New Research Reports

Indian equities posted their worst month since March 2026. The Nifty50 fell 6.1% to close at 22,620.45, while the Sensex fell 5.8% to 72,480.29.

END OF DAY SUMMARY

Retail Research

MARKET SNAPSHOT

Retail Research

IPO Note

Core revenue grew 17% YoY/4.6% QoQ in Q2FY27 mainly on account of consecutive quarters of yield improvement

Fusion CX Limited (Fusion), incorporated in 2004 and headquartered in Kolkata, is a customer experience (CX) services provider delivering voice, chat, email, social and messaging support, plus emerging AI data infrastructure services (data annotation, robot teleoperation). It runs 40 delivery centres across 13 countries in 28 languages, with ~13,700 CX employees and ~3,800...

With a 20% upside from the CMP, we maintain a BUY rating on the stock.

Asian markets were trading mixed this morning. Hang Seng gained 0.5%, while Shanghai was nearly flat, down 0.04%. Japan's markets are closed for a public holiday.

We initiate coverage on the stock with a BUY Rating and a TP of Rs 2,315/share based on a multiple of 55x P/E for FY28E. The TP implies an upside of 20% from the CMP.

We initiate coverage on the stock with a BUY Rating and a TP of Rs 750/share based on a multiple of 33x P/E for FY28E. The TP implies an upside of 21% from the CMP.

We initiate coverage on the company with a BUY rating on the stock with a target price of Rs 1,730/share, based on a multiple of 56x P/E for FY28E. The TP implies an upside potential of 20% from the CMP.

The IPO market shifts its focus to fresh issues this week, with nine companies opening for subscription and no IPOs scheduled to list. This follows a busy previous week that saw 22 companies make their market debut.

MARKET SNAPSHOT

Avenue Supermarts (DMART)‘s Q2FY27 standalone revenue grew 18.4% YoY, driven by improved LFL (like-for-like) growth of 9.5% (vs. 6.8% in Q2FY26), reflecting better store productivity.

We see Godrej Agrovet (GAVL) in the midst of a three- to five-year reset around a simpler, more consumer-facing portfolio. The plan combines exits from businesses and geographies with investments in brands, route-to-market reset, technical services, product development, and downstream value addition.

We attended Campus Activewear (Campus) analyst meet and came away constructive on management’s mid-teens organic growth ambition, underpinned by volume, premiumization, and expansion into newer categories such as performance footwear.

Attractive valuation with improving earnings visibility: Suzlon’s (SUEL) stock price has corrected 31% over the past three months and is currently trading at 17.5x FY28E EPS, a 20% discount to its one-year fwd mean -1SD of 22x.