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>ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)</li><li>The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)</li><li>Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of deposits</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.

ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of depositsContent 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: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

<ul><li>SBI Life Insurance: SBILIFE’s adjusted VNB was flat YoY at INR40.4bn, as the VNB margin clocked in at 28.1% (softer 153bps YoY) on the back of a 500bps higher share of ULIP in the APE mix at 61% (9MFY23: 56%)</li><li>We build in 16% YoY growth in APE for FY24 (below guidance) on account of slower growth in the retail business</li><li>Our high conviction BUY remains anchored on the three powerful and sustainable moats: (a) exclusive access to parent SBI’s massive distribution network (penetration at ~2%), (b) least impacted by IRDAI draft exposure on surrender values on savings product, and (c) the lowest opex ratio among peers (9MFY24: 9.9%)</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.

SBI Life Insurance: SBILIFE’s adjusted VNB was flat YoY at INR40.4bn, as the VNB margin clocked in at 28.1% (softer 153bps YoY) on the back of a 500bps higher share of ULIP in the APE mix at 61% (9MFY23: 56%)We build in 16% YoY growth in APE for FY24 (below guidance) on account of slower growth in the retail businessOur high conviction BUY remains anchored on the three powerful and sustainable moats: (a) exclusive access to parent SBI’s massive distribution network (penetration at ~2%), (b) least impacted by IRDAI draft exposure on surrender values on savings product, and (c) the lowest opex ratio among peers (9MFY24: 9.9%)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: SBI Life Insurance, Shriram Finance, AU Small Finance Bank

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

iShares MSCI Emerging Markets / Technical Analysis

<ul>
<li>In our prior EM Strategy (October 2) we discussed that as long as EEM-US is above our important line-in-the-sand at $37, we were buyers on the pullback.</li>
<li>This support level held and EEM-US now displays a bullish 3-month downtrend reversal as the DXY appears to be breaking below $105.70, all bullish signals signaling additional upside-- buy.</li>
<li>We are bullish as long as $36.50-$37 support holds on EEM-US. Our first target is $42, which is 1.5+ year resistance. Remain overweight India, and we're upgrading Poland/Greece to overweight</li>
</ul>


In our prior EM Strategy (October 2) we discussed that as long as EEM-US is above our important line-in-the-sand at $37, we were buyers on the pullback.
This support level held and EEM-US now displays a bullish 3-month downtrend reversal as the DXY appears to be breaking below $105.70, all bullish signals signaling additional upside-- buy.
We are bullish as long as $36.50-$37 support holds on EEM-US. Our first target is $42, which is 1.5+ year resistance. Remain overweight India, and we're upgrading Poland/Greece to overweight


MSCI EM Index Reversing 3-Month Downtrend -- Buy. Remain Overweight India, Upgrading Poland & Greece

<ul><li>Asian Paints: APNT’s revenue growth flat-lined in Q2 (YoY) at INR 84.8bn, 4.4% below our expectation (HSIE: INR88.7bn)</li><li>Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy</li><li>Urban markets (high-single-digit growth) continued to outpace rural centres</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.

Asian Paints: APNT’s revenue growth flat-lined in Q2 (YoY) at INR 84.8bn, 4.4% below our expectation (HSIE: INR88.7bn)Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavyUrban markets (high-single-digit growth) continued to outpace rural centresContent 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: Asian Paints, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.</li>
<li>As things stand, there could be one index change for the BSE SENSEX Index in December 2026.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index for the December 2026 index rebal event.
As things stand, there could be one index change for the BSE SENSEX Index in December 2026.


Quiddity Leaderboard BSE ​​​​SENSEX Dec26: Expectations Have Changed; More Changes Possible

India

Shriram Finance Limited provides consumer finance services. The Company offers automobile, commercial vehicle, business, and gold loan services. Shriram Finance serves customers in India.

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Shriram Finance (SHFL IN)

HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition)

HDFC Securities

HSIE Results Daily: SBI Life Insurance, Shriram Finance, AU Small Finance Bank

SBILIFE’s adjusted VNB was flat YoY at INR40.4bn, as the VNB margin clocked in at 28.1% (softer 153bps YoY) on the back of a 500bps higher share of...

HDFC Securities

MSCI EM Index Reversing 3-Month Downtrend -- Buy. Remain Overweight India, Upgrading Poland & Greece

In our prior EM Strategy (10/2/23) we discussed that, if $EEM is above $37, we were buyers on the pullback. Support held and now EEM displays a...

Vermilion Research

HSIE Results Daily: Asian Paints, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy. Urban markets (high-single-digit growth)...

HDFC Securities

Quiddity Leaderboard BSE SENSEX Dec26: Expectations Have Changed; More Changes Possible

Previously, we had Trent as the expected DEL. However, now we have Tech Mahindra as the expected DEL. Since there are multiple names close to the...

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

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HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition)

HDFC Securities

HSIE Results Daily: SBI Life Insurance, Shriram Finance, AU Small Finance Bank

SBILIFE’s adjusted VNB was flat YoY at INR40.4bn, as the VNB margin clocked in at 28.1% (softer 153bps YoY) on the back of a 500bps higher share of...

HDFC Securities

MSCI EM Index Reversing 3-Month Downtrend -- Buy. Remain Overweight India, Upgrading Poland & Greece

In our prior EM Strategy (10/2/23) we discussed that, if $EEM is above $37, we were buyers on the pullback. Support held and now EEM displays a...

Vermilion Research

HSIE Results Daily: Asian Paints, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy. Urban markets (high-single-digit growth)...

HDFC Securities

Quiddity Leaderboard BSE ​​​​SENSEX Dec26: Expectations Have Changed; More Changes Possible

Previously, we had Trent as the expected DEL. However, now we have Tech Mahindra as the expected DEL. Since there are multiple names close to the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE SENSEX Dec26: Expectations Have Changed; More Changes Possible