S&P UPGRADES INDIA'S FY27 REAL GDP GROWTH FORECAST TO 7%

Upgrades India's FY27 Real GDP Growth Forecast By 4 Bps To 7%

Robust Industrial Activity, Healthy Consumption Support Higher Growth

Strong Exports, Accelerating Govt Investment Key Growth Drivers

Expect RBI To Raise Repo Rate By 25 Bps Το 5.50% In FY27

Inflationary Pressures, West Asia War, Weather Risks Support Rate Hike

Emkay Brokerage Calls

Hindustan Aeronautics: BUY | TP ₹5,950

Bharat Electronics: BUY | TP ₹500

Bharat Dynamics: ADD | TP ₹1,350

BEML: BUY | TP ₹2,600

STOCKS WITH HIGH VOLUME AT 9:30 AM

CUBEX TUBINGS ; +20.00% ; 2.98X VOLUME

SOLEX ENERGY ; +11.60% ; 2.92X VOLUME

OPTIEMUS INFRACOM ; +13.22% ; 2.32X VOLUME

TEXMACO INFRASTRUCTURE & HOLDINGS ; +5.56% ; 2.08X VOLUME

JSW DULUX ; +1.33% ; 1.94X VOLUME

MANBA FINANCE ; +3.78% ; 1.85X VOLUME

SHIVA GLOBAL AGRO INDUSTRIES ; +2.92% ; 1.85X VOLUME

AASTHA SPINTEX ; +8.26% ; 1.78X VOLUME

CRESTO TECHNO ; -11.50% ; 1.76X VOLUME

ALLIED BLENDERS AND DISTILLERS ; +1.25% ; 1.66X VOLUME

RACE ECO CHAIN ; +18.48% ; 1.61X VOLUME

LALITHAA JEWELLERY MART ; +5.00% ; 1.61X VOLUME

MANUGRAPH INDIA ; +18.25% ; 1.60X VOLUME

TODAY'S NEW LISTINGS

HERO MOTORS - 2.3 %

JINDAL SUPREME + 29 %

SS RETAIL + 47 %

SAMSUNG INDIA ELECTRONICS PROFIT DECLINED 36 PER CENT TO RS 7,228.10 CRORE FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026, ACCORDING TO A ROC FILING BY THE CONSUMER ELECTRONICS MAJOR

DIXON IN FOCUS

INDIA (SEP) HSBC INDIA PMI MFG ACTUAL: 55.7 VS 52.8 PREVIOUS

INDIA (SEP) HSBC INDIA PMI COMPOSITE ACTUAL: 56.5 VS 54.3 PREVIOUS

INDIA (SEP) HSBC INDIA PMI SERVICES ACTUAL: 55.8 VS 54.1 PREVIOUS

GARWARE HI-TECH FILMS: CO. SIGNS MOU WITH LUBRIZOL TO COLLABORATE ON ADVANCED TPU-BASED FILM SOLUTIONS; INVESTMENT OF ₹118 CRORE TO STRENGTHEN BACKWARD INTEGRATION AND EXPAND PPF CAPACITY.

GARWARE HI - TECH FILMS: CO SAYS INITIATIVE IS EXPECTED TO STRENGTHEN THE ECONOMICS OF THE PPF BUSINESS AND SUPPORT AN INCREMENTAL IMPROVEMENT IN EBITDA MARGINS BY 150-200 BPS

Marine Electricals: Dealer Room Check Suggests Big Funds Buying Into The Company, Volumes Surge 30x Of 20 Day Average

HERO MOTORS says Co Too Dependent On Suppliers In Some Areas

HERO MOTORS says Have Planned A Capex Of ₹200 Cr Over 3 Years

HERO MOTORS says Looking At Some Inorganic Opportunities In US, UK | Powertrain Biz Has Become Dominant In 3 Yrs

HERO MOTORS says Capex Typically Generates 1.8-2x Revenue

HERO MOTORS says Ex-Powertrain Biz Also Growing Well

HERO MOTORS says Powertrain Solutions Is A High-margin Business 🟢🟢🟢🟢

HERO MOTORS says Confident Of 30% EBITDA Margin In Powertrain Biz | 80% EBITDA Comes From Powertrain Business

HERO MOTORS says 100% Of India R&D Projects Focused On EVs;60-70% UK Projects Are EV

ELECTRONICS MART, DEVARAKONDA PREMCHAND SAYS

Expect Revenue Growth Of 20%+ & Mid-teens Same-store-sales Growth In FY27

Price Hikes Aiding Growth In Mobile Segment

Large Appliances Category Saw A Slowdown Earlier This Year

Expect North India To Reach EBITDA Margin Lvl Closer To That Of South India In Next 2 Yrs

Expect Inventories To Increase In Q2, Owing To Recent iPhone 18 Series Launch