New Research Reports

The US Government on Friday, Sept. 19, 2025, announced fee hike to US$100k for applicants to the H-1B visa program for skilled foreign workers starting with FY26 lottery cycle. The one-time fee applicable on all companies (Indian/US) that use the...

GST Rationalization: Structural boost for Automobile industry: Government has announced GST 2.0 reforms thereby reducing GST rates for the automobile sector across the segments and value chain. Small cars, 2-W's up to 350cc, and 3-Ws will now attract 18% GST vs. 28% earlier, while buses & trucks also shift to 18% rate. Farm machinery like tractors & their components have also seen a reduction from 12% to 5%. Total tax incidence for larger passenger cars, SUVs is also reduced from 43-50% to 40%. Apollo tyres stand to benefit from GST rate cut, as the move towards...

It's set to be a blockbuster week for the IPO market, with 29 new public offerings aiming to raise around Rs 7,500 crore. In addition, eight companies are scheduled to make their stock market debut, following 12 listings last week.

Over its operational history of three decades, it has built entrenched client relations through a robust suite of digital platforms, which helps it to maintain the highest average revenue per client of INR 29,347 in FY25 (in the broking industry), driven by its mature customer base and personalized engagement approach.

MARKET SNAPSHOT

The primary as well as secondary sales were impacted in Q2FY26 due to excess trade inventory at beginning of Q2FY26 and five weeks difference in announcement and implementation of GST reduction – that’s the chief takeaway from the management call.

The company’s liquidity position was adequate, supported by expectation of healthy cash flows, sizeable cash and bank balances (~Rs. 5,910 crore as on March 31, 2025) and low to moderate utilisation of committed facilities (buffer of ~Rs. 3,397 crore as on March 31, 2025).

We interacted with the management of Voltas (VOLT) to understand the current demand trend, the company’s strategy to play festive demand and GST rate cuts, and the segmental performance.

We recommend a BUY on the stock with a TP of Rs 1,935/share, implying an upside of 10% from the CMP.