Nomura on eClerx
Neutral, TP Rs 1830
Analyst day takeaways
Aiming to be in top-quartile growth quadrant.
Aims to scale eClerx’s revenue run-rate from USD500mn (1QFY27) to USD1bn+, but did not specify any timeline
AI as a fundamental competitive moat and TAM expander
Disciplined M&A to build capabilities and not just build revenues
Stock currently trades at 19.8x FY28F EPS of INR101.
Neutral, TP Rs 1830
Analyst day takeaways
Aiming to be in top-quartile growth quadrant.
Aims to scale eClerx’s revenue run-rate from USD500mn (1QFY27) to USD1bn+, but did not specify any timeline
AI as a fundamental competitive moat and TAM expander
Disciplined M&A to build capabilities and not just build revenues
Stock currently trades at 19.8x FY28F EPS of INR101.
AUTO STOCKS
Worker shortages hit 61% of auto suppliers even as EV shift promises 7.2 million jobs ; BL Reports
Worker shortages hit 61% of auto suppliers even as EV shift promises 7.2 million jobs ; BL Reports
MARKET CUES
GIFT Nifty Higher, Indicates A Start In The Green For The Indian Market
US Futures Flat After Major Averages Snap Three-day Losing Streak
US Market Ends In The Green, Dow Rises Nearly 300 pts As Treasury Yields Cool
US 10-year Treasury Yield Hits 4.818% Intra-day, Highest Level Since Nov 2023
Donald Trump Floats Renaming Strait Of Hormuz The 'Trump Strait'
. US Energy Secy To CNBC: Monday Was Our Record Ever Since Conflict Began, >17 m Bbl Of Oil Flowed Via Strait Of Hormuz
Broadcom Pares Losses As Revenue Projected To Double In Both 2027 & 2028
GIFT Nifty Higher, Indicates A Start In The Green For The Indian Market
US Futures Flat After Major Averages Snap Three-day Losing Streak
US Market Ends In The Green, Dow Rises Nearly 300 pts As Treasury Yields Cool
US 10-year Treasury Yield Hits 4.818% Intra-day, Highest Level Since Nov 2023
Donald Trump Floats Renaming Strait Of Hormuz The 'Trump Strait'
. US Energy Secy To CNBC: Monday Was Our Record Ever Since Conflict Began, >17 m Bbl Of Oil Flowed Via Strait Of Hormuz
Broadcom Pares Losses As Revenue Projected To Double In Both 2027 & 2028
JAPAN & CHINA ECONOMIC DATA
JAPAN
August S&P Global Composite PMI rises to 53.5 vs 52.7 MoM
August S&P Global Services PMI Final at 52.5 vs 51.2 MoM
CHINA
August Rating Dog Services PMI rises to 51.4 vs 50.4 MoM
August RatingDog Composite PMI rises to 52.1 vs 50.8 MOM
JAPAN
August S&P Global Composite PMI rises to 53.5 vs 52.7 MoM
August S&P Global Services PMI Final at 52.5 vs 51.2 MoM
CHINA
August Rating Dog Services PMI rises to 51.4 vs 50.4 MoM
August RatingDog Composite PMI rises to 52.1 vs 50.8 MOM
POSITIVE FOR CAPITAL GOODS/POWER ANCILLARY STOCKS
SIEMENS ENERGY INDIA
Order ramp up in transmission sector
Export demand for transformers, switchgears
Capacity expansion plans
SIEMENS ENERGY INDIA
Order ramp up in transmission sector
Export demand for transformers, switchgears
Capacity expansion plans
JPM on RIL
OW. TP Rs 1625
Reliance stock has not responded to continued strength in refining/petchem margins (YTD RIL is down 16.7% vs. NIFTY down c.8%)
Are valuations low enough to make a compelling case?
Estimate current stock prices imply: a) 7.5x EBITDA for O2C, b) peer comp EV/EBITDA multiples for major subsidiaries, c) a c.25% Holding Company discount with d) no value ascribed to the proposed renewables venture, RIL’s real estate holdings or the rapidly growing FMCG revenues.
Mathematically, there be a material downside to valuations if either:
a) persistent growth weakness drives Retail multiples lower, or
b) the Holdco discount increases further.
Upside scenarios include: a) strong O2C EBITDA surprise, b) acceleration of retail growth (higher multiples) and c) crystallization of valuation for the renewables energy segment. Retail growth should look better in the Dec-q (on EBITDA margin base effects), O2C should do well (at least on paper) and RIL is guiding to completion of major cell / battery lines by March 27
OW. TP Rs 1625
Reliance stock has not responded to continued strength in refining/petchem margins (YTD RIL is down 16.7% vs. NIFTY down c.8%)
Are valuations low enough to make a compelling case?
Estimate current stock prices imply: a) 7.5x EBITDA for O2C, b) peer comp EV/EBITDA multiples for major subsidiaries, c) a c.25% Holding Company discount with d) no value ascribed to the proposed renewables venture, RIL’s real estate holdings or the rapidly growing FMCG revenues.
Mathematically, there be a material downside to valuations if either:
a) persistent growth weakness drives Retail multiples lower, or
b) the Holdco discount increases further.
Upside scenarios include: a) strong O2C EBITDA surprise, b) acceleration of retail growth (higher multiples) and c) crystallization of valuation for the renewables energy segment. Retail growth should look better in the Dec-q (on EBITDA margin base effects), O2C should do well (at least on paper) and RIL is guiding to completion of major cell / battery lines by March 27
HSBC on Adani Ports
Buy, TP Rs 2200
ADSEZ posted record monthly throughput of 50 MMT in August, accelerating to 19% y-o-y (vs 15% in Jul)
2QFY27-to-date, cargo growth stood at 17% y-o-y (vs 2QFY27 estimate of 16%) and YTD (Apr-Aug) growth was 16%
y-o-y vs our FY27 growth estimate of 14%
Mundra empty container yard strike risks congestion; Mundra containers drive 24% total throughput and 54% of containers
Buy, TP Rs 2200
ADSEZ posted record monthly throughput of 50 MMT in August, accelerating to 19% y-o-y (vs 15% in Jul)
2QFY27-to-date, cargo growth stood at 17% y-o-y (vs 2QFY27 estimate of 16%) and YTD (Apr-Aug) growth was 16%
y-o-y vs our FY27 growth estimate of 14%
Mundra empty container yard strike risks congestion; Mundra containers drive 24% total throughput and 54% of containers
DATA CENTRE STOCKS: WATER-STRESS CONCERNS RISE AS CAPACITY EXPANDS
• India’s data-centre capacity has risen sharply from ~375 MW in 2020 to ~1,575 MW.
• A 100 MW hyperscale data centre could consume ~2 million litres of water per day for cooling, depending on technology.
• Data-centre water consumption was around 150 billion litres in 2024 and is projected to more than double by 2030.
• Water-stress concerns have emerged around data-centre expansion in Thane and Visakhapatnam.
• Government says data centres do not automatically require environmental clearance, though certain large construction projects may require approvals.
• Rising water usage could increase regulatory scrutiny and spending on water-efficient cooling, recycling and reuse.
• India’s data-centre capacity has risen sharply from ~375 MW in 2020 to ~1,575 MW.
• A 100 MW hyperscale data centre could consume ~2 million litres of water per day for cooling, depending on technology.
• Data-centre water consumption was around 150 billion litres in 2024 and is projected to more than double by 2030.
• Water-stress concerns have emerged around data-centre expansion in Thane and Visakhapatnam.
• Government says data centres do not automatically require environmental clearance, though certain large construction projects may require approvals.
• Rising water usage could increase regulatory scrutiny and spending on water-efficient cooling, recycling and reuse.
Dow rises nearly 300 points to snap three-day slide as Treasury yields cool
🇺🇸 Dow Jones: 53,061.95, up 295 points (+0.56%)
📈 S&P 500: 7,666.60, up 35 points (+0.46%)
💻 Nasdaq: 26,217.83, up 118 points (+0.45%)
🏢 Russell 2000 / Small Cap 2000: 2,953.17, up 1.13% — strongest among major indices.
🇺🇸 Dow Jones: 53,061.95, up 295 points (+0.56%)
📈 S&P 500: 7,666.60, up 35 points (+0.46%)
💻 Nasdaq: 26,217.83, up 118 points (+0.45%)
🏢 Russell 2000 / Small Cap 2000: 2,953.17, up 1.13% — strongest among major indices.
INDIA DAYBOOK | 03 SEPTEMBER 2026
STOCKS IN NEWS | AFTER MARKET CLOSE
POSITIVE NEWS
- Persistent Systems — Plans to raise $450 Mn through debt/equity.
- Ola Electric — Board to consider fundraising on Sep 5.
- KSH International — Factory licence renewed till Dec 2030.
- HUDCO — MoU with Bihar Government for funding of up to ₹25,000 Cr.
- Kirloskar Oil Engines — Strategic cooperation with DEUTZ on 1.6L engine platform.
- Sterlite Technologies — CRISIL upgraded long-term ratings to AA/Stable.
- Muthoot Finance — Shareholders approved MD/Whole-Time Director appointments.
- Jeena Sikho Lifecare — Added six new products to its Ayurvedic portfolio.
- Jindal Worldwide — Shareholders approved MD re-appointment.
- Shivalik Bimetal Controls — Kabir Ghumman re-appointed as MD.
- GMR Airports — CRISIL upgraded existing NCBs to AA-/Stable.
- Power Grid — Won Rajasthan REZ transmission project with ₹3,244 Cr annual charges.
- Kabra Extrusion Technik — Received LOI from a leading 2-wheeler OEM for battery packs.
- Fine Organics — Agreed to acquire 80% stake in Oleofine Organics.
- Indo-Tech Transformers — Won ₹165.6 Cr AP TRANSCO order.
- Technocraft Ventures — Q1 margins improved 220 bps YoY.
- Nuvama Wealth — Received relief from Supreme Court.
- ICICI Bank — Completed purchase of additional 2% stake in ICICI Prudential Life.
- Aditya Birla Capital — Raised ₹300 Cr through listed NCDs.
- L&T Finance — Allotted ₹500 Cr NCDs.
- Aavas Financiers — Plans ₹100 Cr NCD issue.
- Anand Rathi Wealth — Invested ₹5.49 Cr in IFSC subsidiary.
- Kajaria Ceramics — Partnered for solar/wind power supply to Rajasthan plants.
- NMDC — August production grew 20.8% YoY.
NEGATIVE NEWS
- FACT — Faces ₹438 Cr penal-interest impact on government loan and is seeking waiver.
- SAIL — LIC reduced stake by 2% to 4.63%, creating potential supply pressure.
- Hexaware Technologies — CEO resigned and will transition to Senior Advisor.
- Page Industries — Faces ~₹294 Cr Dubai court claim plus interest.
- Omaxe — SAT dismissed appeal against SEBI order.
- Quality Power Electrical — Deferred proposed preferential issue.
- NHPC — Faces ₹392 Cr plus €1.54 Mn arbitration award in Subansiri dispute.
- Reliance Infrastructure — ED filed PMLA prosecution complaint alleging ₹179.7 Cr.
- Aarti Pharmalabs — Faces ₹59.5 Cr stamp duty and penalty.
- Responsive Industries — Promoter group pledged 15L shares.
- GCPL — Inventory-adjustment concerns flagged in strategy call.
NEUTRAL / WATCH
- KPI Green — CFO Salim Yahoo ceased to be CFO/KMP.
- Blue Star — Completed MedTech business sale for up to ₹40 Cr.
- Escorts Kubota — Launched new Farmtrac and PROMAXX tractor ranges.
- AxisCades Tech — Board to consider ₹200 Cr NCD fundraising on Sep 5.
- Baazar Style Retail — Leadership changes; litigation with Cupid to be withdrawn.
- DIPAM — Rural Development shares transferred to Housing & Urban Affairs; government holding unchanged at 75%.
- MosChip Technologies — Supreme Court directed additional ₹200 Cr security in Vayavya Labs dispute.
- Shukra Pharmaceuticals — Promoter converted warrants worth ₹3.13 Cr.
- Godrej Properties — Ratings reaffirmed at AA+/Stable and A1+.
- CEAT — Odisha tax demand revised to ₹3.84 Cr plus interest/penalty.
- India Cements — To acquire 26% in Amplus TN One Energy for up to ₹14.1 Cr.
- Coromandel International — Converted ₹108 Cr subsidiary loan into equity.
- HEG — Changed name to HEG Advanced Materials.
- Samvardhana Motherson — Provided ₹70 Cr corporate guarantee for subsidiary.
- MSP Steel & Power — Board approved demerger scheme.
- RBL Bank — Mobilised ~$3.4 Bn FCNR(B) deposits; considering foreign-currency bond issue.
- Metropolis Healthcare — Targets expansion to 1,000 towns over three years.
- Syrma SGS — Elemaster JV targets ₹200 Cr first-year revenue.
- Cochin Shipyard — Started construction of four battery-electric tugs.
- Auto Components — Industry targets $200 Bn turnover by FY30.
- Engineering Exporters — Raised concerns over proposed Russia sanctions bill.
- NCLAT / Supertech — Seeks status report on delayed housing projects.
KEY TAKEAWAY
- Strong order wins, funding activity and capacity expansion dominate positives, while regulatory/legal issues and promoter stake sales remain key negatives to watch.
STOCKS IN NEWS | AFTER MARKET CLOSE
POSITIVE NEWS
- Persistent Systems — Plans to raise $450 Mn through debt/equity.
- Ola Electric — Board to consider fundraising on Sep 5.
- KSH International — Factory licence renewed till Dec 2030.
- HUDCO — MoU with Bihar Government for funding of up to ₹25,000 Cr.
- Kirloskar Oil Engines — Strategic cooperation with DEUTZ on 1.6L engine platform.
- Sterlite Technologies — CRISIL upgraded long-term ratings to AA/Stable.
- Muthoot Finance — Shareholders approved MD/Whole-Time Director appointments.
- Jeena Sikho Lifecare — Added six new products to its Ayurvedic portfolio.
- Jindal Worldwide — Shareholders approved MD re-appointment.
- Shivalik Bimetal Controls — Kabir Ghumman re-appointed as MD.
- GMR Airports — CRISIL upgraded existing NCBs to AA-/Stable.
- Power Grid — Won Rajasthan REZ transmission project with ₹3,244 Cr annual charges.
- Kabra Extrusion Technik — Received LOI from a leading 2-wheeler OEM for battery packs.
- Fine Organics — Agreed to acquire 80% stake in Oleofine Organics.
- Indo-Tech Transformers — Won ₹165.6 Cr AP TRANSCO order.
- Technocraft Ventures — Q1 margins improved 220 bps YoY.
- Nuvama Wealth — Received relief from Supreme Court.
- ICICI Bank — Completed purchase of additional 2% stake in ICICI Prudential Life.
- Aditya Birla Capital — Raised ₹300 Cr through listed NCDs.
- L&T Finance — Allotted ₹500 Cr NCDs.
- Aavas Financiers — Plans ₹100 Cr NCD issue.
- Anand Rathi Wealth — Invested ₹5.49 Cr in IFSC subsidiary.
- Kajaria Ceramics — Partnered for solar/wind power supply to Rajasthan plants.
- NMDC — August production grew 20.8% YoY.
NEGATIVE NEWS
- FACT — Faces ₹438 Cr penal-interest impact on government loan and is seeking waiver.
- SAIL — LIC reduced stake by 2% to 4.63%, creating potential supply pressure.
- Hexaware Technologies — CEO resigned and will transition to Senior Advisor.
- Page Industries — Faces ~₹294 Cr Dubai court claim plus interest.
- Omaxe — SAT dismissed appeal against SEBI order.
- Quality Power Electrical — Deferred proposed preferential issue.
- NHPC — Faces ₹392 Cr plus €1.54 Mn arbitration award in Subansiri dispute.
- Reliance Infrastructure — ED filed PMLA prosecution complaint alleging ₹179.7 Cr.
- Aarti Pharmalabs — Faces ₹59.5 Cr stamp duty and penalty.
- Responsive Industries — Promoter group pledged 15L shares.
- GCPL — Inventory-adjustment concerns flagged in strategy call.
NEUTRAL / WATCH
- KPI Green — CFO Salim Yahoo ceased to be CFO/KMP.
- Blue Star — Completed MedTech business sale for up to ₹40 Cr.
- Escorts Kubota — Launched new Farmtrac and PROMAXX tractor ranges.
- AxisCades Tech — Board to consider ₹200 Cr NCD fundraising on Sep 5.
- Baazar Style Retail — Leadership changes; litigation with Cupid to be withdrawn.
- DIPAM — Rural Development shares transferred to Housing & Urban Affairs; government holding unchanged at 75%.
- MosChip Technologies — Supreme Court directed additional ₹200 Cr security in Vayavya Labs dispute.
- Shukra Pharmaceuticals — Promoter converted warrants worth ₹3.13 Cr.
- Godrej Properties — Ratings reaffirmed at AA+/Stable and A1+.
- CEAT — Odisha tax demand revised to ₹3.84 Cr plus interest/penalty.
- India Cements — To acquire 26% in Amplus TN One Energy for up to ₹14.1 Cr.
- Coromandel International — Converted ₹108 Cr subsidiary loan into equity.
- HEG — Changed name to HEG Advanced Materials.
- Samvardhana Motherson — Provided ₹70 Cr corporate guarantee for subsidiary.
- MSP Steel & Power — Board approved demerger scheme.
- RBL Bank — Mobilised ~$3.4 Bn FCNR(B) deposits; considering foreign-currency bond issue.
- Metropolis Healthcare — Targets expansion to 1,000 towns over three years.
- Syrma SGS — Elemaster JV targets ₹200 Cr first-year revenue.
- Cochin Shipyard — Started construction of four battery-electric tugs.
- Auto Components — Industry targets $200 Bn turnover by FY30.
- Engineering Exporters — Raised concerns over proposed Russia sanctions bill.
- NCLAT / Supertech — Seeks status report on delayed housing projects.
KEY TAKEAWAY
- Strong order wins, funding activity and capacity expansion dominate positives, while regulatory/legal issues and promoter stake sales remain key negatives to watch.
POSITIVE FOR CAPITAL GOODS/POWER ANCILLARY STOCKS
SIEMENS ENERGY INDIA
Order ramp up in transmission sector
Export demand for transformers, switchgears
Capacity expansion plans
SIEMENS ENERGY INDIA
Order ramp up in transmission sector
Export demand for transformers, switchgears
Capacity expansion plans
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
CLSA On #GodrejCons: Underperform call, target price cut to ₹743/sh. India growth may remain lower due to GT inventory correction, high invsts & tough input-cost environment. Invsts of ₹200 cr annually planned across R&D, GTM & marketing. FY27-29 CL PAT estimates cut 4-6%
Stocks To Watch |📊Ready, set, trade! Keep an eye on these stocks as they set the market buzz