TATA STEEL: CO 2QFY27 PRODUCTION AND DELIVERY VOLUMES RELEASED; CRUDE STEEL PRODUCTION UP 8% QOQ AND 10% YOY TO 6.21 MILLION TONS; DELIVERIES INCREASED 15% QOQ AND 7% YOY TO 5.97 MILLION TONS.

JSW STEEL: CO FULLY REDEEMS $500 MILLION 3.95% NOTES DUE 2027 AHEAD OF SCHEDULE THROUGH EARLY REDEMPTION

MICROSOFT — KEY AI & HARDWARE UPDATES

MICROSOFT INTRODUCES AI CODING MODELS THAT CAN RUN DIRECTLY ON INDIVIDUAL LAPTOPS AND PCS.

NVIDIA NEMOTRON WILL RUN LOCALLY ON LAPTOPS AND PCS.

DEEPSEEK V4 FLASH CAN RUN ON DEVICES WITH 60GB MEMORY AND OUTPERFORMS GPT-5 ON SOME CODING TASKS, ACCORDING TO MICROSOFT.

COPILOT WILL DELEGATE TASKS TO LOCAL AI MODELS WHEN COST OR PRIVACY ARE PRIORITIES.

HYBRID INTELLIGENCE FEATURES IN COPILOT WILL ROLL OUT OVER THE COMING MONTHS.

META’S MUSE IS COMING TO WINDOWS.

MICROSOFT INTRODUCES THE SURFACE LAPTOP ULTRA.

CALL OF DUTY WILL COME TO NVIDIA RTX SPARK MACHINES IN 2027.

SURFACE LAPTOP ULTRA ADDS MAGNETIC CONNECT, A BUILT-IN MAGNETIC USB-C CHARGING SYSTEM.

Fed: all 19 officials supported rate hike at September meeting

Fed: Many participants saw risk-management grounds for hike

Fed: Most participants saw another 2026 hike likely appropriate

Fed: Participants generally expected the job market to stay stable.

Fed minutes: participants generally viewed inflation risks tilted to the upside, some noted increased skew in recent months

Fed minutes: almost all participants viewed inflation risks as tilted to the upside, job market risks broadly balanced

POLYCAB : NCLT ADMITS IBC PLEA OVER RS 2.79 CR CLAIM, TO APPEAL

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%.