In today’s briefing:
- Biocon Ltd QIP – Well Flagged US$522m QIP; Largely Towards Clearing Debt
- Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.
Biocon Ltd QIP – Well Flagged US$522m QIP; Largely Towards Clearing Debt
- Biocon Ltd (BIOS IN) Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).
- The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.
- Tata Motors (TTMT IN)subsidiary Jaguar Land Rover’s volumes, revenue, EBIT margins and FCF all plateaued in FY25.
- US Tariffs & China Slowdown Undermine FY26 Outlook: The tariffs on UK car imports and collapsing China JV performance together threaten JLR’s two most profitable regions.
- Company expects JLR EBIT margin to crash to the 5–7% range (vs 8.5% in FY25) and FCF to fall to zero vs GBP 1.5 billion in FY25.
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