. Completion is expected in early 2027.

Investors will assess the strategic benefits against the acquisition cost, integration requirements and eventual contribution to Affle’s earnings.

5. Coal India: October Supplies Hit All-Time Record of 70.3 Million Tonnes

Coal India reported its highest-ever monthly coal supply in October 2026, while production reached a record for the month of October.

The company supplied 70.3 million tonnes (MT) of coal, surpassing its previous all-time high of 69.4 MT recorded in March 2026.

Coal production stood at 67.2 MT, up 19.3% year-on-year and above the previous October record of 62.47 MT achieved in October 2024.

Supplies to the power sector also reached an all-time monthly high of 57.1 MT, representing 19% annual growth.

However, the cumulative production picture is more moderate. During April-October FY27, production increased only 0.7% to 388.2 MT, while offtake rose 9.2% to 454.6 MT.

The gap between strong monthly growth and modest cumulative production growth is worth monitoring. The latest supply performance is encouraging, but sustained production growth will be important for meeting the company’s FY27 target.

6. Bank of Baroda: Q2 Profit Jumps 35.8%, but H1 Earnings Fall 16.5%

Bank of Baroda reported its highest-ever standalone quarterly net profit of ₹6,532 crore in Q2 FY27, up 35.8% year-on-year.

Net interest income increased 9% to ₹13,026 crore, while non-interest income surged 95.8% to ₹6,881 crore.

A major contributor was treasury income, which increased sharply to ₹4,093 crore. The bank also disclosed that it sold 76.90 lakh NSE shares through the IPO offer for sale during the quarter, realising gross consideration of ₹1,372.35 crore.

However, the half-year performance was considerably weaker.

H1 FY27 net profit declined 16.5% to ₹7,810 crore from ₹9,351 crore. Total provisions for the first half increased to ₹8,705 crore from ₹3,199 crore.

An important factor was the ₹5,680 crore settlement with NMC Health and related entities. Bank of Baroda paid $600 million on July 1, 2026, and charged the settlement amount to its profit and loss account for the half year.

The Q2 profit growth therefore needs to be read alongside both the higher treasury income and the exceptional settlement cost recognised during H1. The two reporting periods tell very different stories about the bank’s earnings.

7. Indian Oil Corporation: Q2 Profit Reaches ₹21,630 Crore; LPG Compensation Matters

Indian Oil Corporation reported standalone net profit of ₹21,630 crore in Q2 FY27, compared with ₹7,610 crore in the corresponding quarter last year.

The company also moved into profit from a standalone loss of ₹2,661 crore in Q1 FY27. Its first-half net profit consequently stood at ₹18,969 crore.

Revenue from operations increased to ₹2,62,935.58 crore.

However, an important earnings-quality detail lies in the LPG compensation recognised during the first half.

According to the company’s financial results, IndianOil recognised ₹7,243.02 crore in government-approved LPG compensation as revenue for the six months ended September 30, 2026. This represents compensation instalments for April-September and must not be treated as a Q2-only adjustment.

The company also disclosed a cumulative negative LPG buffer of ₹32,505.69 crore at September-end.

In its results commentary, IndianOil said Q2 profitability benefited from a temporary decline in crude prices between mid-June and mid-August and stronger petrochemical and gas margins. It warned that future profitability could be affected by inventory losses if crude prices decline as geopolitical conditions normalise.

The record quarterly profit is significant, but refining margins, crude-price movements and LPG compensation will remain important for assessing the sustainability of earnings.

Also Read: Indian Oil Q2 FY27 Results: Profit Jumps 184% to ₹21,630 Crore; LPG Risk Persists

8. Sun Pharma: Shareholder Profit Falls 36%; Assam Plant Faces Regulatory Overhang

Sun Pharmaceutical Industries reported consolidated profit attributable to shareholders of ₹1,988.53 crore in Q2 FY27, down 36.2% year-on-year.

For clarity, total consolidated net profit stood at ₹1,995.07 crore, including non-controlling interests.

Revenue from operations increased 11.9% to ₹16,198.71 crore.

Exceptional charges of approximately ₹1,268.8 crore, including a US antitrust litigation settlement and expenses related to the proposed Organon acquisition, weighed on the reported earnings.

The company also faces a separate regulatory development involving its Assam facility.

According to Reuters, drug regulators issued an order dated August 20, 2026, directing the company to stop manufacturing, selling and distributing ophthalmic products manufactured at the facility after identifying quality-management deficiencies during a joint inspection.

The development was reported on October 30. Sun Pharma said it had voluntarily stopped production, implemented remedial measures and submitted a compliance report, which remains under regulatory review.

Production cannot resume until the regulators accept the company’s response.

The combination of weaker reported profits and the regulatory issue makes Sun Pharma an important stock to monitor.

9. Granules India: 11 USFDA Observations Ahead of Q2 Results

Granules India has two developments that put it on Monday’s watchlist: a regulatory update and its scheduled September-quarter earnings announcement.

The USFDA completed an inspection of the company’s finished-dosage facility at Gagillapur, Hyderabad, between October 19 and October 30, resulting in 11 observations in Form FDA 483.

The observations relate to investigations, change control, process and equipment qualification, visual inspection controls and documentation practices.

The company stated that none of the observations involved data integrity or cross-contamination and that there was no impact on manufacturing or product distribution from the facility.

Granules plans to submit its response within 15 business days.

Investors will assess the company’s Q2 results alongside its response to the regulatory observations. The outcome of the corrective-action process will be important for determining whether the inspection creates any longer-term operational uncertainty.

10. NCC: Receives Additional Orders Worth ₹1,862.45 Crore

NCC announced eight additional orders aggregating ₹1,862.45 crore, excluding GST, during October.

The order inflow includes:

• Water division: ₹767.11 crore.
• Buildings division: ₹688.78 crore.
• Transportation division: ₹406.56 crore.

These orders are over and above a separate major order worth ₹1,286.03 crore previously disclosed in October.

The latest wins strengthen the infrastructure company’s project pipeline. Investors will now look at execution timelines, working-capital requirements and the pace of revenue recognition.

Other Q2 FY27 Earnings That Investors Should Track

Apart from the major stocks above, several companies have reported notable changes in their September-quarter earnings.

These results add to the list of companies likely to attract attention as investors compare earnings growth, asset quality, operating margins and valuation.

Q2 Results Today, November 2: ITC, Marico, NALCO, UPL Among Key Names

The September-quarter earnings calendar remains busy on Monday, with several companies scheduled to consider or announce their financial results.

Investors will look for revenue growth, input-cost trends, EBITDA margins and management commentary, particularly in FMCG, chemicals, pharmaceuticals and industrial businesses.

The calendar reflects scheduled board meetings and result announcements notified to the exchanges; companies may update their schedules.

Bottom Line: Record Sales and Profit Growth Meet a Less Convincing Market Recovery

Monday’s watchlist offers plenty of company-specific triggers, but the quality of those developments varies.

Reliance Industries and Jio Platforms have delivered strong operating numbers, although Reliance Retail’s profit decline highlights the uneven performance within the group. Maruti Suzuki, TVS Motor and Hyundai have reported strong October volumes, while Affle 3i’s proposed Perion acquisition adds a significant corporate-action catalyst.

Bank of Baroda’s record quarterly profit needs to be assessed alongside treasury gains and its NMC settlement charge. Indian Oil’s earnings recovery also comes with an important LPG compensation adjustment, while Sun Pharma and Granules India face regulatory developments that investors cannot ignore.

The wider market remains the other concern. Despite the Nifty’s 1.91% October gain, midcap and smallcap indices declined, indicating that the rally has not translated into broad-based participation.

For the November opening session, the market’s reaction to earnings quality, crude prices and foreign fund flows may matter more than the headline profit-growth numbers.

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Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investors should independently assess company valuations, earnings quality, corporate disclosures and regulatory risks before making investment decisions.