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August 04, 2025

Daily Morning Report Date: 04.08.2025
NIFTY OUTLOOK: 24565.35 FII -3366.40 cr DII 3186.86 cr
As discussed in the previous report dated 28th July 2025, market behaviour remained on expected lines during the week, with selling pressure dragging Nifty down to 24535 — near our support of 24565 — and giving a weekly close at the same level.
A bearish candle with an upper shadow on the weekly chart suggests continuation of the prevailing downtrend and selling on any bounce. If Nifty breaks below 24433 decisively, it may slip to 24300–24168. With further supply, it could test 24037.
On the upside, 24700–24830 may act as immediate resistance. A sustained breakout above this zone could push Nifty to 24963–25094.
Bank Nifty OUTLOOK:
SPOT: 55617.60 PCR: 0.86 Max CE OI at 57000 & Max PE OI at 57000
On 1st August 2025, Bank Nifty closed at 55617.60, down 0.62% from the previous day’s close.
The index moved 535.50 points during the session, hitting a high of 56097.60 and a low of 55562.10.
Technical View:
Weekly support and resistance: 55050 and 56200
Daily support and resistance: 55450 and 55760
Intraday Breakout Strategy:
Go long above 55760 with a stop loss of 55710 and target of 56900
Go short below 55450 with a stop loss of 55520 and target of 55300
Indicators & SMA Analysis:
RSI stands at 38.40 (below 30 is oversold, above 70 overbought)
Trading above 3 out of 8 SMAs (100, 150, 200-day)
Trading below 5 out of 8 SMAs (5, 10, 20, 30, 50-day)
No active candlestick pattern identified
Macros:
1. Dollar index @ 98.93
2. S&P 500 Vix @ 20.38 (+21.89 %)
3. Brent crude @ 69.67 (-3.94 %)
4. US 10 years bond @ 4.22 (-3.21%)
Note:
The Dollar Index is rising toward the 100 mark (currently at 98.93), while the S&P 500 VIX has surged by 21.89%, reflecting heightened investor anxiety amid renewed tariff concerns triggered by President Trump's aggressive trade stance. Both indicators point to potential further downside in global markets.
On the India front, Trump has issued a warning over India’s continued purchase of Russian oil and military equipment, threatening a 25% tariff if such imports are not halted. So far, India has not signaled any intent to alter its position.
The coming week will be crucial for the Indian economy and equity markets. However, as the legendary investor once said, “Be fearful when others are greedy and be greedy when others are fearful.”
Contributed by
Ashok bhandari : INH000019549
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Kotak India Strategy
Disappointments in details in Q1 earnings prints
Downshift in earnings continued, but at a slightly slower pace
Consumer companies continue to struggle with weak volumes and profitability
Banks and IT services reported weak trends in line with expectations
Jefferies India Strategy
Jun'25 Mid-Quarter Review - Not too bad so far
On muted expectations, the June quarter results season has been less bad than feared, with 100+ cos reporting
The downgrade ratio, though negative, has improved QoQ
Cement, Autos, and non-lending financials delivered in-line to positive quarters
Lender numbers broadly weaker, and most others mixed
Macquarie on ITC
Maintain Outperform with TP of Rs 500
Inline Q1; Healthy cigarette volumes; paper weak
6.5% cigarette volume growth and mix improvement partly offsetting leaf tobacco inflation
ITC sees signs of urban recovery in FMCG and saw correction in leaf tobacco costs in current crop cycle
Continued weakness in paper is concerning, the demand recovery across cigarettes/ FMCG make us constructive on growth
CITI on ITC
Buy, TP Rs 500
Increased competition, together with consumption of high-cost leaf tobacco (continues in FY26) could keep cig margins under pressure
FMCG witnessed improvement in growth trajectory; paperboard remained under pressure
GS on ITC
Buy, TP Rs 490
1Q in-line with est.
Cig. growth strong, margins likely to recover in 2H
FMCG growth improves, margin recovery likely in 2H
Paper biz margins weaken further, but likely to have bottomed
Expect an acceleration in earnings growth in 2HFY27
HSBC on ITC
Buy, TP Rs 510
Q1 rev beat by 10%, EBITDA 3% miss on agribusiness; core Cig, FMCG biz performance in line
Cig c6% vol growth with EBIT up 4% y-o-y (Q4FY25: 4%); FMCG margin up 50bp q-o-q
Pare FY26-28e EPS 2-3% for lower margins in ex-cigs segments
CLSA on Tata Power
U-P, TP Rs 351
1Q impacted by weak Indonesian coal mines, renewable energy (RE) independent power producer (IPP) biz & Tata Projects losses
1Q core profitability impacted by its RE IPP biz, a key long-term catalyst
Treasury income up 46% YoY drove reported PAT.
Coal profit/tn fell 75% YoY on a decline in seaborne coal prices
Only bright spot was the solar EPC & module business, which did well due to India’s solar module import ban
Avendus on Tata Power
Avendus raises Tata Power TP to Rs420 from Rs405; maintains Add
Stock trading at 22x FY27E P/E, 3x P/BV, 11x EV/EBITDA
Valuation reflects expected 21% PAT CAGR over FY25-27E
TP based on 3x FY27E BPS; long-term outlook remains positive
Q1 marked by stable performance and moderate profit growth
Antique on UPL
Antique raises UPL TP to Rs730 from Rs710; maintains Buy
Subdued performance, but FY26 guidance intact
Plans to hike prices of key products to aid margin recovery
Balance sheet deleveraging remains a medium-term priority
Higher finance costs and forex impact prompt 13%/10% cut in FY26/27 estimates
MOSL on UPL
MOSL maintains Neutral on UPL; TP at Rs700
Margin gains driven by improved product mix & operating leverage
Growth seen across platforms, except UPL Corp (lower volumes)
1QFY26 performance resilient despite macro challenges
Stronger growth expected from 2HFY26, led by volume pickup
Pricing to stay soft; new product contributions to rise
FY25-27 CAGR: Revenue 7%, EBITDA 13%, Adj. PAT 53%
Kotak Inst Eqt on UPL
Sell, TP Rs 520
1Q Surprised +vely on gross margins, amid price increases in a few areas, input cost corrections & increased plant utilization.
These benefits may continue for some more time, although their long-term sustainability is uncertain
Jefferies on Adani Ent
Buy, TP Rs 3000
1Q EBITDA was weak, declining ~12-13% YoY/QoQ (~12% miss on JEFFe); PAT fell 50% YoY on higher depn.
EBITDA miss was from older established biz in Coal trading and commercial mining, while Airport/New Energy EBITDA was ahead.
Net debt was higher at Rs776bn vs Rs692bn QoQ as Co is nearing completing new projects in Airport, Copper, Road biz.
Post weak 1Q, and slow progress on Copper project, we cut FY26 ests, while retaining FY27/FY28 est and PT for ADE.
Jefferies on Adani Power
Maintain Buy with TP of Rs 690
Execution on Track
1QFY26 EBITDA was 2% lower than expectations given lower utilisation on weaker power demand and slightly higher expenses
Lower FY26E-27E EBITDA by 4-5% to factor in the same.
Q1 capacity was 17.6 GW and plan is intact to raise capacity by 1.7x to 30.7 GW by 2030
600 MW Vidarbha acquisition has been completed in July 2025
Close co-ordination with BHEL for equipment delivery and in-house EPC are ensuring capex is on schedule
Jefferies on Tata Steel
Buy, TP Rs 200
1Q EBITDA grew 11% YoY, 4% above JEFe EBITDA/t rose QoQ in India & Netherlands while losses contracted in UK
Expect India margins to contract QoQ in 2Q
However, see signs of improvement with China export HRC price up 6% in last 1 mth
GS on Thermax
Maintain Sell; Hike TP to Rs 3210 from Rs 3060
Weak quarter; improved outlook factored in
Order inflow for the quarter grew at 7% YoY due to weak industrial products and chemical
Mgmt remained quite optimistic on orders coming through in FY26
See improved profitability as execution of lower margin orders gradually comes to an end
Jefferies on Thermax
Buy, TP Rs 4500
1Q rev 15% miss which flowed through in EBITDA
Lower FY26E-27E EPS by 4-5%
However, EBITDA margins rose 162 bps YoY to 8.1% despite revenue decline of 4% YoY.
Management expects some larger projects to materialise in 2Q-3QFY26
UBS on Power Grid
Maintain Sell with TP of Rs 300
Capitalization timelines still not impressive
Capex momentum evident, but overhang of project delays continues
Right of way still a challenge; Work in hand at elevated levels
Momentum in TBCB awarding could continue
Citi on Dr Reddy
Maintain Sell with TP of Rs 990
Competition Heating up in Canada Semaglutide; Taro Files for Generic
Expect More Filings in Coming Months
Maintain cautious stance on the Canada Semaglutide opportunity for Dr Reddy's
Believe street expectations may need to be tempered
Jefferies on Delhivery
U-P, TP Raised to Rs 350
1Q EBITDA 35% below est. due to timing mismatch in Ecom Express (Ecom) volume realisation vs. expectation.
Adding back 30mn Ecom volumes, Express Parcel (EP) volume growth is broadly inline with JEFe
Logistics costs account for 29%-78% of sales for marketplaces & insourcing is therefore key for operational/cost control for players, a overhang for 3PL players.
CITI on Delhivery
Buy TP Rs 500
Better than expected express parcel vols (+14% YoY vs Citi: 11%) & commentary indicating significant additional gains in 2Q were major +ves offsetting -2% miss on PTL vol & 10bps lower overall service EBITDA margins
MS on Delhivery
Maintain Equal-weight; Hike TP to Rs 423 from Rs 321
Q1: Ecom integration and synergies driving upside to earnings
Mgmt commentary and volume trends in express parcel should help keep optimism high
Post-recent outperformance, we believe upside is capped
Benefit from synergies is largely in the price
MS on Suzlon
Maintain Overweight with TP of Rs 77
Regulations: Localization of wind manufacturing
Possibility to increase market share for domestic OEMs in interim, whilst foreign OEMs establish local supply chains
Improved level field on pricing, as developers relying on cheaper imports would now source locally
MS on Axis Bank
Maintain Overweight with TP of Rs 1325
Stock is now trading at 1.3x FY27 core book and 10.2x FY27 core earnings, which is attractive compared to peers
Expect credit costs to moderate materially over the next 2-3 quarters and margins to trough in Q2
Post Q2, expect all three key drivers will turn positive
Jefferies on Godrej Properties
Maintain Buy; Cut TP to Rs 3000 from Rs 3200
Q1 results - Soft start, improvement ahead
10% sales growth guidance looks achievable given the strong launch pipeline and an upfronted project adds
Management maintained optimism on demand conditions
Operating cash flow and project delivery performance should also improve in quarters ahead, as per seasonality
Nomura on Godrej Properties
Reduce, TP Rs 1900
1Q unimpressive; 3-4 key project launches in 2QFY26F
OCF, deliveries disappoint in 1Q & remain monitorable
Expect FY26F presales to miss guidance by 5%
Val at 100% premium to NAV much higher than mass-market peers despite correction
MS on Godrej Prop
EW, TP Rs 2400
1QF26 pre-sales of Rs70.8bn (-30% QoQ; LTM: -5% QoQ), in line
(=) F26 pre-sales target of Rs325bn (+10% YoY) maintained, 22% of it was achieved in 1Q.
Strong launch pipeline and Rs270bn of unsold inventory
MS on MCX
Maintain Underweight with TP of Rs 5750
1Q PAT beat MSe by 4%
Core EBITDA (ex non-operating income) was 2% below MSe, due to higher employee expenses and contribution to statutory funds.
PBT (ex-SGF and one-offs) beat MSe by 2% due to lower depreciation and higher other income.
It wrote back excess provision of Rs45mn post SEBI's final order
Average daily transaction revenues have reduced sharply, from Rs52.5mn in 1QF26 to Rs45.6mn in Jul-25
Underweight rating is driven by expensive valuation amid low conviction on sustainability of revenues that are significantly concentrated in a few commodities
MS on LIC Housing
Maintain Underweight with TP of Rs 480
Q1: PPOP in line
PAT missed estimate from higher credit costs
NIM miss was due to lower calculated yields
More cuts are likely with repo rate cuts
Amid asset quality concerns at other NBFCs, LICHF may be defensive, but that's unlikely to be sustained
Nomura on Federal Bank
Downgrade to Neutral, TP cut to Rs 195 vs 220
Cut FY26-28F EPS by 11-13%
PAT 6% below esti. by elevated credit cost
Expect FB’s returns profile to remain muted in the near- to medium-term
Stock currently trades at 1.1x FY27F BVPS, see ltd upside
Citi on Emami
Maintain Buy with TP of Rs 775
Q1FY26 Ahead
Positives in terms of the strong growth in the pain management segment drove profitability
Turnaround in Male Grooming, Kesh King, Strategic Investments Key
One interesting post—. Total money blocked of investor in 5 mainboard Ipo
lotus 41128 crore
NSDL 115229 CRORE
M&B 13656 crore
aditya 76281 crore
laxmi 334 crore
Total 246628 crore — And a brain dead person is saying that Ind is dead econom !*
The Oldest Friendship in the Market
Everyone sees the bull and bear as rivals. But in truth, they’re the oldest companions of the capital market always taking turns, always showing up.
In India:
We’ve seen 8 bull markets and 7 bear markets since 1991.
Bulls lasted longer (avg. 3.5 yrs) and delivered higher returns (avg. +180%).
Bears came fast, ended quicker (avg. 9–12 months), and tested patience.
Yet, every bear gave birth to a stronger bull post 2008 crash came the 2009 rally, post COVID came the 2021 highs.
Lesson?
Markets need both hope and caution.
Bull brings growth.
Bear brings sanity.
Together, they make investors wiser.
”The bull teaches you to believe.
The bear teaches you to prepare.
Together, they teach you to stay.”
Happy Friendship Day to the two who never leave the market’s side!
MS on Godrej Prop
EW, TP Rs 2400
1QF26 pre-sales of Rs70.8bn (-30% QoQ; LTM: -5% QoQ), in line
(=) F26 pre-sales target of Rs325bn (+10% YoY) maintained, 22% of it was achieved in 1Q.
Strong launch pipeline and Rs270bn of unsold inventory
@beatthestreet10
Nomura on Godrej Properties
Reduce, TP Rs 1900
1Q unimpressive; 3-4 key project launches in 2QFY26F
OCF, deliveries disappoint in 1Q & remain monitorable
Expect FY26F presales to miss guidance by 5%
Val at 100% premium to NAV much higher than mass-market peers despite correction
@beatthestreet10
HSBC on ITC
Buy, TP Rs 510
Q1 rev beat by 10%, EBITDA 3% miss on agribusiness; core Cig, FMCG biz performance in line
Cig c6% vol growth with EBIT up 4% y-o-y (Q4FY25: 4%); FMCG margin up 50bp q-o-q
Pare FY26-28e EPS 2-3% for lower margins in ex-cigs segments
@beatthestreet10
CITI on ITC
Buy, TP Rs 500
Increased competition, together with consumption of high-cost leaf tobacco (continues in FY26) could keep cig margins under pressure
FMCG witnessed improvement in growth trajectory; paperboard remained under pressure
@beatthestreet10
GS on ITC
Buy, TP Rs 490
1Q in-line with est.
Cig. growth strong, margins likely to recover in 2H
FMCG growth improves, margin recovery likely in 2H
Paper biz margins weaken further, but likely to have bottomed
Expect an acceleration in earnings growth in 2HFY27
@beatthestreet10
CLSA on Tata Power
U-P, TP Rs 351
1Q impacted by weak Indonesian coal mines, renewable energy (RE) independent power producer (IPP) biz & Tata Projects losses
1Q core profitability impacted by its RE IPP biz, a key long-term catalyst
Treasury income up 46% YoY drove reported PAT.
Coal profit/tn fell 75% YoY on a decline in seaborne coal prices
Only bright spot was the solar EPC & module business, which did well due to India’s solar module import ban
@beatthestreet10
Jefferies on Tata Steel
Buy, TP Rs 200
1Q EBITDA grew 11% YoY, 4% above JEFe
EBITDA/t rose QoQ in India & Netherlands while losses contracted in UK
Expect India margins to contract QoQ in 2Q
However, see signs of improvement with China export HRC price up 6% in last 1 mth
@beatthestreet10
Jefferies on Thermax
Buy, TP Rs 4500
1Q rev 15% miss which flowed through in EBITDA
Lower FY26E-27E EPS by 4-5%
However, EBITDA margins rose 162 bps YoY to 8.1% despite revenue decline of 4% YoY.
Management expects some larger projects to materialise in 2Q-3QFY26
@beatthestreet10
Nomura on Kaynes
Buy, TP Raised to Rs 7878
Growth visibility remains high
1Q EBITDA ahead; strong order book, plans to foray into new segments/geography to expand TAM
Stock trades at 45x FY27F EPS (adjusted for investments) which is attractive
@beatthestreet10
Jefferies India Strategy
Jun'25 Mid-Quarter Review - Not too bad so far
On muted expectations, the June quarter results season has been less bad than feared, with 100+ cos reporting
The downgrade ratio, though negative, has improved QoQ
Cement, Autos, and non-lending financials delivered in-line to positive quarters
Lender numbers broadly weaker, and most others mixed
@beatthestreet10
Textile Stocks,Marine,Food : Indian exporters from various sectors, including food, marine, and textiles, have sought financial assistance and affordable credit from the government to cope with the 25 per cent Trump tariff
@beatthestreet10
Railtel Corporation of India : Receives Rs 166cr order from BSNL
@beatthestreet10
Jefferies on Adani Power
Maintain Buy with TP of Rs 690
Execution on Track
Q1 capacity was 17.6 GW and plan is intact to raise capacity by 1.7x to 30.7 GW by 2030
600 MW Vidarbha acquisition has been completed in July 2025
Close co-ordination with BHEL for equipment delivery and in-house EPC are ensuring capex is on schedule
@beatthestreet10
MS on LIC Housing
Maintain Underweight with TP of Rs 480
Q1: PPOP in line
PAT missed estimate from higher credit costs
NIM miss was due to lower calculated yields
More cuts are likely with repo rate cuts
Amid asset quality concerns at other NBFCs, LICHF may be defensive, but that's unlikely to be sustained
@beatthestreet10
GS on Thermax
Maintain Sell; Hike TP to Rs 3210 from Rs 3060
Weak quarter; improved outlook factored in
Order inflow for the quarter grew at 7% YoY due to weak industrial products and chemical
Mgmt remained quite optimistic on orders coming through in FY26
See improved profitability as execution of lower margin orders gradually comes to an end
@beatthestreet10
Nuvama on Federal BK
Buy, TP Rs 230
Soft Q1 with NIM down 18bp QoQ, slippage up 34% QoQ to 1.1% from 0.9% & a sharp rise in credit cost to 66bp from 24bp QoQ
Sharp rise in credit cost largely driven by MFI & partly by BUB/CV.
Core PPoP rose 0.7% QoQ/fell 2.5% YoY
@beatthestreet10
MOSL ON FEDERAL BANK
MOSL cuts Federal Bank TP to 235 from ₹250; maintains Buy
NIM contraction in line with expectations
MFI stress evident in Q4, surged in Q1FY26
Highest MFI slippages in May; improvement seen in June & July
FY26 credit cost guidance at 55 bps
Cost-to-income ratio to stay in mid-50s
Earnings estimates lowered by 7%/4% for FY26/27
Expect FY27 RoA/RoE at 1.18% / 13.0%
@beatthestreet10
CITI on Delhivery
Buy TP Rs 500
Better than expected express parcel vols (+14% YoY vs Citi: 11%) & commentary indicating significant additional gains in 2Q were major +ves offsetting -2% miss on PTL vol & 10bps lower overall service EBITDA margins
@beatthestreet10
SANGAM INDIA Q1 :CONS NET PROFIT DOWN 85 % AT 2.13 CR (YOY), DOWN 78 % (QOQ)
REVENUE UP 14 % AT 789 CR (YOY) ,UP 8 % (QOQ)
EBITDA DOWN 14 % AT 57.63 CR (YOY),FLAT %(QOQ)
MARGINS AT 7.3 % V 9.71 % (YOY), 7.85 % (QOQ)
PROFIT INCLUDING EXCEPTIONAL GAINS
PROFIT BEFORE EXCEPTIONAL ITEM DOWN 80 % TO 4.19 CR YOY , DOWN 71 % QOQ
@beatthestreet10
Jefferies on Delhivery
U-P, TP Raised to Rs 350
1Q EBITDA 35% below est. due to timing mismatch in Ecom Express (Ecom) volume realisation vs. expectation.
Adding back 30mn Ecom volumes, Express Parcel (EP) volume growth is broadly inline with JEFe
Logistics costs account for 29%-78% of sales for marketplaces & insourcing is therefore key for operational/cost control for players, a overhang for 3PL players
@beatthestreet10
MOSL ON GODREJ PROPERTIES
MOSL maintains Buy on Godrej Properties; TP at ₹2,843
Revenue impacted by soft deliveries; new launches to drive pre-sales
Achieved 57% of annual business development (BD) guidance
Strong housing demand, industry consolidation to fuel growth
FY26 launch guidance at 40,000cr; pre-sales at 32,500cr
FY26/FY27 pre-sales estimates remain unchanged
@beatthestreet10
MOSL ON UPL
MOSL maintains Neutral on UPL; TP at ₹700
Margin gains driven by improved product mix & operating leverage
Growth seen across platforms, except UPL Corp (lower volumes)
1QFY26 performance resilient despite macro challenges
Stronger growth expected from 2HFY26, led by volume pickup
Pricing to stay soft; new product contributions Uto rise
FY25-27 CAGR: Revenue 7%, EBITDA 13%, Adj. PAT 53%
@beatthestreet10
AVENDUS ON FEDERAL BANK
Avendus cuts Federal Bank TP to 209 from ₹216; maintains Add
RoA seen bottoming out at 1.0% due to NIM compression
FY26E credit growth estimate cut to 10% despite better liquidity
Focus to remain on system upgrades and operational improvements
FY26E NIM expected at 3.0%, aided by SA rate e cuts
Valued at 1.2x Jun-27E ABV; SOTP value ₹17 (FedFina & Ageas Federal)
EPS/ABV CAGR of 10.3% / 11.7% factored in over FY25-27E
@beatthestreet10
AVENDUS ON ITC
Avendus trims ITC TP to ₹550 from ₹555; maintains Buy
Revenue estimates revised slightly upward; margins tweaked lower for FY26/27E
Cigarette market share trends flagged for close watch
Gradual recovery to continue, backed by rural demand & easing input costs
Strong agri growth weighs on blended margins soll due to segment mix
Core business remains resilient; healthy growth outlook supports Buy call
@beatthestreet10
AVENDUS ON TATA POWER
Avendus raises Tata Power TP to ₹420 from ₹405; maintains Add
Stock trading at 22x FY27E P/E, 3x P/BV, 11x EV/EBITDA
Valuation reflects expected 21% PAT CAGR over FY25-27E
TP based on 3x FY27E BPS; long-term outlook remains positive
Q1 marked by stable performance and moderate profit growth
@beatthestreet10
GLOBAL CUES SUGGEST FLATTISH OPENING-MIXED CUES REMAINS
US markets crack on weaker labour market data-futures slight positive, Asian markets also open mixed
Support comes from gold on weaker jobs data-Gold jumps 2%
Dollar Index comes comes down from 100 to 99 (slight positive for EM)
Brent Crude- At $69.3/bbl-Down 3rd day in a row+OPEC+ agrees to make 5,48,000 bpd output hike in September
@beatthestreet10
BANKS, REAL ESTATE : RBI is expected to cut the repo rate by 25 bps in the August 5-7 MPC meeting, according to SBI.
This move is likely to boost credit growth ahead of the FY26 festive season.
Lower borrowing costs could support loan offtake across banks.
However, there may be some pressure on net interest margins if deposit rates remain sticky.
@beatthestreet10
MOIL : MOIL reported its highest-ever July production at 1.45 lakh tonnes, marking an 11.4% YoY growth.
Total production for April to July FY26 stood at 6.47 lakh tonnes, up 7.8% YoY, with sales rising 10.7% to 5.01 lakh tonnes.
Exploratory drilling reached 43,215 meters, also up 11.4% YoY.
Management praised the team’s performance amid challenging weather conditions.
@beatthestreet10
AXIS BANK : Deputy MD Rajiv Anand has retired from Axis Bank effective August 3, 2025.
The retirement was pre-announced on April 25 and is part of a planned transition.
The board acknowledged his valuable contributions during his tenure.
No successor has been named yet, which may cause temporary uncertainty.
@beatthestreet10
AXIS BANK : Deputy MD Rajiv Anand has retired from Axis Bank effective August 3, 2025.
The retirement was pre-announced on April 25 and is part of a planned transition.
The board acknowledged his valuable contributions during his tenure.
No successor has been named yet, which may cause temporary uncertainty.
@beatthestreet10
GMR AIRPORT : GMR Airports' subsidiary GAGSMSA has acquired a 60% stake in GMR Terna Commercial S.A., Greece.
The JV will handle non-aeronautical operations at the upcoming New Heraklion International Airport in Crete.
This move boosts GMR’s international footprint and diversifies revenue through non-aero businesses.
No regulatory approvals are required, and the transaction is not a related party deal.
@beatthestreet10
RR KABEL : RR Kabel has reaffirmed its FY26 volume growth guidance at 16-18% despite potential US tariff headwinds.
The company plans to diversify exports toward Europe and the Middle East to reduce reliance on the US market.
This move is in response to proposed tariffs and aims to protect global competitiveness.
Management remains confident about sustaining growth and market share through this strategy.
@beatthestreet10
NUVAMA WEALTH : Income Tax Department concluded its onsite survey at Nuvama Wealth’s registered office on August 3, 2025.
The company fully cooperated and provided all necessary information during the survey.
This clarification follows earlier media reports dated July 31, 2025.
Nuvama has formally intimated the exchanges about the development.
@beatthestreet10
BLUE CLOUD SOFTECH : Its AI platform AccessGenie has been deployed by Telangana’s Anti-Narcotics Bureau at Bhadrachalam Bridge for real-time surveillance.
The system transforms traditional CCTV into AI-powered monitoring with vehicle tracking and anomaly detection.
Key features include license plate recognition and instant alerts via SMS, email, and WhatsApp.
This strengthens Blue Cloud’s position in AI surveillance and public safety tech across India.
@beatthestreet10
RATTANINDIA ENTERPRISES : The company’s drone arm NeoSky has partnered with the Karnataka government to supply 60 advanced drones for police surveillance.
Drones equipped with AI and LiDAR will be deployed in Kalaburagi, enhancing state security.
NeoSky will also train 500 local youth with DGCA-approved drone pilot licenses under a major skilling initiative.
The move boosts REL's drone business and strengthens government collaboration.
@beatthestreet10
CAGRI GLOBAL : Q1 operating profit rose 23% QoQ to ₹311 crore, driven by healthy AUM growth.
Provisions spiked 341% QoQ to ₹81.5 crore, impacting profitability metrics.
Gross NPA rose 17% QoQ to ₹335 crore; Net NPA increased 19% to ₹198 crore, with Net NPA ratio at 1% vs 0.9%.
NIMs remained steady at 8.9%, while ROA declined to 3.2% from 3.6%.
AUM increased 8% QoQ to ₹24,753 crore.
@beatthestreet10
ZEE LEARN : Subsidiary Digital Ventures Pvt Ltd has filed for withdrawal of its CIRP with NCLT on August 2, 2025.
This follows NCLAT’s permission allowing withdrawal within two weeks.
The company is awaiting NCLT's decision and will provide further updates accordingly.
The move eases insolvency overhang and brings operational relief to Zee Learn.
@beatthestreet10
TITAGARH RAIL : Titagarh Rail Systems secured a ₹1,598.55 crore order from NCC Ltd for Mumbai Metro Line 6.
The order includes 18 trains (108 coaches) and 5 years of maintenance after a 2-year defect liability period.
Execution timeline is 104 weeks under the MMRDA project.
The deal strengthens its metro portfolio and enhances revenue visibility.
@beatthestreet10
ANTIQUE ON UPL
Antique raises UPL TP to ₹730 from ₹710; maintains Buy
Subdued performance, but FY26 guidance intact
Plans to hike prices of key products to aid margin recovery
Balance sheet deleveraging remains a medium-term priority
Higher finance costs and forex impact prompt 13%/10% cut in FY26/27 estimates
@beatthestreet10
ANTIQUE ON GODREJ PROPERTIES
Antique cuts Godrej Properties TP to ₹2,723 from ₹3,101; maintains Buy
Decent Q1; strong business development (BD) momentum continues
Operating on a high base; sustaining growth and margins may be tough
EV/EBITDA multiple lowered to 9x (from 59609710x) on moderating growth outlook
TP based on 1HFY28E estimates; long-term view remains positive
@beatthestreet10
India's First Bullet Train On Mumbai-Ahmedabad Route To Launch Soon, Will Cut The Journey Between Mumbai-Ahemedabad To 2 Hrs And 7 Mins: Railway Minister
@beatthestreet10
ANTIQUE ON FEDERAL BANK
Antique cuts Federal Bank TP to ₹240 from ₹250; maintains Buy
Earnings miss driven by elevated credit costs
Loan growth weak, impacted by sluggish retail and corporate credit
NIM expected to decline 5-10 bps and bottom out in Q2
Revised FY26/FY27 estimates by +0.4% /-4% on growth and cost adjustments
Stock trades at 1.24x Sep'26 P/B with RoA/RoE of 1.1%/12% over FY26-28
@beatthestreet10
PIDILITE ; BOARD MEET ON 6 AUG TO CONSIDER ON BONUS ISSUE , SPECIAL DIVIDEND
@beatthestreet10
CHOICE INT : Choice AMC, a subsidiary of Choice International, has received SEBI approval to operate as an Asset Management Company.
The firm will launch mutual fund offerings starting with passive products like index funds and ETFs.
This marks Choice's strategic entry into the asset management space, expanding its financial services portfolio.
The move aims to serve retail, HNI, and institutional investors with modern wealth solutions.
@beatthestreet10
GRANULES INDIA : Granules Life Sciences, a wholly owned subsidiary of Granules India, received a Form 483 with 1 observation from the USFDA.
The inspection was conducted at its facility in Shamirpet Mandal, Hyderabad.
The company will address the observation within the stipulated timeline.
No critical findings have been reported at this stage.
@beatthestreet10
ORIENTAL RAIL INFRA : The company has secured a ₹3.22 crore order from Indian Railways' Modern Coach Factory, Raebareli.
The contract involves manufacturing and supplying 49 sets of seats for LHB GS coaches.
Delivery is scheduled by June 5, 2026, with structured payment terms.
This adds to the order book and reflects steady traction in the railway segment.
@beatthestreet10
COMFORT INTECH : The company has initiated arbitration proceedings against Orient Electric over a breach of a vendor agreement dated April 20, 2024.
The case has been filed at the Delhi International Arbitration Centre (DIAC) after failure to reach an amicable resolution.
Comfort Intech anticipates potential material financial impact, subject to arbitration outcome.
The quantum of claims is yet to be determined.
@beatthestreet10
ANTIQUE ON TATA POWER
Antique trims Tata Power TP to ₹467 from ₹477; maintains Buy
1QFY26 EBITDA in line; project pipeline remains strong
EBITDA mix continues to be well-diversified
Stock trades at 2.4x 1HFY28E P/BV, Beauty modestly above historical +1 SD
Valuation premium seen as justified; TP based on 1HFY28E estimates
@beatthestreet10
GRANULES INDIA : Granules Life Sciences, a wholly owned subsidiary of Granules India, received a Form 483 with 1 observation from the USFDA.
The inspection was conducted at its facility in Shamirpet Mandal, Hyderabad.
The company will address the observation within the stipulated timeline.
No critical findings have been reported at this stage.
@beatthestreet10
JASH ENGINEERING : Subsidiary Shivpad Engineers has commenced commercial production at its new Sriperumbudur plant from August 1, 2025.
The facility is located at SIPCOT Industrial Park in Tamil Nadu.
This marks a strategic capacity expansion to meet rising demand.
The move is expected to strengthen production capabilities and support future revenue growth.
@beatthestreet10
DECCAN GOLD MINES : The company announced a potential Nickel-Copper-PGE discovery in its Bhalukona project in Chhattisgarh.
Sampling has outlined a 700m mineralised zone, with IP surveys identifying sulphide zones up to 300m depth.
Geological mapping and drone surveys indicate globally comparable nickel-rich formations.
This marks India's first such find, supporting critical mineral self-reliance and boosting Deccan Gold's strategic value.
@beatthestreet10
AXISCADES : AXISCADES Aerospace, a wholly owned subsidiary, has received a ₹223.95 crore contract from the Indian Army under the Atmanirbhar Bharat initiative.
The order involves the supply of 212 next-generation 50-ton tank transporter trailers over two years.
The contract is domestic and not a related party transaction.
This strengthens AXISCADES' defense manufacturing portfolio and government order book.
@beatthestreet10
NTPC, BHEL, POWER MECH, WALCHANDNAGAR IND, ENGINEERS INDIA : The government is considering allowing private firms to operate nuclear power plants under strict eligibility norms.
Criteria include strong financials, technical expertise, and experience in large-scale infrastructure projects.
A legal review is underway to amend the Atomic Energy and Nuclear Liability Acts.
The move targets scaling nuclear capacity from 8.8 GW to 100 GW by 2047 under the Viksit Bharat initiative.
@beatthestreet10
BLUE CLOUD SOFTECH : The company’s AI platform AccessGenie has been deployed by the Telangana Anti-Narcotics Bureau at Bhadrachalam Bridge for real-time surveillance.
It features video analytics with license plate recognition and behavioral anomaly detection to enhance monitoring.
Alerts are sent instantly via SMS, email, and WhatsApp for quick response.
This deployment strengthens Blue Cloud’s position in AI-driven security and public safety tech.
@beatthestreet10
NSE (+VE)
Sebi settlement order on NSE for violations listed by market regulator+orders settlement of 40.35 crore rupees
SEBI to not initiate enforcement action against NSE for said violations
@beatthestreet10
TRANSFORMERS & RECTIFIERS Management says Maintain Topline Guidance Of ₹3,500 Cr, Margin Of 17-18% For FY26- CNBCTV18
@beatthestreet10
ADANI PORTS : The company reported 8% YoY cargo volume growth in July 2025, handling 40.2 MMT, led by a 22% rise in container volumes.
YTD July cargo reached 160.7 MMT, up 10% YoY, with container volumes up 20%.
Logistics rail volumes grew 17% YoY in July, while GPWIS volumes declined 13% due to weather disruptions.
Despite this, overall operations remain strong with consistent volume growth.
@beatthestreet10
*Kotak India Strategy*
Disappointments in details in Q1 earnings prints
Downshift in earnings continued, but at a slightly slower pace
Consumer companies continue to struggle with weak volumes and profitability
Banks and IT services reported weak trends in line with expectations
*Jefferies India Strategy*
Jun'25 Mid-Quarter Review - Not too bad so far
On muted expectations, the June quarter results season has been less bad than feared, with 100+ cos reporting
The downgrade ratio, though negative, has improved QoQ
Cement, Autos, and non-lending financials delivered in-line to positive quarters
Lender numbers broadly weaker, and most others mixed
*Macquarie on ITC*
Maintain Outperform with TP of Rs 500
Inline Q1; Healthy cigarette volumes; paper weak
6.5% cigarette volume growth and mix improvement partly offsetting leaf tobacco inflation
ITC sees signs of urban recovery in FMCG and saw correction in leaf tobacco costs in current crop cycle
Continued weakness in paper is concerning, the demand recovery across cigarettes/ FMCG make us constructive on growth
*CITI on ITC*
Buy, TP Rs 500
Increased competition, together with consumption of high-cost leaf tobacco (continues in FY26) could keep cig margins under pressure
FMCG witnessed improvement in growth trajectory; paperboard remained under pressure
*GS on ITC*
Buy, TP Rs 490
1Q in-line with est.
Cig. growth strong, margins likely to recover in 2H
FMCG growth improves, margin recovery likely in 2H
Paper biz margins weaken further, but likely to have bottomed
Expect an acceleration in earnings growth in 2HFY27
*HSBC on ITC*
Buy, TP Rs 510
Q1 rev beat by 10%, EBITDA 3% miss on agribusiness; core Cig, FMCG biz performance in line
Cig c6% vol growth with EBIT up 4% y-o-y (Q4FY25: 4%); FMCG margin up 50bp q-o-q
Pare FY26-28e EPS 2-3% for lower margins in ex-cigs segments
*CLSA on Tata Power*
U-P, TP Rs 351
1Q impacted by weak Indonesian coal mines, renewable energy (RE) independent power producer (IPP) biz & Tata Projects losses
1Q core profitability impacted by its RE IPP biz, a key long-term catalyst
Treasury income up 46% YoY drove reported PAT.
Coal profit/tn fell 75% YoY on a decline in seaborne coal prices
Only bright spot was the solar EPC & module business, which did well due to India’s solar module import ban
*Avendus on Tata Power*
Avendus raises Tata Power TP to Rs420 from Rs405; maintains Add
Stock trading at 22x FY27E P/E, 3x P/BV, 11x EV/EBITDA
Valuation reflects expected 21% PAT CAGR over FY25-27E
TP based on 3x FY27E BPS; long-term outlook remains positive
Q1 marked by stable performance and moderate profit growth
*Antique on UPL*
Antique raises UPL TP to Rs730 from Rs710; maintains Buy
Subdued performance, but FY26 guidance intact
Plans to hike prices of key products to aid margin recovery
Balance sheet deleveraging remains a medium-term priority
Higher finance costs and forex impact prompt 13%/10% cut in FY26/27 estimates
*MOSL on UPL*
MOSL maintains Neutral on UPL; TP at Rs700
Margin gains driven by improved product mix & operating leverage
Growth seen across platforms, except UPL Corp (lower volumes)
1QFY26 performance resilient despite macro challenges
Stronger growth expected from 2HFY26, led by volume pickup
Pricing to stay soft; new product contributions to rise
FY25-27 CAGR: Revenue 7%, EBITDA 13%, Adj. PAT 53%
*Kotak Inst Eqt on UPL*
Sell, TP Rs 520
1Q Surprised +vely on gross margins, amid price increases in a few areas, input cost corrections & increased plant utilization.
These benefits may continue for some more time, although their long-term sustainability is uncertain
*Jefferies on Adani Ent*
Buy, TP Rs 3000
1Q EBITDA was weak, declining ~12-13% YoY/QoQ (~12% miss on JEFFe); PAT fell 50% YoY on higher depn.
EBITDA miss was from older established biz in Coal trading and commercial mining, while Airport/New Energy EBITDA was ahead.
@beatthestreet10
Net debt was higher at Rs776bn vs Rs692bn QoQ as Co is nearing completing new projects in Airport, Copper, Road biz.
Post weak 1Q, and slow progress on Copper project, we cut FY26 ests, while retaining FY27/FY28 est and PT for ADE.
*Jefferies on Adani Power*
Maintain Buy with TP of Rs 690
Execution on Track
1QFY26 EBITDA was 2% lower than expectations given lower utilisation on weaker power demand and slightly higher expenses
Lower FY26E-27E EBITDA by 4-5% to factor in the same.
Q1 capacity was 17.6 GW and plan is intact to raise capacity by 1.7x to 30.7 GW by 2030
600 MW Vidarbha acquisition has been completed in July 2025
Close co-ordination with BHEL for equipment delivery and in-house EPC are ensuring capex is on schedule
*Jefferies on Tata Steel*
Buy, TP Rs 200
1Q EBITDA grew 11% YoY, 4% above JEFe EBITDA/t rose QoQ in India & Netherlands while losses contracted in UK
Expect India margins to contract QoQ in 2Q
However, see signs of improvement with China export HRC price up 6% in last 1 mth
*GS on Thermax*
Maintain Sell; Hike TP to Rs 3210 from Rs 3060
Weak quarter; improved outlook factored in
Order inflow for the quarter grew at 7% YoY due to weak industrial products and chemical
Mgmt remained quite optimistic on orders coming through in FY26
See improved profitability as execution of lower margin orders gradually comes to an end
*Jefferies on Thermax*
Buy, TP Rs 4500
1Q rev 15% miss which flowed through in EBITDA
Lower FY26E-27E EPS by 4-5%
However, EBITDA margins rose 162 bps YoY to 8.1% despite revenue decline of 4% YoY.
Management expects some larger projects to materialise in 2Q-3QFY26
*UBS on Power Grid*
Maintain Sell with TP of Rs 300
Capitalization timelines still not impressive
Capex momentum evident, but overhang of project delays continues
Right of way still a challenge; Work in hand at elevated levels
Momentum in TBCB awarding could continue
*Citi on Dr Reddy*
Maintain Sell with TP of Rs 990
Competition Heating up in Canada Semaglutide; Taro Files for Generic
Expect More Filings in Coming Months
Maintain cautious stance on the Canada Semaglutide opportunity for Dr Reddy's
Believe street expectations may need to be tempered
*Jefferies on Delhivery*
U-P, TP Raised to Rs 350
1Q EBITDA 35% below est. due to timing mismatch in Ecom Express (Ecom) volume realisation vs. expectation.
Adding back 30mn Ecom volumes, Express Parcel (EP) volume growth is broadly inline with JEFe
Logistics costs account for 29%-78% of sales for marketplaces & insourcing is therefore key for operational/cost control for players, a overhang for 3PL players.
*CITI on Delhivery*
Buy TP Rs 500
Better than expected express parcel vols (+14% YoY vs Citi: 11%) & commentary indicating significant additional gains in 2Q were major +ves offsetting -2% miss on PTL vol & 10bps lower overall service EBITDA margins
*MS on Delhivery*
Maintain Equal-weight; Hike TP to Rs 423 from Rs 321
Q1: Ecom integration and synergies driving upside to earnings
Mgmt commentary and volume trends in express parcel should help keep optimism high
Post-recent outperformance, we believe upside is capped
Benefit from synergies is largely in the price
*MS on Suzlon*
Maintain Overweight with TP of Rs 77
Regulations: Localization of wind manufacturing
Possibility to increase market share for domestic OEMs in interim, whilst foreign OEMs establish local supply chains
Improved level field on pricing, as developers relying on cheaper imports would now source locally
*MS on Axis Bank*
Maintain Overweight with TP of Rs 1325
Stock is now trading at 1.3x FY27 core book and 10.2x FY27 core earnings, which is attractive compared to peers
Expect credit costs to moderate materially over the next 2-3 quarters and margins to trough in Q2
Post Q2, expect all three key drivers will turn positive
@beatthestreet10
*Jefferies on Godrej Properties*
Maintain Buy; Cut TP to Rs 3000 from Rs 3200
Q1 results - Soft start, improvement ahead
10% sales growth guidance looks achievable given the strong launch pipeline and an upfronted project adds
Management maintained optimism on demand conditions
Operating cash flow and project delivery performance should also improve in quarters ahead, as per seasonality
*Nomura on Godrej Properties*
Reduce, TP Rs 1900
1Q unimpressive; 3-4 key project launches in 2QFY26F
OCF, deliveries disappoint in 1Q & remain monitorable
Expect FY26F presales to miss guidance by 5%
Val at 100% premium to NAV much higher than mass-market peers despite correction
*MS on Godrej Prop*
EW, TP Rs 2400
1QF26 pre-sales of Rs70.8bn (-30% QoQ; LTM: -5% QoQ), in line
(=) F26 pre-sales target of Rs325bn (+10% YoY) maintained, 22% of it was achieved in 1Q.
Strong launch pipeline and Rs270bn of unsold inventory
*MS on MCX*
Maintain Underweight with TP of Rs 5750
1Q PAT beat MSe by 4%
Core EBITDA (ex non-operating income) was 2% below MSe, due to higher employee expenses and contribution to statutory funds.
PBT (ex-SGF and one-offs) beat MSe by 2% due to lower depreciation and higher other income.
It wrote back excess provision of Rs45mn post SEBI's final order
Average daily transaction revenues have reduced sharply, from Rs52.5mn in 1QF26 to Rs45.6mn in Jul-25
Underweight rating is driven by expensive valuation amid low conviction on sustainability of revenues that are significantly concentrated in a few commodities
*MS on LIC Housing*
Maintain Underweight with TP of Rs 480
Q1: PPOP in line
PAT missed estimate from higher credit costs
NIM miss was due to lower calculated yields
More cuts are likely with repo rate cuts
Amid asset quality concerns at other NBFCs, LICHF may be defensive, but that's unlikely to be sustained
*Nomura on Federal Bank*
Downgrade to Neutral, TP cut to Rs 195 vs 220
Cut FY26-28F EPS by 11-13%
PAT 6% below esti. by elevated credit cost
Expect FB’s returns profile to remain muted in the near- to medium-term
Stock currently trades at 1.1x FY27F BVPS, see ltd upside
*Citi on Emami*
Maintain Buy with TP of Rs 775
Q1FY26 Ahead
Positives in terms of the strong growth in the pain management segment drove profitability
Turnaround in Male Grooming, Kesh King, Strategic Investments Key
@beatthestreet10
US tariffs will not have any adverse effect on the economy
GDP loss is likely to be less than 0.2%
Most of the goods exported to the US will not be subject to tariffs
However, Exports may fall to some extent
India is giving top priority to its interests
There will be no compromise on agriculture, dairy, GM crops and MSMEs
No adverse impact will be allowed on the interest of farmers
India will not come under pressure
Negotiations for BTA with the US are in the right direction
After the BTA, review of tariffs likely to be discussed
@beatthestreet10
JAYASWAL NECO INDUSTRIES : LARGE TRADE NSE
ASSETS CARE AND RECONSTRUCTION ENTERPRISE LIMITED SOLD 5 CR SHARES ( 5.14 % STAKES) @ ₹ 50.48 /SHARE
SSPL SECURITIES PRIVATE LIMITED BOUGHT 70 LKH SHARES ( 0.72 % STAKES ) @ ₹ 49.85 /SHARE
@beatthestreet10
LIC HOUSING : Q1 operating profit rose 7% QoQ to ₹18,920 crore, while provisions increased 35% QoQ to ₹1,929 crore.
Net interest margin declined to 2.68% from 2.88% QoQ.
Loan book grew 7% YoY and disbursements were up 2% YoY.
Credit cost rose by 25 bps QoQ, indicating moderate asset quality pressure.
@beatthestreet10
JK LAKSHMI CEMENT : The company announced a ₹3,550 crore capacity expansion across its cement plants.
Surat grinding unit capacity will double to 2.7 MT with ₹225 crore investment; commissioning expected this quarter.
Durg plant railway siding project of ₹325 crore has Phase-1 completed.
Clinker and grinding capacity of 7.9 MT to be added across multiple locations at ₹3,000 crore cost, with Phase-1 completion by March 2027 and balance by March 2028.
@beatthestreet10
STEEL STOCKS : Nepal, China steel may face duty evasion probe - ET Sources
The Directorate of Revenue Intelligence could initiate a probe into steel imports from Nepal and China, a move aimed at protecting the domestic industry from cheap, substandard imports, said people familiar with the development.
@beatthestreet10
Kaynes : Co. looks to open Rs 4,995 crore components making unit in Tamil Nadu - ET Source
@beatthestreet10
Morgan Stanley: India Equity Strategy Playbook | Triggers for a New High
The re-rating of Indian equities is on the anvil for fundamental reasons. Get ready for new highs in the months ahead.
There is a strong case for re-rating: India is likely to gain share in global output in the coming decades, driven by strong foundational factors, including robust population growth, a functioning democracy, macro stability-influenced policy, better infrastructure, a rising entrepreneurial class, and improving social outcomes. The implications are that India will become the world’s most sought-after consumer market, it will undergo a major energy transition, credit to GDP will rise and manufacturing could gain share in GDP.
Portfolio strategy: Domestic Cyclicals > Defensives and External-facing sectors, overweight Financials, Consumer Discretionary, and Industrials, underweight Energy, Materials, Utilities, and Healthcare. This is likely to be a stock pickers' market, in contrast to one driven by top-down or macro factors, and thus we run an average active position of just 80bp. We are capitalization-agnostic.

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