External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Government support in some sectors, while others stay muted: During Q4FY25, the government capex or awards pick-up is still subpar ex of T&amp;D</li><li>Our interactions with the road segment stakeholders suggest that though the bid pipeline is strong, awards are getting postponed</li><li>Water projects under JJM have not seen any recent awards and even the awarded projects have slowed down</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Government support in some sectors, while others stay muted: During Q4FY25, the government capex or awards pick-up is still subpar ex of T&amp;DOur interactions with the road segment stakeholders suggest that though the bid pipeline is strong, awards are getting postponedWater projects under JJM have not seen any recent awards and even the awarded projects have slowed downContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (Q4FY25 Results Preview): Expecting Recovery

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>We analyze FIIs' and DIIs' buying/selling trend across sectors and their sector-wise stances relative to benchmarks to assess which sectors they would buy or sell in the near term.</li>
<li>FIIs and DIIs have bought consumer discretionary and healthcare secularly. They recently started buying financials and IT, after prolonged selling.  They've also secularly bought industrials, barring the last two quarters.</li>
<li>We conclude that both FIIs and DIIs shall continue to buy financials, industrials and consumer discretionary. They would also buy healthcare and sell materials, energy, IT and consumer staples.</li>
</ul>


We analyze FIIs' and DIIs' buying/selling trend across sectors and their sector-wise stances relative to benchmarks to assess which sectors they would buy or sell in the near term.
FIIs and DIIs have bought consumer discretionary and healthcare secularly. They recently started buying financials and IT, after prolonged selling.  They've also secularly bought industrials, barring the last two quarters.
We conclude that both FIIs and DIIs shall continue to buy financials, industrials and consumer discretionary. They would also buy healthcare and sell materials, energy, IT and consumer staples.


Asian Equities: India – What Would FIIs and DIIs Buy and Sell?

<ul><li>We visited the 16th annual exhibition organized by IEEMA (Indian Electrical and Electronics Manufacturers’ Association) – Elecrama 2025</li><li>It is considered one of the largest global exhibitions dedicated to the power sector and promoting Make in India</li><li>The event gathers key stakeholders from various segments of the power and renewable energy industry, including transmission and distribution (T&amp;D) players, equipment manufacturers, and EPC service providers, making it a platform for sharing key insights, current innovations, collaboration, and understanding the future trends shaping the sector.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited the 16th annual exhibition organized by IEEMA (Indian Electrical and Electronics Manufacturers’ Association) – Elecrama 2025It is considered one of the largest global exhibitions dedicated to the power sector and promoting Make in IndiaThe event gathers key stakeholders from various segments of the power and renewable energy industry, including transmission and distribution (T&amp;D) players, equipment manufacturers, and EPC service providers, making it a platform for sharing key insights, current innovations, collaboration, and understanding the future trends shaping the sector.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods: Elecrama 2025 - Key Takeaways

<ul>
<li>Since October, FIIs have sold US$24.2 bn Indian stocks. DIIs have bought US$36bn. The market has been supported by the latter, benefitting from steady SIPs - now at US$3bn monthly.</li>
<li>India households' historical under-ownership of equities and the steady decline in interest rates and returns from property turned domestic investors towards equity. With Indian equities declining steadily, that could change.</li>
<li>Looking at DIIs' sector-wise ownership, we think if domestic MFs are forced to sell, then industrials, consumer discretionary, materials and to a lesser extent, financials could be at risk.</li>
</ul>


Since October, FIIs have sold US$24.2 bn Indian stocks. DIIs have bought US$36bn. The market has been supported by the latter, benefitting from steady SIPs - now at US$3bn monthly.
India households' historical under-ownership of equities and the steady decline in interest rates and returns from property turned domestic investors towards equity. With Indian equities declining steadily, that could change.
Looking at DIIs' sector-wise ownership, we think if domestic MFs are forced to sell, then industrials, consumer discretionary, materials and to a lesser extent, financials could be at risk.


Asian Equities: Which Sectors Could Suffer when Indian Domestics Sell?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>IndiaAI Mission is set to launch a GPU access portal for startups and researchers, with procurement bids from major firms like Jio Platforms and <a href="https://www.smartkarma.com/entities/tata-communications-ltd" target="_blank" data-smartkarma-citation="entities:20892:1" rel="noopener">Tata Communications (TCOM IN) </a>
</li>
<li>
<a href="https://www.smartkarma.com/entities/jefferies-financial-group-inc" target="_blank" data-smartkarma-citation="entities:17648:1" rel="noopener">Jefferies Financial Group (JEF US)</a>  expects ITC Hotels to experience $190 million in fund outflows due to ETF selling and BAT's planned stake sale. </li>
<li>
<a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro (LT IN)</a> secures an $80 million multi-year deal with a US-based manufacturer to drive digital transformation using advanced technologies. </li>
</ul>


IndiaAI Mission is set to launch a GPU access portal for startups and researchers, with procurement bids from major firms like Jio Platforms and Tata Communications (TCOM IN) 


Jefferies Financial Group (JEF US)  expects ITC Hotels to experience $190 million in fund outflows due to ETF selling and BAT's planned stake sale. 

Larsen &amp; Toubro (LT IN) secures an $80 million multi-year deal with a US-based manufacturer to drive digital transformation using advanced technologies. 


#95 India Insight: IndiaAI to Launch GPU Portal, ITC Hotels Faces ETF Outflows, L&T Secures Deal

India

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LT IN)

Industrials (Q4FY25 Results Preview): Expecting Recovery

Government support in some sectors, while others stay muted: During Q4FY25, the government capex or awards pick-up is still subpar ex of T&D

HDFC Securities

Asian Equities: India – What Would FIIs and DIIs Buy and Sell?

Analyzing FIIs' & DIIs' sector-wise buying trends & tilt rel to benchmark, we conclude they'll likely buy financials, industrials, cons disc,...

Manishi Raychaudhuri

Capital Goods: Elecrama 2025 - Key Takeaways

We visited the 16th annual exhibition organized by IEEMA (Indian Electrical and Electronics Manufacturers’ Association) – Elecrama 2025

HDFC Securities

Asian Equities: Which Sectors Could Suffer when Indian Domestics Sell?

Indian DIIs have bought $36bn since October vs $24.2bn FII selling. But if SIPs drop & DIIs are forced to sell some sectors may be at significant...

Manishi Raychaudhuri

#95 India Insight: IndiaAI to Launch GPU Portal, ITC Hotels Faces ETF Outflows, L&T Secures Deal

IndiaAI Mission launches GPU access portal for startups/researchers with bids from major firms; ITC Hotels faces fund outflows, Larsen & Toubro...

Sudarshan Bhandari

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Industrials (Q4FY25 Results Preview): Expecting Recovery

Government support in some sectors, while others stay muted: During Q4FY25, the government capex or awards pick-up is still subpar ex of T&D

HDFC Securities

Asian Equities: India – What Would FIIs and DIIs Buy and Sell?

​Analyzing FIIs' & DIIs' sector-wise buying trends & tilt rel to benchmark, we conclude they'll likely buy financials, industrials, cons disc,...

Manishi Raychaudhuri

Capital Goods: Elecrama 2025 - Key Takeaways

We visited the 16th annual exhibition organized by IEEMA (Indian Electrical and Electronics Manufacturers’ Association) – Elecrama 2025

HDFC Securities

Asian Equities: Which Sectors Could Suffer when Indian Domestics Sell?

​Indian DIIs have bought $36bn since October vs $24.2bn FII selling. But if SIPs drop & DIIs are forced to sell some sectors may be at significant...

Manishi Raychaudhuri

#95 India Insight: IndiaAI to Launch GPU Portal, ITC Hotels Faces ETF Outflows, L&T Secures Deal

​IndiaAI Mission launches GPU access portal for startups/researchers with bids from major firms; ITC Hotels faces fund outflows, Larsen & Toubro...

Sudarshan Bhandari

Analyzing FIIs' & DIIs' sector-wise buying trends & tilt rel to benchmark, we conclude they'll likely buy financials, industrials, cons disc,...

Indian DIIs have bought $36bn since October vs $24.2bn FII selling. But if SIPs drop & DIIs are forced to sell some sectors may be at significant...

IndiaAI Mission launches GPU access portal for startups/researchers with bids from major firms; ITC Hotels faces fund outflows, Larsen & Toubro...