White House seeks Iran strike options before midterms

𝗠𝗔𝗝𝗢𝗥 𝗖𝗢𝗡𝗧𝗥𝗔𝗖𝗧 𝗪𝗜𝗡𝗦 – 𝗢𝗖𝗧𝗢𝗕𝗘𝗥 𝟬𝟳, 𝟮𝟬𝟮𝟲

▲ 𝗖𝗢𝗡𝗧𝗥𝗔𝗖𝗧 𝗪𝗜𝗡𝗦

𝗗𝗕𝗟
• ₹1,800 Cr LPG pipeline authorisation for 25 years.

𝗪𝗘𝗟𝗘𝗡𝗧
• ₹66 Cr sewer project.

𝗠𝗘𝗔𝗣𝗟
• ₹113.26 Cr Area Grading contract.

𝗦𝗠𝗥
• ₹67 Cr jewellery orders.

𝗦𝗪𝗔𝗦𝗧𝗜𝗞𝗔𝗜𝗡
• ₹615.76 Cr MSEDCL power infrastructure order.

𝗢𝗠𝗣𝗢𝗪𝗘𝗥
• ₹78.84 Cr transmission line order.

𝗧𝗔𝗞𝗬𝗢𝗡
• ₹2.56 Cr Indian Railways network upgrade order.

𝗜𝗧𝗖𝗢𝗡𝗦
• ₹4.08 Cr total contracts for deployment of 107 resources.

𝗦𝗜𝗟𝗩𝗘𝗥𝗧𝗨𝗖
• ₹35.63 Cr server order for Indian Army.

𝗡𝗜𝗠𝗕𝗦𝗣𝗥𝗢𝗝
• ₹30 Cr unsecured loan from associate company.

JEFFERIES ON INDIA STRATEGY

KEY TAKEAWAYS

Rate hike cycle begins

RBI's 25bps hike to benchmark rates was as anticipated

However, the shift in stance to 'caliberated tightening' has raised worries of a prolonged tightening cycle

RBI raised estimates on both growth and CPI, indicating strong nominal GDP growth, which should support corporate earnings

With rate-cut cycles driving de-rating / risk-off sentiments, we maintain tactical shift to large-cap call

Large Banks, RIL, Bharti, Power are key Overweights

Veteran actor NanaPatekar passed away at 5:20 AM today after suffering a severe cardiac arrest at his residence

Despite 45 minutes of continuous CPR, he could not be revived. A medico-legal case (MLC) has been registered, and a post-mortem will be conducted: Dr. Shekhar Salkar, Chief of Oncology Department, Manipal Hospital

CLSA ON BHARTI AIRTEL

Target: ₹2,310
Recommendation: Outperform

Key Takeaways:
• Bharti Airtel currently has 30 million postpaid subscribers and Rs 50 increase would boost India mobile revenue by 2%

• But this is likely to be partially offset by the roaming revenue loss as well as charges to be paid to the international operator for network usage

• Latest move follows Bharti Airtel’s 5G network slicing for postpaid service

NUVAMA ON IKS

Target: ₹2,200
Recommendation: Buy

Key Takeaways:
• Deep in care; high on growth

• Care-journey platform with deep enterprise roots

• Provider outsourcing and TruBridge widen the runway

• Estimate revenue/EBITDA/EPS CAGR of ~35%/32%/26% over FY26-29

MORGAN STANLEY ON
JUBILANT FOOD

Target: ₹439
Recommendation: Equal-weight

Key Takeaways:
• Q2 updates – broadly inline

• Continued sequential improvement in Indian growth is in line with expectations

• Believe margins remain the key monitorable given ongoing inflationary pressures

• Expect standalone EBITDA margin to remain broadly stable in Q2 at 19.5%

NUVAMA ON
SAGILITY

Target: ₹60
Recommendation: Buy

Key Takeaways:
• Settling claims, with care Deep payer relationships provide strong growth foundation

• Outsourcing tailwinds and cross-selling widen opportunity

• Sagility shall deliver a ~13%/~19% USD revenue/adjusted EPS CAGR over FY26-29E while EBITDA margins remain resilient at 24-25%

• Healthy cash generation and a largely debt-free balance sheet by FY27E should support returns

• Valuation leaves room for re-rating

MORGAN STANLEY ON
SHRIRAM FINANCE

Target: ₹1,340
Recommendation: Overweight

Key Takeaways:
• Believe share price will rise over the next 15 days

• Shriram is one of the most defensively positioned for a rate hike as its NIM and earnings are among the least impacted

• This is due to recent rating upgrades, significantly lower incremental borrowing costs and reduced leverage after the MUFG transaction

• Also has among the lowest share of floating rate (bank) borrowings versus peers

• Also has among the lowest exposure to insurance commissions among NBFCs

𝗤𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗥𝗲𝘀𝘂𝗹𝘁𝘀 𝗧𝗼𝗱𝗮𝘆! 📈
📅 𝗗𝗮𝘁𝗲: 08 Oct, 2026

📋 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀:
- GM Breweries Ltd
- Tata Consultancy Services Ltd

NOMURA ON PB FINTECH

NEUTRAL | TP ₹1,100 | CMP ₹1,040

• FY28/FY29 net profit estimates cut by 72%/51%.

• POSP business premiums trimmed, assuming company exits the segment.

• Take rates revised in line with proposed commission caps.

• FY28/FY29 total expense estimates cut by 40%/48%.

• Policybazaar, Dubai and Corporate segments remain unchanged.

• FY26–50 revenue CAGR in DCF lowered to 13.2% from 15.1%.

GOLDMAN SACHS ON RBI OUTCOME

• Continues to expect the terminal repo rate at 6.25%.

• Expects a 25 bps rate hike in the December meeting.

• Sees a further 50 bps of tightening in H1CY27.

• Going forward, key focus will be on whether core inflation pressures become more broad-based.

• Will monitor diffusion indices to assess the generalisation of price pressures.

MORGAN STANLEY ON INDIA STRATEGY

• Q2: Resilient growth, but margins expected to decline.

• Expects Nifty revenue growth to rise to 19% in Q2 from 18%.

• Higher input costs may continue to weigh on margins.

• Nifty earnings growth likely to improve on a QoQ basis.

• All 10 sectors expected to register positive revenue growth.

• Energy, Consumer Discretionary and Industrials expected to lead growth.

UPI MDR: OCTOBER 15 ROLLOUT MAY BE DEFERRED

Proposal made to defer UPI MDR rollout; however "no decision" taken yet

October 15 rollout may be pushed

Traders' bodies seek deferment until after the festive season or early next year

NPCI, in consultation with all stakeholders, yet to take a call

Queries to NPCI and DFS; response awaited

PAYTM DOWN 7 %, MOBIKWIK DOWN 5 %

INFO EDGE (INDIA) LIMITED: Q2FY27 STANDALONE BILLINGS GROW 12.8% YoY TO ₹822.3 CR; RECRUITMENT SOLUTIONS UP 12.6%; 99ACRES BILLINGS UP 21.2%; JEEVANSAATHI UP 18.4%; SHIKSHA DOWN 27.2%

INDIA GOVT:

INDIA’S REGULATORY FRAMEWORK FOR SATELLITE COMMUNICATION SERVICES IS FAIR AND NON-DISCRIMINATORY

ITC IN FOCUS - CLEAN OUT TRADE DONE

Block deal worth Rs 9700 crore took place

GQG likely seller

Banker indicates it was a clean out trade

Foreign long only fund bought one-third of the block

Remaining was bought by mutual funds like Nippon ICICI Pru, SBI, Kotak and AB Capital

Alert - NDTVProfit alerted about a potential block deal by GQG on October 7

TITAN says

Confident That Festive Season Will Be Strong

Demand Held Back In Q2 By Macro Uncertainty

Studded jewellery grew in the 30s vs plain gold jewellery in Q2FY27

Gold Coin Sales Declining In High-Single Digits After Several Qtrs Of 40-60% Growth

India Penetration Remains Low, Creating Growth Runway Regardless Of Lab-Grown Competition

Customers waiting on potential customs duty reduction seen unlikely given West Asia conflict & forex pressure

Expect Mid-single-digit Vol Growth, Excluding Coins, Shifts To Higher Single Digits

Reported Growth Impacted By Festive Season Shift From Sep To Oct

Gold Adornment Vs Invst Expected To Recover, Studded Likely To Continue Growing