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

HDFC BANK says

Co Intends To Vigorously Defend Itself

Bank Believes The Lawsuit Is Without Merit

Many US Listed Cos Routinely Defend Such Lawsuits

HARISH KRISHNAN, ADITYA BIRLA SUN LIFE AMC SAYS

Cos Growing At 15% And Above Now Account For 53-54% Of The Top 500 Companies

There Has Been A Meaningful Reduction Of Valn Froth In Broader Markets

3 Areas We Are Cautious On: Capital Markets, Defence, Capital Goods

We Want To Pick Up Companies Going From 'Good To Great'

Think Lenskart Could Be A Big MNC Out Of India

Only 30% Of The IPOs In Last 2 Yrs Have Outperformed NSE 500 By More Than 5%

Nepal Floods || LATEST UPDATES:

➤ Nepal Army rescues 17 people this morning

➤ 5 choppers deployed for flood rescue operations

➤ 2,000 Nepal Army troops deployed for rescue

ADANI POWER :

1.02 CR SHARES EXCHANGED VIA BLOCK DEAL

JoshiEien to NDTVProfit

Pricing Power Can't Sustain On Inconsistent Demand

Expect Growth In Bromine Margins During Q2 & Q3

Bromine Prices Will Continue To Remain Firm

Cos Only Betting On Amines To See Premium Pricing

Expect More Shutdown In China On Stringent Norms

CDMO Cos Are Likely To See Structural Growth

Expect Suprise Orders For Navin Fluroine From US

Uptick In Commodity Chem May Not Be Sustainable

Q2 Will Be A Litmus Test For Commodity Chem Cos

KITEX GARMENTS: INDIA RATINGS DOWNGRADES BANK LOAN FACILITIES

• Bank loan facilities of ₹347.98 Cr downgraded by India Ratings

• New rating: IND BBB+/Negative/IND A2

• Rating action: Downgrade

• The Negative outlook indicates potential pressure on the company's credit profile going forward

BPCL:

CO EXEC SAYS CO TO BUILD 5000 T/YR GREEN HYDROGEN PROJECT AT BINA BY 2028