BLOCK DEAL IN RUBICO
General Atlantic Singapore Sells 1.3 Cr Shares (7.9% Equity) In Co For 2,160 Cr
HDFC MF Buys 48.8 Lk Shs (2.9% Eq) In Co For ₹810 Cr
ICICI Pru MF Buys 18.1 Lk Shs (1.1% Eq) In Co For ₹300 Cr
Kotak MF Buys 16.6 Lk Shs (1% Eq) In Co 275 Cr
SBI MF & Nomura India Buy Shs Worth 200 Cr Each
Deal Was Executed At An Avg Price Of 1,660/Sh On BSE
General Atlantic Singapore Sells 1.3 Cr Shares (7.9% Equity) In Co For 2,160 Cr
HDFC MF Buys 48.8 Lk Shs (2.9% Eq) In Co For ₹810 Cr
ICICI Pru MF Buys 18.1 Lk Shs (1.1% Eq) In Co For ₹300 Cr
Kotak MF Buys 16.6 Lk Shs (1% Eq) In Co 275 Cr
SBI MF & Nomura India Buy Shs Worth 200 Cr Each
Deal Was Executed At An Avg Price Of 1,660/Sh On BSE
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🔴$NVDA NVIDIA Q2 Earnings & Q3 Guidance
Q2 Revenue $96.2B, est. $92.38B
Q2 Adjusted EPS $2.22
Q2 Adjusted Gross Margin 75%
Q2 Data Center Revenue $89.0B, est. $85.86B
Sees Q3 Revenue $108.0B ±2%
Vera Rubin is now in full production
Q2 Revenue $96.2B, est. $92.38B
Q2 Adjusted EPS $2.22
Q2 Adjusted Gross Margin 75%
Q2 Data Center Revenue $89.0B, est. $85.86B
Sees Q3 Revenue $108.0B ±2%
Vera Rubin is now in full production
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CLSA ON STERLITE TECH
OUTPERFORM
TP ₹950
• Top datacentre play.
• US & India datacentres expected to drive Sterlite’s exponential growth.
• Order book expected to continue expanding.
• Expect 14–21% revenue & EBITDA CAGR over FY27–29.
OUTPERFORM
TP ₹950
• Top datacentre play.
• US & India datacentres expected to drive Sterlite’s exponential growth.
• Order book expected to continue expanding.
• Expect 14–21% revenue & EBITDA CAGR over FY27–29.
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UBS ON CAPITAL GOODS
• Valuations remain high, but sector excitement continues.
• H1CY26: Short-cycle demand improving; private defence opportunity rising.
• Early demand revival visible, led by low & medium-voltage segments.
• Strong order momentum expected to support premium valuations.
• Top picks: ABB, Siemens, CG Power, Triveni Turbine & Premier Energies.
• Valuations remain high, but sector excitement continues.
• H1CY26: Short-cycle demand improving; private defence opportunity rising.
• Early demand revival visible, led by low & medium-voltage segments.
• Strong order momentum expected to support premium valuations.
• Top picks: ABB, Siemens, CG Power, Triveni Turbine & Premier Energies.
INVESTEC ON ADANI PORTS
• Gujarat Maritime Board signals Pipavav concession extension; positive read-through for Mundra.
• Mundra well placed to benefit from container capacity shortage.
• Adani Ports plans to expand Mundra container capacity by >50% and has received environmental clearance.
• Expansion should help capture likely container demand-supply mismatch on India’s West Coast over the next few years.
• Gujarat Maritime Board signals Pipavav concession extension; positive read-through for Mundra.
• Mundra well placed to benefit from container capacity shortage.
• Adani Ports plans to expand Mundra container capacity by >50% and has received environmental clearance.
• Expansion should help capture likely container demand-supply mismatch on India’s West Coast over the next few years.
INVESTEC ON PINE LABS
ACCUMULATE
TP ₹200
• Creating value beyond swipe; evolving beyond a payment acceptance provider.
• Leadership position in a growing prepaid ecosystem.
• Mix shift & operating leverage expected to drive profits.
• MDR on UPI could be a potential profitability booster.
ACCUMULATE
TP ₹200
• Creating value beyond swipe; evolving beyond a payment acceptance provider.
• Leadership position in a growing prepaid ecosystem.
• Mix shift & operating leverage expected to drive profits.
• MDR on UPI could be a potential profitability booster.
NVIDIA: Q3 GUIDANCE ABOVE ESTIMATES
Q3 revenue guidance: $105.84B–$110.16B vs $105.15B estimate.
Revenue midpoint: $108B, or $108B ±2%.
Adjusted gross margin expected at 73.5%–74.5%.
Adjusted operating expenses expected at around $9B.
Vera Rubin is now in full production.
Jensen Huang: “AI has reached its inflection point” and “Now, compute is revenue.”
Next quarterly dividend: $0.25/share, payable October 1.
Q3 revenue guidance: $105.84B–$110.16B vs $105.15B estimate.
Revenue midpoint: $108B, or $108B ±2%.
Adjusted gross margin expected at 73.5%–74.5%.
Adjusted operating expenses expected at around $9B.
Vera Rubin is now in full production.
Jensen Huang: “AI has reached its inflection point” and “Now, compute is revenue.”
Next quarterly dividend: $0.25/share, payable October 1.
NVIDIA: SUPPLIER COMMITMENTS RISE SHARPLY IN Q2
Supplier commitments increased to $279B from $119B QoQ, mainly due to higher memory procurement.
GPUs at Ports-Pike could represent $150B–$200B in potential revenue.
Ports-Pike infrastructure could support around 1.5 million GPUs.
Q2 gross margins increased YoY, supported by Blackwell Ultra.
NVIDIA expects to reassign some data center leases to third parties, with new lease agreements having terms of around 15 years.
Supplier commitments increased to $279B from $119B QoQ, mainly due to higher memory procurement.
GPUs at Ports-Pike could represent $150B–$200B in potential revenue.
Ports-Pike infrastructure could support around 1.5 million GPUs.
Q2 gross margins increased YoY, supported by Blackwell Ultra.
NVIDIA expects to reassign some data center leases to third parties, with new lease agreements having terms of around 15 years.
Nvidia incurred a $400m charge in 1h from excess H200 inventory.
Nvidia CFO: preliminary outlook for fy 28 revenue to rise about 70% yoy
Nvidia in talks to buy Hugging Face for over $13 billion - Business Insider
Nvidia CFO: preliminary outlook for fy 28 revenue to rise about 70% yoy
Nvidia in talks to buy Hugging Face for over $13 billion - Business Insider
HDFC BANK
HDFC Bank faces US class action over alleged securities law violations : Reports
HDFC Bank faces US class action over alleged securities law violations : Reports
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LEMON TREE HOTELS:
CO. OPENS LEMON TREE PREMIER VADODARA STRENGTHENING GUJARAT PORTFOLIO TO 13 HOTELS WITH 19 ADDITIONAL PROPERTIES IN PIPELINE SUPPORTING MULTI-BRAND EXPANSION AND REGIONAL MARKET CONSOLIDATION
CO. OPENS LEMON TREE PREMIER VADODARA STRENGTHENING GUJARAT PORTFOLIO TO 13 HOTELS WITH 19 ADDITIONAL PROPERTIES IN PIPELINE SUPPORTING MULTI-BRAND EXPANSION AND REGIONAL MARKET CONSOLIDATION
INVESTEC ON ANGEL ONE
ACCUMULATE
TP ₹350 V ₹385 EARLIER
• Valuations reflect a temporary CAS shock.
• Sharp fall in derivative activity after implementation of CAS.
• Cuts FY27–29 revenue estimates by 4%.
• Cuts FY27–29 net profit estimates by 9%.
ACCUMULATE
TP ₹350 V ₹385 EARLIER
• Valuations reflect a temporary CAS shock.
• Sharp fall in derivative activity after implementation of CAS.
• Cuts FY27–29 revenue estimates by 4%.
• Cuts FY27–29 net profit estimates by 9%.
MACQUARIE ON BEL
MAINTAIN OUTPERFORM
TP ₹550
• Secured new orders worth ₹730 Cr since last disclosure on Aug 10, 2026.
• FY27 YTD orders at ₹6,200 Cr, down 45% from ₹11,200 Cr YoY.
• Order decline mainly due to timing of order bookings.
• Expects ₹55,000 Cr of new orders in FY27.
• Q1-end order backlog at ₹72,300 Cr, providing strong revenue visibility.
MAINTAIN OUTPERFORM
TP ₹550
• Secured new orders worth ₹730 Cr since last disclosure on Aug 10, 2026.
• FY27 YTD orders at ₹6,200 Cr, down 45% from ₹11,200 Cr YoY.
• Order decline mainly due to timing of order bookings.
• Expects ₹55,000 Cr of new orders in FY27.
• Q1-end order backlog at ₹72,300 Cr, providing strong revenue visibility.
GOLDMAN SACHS ON INDIA CONSUMER
• Sugar prices have risen sharply in India, creating margin pressure for packaged-food companies.
• Britannia likely most impacted due to high sugar & palm-oil exposure and high share of price-point packs.
• Nestlé’s input costs comprise ~6–7% sugar and ~10% palm oil, but strong pricing power could mitigate the impact.
• Varun Beverages derives ~10% of raw-material costs from sugar.
• Varun’s shift toward no-sugar/low-sugar products is offsetting a significant part of sugar-price inflation.
• Sugar prices have risen sharply in India, creating margin pressure for packaged-food companies.
• Britannia likely most impacted due to high sugar & palm-oil exposure and high share of price-point packs.
• Nestlé’s input costs comprise ~6–7% sugar and ~10% palm oil, but strong pricing power could mitigate the impact.
• Varun Beverages derives ~10% of raw-material costs from sugar.
• Varun’s shift toward no-sugar/low-sugar products is offsetting a significant part of sugar-price inflation.
GOLDMAN SACHS ON INDIA CONSUMER
• Nestlé’s input costs comprise ~6–7% sugar and ~10% palm oil.
• Nestlé has high pricing power across many categories, helping mitigate cost inflation.
• Sugar accounts for ~10% of Varun Beverages’ raw-material costs.
• Varun’s shift toward no-sugar/low-sugar products is offsetting a significant part of sugar-price inflation.
• Nestlé’s input costs comprise ~6–7% sugar and ~10% palm oil.
• Nestlé has high pricing power across many categories, helping mitigate cost inflation.
• Sugar accounts for ~10% of Varun Beverages’ raw-material costs.
• Varun’s shift toward no-sugar/low-sugar products is offsetting a significant part of sugar-price inflation.
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MACQUARIE ON ZYDUS LIFE
MAINTAIN OUTPERFORM
TP ₹1,285
• Strategic mix shift expected to drive margin expansion.
• Innovation portfolio emerging as a meaningful US growth driver.
• Robust US generics pipeline supports growth visibility.
• Sustained domestic outperformance supported by leadership positions.
• International formulations remain a profitable growth engine.
MAINTAIN OUTPERFORM
TP ₹1,285
• Strategic mix shift expected to drive margin expansion.
• Innovation portfolio emerging as a meaningful US growth driver.
• Robust US generics pipeline supports growth visibility.
• Sustained domestic outperformance supported by leadership positions.
• International formulations remain a profitable growth engine.
SUGAR STOCKS ; GOVT EXPLORES RETURN OF E10 PETROL AS PREMIUM FUEL OPTION
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BERNSTEIN ON LUPIN
MAINTAIN OUTPERFORM
TP ₹2,707
• Favourable Kalydeco patent ruling enables immediate launch of Ivacaftor.
• Lupin gets 180-day exclusivity as the first-to-file applicant.
• Court ruling removes the key patent-related barrier; Lupin already has tentative US FDA approval.
• Bernstein estimates $20–30 million annual sales opportunity.
• Opportunity equals ~1.4–2.1% of Lupin’s annualised US revenue.
• Launch strengthens Lupin’s expanding US respiratory franchise.
MAINTAIN OUTPERFORM
TP ₹2,707
• Favourable Kalydeco patent ruling enables immediate launch of Ivacaftor.
• Lupin gets 180-day exclusivity as the first-to-file applicant.
• Court ruling removes the key patent-related barrier; Lupin already has tentative US FDA approval.
• Bernstein estimates $20–30 million annual sales opportunity.
• Opportunity equals ~1.4–2.1% of Lupin’s annualised US revenue.
• Launch strengthens Lupin’s expanding US respiratory franchise.
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