COFORGE CONCALL
Interim Chairperson Vivek Sharma To Not Contest For Permanent Chairmanship
Accounting Firm KPMG Is Conducting Internal Audit, Internal Auditor Has Raised Concerns
Governance Matter Has Nothing To Do With Operations, Financials
Executive Directors Have No intention To Contest For Chairperson Position
Have Significant Interest From Candidates Within India
Interim Chairperson Vivek Sharma To Not Contest For Permanent Chairmanship
Accounting Firm KPMG Is Conducting Internal Audit, Internal Auditor Has Raised Concerns
Governance Matter Has Nothing To Do With Operations, Financials
Executive Directors Have No intention To Contest For Chairperson Position
Have Significant Interest From Candidates Within India
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TRUMP: UKRAINE HAS AGREED NOT TO HIT RUSSIAN ENERGY TARGETS. RUSSIA HAS AGREED TO DO, LIKEWISE! THE WORLD’S DIESEL PRICE RISE IS MOSTLY CAUSED BY THE RUSSIA/UKRAINE WAR, NOT IRAN. PRESIDENT DJT
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TRUMP: THE FAILING NATION OF IRAN WANTS TO MAKE A DEAL, QUICKLY AND BADLY. I WILL DETERMINE WHETHER OR NOT THE U.S.A. WILL CHOOSE TO ENGAGE - THE CONCEPT OF WHICH WE ARE OPEN TO. THANK YOU FOR YOUR ATTENTION TO THIS MATTER! PRESIDENT DONALD J. TRUMP
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TRUMP: I’VE JUST RECEIVED A REPORT THAT THE UNITED STATES IS PRODUCING MORE EXQUISITE AND ELITE WEAPONS THAN AT ANY TIME IN OUR HISTORY. THEY ARE BEING DELIVERED ON A DAILY BASIS TO OUR FORCES IN THE MIDDLE EAST, AND BEYOND.
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TRUMP: OUR DEFENSE COMPANY FACTORIES ARE MOVING 24/7, WHILE AT THE SAME TIME BUILDING, ON AVERAGE, 4 TO 5 LARGESCALE BRAND NEW PLANTS, EACH! A PRIMARY FOCUS OF THIS PRODUCTION HAS BEEN PATRIOTS, THAAD SYSTEMS, TOMAHAWKS, AND OTHER STANDARD MISSILE SYSTEMS, OF WHICH WE ALREADY HAVE LARGE NUMBERS IN STOCK.
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TRUMP: OIL IS FLOWING THROUGH THE HORMUZ STRAIT. THE COUNTRIES OF THE WORLD, WHICH HAVE BEEN NO HELP TO US WHATSOEVER, SHOULD, AND WILL, REIMBURSE THE UNITED STATES OF AMERICA WHEN THIS SCAM CONFLIGRATION IS ALL OVER. WE ARE DOING IT MUCH MORE FOR OTHERS, THAN WE ARE FOR OURSELVES, AND WE HAVE BEEN FOR GENERATIONS! PRESIDENT DONALD J. TRUMP
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TRUMP: I HOPE EVERYONE REALIZES THAT PRICE INCREASES THROUGHOUT AMERICA WERE CAUSED BY SLEEPY JOE BIDEN AND THE BIDEN ADMINISTRATION, NOT BY “TRUMP.” EVEN OIL WAS HIGHER UNDER BIDEN THAN IT IS RIGHT NOW, AND WE PREVENTED IRAN FROM HAVING A NUCLEAR WEAPON! WITH THE TEMPORARY EXCEPTION OF OIL, PRICES ARE COMING DOWN SHARPLY, AND OIL WILL DROP LIKE A ROCK AS SOON AS THE MILITARY CONFLICT WITH IRAN IS OVER, AND THAT WILL NOT BE LONG. THANK YOU FOR YOUR ATTENTION TO THIS MATTER! PRESIDENT DONALD J. TRUMP
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⚡ POWER SECTOR — NUVAMA
ACME SOLAR — Nuvama BUY | 🎯 ₹448
NTPC — Nuvama BUY | 🎯 ₹445
POWER GRID — Nuvama BUY | 🎯 ₹283
CESC — Nuvama BUY | 🎯 ₹200
TATA POWER — Nuvama BUY | 🎯 ₹421
INOX WIND — Nuvama BUY | 🎯 ₹123
ACME SOLAR — Nuvama BUY | 🎯 ₹448
NTPC — Nuvama BUY | 🎯 ₹445
POWER GRID — Nuvama BUY | 🎯 ₹283
CESC — Nuvama BUY | 🎯 ₹200
TATA POWER — Nuvama BUY | 🎯 ₹421
INOX WIND — Nuvama BUY | 🎯 ₹123
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CLSA On Coforge
(CMP: ₹1,846.50)
HIGH-CONVICTION OUTPERFORM
TARGET PRICE: 2,170
2 Independent Dir Resignations Have Hurt Sentiment, Stk Correcting Around 4.5% Over Past Wk
Believe Mgmt & Bd Taking Steps To Preserve Bd Independence & Minority Shareholder Interests
Co Well-positioned For Al Adoption Via Its FDE Academy, Human + Al-Agent Delivery Model
Co Well-positioned For Al Adoption Via Open-weight/Open-source Model Capabilities, Stronger Cloud Engg
Co Will Showcase These Capabilities In A Sep 17 Webinar
(CMP: ₹1,846.50)
HIGH-CONVICTION OUTPERFORM
TARGET PRICE: 2,170
2 Independent Dir Resignations Have Hurt Sentiment, Stk Correcting Around 4.5% Over Past Wk
Believe Mgmt & Bd Taking Steps To Preserve Bd Independence & Minority Shareholder Interests
Co Well-positioned For Al Adoption Via Its FDE Academy, Human + Al-Agent Delivery Model
Co Well-positioned For Al Adoption Via Open-weight/Open-source Model Capabilities, Stronger Cloud Engg
Co Will Showcase These Capabilities In A Sep 17 Webinar
HSBC On Tata Chem
(CMP: ₹612.45)
MAINTAIN HOLD
TARGET PRICE : 720
Media Reports Suggest RBI Rejected Tata Sons' Application To Surrender NBFC Registration
This Could Potentially Require Tata Sons To Pursue A Public Listing
A Tata Sons Listing Could Unlock Significant Value For Tata Chemicals
Scenario Analysis Indicates Around 13-210% Potential Equity Value Creation For Tata Chem
(CMP: ₹612.45)
MAINTAIN HOLD
TARGET PRICE : 720
Media Reports Suggest RBI Rejected Tata Sons' Application To Surrender NBFC Registration
This Could Potentially Require Tata Sons To Pursue A Public Listing
A Tata Sons Listing Could Unlock Significant Value For Tata Chemicals
Scenario Analysis Indicates Around 13-210% Potential Equity Value Creation For Tata Chem
BERNSTEIN ON HDFC BANK
Maintains an Outperform rating with a target price of ₹1,150
The bank's board has submitted two CEO candidates to the RBI for a three-year term
The board has proposed elevating Jimmy Tata to the role of whole-time director.
This new whole-time director seatI brings the total number of whole-time directors
The leadership succession timeline remains on track ahead of the current CEO's retirement.
Maintains an Outperform rating with a target price of ₹1,150
The bank's board has submitted two CEO candidates to the RBI for a three-year term
The board has proposed elevating Jimmy Tata to the role of whole-time director.
This new whole-time director seatI brings the total number of whole-time directors
The leadership succession timeline remains on track ahead of the current CEO's retirement.
JEFFERIES ON HDFC BANK: BUY | TP ₹880 📈
• Board proposes 2 candidates for CEO role and is moving quickly on succession
• New CEO expected to be appointed for a 3-year term; shortlist likely includes 1 internal & 1 external candidate
• HDFC Bank introducing a 4th Executive Director role to strengthen oversight and succession planning
• Greater clarity on a smooth leadership transition would be positive for HDFC Bank and the broader banking sector
• Investor conversations suggest appointing former PSU-bank leaders could complicate the transition
View: BUY 🟢 | Target Price: ₹880
• Board proposes 2 candidates for CEO role and is moving quickly on succession
• New CEO expected to be appointed for a 3-year term; shortlist likely includes 1 internal & 1 external candidate
• HDFC Bank introducing a 4th Executive Director role to strengthen oversight and succession planning
• Greater clarity on a smooth leadership transition would be positive for HDFC Bank and the broader banking sector
• Investor conversations suggest appointing former PSU-bank leaders could complicate the transition
View: BUY 🟢 | Target Price: ₹880
KOTAK SECURITIES ON HDFC BANK
BUY | TP ₹1,050
• Kotak sees the latest developments as another step toward restoring investor confidence.
• Succession planning is now moving into the execution phase.
• Recent stock-price weakness reflects both financial and non-financial concerns.
• Kotak believes HDFC Bank is getting closer to the end of its de-rating cycle.
• Brokerage would favour a CEO who can provide stability, strategic clarity and a credible roadmap to improve the bank’s return profile.
BUY | TP ₹1,050
• Kotak sees the latest developments as another step toward restoring investor confidence.
• Succession planning is now moving into the execution phase.
• Recent stock-price weakness reflects both financial and non-financial concerns.
• Kotak believes HDFC Bank is getting closer to the end of its de-rating cycle.
• Brokerage would favour a CEO who can provide stability, strategic clarity and a credible roadmap to improve the bank’s return profile.
JPMORGAN ON INDIA TELECOM
PREFER BHARTI AIRTEL & BHARTI HEXACOM
• Questions whether Vodafone Idea can regain market share after securing bank funding for capex.
• IDEA’s capex share is rising, but this has not yet translated into subscriber or revenue-share gains.
• Subscriber-share trends remain broadly similar across telecom circles.
• JPMorgan believes more capex is needed, but questions whether it will be sufficient to close the competitive gap.
• Prefers Bharti Airtel and Bharti Hexacom due to attractive valuations and stronger competitive positions.
• Maintains UNDERWEIGHT on Vodafone Idea, as optimistic assumptions are already priced in.
PREFER BHARTI AIRTEL & BHARTI HEXACOM
• Questions whether Vodafone Idea can regain market share after securing bank funding for capex.
• IDEA’s capex share is rising, but this has not yet translated into subscriber or revenue-share gains.
• Subscriber-share trends remain broadly similar across telecom circles.
• JPMorgan believes more capex is needed, but questions whether it will be sufficient to close the competitive gap.
• Prefers Bharti Airtel and Bharti Hexacom due to attractive valuations and stronger competitive positions.
• Maintains UNDERWEIGHT on Vodafone Idea, as optimistic assumptions are already priced in.
JEFFERIES ON BROKERS & EXCHANGES
• SEBI’s CAS proposals remove a key uncertainty and are positive for brokers and exchanges.
• Consultation paper addresses option traders’ concerns around the Closing Auction Session (CAS).
• Consensus estimates were already factoring in normalization of CAS-related issues from H2FY27.
• Jefferies maintains BUY on GROWW and UNDERPERFORM on BSE.
• Jefferies sees GROWW as the better way to play India’s equity-market growth story.
• SEBI’s CAS proposals remove a key uncertainty and are positive for brokers and exchanges.
• Consultation paper addresses option traders’ concerns around the Closing Auction Session (CAS).
• Consensus estimates were already factoring in normalization of CAS-related issues from H2FY27.
• Jefferies maintains BUY on GROWW and UNDERPERFORM on BSE.
• Jefferies sees GROWW as the better way to play India’s equity-market growth story.
VODAFONE IDEA, INDUS TOWERS: VI EYES ₹35,000 CR, 10-YEAR LOAN FOR NETWORK CAPEX 📡📈
• Vodafone Idea is assembling a consortium of 8–10 lenders for a ₹35,000 Cr, 10-year term loan
• SBI may take ~₹7,000 Cr exposure, while NaBFID could lend around ₹4,000 Cr; PNB, Canara Bank, Bank of Baroda, Union Bank, ICICI Bank & HDFC Bank are also in talks
• Vi needs around ₹60,000 Cr for network/service upgrades, with the balance expected through internal accruals or equity infusion
• Loan structure expected to be finalised by mid-October
• Vodafone Idea is assembling a consortium of 8–10 lenders for a ₹35,000 Cr, 10-year term loan
• SBI may take ~₹7,000 Cr exposure, while NaBFID could lend around ₹4,000 Cr; PNB, Canara Bank, Bank of Baroda, Union Bank, ICICI Bank & HDFC Bank are also in talks
• Vi needs around ₹60,000 Cr for network/service upgrades, with the balance expected through internal accruals or equity infusion
• Loan structure expected to be finalised by mid-October
GOLDMAN SACHS ON CPI
• August headline inflation came in slightly below expectations.
• Core inflation pressures are broadening.
• Despite El Niño-related risks, food prices have remained contained so far.
• August headline inflation came in slightly below expectations.
• Core inflation pressures are broadening.
• Despite El Niño-related risks, food prices have remained contained so far.
UBS On Kalyan Jewellers
(CMP: ₹601.15)
INITIATE BUY
TARGET PRICE: ₹900
Co Has Emerged As Pan-India Jeweller, Replicating Titan's Footprint With Strong Hyper-Local Value Proposition
Capital-Light FOCO Model Is Now Well Established, Enabling Aggressive Network Expansion
Store Rollout Is Nearly 2x That Of Market Leader Titan
Revenue Grew Around 35% CAGR Over FY22-26, Among The Highest In Organised Jewellery
Despite 6x Stock Appreciation Over FY22-26, Valn Attractive At Around 30x FY28 P/E
Trades At Around 45% Discount To Titan
Rev & Earnings Expected To Compound Around 23% CAGR Over Next 5 Years
Continued Multiple Re-rating Could Support Further Upside
(CMP: ₹601.15)
INITIATE BUY
TARGET PRICE: ₹900
Co Has Emerged As Pan-India Jeweller, Replicating Titan's Footprint With Strong Hyper-Local Value Proposition
Capital-Light FOCO Model Is Now Well Established, Enabling Aggressive Network Expansion
Store Rollout Is Nearly 2x That Of Market Leader Titan
Revenue Grew Around 35% CAGR Over FY22-26, Among The Highest In Organised Jewellery
Despite 6x Stock Appreciation Over FY22-26, Valn Attractive At Around 30x FY28 P/E
Trades At Around 45% Discount To Titan
Rev & Earnings Expected To Compound Around 23% CAGR Over Next 5 Years
Continued Multiple Re-rating Could Support Further Upside
GOLDMAN SACHS ON SOLAR INDUSTRIES: BUY | TP ₹26,550 FROM ₹20,180 📈
• Proposed Omnia acquisition expected to be earnings accretive and strengthen Solar Industries’ value chain in Africa
• Goldman Sachs sees strong strategic merit in the transaction
• Key positive is the company’s balanced growth strategy across organic and inorganic opportunities
• Acquisition could potentially boost FY28E EPS by 11–25%
• Deal opens new geographies for Solar Industries while strengthening its presence in key existing markets
• Goldman Sachs maintains BUY and raises target price to ₹26,550 from ₹20,180
View: BUY 🟢 | Target Price: ₹26,550
• Proposed Omnia acquisition expected to be earnings accretive and strengthen Solar Industries’ value chain in Africa
• Goldman Sachs sees strong strategic merit in the transaction
• Key positive is the company’s balanced growth strategy across organic and inorganic opportunities
• Acquisition could potentially boost FY28E EPS by 11–25%
• Deal opens new geographies for Solar Industries while strengthening its presence in key existing markets
• Goldman Sachs maintains BUY and raises target price to ₹26,550 from ₹20,180
View: BUY 🟢 | Target Price: ₹26,550
OPENING CUES — NARROW RANGE 📊
Brent Crude Above $106/bbl
Heightened Global Uncertainty Over Oil
Fed Rate-Hike Bets Rise To 85% After August Inflation
Gold Holds Declines On Rate-Cut Bets
US 10-Year Yields Hold Near 5%
AI Community Commentary On AI Slowdown; Trump Refutes
Bitcoin Reclaims $78K Ahead Of CLARITY Act Vote
US Futures Stabilize After Weaker Monday Session
Asian Bonds Fall On Inflation Concerns
Asian Markets Open In Red, Except Nikkei
SEBI's CAS Revamp Proposal To Aid Volumes
Markets Near Oversold Zones
FII Shorts Unchanged At 89%
FII Seller In Cash Market For 4th Day
Brent Crude Above $106/bbl
Heightened Global Uncertainty Over Oil
Fed Rate-Hike Bets Rise To 85% After August Inflation
Gold Holds Declines On Rate-Cut Bets
US 10-Year Yields Hold Near 5%
AI Community Commentary On AI Slowdown; Trump Refutes
Bitcoin Reclaims $78K Ahead Of CLARITY Act Vote
US Futures Stabilize After Weaker Monday Session
Asian Bonds Fall On Inflation Concerns
Asian Markets Open In Red, Except Nikkei
SEBI's CAS Revamp Proposal To Aid Volumes
Markets Near Oversold Zones
FII Shorts Unchanged At 89%
FII Seller In Cash Market For 4th Day