IRAN WILL ENFORCE NEW RESTRICTIONS ON VESSEL PASSAGE IN THE PERSIAN GULF STRAIT, WHICH MAY INCLUDE FINES, DETENTION, OR CONFISCATION.

🇮🇳 INDIA CPI INFLATION – RISES TO 4.82%

• CPI Inflation: 4.82% vs 4.45% MoM

• Food Inflation: 5.95% vs 5.52% MoM

• Rural Inflation: 5.23% vs 4.84% MoM

• Urban Inflation: 4.31% vs 3.96% MoM

• Food & Beverages: 5.66% vs 5.24% MoM

• Transport: 4.60% vs 4.43% MoM

• Health: 1.34% vs 1.34% MoM

CPI Inflation At 4.82% Vs 4.45% (MoM); Highest In 20 Months

Core Inflation At 4.2% Vs 3.9% (MoM)

Food Inflation At 5.95% Vs 5.52% (MoM)

Rural Inflation At 5.23% Vs 4.84% (MoM)

Urban Inflation At 4.31% Vs 3.96% (MoM)

Food And Beverages Inflation At 5.66% Vs 5.24% (MoM)

Retail Inflation At 4.82% Vs 4.45% (MoM)

Transport Inflation At 4.60% Vs 4.43% (MoM)

Health Inflation At 1.34% Vs 1.34% (MoM)

CITIGROUP EXPECTS BOE TO HIKE INTEREST RATES BY 25 BPS EACH IN Q4 2026 AND Q1 2027 VS PRIOR FORECAST OF RATES ON HOLD UNTIL Q2 2027

JP Morgan Upgrades BSE to overweight from neutral

BSE price target at Rs 3950 per share

CAS overhang to lift volumes for exchange stocks

With SEBIs latest move, volumes expected to recover

Price settlement overhang expected to ease ahead

AI BOOM FALTERS: US TECH STOCKS SLUMP AS BIG TECH CALLS FOR AI SLOWDOWN

TRADERS FULLY PRICE FIVE QUARTER-POINT BOE HIKES BY END OF 2027

COFORGE CONCALL

Interim Chairperson Vivek Sharma To Not Contest For Permanent Chairmanship

Accounting Firm KPMG Is Conducting Internal Audit, Internal Auditor Has Raised Concerns

Governance Matter Has Nothing To Do With Operations, Financials

Executive Directors Have No intention To Contest For Chairperson Position

Have Significant Interest From Candidates Within India

TRUMP: UKRAINE HAS AGREED NOT TO HIT RUSSIAN ENERGY TARGETS. RUSSIA HAS AGREED TO DO, LIKEWISE! THE WORLD’S DIESEL PRICE RISE IS MOSTLY CAUSED BY THE RUSSIA/UKRAINE WAR, NOT IRAN. PRESIDENT DJT

TRUMP: THE FAILING NATION OF IRAN WANTS TO MAKE A DEAL, QUICKLY AND BADLY. I WILL DETERMINE WHETHER OR NOT THE U.S.A. WILL CHOOSE TO ENGAGE - THE CONCEPT OF WHICH WE ARE OPEN TO. THANK YOU FOR YOUR ATTENTION TO THIS MATTER! PRESIDENT DONALD J. TRUMP

TRUMP: I’VE JUST RECEIVED A REPORT THAT THE UNITED STATES IS PRODUCING MORE EXQUISITE AND ELITE WEAPONS THAN AT ANY TIME IN OUR HISTORY. THEY ARE BEING DELIVERED ON A DAILY BASIS TO OUR FORCES IN THE MIDDLE EAST, AND BEYOND.

TRUMP: OUR DEFENSE COMPANY FACTORIES ARE MOVING 24/7, WHILE AT THE SAME TIME BUILDING, ON AVERAGE, 4 TO 5 LARGESCALE BRAND NEW PLANTS, EACH! A PRIMARY FOCUS OF THIS PRODUCTION HAS BEEN PATRIOTS, THAAD SYSTEMS, TOMAHAWKS, AND OTHER STANDARD MISSILE SYSTEMS, OF WHICH WE ALREADY HAVE LARGE NUMBERS IN STOCK.

TRUMP: OIL IS FLOWING THROUGH THE HORMUZ STRAIT. THE COUNTRIES OF THE WORLD, WHICH HAVE BEEN NO HELP TO US WHATSOEVER, SHOULD, AND WILL, REIMBURSE THE UNITED STATES OF AMERICA WHEN THIS SCAM CONFLIGRATION IS ALL OVER. WE ARE DOING IT MUCH MORE FOR OTHERS, THAN WE ARE FOR OURSELVES, AND WE HAVE BEEN FOR GENERATIONS! PRESIDENT DONALD J. TRUMP

TRUMP: I HOPE EVERYONE REALIZES THAT PRICE INCREASES THROUGHOUT AMERICA WERE CAUSED BY SLEEPY JOE BIDEN AND THE BIDEN ADMINISTRATION, NOT BY “TRUMP.” EVEN OIL WAS HIGHER UNDER BIDEN THAN IT IS RIGHT NOW, AND WE PREVENTED IRAN FROM HAVING A NUCLEAR WEAPON! WITH THE TEMPORARY EXCEPTION OF OIL, PRICES ARE COMING DOWN SHARPLY, AND OIL WILL DROP LIKE A ROCK AS SOON AS THE MILITARY CONFLICT WITH IRAN IS OVER, AND THAT WILL NOT BE LONG. THANK YOU FOR YOUR ATTENTION TO THIS MATTER! PRESIDENT DONALD J. TRUMP

⚡ POWER SECTOR — NUVAMA

ACME SOLAR — Nuvama BUY | 🎯 ₹448

NTPC — Nuvama BUY | 🎯 ₹445

POWER GRID — Nuvama BUY | 🎯 ₹283

CESC — Nuvama BUY | 🎯 ₹200

TATA POWER — Nuvama BUY | 🎯 ₹421

INOX WIND — Nuvama BUY | 🎯 ₹123

CLSA On Coforge

(CMP: ₹1,846.50)

HIGH-CONVICTION OUTPERFORM

TARGET PRICE: 2,170

2 Independent Dir Resignations Have Hurt Sentiment, Stk Correcting Around 4.5% Over Past Wk

Believe Mgmt & Bd Taking Steps To Preserve Bd Independence & Minority Shareholder Interests

Co Well-positioned For Al Adoption Via Its FDE Academy, Human + Al-Agent Delivery Model

Co Well-positioned For Al Adoption Via Open-weight/Open-source Model Capabilities, Stronger Cloud Engg

Co Will Showcase These Capabilities In A Sep 17 Webinar

HSBC On Tata Chem

(CMP: ₹612.45)

MAINTAIN HOLD

TARGET PRICE : 720

Media Reports Suggest RBI Rejected Tata Sons' Application To Surrender NBFC Registration

This Could Potentially Require Tata Sons To Pursue A Public Listing

A Tata Sons Listing Could Unlock Significant Value For Tata Chemicals

Scenario Analysis Indicates Around 13-210% Potential Equity Value Creation For Tata Chem

BERNSTEIN ON HDFC BANK

Maintains an Outperform rating with a target price of ₹1,150

The bank's board has submitted two CEO candidates to the RBI for a three-year term

The board has proposed elevating Jimmy Tata to the role of whole-time director.

This new whole-time director seatI brings the total number of whole-time directors

The leadership succession timeline remains on track ahead of the current CEO's retirement.

JEFFERIES ON HDFC BANK: BUY | TP ₹880 📈

• Board proposes 2 candidates for CEO role and is moving quickly on succession

• New CEO expected to be appointed for a 3-year term; shortlist likely includes 1 internal & 1 external candidate

• HDFC Bank introducing a 4th Executive Director role to strengthen oversight and succession planning

• Greater clarity on a smooth leadership transition would be positive for HDFC Bank and the broader banking sector

• Investor conversations suggest appointing former PSU-bank leaders could complicate the transition

View: BUY 🟢 | Target Price: ₹880

KOTAK SECURITIES ON HDFC BANK

BUY | TP ₹1,050

• Kotak sees the latest developments as another step toward restoring investor confidence.

• Succession planning is now moving into the execution phase.

• Recent stock-price weakness reflects both financial and non-financial concerns.

• Kotak believes HDFC Bank is getting closer to the end of its de-rating cycle.

• Brokerage would favour a CEO who can provide stability, strategic clarity and a credible roadmap to improve the bank’s return profile.

JPMORGAN ON INDIA TELECOM

PREFER BHARTI AIRTEL & BHARTI HEXACOM

• Questions whether Vodafone Idea can regain market share after securing bank funding for capex.

• IDEA’s capex share is rising, but this has not yet translated into subscriber or revenue-share gains.

• Subscriber-share trends remain broadly similar across telecom circles.

• JPMorgan believes more capex is needed, but questions whether it will be sufficient to close the competitive gap.

• Prefers Bharti Airtel and Bharti Hexacom due to attractive valuations and stronger competitive positions.

• Maintains UNDERWEIGHT on Vodafone Idea, as optimistic assumptions are already priced in.