ZF STEERING GEAR INDIA LTD: COMMENCEMENT OF COMMERCIAL PRODUCTION BY WHOLLY OWNED SUBSIDIARY DRIVESYS SYSTEMS PRIVATE LIMITED; LOCATED IN AHILYANAGAR, MAHARASHTRA; PRODUCTS INCLUDE MCB, RCB, AND ELECTRICAL COIL.
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AUGUST LIFE INSURANCE
Private Life Insurers 1st Year Premium 17,922 Cr In Aug , up 20% YoY
SBI Life 1st Year Premium ₹3,415 Cr In Aug, up 2.8% YoY
LIC 1st Year Premium At ₹23,275 Cr In Aug, up 45.3% YoY
Life Insurers 1st Year Premium At ₹1.97 Lk Cr In Apr-Aug , up 20.4% YoY
ICICI Pru 1st Year Premium At ₹1,953 Cr, up 9.9% YoY
Life Insurers 1st Year Premium 41,198 Cr In Aug, up 33.1% YoY
HDFC Life 1st Year Premium ₹3,609 Cr In Aug, up 17.8% YoY
Canara HSBC Life 1st Year Premium 278 Cr In Aug, up 5.2% YoY
Private Life Insurers 1st Year Premium 17,922 Cr In Aug , up 20% YoY
SBI Life 1st Year Premium ₹3,415 Cr In Aug, up 2.8% YoY
LIC 1st Year Premium At ₹23,275 Cr In Aug, up 45.3% YoY
Life Insurers 1st Year Premium At ₹1.97 Lk Cr In Apr-Aug , up 20.4% YoY
ICICI Pru 1st Year Premium At ₹1,953 Cr, up 9.9% YoY
Life Insurers 1st Year Premium 41,198 Cr In Aug, up 33.1% YoY
HDFC Life 1st Year Premium ₹3,609 Cr In Aug, up 17.8% YoY
Canara HSBC Life 1st Year Premium 278 Cr In Aug, up 5.2% YoY
SEBI
FPIs investing only in government debt not required to furnish investor group details
SEBI comments in a circular
Step will provide more ease of investment to FPIs: SEBI
June 5: RBI withdraws requirement for FPIs investing in G-secs via general route to comply with prescribed concentration limit
SEBI said earlier requirement for identifying investor group by FPI investing in G-secs no longer relevant
2025: SEBI amends master circular on FPIs investing in government bonds
FPIs investing only in government debt not required to furnish investor group details
SEBI comments in a circular
Step will provide more ease of investment to FPIs: SEBI
June 5: RBI withdraws requirement for FPIs investing in G-secs via general route to comply with prescribed concentration limit
SEBI said earlier requirement for identifying investor group by FPI investing in G-secs no longer relevant
2025: SEBI amends master circular on FPIs investing in government bonds
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RELIANCE INDUSTRIES:
JIO PLATFORMS SAID TO START MARKETING RECORD INDIA IPO NEXT WEEK: BBG
JIO PLATFORMS SAID TO START MARKETING RECORD INDIA IPO NEXT WEEK: BBG
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TRUMP SAYS 'NO MORE SELLING BOMBARDIER IN THE UNITED STATES', CLAIMING 'THEIR PRODUCTS AREN'T GOOD ENOUGH' AND THAT OVER 50% OF THE COMPANY'S REVENUE COMES FROM THE U.S., ACCUSING IT OF LIVING OFF 'AMERICAN BUYERS, AMERICAN COMPANIES, AMERICAN AIRPORTS, AND AMERICAN SERVICE' WHILE CANADA 'BLOCKS OUR GREAT AMERICAN BANKS, AND COMPANIES' AND BLOCKED GULFSTREAM AEROSPACE FROM DOING BUSINESS IN CANADA. - TRUTH SOCIAL
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TRUMP SAYS 'THAT ERA IS OVER', DEMANDING THAT IF BOMBARDIER WANTS THE U.S. MARKET 'THEY MUST BUILD HERE, AND STOP TREATING AMERICA LIKE A PIGGYBANK', ADDING 'BUY AMERICAN. FLY ON AMERICAN AIRLINERS. ENJOY AMERICAN LIQUOR AND BEVERAGES. SAIL ON LAKE AMERICA. AMERICA FIRST'. - TRUTH SOCIAL
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GOLD HOLDS NEAR $4,400 AS MIDDLE EAST TENSIONS SUPPORT SAFE-HAVEN DEMAND, WHILE FED RATE-HIKE BETS AND UPCOMING US CPI CAP THE UPSIDE. || SPOT GOLD TRADES AROUND $4,410 AS A WEAKER DOLLAR OFFSETS HIGHER OIL-DRIVEN INFLATION RISKS; MARKETS PRICE ~60% ODDS OF A FED HIKE NEXT WEEK.
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CITI ON GE VERNOVA T&D INDIA ; BUY | TP ₹5,400
• GE Vernova emerged as L1 bidder for Power Grid’s 6,000 MW, ±800 kV Barmer II–South Kalamb HVDC LCC terminal-station project.
• Revenue recognition from the project is expected to begin from FY29.
• Citi expects the win to drive around 25% upside to its prior FY29 EBITDA and EPS estimates.
• The large HVDC win significantly strengthens GE Vernova’s long-term earnings and order-book visibility.
• Citi sees the development as a positive catalyst for the stock.
• GE Vernova emerged as L1 bidder for Power Grid’s 6,000 MW, ±800 kV Barmer II–South Kalamb HVDC LCC terminal-station project.
• Revenue recognition from the project is expected to begin from FY29.
• Citi expects the win to drive around 25% upside to its prior FY29 EBITDA and EPS estimates.
• The large HVDC win significantly strengthens GE Vernova’s long-term earnings and order-book visibility.
• Citi sees the development as a positive catalyst for the stock.
CITI ON HITACHI ENERGY INDIA ; BUY | TP ₹42,000 (CUT)
• Citi had expected Hitachi Energy to win the Barmer II–South Kalamb HVDC order, given its higher local-content share and execution bandwidth.
• However, GE Vernova T&D India emerged as the L1 bidder for the 6,000 MW, ±800 kV HVDC terminal-station project.
• GE Vernova winning the project is a near-term negative catalyst for Hitachi Energy India, according to Citi.
• Citi nevertheless maintains its BUY rating, while cutting the target price to ₹42,000.
• Citi had expected Hitachi Energy to win the Barmer II–South Kalamb HVDC order, given its higher local-content share and execution bandwidth.
• However, GE Vernova T&D India emerged as the L1 bidder for the 6,000 MW, ±800 kV HVDC terminal-station project.
• GE Vernova winning the project is a near-term negative catalyst for Hitachi Energy India, according to Citi.
• Citi nevertheless maintains its BUY rating, while cutting the target price to ₹42,000.
JP MORGAN ON WIPRO ; UNDERWEIGHT | TP ₹155 | ~10% DOWNSIDE
• AI adoption is shifting from experimentation to ROI, with clients targeting 25–35% productivity gains.
• AI-led deflation in contract renewals has been visible for the past 4–6 quarters and could continue for another 4–6 quarters.
• Overall demand remains strong, but vendor churn and productivity pass-throughs are keeping net growth subdued.
• Wipro expects growth recovery over the next 2–3 quarters as clients shift focus from cost minimisation to revenue maximisation.
• Industry delivery model expected to move from traditional linear labour towards a “Human + Agent” model.
• AI benefits, higher productivity in fixed-price contracts, G&A cost rationalisation and better utilisation should support margin recovery.
• Wipro expects margins to return to 17–17.5% over the next few quarters.
• AI adoption is shifting from experimentation to ROI, with clients targeting 25–35% productivity gains.
• AI-led deflation in contract renewals has been visible for the past 4–6 quarters and could continue for another 4–6 quarters.
• Overall demand remains strong, but vendor churn and productivity pass-throughs are keeping net growth subdued.
• Wipro expects growth recovery over the next 2–3 quarters as clients shift focus from cost minimisation to revenue maximisation.
• Industry delivery model expected to move from traditional linear labour towards a “Human + Agent” model.
• AI benefits, higher productivity in fixed-price contracts, G&A cost rationalisation and better utilisation should support margin recovery.
• Wipro expects margins to return to 17–17.5% over the next few quarters.
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Nomura on Life Insurance
In Aug 2026, private India life insurers’ individual annualized premium equivalent (APE) was up 15% y-y (on a soft base of 1%), supported by volume
growth of 8% y-y (on a base of -2%)
On a total APE basis, private players witnessed growth of 12% y-y (on a base of 11%) in Aug-26
For covered life insurers, total APE growth in Aug 2026 was fastest for ICICI Life at 23% y-y (on a negative base of 9%) followed by HDFC Life at 18% y-y & SBI Life at 16%
y-y.
Axis Max Life (unlisted; in which Max F owns an 80.98% stake) had a relatively soft month at 9% y-y
Distribution reforms still remain a key trigger for sector
In Aug 2026, private India life insurers’ individual annualized premium equivalent (APE) was up 15% y-y (on a soft base of 1%), supported by volume
growth of 8% y-y (on a base of -2%)
On a total APE basis, private players witnessed growth of 12% y-y (on a base of 11%) in Aug-26
For covered life insurers, total APE growth in Aug 2026 was fastest for ICICI Life at 23% y-y (on a negative base of 9%) followed by HDFC Life at 18% y-y & SBI Life at 16%
y-y.
Axis Max Life (unlisted; in which Max F owns an 80.98% stake) had a relatively soft month at 9% y-y
Distribution reforms still remain a key trigger for sector
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ANGEL ONE, ANAND RATHI SHARES : CLSA See India's MTF book growing at 24% CAGR till FY30e 🟢🟢
BIOCON says
US FDA Is Signalling There Is No Real Need For Phase 3 Trials, Doing Away With Phase 3 Trials Will Be A Relief For Patients
Change In Biosimilar Policies In The US Will Aid Incumbents
US FDA Is Signalling There Is No Real Need For Phase 3 Trials, Doing Away With Phase 3 Trials Will Be A Relief For Patients
Change In Biosimilar Policies In The US Will Aid Incumbents
B THIAGARAJAN, BLUE STAR
Input Price Inflation Is Painful, Q1 Was Tough & Q2 Is Turning Out To Be Painful As Well
Pdt Innovation, Alternate Materials Could Drive 200 bps Operating Margin Improvement By Q3 End
Rev From Data Center (MEP Segment) Should Be ₹1,500 Cr In FY27, In FY29 Should Be ₹4,000 Cr
Rev From Data Center (Chillers) Should Be ₹250 Cr In FY27, & ₹500 Cr In FY29
Input Price Inflation Is Painful, Q1 Was Tough & Q2 Is Turning Out To Be Painful As Well
Pdt Innovation, Alternate Materials Could Drive 200 bps Operating Margin Improvement By Q3 End
Rev From Data Center (MEP Segment) Should Be ₹1,500 Cr In FY27, In FY29 Should Be ₹4,000 Cr
Rev From Data Center (Chillers) Should Be ₹250 Cr In FY27, & ₹500 Cr In FY29
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RAYS OF BELIEF | NEW LISTING
Settles at Rs 239 on NSE, unchanged from issue price
Settles at Rs 239 on BSE, unchanged from issue price
Settles at Rs 239 on NSE, unchanged from issue price
Settles at Rs 239 on BSE, unchanged from issue price
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