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
❤3
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
❤2
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
❤3
Zydus Wellness | Volume Clarification
• BSE sought clarification over significant increase in trading volume
• Company stated that all required disclosures have been made
• No undisclosed event or information that could impact the stock price/volume
• Company said the volume increase is purely market-driven
• Company has no control or knowledge over the reasons for the increased volume
• BSE sought clarification over significant increase in trading volume
• Company stated that all required disclosures have been made
• No undisclosed event or information that could impact the stock price/volume
• Company said the volume increase is purely market-driven
• Company has no control or knowledge over the reasons for the increased volume
Torrent Power | 322 MWp Solar Projects Commissioned ☀️
• Wholly owned subsidiary Torrent Green Energy commissioned 322 MWp ground-mounted solar projects in Nashik, Maharashtra
• Projects spread across 50 locations and 14 talukas under MSKVY 2.0 / PM-KUSUM
• Power to be supplied to MSEDCL under a 25-year PPA
• Projects will provide daytime renewable power to agricultural feeders and help reduce distribution losses
• Wholly owned subsidiary Torrent Green Energy commissioned 322 MWp ground-mounted solar projects in Nashik, Maharashtra
• Projects spread across 50 locations and 14 talukas under MSKVY 2.0 / PM-KUSUM
• Power to be supplied to MSEDCL under a 25-year PPA
• Projects will provide daytime renewable power to agricultural feeders and help reduce distribution losses
Berger Paints | Promoter Buying
• Promoter group member Sunaina Kohli acquired 14,840 shares
• Holding increased from 0.06% to 0.063%
• Acquisition through open market trade
• Acquisition date: 7 September 2026
• Promoter group member Sunaina Kohli acquired 14,840 shares
• Holding increased from 0.06% to 0.063%
• Acquisition through open market trade
• Acquisition date: 7 September 2026
BAJAJ FINANCE:
Gold loans, consumer durables drive NBFC credit growth to 14.9% in July : ET
Gold loans, consumer durables drive NBFC credit growth to 14.9% in July : ET
DIPALI GOENKA OF WELSPUN LIVING SAYS
Expecting Double-digit Growth In The UK Post FTA, TAM OF UK Home Textiles Market Is Around $6-7 Bn
Post Tariff Changes, We Are Finally At Level-Playing Field With Our Competitors
Home Textiles Opportunity In The UK Could Be Larger Than $1 Bn For India
Reiterate Double-digit Revenue Growth, Low Teens EBITDA Margin
Believe Vapi Disruption Will Not Materially Impact Biz
Expecting Double-digit Growth In The UK Post FTA, TAM OF UK Home Textiles Market Is Around $6-7 Bn
Post Tariff Changes, We Are Finally At Level-Playing Field With Our Competitors
Home Textiles Opportunity In The UK Could Be Larger Than $1 Bn For India
Reiterate Double-digit Revenue Growth, Low Teens EBITDA Margin
Believe Vapi Disruption Will Not Materially Impact Biz
❤1
SAUDI ENERGY MINISTRY
Energy Facilities Targeted Today In Southern Region
Operations At Some Energy Sites Halted After Attacks
Energy Facilities Targeted In Southern Region
Fire Erupted In Several Energy Sites
Energy Facilities Targeted Today In Southern Region
Operations At Some Energy Sites Halted After Attacks
Energy Facilities Targeted In Southern Region
Fire Erupted In Several Energy Sites
FREDUN PHARMACEUTICALS LTD:
CO. ACQUIRES FURLICKS FROM USV & WELLBEING NUTRITION; STRATEGIC ENTRY INTO PET WELLNESS MARKET;
PLANS TO INTRODUCE 12 NEW SKUS IN FIRST PHASE.
CO. ACQUIRES FURLICKS FROM USV & WELLBEING NUTRITION; STRATEGIC ENTRY INTO PET WELLNESS MARKET;
PLANS TO INTRODUCE 12 NEW SKUS IN FIRST PHASE.
❤2
ELECTRONICS MART — MANAGEMENT GUIDANCE UPGRADED
• Revenue growth could surpass the earlier guidance of 20%
• Gross margins expected to remain above 15%
• Indicates stronger-than-expected growth and profitability outlook for the company.
• Revenue growth could surpass the earlier guidance of 20%
• Gross margins expected to remain above 15%
• Indicates stronger-than-expected growth and profitability outlook for the company.
RBL BANK | $1 BILLION EMTN PROGRAMME
• Submitted offering circular for the US$1 billion Euro Medium Term Note Programme
• Circular submitted to NSE IFSC Limited & India International Exchange (IFSC) Limited
• Offering circular also available on the Bank’s Investor Relations website
• Submitted offering circular for the US$1 billion Euro Medium Term Note Programme
• Circular submitted to NSE IFSC Limited & India International Exchange (IFSC) Limited
• Offering circular also available on the Bank’s Investor Relations website
CEIGALL INDIA | ₹214.52 Cr Mining Contract ⛏️
• Emerged as H1 bidder for stone block mining project in Nawada, Bihar
• Awarded by Government of Bihar, Department of Mines & Geology
• Contract tenure: 5 years
• Minable reserve: 20.97 lakh cum over 5 years
• Annual consideration starts at ₹28.82 Cr, with 20% increase each year
• Total cumulative contract value: ₹214.52 Cr (excluding GST & other taxes)
• Emerged as H1 bidder for stone block mining project in Nawada, Bihar
• Awarded by Government of Bihar, Department of Mines & Geology
• Contract tenure: 5 years
• Minable reserve: 20.97 lakh cum over 5 years
• Annual consideration starts at ₹28.82 Cr, with 20% increase each year
• Total cumulative contract value: ₹214.52 Cr (excluding GST & other taxes)