IRAN'S FARS CITES IRGC SPOKESPERSON AS SAYING U.S. 'WILL REGRET ITS NEW ATTACKS'
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TATA MOTORS:
CO'S UNIT TML CV HOLDINGS B.V. SECURES ALL REGULATORY AUTHORIZATIONS FROM ITALIAN AND INTERNATIONAL REGULATORY AUTHORITIES FOR IVECO GROUP N.V. VOLUNTARY TENDER OFFER
CO'S UNIT TML CV HOLDINGS B.V. SECURES ALL REGULATORY AUTHORIZATIONS FROM ITALIAN AND INTERNATIONAL REGULATORY AUTHORITIES FOR IVECO GROUP N.V. VOLUNTARY TENDER OFFER
MPHASIS:
CO. AND TECHNOPRO HOLDINGS SIGN STRATEGIC AGREEMENT TO ACCELERATE AI-LED ENTERPRISE TRANSFORMATION IN JAPAN
CO. AND TECHNOPRO HOLDINGS SIGN STRATEGIC AGREEMENT TO ACCELERATE AI-LED ENTERPRISE TRANSFORMATION IN JAPAN
NEPHROCARE HEALTH:
CO. ACQUIRES 100% STAKE IN DIALYSIS CENTER ALMATY KAZAKHSTAN
CO. ACQUIRES 100% STAKE IN DIALYSIS CENTER ALMATY KAZAKHSTAN
JP MORGAN ON STEEL
• Cost pressures persist; reiterates selective stance on the sector.
• Domestic HRC prices have started rising, but spreads remain largely flattish.
• Surprised by sharp rally in SAIL; recent cost escalation likely to weigh on profitability due to higher coke rate vs peers.
• Expects steel prices to remain range-bound for now.
• Sees gradual recovery in spreads after festive season.
• JSW Steel remains preferred pick.
• Cost pressures persist; reiterates selective stance on the sector.
• Domestic HRC prices have started rising, but spreads remain largely flattish.
• Surprised by sharp rally in SAIL; recent cost escalation likely to weigh on profitability due to higher coke rate vs peers.
• Expects steel prices to remain range-bound for now.
• Sees gradual recovery in spreads after festive season.
• JSW Steel remains preferred pick.
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CLSA ON OIL & GAS
• Around 70% of >1 bn bbl Hormuz supply shortfall met through strategic reserve releases from China, US & OECD.
• Limited crude upside and sharp backwardation suggest market expects supply relief.
• CLSA sees limited scope for near-term supply relief.
• China, Korea & Japan may increase imports as strategic reserves get depleted.
• This could push crude prices higher over the next 2–3 months.
• Positive on ONGC & Oil India; Negative on IOC, BPCL & HPCL.
• Around 70% of >1 bn bbl Hormuz supply shortfall met through strategic reserve releases from China, US & OECD.
• Limited crude upside and sharp backwardation suggest market expects supply relief.
• CLSA sees limited scope for near-term supply relief.
• China, Korea & Japan may increase imports as strategic reserves get depleted.
• This could push crude prices higher over the next 2–3 months.
• Positive on ONGC & Oil India; Negative on IOC, BPCL & HPCL.
UBS ON COAL INDIA
ACCUMULATE
TP ₹550
• Higher coal offtake and e-auction premium seen in August 2026.
• Coal offtake grew 6% YoY, though below the 13% YoY growth in power demand.
• E-auction premium increased amid strong demand.
ACCUMULATE
TP ₹550
• Higher coal offtake and e-auction premium seen in August 2026.
• Coal offtake grew 6% YoY, though below the 13% YoY growth in power demand.
• E-auction premium increased amid strong demand.
HSBC ON SUN PHARMA
ACCUMULATE
TP ₹2,120
• MFN deal removes tariff overhang for Sun Pharma for the next two years.
• Sees limited impact of ~2% on FY29 EPS estimates; awaits further clarity.
• Tariff concerns ease following the deal.
ACCUMULATE
TP ₹2,120
• MFN deal removes tariff overhang for Sun Pharma for the next two years.
• Sees limited impact of ~2% on FY29 EPS estimates; awaits further clarity.
• Tariff concerns ease following the deal.
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JEFFERIES ON AUTO SALES
• Auto demand momentum remained strong in August.
• Registrations for 2Ws, PVs & trucks grew 24–29% YoY, while tractors grew just 3%.
• Estimates domestic wholesales grew ~36–43% YoY for PVs & trucks and ~10% for 2Ws & tractors.
• August wholesales were in-line for Maruti, Hero MotoCorp & Hyundai and ahead of estimates for the rest.
• Auto demand momentum remained strong in August.
• Registrations for 2Ws, PVs & trucks grew 24–29% YoY, while tractors grew just 3%.
• Estimates domestic wholesales grew ~36–43% YoY for PVs & trucks and ~10% for 2Ws & tractors.
• August wholesales were in-line for Maruti, Hero MotoCorp & Hyundai and ahead of estimates for the rest.
CITI ON AUTO SALES
• Aug’26 YoY sales trends supported by a weak base.
• Channel stocking delayed due to shift in festive season.
• Maruti: Healthy YoY volume growth, but not commensurate with capacity.
• Hyundai: Steady volume growth.
• M&M: Strong UV volumes; modest growth in tractors.Iran: The US struck Kuhestak in southern Hormozgan - Fars
• Aug’26 YoY sales trends supported by a weak base.
• Channel stocking delayed due to shift in festive season.
• Maruti: Healthy YoY volume growth, but not commensurate with capacity.
• Hyundai: Steady volume growth.
• M&M: Strong UV volumes; modest growth in tractors.Iran: The US struck Kuhestak in southern Hormozgan - Fars
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CITI ON L&T
ACCUMULATE | TP ₹4,650
• Robust order inflow momentum strengthens medium-term visibility.
• Recent order wins further improve revenue visibility.
• Remains positioned for an execution recovery.
• Valuations remain reasonable.
ACCUMULATE | TP ₹4,650
• Robust order inflow momentum strengthens medium-term visibility.
• Recent order wins further improve revenue visibility.
• Remains positioned for an execution recovery.
• Valuations remain reasonable.
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CITI ON AUTO SALES
• Aug’26 YoY sales trends supported by a weak base.
• Channel stocking delayed due to shift in festive season.
• Maruti: Healthy YoY volume growth, but not commensurate with capacity.
• Hyundai: Steady volume growth.
• M&M: Strong UV volumes; modest growth in tractors.Iran: The US struck Kuhestak in southern Hormozgan - Fars
• Aug’26 YoY sales trends supported by a weak base.
• Channel stocking delayed due to shift in festive season.
• Maruti: Healthy YoY volume growth, but not commensurate with capacity.
• Hyundai: Steady volume growth.
• M&M: Strong UV volumes; modest growth in tractors.Iran: The US struck Kuhestak in southern Hormozgan - Fars
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US PRESIDENT TRUMP SAYS
Not Trying To Force Iran To The Bargaining Table
Couldn't Care Less If Iran Signs An Agreement It Deems Worthless
US Position Is Better With Near-total Hormuz Control
Like US Position Better With Iran Economy 'Totally Collapsing'
Iran Is Just Playing Out The Inevitable
Questions When Iranian People Will Rise Up And Fight
Not Trying To Force Iran To The Bargaining Table
Couldn't Care Less If Iran Signs An Agreement It Deems Worthless
US Position Is Better With Near-total Hormuz Control
Like US Position Better With Iran Economy 'Totally Collapsing'
Iran Is Just Playing Out The Inevitable
Questions When Iranian People Will Rise Up And Fight
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Jefferies on Cement
Cement prices were down ~1% MoM in Aug (lower ~1% QoQ in 2QTD) amid monsoon-led weakness.
However, demand remains healthy, sustaining 7-8% YoY industry growth in 4QFY26/1QFY27
East region saw highest correction after outperforming other regions last quarter
Currently factor in a 1% QoQ Industry px decline in 2Q & recovery in 3Q in ests.
Any deeper correction from current levels could pressure profit ests
Preferred picks: UTCEM, GRASIM
Cement prices were down ~1% MoM in Aug (lower ~1% QoQ in 2QTD) amid monsoon-led weakness.
However, demand remains healthy, sustaining 7-8% YoY industry growth in 4QFY26/1QFY27
East region saw highest correction after outperforming other regions last quarter
Currently factor in a 1% QoQ Industry px decline in 2Q & recovery in 3Q in ests.
Any deeper correction from current levels could pressure profit ests
Preferred picks: UTCEM, GRASIM
Jefferies on Industrials
Central govt capex rose 54% YoY in July 2026 and YTD capex is up 30% YoY vs budget estimate (BE) of 14% rise.
FY26 capex was up 33% YoY till July 2025, but full-year capex moderated to 2% YoY growth
Watch capex ex-telecom and Department of Economic Affairs (DEA), which is also up 32% YoY YTD vs 15% BE.
YTD capex is tracking higher in road, rail, defence and transfer to states
Believe govt intent on capex will be monitored closely for industrial stocks.
Central govt capex rose 54% YoY in July 2026 and YTD capex is up 30% YoY vs budget estimate (BE) of 14% rise.
FY26 capex was up 33% YoY till July 2025, but full-year capex moderated to 2% YoY growth
Watch capex ex-telecom and Department of Economic Affairs (DEA), which is also up 32% YoY YTD vs 15% BE.
YTD capex is tracking higher in road, rail, defence and transfer to states
Believe govt intent on capex will be monitored closely for industrial stocks.
Kotak Inst Eqt on Lupin
Add, TP Rs 2525
LPC’s margins are at a crossroads with Tolvaptan and Mirabegron’s sales to fall from 2QFY27
Excluding these molecules, estimate it delivered 18-22% EBITDA margins over past 1.5-2 years
LPC stepped up investments during this period, which should moderate as US sales decline.
Lower under recoveries from adjacencies & nil charges for Mirabegron will further support FY2029E EBITDA margins (KIE: 22.5%).
In addition, Apixaban’s 505(b)(2) (likely an oral suspension) could create a small niche even beyond FY2028E.
Contributions from gSpiriva Respimat, gDulera and biosimilars should also partially aid FY2029E profitability before a major uptick in FY2030E led by the Ellipta franchise.
At CMP, margin concerns are priced in
Add, TP Rs 2525
LPC’s margins are at a crossroads with Tolvaptan and Mirabegron’s sales to fall from 2QFY27
Excluding these molecules, estimate it delivered 18-22% EBITDA margins over past 1.5-2 years
LPC stepped up investments during this period, which should moderate as US sales decline.
Lower under recoveries from adjacencies & nil charges for Mirabegron will further support FY2029E EBITDA margins (KIE: 22.5%).
In addition, Apixaban’s 505(b)(2) (likely an oral suspension) could create a small niche even beyond FY2028E.
Contributions from gSpiriva Respimat, gDulera and biosimilars should also partially aid FY2029E profitability before a major uptick in FY2030E led by the Ellipta franchise.
At CMP, margin concerns are priced in
Jefferies on Capital Markets
Aug'26 was dominated by expiry day volatility following the introduction of CAS
This adversely impacted equity options turnover and contracts, which is negative for BSE and Groww
MCX's options/futures ADTO grew 15%/32% m-m led by rise in Gold/Silver prices.
Equity flow market share fell for ICICI AMC and HDFC AMC, while NAM continued to grow.
For depositories, avg. delivered quantities improved in Aug'26 (+10% m-m).
Top picks: Groww, MCX, KFIN and Nuvama
Aug'26 was dominated by expiry day volatility following the introduction of CAS
This adversely impacted equity options turnover and contracts, which is negative for BSE and Groww
MCX's options/futures ADTO grew 15%/32% m-m led by rise in Gold/Silver prices.
Equity flow market share fell for ICICI AMC and HDFC AMC, while NAM continued to grow.
For depositories, avg. delivered quantities improved in Aug'26 (+10% m-m).
Top picks: Groww, MCX, KFIN and Nuvama
Jefferies on Autos
Auto demand momentum remained strong in August for 2Ws, PVs & trucks with registration up 24-29% YoY; however, tractors grew just 3% YoY
Estimate that domestic wholesales grew ~36-43% YoY for PVs & trucks, & 10% for 2Ws & tractors
Wholesales rose a sharp 56% YoY for TMPV, 21-38% for AL/MM/BJAUT/MSIL/TVSL, 9-11% for EIM(RE)/HYUNDAI, but just 3% for HMCL
Vs JEFe, Aug wholesales were in-line for MSIL, HMCL & HYUNDAI, and ahead for rest
Auto demand momentum remained strong in August for 2Ws, PVs & trucks with registration up 24-29% YoY; however, tractors grew just 3% YoY
Estimate that domestic wholesales grew ~36-43% YoY for PVs & trucks, & 10% for 2Ws & tractors
Wholesales rose a sharp 56% YoY for TMPV, 21-38% for AL/MM/BJAUT/MSIL/TVSL, 9-11% for EIM(RE)/HYUNDAI, but just 3% for HMCL
Vs JEFe, Aug wholesales were in-line for MSIL, HMCL & HYUNDAI, and ahead for rest
Nomura on Autos
Strong demand continues; MHCVs surprise
TMCV and BJAUT well ahead; MSIL, Hyundai and TVS miss due to supply constraints
Continue to prefer MM, Hyundai Motor, TMCV, TVS & Sonacoms
Strong demand continues; MHCVs surprise
TMCV and BJAUT well ahead; MSIL, Hyundai and TVS miss due to supply constraints
Continue to prefer MM, Hyundai Motor, TMCV, TVS & Sonacoms
InterGlobe Aviation (IndiGo) — 🟢 BUY
🏦 ICICI Securities: ₹6,020
🏦 Motilal Oswal: ₹6,580
💰 ICICI Reco Price: ₹5,070.50
📈 Upside: ~19%–30%
🏦 ICICI Securities: ₹6,020
🏦 Motilal Oswal: ₹6,580
💰 ICICI Reco Price: ₹5,070.50
📈 Upside: ~19%–30%
Aurobindo Pharma — 🟢 BUY
🏦 HSBC: Target ₹1,900
🏦 ICICI Direct: Target ₹1,725
💰 ICICI Direct Reco Price: ₹1,650
📈 Upside: ~4% to ~13%
🏦 HSBC: Target ₹1,900
🏦 ICICI Direct: Target ₹1,725
💰 ICICI Direct Reco Price: ₹1,650
📈 Upside: ~4% to ~13%