Buy

We retain our BUY rating on the stock.

About the stock: Tata Steel (TSL), part of the TATA group, is one of the world's most geographically diversified steel producers with operations across regions. Annual Crude Steel Production Capacity: India- 26.6 million ton (MT), Netherland- 7 MT, UK- 3.2 MT (upcoming), and Thailand- 1.7 MT. Event Update: Tata Steel has outlined long term growth strategy for its Indian operations. It includes: 1) 4.8 MTPA expansion at Neelachal Ispat Nigam (NINL) 2) Signing a MOU with Llyod Metals to collaborate in iron ore mining infrastructure and steel making 3) Setting up 6 MTPA greenfield capacity in Maharashtra 4)...

Siemens Energy in its analyst meet highlighted the opportunity pipeline across domestic and international markets for power transmission business.

Kotak's consolidated AUM grew 12% YoY to Rs. 7,60,598cr, driven by diversified assets expansion, while book value per share increased 14% to Rs. 844, reflecting strong capital accretion and franchise strength. business diversification, digital advancement, and strong customer engagement initiatives. Management has reiterated its commitment to sustaining healthy growth in advances at 1.5x-2x times nominal GDP growth, while maintaining a credit-todeposit (CD) ratio in the range of 8587%. Strategic priorities include strengthening the deposit franchise, scaling Kotak 811 for digital-led acquisition, and expanding the microfinance platform posts for the Sonata-BSS merger. Continued investments...

During the quarter, Berger's revenue growth was impacted by the prolonged monsoon season, resulting in a modest increase in revenue. The company's margin and profitability were also affected by higher costs and expenses. However, the company continued to expand its retail presence, adding new stores and increasing its overall footprint. The sector's competitive landscape has stabilised, and demand is expected to pick up in the coming months, driven by improved weather conditions and the release of pent-up demand. This is expected to contribute to the company's overall revenue growth,...

The company delivered a steady performance, driven by resilient core category *over or under performance to benchmark index traction, improving product mix and sustained brand strength. The management said while the GST rationalisation is supporting demand revival across discretionary categories, the company's pricing action is expected to stabilise the margin. Continued order momentum in new growth engines, expanding premium portfolios, distribution upgrades and execution of strategic transformation initiatives are expected to enhance competitiveness and operating efficiency. With a focus on...

*over or under performance to benchmark index Grasim Industries Ltd, a subsidiary of Aditya Birla Group, is a diversified company with interests in cements, textiles, retail and chemicals. It is also the world's largest...

We maintain BUY on Voltamp Transformers (VAMP) while cutting our TP by ~12% to Rs10,000 (from Rs11,350 earlier), valuing the stock at 25x FY28E EPS.

Affle 3i’s H1FY26 revenue grew ~19.3% y/y to ~Rs 12.7bn, with CPCUrevenue up ~18.2% y/y (~98.8% of topline) and rest from non-CPCU. EBITDA grew ~31.2% y/y to ~Rs2.86bn with margins expanding 205bps y/y to ~22.6%.

We attended Coforge’s Investor Day 2025 wherein the management discussions were largely centered on strategic objectives, growth vectors and execution intensity.

We recommend a BUY on the stock and value the company at 38x multiple to its FY27E earnings to arrive at a TP of Rs 2,300/share, implying an upside of 18% from the CMP.

We recommend a BUY on the stock with a target price of Rs 875/share, implying an upside of 10% from the CMP.

Hyper-specialisation + Large-deal engine driving growth: We attended Coforge's Investor Day 2025, wherein the management highlighted Coforge's proactive, non-RFP (request for proposal) large-deal strategy and deep domain specialisation across BFS, Insurance, Travel and Healthcare which position it for sustained industry-leading growth into FY28E. Coforge closed 6 large deals in H1FY25 and is targeting 20 by year-end, with cloud and AI embedded in two-thirds of wins. Travel is set for a deep acceleration in the next 12 months, while...

Biocon (BIOS) is fully integrating Biocon Biologics (BBL) by acquiring the remaining stake of 23.3%. In addition to the share swap, BIOS is raising additional capital through a QIP of up to INR45b, subject to shareholder approval, for the cash component payable to Viatris.

Suzlon is well-placed to capitalise on India’s growing wind cycle, supported by substantial scale leverage at its Puducherry plant (~30% utilisation with the ability to ramp from 3 to 8 nacelles/day) with minimal capex, while the addition of three AI-enabled blade facilities would enhance logistics and execution.

We remain sanguine on SRF’s chemicals business, with performance potentially improving across ref-gas, specialty chemicals and fluoropolymers. Higher volumes and sustained prices present ~15–20% upside risk in ref-gas business’ base-case revenues vs. a more plausible assessment.

Our meeting with RBL Bank’s (RBL) MD&CEO further cements our positive stance on RBL. We believe the proposed USD 3bn capital infusion (link) from Emirates NBD (ENBD) catapults RBL several notches up in terms of net worth, CET1, technology offering, funding competitiveness and distribution, thereby securing huge growth runway.

BHEL has accumulated a strong orderbook in last three years but execution has been slow. Order inflow (OI) in FY24/25 was INR 780bn/ INR 920bn (vs. average OI of INR 210bn between FY19-23), respectively.

Suzlon delivered strong operating metrics in H1FY26. However, the news flow around the new renewable capacity addition has been under weather. In this backdrop, Suzlon’s management highlighted the key positives during its investor day.