CITI ON L&T

ACCUMULATE | TP ₹4,650

• Robust order inflow momentum strengthens medium-term visibility.

• Recent order wins further improve revenue visibility.

• Remains positioned for an execution recovery.

• Valuations remain reasonable.

*📊 STOCKS TO WATCH LIST*

*🟢 POSITIVE*

* Persistent Systems-To raise $450mn via debt/equity

* Ola Electrics-To consider fundraise on Sept.5

* Technocraft Ventures-Q1 margins up 220bps YoY

* KSH International-Factory renewal license

* HUDCO -MoU with the Bihar gov. for Rs 25,000cr funding

* Kirloskar Oil Engines-Pact with DEUTZ for engine platform

* Sterlite Technologies-CRISIL upgrades long-term credit ratings

* Nuvama Wealth-Supreme Court relief

*🔴 NEGATIVE*

* FACT-Penal interest on loan from government

* SAIL-LIC reduces 2% stake

* Hexaware Technologies – CEO resignation

* GCPL-Concerns on inventory adjustment (Strategy Call)

*📊 OTHER STOCKS TO WATCH LIST*

*🟢 POSITIVE*

* Axiscades Tech-BM on Sept.5 for Rs 200cr fundraise via NCDs

* Muthoot Finance-Shareholder nod for re-appointment of MD, CEO

* Jeena Sikho Lifecare - To expand Ayurvedic healthcare portfolio

* Jindal Worldwide, Shivalik Bimetal Controls -Re-appointment of MD

* GMR Airports-CARE Ratings upgraded on existing NCBs

* Power Grid- Wins bid for Rajasthan REZ transmission project

* Kabra Extrusion Technik-LOI for battery-pack development and supply.

* Fine Organics, RPG Life-Acquisition announcements

* Indo-Tech Transformers-166cr order from AP TRANSCO

* RBL BANK-To mull issuance of foreign currency bonds on Sept 7

*🔴 NEGATIVE*

* Omaxe - SAT dismissed the company's appeal against SEBI

* Quality Power Electrical Equipments-Defers proposed preferential issue

* Omni tech Engineering, Juniper Green, MV Electro systems - Lockin expiry

* Page Industries-Dubai court notice

* NHPC- Subansiri Lower Hydro Electric Project dispute.

Integrated Proteins Ltd
Stock Split From Rs.10/- to Rs.1/-
Ex-date : 04 Sep 2026

PVR Inox Ltd
Buy Back of Shares
Ex-date : 04 Sep 2026

Jonjua Overseas Ltd
Bonus issue 7:24
Ex-date : 04 Sep 2026

TCC Concept Ltd
Stock Split From Rs.10/- to Rs.2/-
Ex-date : 04 Sep 2026

HEG Ltd
Spin Off
Ex-date : 07 Sep 2026

Sectors To Watch

Sugar Stocks- Centre plans interministerial meeting to chart ethanol feedstock strategy

Aviation Stocks- High-level panel discusses ways to boost aircraft leasing activities in India

Hotel Stocks- Civil aviation ministry looks at simplifying approvals for buildings near airports

New India Assurance, GIC-FinMin asks state-owned general insurers to focus on profitable lines of biz

Precision Engineering Stocks- Govt mulls to exempt high-tech sector companies from BIS certification

Meesho-Softbank to sell shares worth Rs 1435 crore via block

Ola Electric, Persistent Systems-Fund raise

OTHER NEWS

Auto components industry eyes USD 200 bn turnover by FY30: Report

Engineering exporters flag concern over Russia sanctions bill seeking 100% tariff on India

Cochin Shipyard starts construction of four battery-electric tugs for Svitzer

Metropolis Healthcare to expand presence to 1,000 towns in 3 years from 750 currently

IDFC First Bank 'scam': CBI files chargesheet against 6 Haryana IAS officers, 13 others

Syrma SGS, Elemaster JV expects Rs 200 cr revenue in first year of operation

Ganesh Ecosphere- India's plastic recycling market to grow at 9-11 pc annually over next 5-10 years

SML Mahindra targets 10-12 pc commercial vehicle market share by FY31

NCLAT seeks status report on delayed Supertech housing projects by NBCC

Stocks Watchlist

Positive
Persistent Systems-To raise $450mn via debt/equity
Ola Electrics-To consider fundraise on Sept.5
Technocraft Ventures-Q1 margins up 220bps YoY
KSH International-Factory renewal license
HUDCO -MoU with the Bihar gov. for Rs 25,000cr funding
Kirloskar Oil Engines-Pact with DEUTZ for engine platform
Sterlite Technologies-CRISIL upgrades long-term credit ratings
Nuvama Wealth-Supreme Court relief

NEGATIVE
Meesho-Softbank to sell shares worth Rs 1435 crore via block
FACT-Penal interest on loan from government
SAIL-LIC reduces 2% stake
Hexaware Technologies – CEO resignation
GCPL-Concerns on inventory adjustment (Strategy Call)

Where's The Alpha?

Technocraft Ventures-Q1 margins up 220bps YoY

KSH International-Factory renewal license

HUDCO -MoU with the Bihar gov. for Rs 25,000cr funding

Axiscades Tech-BM on Sept.5 for Rs 200cr fundraise via NCDs

Jindal Worldwide, Shivalik Bimetal Controls -Re-appointment of MD

GMR Airports-CARE Ratings upgraded on existing NCBs

Kabra Extrusion Technik-LOI for battery-pack development and supply.

Fine Organics, RPG Life-Acquisition announcements

Indo-Tech Transformers-166cr order from AP TRANSCO

Opening Cues-Positive Triggers

Trump-Iran War Will Not Last For Longer

Crude Snaps 3-day Gaining Streak

Global Treasury Yields Cool-Off

Gold Holds Gain Near $4400/Oz Levels

Yen Strengthens On Suspected Rate Check

Asian Stocks Advance

Strong India FCNR Bond Data

Rupee At 2-Month High On RBI Intervention

FIIs Cash Buying Highest Since Oct. 2025

FII Shorts At 90% vs 91%

FII Buyers In Cash Market For 2nd Day

Action For Day

PM Modi- CII Event On India-EU FTA

Sensex Expiry

Block Deal-Meesho

IPO Listings-Lumino Industries

AGM- Adani Green Energy

Lockin In Expiry- Omnitech Engineering, Juniper Green, MV Electrosystems

US Treasury- $12.5 Billion Debt Buyback

US Initial Jobless Claims Data

Other Stocks Watchlist

POSITIVE

Axiscades Tech-BM on Sept.5 for Rs 200cr fundraise via NCDs

Muthoot Finance-Shareholder nod for re-appointment of MD, CEO

Jeena Sikho Lifecare - To expand Ayurvedic healthcare portfolio

Jindal Worldwide, Shivalik Bimetal Controls -Re-appointment of MD

GMR Airports-CARE Ratings upgraded on existing NCBs

Power Grid- Wins bid for Rajasthan REZ transmission project

Kabra Extrusion Technik-LOI for battery-pack development and supply.

Fine Organics, RPG Life-Acquisition announcements

Indo-Tech Transformers-166cr order from AP TRANSCO

RBL BANK-To mull issuance of foreign currency bonds on Sept 7

NEGATIVE

Omaxe - SAT dismissed the company's appeal against SEBI

Quality Power Electrical Equipments-Defers proposed preferential issue

Omnitech Engineering, Juniper Green, MV Electrosystems-Lockin expiry

Page Industries-Dubai court notice

NHPC- Subansiri Lower Hydro Electric Project dispute.

MAJOR CONTRACT WINS | SEPTEMBER 02, 2026

BEML
₹180.60 Cr — Vande Bharat trainset manufacturing order

POWERGRID
Rajasthan inter-state transmission system project win

GPTINFRA
₹483.70 Cr — Bridge construction project order

INDOTECH
₹165.55 Cr — Order for 26 power transformers

MANBRO
₹7.79 Cr — GI steel tubular poles order

ACCORDTS
₹9.69 Cr — Transformer supply order

VEERHEALTH
₹4.37 Cr — Order from Indian FMCG company

AFCOM
Acquisition of 4 Boeing 777-8F freighter aircraft

INOX WIND: WINS ₹755 CR REPEAT ORDER FROM INDIAN OIL

• Secures 100 MW turnkey order from Indian Oil Corporation.

• Contract value: approximately ₹755 Cr.

• Scope includes wind turbine supply, EPC and end-to-end project execution.

• Includes post-commissioning O&M services for 10 years.

• Repeat order strengthens Inox Wind’s relationship with Indian Oil and its diversified customer base.

JEFFERIES ON WELSPUN CORP ; ACCUMULATE | TP ₹3,250

• Riding the strong energy investment cycle; global leader in welded line pipes.

• Key beneficiary of strong US oil & gas capex, supported by local manufacturing.

• Sees a significant growth opportunity in Saudi Arabia.

• India offers potential tailwinds, though near-term demand remains uncertain.

• Strong medium-term growth and ROE outlook.

NUVAMA ON TATA POWER ; ACCUMULATE | TP ₹421 FROM ₹400

• Current price factors in the worst-case scenario; sees 15%+ upside in bull case.

• CMP is below bear-case TP of ₹363, suggesting key overhangs are largely priced in.

• Sees meaningful upside from currently unpriced PSP and TBCB pipeline.

• Projects these projects to contribute to cash flows by FY29–30.

• Timely commissioning of 2.8 GW PSP could add ~₹600 Cr annual cash flow.

• Potential re-rating once market valuations roll forward to FY29.

JP MORGAN ON ADANI PORTS ; OVERWEIGHT | TP ₹2,000

• Strong volume growth continues.

• Sees recent stock correction as a buying opportunity.

• Associated British Ports stake-sale process advances; Adani Ports no longer in contention.

• Q1FY27 results remained strong despite impact from Middle East conflict.

• Adani Ports remains one of JP Morgan’s top picks in the sector.

JEFFERIES ON INDIA STRATEGY

• Several major economic & corporate performance indicators have strengthened recently.

• Nominal GDP growth expected to accelerate to 11.5–12% in FY27 from 9% last year.

• Improving macro backdrop could drive corporate EPS growth towards 14%+.

• Elevated valuations and continued large equity supply could cap broader market returns.

• Overweight on Lenders, Power, Metals, Property & Hospitals.

JEFFERIES ON BANKS

• FCNR-B mobilisation crossed $60 bn in just 10 days, taking total flows to $136 bn, ~4x the 2013 scheme flows.

• Total mobilisation has surpassed Jefferies’ upper-end estimate of $100 bn.

• Strong flows enhance banking-system liquidity ahead of the festive season and may help keep rates lower.

• RBI may absorb some liquidity via repo operations; Jefferies sees a lower probability of a CRR hike.

• Better liquidity expected to benefit NBFCs and smaller private banks.

• FCNR-B could lower NIMs, but remains accretive to NII.

JEFFERIES ON BANKS

• RBI may absorb some excess liquidity via repo operations, but Jefferies sees a lower probability of a CRR hike.

• Better system liquidity expected to benefit NBFCs and smaller private banks.

• FCNR-B deposits may lower NIMs, but are expected to be accretive to NII.

GOLDMAN SACHS ON AXIS BANK ; BUY | TP ₹1,477

• Expects continued strong loan growth in FY27.

• Medium-term loan growth guided at ~300 bps above system growth.

• Corporate loan growth continues to meet return thresholds.

• Retail disbursement growth improving; portfolio mix expected to rebalance in FY28.

• NIMs seen near trough, excluding impact from FCNR-linked liquidity.

• Asset quality remains benign; ECL transition expected to be manageable.

MORGAN STANLEY ON HYUNDAI MOTOR INDIA ; OVERWEIGHT | TP ₹2,438 FROM ₹2,131

• Sees EBITDA margins, volumes and market share near a trough.

• Two SUV launches expected over the next five months; third-gen Creta may be showcased at Feb 2027 Auto Show.

• Expects exports to rise as India becomes a global Venue production hub.

• Expects H2FY27 run-rate to be 25% above Q1FY27.

• Export margins are ~300 bps higher than domestic sales.

• Values stock at 25x Sep-2028E earnings.

• Key risks: demand slowdown and Bayon cannibalisation.