Share Market Today Highlights 24 November 2025: Stock markets fall for 2nd day; Sensex drops over 331 points

MS on Labour Codes

The Ministry of Labour has implemented new labour codes effective 21 Nov 2025, impacting gig platforms

Aggregators must now contribute 1-2% of annual turnover, capped at 5% of gig-worker payouts, toward social security

The reforms formally define gig work, platform work, and aggregators for the first time

Estimated cost impact for food delivery and quick commerce platforms is Rs1.5-Rs2.5 per order

Some uncertainty remains on whether existing insurance costs will be counted toward the contribution

Eternal and Swiggy expect no material long-term financial impact

The new regulations could affect near-term sentiment and stock performance

Steady-state EBITDA impact could be 4-10% across food delivery, quick commerce, and service platforms

Costs may eventually be shared across ecosystem participants

Platforms may pass on incremental costs to customers, merchants, or workers over time, limiting long-term margin pressure

BofA on Labour Codes

Turning policy reform into growth drivers

Labor codes: major step towards formalization & scale

Push toward organized jobs & expansion of social security

Financial inclusion: strong medium-term tailwind

Boost to manufacturing & Make in India

Formalization of industries to promotes scale

Believe, formalization of economy can pick up pace on the back of New Labour codes along with other reforms such as RERA/GST

Elara on Indian e-commerce

Brokerage maintains BUY on Eternal (Target Price Rs415) and ACCUMULATE on Swiggy (Target Price Rs490) despite near-term cost risks

New labour codes mandate social security for gig workers; final implementation rules are still pending

Estimated financial impact: E2-E3 per order (0.2-0.6% of AOV), depending on benefit levels and regulations

Expected cost pass-through to consumers may slow demand in the short term

Both companies already offer insurance (~1% of revenue), partly offsetting the new requirement

If benefits are set at 5% of gig payouts, it could add 0.4-0.6% of GMV for both players

Under a 1-2% of sales mandate, incremental cost impact would be Rs1-Rs2 per order

Gig-worker cost as a share of GMV may rise from 9.8% → 10.3% for Eternal and 11.6% → 12.2% for Swiggy

Regulation aims to formalize benefits including health insurance, pension, maternity, and disability protection

Both companies are engaging with regulators and do not expect a material financial impact until rules are finalized

Bernstein on Indian e-commerce

New labour code may reduce Swiggy and Eternal EBITDA by 25-70 bps

Quick commerce margins are more exposed than food delivery

Rider and warehouse costs remain the largest variable expenses per order

Swiggy’s food delivery is already unit-profitable (Rs13/order)

Blinkit/Eternal has higher revenue per order but also higher delivery costs

Existing insurance and benefits may offset part of the regulatory impact

Cost increases could be shared across ecosystem participants

Short-term margin pressure likely, but long-term profitability view remains intact

Industry may adjust pricing or fees to absorb incremental costs

Bernstein maintains an Outperform rating on both platforms

Emkay on ACC

Target price cut sharply to Rs1,600 from Rs2,280 (Down by 30%)

ACC downgraded to SELL due to weak margin trends and slower capex execution

Valuation revised to 7x EV/EBITDA from 9x given deteriorating fundamentals

FY27E EBITDA cut by ~12%, reflecting margin pressure and a higher traded mix

Higher inter-group trading is impacting margins and operational independence

A rising share of traded goods limits pricing power and premiumization ability

Working capital worsened significantly to 57 days from earlier negative WC levels

Cash reserves dropped to a multi-year low (Rs8.8 bn) due to higher working capital consumption

Capacity expansion is expected at only ~7% CAR over FY25-28, seen as below expectations

Analysts prefer Ambuja over ACC due to better profitability, scale, and synergy benefits within the group

CLSA on Hindustan Aeronautics

Maintain Outperform with TP of Rs 5436

Tejas Mk1 went down at the Dubai Air Show

Experts highlight three possible causes: sudden loss of thrust from GE engine, biological effects of aerodynamic stall induced during a negative-G manoeuvre or human error

UBS on Shaily Engineering

Initiate Buy with TP of Rs 4000

High potential, high growth, high optionality

Multiple growth levers; potential for positive surprise ahead

On strong footing for generic semaglutide launch

Consumer and industrials to grow steadily; consumer electronics an optionality

MS on SBI Cards

Post-festive season spending growth so far looks to be largely aligned with pre-festive YTD growth

There are timing differences in festive season YoY

On a calendar basis, assuming the 3% YoY growth in November so far extends to the rest of Q3, then growth could be 8% YoY vs. 16% in H1FY26

During the festive period (22 September to 26 October), industry credit card spending was up 21% YoY (adjusted*), vs. the corresponding festive period last year

Strength was largely driven by robust spending in the last week of September – 22 September marked the onset of GST cuts, Navratri, and ecommerce sales

Jefferies on Shyam Metalics

Recommendation Buy; Target Price ₹1050

A Growth Mindset

Offers one of the best growth potential in India metals underpinned by capacity expansions and healthy balance sheet

Poised to become one of India’s top-3 stainless steel manufacturers while also expanding cold rolled steel and intermediates volumes

Jefferies India Strategy

Worst for the earnings trend likely behind

Analysis of corporate earnings suggests that the EPS trend should improve from H2FY26 and through FY27

Downgrade pace likely reduces on significant disruptions in base

Bulk of the earnings swings is likely to come from autos, banks, power and consumer

Low base and policy support is expected to drive an uptick

Cement & telecom offer the strongest EPS growth

Confidence on 13-15% FY27 EPS growth should support market sentiments, in our view

Nomura on IKS Health

Recommendation Buy; Target Price ₹2000

Attractive play on US healthcare provider space

US healthcare outsourcing market likely to record a 12% CAGR over CY23-28E

Comprehensive and integrated platform stack with next-gen tech capabilities

UBS on Britannia

Recommendation Buy; Target Price ₹6350

Q3 volume growth looking good, trajectory afterwards will be the key

Entering an interesting phase in Britannia

Believe input prices have completed their adverse cycle and are entering an expansionary phase