Contra Investing 💡

📊 India Macro Data Update – Inflation Cools, Industrial Growth Picks Up! 👉🏻 CPI (Feb): 📉 3.61% (vs 4.31% prev, 3.98% est) – Inflation eases sharply. 👉🏻 IIP (Jan): 📈 5.0% (vs 3.2% prev, 3.5% est) – Industrial growth surges. 👉🏻 Cumulative IIP (Jan): 4.2% (vs 4.0% prev) – Steady improvement. 👉🏻 Manufacturing Output (MoM, Jan): 🚀 5.5% (vs 3.0% prev) – Strong rebound!

📷 Cumulative IIP (Jan): 4.2% (vs 4.0% prev) – Steady improvement. 📷 Manufacturing Output (MoM, Jan): 📷 5.5% (vs 3.0% prev) – Strong rebound!

Top 5 Companies Trading Near Breakout Level - 11 Mar 2025

#DailyMarketInsights With fears of a recession in the US, Indian markets remained subdued ahead of key economic data. Nifty 50 continued to take support at 22300 as it lacked proper direction. The index has been consolidating around current levels and fresh bullish momentum would be seen only above the 21DEMA level of 22650. Nifty Bank on other hand, snapped its 2-Day losing streak as it traded positive and tried to uplift the market sentiment. This up move was supported by a relief rally in Indusind Bank after the Bank’s management issued an optimistic statement boosting investor confidence. Sector-wise, the top loser is Nifty IT that lost🔻(2.9%) in today’s trading session. Top gainer from Nifty 50 was IndusInd Bank Ltd. 🔼 (4.4%) and the top loser was Infosys Ltd. 🔻 (-4.3%) in today’s trading session.

*India Daybook – Stocks in News* *Rail Vikas Nigam Ltd:* Company is the lowest bidder for a highway project in Andhra Pradesh. The project worth Rs 554.64 crore (Positive) *Waaree Renewables:* JV secures Rs 740 crore solar EPC order for 125 MWAC project (Positive) *Thomas Cook:* Company announced the launch of a new product, the "Borderless Travel Card." (Positive) *Adani Green Energy:* Company commissioned a 250 MW solar power project in Kadapa, Andhra Pradesh. (Positive) *Godrej Agrovet:* Company to acquire 48.06% stake in Creamline Dairy for ₹930 crore. (Positive) *Bharti Airtel:* Elon Musk’s Starlink ties up with Airtel to come to India. Airtel and SpaceX to further explore how Airtel expertise in Indian market complements Starlink, expand Airtel’s offerings (Positive) *Zydus Life:* Board approves block acquisition of 85.6% equity of Amplitude Surgical for €256.8 million (Positive) *Adani Ent:* Adani Group bags Rs 36,000 cr redevelopment project in Mumbai: PTI (Positive) *Coromandel:* Murugappa group promoted Coromandel International is in advanced talks to buy a controlling stake in Nagarjuna Agrichem (Positive) *Nykaa:* Company incorporates wholly owned subsidiary 'Nykaa Essentials' for beauty & personal care (Neutral) *Canara Bank:* Cuts lending rates on some tenures by 5-15 bps, effective March 12 (Neutral) *Kaynes Technology:* Managing Director Ramesh Kunhikannan gets a Show-Cause Notice from the Securities and Exchange Board of India. (Neutral) *KPI Green Energy:* Company appoints Surinder Kumar Negi as chief operating officer of the company. (Neutral) *Greenlam Industries:* Shareholders approved increasing the authorized share capital to Rs. 30 Crore. (Neutral) *NDMC:* Company unveils plan for 100% solar power by 2026, focuses on civic upgrades. (Neutral) *SRU Steels:* Company announced the commencement of operations at its new infrastructure machinery unit in Rajkot on Mar 11, 2025. (Neutral) *Karur Vysya Bank:* ICRA has reaffirmed its existing credit rating of ICRA A1+ for Bank’s Certificate of Deposit Programme worth Rs.5,000 Cr. (Neutral) *Sharika Enterprises Ltd:* Company received credit ratings from CARE Ratings Ltd. for its bank facilities, CARE B+; Stable (Neutral) *Oriental Rail:* Company secured a significant order from Indian Railways with Amount Rs 2.78 Cr. (Neutral) *Biofil Chemicals:* Company announced the sudden death of its Chairman and Managing Director, Mr. Ramesh Shah. (Neutral) *Asian Granito India Ltd:* Company incorporated a subsidiary company, PT AGL SURFACES INDONESIA, in Indonesia on Feb 7, 2025. (Neutral) *On Mobile Global:* Company announced the closure of its Qatar branch, effective Mar 10, 2025. (Neutral) *Muthoot Capital Services:* Company issued Rs. 25 Cr of Commercial Paper (CP) on Mar 11, 2025. (Neutral) *Swiggy:* Company Announces Partnership with Sulabh International to Transition To 100% EV Delivery Fleet by 2030. (Neutral) *Swiggy/Zomato:* Rapido in talks to challenge Swiggy and Zomato in food delivery space: Sources. (Neutral) *HCL Technologies:* Company has been recognized as one ofthe World's Most Ethical Companies for 2025 by Ethisphere. (Neutral) *Binny Mills Limited:* Company announced the resignation of its Company Secretary and Compliance Officer, Smt. K. Aarthi, effective April 30, 2025, due to personal reasons. (Neutral) *Union Bank:* Fitch Ratings affirmed Union Bank of India's Long-Term Issuer Default Rating (IDR) at 'BBB-'. The outlook is Stable (Neutral) *Infosys:* Company’s promoter Shruti Shibulal buys ₹494 cr shares amid IT stocks slump. (Neutral) *PB Fintech:* Company to invest up to ₹696 crore in arm PB Healthcare. (Neutral) *TCS:* Company to acquire Darshita Southern India Happy Homes for ₹2,250 crore to expand delivery center. (Neutral) *ICICI Bank/ ICICI Sec:* Board of Directors set March 24, 2025 as the ‘Record Date’ for merger. Shareholders were set to receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities (Neutral)

*Rama Phosphates:* ICRA reaffirmed long-term and short-term credit ratings for the company. The outlook for long-term facilities was revised to Negative. (Negative) *Amiable Logistics (India) Ltd:* Company received a show cause notice from the Custom Department. (Negative) *D.S. Kulkarni:* Company received a Rs. 81.76crore penalty order from the Income Tax Department for FY2015-16. (Negative) *Tamilnad Mercantile Bank Ltd:* Company received a notice of demand from the Income Tax Department for the assessment year 2017-18, with ademand of Rs.58.91 Cr (Negative)

*Fund Houses Recommendations* JP Morgan on *Bharti Airtel:* Maintain Overweight on Company, target price at Rs 1970/Sh (Positive) Citi on *Bharti Airtel:* Maintain Buy on Company, target price at Rs 1920/Sh (Positive) Macquarie on *Tata Motors:* Maintain Outperform on Company, target price at Rs 826/Sh (Positive) CLSA on *Tata Motors:* Maintain Outperform on Company, target price at Rs 930/Sh (Positive) Avendus on *BPCL:* Maintain Buy on Company, target price at Rs 400/Sh (Positive) Avendus on *HPCL:* Upgrade to Buy on Company, target price at Rs 460/Sh (Positive) Avendus on *IOCL:* Upgrade to Buy on Company, target price at Rs 155/Sh (Positive) HSBC on *Sun Pharma:* Maintain Buy on Company, target price at Rs 2000/Sh (Positive) MOSL on *India Strategy:* Post corrections Indian stocks offers opportunity. BEL, Reliance, Bharti, Larsen, Maruti, Adani ports, LTIM, JSW Energy, HUL, Shriram Fin and Polycabs are top picks (Positive) Nuvama on *Ultratech:* Maintain Neutral on Company, target price at Rs 11574/Sh (Neutral) Nuvama on *Tata Motors:* Maintain Reduce on Company, target price at Rs 720/Sh (Neutral) UBS on *Zydus Life:* Maintain Sell on Company, target price at Rs 850/Sh (Neutral) BofA on *Zydus Life:* Maintain Neutral on Company, target price at Rs 1040/Sh (Neutral) Jefferies on *Swiggy:* Initiate Hold on Company, target price at Rs 400/Sh (Neutral) MS on *Coforge:* Maintain Overweight on Company, cut target price at Rs 9400/Sh (Neutral) MS on *TCS:* Maintain Overweight on Company, cut target price at Rs 3950/Sh (Neutral) MS on *HCL Tech:* Maintain Equal weight on Company, cut target price at Rs 1600/Sh (Neutral) MS on *Tech M:* Maintain Equal weight on Company, cut target price at Rs 1550/Sh (Neutral) MS on *Infosys:* Downgrade to Equal weight on Company, cut target price at Rs 1740/Sh from Rs 2150/Sh (Negative)

*Securities in F&O Ban For Trade Date 12-March-2025* • BSE • HINDCOPPER • INDUSINDBANK • MANAPPURAM • SAIL

*Indian Equities Pre Open Update* Flat opening expected to be seen for Indian equities on back of mixed global cues while consolidation expected to be seen before major macro data. *Global Peers Update:* Asian markets have opened with marginal relief amid no major unexpected developments overnight. U.S. equity index futures inched higher following a continued sell-off on Wall Street, as investors grappled with uncertainty over President Donald Trump’s fluctuating tariff policies as decided to postpone decision of higher tariff on steel and Aluminum import from Canada till further discussion and levied 25 percent tariff. *Sectors to Watch:* Consumer, Selective Metals and Oil downstream stocks expected to remain on focus while Technology stocks expected to remain resistive during the day. *GIFT NIFTY Price* 22554.0 *Adjusted Change:* -10.0 Points, Percent Change: -0.04% *Technical Levels: Nifty Near Future* *Support*: 22419.0/22352.0 *Resistance*: 22625.0/22739.0 *Technical Levels: Bank Nifty Near Future* *Support*: 47722.0/47601.0 *Resistance*: 48220.0/48464.0

*Life Insurance Premium growth data YoY* *SBI Life* premium declined 1% *ICICI Prudential Life Insurance* premium declined 13% *HDFC Life:* premium grew 1% *Max Life:* premium grew 10%

Bharat Electronics Limited (BEL), has secured additional orders worth Rs.843 Crore since the last disclosure on 06 March 2025. Major orders include RF seekers, vessel and air traffic management system, electro optic repair facility, radar upgradation, spares, services, etc. With these, the total accumulated orders received by BEL during the current financial year stand at Rs.14,567 Crore. Marginal Positive *IndusInd Bank Accounting Error* During internal review of processes relating to Other Asset and Other Liability accounts of the derivative portfolio, post implementation of RBI Master Direction - Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2023 issued in September 2023, including accounting of Derivatives, applicable from April 01, 2024, IndusInd Bank noted some discrepancies in these account balances. Bank's detailed internal review has estimated an adverse impact of approximately 2.35% of Bank’s Net worth as of December 2024. Negative Anupam Rasayan India Ltd. has signed a 10-year letter of intent valued at $106 million (approximately ₹922 crores) with a Korean multinational recognized for its leadership in specialty chemicals for a high-performance niche chemical expected to be supplied from FY26. Positive

*Indian Equities Pre Open Update* Gap down opening expected to be seen for Indian equities on back ofcautiousness from global peers. *Global Peers Update:* Asian markets have opened with sharp cuts amid the weak overnight cues from globalmarkets on fear of slowing economic growth. U.S. equity indexes futures fell even after steep declines on Wall Street, as investors weighed recession risksstemming from President Donald Trump’s tariff policies while Technology giant Oracle earnings trailed with estimates. *Sectors to Watch:* Consumer stocksexpected to remain on focus while Technology, Financials and Auto stocks expected to remain resistive during the day. *GIFT NIFTY Price* 22317.0 *Adjusted Change:* -199.0 Points, Percent Change:-0.88% *Technical Levels: Nifty Near Future* *Support*: 22242.0/22186.0 *Resistance*: 22541.0/22599.0 *Technical Levels: Bank Nifty Near Future* *Support*: 47880.0/47722.0 *Resistance*: 48424.0/48492.0

*India Daybook – Stocks in News* *BEL:* Company secures additional orders worth Rs 843 cr. (Positive) *Anupam Rasayan:* Company signs 10-year letter of intent worth $106 Million (approx. Rs 922 crore) with a Korean MNC for a high-performance niche chemical expected to be supplied from FY26. (Positive) *Zota Health Care:* Company announced the launch of its new B2C online portal and mobile app, "davaindia." (Positive) *HEG:* Singularity Growth Opportunities Fund II to invest up to Rs 250 crore in Bhilwara Energy. (Positive) *Ashoka Buildcon:* Company received a letter of acceptance for a project with Maharashtra State Electricity Transmission Co. Ltd. The project involves the establishment of a 400/220 KV substation and associated transmission lines. (Positive) *MSTC:* Company has been awarded a two-year contract by Coal India Ltd. to provide e-auction services for coal and coal products. (Positive) *Thermax:* Company Arm Thermax Chemical Solutions signs shareholder’s agreement with Brazil’s Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ) to establish a new company in India. (Positive) *Navin Fluorine:* Commercial operations of the HFC plant started with the first dispatch. (Positive) *Max Life:* NCLAT dismissed the petition filed by IRDAI and allowed the amalgamation of its arms (Positive) *Hitachi Energy:* Company said it has initiated a Qualified Institutions Placement (QIP) of equity shares, following approval from its Fund Raise Committee on March 10, 2025 (Neutral) *ICICI Bank:* NCLT dismissing all the appeals filed by the minority shareholders for ICICI Securities delisting (Neutral) *NLC India:* The board approved borrowing USD 200 Million. (Neutral) *Kolte Patil:* Board meeting to evaluate fundraising options. (Neutral) *Syngene International:* Company received a notice from the National Faceless Assessment Centre for Rs 3.25 cr penalty for Assessment Year 2015-16. (Neutral) *NTPC Green Energy:* Company signed a joint venture with CSPGCL. (Neutral) *NTPC:* Company to invest Rs 96,000 Crore in Chhattisgarh projects. (Neutral) *Syngene:* Company to make an additional investment of up to $56 m in equity share of arm 'Syngene USA Inc'. (Neutral) *Indian Bank:* M Swarajya Lakshmi joins the bank as Internal Ombudsman w.e.f. March 10, 2025. (Neutral) *Hindustan Zinc:* Company board approves fund raise of up to Rs 500 crore via bonds. (Neutral) *IRFC:* Company board to mull second interim dividend declaration on Mar 17. (Neutral) *Bajaj Consumer:* Update on acquisition of 49% of the equity share capital of Vishal Personal Care Private Limited. (Neutral) *Hisar Metal Industries:* Company has reappointed Mr. R S Bansal as Chief Financial Officer for 3 years, effective April 1, 2025. (Neutral) *HPCL:* Company appoints Vikas Kaushal as CMD, first private-sector leader to head oil PSU. (Neutral) *Concord Control:* Company announced the appointment of Gaurav Lath as Chief Financial Officer, effective March 10, 2025 (Neutral) *Indoco Remedies:* US FDA Issues one form 483 for company’s Hyderabad-based Clinical Research Organisation, AnaCipher. (Neutral) *Neuland Laboratories:* India Rating & Research affirmed the company's long term credit rating as IND A+/Positive. (Neutral) *Gensol Engg:* Company’s promoters infuse Rs 29 cr in co via conversion of warrants into equity (Neutral) *CCCL:* Company Buildings & Factories Vertical Secured Orders Worth Rs 115 Cr Till Jan 31, 2025, And Rs 100 Cr Till Feb 28, 2025. (Neutral) *Nazara Tech:* Company Unit Nodwin Gaming, Has Extended A €1.56 million Guarantee For Its Step-Down Subsidiary, Freaks 4U Gaming, Securing A Loan From Fre Gmbh & Co. Kg. (Neutral) *RHI Magnesita:* Company announced the appointment of Mr. Deepak Vazirani as Head of Supply Chain, Procurement & Commercial, and effective March 10, 2025. (Neutral) *Rappid Valves:* Company announced the appointment of Ms. Vrinda Saboo as the new Company Secretary, effective March 10, 2025. (Neutral) *Indusind Bank:* Detailed internal review estimates 2.35% adverse impact on net worth.

Extremely Weak Session for 🇺🇸 market -DowJones closes below its 200 DMA -Nasdaq suffers worst day since 2022 -$1.7 trillion in value wiped out from US stock market -S&P500 undoes 9 months of gains in 12 trading days The Problem: Feared Recession President Donald Trump said 🇺🇸economy is going though a period of transition. Trump said “What I have to do is build a strong country. You can’t really watch the stock market” 🇺🇸 Markets on Wednesday DowJones -2.08% Nasdaq -4% S&P500 -2.7% CBOE Volatility Index +19.2% at 27.9 “Magnificent Seven” led the declines -Tesla -15% for its worst day since 2020 -Alphabet & Meta fell more than 4% each -Artificial intelligence darling Nvidia -5% -Palantir -10% What is the expectation from the Fed? Traders are pricing in 75 basis points of cuts from the Fed this year Source: LSEG data Other Asset Classes 🇺🇸 10-year Treasury yield dropped to 4.18% 💲 Dollar Index at 103.79 ⛽️ Brent Crude at $69.65/barrel 💸 Bitcoin slips to 76850$, lowest since November 2024 🪙 Gold at $2,904/ounce

und HousesRecommendations MS on BEL: Maintain Overweight on Company, target price at Rs 364/Sh (Positive) HSBC on SBI Cards: Maintain Buy on Company, raise target price at Rs 1000/Sh (Positive) HSBC on Maruti: Maintain Hold on Company, target price at Rs 14000/Sh (Positive) Jefferies on Voltas: Maintain Buy on Company, target price at Rs 1990/Sh (Positive) CLSA on Escorts: Maintain Outperform on Company, target price at Rs 3805/Sh (Positive) CLSA on Persistent: Upgrade to Buy on Company, target price at Rs 9267/Sh (Positive) Macquarie on Adani Ports: Initiate Outperform on Company, target price at Rs 1500/Sh (Positive) MS on India Strategy: Indian stocks look attractive. (Positive) HSBC on BPCL: Maintain Buy on Company, target price at Rs 440/Sh (Neutral) HSBC on HPCL: Maintain Buy on Company, target price at Rs 450/Sh (Neutral) HSBC on IOCL: Maintain Buy on Company, target price at Rs 170/Sh (Neutral) Nomura on Sun Pharma: Maintain Neutral on Company, target price at Rs 1970/Sh (Neutral) CLSA on TCS: Maintain Outperform on Company, target price at Rs 4546/Sh (Neutral) MS on Indusind Bank: Maintain Equal weight on Bank, cut target price at Rs 900/Sh(Neutral) Jefferies on Indusind Bank: Maintain Buy on Bank, cut targetprice at Rs 1040/Sh (Neutral) MOSL on Indusind Bank: Downgrade to Neutral on Bank, cut target price at Rs 925/Sh (Negative) Nuvamaon Indusind Bank: Downgrade to Hold on Bank, cut target price at Rs 750/Sh (Negative) IIFL on Indusind Bank: Discrepancies in derivatives accounting to hit networth by 2.35% (Negative)

📝 NMDC iron oreproduction rises 17.8% to 4.62 mn tonnes in February 📝 Indian tariffs are WTO compliant; Centre should convey to US: GTRI 📝 Health insurancepremium growth in slow lane due to tapering demand 📝 Govt to scale up remote village innovations to create equal opportunities 📝 CWC to play key role inlogistics cost reduction plan: Food minister Joshi 📝 China's military expansion threatens Taiwan's LNG supply routes: Report 📝 Wave, Agristo to invest Rs 750 cr in UP to expand potato processing plant 📝 FPIs withdraw Rs 34,574 cr in Feb; total outflow at Rs 1.12 trn in 2025 📝 Radico Khaitan expects Rs 500 cr sales from luxury brands in FY26: MD 📝 Railways to start exporting locomotives from Dahod in next 3 yrs: Vaishnaw *Economic Times* 📝 ACME Solar plans Rs17,000-cr capex investment in FY26 📝 Organic fertilizer use to add $2.6 bn revenue: Indian Biogas Association 📝 Snapdeal cofounderKunal Bahl seen shopping on rival Amazon 📝 Northern Coalfields' Rs 24,000-crore 'R&R' project to begin soon; additional charge to recover cost 📝 Coal India waivesfinancial coverage charge for non-power sector consumers 📝 Glenmark recalls 15 lakh bottles of ADHD medication in US: USFDA 📝 Indian retail market pegged at Rs 190 lakh crore by 2034; retailers embracing diversity to gain:BCG-RAI report 📝 Reciprocal tariffs maymake Indian generic drugs costlier in US: Pharma giants on Trump stance 📝 Hindustan Zinc on trackto double metal production to 2 MTPA in 5 years: Chairperson Priya Agarwal Hebbar 📝 Maruti domestic PVsales marginally up; Hyundai, Tata report decline in Feb *Mint* 📝 Honda India Januarysales fall 15%, but FY25 sales register 7% growth 📝 NCLAT dismissesbDeloitte Haskins' plea on admissibility of SFIO’s report on IFIN 📝 Centre approves 97% ofspecial assistance scheme funds to states 📝 Flipkart shuts down ANS Commerce 3 years after acquisition 📝 Excelsoft Technologies files draft papers with SEBI for ₹700 crore IPO 📝 Rework India’s investment treaty framework to attract FDI flows 📝 Paytm receives ED show-cause notice for violating FEMA rules  BULK DEAL AS ON 28-02-2025 BPLPHARMA +75 K @ 878 SETU SECURITIES PRIVATE LIMITED -75 K @ 878 NEO APEX SHARE BROKING SERVICES LLP Coforge Limited +3.39 LK @ 7368 MOTILAL OSWAL MUTUAL FUND Home First Fin Co Ind Ltd +4.92 LK @ 1007.25 ISHARES CORE MSCI EMERGING MARKETS ETF IndusInd Bank Ltd. -50.86 LK @ 986.74 INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD. ITC Ltd. +26.55 LK @ 401.6 SEI TRUST COMPANY AS TRUSTEE OBO ALLSPRING EMERGING MARKETS EQUITY CIT -26.55 LK @ 401.6 WELLS FARGO EMERGING MARKETS EQUITY CIT KEI Industries Limited +11.82 LK @ 3105.49 MOTILAL OSWAL MUTUAL FUND Mufin Green Finance Ltd -9.64 LK @ 80.45 EXPERTPRO REALTY  PRIVATE LIMITED Teamlease Services Ltd. +2.72 LK @ 1865 NIPPON INDIA MUTUAL FUND -1.67 LK @ 1865 GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO  ALKA INDIA LTD Resolution Plan -Suspension Ex-date : 04 Mar 2025 COASTAL CORPORATION LTD Stock Split From Rs.10/- to Rs.2/- Ex-date : 04 Mar 2025 Mangalam Global Enterprise Ltd Stock Split From Rs.2/- to Rs.1/- Ex-date : 04 Mar 2025 PAE LTD. Resolution Plan -Suspension Ex-date : 04 Mar 2025 Anand Rathi Wealth Ltd Bonus issue 1:1 Ex-date : 05 Mar 2025 Vantage Knowledge Academy Ltd Bonus issue 2:1 Ex-date : 05 Mar 2025 Pradhin Ltd Bonus issue 2:1 Stock Split From Rs.10/- to Rs.1/- Ex-date : 07 Mar 2025 SBC Exports Ltd Bonus issue 1:2 Ex-date : 10 Mar 2025 IOL CHEMICALS & PHARMACEUTICALS LTD Stock Split From Rs.10/- to Rs.2/- Ex-date : 11 Mar 2025 Mehai Technology Ltd Stock Split From Rs.10/- to Rs.1/- Ex-date : 13 Mar 2025 SIKA INTERPLANT SYSTEMS LTD Stock Split From Rs.10/- to Rs.2/- Ex-date : 17 Mar 2025 PADAM COTTON YARNS LTD Bonus issue 2:3 Ex-date : 18 Mar 2025 Last Mile Enterprises Ltd Stock Split From Rs.10/- to Rs.1/- Ex-date : 21 Mar 2025

Jubilant Ingrevia: In the recent Investor's meet, the company announced its long term guidance for 2030, where it is expecting to achieve Rs 12,000 crore of revenue (~25% CAGR) with Rs 2,000 crore Ebitda, and 17–20% return on capital employed. Positive

*Global Equities’ Update* Asian markets have opened in the green zone and extended green move as sentiment leaded the better than expected macro announcement from China. U.S. equity index futures were traded in the tight range following sharp monthly declines on Wall Street, as investor sentiment remained cautious amid soon-to-be-imposed tariffs. *Dow Future (US):* 43809, -31.0 points/ -0.07% *Nasdaq Future (US):* 20899, +15.0 points/ +0.07% *DAX Future (Germany):* 22668, +136.0 points/ +0.60% *FTSE Future (UK):* 8834, +43.0 points/ +0.49% *Hang Seng Future (Hong Kong):* 23220, +253.0 points/ +1.10% *Taiex Future (Taiwan):* 22696, -493.0 points/ -2.12% *Nikkei Index (Japan):* 37512, +360.0 points/ +0.97% *Gift Nifty: (India)* 22373, +93.0 points/ +0.42% (Adjusted)

*India Daybook – Stocks in News* *NLC India:* Company secures 200 MW Wind Power Project from SJVN at `3.74/kWh. (Positive) *Astrazeneca:* Received permission from the Central Drugs Standard Control Organisation to import lung cancer drug. (Positive) *MOIL:* Price hikes taken between 6.5%-10% (Positive) *Unichem Laboratories:* Company has approved the sale of a 3.40-acre land plot and an 82,220 sq. ft. building at Prabhat Estate, Mumbai for Rs 279 Cr. The buyer is Macrotech Developers Ltd (Positive) *Zen Technologies:* Company completes acquisition of ARI Labs and majority stake in Applied Research International. (Positive) *Ashok Leyland:* Delhi to get over 1,000 electric buses this month: Delhi Transport minister –PTI. (Positive) *Interglobe Aviation:* January market share at 65.2% record high (+80bps MoM). (Positive) *TVS SCS:* Company receives NSE nod for merger with five subsidiaries; awaits NCLT approval (Positive) *Great Eastern Shipping:* CRISIL Ratings Limited upgraded the credit rating of Company’s Rs. 1500 crore Non-Convertible Debentures to CRISIL AAA/Stable from CRISIL AA+/Positive (Positive) *NTPC Green:* Company declares commercial operation of final 18.32 MW capacity at 300 MW Shambu ki Burj-2 Solar PV Project in Rajasthan (Positive) *Servotech Renewable:* Company & Chamber Of Indian MSME Signed Mou To Launch User-Friendly Mobile App, Accelerating 1 Lakh Solar Home Target By 2026 Under Pm Surya Ghar Yojana. (Positive) *AB Real:* Birla Estates secures landmark booking value of approx INR 500cr for third consecutive time with Phase 3 of Birla Trimaya in Bengaluru. (Positive) *NMDC:* Feb productions up 18% at 4.62MT YoY, Sales flat at 3.98MT (Positive) *M&M:* Total auto sales at 83,702 units vs poll of 81,840 units (Positive) *Escorts:* Total tractor sales up 11.4% at 8,590 units vs 7,709 units (YoY). (Positive) *TVS Motor:* February Total sales at 4.03 Lakh units vs estimates of 3.90 Lakh units. (Positive) *Shakti Pumps:* Company received a Rs. 23.91 Cr work order from Maharashtra Energy Department Agency (MEDA) for 877 solar photovoltaic water pumping systems (Positive) *Eicher Motors:* February Cv Total Sales 8,092 Units Vs 7,424 Units (YoY) (Positive) *Atul Auto:* February Total Sales 2,900 Units Vs 2,300 Units (YoY). (Positive) *NTPC:* Company hit a record by generating 400 billion units (BU) in FY24-25 on March 1, 2025, in just 335 days—12 days faster than the previous year’s mark on March 13, 2024 (Positive) *Baazar Style Retail:* Company opened two new stores, one in Baruipur, West Bengal and another in Sankatmochan, Varanasi, Uttar Pradesh. (Positive) *Metro Brands Ltd:* Company declared an interim dividend of INR 3.00 per share and a special dividend of INR 14.50 per share for FY24-25. The record date is March 7, 2025 (Positive) *International Gemological:* Net profit at Rs. 114 cr vs Rs 78 cr, Revenue at Rs. 265 cr vs Rs 250 cr (YoY) (Positive) *NCC Ltd:* Company received a significant order worth 218.82 Crores (excluding GST) in February 2025. (Positive) *Remi Edelstahl Tubulars:* Company received orders for stainless steel pipes & tubes worth approximately Rs.30.00 Cr in Feb 2025. (Positive) *Parag Milk:* Income Tax Department imposes Rs 3.26 crore penalty on Company for regulatory violation. (Neutral) *Laxmi Dental:* Company receives show cause notice from Income Tax Department. (Neutral) *Maruti Suzuki:* February, Total sales at 1.99 Lakh units vs poll of 2.05 Lakh units. (Neutral) *Atcom Technologies:* Company announced the resignation of Mr. Narendra Kumar Joshi as Company Secretary & Compliance Officer, effective March 1, 2025 (Neutral) *Transchem:* Company announced the appointment of Ms. Sarita Maharao as Chief Financial Officer, effective March 1, 2025. (Neutral) *Tata Motors:* Company reported total sales of 79,344 units in Feb 2025, down 9% YoY compared to 86,406 units in Feb 2024. (Neutral) *Yes Bank:* Members of the bank approved the appointment of Mr. Manish Jain as a Director and Executive Director of the Bank w.e.f.

*Fund Houses Recommendations* Jefferies on *Siemens:* Maintain Buy on Company, target price at Rs 7215/Sh (Positive) HSBC on *M&M:* Maintain Buy on Company, target price at Rs 3520/Sh (Positive) MS on *Ultratech:* Maintain Overweight on Company, target price at Rs 13650/Sh (Positive) GS on *Titan:* Maintain Buy on Company, target price at Rs 3900/Sh (Positive) MS on *Coal India:* Maintain Overweight on Company, target price at Rs 525/Sh (Positive) Jefferies on *SBI Life:* Maintain Buy on Company, target price at Rs 1770/Sh (Positive) MS on *IGI:* Maintain Overweight on Company, target price at Rs 617/Sh (Positive) CLSA on *PFC:* Upgrade to Buy on Company, cut target price at Rs 525/Sh (Positive) CLSA on *REC:* Upgrade to Buy on Company, cut target price at Rs 525/Sh (Positive) Investec on *MGL:* Upgrade to Buy on Company, target price at Rs 1600/Sh (Positive) Investec on *GSPL:* Upgrade to Buy on Company, target price at Rs 465/Sh (Positive) Nuvama on *CG Consumer:* Maintain Buy on Company, target price at Rs 500/Sh (Positive) Kotak on *VMM:* Initiate Add on Company, target price at Rs 110/Sh (Positive) Jefferies on *AWL:* Initiate Buy on Company, target price at Rs 370/Sh (Positive) MS on *Consumer:* Top Overweights-ITC, Jubilant Foodworks, Nykaa, Page Industries, Tata Consumer, Titan, Trent, Varun Beverages (Positive) CLSA On *Telecom:* High interest seen for Bharti Airtel but perplexed about recent promoter stake sale (Neutral) Citi on *Banks:* Credit to NBFCs continue to be muted, Trade and other services credit provide support. Home loans pace moderated YoY, Retail credit growth slightly moderated to 14.2% YoY (Neutral) Jefferies on *Polycab:* Maintain Buy on Company, cut target price at Rs 6485/Sh (Negative) GS on *BSE:* Maintain Buy on Company, cut target price at Rs 4880/Sh (Negative)