Upgrades

We recommend a BUY with a target price of Rs 595/share, implying an upside of ~10% from the CMP.

Kotak Mahindra Bank (KMB IN) Event Update RBI approves Mr. Anup Saha as MD&CEO for 3 years BUY

We maintain our BUY rating, valuing the company at 38x Jun'28E EPS, to arrive at a TP of Rs 3,360/share, implying an upside of 33% from the CMP.

segments : CDLM is venturing into new, emerging and high-growth segments including Semiconductor equipment, AI Data centers and Robotics during FY27E. We believe the semiconductor segment particularly has multi-year growth visibility with Government approving the next phase of the Semicon India Program (ISM 2.0), with an outlay of ~1,27,500 crore to accelerate the development of a resilient semiconductor and electronics ecosystem in India. The recently concluded Semicon India 2026 saw significant investments from multinational giants...

Our recent interaction with LG Electronics India (LGEIL) management suggests healthy revenue growth momentum across key segments, aided by healthy consumer demand and its premiumization strategy.

We initiate coverage on Torrent Power (TPL) with a Neutral rating and an SoTP-based TP of INR1,270. TPL is an integrated power utility spanning electricity generation, transmission, and distribution.

Azad Engineering (Azad) has inaugurated two dedicated manufacturing facilities for GE Vernova's gas power business at its Centre of Excellence & Innovation Centre in Hyderabad.

revenue) continues to be the company's largest growth and margin contributor, with revenue growing 17% YoY in Q1FY27 and EBITDA margin improving to 23.8%. Growth was supported by execution across commercial aerospace and defence programmes and expanding portfolio towards complex components. The company has made significant progress on the Airbus A220 doors programme, with the first complete shipset of all eight doors industrialised and delivery-ready ahead of schedule, while the Dassault Falcon 6X rear fuselage programme and Deutsche Aircraft...

Neogen has two segments viz. (i) organic chemicals, (ii) inorganic chemicals which find applications in pharmaceutical intermediates, agrochemical intermediates, polymers additives and water treatment chemicals. As the per the new strategy to address the opportunities emanating from EV ecosystem, it has earmarked a capex of 1,795 crore for the Lithium...

Global life science and pharma companies prefer to onboard external agencies like Indegene to reduce operational costs, accelerate go-tomarket, access specialized global talent, and manage the spike in content volume during the drug launch and drop during periods with no updates.

DLPL has announced the acquisition of SN Genelab—a B2B diagnostics operator focused on advanced genomics and molecular pathology testing—for Rs1.68bn (70% stake), thus valuing the company at ~16x FY26 EV/EBITDA.

Pipe demand in Q2FY27-TD has been healthy, and the company is on track to achieve its guidance of double-digit volume growth in FY27. Astral notes margin tailwinds in pipes due to higher PVC prices and is confident of at least achieving its OPM guidance of 16–18%.

GE Vernova T&D India (GVTD IN) Management Meet Update Robust backlog supports multi-year growth visibility BUY

IDFC First Bank (IDFCFB) has delivered strong balance sheet growth, with advances and deposits registering a CAGR of 21% and 26%, respectively, in the past three years.

MMFS has executed a strategic transformation under Udaan to transition from manual, decentralized processes toward a standardized, technologydriven operating model.

Solar Industries (SOIL) is a leader in the domestic explosive market and has established a strong presence in international markets for industrial explosives.

15% gold-price correction in July improved customer participation, supporting expectations of deferred purchases returning in H2FY27