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%
Reliance Industries — 🟢 BUY
🏦 Jefferies
🎯 Target: ₹1,710 ⬆️ from ₹1,705
💰 Reference Price: ₹1,294.90
📈 Upside: ~32%
🔄 Action: Target marginally raised; Buy maintained
🏦 Jefferies
🎯 Target: ₹1,710 ⬆️ from ₹1,705
💰 Reference Price: ₹1,294.90
📈 Upside: ~32%
🔄 Action: Target marginally raised; Buy maintained
GLOBAL CUES
ON WEST ASIA WAR ESCALATION
GIFT Nifty Lower, Indicates A Start In The Red For The Indian Market
US Futures Flat After Wall Street Posts Third Straight Losing Day
US Market Ends In The Red, Dow Falls >400 pts On Renewed US-Iran Strikes
Global Bond Yields Soar To Multi-decade Highs As West Asia Turmoil Reignites Inflation Fears
US 10-year Treasury Yield Hits 4.80%, Highest Level Since January 14, 2025
Gold, Silver Prices Fall As Oil, Bond Yields & Fed Hike Bets Climb On Iran Escalation
Crude Jumps 5% Overnight On Escalating Tensions In West Asia, Brent Rises >$96/bbl
ON WEST ASIA WAR ESCALATION
GIFT Nifty Lower, Indicates A Start In The Red For The Indian Market
US Futures Flat After Wall Street Posts Third Straight Losing Day
US Market Ends In The Red, Dow Falls >400 pts On Renewed US-Iran Strikes
Global Bond Yields Soar To Multi-decade Highs As West Asia Turmoil Reignites Inflation Fears
US 10-year Treasury Yield Hits 4.80%, Highest Level Since January 14, 2025
Gold, Silver Prices Fall As Oil, Bond Yields & Fed Hike Bets Climb On Iran Escalation
Crude Jumps 5% Overnight On Escalating Tensions In West Asia, Brent Rises >$96/bbl
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ADANI PORTS | AUGUST BIZ UPDATE
Handled highest ever monthly cargo volume of 50 MMT in a single month
Cargo volume at 50 MMT, up 19% YoY
Container volume up 15% YoY
Logistics rail volume at 54,131 TEUs, up 6% QoQ
Handled highest ever monthly cargo volume of 50 MMT in a single month
Cargo volume at 50 MMT, up 19% YoY
Container volume up 15% YoY
Logistics rail volume at 54,131 TEUs, up 6% QoQ
ICICI BANK: CO. MOBILISES USD 17.88 BILLION UNDER RBI’S FCNR(B) SWAP FACILITY
EPL : YESTERDAY LARGE TRADE
BLACKSTONE ENTITY SOLD 26.3 % STAKE AT 240.6 /SHARE
BUYERS ; QUANT MF , 360 ONE , ICICI PRU , ABU DHABI , BANDHAN MF ETC
BLACKSTONE ENTITY SOLD 26.3 % STAKE AT 240.6 /SHARE
BUYERS ; QUANT MF , 360 ONE , ICICI PRU , ABU DHABI , BANDHAN MF ETC
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KARUR VYSYA BANK:
BANK RECEIVES FAVORABLE INCOME TAX APPELLATE TRIBUNAL ORDER SETTING ASIDE RS. 40.34 CRORE ASSESSMENT DEMAND FOR AY 2022-23
BANK RECEIVES FAVORABLE INCOME TAX APPELLATE TRIBUNAL ORDER SETTING ASIDE RS. 40.34 CRORE ASSESSMENT DEMAND FOR AY 2022-23
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SWIGGY: CO HAS ENTERED THE NSDL RED FLAG LIST EFFECTIVE SEPTEMBER 1, AFTER FOREIGN OWNERSHIP MOVED WITHIN 3% OF THE APPLICABLE FPI/NRI LIMIT. - NOTE FROM NUVAMA
JM FINANCIAL ON WIRE & CABLE STOCKS
Polycab & KEI downgraded to ADD from BUY.
RR Kabel downgraded to REDUCE from ADD.
Polycab & KEI downgraded to ADD from BUY.
RR Kabel downgraded to REDUCE from ADD.
MAGELLANIC CLOUD:
CO. COMPLETES HANDOVER OF 685SITES OF PUNJAB & SIND BANK, ACHIEVING 74% DEPLOYMENT IN JUST 5MONTHS
CO. COMPLETES HANDOVER OF 685SITES OF PUNJAB & SIND BANK, ACHIEVING 74% DEPLOYMENT IN JUST 5MONTHS