PRE-MARKET INDIAN STOCKS NEWS: Cochin Shipyard (COCHIN IS) Q2 FY27 (INR) net fell 49.8% Y/Y to 540mln, rev. rose 11.7% Y/Y to 12.5bln

Bajaj Finance (BAF IS) - Co. approved the allotment of 57.4mln warrants to its promoter at INR 1,010 per warrant through a preferential issue. (Economic Times)

Bank of Baroda (BOB IS) - Co. raised its MCLR across four tenures effective 12th November, with the one-month rate rising 5bps to 8.0% and the three-month and six-month rates rising 20bps each to 8.5% and 8.7%, respectively. (Economic Times)

Bharat Heavy Electricals (BHEL IS) - Co. said the Telangana Commercial Tax Department dropped an INR 2.1bln tax demand relating to FY23. (Economic Times)

Coal India (COAL IS) - Co. received SEBI approval for the proposed IPO of its wholly owned subsidiary Mahanadi Coalfields, involving an offer for sale of up to 661.8mln shares representing a 10% stake. (Economic Times)

Cochin Shipyard (COCHIN IS) - Co. Q2 FY27 (INR) net fell 49.8% Y/Y to 540.0mln, rev. rose 11.7% Y/Y to 12.5bln. (Economic Times)

IIFL Finance (IIFL IS) - Co. approved an INR 64.1bln preferential capital raise, led by a Blackstone investment of INR 50.0bln that will give the asset manager an approximately 16% stake on a fully diluted basis. (Economic Times)

JSW Steel (JSTL IS) - Co. October crude steel production rose 19% Y/Y to 2.6mln tonnes, with capacity utilisation at Indian operations of 92%. (Newswires)

Kalyan Jewellers (KALYNKJ IS) - Co. Q2 FY27 (INR) net rose 63.6% Y/Y to 4.3bln, rev. rose 31.4% Y/Y to 103.2bln. (Economic Times)

MRF (MRF IS) - Co. Q2 FY27 (INR) net fell 26.6% Y/Y to 3.9bln, rev. rose 17.4% Y/Y to 86.6bln. (Moneycontrol)

Whirlpool of India (WHIRL IS) - Co. Q2 FY27 (INR) net fell 40% Y/Y to 251.0mln, rev. rose 13.7% Y/Y to 18.7bln. (Moneycontrol)

Pre-market digests of this kind set the single-stock agenda for the Mumbai session rather than the index tone, and the recurring pattern in this one is the split between revenue and the bottom line: several reporting names show double-digit top-line growth alongside sharp profit declines, a combination that has historically pointed to margin compression from input costs, lumpy order-book recognition, or one-off base effects rather than demand weakness. In shipbuilding and capital goods specifically, earnings are inherently uneven across quarters because revenue is recognised on project milestones, so a near-halving of quarterly profit on rising revenue has tended to read as timing and mix rather than a deterioration in the order pipeline; the tell in past episodes has been management commentary on execution schedule and any margin guidance, not the headline print itself. The same margin question hangs over the consumer durables and tyre names showing the same revenue-up, profit-down shape, where the historical read has been raw-material pass-through lagging price increases. Separately, the preferential capital raises, including a large minority stake taken by a global private capital investor in a non-bank lender, fit the established pattern of well-capitalised foreign money entering Indian financials at premium valuations, which has generally been read as supportive for the recipient and re-rating for listed peers. The state-run coal group's subsidiary listing approval continues the government's divestment-through-listing programme, a sequence that in prior instances has run from regulatory clearance to filing to pricing over several months. Bank of Baroda's lending rate increase across tenures signals funding-cost transmission, worth noting for net interest margin assumptions across the state bank complex.