STOCK MARKET UPDATES 📈

ELECTRONICS | PRICE HIKES AHEAD OF DIWALI Price Hikes - Appliance prices may rise up to 10%. - New prices start from October 1. - This is the third hike this year. - Cumulative hikes reach 16–18% since January. - ACs, TVs and appliances face increases. - Companies cite sharply higher input costs. Major Company Hikes - LG: 5–7% across key categories. - Voltas: 5–7% AC price increase. - Daikin: 6–10% price increase. - Godrej: 4–6% price increase. - Havells: ~5% price increase. - Bosch Home Comfort announced price revisions. - Samsung raised TV prices ₹1,000–10,000. Input Cost Pressure - Copper rose ~10% in three months. - Aluminium increased ~5%. - Steel increased ~13%. - Resin increased ~18%. - Logistics and energy costs also increased. - Currency movements added further pressure. - West Asia crisis worsened cost inflation. LG Input Costs - Copper reportedly increased 34% this year. - Resin increased 17%. - Steel increased 24%. - Aluminium increased 16%. - Higher logistics costs added pressure. - Energy costs also increased. Festive Season Impact - Navratri-Diwali is a major consumption window. - Retailers estimate 25–30% annual offtake. - Price hikes arrive just before peak demand. - Companies expect growth momentum to moderate. - Higher prices could affect consumer demand. Industry Strategy - Companies earlier targeted 2–3% increases. - Festive demand was a key consideration. - Cost management was initially prioritised. - Sourcing efficiencies were also pursued. - Persistent inflation forced strategy changes. KEY TAKEAWAY Electronics manufacturers are raising prices ahead of Diwali after sustained input-cost inflation. With 25–30% of annual offtake concentrated around the festive period, higher prices could influence demand and second-half growth.

ARISINFRA SOLUTIONS – ₹60 CR STAKE ACQUISITION Stake Acquisition - Acquires 16% in Buildmex-Infra - Deal value: ₹60 Cr cash - Increases ownership and economic interest Corporate Guarantee - ₹20 Cr guarantee approved - For NCDs by Lionheart Trading - No immediate cash impact Key Takeaway - Strengthens ownership in material subsidiary - Guarantee creates contingent liability

QMS MEDICAL: CO. TO ACQUIRE BEAMOPTICS SCIENTIFIC – A PUNE-BASED DIAGNOSTICS AND ANALYTICAL DEEP-TECH COMPANY

UPI MDR | IMPACT ON BIG-TICKET RETAIL Core Change - New MDR raises costs on high-value UPI payments. - Impact varies significantly by basket size. - Large retailers face greater exposure. - Smaller-ticket businesses face relatively lower impact. - Festive shopping could highlight the change. Most Exposed Segments - Electronics and jewellery face higher exposure. - Apparel and sports retailers also affected. - Food delivery faces relatively smaller impact. - Quick-commerce faces relatively smaller impact. - Online platforms may see mixed impact. Vijay Sales - UPI accounts for ~15% of transactions. - Typical UPI purchases range ₹5,000–₹20,000. - Retailer previously faced zero UPI cost. - Management expects payment costs to increase. - Company already absorbs credit-card charges. - Similar approach may apply to UPI. Shift Towards Cards - Retailers may increase card discounts. - Cashback offers could become more aggressive. - EMI financing may gain importance. - Electronics could see stronger card incentives. - High-value purchases may shift towards cards. - Cards remain outside the UPI MDR net. UPI vs Card - Marketplace UPI transactions rose 48% YoY. - July UPI transactions reached 180.7 million. - UPI transaction value rose 27%. - Average UPI value was ₹566. - Online card transactions rose 24.1%. - Card spending increased 7.5%. - Average card transaction stood at ₹4,413. Estimated FY27 MDR Impact - DMart: ₹127 Cr estimated MDR cost. - Nykaa: ₹29.9 Cr estimated MDR cost. - Eternal: ₹18.2 Cr estimated MDR cost. - Trent: ₹21.7 Cr estimated MDR cost. - DMart impact equals ~2.1% of EBITDA. - Nykaa impact equals ~2.6% of EBITDA. KEY TAKEAWAY Basket size will determine MDR exposure across retailers. Big-ticket categories could see stronger card discounts, cashback and EMI offers, while smaller-ticket businesses may face comparatively limited impact.

EMBRAER | MAHINDRA PARTNERSHIP FOR IAF MTA Partnership - Embraer selected Mahindra as MTA partner. - Partnership targets IAF transport aircraft programme. - Embraer is offering KC-390 Millennium. - Civilian aircraft business remains partnered with Adani. MTA Programme - IAF plans to acquire 60 aircraft. - Additional 50% procurement option exists. - Programme targets ageing transport fleet replacement. - KC-390 could standardise medium transport fleet. - Existing operators include Brazil and Portugal. Why Mahindra - Embraer assessed Indian ecosystem in 2023. - C-390 demonstration was conducted in India. - Market and partner analysis followed. - Mahindra was selected for military transport opportunity. Indian Participants - Five companies received the RFP. - Mahindra is one participating company. - Tata, HAL, Reliance Defence also participating. - Adani is also among the participants. Competition - KC-390 competes against C-130J. - C-130J is offered by Tata-Lockheed Martin. - Embraer highlights higher payload capability. - KC-390 is positioned for faster operations. - Company cites higher availability and mission accomplishment. KC-390 Performance - Current availability reported at 93%. - Mission accomplishment reported at 99%. - One customer recently achieved 100% availability. - Customer operated more than four aircraft. KEY TAKEAWAY Embraer has selected Mahindra for the IAF’s proposed MTA programme, while retaining Adani as its civilian India partner. The KC-390 is being positioned as a broader medium-transport platform beyond AN-32 replacement, with availability and mission performance highlighted by Embraer.

FOSECO INDIA – INSTITUTIONAL BUYING Block Deal - Block deal executed at ₹5,897/share - Multiple institutions participated - SBI MF, Invesco, Mirae, LIC MF involved - Catamaran Ventures also participated Company Profile - Serves foundry-process technology - Offers filters, feeding systems and coatings - Supplies metallurgical additives and crucibles Upcoming Meeting - SBI Mutual Fund meets management - Meeting scheduled for 29 September - Company does not conduct regular concalls Key Takeaway - Strong institutional interest is notable - Investors may be assessing growth potential - SBI MF meeting could provide more clarity

The BSE has cautioned investors and market participants about certain Exchange Traded Funds (ETFs), particularly those investing in overseas securities, trading at a substantial premium to their Net Asset Value (NAV).

The Loggical Investor @logical_traderr 23h Foseco India Ltd. operates in the foundry-process technology space, supplying specialised consumables and solutions such as filters, feeding systems, coatings, metallurgical additives and crucibles that help improve casting quality and process efficiency. What caught my attention is the recent institutional buying - SBI MF, Invesco, Mirae, Mahindra Manulife, Citi, LIC MF, Morgan Stanley and Catamaran Ventures all participated in the recent Rs 5,897/share block deal. Catamaran is associated with Narayan Murthy and the Murthy family office. Also, Foseco does not conduct regular concalls, and SBI Mutual Fund is scheduled to meet the company on 29 September. Anybody tracking Foseco India closely? What's the thesis here? Would love to understand what these institutional/family-office buyers are seeing.

HAPPIEST MINDS | GBS AI GROWTH STRATEGY GBS Growth - GBS focuses on GenAI and agentic AI. - Revenue comes from AI solutions and transformation. - AI-led internal productivity gains are excluded. - Unit expected to outgrow the company significantly. - FY26 target was 140%+ YoY growth. Post-Merger Opportunity - ITC Infotech adds new verticals and accounts. - Strong manufacturing capabilities expand market access. - Travel capabilities add further industry opportunities. - Combined scale could accelerate GBS opportunities. AI Productivity - AI agents cannot equal one employee directly. - Company tracks use cases and development velocity. - AI-generated code is tracked separately. - Token costs are also monitored. - Productivity gains improved from ~30% to ~50%. AI Product Specialists - Started FY with 35 specialists. - Target is 100 specialists by year-end. - Talent spans engineering, testing and cybersecurity. - Team reports directly to the CTO. - Low utilisation supports learning and experimentation. - Claude and internal platforms support development. - Productivity gains reached 60–70% from 30–40%. Larger Deal Strategy - Focus shifted toward larger multi-year deals. - $5m+ initial deals became the sweet spot. - Post-merger scale could support ~$10m tickets. - Mid-cap and large-cap boundaries are increasingly blurring. KEY TAKEAWAY Happiest Minds is using the ITC Infotech merger to expand GBS across industries and client accounts. The company is scaling AI specialists, improving AI-enabled productivity and targeting larger multi-year contracts as its combined scale increases.

EPIGRAL | TARGETS ₹5,000 CR REVENUE BY FY31 Revenue Target - FY26 revenue stood at ~₹2,500–2,530 Cr. - FY27 revenue target is ~₹2,900 Cr. - FY31 revenue target is ₹5,000 Cr. - Management expects revenue to nearly double. - Capacity additions drive the growth outlook. CPVC Resin Expansion - Existing capacity stands at 75,000 TPA. - Capacity will double to 1,50,000 TPA. - Expansion is at Dahej, Gujarat. - Additional capacity starts contributing from FY28. ECH Expansion - Existing ECH capacity is 50,000 TPA. - Capacity will double to 1,00,000 TPA. - Expansion is at existing Dahej units. - Revenue contribution starts from next year. Growth Drivers - CPVC Resin capacity expansion supports growth. - ECH capacity expansion adds further scale. - Existing Dahej infrastructure supports expansion. - Management targets ₹5,000 Cr by FY31. KEY TAKEAWAY Epigral is targeting ~₹5,000 Cr revenue by FY31, supported by doubling CPVC Resin and ECH capacities. The expanded Dahej capacities are expected to begin contributing meaningfully from FY28.

CYIENT DLM | ELECTRONICS BUSINESS GROWTH Growth Target - Targets 25–30% CAGR over 3–5 years. - Driven by safety-critical electronics demand. - India-designed products support growth. - Business spans design and manufacturing. - Own-IP products add design-led opportunities. Order Book - Own-designed products order book ~US$1bn. - Covers FY27–FY34 period. - Order book is ~5x current revenue. - Indicates strong multi-year visibility. Export Focus - Over 90% of design business exports. - Strong legacy in engineering services. - Customers include Boeing and Airbus. - Presence spans aviation, medical and automotive. Business Evolution - Earlier focus was engineering services. - Now covers complete custom requirements. - Includes product development and manufacturing. - Company owns IP for selected products. KEY TAKEAWAY Cyient DLM is shifting from engineering services toward design-led electronics products with owned IP. A ~US$1bn multi-year order book and 25–30% targeted CAGR provide strong visibility, with exports remaining the core business driver.

RATNAVEER PRECISION-AGM TAKEAWAYS Capex Plan of Rs 490 cr Till FY29 (And Debt Free Target) Brownfield and Similar Business Acquisition Strategy Growth Target Of 22-28% CAGR For Next 2-3 years

PC JEWELLER – BECOMES DEBT-FREE Debt Clearance - Cleared dues of all 14 consortium banks - Total debt was around ₹3,000 Cr - Company now achieves debt-free status One-Time Settlement - OTS approved in September 2024 - Settlement included cash and equity components - Securities and mortgaged properties released Key Takeaway - Major milestone in financial restructuring - Debt-free status strengthens financial position

SIGNATURE GLOBAL, RAJAT KATHURIA SAYS Our Primary Focus Remains Middle Income Housing This Project Is Approx Of 200 Acres Of Land Just Outside Gurugram Have Entered Into A Collaboration, Expect 8-10 Months To Get Permits For This Proj Expect Avg Realisation From This Project To Be ₹8,500-10,000/sqft Sales Have Been Steady So Far, Usually H2 Is Better Than H1 For Us New Gurugram Project Is Over & Above Guidance

SERVOTECH RENEWABLE – NEW PRODUCT LAUNCH New Products - IP65 Hybrid Solar Inverter - IP54 Hybrid Solar Inverter - Micro Grid Inverter Market Expansion - Launched: September 27, 2026 - Available in domestic and international markets - Export focus: SAARC and Middle East Key Takeaway - Expands renewable energy product portfolio - Opens additional international market opportunities

UTSSAV CZ GOLD JEWELS – CAPACITY EXPANSION Capacity Addition - Existing capacity: 1,500 kg/year - Current utilisation: 50% - Adding 2,000 kg/year by FY27 - Total capacity could reach 3,500 kg/year Investment - Planned investment: ₹10 Cr - Funded through internal accruals and bank limits - Registration expected by month-end Operations - New capacity to commence soon - Expansion targets growing jewellery demand Key Takeaway - Capacity more than doubles after expansion - Supports future production growth

AEQUS, ARAVIND MELLIGERI ON GROWTH ROADMAP Accelerating Growth Required More Capital, Hence The Pref Issue Only ₹60-70 Cr From IPO Proceeds Went Into Capex, Rest Was Used To Pare Debt FY27 Capex Is Going To Be ₹660 Cr, Would Need Further Fundraise In FY28 Will Raise ₹800 Cr In Debt This Year, To Be Used For Capex Next Year Looking At Opportunities In Drones & Assemblies Within The Defence Space

Source: https://www.livemint.com/companies/jsw-puts-50-gwh-cell-plant-on-hold-as-china-tech-curbs-block-partnership-evs-lfp-technology-11787753903646.html

WELSPUN CORP – GLOBAL GROWTH UPDATE Global Opportunity - US business ramp-up accelerating - Saudi Arabia TAM estimated above $10 Bn - Global order book gaining momentum Key Developments - High-margin HFIW order secured - Major project execution pipeline ahead - Marquee investors recently onboarded Promoter Stake Sale - Management says sale is not profit booking - Strategic context remains important Key Takeaway - Strong international order-book opportunity - US and Saudi markets remain key growth drivers