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
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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
BERNSTEIN’S TOP POWER PICKS — OUTPERFORM
• NTPC — Target ₹430
• L&T — Target ₹4,637
• JSW Energy — Target ₹575
• Tata Power — Target ₹443
📊 Bernstein says the data-centre power-demand story is yet to fully play out on the ground.
⚡ India’s biggest advantage: lower cost of electricity, which could support the data-centre opportunity.
• NTPC — Target ₹430
• L&T — Target ₹4,637
• JSW Energy — Target ₹575
• Tata Power — Target ₹443
📊 Bernstein says the data-centre power-demand story is yet to fully play out on the ground.
⚡ India’s biggest advantage: lower cost of electricity, which could support the data-centre opportunity.
Chola Finance In Focus – Positive Commentary
Vellayan Subbiah Says -
I Am Continuing As Executive Chairman Of Chola
It's A Role In Chola Invst I Am 100% Continuing & Will Continue To Serve
Revolving Credit Is Less Than 1% Of Our AUM, Do Not See RBI Rules Affecting Us
Vellayan Subbiah Says -
I Am Continuing As Executive Chairman Of Chola
It's A Role In Chola Invst I Am 100% Continuing & Will Continue To Serve
Revolving Credit Is Less Than 1% Of Our AUM, Do Not See RBI Rules Affecting Us
HAL: CO AND SAFRAN HELICOPTER ENGINES SIGN FINAL CONTRACT WITH SAFHAL, LAUNCHING DEVELOPMENT AND PRODUCTION OF THE ARAVALLI ENGINE.