Market Wizard
Positional or Delivery View Market Cap - 235+ Crore (Micro Cap) Bought/Added SHIVATEX at CMP of 186 - 188, shall add more on dips (if any) till 162 for positional/investment point of view. View valid as long as 154 is safe on Weekly closing basis. Potential…
ADDED SHIVATEX AT 173 - 176
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TEXMACO RAIL WINS USD 135 MN INTERNATIONAL LOCOMOTIVE ORDER
• Received an international order from Tsiko Africa Logistics and Barberry Holdings.
• Order involves design, manufacture, supply and commissioning of Wabtec ES43ACi – 4,500 HP diesel-electric locomotives.
• Order value: USD 135 Mn, excluding applicable taxes and duties.
• Execution period: 20–24 months from signing of the Definitive Agreement.
• No promoter/group company interest in the awarding entities.
• Order is not a related-party transaction.
• Received an international order from Tsiko Africa Logistics and Barberry Holdings.
• Order involves design, manufacture, supply and commissioning of Wabtec ES43ACi – 4,500 HP diesel-electric locomotives.
• Order value: USD 135 Mn, excluding applicable taxes and duties.
• Execution period: 20–24 months from signing of the Definitive Agreement.
• No promoter/group company interest in the awarding entities.
• Order is not a related-party transaction.
MOTILAL OSWAL ON SBI FUNDS MANAGEMENT
iNITIATES BUY | TP ₹720 | 28% UPSIDE
• India’s leading asset manager with 15.1% market share and QAAUM of ₹29.1 lakh Cr as of Jun’26.
• SBI’s 23,000+ branches and 100 mn+ YONO users provide a strong distribution advantage.
• Less than 2% of SBI’s eligible customer base has been tapped, providing significant growth headroom.
• Expects 14% revenue CAGR and 16% PAT CAGR over FY26–28E.
• Operating expenses expected to decline to ~7 bps of AUM by FY28, supporting ~81% EBITDA margin.
• Expects 51–52% RoE, supported by strong operating leverage.
• TP ₹720 based on 42x FY28E core P/E.
iNITIATES BUY | TP ₹720 | 28% UPSIDE
• India’s leading asset manager with 15.1% market share and QAAUM of ₹29.1 lakh Cr as of Jun’26.
• SBI’s 23,000+ branches and 100 mn+ YONO users provide a strong distribution advantage.
• Less than 2% of SBI’s eligible customer base has been tapped, providing significant growth headroom.
• Expects 14% revenue CAGR and 16% PAT CAGR over FY26–28E.
• Operating expenses expected to decline to ~7 bps of AUM by FY28, supporting ~81% EBITDA margin.
• Expects 51–52% RoE, supported by strong operating leverage.
• TP ₹720 based on 42x FY28E core P/E.
MOIL KEEPS MANGANESE ORE PRICES UNCHANGED FOR SEPTEMBER 2026
• Prices of all ferro grades with manganese content of 44% and above remain unchanged from August levels.
• Other ferro grades below 44% Mn, chemical grades, SMGR grades and fines prices also unchanged.
• EMD basic price maintained at ₹1.80 lakh/MT.
• EMD flakes basic price maintained at ₹1.71 lakh/MT.
• Prices of all ferro grades with manganese content of 44% and above remain unchanged from August levels.
• Other ferro grades below 44% Mn, chemical grades, SMGR grades and fines prices also unchanged.
• EMD basic price maintained at ₹1.80 lakh/MT.
• EMD flakes basic price maintained at ₹1.71 lakh/MT.
INDIAN HOTEL , ITDC , ITC HOTEL
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DELHI HOTELS FARES SURGE
Major hotels sold out during BRICS Summit
Hotel rates up over 100% week on week: Ixigo
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DELHI HOTELS FARES SURGE
Major hotels sold out during BRICS Summit
Hotel rates up over 100% week on week: Ixigo
TVSMotor: Total Sales At 6.16 Lk Units Vs Nomura Est Of 6.53 Lk Units (YoY)
⏩Total Sales Up 21% At 6.16 Lk Units Vs 5.09 Lk Units (YoY)
⏩2-wheeler Sales Up 21% At 5.91 Lk Units Vs 4.90 Lk Units (YoY)
⏩EV Sales At 59,453 Units Vs 25,138 Units (YoY)
⏩3W Sales Up 34% At 25,103 Units Vs 18,748 Units (YoY)
⏩Intl Sales Up 29% At 1.74 Lk Units Vs 1.35 Lk Units (YoY)
⏩Total Sales Up 21% At 6.16 Lk Units Vs 5.09 Lk Units (YoY)
⏩2-wheeler Sales Up 21% At 5.91 Lk Units Vs 4.90 Lk Units (YoY)
⏩EV Sales At 59,453 Units Vs 25,138 Units (YoY)
⏩3W Sales Up 34% At 25,103 Units Vs 18,748 Units (YoY)
⏩Intl Sales Up 29% At 1.74 Lk Units Vs 1.35 Lk Units (YoY)
BROKERAGE CALLS – TARGETS & RATINGS
• HDB Financial Services — Neutral | TP ₹760
• Archean Chemical — Buy | TP ₹655
• Fractal Analytics — Buy | TP ₹1,010
• HDFC Bank — Buy | TP ₹950
• InterGlobe Aviation — Buy | TP ₹6,020
• SBI Funds Management — Buy | TP ₹720
• HDB Financial Services — Neutral | TP ₹760
• Archean Chemical — Buy | TP ₹655
• Fractal Analytics — Buy | TP ₹1,010
• HDFC Bank — Buy | TP ₹950
• InterGlobe Aviation — Buy | TP ₹6,020
• SBI Funds Management — Buy | TP ₹720
HAZOOR MULTI PROJECTS: NHAI WITHDRAWS PARANUR FEE PLAZA LOA
• NHAI has withdrawn the LOA awarded to Hazoor Multi Projects for user-fee collection at Paranur Fee Plaza.
• NHAI plans to implement the Multi-Lane Free Flow (MLFF) tolling system at the plaza.
• MLFF implementation is expected by September 15, 2026.
• Hazoor had requested withdrawal of the LOA considering the upcoming MLFF implementation.
• Impact: Negative
• NHAI has withdrawn the LOA awarded to Hazoor Multi Projects for user-fee collection at Paranur Fee Plaza.
• NHAI plans to implement the Multi-Lane Free Flow (MLFF) tolling system at the plaza.
• MLFF implementation is expected by September 15, 2026.
• Hazoor had requested withdrawal of the LOA considering the upcoming MLFF implementation.
• Impact: Negative
UPI hits a new milestone
UPI transactions crossed the 24-billion mark for the first time in August 2026, with monthly volumes hitting a record 24.51 billion, according to the latest NPCI data.
UPI transactions crossed the 24-billion mark for the first time in August 2026, with monthly volumes hitting a record 24.51 billion, according to the latest NPCI data.
SUGAR STOCKS:
Govt Reduces Sugar Stock Holding Limit To 2,000 Quintals For Sugar Dealers From Sep 15
Govt Reduces Sugar Stock Holding Limit To 2,000 Quintals For Sugar Dealers From Sep 15
Market Wizard
SUGAR STOCKS: Govt Reduces Sugar Stock Holding Limit To 2,000 Quintals For Sugar Dealers From Sep 15
Govt Reduces Sugar Stock Holding Limit To 2,000 Quintals For Sugar Dealers From Sep 15
New Stock Limit Aimed To Curb Hoarding And Speculative Trading
New Stock Limit Aimed To Curb Hoarding And Speculative Trading
AVIATION MINISTRY ORDERS DGCA AUDITS OF MAJOR AIRLINES AHEAD OF FAA SAFETY ASSESSMENT: TIMES NOW
Deepa Jewellers Mainboard IPO | Sept 1–3
₹459.7 Cr issue | Fresh: ₹250 Cr | OFS: 1.18 Cr shares
Price band: ₹168–₹177 | Retail quota: 35%
Lot: 84 shares (~₹14,868 at cap)
B2B manufacturer-supplier of hallmarked gold jewellery to retail chains and standalone stores.
Products: Vaddanam, CNC-cut bangles, kadas, necklaces, armlets & other traditional gold jewellery.
Business snapshot
• 373 customers across 13 states + 1 UT
• 47 retail chains + 326 standalone stores
• ~94% revenue from South India
• 41 karigars
• Top 10 customers ~50% of revenue
Financials
FY24: Rev ₹1,026 Cr | PAT ₹24 Cr
FY25: Rev ₹1,400 Cr | PAT ₹41 Cr
FY26: Rev ₹1,928 Cr | PAT ₹105 Cr
Rev CAGR (FY23–26): ~28%
PAT CAGR (FY23–26): ~68%
• Highest ROE among listed peers: 56.5%
• Highest ROCE among peers: 52.1%
• Asset-light model
• Efficient working capital
• Strong ties with organised jewellers
Another Interesting fact: Valmiki Leela Capital’s first-ever IPO mandate comes with Deepa Jewellers with Emkay Global Financial Services leading alongside!
Watch valuation, regional mix and customer dependence before applying.
₹459.7 Cr issue | Fresh: ₹250 Cr | OFS: 1.18 Cr shares
Price band: ₹168–₹177 | Retail quota: 35%
Lot: 84 shares (~₹14,868 at cap)
B2B manufacturer-supplier of hallmarked gold jewellery to retail chains and standalone stores.
Products: Vaddanam, CNC-cut bangles, kadas, necklaces, armlets & other traditional gold jewellery.
Business snapshot
• 373 customers across 13 states + 1 UT
• 47 retail chains + 326 standalone stores
• ~94% revenue from South India
• 41 karigars
• Top 10 customers ~50% of revenue
Financials
FY24: Rev ₹1,026 Cr | PAT ₹24 Cr
FY25: Rev ₹1,400 Cr | PAT ₹41 Cr
FY26: Rev ₹1,928 Cr | PAT ₹105 Cr
Rev CAGR (FY23–26): ~28%
PAT CAGR (FY23–26): ~68%
• Highest ROE among listed peers: 56.5%
• Highest ROCE among peers: 52.1%
• Asset-light model
• Efficient working capital
• Strong ties with organised jewellers
Another Interesting fact: Valmiki Leela Capital’s first-ever IPO mandate comes with Deepa Jewellers with Emkay Global Financial Services leading alongside!
Watch valuation, regional mix and customer dependence before applying.
Market at day's low, Nifty slips below 24,000 intra-day; Shriram Fin, Maruti Suzuki, IndiGo, Nestle India, Asian Paints among top Nifty losers
SHAYONA ENGINEERING WINS ₹4 CR CONSULTANCY ORDER
• Shayona Engineering received a service order worth ₹4 Cr from a domestic customer.
• Order is for engineering review and technical consultancy services.
• Scope includes design review, technical specifications, calculations, equipment selection and engineering optimisation.
• Order to be executed within 6 months.
• Contract validity: August 28, 2026 to March 31, 2027.
• Promoter/promoter group has no interest in the awarding entity.
• Shayona Engineering received a service order worth ₹4 Cr from a domestic customer.
• Order is for engineering review and technical consultancy services.
• Scope includes design review, technical specifications, calculations, equipment selection and engineering optimisation.
• Order to be executed within 6 months.
• Contract validity: August 28, 2026 to March 31, 2027.
• Promoter/promoter group has no interest in the awarding entity.