External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Bajaj Auto: Considering the improved outlook in the domestic market—supported by GST rate rationalization, product up-trading, and a focus on new model launches to strengthen the portfolio—along with structurally diversified exports that reduce dependence on Nigeria, pick-up in 3W exports, improving profitability of the EV segment, overcoming of supply challenges, and forex tailwinds, we upgrade our financial estimates</li><li>Accordingly, we increase our target PE multiple for the core business from 21x earlier to 23x now (near +1SD of 4-year mean) of Sep-27 EPS, to reach a TP of INR 9,834 and an upgrade to an ADD rating</li><li>Key risks remain high competitive intensity in the EV segment and potential cost risk in the KTM turnaround.</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.

Bajaj Auto: Considering the improved outlook in the domestic market—supported by GST rate rationalization, product up-trading, and a focus on new model launches to strengthen the portfolio—along with structurally diversified exports that reduce dependence on Nigeria, pick-up in 3W exports, improving profitability of the EV segment, overcoming of supply challenges, and forex tailwinds, we upgrade our financial estimatesAccordingly, we increase our target PE multiple for the core business from 21x earlier to 23x now (near +1SD of 4-year mean) of Sep-27 EPS, to reach a TP of INR 9,834 and an upgrade to an ADD ratingKey risks remain high competitive intensity in the EV segment and potential cost risk in the KTM turnaround.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.

HSIE Results Daily: Bajaj Auto, Trent, Cholamandalam Investment and Finance Company..

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>The GST Council has simplified India’s indirect tax structure, cutting rates across daily essentials and consolidating slabs into 5% and 18%, with a new 40% bracket for sin goods.</li>
<li>
Consumption accounts for over 60% of GDP, and this tax reset is designed to revive household demand. We expect a 0.5-1% boost to GDP growth over the next 4–6 quarters.</li>
<li>
FMCG companies with price-sensitive portfolios, biscuits, hair oils, shampoo sachets, stand to gain most. Retailers and QSRs will ride the consumption uplift, while tobacco taxation remains unresolved beyond 2025.</li>
</ul>


The GST Council has simplified India’s indirect tax structure, cutting rates across daily essentials and consolidating slabs into 5% and 18%, with a new 40% bracket for sin goods.

Consumption accounts for over 60% of GDP, and this tax reset is designed to revive household demand. We expect a 0.5-1% boost to GDP growth over the next 4–6 quarters.

FMCG companies with price-sensitive portfolios, biscuits, hair oils, shampoo sachets, stand to gain most. Retailers and QSRs will ride the consumption uplift, while tobacco taxation remains unresolved beyond 2025.


GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Giant Network Group Co Ltd / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.</li>
<li>We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today's recommendations coming from China.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.
We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today's recommendations coming from China.


Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

<ul><li>Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few outliers, both positive and negative</li><li>Excluding the strong growth from new age businesses (~49% growth YoY) and headwinds faced by paint companies (~2% growth YoY, negative), our universe is still likely to grow at ~17%</li><li>We anticipate continued margin pressure as SSSGs remain weak, ranging from negative to lower single-digits for most</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.

Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few outliers, both positive and negativeExcluding the strong growth from new age businesses (~49% growth YoY) and headwinds faced by paint companies (~2% growth YoY, negative), our universe is still likely to grow at ~17%We anticipate continued margin pressure as SSSGs remain weak, ranging from negative to lower single-digits for mostContent 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.

Consumer Discretionary (Q1FY26 Results Preview): Q1FY26–a mixed bag

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Credit growth expected to rise to 13–13.5 percent in FY26, led by industrial lending and public sector bank support.</li>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> ’s RISE Worldwide partners with Denmark’s BLAST to launch Jio BLAST eSports, signaling a major push into India’s booming gaming industry.</li>
<li>Sona Comstar plans to manufacture EV magnets in India, aiming to reduce China dependence and strengthen domestic capabilities in the electric mobility sector.</li>
</ul>


Credit growth expected to rise to 13–13.5 percent in FY26, led by industrial lending and public sector bank support.

Reliance Industries (RIL IN) ’s RISE Worldwide partners with Denmark’s BLAST to launch Jio BLAST eSports, signaling a major push into India’s booming gaming industry.
Sona Comstar plans to manufacture EV magnets in India, aiming to reduce China dependence and strengthen domestic capabilities in the electric mobility sector.


#166 India Insights:Sona EV Magnets, Jio Boosts ESports, Pine Labs Plans ₹2,600 Cr IPO

India

FSN E-Commerce Ventures Ltd., operating as Nykaa, is an Indian retail company specializing in beauty, wellness, and fashion products. It sells products online and through physical stores, offering a wide assortment from various brands, including its own. The company is headquartered in Mumbai, India, and was founded in April 2012.

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Nykaa (NYKAA IN)

HSIE Results Daily: Bajaj Auto, Trent, Cholamandalam Investment and Finance Company..

Bajaj Auto: Considering the improved outlook in the domestic market—supported by GST rate rationalization, product up-trading, and a focus on new...

HDFC Securities

GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...

Nimish Maheshwari

Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Still Bullish. China (Shanghai Composite) has been a major focus ever since our July 3 Int'l Compass titled "China and Japan Breaking Out." It...

Vermilion Research

Consumer Discretionary (Q1FY26 Results Preview): Q1FY26–a mixed bag

Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few...

HDFC Securities

#166 India Insights:Sona EV Magnets, Jio Boosts ESports, Pine Labs Plans ₹2,600 Cr IPO

Credit growth set to increase in FY26, Reliance Industries enters gaming industry, Sona Comstar to manufacture EV magnets in India.

Sudarshan Bhandari

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52-week Range

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HSIE Results Daily: Bajaj Auto, Trent, Cholamandalam Investment and Finance Company..

Bajaj Auto: Considering the improved outlook in the domestic market—supported by GST rate rationalization, product up-trading, and a focus on new...

HDFC Securities

GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

​India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...

Nimish Maheshwari

Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Still Bullish. China (Shanghai Composite) has been a major focus ever since our July 3 Int'l Compass titled "China and Japan Breaking Out." It...

Vermilion Research

Consumer Discretionary (Q1FY26 Results Preview): Q1FY26–a mixed bag

Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few...

HDFC Securities

#166 India Insights:Sona EV Magnets, Jio Boosts ESports, Pine Labs Plans ₹2,600 Cr IPO

​Credit growth set to increase in FY26, Reliance Industries enters gaming industry, Sona Comstar to manufacture EV magnets in India.

Sudarshan Bhandari

India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...

Credit growth set to increase in FY26, Reliance Industries enters gaming industry, Sona Comstar to manufacture EV magnets in India.