PRE-MARKET INDIAN STOCKS NEWS: Earnings from Hero MotoCorp, Hyundai Motor India, JSW Energy, TVS Motor & United Spirits

Bandhan Bank (BANDHAN IN) - Co. Q2 (INR) net rose 23.9% Q/Q to 6.22bln, net interest income rose 1.3% Q/Q to 29.60bln. (Economic Times)

Dr Reddy's Laboratories (DRRD IN) - Co.'s Andhra Pradesh manufacturing facility received a Voluntary Action Indicated (VAI) classification from the US FDA following pre-approval and GMP inspections, with the inspection officially closed. (Moneycontrol)

Fortis Healthcare (FORH IN) - Co. has acquired the 110-bed Suguna Hospital in Bengaluru for approximately INR 2.77bln. (Moneycontrol)

Hero MotoCorp (HMCL IN) - Co. Q2 (INR) net rose 41% Y/Y to 18.61bln, rev. rose 23% Y/Y to 149.71bln. (Economic Times)

Hyundai Motor India (HYUN IS) - Co. Q2 (INR) net fell 24% Y/Y to 11.89bln, rev. rose 18% Y/Y to 201.91bln. (Economic Times)

JSW Energy (JSW IN) - Co. Q2 (INR) net rose 49.8% Y/Y to 10.56bln, rev. rose 23% Y/Y to 63.69bln. (Economic Times)

PNC Infratech (PNCINFRA IN) - Co. Q2 (INR) net fell 46.8% Y/Y to 1.15bln, rev. rose 17.3% Y/Y to 13.23bln. (Moneycontrol)

TVS Motor Company (TVSL IN) - Co. Q2 (INR) net rose 52% Y/Y to 13.77bln, rev. rose 44% Y/Y to 171.03bln. (Economic Times)

United Spirits (UNSP IN) - Co. Q2 (INR) net fell 2.1% Y/Y to 4.62bln, rev. excluding excise duty rose 2.8% Y/Y to 32.58bln. (Moneycontrol)

Vedanta (VEDL IN) - Co.'s aluminium business Q2 (INR) net rose 105% Y/Y to 61.87bln, driven by record aluminium production, higher sales volumes and improved realisations. (Economic Times)

Roundup sessions of this kind tend to sort by margin story rather than by the headline profit number, and this batch offers the usual split. The two-wheelers print the same divergence seen in past Indian auto cycles: Hero and TVS both show profit growth well ahead of revenue, implying operating leverage and mix improvement, while Hyundai India shows revenue up and profit down, a pattern historically associated with discounting, launch costs or export softness compressing the margin line. Vedanta's aluminium segment profit more than doubling on record output and better realisations fits the established pattern of upstream leverage to LME pricing; the tell for follow-through is whether realised premiums and alumina input costs hold, since that spread, not volume, has driven prior swings. The Dr Reddy's VAI classification with closure is the cleaner kind of FDA outcome: facilities moving from inspection to VAI rather than OAI have historically removed the escalation tail risk without being a full clean bill, and the distinction from an Official Action Indicated outcome, which typically delays approvals and weighs on the US generics revenue line, is what matters. Bandhan's quarter shows the familiar small-finance-bank pattern of profit growth outrunning anaemic NII growth, which in prior episodes has pointed to provisioning or one-offs doing the work; the follow-on is the asset quality and slippage detail in the notes. For the pre-market tape, single-stock dispersion of this breadth rarely moves the index on its own, and prior sessions of this kind have resolved through the autos and the metal names rather than the defensives.