Tamil Chart

MOSL on NTPC Neutral, TP Rs 378 Jefferies on JSW Infra Buy, TP Rs 395 CITI on C&W Cos Ultratech’s announcement to become atleast the #2 player in Wires & Cables in the next 3-5yrs is ahead of their earlier guidance & is likely to weigh on near-term stock performance/multiples of Indian cables and wires players as this would imply higher capacity addition and increased competitive intensity Ultratech had earlier guided investment of Rs18bn in capex (which in our view would generate Rs125bn revenue assuming 7x asset turn at 100% capacity utilization and implying 7-8% market share in 4-5yrs) Believe disruption in Wires category (R R Kabel & Havells have higher exposure vs Polycab) is likely to be higher vs Cables given relatively longer lead time for approvals/certifications, SKUs and manufacturing complexity and technical know-how. Nomura on Avalon Tech Buy, TP Raised to Rs 2767 HSBC on Steel Coking coal prices have surged 26% in a month, in what is seasonally weak period Expect domestic price hikes to offset cost increases Further hikes from here require regional price hikes Like TATA and JSW in Indian Steel – both Buy Coking coal costs impact SAIL most – Hold Jindal Steel impact is lower – Hold Nomura on Steel Maintain positive outlook on India steel sector, & believe domestic steel industry is well positioned to benefit in 1HFY27F from the price hikes implemented, which in view, are more than sufficient to absorb any cost inflation arising from the West Asia crisis Maintain Buy on Tata Steel - TP Rs 240 Maintain Buy on JSW Steel – TP Rs 1400 Maintain Buy on Jindal Steel – TP Rs 1300 HSBC on Fortis Healthcare Buy, TP Rs 1100 Jefferies on Fortis Healthcare Buy, TP Rs 1125 Nomura on Fortis Healthcare Neutral, TP Rs 1030 CLSA on HUL Hold, TP Rs 1804 Jefferies on HUL Buy, TP cut to Rs 2450 HSBC on HUL Buy TP Rs 2440 Nomura on HUL Buy, TP Rs 2450 MS on HUL EW, TP Rs 2480 GS on LTM Neutral, TP Rs 3870 Management meet Key takeaways (i) LTM expects revenue growth this year to be similar to last year, with 3Q likely stronger than 2Q; (ii) BFSI vertical is seeing month-on-month improvement and challenges in the company's tech vertical are now behind; (iii) LTM highlighted a few pockets of demand pressure for the industry from AI, but highlighted various other growth areas (iv) LTM expects EBIT margins to improve in FY27. LTM expects revenue growth this year to be similar to last year, which implies a c.2% CQGR for rest of the year LTM mentioned it was able to improve profitability last year despite headwinds, and expects to further improve organic margins in FY27 Co expects its announced acquisition of Randstad to be integrated in 3QFY27. GS on TBO Tek Buy, TP Rs 1800 Management meet Key takeaways (i) TBO aspires to grow gross profit at 20%+ over the medium term, with a faster EBITDA growth; CITI On Gas Co Gov’t has revised the HP/HT gas allocation mechanism for future Gas value chain pecking order: MGL, IGL, GAIL, GEL, PLNG.

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Key Events This Week: 1. US Markets Closed, Labor Day - Monday 2. US 10Y Note Auction - Wednesday 3. August PPI Inflation data - Thursday 4. August Existing Home Sales data - Thursday 5. August CPI Inflation data - Friday 6. September MI Inflation Expectations data - Friday 7. September MI Consumer Sentiment data - Friday This marks the final week of inflation data before the September Fed meeting.

Global markets react to strong US jobs data! Dow tumbles 260+ pts as robust payrolls reignite rate hike fears. Nonfarm payrolls: +162,000 vs +53,000 expected. Unemployment rate steady at 4.1% Fed hike odds in a couple of weeks rise to 58%, per CME FedWatch Yields Spike: US 2Y yield hits highest since Jan 2025; 10Y at 4.78% 🪙 Gold slides 2%+ 💲 Dollar Index strengthens to 99.1 Strong jobs = higher-for-longer fears.

Cable Companies Down KEI Ind: -8% Polycab: -6% RR Kabel: -8% Finolex Cable: -4% Optic Fibre Cable Up HFCL: +5% Sterlite Tech: +5% Birla Cable: +5% Vindhya Tele: +2% But Valuations are Common (Expensive) KEI Ind: 47x Polycab: 44x RR Kabel: 45x Finolex Cable: 24x HFCL: 62x Sterlite Tech: 163x Universal Cable: 28x

SEBI: APPROVES IPO OF NATIONAL STOCK EXCHANGE OF INDIA