OW, TP Rs 3325 Cyclical challenges, especially in refining & retail, likely to continue – but priced in In 2025, as new refining capacity is absorbed, retail profitability improves, and new energy cashflows kick in, re-rating should regain traction MS on Torrent Power OW, TP Rs 2268 CO received LoA from Maharashtra Discom for 2GW of pumped storage(includes 1.5GW announced on 17 Sep 24) Co expects annual rev of Rs16.8bn Think project could generate equity IRR of 15%, assuming capex of Rs50m/MW & 80/20debt:equity Nomura on SBI Buy, TP Rs 980 Time to get back onboard; top sector pick SBI should continue to deliver well on asset quality Relatively well-placed amid both tougher deposit conditions & potential rate cuts Attractive valuations at 1x FY26F P/BV (6.7x P/E) Nomura on AMCs Project an 18% CAGR AUM for industry over FY24-30F, led by growth in equity & passive segments Growth of ETFs will continue to be driven by institutional flows Core operating profitability likely to moderate, albeit gradually CITI On DIVIS Labs Initiate Buy, TP Rs 6400 FY26/27E EBITDA is 3/12% ahead of consensus, primarily driven by GLP-1 (US$95m in FY27E) & new products in CS Failure to scale up in CS is a key risk to our thesis that capture in bear case TP of Rs5100– no sales of GLP-1 CITI on IGL Buy. TP Rs 620 CNG 2-w sales witnessing traction Revised guidelines seek to ban inter-state buses that are not running on clean fuels from entering Delhi when air pollution turns severe; Concerns on sharp petrol/diesel price cuts have abated Emkay on Escorts Upgrade to BUY, TP Rs 4700/sh Valued at 30x Sep-26E PE + Rs320 cash/sh Recently-concluded monsoons lifts outlook for upcoming crop cycles Industry base turning favorable Kubota's intent to increase sourcing from India key mid-to-long term driver Antique on Gravita Buy, TP Raised to Rs 2920 from Rs 1710 Board approval for Rs 10 bn fund raise, which believe is aimed at capitalizing on inorganic growth opportunities as well as new lines of biz Increase FY25/ 26/ 27 EPS est by 3%/ 8%/ 18%
