Divis Lab in Focus - Citi bullish on oral Wegovy opportunity

Citi on Divis Lab
Maintain Buy with TP of Rs 11700

Novo’s Oral Wegovy Scale-up Offers Potential Optionality for Divi’s

Believe this could offer an attractive opportunity for Indian CDMOs as well, particularly Divi’s

Divis has integrated and cost efficient peptide manufacturing platform

Lilly’s Tirzepatide still remains the largest GLP-1 / peptide opportunity for Divi’s

Any participation in oral Wegovy should be viewed as a potential Optionality

Divi’s remains top pick in India Pharma

SC DELIVERS SPLIT VERDICT ON PLEA VS NEW LAW ON POLL PANEL APPOINTMENTS

ALERT: SC order if poll panel case be referred to Constitution Bench

ALERT: Pleas vs Cabinet minister in panel to appoint poll panel members

SC Judge Datta: Refuses referring poll panel law issue to larger bench

SC Judge Datta: Inclusion of Cabinet member fails to provide neutral voice

SC Judge Datta: Free, fair elections depend on truly independent poll panel

SC Judge Datta: New poll panel law doesn't ensure independent selection

SC Judge Sharma: Seeks forming Constitution Bench over new poll panel law

INVESTIGATING LG ELECTRONICS, SAMSUNG FOR ALLEGEDLY PAYING LOWER TARIFFS ON IMPORTED DISPLAY PARTS OF HIGH-END TVS INDIAN OFFICIALS SAY 5% CONCESSIONAL TARIFF WRONGLY CLAIMED ON OLED DISPLAY PARTS, DUTY OF 15% WAS PAYABLE SAMSUNG: REVIEWING THE MATTER AND COOPERATING FULLY WITH RELEVANT AUTHORITIES, FIRMLY COMMITTED TO COMPLYING WITH ALL LAWS - RTRS

ASIAN PAINT; Dealer checks show strong pick-up in September - NDTV PROFIT 🟢 📈

BANDHAN BANK, RBL BANK ; Buy flows on large HNI and PMS desk , Dealers expect strong earnings - NDTV PROFIT 🟢🟢

RUSSIA CUTS ESTIMATE FOR COUNTRY'S 2026 NATURAL GAS PRODUCTION TO 683.1 BCM FROM PREVIOUS FORECAST OF 688.4 BCM, DOCUMENT SHOWS- RTRS

RUSSIA REVISES DOWN PIPELINE GAS EXPORTS OUTLOOK FOR 2027-2029, DOCUMENT SHOWS- RTRS

CEAT:

CO TO INVEST ₹4.60 CRORE IN WHOLLY OWNED SUBSIDIARY TYRESNMORE VIA RIGHTS ISSUE

RUSSIA CUTS 2026 LNG EXPORT FORECAST TO 35 MILLION TONS FROM EARLIER 40.3 MILLION TONS, DOCUMENT SHOWS- RTRS

Steel Stocks Surge As Margins Hit Multi-Year Highs

- Steel price hikes are offsetting the recent spike in coking coal costs

- Flat steel spreads at a 40-month high; Long steel spreads at a 5-month high

- IIFL prefers SAIL tactically; Tata Steel and JSW Steel better placed for Q2

KREMLIN STATED THAT A MEETING BETWEEN PUTIN AND ZELENSKY CAN ONLY OCCUR IN MOSCOW, DESCRIBING SUMMIT TALKS WITHOUT PROPER PREPARATION AS UNPRODUCTIVE.

HOUTHI OFFICIAL:

WE WILL TARGET ALL U.S. INTERESTS IN THE REGION IF IT SUPPORTS SAUDI ARABIA.

SBI BANKING & ECO CONCLAVE

SBI key part of India's national development over several decades

Reforms should be better understood with a holistic approach

Banking system has transformed significantly over the past decade

India steadily closing gap with leading global economies

FSSAI ACTION AGAINST E-COMMERCE PLATFORMS

FSSAI has initiated penal action against Amazon, Flipkart, Swiggy Instamart, Zepto and BigBasket

Action initiated over food safety and regulatory violations

Happilo Premium Date Bites flagged for misleading, non-compliant claims

Amazon, Swiggy Instamart and BigBasket face action over Datura fruits/seeds

Swiggy Instamart, BigBasket face action over misleading claims on Milky Mist dairy products

BLOCK DEAL IN WELSPUN LIVING

Welspun Group Master Trust Sells 2.45 Cr Shs (2.59% Eq) In Co For 525.88 Cr On NSE

Fidelity Investment Trust Buys 2.22 Cr Shs (2.35% Eq) In Co For 477.98 Cr

Quant MF Buys 22.3 Lk Shs (0.24% Eq) In Co For 47.9 Cr

Deal Was Executed At An Avg Price Of 214.9/Sh On NSE

U.S 10 YEAR YIELD AT 5.09 🔴

US CRUDE OIL FUTURES SETTLE 1.81% HIGHER AT $92.16/BBL, UP $1.64

BRENT CRUDE FUTURES SETTLE 3.86% HIGHER AT $103.08/BBL, UP $3.83

US SECRETARY OF STATE RUBIO MEETS INDIAN COUNTERPART; DISCUSSES POTENTIAL SANCTIONS ON COUNTRIES ENGAGING ECONOMICALLY WITH RUSSIA & IRAN

PATANJALI FOODS, AWL AGRI 🟢

GOVT CUTS IMPORT DUTY ON EDIBLE OILS

• Basic customs duty on crude palm oil & crude soybean oil cut to 5% from 10%.

• Duty on crude sunflower oil cut to 0%.

• Duty on refined palm & soybean oil cut to 27.5%.

• Duty on refined sunflower oil cut to 22.5% from 32.5%.

• New duty structure effective September 24.

WHIRLPOOL

CLARIFIES ON MEDIA REPORTS SUGGESTING PROMOTER'S STAKE SALE

Founder's Intent To Cut Stake Is Known Since Jan 2025

Not Been A Party To Any Negotiations With Potential Buyers

Not Aware Of Talks On Founder Selling All Shares