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.

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.

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.

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

HDFC BANK

HDFC Bank faces US class action over alleged securities law violations : Reports

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

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%.

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.

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.

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.

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.

SUGAR STOCKS ; GOVT EXPLORES RETURN OF E10 PETROL AS PREMIUM FUEL OPTION

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.

CUES FOR TODAY
- Gift Nifty -70 Pts at open
- Nifty falls 125 Pts; sell off in CAS yetserday
- Brent holds lower around levels of $87
- IT Stocks in Focus post Nvidia Results
- Nvidia +4% after hours, beat & raised guidance
- Jackson Hole Symposium important, over the weekend

WALL ST OVERNIGHT
- Dow +0.3%
- S&P +0.32%
- Nasdaq +0.66%

Big moves After Hours:
- Nvidia +4%
- Dick's Sporting Goods -29% on Q2 Miss
- Moderna +14% on positive Melanoma vaccine data
- Intuit -9% on guidance miss

Asia This Morning
- Nikkei: -0.15%
- Kospi: +2.25%
- Hang Seng: -0.45%

Cash Market Flows: India
- DII +230 Cr
- FII +1594 Cr

FII Net Sell 1550 Cr in Index Futures
- Long: 10%
- Short: 90%

Options Data Suggests:
- Nifty support b/w 24100-24150
- Resistance b/w 24500-24550

Technical Levels To Track
Nifty
50 DMA: 24207
20 DMA: 24397

Nifty Bank
50 DMA: 57631
20 DMA: 57617

ACMESolar: Raises ₹1,571 cr project funding from IIFCL for 300 MW assured peak power project

Alert: IIFCL is India Infrastructure Finance Company

DIXON, KAYNES, CG POWER

CHINESE SEMICONDUCTOR FIRMS EYE SEMICON INDIA 2026 AS RISING COMPONENT IMPORTS AND INDIA’S GROWING CHIP DEMAND ATTRACT CHINESE TRADE DELEGATES

AMBER ENTERPRISES, OPTIEMUS ELECTRONICS IN FOCUS

MEMORY COSTS SURGE TO NEARLY 50% OF DEVICE COST;

LAPTOP, PC AND TABLET PRICES SET FOR ANOTHER 5–10% HIKE IN Q4

ASUS EXPECTS MANUFACTURERS TO RAISE DEVICE PRICES BY ANOTHER 5–10% DURING OCTOBER–DECEMBER

AMARA RAJA, EXIDE, WAAREE , NEOGEN

INDIA’S LFP BATTERY COSTS 13–23% ABOVE CHINA AS IMPORT PREMIUM HIGHLIGHTS OPPORTUNITY FOR DOMESTIC CELL MANUFACTURING