HAPPIEST MINDS CONFERENCE CALL
Merger To Aid Revenue Goal Of $1 Billion
Merged Co's Shares To Be Listed On NSE, BSE
To Hit $1 Billion Revenue Tgt By FY28 Vs FY31 Earlier
Merger Seen Concluding Within 15 Months
Combined Entity Is Valued Around Rs 18,000 Cr
Combined Co Will Rank As 11th Largest Indian IT Co
Sees Limited Overlap Of Client, More Cross Selling
Merger To Aid Revenue Goal Of $1 Billion
Merged Co's Shares To Be Listed On NSE, BSE
To Hit $1 Billion Revenue Tgt By FY28 Vs FY31 Earlier
Merger Seen Concluding Within 15 Months
Combined Entity Is Valued Around Rs 18,000 Cr
Combined Co Will Rank As 11th Largest Indian IT Co
Sees Limited Overlap Of Client, More Cross Selling
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KAYNES TECH, MUTHUKUMAR NARAYANASWAMY SAYS
Our Products Have Been Working Very Well, Don't See Any Issues w.r.t That
Standalone EMS Biz Is Doing Very Well
Will See Revenue Booking On Smart Meter Biz Only Once Receivable Improves
Planning To Reduce Receivables In Metering Biz By ₹400 Cr
Confident That The Receivable Situation Will Improve By Q4FY27
Our Products Have Been Working Very Well, Don't See Any Issues w.r.t That
Standalone EMS Biz Is Doing Very Well
Will See Revenue Booking On Smart Meter Biz Only Once Receivable Improves
Planning To Reduce Receivables In Metering Biz By ₹400 Cr
Confident That The Receivable Situation Will Improve By Q4FY27
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AUROBINDO PHARMA ARM INCORPORATES NEW WHOLLY OWNED SUBSIDIARY
• Apitoria Pharma, a wholly owned subsidiary of Aurobindo Pharma, has incorporated Avogent Lifesciences Pvt Ltd on August 31, 2026.
• Initial subscribed share capital: ₹5 Cr through 50 lakh equity shares of ₹10 each.
• Apitoria Pharma will hold 100% stake in Avogent Lifesciences.
• The new subsidiary will operate in the pharmaceutical sector.
• Avogent will undertake manufacturing and marketing operations in India and overseas markets.
• Investment will be made through 100% cash subscription to the share capital.
• No governmental or regulatory approval is required for the incorporation.
• Apitoria Pharma, a wholly owned subsidiary of Aurobindo Pharma, has incorporated Avogent Lifesciences Pvt Ltd on August 31, 2026.
• Initial subscribed share capital: ₹5 Cr through 50 lakh equity shares of ₹10 each.
• Apitoria Pharma will hold 100% stake in Avogent Lifesciences.
• The new subsidiary will operate in the pharmaceutical sector.
• Avogent will undertake manufacturing and marketing operations in India and overseas markets.
• Investment will be made through 100% cash subscription to the share capital.
• No governmental or regulatory approval is required for the incorporation.
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Subhash Chandra Case
NCLT Says:
👉#NCLT 5 Member Bench Stays Previous Order Approving Zee Ent Chandra's Repayment Plan
👉Tie-Breaker Judge Opinion Not Majority View, Not Final Order Of Case
👉Tie-Breaker Judge's Verdict Cannot Be Given Effect To
👉Alert: Tie-breaker Judge Had Approved #Zee Ent Chandra's Resolution Plan
NCLT Says:
👉#NCLT 5 Member Bench Stays Previous Order Approving Zee Ent Chandra's Repayment Plan
👉Tie-Breaker Judge Opinion Not Majority View, Not Final Order Of Case
👉Tie-Breaker Judge's Verdict Cannot Be Given Effect To
👉Alert: Tie-breaker Judge Had Approved #Zee Ent Chandra's Resolution Plan
MILKY MIST Q1 CONCALL – KEY UPDATES
• Portfolio expanded to 22+ categories and 650+ SKUs as of June 2026.
• Company has diversified from a single product to a broader FMCG business.
• Sub-brands include Smart Chef, Capella, Brioche and Hustle.
• Key volume drivers: Paneer, Butter, Curd and Milk.
• High-protein products and Greek Yogurt are among the fastest-growing categories.
• Centralised Erode facility handles value-added, frozen and ready-to-cook products.
• 100% of raw milk is procured directly from local farmers.
• Portfolio expanded to 22+ categories and 650+ SKUs as of June 2026.
• Company has diversified from a single product to a broader FMCG business.
• Sub-brands include Smart Chef, Capella, Brioche and Hustle.
• Key volume drivers: Paneer, Butter, Curd and Milk.
• High-protein products and Greek Yogurt are among the fastest-growing categories.
• Centralised Erode facility handles value-added, frozen and ready-to-cook products.
• 100% of raw milk is procured directly from local farmers.
HYUNDAI MOTOR INDIA AUGUST DOMESTIC SALES UP 23.6% YoY
• Domestic sales: 54,396 units vs 44,001 units — +23.6% YoY, highest-ever August sales.
• Total sales including exports: 65,796 units — +8.8% YoY.
• Exports: 11,400 units.
• Apr–Aug FY27 domestic sales grew 12.6% YoY.
• Record domestic sales reflect strong demand across Hyundai’s product portfolio.
• Exports were impacted by logistical constraints linked to West Asia conflict and geopolitical conditions.
• August sales came in at 54,396 units vs ~70,000 units estimated.
• Domestic sales: 54,396 units vs 44,001 units — +23.6% YoY, highest-ever August sales.
• Total sales including exports: 65,796 units — +8.8% YoY.
• Exports: 11,400 units.
• Apr–Aug FY27 domestic sales grew 12.6% YoY.
• Record domestic sales reflect strong demand across Hyundai’s product portfolio.
• Exports were impacted by logistical constraints linked to West Asia conflict and geopolitical conditions.
• August sales came in at 54,396 units vs ~70,000 units estimated.
IZMO: CO SAYS THE CAPABILITY HAS APPLICATIONS ACROSS RADAR, ELECTRONIC WARFARE, SECURE COMMUNICATIONS, AEROSPACE, SATELLITE COMMUNICATIONS AND ADVANCED WIRELESS SYSTEMS
DIC INDIA APPOINTS HAYATO KASHIWAGI AS MANAGING DIRECTOR
• Hayato Kashiwagi has commenced his tenure as Managing Director effective September 1, 2026.
• Appointment is for a term of 3 years, subject to shareholder and Central Government approval.
• He brings 25 years of experience with DIC Corporation across sales, marketing, corporate management and international business.
• Previously served as Regional Business Product Director at DIC Asia Pacific.
• Hayato Kashiwagi has commenced his tenure as Managing Director effective September 1, 2026.
• Appointment is for a term of 3 years, subject to shareholder and Central Government approval.
• He brings 25 years of experience with DIC Corporation across sales, marketing, corporate management and international business.
• Previously served as Regional Business Product Director at DIC Asia Pacific.
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ATUL AUTO: AUGUST TOTAL SALES JUMP 32.6% YoY TO 4,012 UNITS 🚀
🚗 Total domestic + export sales rose 32.6% YoY to 4,012 units in August 2026 vs 3,026 units.
🇮🇳 Domestic sales increased 31.1% YoY to 3,411 units.
🛺 3-wheeler IC engine sales jumped 46.0% YoY to 3,386 units, while domestic IC sales surged 47.0% to 2,785 units.
⚡️ EV sales declined 11.5% YoY to 626 units in August.
📈 FY27 YTD total sales grew 39.6% YoY to 17,690 units, led by 53.2% growth in IC-engine vehicles.
🚗 Total domestic + export sales rose 32.6% YoY to 4,012 units in August 2026 vs 3,026 units.
🇮🇳 Domestic sales increased 31.1% YoY to 3,411 units.
🛺 3-wheeler IC engine sales jumped 46.0% YoY to 3,386 units, while domestic IC sales surged 47.0% to 2,785 units.
⚡️ EV sales declined 11.5% YoY to 626 units in August.
📈 FY27 YTD total sales grew 39.6% YoY to 17,690 units, led by 53.2% growth in IC-engine vehicles.
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Rupee at 2-month high, strengthens by 27 paise against #USDollar, touching 94.80/$ intra-day
🟢Dealers say Rupee gains largely due to RBI selling dollars
🟢Rupee up 2.2% from record low of 96.96/$; is best performing currency in Asia today
🟢Dealers say Rupee gains largely due to RBI selling dollars
🟢Rupee up 2.2% from record low of 96.96/$; is best performing currency in Asia today
Jefferies on Autos
Auto demand momentum remained strong in August for 2Ws, PVs & trucks with registration up 24-29% YoY; however, tractors grew just 3% YoY
Estimate that domestic wholesales grew ~36-43% YoY for PVs & trucks, & 10% for 2Ws & tractors
Wholesales rose a sharp 56% YoY for TMPV, 21-38% for AL/MM/BJAUT/MSIL/TVSL, 9-11% for EIM(RE)/HYUNDAI, but just 3% for HMCL
Vs JEFe, Aug wholesales were in-line for MSIL, HMCL & HYUNDAI, and ahead for rest
Auto demand momentum remained strong in August for 2Ws, PVs & trucks with registration up 24-29% YoY; however, tractors grew just 3% YoY
Estimate that domestic wholesales grew ~36-43% YoY for PVs & trucks, & 10% for 2Ws & tractors
Wholesales rose a sharp 56% YoY for TMPV, 21-38% for AL/MM/BJAUT/MSIL/TVSL, 9-11% for EIM(RE)/HYUNDAI, but just 3% for HMCL
Vs JEFe, Aug wholesales were in-line for MSIL, HMCL & HYUNDAI, and ahead for rest
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Bernstein on Sun Pharma
O-P, TP Rs 2235
Sun Pharmaceutical became sole Indian co among nine drugmakers signing Most-Favored-Nation (MFN) pricing agreements at White House & remains only Indian innovator across all MFN signatories to date.
Believe agreement is strategically important because it both protects & expands Sun's US$1.2-1.3bn innovative-medicines franchise
Under agreement, Sun will extend MFN pricing to participating Medicaid programs and apply MFN principles to future innovative launches
Believe Lower Medicaid net prices could expand patient access, reduce prior-authorization barriers and support broader biologic adoption.
O-P, TP Rs 2235
Sun Pharmaceutical became sole Indian co among nine drugmakers signing Most-Favored-Nation (MFN) pricing agreements at White House & remains only Indian innovator across all MFN signatories to date.
Believe agreement is strategically important because it both protects & expands Sun's US$1.2-1.3bn innovative-medicines franchise
Under agreement, Sun will extend MFN pricing to participating Medicaid programs and apply MFN principles to future innovative launches
Believe Lower Medicaid net prices could expand patient access, reduce prior-authorization barriers and support broader biologic adoption.
Aster DM sees 46 lakh shares worth Rs 350.34 crore change hands in two block deals
EPL : YESTERDAY LARGE TRADE
BLACKSTONE ENTITY SOLD 26.3 % STAKE AT 240.6 /SHARE
BUYERS ; QUANT MF , 360 ONE , ICICI PRU , ABU DHABI , BANDHAN MF ETC
BLACKSTONE ENTITY SOLD 26.3 % STAKE AT 240.6 /SHARE
BUYERS ; QUANT MF , 360 ONE , ICICI PRU , ABU DHABI , BANDHAN MF ETC
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HDFC SECURITIES ON HAPPIEST MINDS ; DOWNGRADES TO ADD | TP ₹400
• Downgrade reflects deal price implying no takeover premium.
• 15-month integration timeline adds uncertainty; no clarity yet on retention of existing management.
• ITC Infotech to acquire Happiest Minds through a two-step deal.
• First step: ITC Infotech to pay ₹1,330 Cr cash for 22.1% stake.
• Merger swap values Happiest Minds at ₹6,167 Cr and ITC Infotech at ₹11,920 Cr.
• Combined entity targets $1 bn revenue by FY28.
• Deal targets 10% revenue synergy and 100 bps margin expansion.
• Downgrade reflects deal price implying no takeover premium.
• 15-month integration timeline adds uncertainty; no clarity yet on retention of existing management.
• ITC Infotech to acquire Happiest Minds through a two-step deal.
• First step: ITC Infotech to pay ₹1,330 Cr cash for 22.1% stake.
• Merger swap values Happiest Minds at ₹6,167 Cr and ITC Infotech at ₹11,920 Cr.
• Combined entity targets $1 bn revenue by FY28.
• Deal targets 10% revenue synergy and 100 bps margin expansion.
VODAFONE IDEA:
CO. RENEWS BRAND IDENTITY, FLAGS AMBITIONS AS A TECH COMPANY BEYOND TELECOM - BUSINESSLINE
CO. RENEWS BRAND IDENTITY, FLAGS AMBITIONS AS A TECH COMPANY BEYOND TELECOM - BUSINESSLINE
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JM Financial on Consumer Durables
Raises 3 key questions for the C&W industry
1️⃣ Is growth peaking?
Elevated copper prices from late-Q3/Q4FY27 could make revenue growth look weaker over the next 12 months.
2️⃣ Is the Street underestimating competition?
UltraTech + Diamond Power could reach ~₹17,000cr revenue by FY29E, implying 11–12% market share. Add Crompton & Bajaj as well.
Domestic opportunity CAGR could fall to ~10.5% FY26–29E. Hence Pricing discipline could also come under pressure.
3️⃣ Do valuations leave room for slower growth?
C&W stocks trade at a 4–5%/~25% premium to 5Y/long-term average P/E.
Polycab looks most vulnerable to slowing growth & peaking margins, followed by RR Kabel and KEI.
JM Financial downgrades:
Polycab & KEI → ADD (from BUY)
RR Kabel → REDUCE (from ADD)
Raises 3 key questions for the C&W industry
1️⃣ Is growth peaking?
Elevated copper prices from late-Q3/Q4FY27 could make revenue growth look weaker over the next 12 months.
2️⃣ Is the Street underestimating competition?
UltraTech + Diamond Power could reach ~₹17,000cr revenue by FY29E, implying 11–12% market share. Add Crompton & Bajaj as well.
Domestic opportunity CAGR could fall to ~10.5% FY26–29E. Hence Pricing discipline could also come under pressure.
3️⃣ Do valuations leave room for slower growth?
C&W stocks trade at a 4–5%/~25% premium to 5Y/long-term average P/E.
Polycab looks most vulnerable to slowing growth & peaking margins, followed by RR Kabel and KEI.
JM Financial downgrades:
Polycab & KEI → ADD (from BUY)
RR Kabel → REDUCE (from ADD)
SMS PHARMA: CARE RATINGS REAFFIRMS ‘CARE A’ & ‘CARE A1’ RATINGS
• Long-term bank facilities: ₹570.07 Cr, enhanced from ₹350.87 Cr.
• Rating reaffirmed at ‘CARE A’; outlook revised to Stable from Positive.
• Short-term bank facilities: ₹52.83 Cr.
• Short-term rating reaffirmed at ‘CARE A1’.
• Long-term bank facilities: ₹570.07 Cr, enhanced from ₹350.87 Cr.
• Rating reaffirmed at ‘CARE A’; outlook revised to Stable from Positive.
• Short-term bank facilities: ₹52.83 Cr.
• Short-term rating reaffirmed at ‘CARE A1’.
Karur Vysya Bank announces that Shri Ramasamy G V has taken charge as Chief Financial Officer & Key Managerial Personnel in the rank of General Manager, effective 01st September 2026. This follows an earlier intimation on changes in Senior Management Personnel. The incumbent CFO, Shri Ramshankar R, is transitioning to Chief Operating Officer upon his elevation as Chief General Manager. 🏦
SUPER INVESTOR AKASH BHANSALI’S ₹7,939 CR STOCK PORTFOLIO!📊
Top 10 Holdings:👇
1- Gujarat Fluorochemicals — ₹2,440.0 Cr
2- Laurus Labs — ₹1,297.3 Cr
3- One97 Communications (Paytm) — ₹1,224.8 Cr
4- Sudarshan Chemical — ₹633.8 Cr
5- Schneider Electric — ₹412.8 Cr
6- Ramkrishna Forgings — ₹305.7 Cr
7- Amber Enterprises — ₹297.2 Cr
8- Greenlam Industries — ₹289.4 Cr
9- Welspun Living — ₹238.9 Cr
10- Inox Wind — ₹227.0 Cr
👀 Interesting: His top 3 bets alone are worth nearly ₹5,000 Cr!
Top 10 Holdings:👇
1- Gujarat Fluorochemicals — ₹2,440.0 Cr
2- Laurus Labs — ₹1,297.3 Cr
3- One97 Communications (Paytm) — ₹1,224.8 Cr
4- Sudarshan Chemical — ₹633.8 Cr
5- Schneider Electric — ₹412.8 Cr
6- Ramkrishna Forgings — ₹305.7 Cr
7- Amber Enterprises — ₹297.2 Cr
8- Greenlam Industries — ₹289.4 Cr
9- Welspun Living — ₹238.9 Cr
10- Inox Wind — ₹227.0 Cr
👀 Interesting: His top 3 bets alone are worth nearly ₹5,000 Cr!
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