ACTION FOR DAY
Apple iPhone 18 Launch
IPO Opening- Rentomojo, Steamhouse
IPO Opening- Manipal Payment, Asset Reconstruction Co
IPO Opening- LCC Projects, Karamtara Engineering
Block Deal-Biocon
Lockin Expiry-Ardee Industries
Fund Raising-Natco Pharma
Rights Issue Close-Ratnaveer Precision
Apple iPhone 18 Launch
IPO Opening- Rentomojo, Steamhouse
IPO Opening- Manipal Payment, Asset Reconstruction Co
IPO Opening- LCC Projects, Karamtara Engineering
Block Deal-Biocon
Lockin Expiry-Ardee Industries
Fund Raising-Natco Pharma
Rights Issue Close-Ratnaveer Precision
❤2
OPENING CUES-WEAK
West Asia Crisis Intensifies
Brent Crude Near 7-Week High
US Inflation Expectations Remains Elevated
Copper Prices At Record High
Gold Holds Losses After 2 Sessions
US Futures Stay Steady
Asian Chip Stocks Extends Gain
Yen Strengthens For 3rd Day
Global Yields Remain Higher
Weak Setup For Rupee
FII Shorts Unchanged At 89%
FII Turn Sellers In Cash Market After 1 Session
West Asia Crisis Intensifies
Brent Crude Near 7-Week High
US Inflation Expectations Remains Elevated
Copper Prices At Record High
Gold Holds Losses After 2 Sessions
US Futures Stay Steady
Asian Chip Stocks Extends Gain
Yen Strengthens For 3rd Day
Global Yields Remain Higher
Weak Setup For Rupee
FII Shorts Unchanged At 89%
FII Turn Sellers In Cash Market After 1 Session
❤1
NSE may cut IPO size to Rs 25,000 crore from Rs 30,000 crore : Reports
🔥3
COFORGE: CHAIRPERSON & INDEPENDENT DIRECTOR O.P. BHATT RESIGNS AMID BOARD EVALUATION PROCESS CONCERNS 🔴🔴
●O.P. Bhatt resigned as Non-Executive Independent Director and Chairperson of Coforge with immediate effect on September 8, 2026.
●An internal audit review of the Board Evaluation Exercise identified concerns over how the Board Evaluation Report was handled and presented to the Board.
●Review noted that certain material information relating to the report and the Chairperson’s performance had not been fully disclosed to the Board.
●Board sought an explanation from Bhatt; he submitted his response, which was still being evaluated when he resigned.
●Bhatt said he had acted in good faith but cited disagreement over the characterization of his actions in the Board evaluation process as the material reason for resignation.
●Vivek Sharma, Non-Executive Independent Director, has been appointed interim Chairperson until January 31, 2027.
●Impact: Negative — sudden Chairperson resignation coupled with disclosed internal-audit and governance concerns may weigh on investor sentiment.
●O.P. Bhatt resigned as Non-Executive Independent Director and Chairperson of Coforge with immediate effect on September 8, 2026.
●An internal audit review of the Board Evaluation Exercise identified concerns over how the Board Evaluation Report was handled and presented to the Board.
●Review noted that certain material information relating to the report and the Chairperson’s performance had not been fully disclosed to the Board.
●Board sought an explanation from Bhatt; he submitted his response, which was still being evaluated when he resigned.
●Bhatt said he had acted in good faith but cited disagreement over the characterization of his actions in the Board evaluation process as the material reason for resignation.
●Vivek Sharma, Non-Executive Independent Director, has been appointed interim Chairperson until January 31, 2027.
●Impact: Negative — sudden Chairperson resignation coupled with disclosed internal-audit and governance concerns may weigh on investor sentiment.
❤1
AUTO ; JSW, Skoda-Volkswagen India stitch up 51:49 JV plan; sign non-binding MoU, begin exclusive valuation talks - ET REPORT
BERNSTEIN ON EXCHANGES
• MCX ; INITIATE OUTPERFORM | TP ₹3,830
• BSE ; INITIATE UNDERPERFORM | TP ₹2,820
• Indian exchanges have delivered strong returns as rising retail participation boosted earnings and valuations.
• Equity derivatives led the retail participation wave, but Bernstein expects moderation ahead.
• MCX ; INITIATE OUTPERFORM | TP ₹3,830
• BSE ; INITIATE UNDERPERFORM | TP ₹2,820
• Indian exchanges have delivered strong returns as rising retail participation boosted earnings and valuations.
• Equity derivatives led the retail participation wave, but Bernstein expects moderation ahead.
JEFFERIES ON TEXTILES
• WELSPUN LIVING ; UPGRADE TO BUY FROM HOLD | TP ₹260 FROM ₹125
• RAYMOND LIFESTYLE ; INITIATE BUY | TP ₹900
• India’s textile sector is entering a multi-year structural growth cycle.
• Growth supported by China+1 sourcing.
• UK/EU FTAs expected to improve tariff competitiveness for Indian textile exporters.
• WELSPUN LIVING ; UPGRADE TO BUY FROM HOLD | TP ₹260 FROM ₹125
• RAYMOND LIFESTYLE ; INITIATE BUY | TP ₹900
• India’s textile sector is entering a multi-year structural growth cycle.
• Growth supported by China+1 sourcing.
• UK/EU FTAs expected to improve tariff competitiveness for Indian textile exporters.
❤1
JEFFERIES ON FINOLEX CABLES ; ACCUMULATE | TP ₹1,410
• Despite a 60% YTD rally, Finolex trades at around 21x 1-year forward P/E, notably below peers.
• Communication segment drove margin improvement and contributed around 23% of Q1 EBIT.
• Finolex plans to double its fibre-draw capacity to 8 million km by Q3.
• At an assumed fibre price of $11/km, the expanded capacity could generate ₹200–250 Cr sales per quarter.
• Electricals remains the core business, while solar and EHV cables are emerging as new growth drivers.
• Despite a 60% YTD rally, Finolex trades at around 21x 1-year forward P/E, notably below peers.
• Communication segment drove margin improvement and contributed around 23% of Q1 EBIT.
• Finolex plans to double its fibre-draw capacity to 8 million km by Q3.
• At an assumed fibre price of $11/km, the expanded capacity could generate ₹200–250 Cr sales per quarter.
• Electricals remains the core business, while solar and EHV cables are emerging as new growth drivers.
❤2
DAYANAND MITTAL, JM FINANCIAL
OMCs Might Be Importing Oil Between $110-115/bbl
OMCs Tell Us That India Is Paying $10-15 Premium To Brent Price
5-6 m Bpd Of Total World Refining Capacity (6-7% Of Total) Is Shut Right Now
Consolidated GRMs Now At $25-30 Vs Historical Avg Of $6-7/bbl
We Like Oil India, It Is Our Top Pick, Could Be A 15% Earnings Compounder
OMCs Might Be Importing Oil Between $110-115/bbl
OMCs Tell Us That India Is Paying $10-15 Premium To Brent Price
5-6 m Bpd Of Total World Refining Capacity (6-7% Of Total) Is Shut Right Now
Consolidated GRMs Now At $25-30 Vs Historical Avg Of $6-7/bbl
We Like Oil India, It Is Our Top Pick, Could Be A 15% Earnings Compounder
IDBI BANK:
NO AGREEMENT HAS YET BEEN REACHED WITH FAIRFAX ON IDBI BANK'S VALUATION, AS PER SOURCES -TV
NO AGREEMENT HAS YET BEEN REACHED WITH FAIRFAX ON IDBI BANK'S VALUATION, AS PER SOURCES -TV
STEEL EXCHANGE INDIA:
CO. ENTERS INTO MOU WITH NMDC FOR SUPPLY OF IRON ORE FINES; MOU IS NON-EXCLUSIVE AND NON-BINDING WITH A FOUR-YEAR TERM; SUPPORTS COMPANY'S EXPANSION PLANS.
CO. ENTERS INTO MOU WITH NMDC FOR SUPPLY OF IRON ORE FINES; MOU IS NON-EXCLUSIVE AND NON-BINDING WITH A FOUR-YEAR TERM; SUPPORTS COMPANY'S EXPANSION PLANS.
BSE CEO S Ramamurthy :
Most players not present in stock closing auction; Stabilizing India stock closing auction key focus (Agencies)
Most players not present in stock closing auction; Stabilizing India stock closing auction key focus (Agencies)
COFORGE – CLARIFICATION ON BOARD EVALUATION
• Clarifies previous disclosure on Board Evaluation Exercise conducted in Mar/Apr 2026
• Exercise not related to financial statements, reporting or financial matters
• No impact on operations, business performance or guidance
• Board & management remain focused on business operations and growth plans
• Clarifies previous disclosure on Board Evaluation Exercise conducted in Mar/Apr 2026
• Exercise not related to financial statements, reporting or financial matters
• No impact on operations, business performance or guidance
• Board & management remain focused on business operations and growth plans
❤1
SIEMENS ENERGY INDIA – CLARIFICATION ON ET ARTICLE
• Clarifies NSE query regarding recent Economic Times article
• Company says no material event or negotiations requiring disclosure
• Press release regarding “Blue Portfolio” was already publicly disclosed
• No further material information to disclose
• Clarifies NSE query regarding recent Economic Times article
• Company says no material event or negotiations requiring disclosure
• Press release regarding “Blue Portfolio” was already publicly disclosed
• No further material information to disclose
GEETANSH BAMANIA, RENTOMOJO SAYS
There's A Lot Of Untapped Potential In Our Market
There Are Around 4.8 Cr Rental Apartments In India, With Only A Fraction Tapped By Us So Far
Revenue/Item Is Roughly Around 6,000, Incremental Capex Last Year Was ₹175 Cr
Greater Product Awareness Will Drive More Customers For The Company, Have 55% Subscriber Share
There's A Lot Of Untapped Potential In Our Market
There Are Around 4.8 Cr Rental Apartments In India, With Only A Fraction Tapped By Us So Far
Revenue/Item Is Roughly Around 6,000, Incremental Capex Last Year Was ₹175 Cr
Greater Product Awareness Will Drive More Customers For The Company, Have 55% Subscriber Share
ETERNAL, SWIGGY
Flipkart Minutes launched in August 2024 and is now at 1.1–1.2 million daily orders, up from around 400,000 in November 2025.
The Goldman Sachs 2026 Report ranks Flipkart + Myntra as India’s largest e-commerce platform with a 35% share of monthly active users.
Flipkart Minutes launched in August 2024 and is now at 1.1–1.2 million daily orders, up from around 400,000 in November 2025.
The Goldman Sachs 2026 Report ranks Flipkart + Myntra as India’s largest e-commerce platform with a 35% share of monthly active users.