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
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
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.
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
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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
GOLDMAN SACHS ON IDFC FIRST BANK ; NEUTRAL | TP ₹92
• Expects strong FY27 loan growth and healthy deposit traction.
• Strong FCNR-B mobilisation; deposit growth expected above industry levels.
• Retains FY27 NIM guidance at 5.8%, with some moderation from FCNR flows.
• Asset quality expected to remain benign.
• Maintains FY27 credit cost guidance at 150–160 bps.
• Expects ROA expansion, driven by operating leverage and lower credit costs.
• Expects strong FY27 loan growth and healthy deposit traction.
• Strong FCNR-B mobilisation; deposit growth expected above industry levels.
• Retains FY27 NIM guidance at 5.8%, with some moderation from FCNR flows.
• Asset quality expected to remain benign.
• Maintains FY27 credit cost guidance at 150–160 bps.
• Expects ROA expansion, driven by operating leverage and lower credit costs.
CLSA ON GODREJ CONSUMER ; UNDERPERFORM | TP ₹743 | CMP ₹905
• India growth may remain weak due to GT inventory correction, high investments and tough input-cost environment.
• Targets GT inventory reduction to 10 days from ~20 days currently.
• Plans ₹200 Cr annual investment across R&D, GTM and marketing.
• Long-term guidance beyond FY27 remains double-digit UVG and teens consolidated revenue/profit growth.
• Investors likely to focus on quarterly execution given past underperformance versus Dec-2021 guidance.
• Cuts FY27–29 PAT estimates by 4–6%.
• India growth may remain weak due to GT inventory correction, high investments and tough input-cost environment.
• Targets GT inventory reduction to 10 days from ~20 days currently.
• Plans ₹200 Cr annual investment across R&D, GTM and marketing.
• Long-term guidance beyond FY27 remains double-digit UVG and teens consolidated revenue/profit growth.
• Investors likely to focus on quarterly execution given past underperformance versus Dec-2021 guidance.
• Cuts FY27–29 PAT estimates by 4–6%.
CITI ON RBL BANK ; BUY | TP ₹440 | CMP ₹389.40
• Mobilised ₹32,472 Cr of gross FCNR(B) deposits under RBI swap facility.
• FCNR(B) deposits equal ~26% of total deposits and ~37% of term deposits; ~2.7% FCNR(B) market share.
• Expects FY27 earnings benefit of ~7% uplift in NII and ~10% in PPOP.
• Incremental FCNR flows carry structurally lower margins; sees 40–45 bps optical NIM pressure over next 2 quarters.
• NIM impact expected to be partial in Q2 and fully reflected in Q3.
• ₹26,000 Cr equity infusion should partly cushion NIM pressure.
• NIM trajectory depends on timing of deployment and utilisation of currently unleveraged deposits.
• Mobilised ₹32,472 Cr of gross FCNR(B) deposits under RBI swap facility.
• FCNR(B) deposits equal ~26% of total deposits and ~37% of term deposits; ~2.7% FCNR(B) market share.
• Expects FY27 earnings benefit of ~7% uplift in NII and ~10% in PPOP.
• Incremental FCNR flows carry structurally lower margins; sees 40–45 bps optical NIM pressure over next 2 quarters.
• NIM impact expected to be partial in Q2 and fully reflected in Q3.
• ₹26,000 Cr equity infusion should partly cushion NIM pressure.
• NIM trajectory depends on timing of deployment and utilisation of currently unleveraged deposits.
NOMURA ON GODREJ CONSUMER ; BUY | TP ₹1,100 | CMP ₹905
• New CEO prioritising portfolio transformation and entry into new/future categories.
• Focus on capturing opportunities beyond home care.
• Godrej Lab (G-Lab) created to identify consumer trends and accelerate premium product launches.
• Aims to transform GCPL into a new-age FMCG company.
• AI to be embedded across demand forecasting, media planning and pricing.
• Core categories such as household insecticides and soaps will continue to receive equal focus.
• Focus on reigniting innovation and strengthening execution.
• New CEO prioritising portfolio transformation and entry into new/future categories.
• Focus on capturing opportunities beyond home care.
• Godrej Lab (G-Lab) created to identify consumer trends and accelerate premium product launches.
• Aims to transform GCPL into a new-age FMCG company.
• AI to be embedded across demand forecasting, media planning and pricing.
• Core categories such as household insecticides and soaps will continue to receive equal focus.
• Focus on reigniting innovation and strengthening execution.
HSBC ON HEXAWARE ; HOLD | TP ₹575 | CMP ₹543.60
• CEO Keech to step down and remain advisor; former EXL executive Vivek Jetley appointed CEO.
• New CEO’s key mandate is to reaccelerate growth with sharper execution.
• Strategy likely to remain unchanged, but execution focus expected to improve.
• Maintains HOLD amid near-term business weakness.
• CEO Keech to step down and remain advisor; former EXL executive Vivek Jetley appointed CEO.
• New CEO’s key mandate is to reaccelerate growth with sharper execution.
• Strategy likely to remain unchanged, but execution focus expected to improve.
• Maintains HOLD amid near-term business weakness.
NOMURA ON WAKEFIT ; INITIATES BUY | TP ₹200 | CMP ₹152.47
• Leading play on large home-furnishing opportunity, leveraging mattress leadership to expand into furniture.
• Full-stack operating model driving strong cost efficiencies.
• Expanding online-to-offline D2C leadership in India’s home-furnishing market.
• Expects 19% revenue CAGR and 31% pre-Ind AS EBITDA CAGR over FY26–29.
• Pre-Ind AS EBITDA margin expected to expand from 7.4% in FY26 to 10.3% by FY29.
• Stock trades at ~40x/29.5x FY28/FY29E P/E; risk-reward seen favourable.
• Leading play on large home-furnishing opportunity, leveraging mattress leadership to expand into furniture.
• Full-stack operating model driving strong cost efficiencies.
• Expanding online-to-offline D2C leadership in India’s home-furnishing market.
• Expects 19% revenue CAGR and 31% pre-Ind AS EBITDA CAGR over FY26–29.
• Pre-Ind AS EBITDA margin expected to expand from 7.4% in FY26 to 10.3% by FY29.
• Stock trades at ~40x/29.5x FY28/FY29E P/E; risk-reward seen favourable.
🔥 TOP BROKERAGE ACTIONS — SEPTEMBER 03
RR KABEL — JM Financial
🔻 ADD → REDUCE | 🎯 ₹2,750 vs ₹2,850
POLYCAB INDIA — JM Financial
🔻 BUY → ADD | 🎯 ₹9,550 vs ₹10,700
KEI INDUSTRIES — JM Financial
🔻 BUY → ADD | 🎯 ₹5,750 vs ₹6,400
COAL INDIA — Nuvama
🔺 SELL → HOLD | 🎯 ₹454 vs ₹396
PARK MEDI WORLD — Ventura Securities
🔺 BUY | 🎯 ₹406 vs ₹284
SHILPA MEDICARE — Nuvama
🆕 INITIATE BUY | 🎯 ₹1,200
PVR INOX — JM Financial
🔺 ADD | 🎯 ₹1,270 vs ₹1,130
PVR INOX — CLSA
🟢 OUTPERFORM | 🎯 ₹2,135
Key theme: JM Financial turned cautious on the wires & cables space, while Park Medi World and Shilpa Medicare were among the notable positive calls.
RR KABEL — JM Financial
🔻 ADD → REDUCE | 🎯 ₹2,750 vs ₹2,850
POLYCAB INDIA — JM Financial
🔻 BUY → ADD | 🎯 ₹9,550 vs ₹10,700
KEI INDUSTRIES — JM Financial
🔻 BUY → ADD | 🎯 ₹5,750 vs ₹6,400
COAL INDIA — Nuvama
🔺 SELL → HOLD | 🎯 ₹454 vs ₹396
PARK MEDI WORLD — Ventura Securities
🔺 BUY | 🎯 ₹406 vs ₹284
SHILPA MEDICARE — Nuvama
🆕 INITIATE BUY | 🎯 ₹1,200
PVR INOX — JM Financial
🔺 ADD | 🎯 ₹1,270 vs ₹1,130
PVR INOX — CLSA
🟢 OUTPERFORM | 🎯 ₹2,135
Key theme: JM Financial turned cautious on the wires & cables space, while Park Medi World and Shilpa Medicare were among the notable positive calls.