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NESTLE Stellar Set! Massive Beat on Revenue, EBITDA & PAT - Revenue at 6378 Cr vs Poll at 6065 Cr - EBITDA at 1538 Cr vs Poll at 1375 Cr - Margins at 24% vs Poll at 22.7% - PAT at 975 Cr vs Poll at 857 Cr YoY Growth - Revenue +25% - EBITDA +40% - PAT +48% Key Internals - Strong quarter led by volume growth - Domestic Sales +25%, Exports +36% - Accelerated operational cost savings, yet grew ad spends by >40% - All product groups delivered strong double-digit growth

BSE In Focus – Set To Be Part Of Nifty 50? NSE circular on NIFTY 50 came yesterday NSE uploaded the methodology for index rejig No change in methodology As per this, BSE is set to be part of the Nifty 50 index, replacing Wipro As per an earlier Axis Cap note, BSE inclusion will lead to passive inflow of $657 million (around Rs 6300 cr)

Trump’s Generic Pharma Tariff Plan: Winners & Losers? 🇺🇸 Proposed policy: ✅0% tariff on imported generic drugs for the next 2 years (from Aug 1). 🙁100% tariff in Year 3. 🙁200% tariff thereafter. Likely impact (if implemented): 🟢 Potential Beneficiaries 🔥Aurobindo Pharma – Strong US manufacturing footprint. 🔥Senores Pharma – Local US manufacturing could be an advantage. ☠️Sentimentally Negative 🙁Dr. Reddy’s 🙁Lupin 🙁Cipla 🙁Zydus (US manufacturing exists but may not be sufficient if tariffs become steep.) ⚪ Largely Neutral 😄Alkem 😄Torrent (Lower dependence on US generics profits.) If this policy becomes reality, manufacturing location could become as important as product quality.

NEGATIVE FOR INDIAN PHARMA STOCKS This is an unexpected development given the past news flow on this account Expect knee jerk negative reaction across the board for Indian generic cos with large US exposure - Auro, Zydus, Lupin, DRL most exposed in large caps; Strides, Rubicon etc in smaller names; cos like sun with limited generic exposure, Cipla with a relatively stronger US mfg base are relatively better placed at the margin Beyond the headlines, too many unanswered questions - does it apply only to formulations or also on APIs, are countries with trade deal exempted as is with branded drugs: clarity will emerge only when the formal regulations are issued The tariff threat for branded drugs was managed by agreements between big pharma and Trump admin, country level trade deals and a flurry of capex announcements BROKER NOTE

ADANIENT hit day high...Watch Adani stocks