ECB POLICYMAKERS ARE READY TO RAISE RATES IN SEPTEMBER TO STEM THE SIDE EFFECTS OF THE IRAN WAR, BUT HAVE LITTLE APPETITE TO SIGNAL FURTHER TIGHTENING - SOURCES
RELIANCE IND : Tribunal deletes Reliance Jio Infocomm's Rs 11,000 cr tax disallowance🟢🟢
BERNSTEIN ON INDIA BANKS
Loan growth gap between private and public banks has narrowed to 1 percentage point from a peak of 4 percentage points.
Private banks are gaining loan and deposit market share amid positive deposit growth momentum.
Public banks are achieving superior net interest income growth, running about 4 percentage points ahead due to stronger spread performance.
A robust retail mix is supporting margin resilience and sustaining the profitability lead for public banks.
Asset quality remains benign across the sector, backed by low credit costs and healthy slippage trends.
The upcoming ECL transition poses a key medium-term risk for public banks regarding capital and credit costs.
@Bazaarupdate
Loan growth gap between private and public banks has narrowed to 1 percentage point from a peak of 4 percentage points.
Private banks are gaining loan and deposit market share amid positive deposit growth momentum.
Public banks are achieving superior net interest income growth, running about 4 percentage points ahead due to stronger spread performance.
A robust retail mix is supporting margin resilience and sustaining the profitability lead for public banks.
Asset quality remains benign across the sector, backed by low credit costs and healthy slippage trends.
The upcoming ECL transition poses a key medium-term risk for public banks regarding capital and credit costs.
@Bazaarupdate
MORGAN STANLEY ON ON CYIENT
Maintains an Underweight rating; target price: ₹820.
The broader industry transformation from a capacity-led to a value-led outcomes model is steadily gaining traction.
Management is actively shifting toward annuity-based contracts, with project-based revenue currently accounting for 25% to 35% of the total.
Cyient Semiconductors targets a 4x scale in revenue alongside gross margins above 40% and EBIT margins exceeding 20% by F31.
These strategic initiatives favorably but is not yet baking in any material near-term business changes.
Execution remains the key catalyst before the firm turns constructive on the stock.
@Bazaarupdate
Maintains an Underweight rating; target price: ₹820.
The broader industry transformation from a capacity-led to a value-led outcomes model is steadily gaining traction.
Management is actively shifting toward annuity-based contracts, with project-based revenue currently accounting for 25% to 35% of the total.
Cyient Semiconductors targets a 4x scale in revenue alongside gross margins above 40% and EBIT margins exceeding 20% by F31.
These strategic initiatives favorably but is not yet baking in any material near-term business changes.
Execution remains the key catalyst before the firm turns constructive on the stock.
@Bazaarupdate
CITI on Cipla
Buy, TP Rs 1700
Cipla’s Pithampur facility received seven observations following a USFDA cGMP inspection conducted during 17–25 August 2026
Expect no impact on near- to medium-term earnings, as key pipeline approvals are linked to the Goa and US facilities
While details of observations are awaited, even a further delay in regulatory resolution is unlikely to affect earnings estimates, as Pithampur is already under a Warning Letter
However, resolution would be a significant positive over longer term, enabling Cipla to manage supplies of key respiratory products, including gSymbicort and gVentolin, more efficiently.
@Bazaarupdate
Buy, TP Rs 1700
Cipla’s Pithampur facility received seven observations following a USFDA cGMP inspection conducted during 17–25 August 2026
Expect no impact on near- to medium-term earnings, as key pipeline approvals are linked to the Goa and US facilities
While details of observations are awaited, even a further delay in regulatory resolution is unlikely to affect earnings estimates, as Pithampur is already under a Warning Letter
However, resolution would be a significant positive over longer term, enabling Cipla to manage supplies of key respiratory products, including gSymbicort and gVentolin, more efficiently.
@Bazaarupdate
JEFFERIES ON GMR AIRPORTS ; ACCUMULATE | TP ₹135
• AERA approved Hyderabad Airport’s FY27-31 tariff order.
• Aero tariffs at ₹540-630 through FY29, broadly in line with estimates and flat/higher vs FY25-26.
• New Incremental ARR framework defers tariff recovery on large capex until commissioning.
• Hyderabad Airport capacity expansion from 34mn to 60mn passengers shifts related tariff upside to FY30-31.
• Recovery mechanism remains intact; only the timing of recovery changes.
@Bazaarupdate
• AERA approved Hyderabad Airport’s FY27-31 tariff order.
• Aero tariffs at ₹540-630 through FY29, broadly in line with estimates and flat/higher vs FY25-26.
• New Incremental ARR framework defers tariff recovery on large capex until commissioning.
• Hyderabad Airport capacity expansion from 34mn to 60mn passengers shifts related tariff upside to FY30-31.
• Recovery mechanism remains intact; only the timing of recovery changes.
@Bazaarupdate
CYIENT: ANALYST MEET HIGHLIGHTS
📈 TAM expanded from $100 bn to $2.4–3.2 tn through full lifecycle engineering.
💼 DET EBIT margin improved to 13.2% in Q1FY27 from 12.2% in FY26.
🎯 Targets around 15% EBIT margin by FY28 through AI and cost optimisation.
🚀 FY27 focused on transformation, FY28 on scaling and growth.
📌 FY31 target: industry-leading growth with 16% EBIT margin.
🔹 Cyient Semiconductors targets ~4x revenue and >20% EBIT margin by FY31.
@Bazaarupdate
📈 TAM expanded from $100 bn to $2.4–3.2 tn through full lifecycle engineering.
💼 DET EBIT margin improved to 13.2% in Q1FY27 from 12.2% in FY26.
🎯 Targets around 15% EBIT margin by FY28 through AI and cost optimisation.
🚀 FY27 focused on transformation, FY28 on scaling and growth.
📌 FY31 target: industry-leading growth with 16% EBIT margin.
🔹 Cyient Semiconductors targets ~4x revenue and >20% EBIT margin by FY31.
@Bazaarupdate
HERO MOTOCORP: CO.INVESTS RUPEES 960 CR IN ATHER ENERGY THROUGH CONVERTIBLE WARRANT ALLOTMENT SUPPORTING ELECTRIC VEHICLE TECHNOLOGY AND EMERGING MOBILITY SOLUTIONS
@Bazaarupdate
@Bazaarupdate
MORGAN STANLEY ON CREDIT CARD DATA
• Monthly industry credit-card spend growth continues to decelerate.
• Spend growth: 22.5% YoY (Mar-25) → 8.9% (Mar-26) → 7.4% (Jul-26).
• SBI Card & HDFC gained the most in monthly spends market share.
• ICICI Bank & IndusInd Bank lost the most market share.
@Bazaarupdate
• Monthly industry credit-card spend growth continues to decelerate.
• Spend growth: 22.5% YoY (Mar-25) → 8.9% (Mar-26) → 7.4% (Jul-26).
• SBI Card & HDFC gained the most in monthly spends market share.
• ICICI Bank & IndusInd Bank lost the most market share.
@Bazaarupdate
MORGAN STANLEY ON CREDIT CARD DATA
• Jul-26 industry cards-in-force grew 10% YoY, faster than spends growth of 7%.
• Spend per card declined 2.4% YoY — continuing a trend seen for the past 10 months.
• Transaction growth remains strong, also continuing the 10-month trend.
• Transactions are growing faster than spends, indicating a shift towards smaller but more frequent card transactions.
@Bazaarupdate
• Jul-26 industry cards-in-force grew 10% YoY, faster than spends growth of 7%.
• Spend per card declined 2.4% YoY — continuing a trend seen for the past 10 months.
• Transaction growth remains strong, also continuing the 10-month trend.
• Transactions are growing faster than spends, indicating a shift towards smaller but more frequent card transactions.
@Bazaarupdate
❤1
JEFFERIES ON CREDIT CARDS
• July 2026 credit-card spending growth moderated.
• SBI Cards’ spend market share eased.
• Overall industry card growth improved.
• Spending per card moderated sequentially.
• Credit cards’ share of retail digital spending (excluding NEFT) remained steady MoM.
@Bazaarupdate
• July 2026 credit-card spending growth moderated.
• SBI Cards’ spend market share eased.
• Overall industry card growth improved.
• Spending per card moderated sequentially.
• Credit cards’ share of retail digital spending (excluding NEFT) remained steady MoM.
@Bazaarupdate
OPENING CUES-POSITIVE OPENING
Rubio-U.S. Shifting From Strikes To Sanctions On Iran
Positive Developments On Hormuz Strait (Iran-Oman)
Oil Declines For 3rd Day
Gold Steadies Ahead Of Inflation Data
Gold Remains Near 3-Month High
Bitcoin Above $80k-At 3 Month High
US Futures Dip Ahead of Nvidia Earnings
US Crude Inventories Rise More Than Expected
Copper Prices Hit Record High
FII Shorts Unchanged At 90%
FII Buyers In Cash Market For 2nd Session
@Bazaarupdate
Rubio-U.S. Shifting From Strikes To Sanctions On Iran
Positive Developments On Hormuz Strait (Iran-Oman)
Oil Declines For 3rd Day
Gold Steadies Ahead Of Inflation Data
Gold Remains Near 3-Month High
Bitcoin Above $80k-At 3 Month High
US Futures Dip Ahead of Nvidia Earnings
US Crude Inventories Rise More Than Expected
Copper Prices Hit Record High
FII Shorts Unchanged At 90%
FII Buyers In Cash Market For 2nd Session
@Bazaarupdate
ACTION FOR DAY
September F&O Series Starts
Banks Shut On Account Of Holiday
Hind Copper-OFS Opens For Retail
IPO Listings-Gaja Alternative Asset Management
Bonus- Mold-Tek Packaging
Fund Raising- Keystone Realtors
Lockin Expiry-Gem Aromatics
AGM- Eternal,Hyundai Motor
Global Earnings-Nvidia
US-PCE Price Index Data
US-GDP Data
@Bazaarupdate
September F&O Series Starts
Banks Shut On Account Of Holiday
Hind Copper-OFS Opens For Retail
IPO Listings-Gaja Alternative Asset Management
Bonus- Mold-Tek Packaging
Fund Raising- Keystone Realtors
Lockin Expiry-Gem Aromatics
AGM- Eternal,Hyundai Motor
Global Earnings-Nvidia
US-PCE Price Index Data
US-GDP Data
@Bazaarupdate
VEEFIN SOLUTIONS: CO. SUBSIDIARIES EXECUTE BUSINESS TRANSFER AGREEMENT BETWEEN ISL AND NTPL SUPPORTING SERVICE OPERATIONS CONSOLIDATION AND GROUP STRUCTURE STREAMLINING FOR ENHANCED OPERATIONAL EFFICIENCY
@Bazaarupdate
@Bazaarupdate
COFORGE
CO EMERGES AS A STANDOUT NON-LINEAR GROWTH LEADER IN HFS RESEARCH ASSESSMENT
RECOGNITION REFLECTS COFORGE’S ABOVE-INDUSTRY-AVERAGE PERFORMANCE IN REVENUE PER FTE AND OPERATING MARGIN PER FTE
@Bazaarupdate
CO EMERGES AS A STANDOUT NON-LINEAR GROWTH LEADER IN HFS RESEARCH ASSESSMENT
RECOGNITION REFLECTS COFORGE’S ABOVE-INDUSTRY-AVERAGE PERFORMANCE IN REVENUE PER FTE AND OPERATING MARGIN PER FTE
@Bazaarupdate
📊 ORDER WINS — AUGUST 25, 2026
🟢 MAJOR CONTRACT WINS
☀️ Sigma Advanced — Secured £125M Rolls-Royce supply chain contract
☀️ LT — Won a major BESS order in the Middle East
🌙 NBCC — Secured ₹121.74 Cr school construction order
☀️ Suzlon — Won 250 MW wind order from Torrent Green
🟣 OTHER ORDER WINS
🌙 ARSS Infra — ₹104.06 Cr order for two road overbridges
🌙 Relicab — ₹8.26 Cr control cable supply order
🌙 Shayona Engineering — ₹24.25 Lakh engineering components order
☀️ BMW Ventures — ₹24.98 Cr TMT steel supply order
🌙 Sai Parenterals — Two OTC supply agreements worth ₹370 Cr
🌙 Advait Energy Transitions — ₹134.62 Cr emergency restoration system order
🌙 Jaykay Enterprises — ₹60.01 Cr order from BrahMos Aerospace
🌙 Aptech — ₹7.23 Cr state government examination contract
☀️ Kotic — Two food service contracts worth ₹17.85 Cr
🌙 MSECL — ₹10.40 Cr land surveying services order
☀️ OraiRail — New order from Indian Railways for MEMU seats
☀️ Arkade Developers — Received occupation certificate for Vile Parle project
🌙 Arvind — Terminated one power deal and signed two new one
@Bazaarupdate
🟢 MAJOR CONTRACT WINS
☀️ Sigma Advanced — Secured £125M Rolls-Royce supply chain contract
☀️ LT — Won a major BESS order in the Middle East
🌙 NBCC — Secured ₹121.74 Cr school construction order
☀️ Suzlon — Won 250 MW wind order from Torrent Green
🟣 OTHER ORDER WINS
🌙 ARSS Infra — ₹104.06 Cr order for two road overbridges
🌙 Relicab — ₹8.26 Cr control cable supply order
🌙 Shayona Engineering — ₹24.25 Lakh engineering components order
☀️ BMW Ventures — ₹24.98 Cr TMT steel supply order
🌙 Sai Parenterals — Two OTC supply agreements worth ₹370 Cr
🌙 Advait Energy Transitions — ₹134.62 Cr emergency restoration system order
🌙 Jaykay Enterprises — ₹60.01 Cr order from BrahMos Aerospace
🌙 Aptech — ₹7.23 Cr state government examination contract
☀️ Kotic — Two food service contracts worth ₹17.85 Cr
🌙 MSECL — ₹10.40 Cr land surveying services order
☀️ OraiRail — New order from Indian Railways for MEMU seats
☀️ Arkade Developers — Received occupation certificate for Vile Parle project
🌙 Arvind — Terminated one power deal and signed two new one
@Bazaarupdate
VARUN BEVERAGES: CO TO INCORPORATE KIVA SPIRITS & COMPANY LTD AS 100% INDIAN SUBSIDIARY FOR RTD/ALCOHOLIC BEVERAGES AND VARUN BEVERAGES TUNISIA SA IN TUNISIA FOR BEVERAGES, WITH VBL HOLDING 75% ALONGSIDE BEVANDA’S 25% STAKE.
@Bazaarupdate
@Bazaarupdate
❤1
Physicswallah
👉4.67 Cr Shares (1.6% Eq) Worth ₹550 Cr Change Hands In Block Deal Window
👉4.67 Cr Shares (1.6% Eq) Worth ₹550 Cr Change Hands In Block Deal Window
WelspunCorp
👉63 Lk Shares (2.4% Eq) Worth ₹1,433 Cr Change Hands In Block Deal Window
👉63 Lk Shares (2.4% Eq) Worth ₹1,433 Cr Change Hands In Block Deal Window
❤3