Anthem Bioscience’s initial issue is priced at 47.4x TTM EV/EBITDA compared to peer average of 42.7x TTM EV/EVITDA. Even though, the issue seems to be priced higher than the peer average, we believe it demands a premium led by stronger growth, industry leading margins, steady profitability and deep capability to produce complex products. We assign a “SUBSCRIBE” rating to the issue.
Ichnos Glenmark Innovation (IGI), a wholly-owned subsidiary of Glenmark Pharmaceuticals, has entered into an exclusive global licensing agreement with AbbVie for the development and commercialization of IGI’s lead oncology asset, ISB 2001. This first-in-class CD38×BCMA×CD3 trispecific antibody is currently in Phase 1 clinical trials for relapsed/refractory multiple myeloma (R/R MM).
We have revised our FY26E/FY27E EPS estimate by -1.7%/-3.6% respectively, led by lower revenue conversion on the back of reduced demand. We value TCS at 25.0x Jun’27 EPS (~10-year avg NTM P/E), implying a target price of INR 4,067.
Smartworks Coworking Spaces initial issue is priced at 5.8x TTM EV/EBITDA compared to 14.4x of its domestic listed peer and industry avg. of 6.8x TTM EV/EBITDA of global listed peers. Moreover, the issue is priced at 20.4x FY25 EV/Adj. Cash EBITDA compared to 49.9x FY25 EV/Adj. Cash EBITDA of its domestic listed peer.
As per Pharma rack data, during Apr’25, the Indian pharmaceutical market (IPM) grew by 7.8% YoY, led by improved price realization (+5.1% YoY), modest new launches (+2.3% YoY), and muted volume growth (+0.4% YoY).
The NBFC sector is anticipated to register moderate loan growth in Q1 FY26E. Although unsecured lending may witness some slowdown due to tightening risk controls and regulatory oversight, segments including gold loans and Loan Against Property (LAP) are expected to maintain healthy traction, reflecting shift to a more balanced lending strategy amid evolving credit and interest rate dynamics.
Tata Motors JLR reported Q1FY26 wholesale volumes of 87,286 units, a 10.7% decrease YoY and 21.7% down from Q4FY25, reflecting the planned wind down of legacy Jaguar models and US import tariffs.
Navin Fluorine International Ltd. announced the opening of its Qualified Institutions Placement (QIP) on July 7, 2025, to raise up to INR 7,500 Mn. The Board approved the preliminary placement document and set the floor price at INR 4,798.28 per share, based on SEBI’s pricing formula.
The Indian auto industry witnessed a divergent performance in Q1FY26, with strong traction in the two-wheeler and tractor segments, while the passenger vehicle (PV) and commercial vehicle (CV) categories grappled with demand moderation, elevated inventory, and fragile retail sentiment.
We expect the Company to continue expanding its presence over the country and overseas both into QSR outlets and lounges. We assign a “SUBSCRIBE” rating to the issue and advice the investors to remain invested for the long-term.
