HDFC AMC logged a strong quarter, driven by steady revenue yields and significant growth in AUM. The debt market's outlook remains positive, aided by the Reserve Bank of India's supportive measures, such as interest rate cuts to boost fixedincome investments. HDFC AMC's improved market standing, diversified product portfolio, launch of new specialised investment funds, strong retail presence and digital initiatives position it for sustained growth and long-term value creation. Furthermore, although there has been a temporary decline in the share of equity AUM, a positive turnaround is anticipated in the near future. Therefore, we upgrade...