ANAND RATHI ON SUDARSHAN CHEMICAL
BUY | Target: ₹1,450 (Earlier ₹1,350)
Strong Q1 FY27 — Revenue ₹2,640 Cr, +5.4% YoY; adjusted EBITDA at ₹260 Cr.
Heubach margin recovery drives performance; EBITDA at ₹146 Cr with 7.4% margin.
FY27 guidance maintained at ₹9,800–10,200 Cr revenue & ₹800 Cr EBITDA.
FY29 target: ₹12,000–14,000 Cr revenue & ₹1,400–1,500 Cr EBITDA, with net-cash ambition.
Net debt reduced sharply to ₹530 Cr.
Raises FY27E/FY28E EBITDA estimates by 7.5%/2.3% on stronger integration benefits.
Further upside expected from procurement, manufacturing, SAP & SG&A synergies.
Target raised to ₹1,450 from ₹1,350, based on 11.2x FY28E EV/EBITDA.
BUY | Target: ₹1,450 (Earlier ₹1,350)
Strong Q1 FY27 — Revenue ₹2,640 Cr, +5.4% YoY; adjusted EBITDA at ₹260 Cr.
Heubach margin recovery drives performance; EBITDA at ₹146 Cr with 7.4% margin.
FY27 guidance maintained at ₹9,800–10,200 Cr revenue & ₹800 Cr EBITDA.
FY29 target: ₹12,000–14,000 Cr revenue & ₹1,400–1,500 Cr EBITDA, with net-cash ambition.
Net debt reduced sharply to ₹530 Cr.
Raises FY27E/FY28E EBITDA estimates by 7.5%/2.3% on stronger integration benefits.
Further upside expected from procurement, manufacturing, SAP & SG&A synergies.
Target raised to ₹1,450 from ₹1,350, based on 11.2x FY28E EV/EBITDA.
ICICI SECURITIES ON INDIQUBE SPACES
BUY | Target: ₹263 | CMP: ₹185 | Upside: ~42%
Q1 FY27 strong — mature centre occupancy improved 200 bps QoQ to 90%.
Revenue rose 5% QoQ to ₹420 Cr; IGAAP EBITDA up 10% QoQ to ₹80 Cr.
EBITDA margin expanded 81 bps QoQ to 17.7%.
Management expects 1.5–2.0 msf of new operational area during FY27.
ICICI Sec expects 26% revenue CAGR & 31% EBITDA CAGR over FY26–28E.
EBITDA margin seen improving to 18.7% by FY28E, aided by lower rentals and solar power savings.
Operational portfolio projected to expand from 7.8 msf to 11.3 msf by FY28E.
Valuation at 15x Sep’27E EV/EBITDA; key risks are office-leasing slowdown and pricing pressure.
BUY | Target: ₹263 | CMP: ₹185 | Upside: ~42%
Q1 FY27 strong — mature centre occupancy improved 200 bps QoQ to 90%.
Revenue rose 5% QoQ to ₹420 Cr; IGAAP EBITDA up 10% QoQ to ₹80 Cr.
EBITDA margin expanded 81 bps QoQ to 17.7%.
Management expects 1.5–2.0 msf of new operational area during FY27.
ICICI Sec expects 26% revenue CAGR & 31% EBITDA CAGR over FY26–28E.
EBITDA margin seen improving to 18.7% by FY28E, aided by lower rentals and solar power savings.
Operational portfolio projected to expand from 7.8 msf to 11.3 msf by FY28E.
Valuation at 15x Sep’27E EV/EBITDA; key risks are office-leasing slowdown and pricing pressure.
BSE CLEARING LAUNCHES 3-DAY SECURITIES LENDING & BORROWING CONTRACTS
📊 BSE Clearing introduces 3-working-day contracts in the Securities Lending & Borrowing (SLB) segment, effective August 17, 2026.
⏱️ Contracts will have a T+1 first leg and T+3 reverse leg, excluding settlement holidays.
📈 Initially, the shorter-tenor contracts will be available for F&O securities under the “D” series.
🔄 Shorter tenure provides greater flexibility for short-term securities borrowing and delivery requirements.
⚡ The facility could also support inter-exchange arbitrage and better price alignment across trading venues.
🎯 BSE Clearing expects the initiative to improve market efficiency and deepen participation in the SLB ecosystem.
🟢 Impact: Positive — shorter-tenor SLB contracts could boost flexibility, trading activity and participation on BSE’s securities lending platform.
📊 BSE Clearing introduces 3-working-day contracts in the Securities Lending & Borrowing (SLB) segment, effective August 17, 2026.
⏱️ Contracts will have a T+1 first leg and T+3 reverse leg, excluding settlement holidays.
📈 Initially, the shorter-tenor contracts will be available for F&O securities under the “D” series.
🔄 Shorter tenure provides greater flexibility for short-term securities borrowing and delivery requirements.
⚡ The facility could also support inter-exchange arbitrage and better price alignment across trading venues.
🎯 BSE Clearing expects the initiative to improve market efficiency and deepen participation in the SLB ecosystem.
🟢 Impact: Positive — shorter-tenor SLB contracts could boost flexibility, trading activity and participation on BSE’s securities lending platform.
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MUFIN Green Says Employee Base Stands At 350 Now|Diversifying Into Digital Products
Every Integration Takes Almost 6-9 Months
Every Integration Takes Almost 6-9 Months
MUFIN GREEN says In Process To Onboard More Banks |Onboarded 3 Public Sector Banks
INDO AMINES LTD:
TEMPORARY SUSPENSION OF OPERATIONS AT MAHAD FACILITY DUE TO GAS LEAKAGE INCIDENT;
ONE EMPLOYEE FATALITY REPORTED;
COMPANY COOPERATING WITH AUTHORITIES FOR INVESTIGATION AND SAFETY MEASURES.
TEMPORARY SUSPENSION OF OPERATIONS AT MAHAD FACILITY DUE TO GAS LEAKAGE INCIDENT;
ONE EMPLOYEE FATALITY REPORTED;
COMPANY COOPERATING WITH AUTHORITIES FOR INVESTIGATION AND SAFETY MEASURES.
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THYROCARE — PROMOTER PLEDGE FULLY RELEASED 🔓
• Docon Technologies released pledge on 7.95 Cr Thyrocare shares
• Follows full repayment of ₹1,050 Cr NCDs by API Holdings
• Entire promoter shareholding is now pledge-free
• No outstanding pledge or encumbrance remains on promoter shares
• Positive development, reducing promoter pledge-related risk
• Docon Technologies released pledge on 7.95 Cr Thyrocare shares
• Follows full repayment of ₹1,050 Cr NCDs by API Holdings
• Entire promoter shareholding is now pledge-free
• No outstanding pledge or encumbrance remains on promoter shares
• Positive development, reducing promoter pledge-related risk
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PRABHUDAS LILLADHER ON AMBER ENTERPRISES 📊
• BUY | Target ₹9,244 ↑ from ₹8,646
• Q1 FY27 Revenue ₹3,890 Cr, +12.7% YoY | EBITDA ₹310 Cr, +21.6%
• EBITDA margin improved to 8% | Adjusted PAT ₹140 Cr, +39.5%
• Electronics revenue grew 28.5%; Railways order book at ₹2,750 Cr
• FY27 growth guidance maintained; Oppo commercial production expected from Q1 FY28
• BUY maintained with higher target of ₹9,244
• BUY | Target ₹9,244 ↑ from ₹8,646
• Q1 FY27 Revenue ₹3,890 Cr, +12.7% YoY | EBITDA ₹310 Cr, +21.6%
• EBITDA margin improved to 8% | Adjusted PAT ₹140 Cr, +39.5%
• Electronics revenue grew 28.5%; Railways order book at ₹2,750 Cr
• FY27 growth guidance maintained; Oppo commercial production expected from Q1 FY28
• BUY maintained with higher target of ₹9,244
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CAMPUS ACTIVEWEAR: BOARD APPOINTS MR. RAKESH THAKUR AS CHIEF FINANCIAL OFFICER ; THAKUR BRINGS OVER 22 YEARS OF EXPERIENCE FROM LEADING CO'S INCLUDING BOAT AND HINDUSTAN UNILEVER. GSK HEALTH, PEPSICO & SAMSUNG.
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IND SWIFT LAB: CO'S TOPLINE CAGR 20-25%, SCALING FROM ₹636 CR TO ₹1,200+ CR BY FY29.
IND SWIFT LAB: CDMO PARTNERSHIPS/ OWN BRANDS WITH VIATRIS (IRELAND, EUROPE), MANX (UK), AND ARROTEX (AUSTRALIA) HAVE BEEN COMMERCIALIZED AND ARE EXPECTED TO CONTRIBUTE INCREMENTAL REVENUE OF ₹200–220 CR IN FY27
INDIGO , SPICEJET; Draft Rules Cover Airfares, Surge Pricing And Excess Baggage Charges
INDIGO , SPICEJET: SC Says Govt Should Ground Airlines That Fail To Comply
CG POWER AND INDUSTRIAL SOLUTIONS LIMITED: WHOLLY OWNED SUBSIDIARY AXIRO SEMICONDUCTOR ENTERS DEFINITIVE AGREEMENT TO ACQUIRE 100% OF TOSIL SYSTEMS FOR ₹16.44 CRORES; ACQUISITION TO STRENGTHEN SEMICONDUCTOR DESIGN CAPABILITIES; EXPECTED COMPLETION BY AUGUST 31, 2026.
IND-SWIFT LAB: CO PLANS TO FILE 400+ DOSSIERS BY FY27 TO STRENGTHEN LONG-TERM IP-LED REVENUE VISIBILITY
BROKING STOCKS: MARGIN TRADING FACILITY (MTF) BOOK HITS RECORD ₹1.41 LAKH CRORE 🟢🟢
📈 Overall MTF book increased from ₹1.1 lakh crore on June 30 to ₹1.41 lakh crore by August 13, rising 3.4% since July 31.
🔥 Biggest Increase in MTF Positions (Jul 31 → Aug 13):
HPCL: ₹284.1 Cr → ₹665.3 Cr | +134%
BHEL: ₹314.2 Cr → ₹599.1 Cr | +91%
PFC: ₹318.3 Cr → ₹547.7 Cr | +72%
LIC: ₹235.2 Cr → ₹373 Cr | +59%
Amber Enterprises: ₹263.2 Cr → ₹388 Cr | +48%
💰 Largest MTF Positions:
HDFC Bank: ₹3,212 Cr | +36%
BSE: ₹2,738 Cr | +44%
Reliance Industries: ₹1,942 Cr | -11%
Jio Financial: ₹1,528 Cr | +11%
BEL: ₹1,337 Cr | -10%
⚠️ Rising MTF positions indicate increasing leveraged participation in the equity market.
🟡 Impact: Mixed — stronger risk appetite and liquidity, but higher leverage can amplify market volatility during corrections.
📈 Overall MTF book increased from ₹1.1 lakh crore on June 30 to ₹1.41 lakh crore by August 13, rising 3.4% since July 31.
🔥 Biggest Increase in MTF Positions (Jul 31 → Aug 13):
HPCL: ₹284.1 Cr → ₹665.3 Cr | +134%
BHEL: ₹314.2 Cr → ₹599.1 Cr | +91%
PFC: ₹318.3 Cr → ₹547.7 Cr | +72%
LIC: ₹235.2 Cr → ₹373 Cr | +59%
Amber Enterprises: ₹263.2 Cr → ₹388 Cr | +48%
💰 Largest MTF Positions:
HDFC Bank: ₹3,212 Cr | +36%
BSE: ₹2,738 Cr | +44%
Reliance Industries: ₹1,942 Cr | -11%
Jio Financial: ₹1,528 Cr | +11%
BEL: ₹1,337 Cr | -10%
⚠️ Rising MTF positions indicate increasing leveraged participation in the equity market.
🟡 Impact: Mixed — stronger risk appetite and liquidity, but higher leverage can amplify market volatility during corrections.
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