CNBCTV18 SAYS
UNION CABINET LIKELY TO APPROVE MSP FOR RABI CROPS FOR THE MARKETING SEASON 2027-28
MSP for Rabi crops, including wheat, barley, gram and lentil, among others, likely to be hiked
Cabinet may also approve the third phase of the Green Energy Corridor (GEC), with an outlay of approx ₹55,000 crore
Evacuation of 135 GW of renewable energy targeted under the scheme
Cabinet may also consider the proposal to continue the PM Ujjwala subsidy scheme for FY27
Govt provides a ₹300 subsidy on every domestic LPG cylinder under the scheme
UNION CABINET LIKELY TO APPROVE MSP FOR RABI CROPS FOR THE MARKETING SEASON 2027-28
MSP for Rabi crops, including wheat, barley, gram and lentil, among others, likely to be hiked
Cabinet may also approve the third phase of the Green Energy Corridor (GEC), with an outlay of approx ₹55,000 crore
Evacuation of 135 GW of renewable energy targeted under the scheme
Cabinet may also consider the proposal to continue the PM Ujjwala subsidy scheme for FY27
Govt provides a ₹300 subsidy on every domestic LPG cylinder under the scheme
❤3
POSITIVE FOR ORACLE FINANCIAL SERVICES
Oracle shares jump as much as 8.2% after Axios reported that OpenAI’s annual recurring revenue is nearing $70 billion
OpenAI’s annualized revenue run rate has grown more than 70% since the beginning of the third quarter, Axios reported.
OpenAI signed a $400 billion deal with Oracle and SoftBank last year to support the development of five US data centers
Oracle shares jump as much as 8.2% after Axios reported that OpenAI’s annual recurring revenue is nearing $70 billion
OpenAI’s annualized revenue run rate has grown more than 70% since the beginning of the third quarter, Axios reported.
OpenAI signed a $400 billion deal with Oracle and SoftBank last year to support the development of five US data centers
VESUVIUS INDIA IN FOCUS: RHI MAGNESITA’S TAKEOVER OF PARENT COULD TRIGGER OPEN OFFER FOR INDIAN SHAREHOLDERS AT 47 % PREMIUM
RHI MAGNESITA IN ADVANCED TALKS TO ACQUIRE VESUVIUS PLC AT ~47% PREMIUM
RHI MAGNESITA IN ADVANCED TALKS TO ACQUIRE VESUVIUS PLC AT ~47% PREMIUM
CLSA, INDRAJIT AGARWAL
CEMENT INDUSTRY OUTLOOK
India Is Better Placed Than Global Cement Ind As It Has Lower Clinker Usage
See Good Demand Momentum In July & August
200-250 EBITDA/tonne Realisation Reduction Is Likely For This Quarter
Expect 1-2% Cement Price Increase In Oct 2026 & 2-3% In April 2027
Prefer Large Caps, High Conviction Call On UltraTech Followed By Ambuja Cement
CEMENT INDUSTRY OUTLOOK
India Is Better Placed Than Global Cement Ind As It Has Lower Clinker Usage
See Good Demand Momentum In July & August
200-250 EBITDA/tonne Realisation Reduction Is Likely For This Quarter
Expect 1-2% Cement Price Increase In Oct 2026 & 2-3% In April 2027
Prefer Large Caps, High Conviction Call On UltraTech Followed By Ambuja Cement
IPO LISTING TODAY
MAINBOARD
ADROITIND – ₹235 | +75.37%
SWASTIKAIN – ₹200 | +8.11%
GSPLTRANS – ₹152 | +1.33%
ARMEE – ₹375 | 0.00%
ELEVATE – ₹355.10 | -1.91%
SME
POOJALOGIS – ₹118 | +2.61%
COREIN – ₹78.10 | +0.13%
MAINBOARD
ADROITIND – ₹235 | +75.37%
SWASTIKAIN – ₹200 | +8.11%
GSPLTRANS – ₹152 | +1.33%
ARMEE – ₹375 | 0.00%
ELEVATE – ₹355.10 | -1.91%
SME
POOJALOGIS – ₹118 | +2.61%
COREIN – ₹78.10 | +0.13%
❤4👍1
HOSPITAL STOCKS down in trade
Max Health -5%
Fortis -4.5%
Apollo Hospitals -5%
Aster DM down 4%
SC Raises Concerns Over Private Hospital Pharmacy Mark-ups
* The Supreme Court has raised concerns over the high mark-ups on medicines by private hospitals and their practice of requiring inpatients to purchase drugs through in-house pharmacies.
* The Bench cited a striking example of a cancer drug with a PTR of ~Rs 2,700 versus MRP of ~Rs 27,000, questioning the rationale for such a wide spread. It also observed that patients could be reluctant to buy a much cheaper version from an outside chemist because the large MRP differential could make them suspect the cheaper drug is spurious. The Court further questioned why the existing 16% margin cap for scheduled drugs could not potentially be extended to all medicines, although no such cap has been ordered yet.
* The government sought time for inter-departmental consultations and indicated that a balanced solution needs to be found. The matter is scheduled for hearing again on October 12, 2026.
Max Health -5%
Fortis -4.5%
Apollo Hospitals -5%
Aster DM down 4%
SC Raises Concerns Over Private Hospital Pharmacy Mark-ups
* The Supreme Court has raised concerns over the high mark-ups on medicines by private hospitals and their practice of requiring inpatients to purchase drugs through in-house pharmacies.
* The Bench cited a striking example of a cancer drug with a PTR of ~Rs 2,700 versus MRP of ~Rs 27,000, questioning the rationale for such a wide spread. It also observed that patients could be reluctant to buy a much cheaper version from an outside chemist because the large MRP differential could make them suspect the cheaper drug is spurious. The Court further questioned why the existing 16% margin cap for scheduled drugs could not potentially be extended to all medicines, although no such cap has been ordered yet.
* The government sought time for inter-departmental consultations and indicated that a balanced solution needs to be found. The matter is scheduled for hearing again on October 12, 2026.
❤2
SAI LIFE SCIENCES, SIVARAMAKRISHNAN CHITTOR SAYS
See Steady Progress In China+1 Opportunity
In Discovery Segment Is 40% Pharma & 60% Biotech In Terms Of Revenue
Biotech Will Continue To Be Approx 35% Of Overall Rev & Will Continue To See An Uptick
Announced A Peptides Plant, Will Come Up By 2028
Expect To See A CAGR Growth Of 15-20% Over The Next 2-3 Years
See Steady Progress In China+1 Opportunity
In Discovery Segment Is 40% Pharma & 60% Biotech In Terms Of Revenue
Biotech Will Continue To Be Approx 35% Of Overall Rev & Will Continue To See An Uptick
Announced A Peptides Plant, Will Come Up By 2028
Expect To See A CAGR Growth Of 15-20% Over The Next 2-3 Years
INOX Clean Energy files DRHP with SEBI for a ₹10,000 Cr IPO, comprising a ₹8,000 Cr fresh issue and ₹2,000 Cr OFS
PRANJUL BHANDARI OF HSBC SAYS
Govt Capex Is Growing At 30-35%
Star Of The Season Is Exports, We Were Never An Export-driven Eco, This Is +Ve
I Do Believe That Growth Numbers Will Slow Down & 7.8% Is Not Sustainable
Expect Growth Rate Of Around 7%
FDI & FPI Inflows Not An Exciting Story Yet
Higher Dollar & Yields Are Generally Negative For Asian Economies
Govt Capex Is Growing At 30-35%
Star Of The Season Is Exports, We Were Never An Export-driven Eco, This Is +Ve
I Do Believe That Growth Numbers Will Slow Down & 7.8% Is Not Sustainable
Expect Growth Rate Of Around 7%
FDI & FPI Inflows Not An Exciting Story Yet
Higher Dollar & Yields Are Generally Negative For Asian Economies
TATA TUSSLE
SOURCES SAY
Venu Srinivasan Files Fresh Complaint With Maharashtra Charity Commissioner
Venu Srinivasan Seeks Inquiry Into Governance Of Sir Dorabji Tata Trust & Sir Ratan Tata Trust
Venu Srinivasan Questions Noel Tata's Status As Perpetual Trustee Of Tata Trusts
Venu Srinivasan Questions Noel Tata's Appointment As Tata Trusts Chairman
Venu Srinivasan Objects To Appointment Of Neville Tata As Trustee
Venu Srinivasan Alleges He Has Been Excluded From Key Decision-Making
Venu Srinivasan Seeks Suspension Or Removal Of Trustees If Warranted
SOURCES SAY
Venu Srinivasan Files Fresh Complaint With Maharashtra Charity Commissioner
Venu Srinivasan Seeks Inquiry Into Governance Of Sir Dorabji Tata Trust & Sir Ratan Tata Trust
Venu Srinivasan Questions Noel Tata's Status As Perpetual Trustee Of Tata Trusts
Venu Srinivasan Questions Noel Tata's Appointment As Tata Trusts Chairman
Venu Srinivasan Objects To Appointment Of Neville Tata As Trustee
Venu Srinivasan Alleges He Has Been Excluded From Key Decision-Making
Venu Srinivasan Seeks Suspension Or Removal Of Trustees If Warranted
❤1
SONA COMS IN FOCUS
NEW CAFE-III NORMS TO ACCELERATE EV & EFFICIENCY DEMAND
CAFE-III GIVES 3X CREDIT TO EVs, BOOSTING EV DRIVETRAIN DEMAND
NEW CAFE-III NORMS TO ACCELERATE EV & EFFICIENCY DEMAND
CAFE-III GIVES 3X CREDIT TO EVs, BOOSTING EV DRIVETRAIN DEMAND
IRCON: CO SAYS WORST MAY BE OVER || RAILWAYS ON REVIVAL PATH : CONCALL
IRCON: CO SAYS MANAGEMENT TARGETS MAINTAINING FY27 PAT MARGIN AT 6-7%
IRCON: CO SAYS MANAGEMENT TARGETS MAINTAINING FY27 PAT MARGIN AT 6-7%
MPS LIMITED: CO. RECEIVES ISO/IEC 42001:2023 CERTIFICATION FOR ITS ARTIFICIAL INTELLIGENCE MANAGEMENT SYSTEM (AIMS)
KIRI INDUSTRIES / BODAL CHEMICALS & INDIAN H-ACID MAKERS
H-ACID PRICES SURGE ~300% YTD — CHINA NOW FACES ~10 KT SUPPLY DEFICIT
• H-Acid, a key intermediate for Reactive, Acid & Direct dyes, started 2026 at ~¥40,000/T
• Prices have surged ~300% since the start of 2026
• China now running an estimated ~10 KT deficit versus domestic demand
• Tight H-Acid availability is pushing prices sharply higher across the downstream dye chain
• Reactive Brilliant Blue: ~¥250,000/T → ~¥300,000/T
• Disperse Black: up to ~¥33,000/T in September
H-ACID PRICES SURGE ~300% YTD — CHINA NOW FACES ~10 KT SUPPLY DEFICIT
• H-Acid, a key intermediate for Reactive, Acid & Direct dyes, started 2026 at ~¥40,000/T
• Prices have surged ~300% since the start of 2026
• China now running an estimated ~10 KT deficit versus domestic demand
• Tight H-Acid availability is pushing prices sharply higher across the downstream dye chain
• Reactive Brilliant Blue: ~¥250,000/T → ~¥300,000/T
• Disperse Black: up to ~¥33,000/T in September
MARUTI SUZUKI : DIRECTOR RESIGNS; NEW SENIOR MANAGEMENT APPOINTED
• Mr. Kazunari Yamaguchi resigns as Whole-time Director (Production) w.e.f. close of business hours of September 30, 2026, pursuant to withdrawal of nomination by Suzuki Motor Corporation.
• He will continue as a Non-executive Director.
• Mr. Sarada Prasana Nayak appointed as Senior Management Personnel (SMP) – Head (Production and Production Engineering) w.e.f. October 1, 2026.
• Details of Mr. Nayak's appointment as per SEBI Regulations attached as Annexure "B".
Impact: Neutral (Executive changes within management structure and board composition.)
• Mr. Kazunari Yamaguchi resigns as Whole-time Director (Production) w.e.f. close of business hours of September 30, 2026, pursuant to withdrawal of nomination by Suzuki Motor Corporation.
• He will continue as a Non-executive Director.
• Mr. Sarada Prasana Nayak appointed as Senior Management Personnel (SMP) – Head (Production and Production Engineering) w.e.f. October 1, 2026.
• Details of Mr. Nayak's appointment as per SEBI Regulations attached as Annexure "B".
Impact: Neutral (Executive changes within management structure and board composition.)
COFORGE – Launches CXNova AI Platform
• Launched CXNova, an AI-native agentic customer experience platform.
• Uses multi-agent AI to deliver personalised, real-time customer experiences.
• Integrates customer, content, product and operational intelligence.
• Platform targets industries including travel, BFSI, insurance and healthcare.
• Launched CXNova, an AI-native agentic customer experience platform.
• Uses multi-agent AI to deliver personalised, real-time customer experiences.
• Integrates customer, content, product and operational intelligence.
• Platform targets industries including travel, BFSI, insurance and healthcare.
SEBI CHAIRMAN SAYS
Retail Bond Investors Need To Learn Much More Before Investing
Can't Have Daily NAVs Norm For AIFs Due To Illiquid Assets
Retail Access To Bond Mkt Eased But Knowledge Of Bonds Very Low
Engaged With RBI On Ironing Out FPI Onboarding Issues
Portfolio Managers Must Not Talk More, Deliver Less To Investor
Retail Bond Investors Need To Learn Much More Before Investing
Can't Have Daily NAVs Norm For AIFs Due To Illiquid Assets
Retail Access To Bond Mkt Eased But Knowledge Of Bonds Very Low
Engaged With RBI On Ironing Out FPI Onboarding Issues
Portfolio Managers Must Not Talk More, Deliver Less To Investor
UJJIVAN SMALL: CO SAYS FY27 CREDIT COST GUIDANCE RAISED TO 2.0-2.2% FY27 ROA GUIDANCE REVISED HIGHER ON RECORD PPOP MANAGEMENT SEES NO YIELD PRESSURE IN FY27
SEBI CHAIRMAN SAYS NOTHING UNDER CONSIDERATION OUTSIDE OF THE PAPER ON EQUITY DERIVATIVES (BSE)