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
MAX FIN:
EXPECT APE TO GROW 200 -500 BPS OVER INDUSTRY AVERAGE
EXPECT TO OUTPERFORM INDUSTRY AVERAGE GROWTH IN AUG
EXPECT APE TO GROW 200 -500 BPS OVER INDUSTRY AVERAGE
EXPECT TO OUTPERFORM INDUSTRY AVERAGE GROWTH IN AUG
ZEN TECH:
CO SAYS FY27 WILL SEE BETTER PROFITABILITY FROM NOW
CO AIM FOR 25% PAT MARGIN, 35% EBITDA MARGIN IN FY27 - TV
CO SAYS FY27 WILL SEE BETTER PROFITABILITY FROM NOW
CO AIM FOR 25% PAT MARGIN, 35% EBITDA MARGIN IN FY27 - TV
L&T: INDIA RATINGS REAFFIRMS TOP CREDIT RATINGS
• NCD rating reaffirmed at ‘IND AAA’ with Stable outlook.
• Commercial Paper rating reaffirmed at ‘IND A1+’.
• Ratings indicate L&T’s strong capacity to meet both long-term and short-term financial commitments.
• NCD rating reaffirmed at ‘IND AAA’ with Stable outlook.
• Commercial Paper rating reaffirmed at ‘IND A1+’.
• Ratings indicate L&T’s strong capacity to meet both long-term and short-term financial commitments.
VAIBHAV GLOBAL: CARE RATINGS UPGRADES CREDIT RATING
• ₹120 Cr bank facilities rating upgraded to ‘CARE A+; Stable / CARE A1+’ from ‘CARE A+; Stable / CARE A1’.
• Upgrade based on FY26 audited and Q1FY27 unaudited performance.
• Total rated bank facilities: ₹120 Cr.
• Punjab National Bank: ₹48 Cr | HDFC Bank: ₹34 Cr | Yes Bank: ₹21 Cr | SBI: ₹15 Cr.
• ₹120 Cr bank facilities rating upgraded to ‘CARE A+; Stable / CARE A1+’ from ‘CARE A+; Stable / CARE A1’.
• Upgrade based on FY26 audited and Q1FY27 unaudited performance.
• Total rated bank facilities: ₹120 Cr.
• Punjab National Bank: ₹48 Cr | HDFC Bank: ₹34 Cr | Yes Bank: ₹21 Cr | SBI: ₹15 Cr.
BAJAJ AUTO, RAKESH SHARMA SAYS
Continued Growth In LatAM Market Boosted Exports
There's An Element Of 'Stocking Up' In Export Numbers Due To West Asia War
Will Have An Entirely Upgraded & Refurbished Portfolio Over The Next Few Months
In Nigeria, Monthly Run-rate Is Currently Around 30,000 Units
EV Demand Has Surged Over Last Few Months & Capacity Is Challenged
Majority Of The Sales Contribution Of e2W Is From Above 1 Lakh Category
Continued Growth In LatAM Market Boosted Exports
There's An Element Of 'Stocking Up' In Export Numbers Due To West Asia War
Will Have An Entirely Upgraded & Refurbished Portfolio Over The Next Few Months
In Nigeria, Monthly Run-rate Is Currently Around 30,000 Units
EV Demand Has Surged Over Last Few Months & Capacity Is Challenged
Majority Of The Sales Contribution Of e2W Is From Above 1 Lakh Category
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