India

In today’s briefing:

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations
HDFC Bank (“HDFCB”): Separating the Wheat from the Chaff
NSDL – New Management, Revised Strategy — The Battle for Market Share Continues
Milky Mist Dairy Food Ltd Pre-IPO Tearsheet
Executive Centre India Ltd Pre-IPO Tearsheet
The Beat Ideas: GIPCL’s Strategic Shift – A New Dawn for Gujarat’s Energy Sector

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

By Janaghan Jeyakumar, CFA

NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.

HDFC Bank (“HDFCB”): Separating the Wheat from the Chaff

By Ankit Agrawal, CFA

The stress periods are the times when the mettle of the best gets tested. We are in such a period and HDFCB has remained unscathed.
Even Bajaj Finance, which is also rated gold-standard in underwriting and risk management, noted issues with asset quality in the current environment, however, HDFCB’s asset quality has remained pristine.
HDFCB’s retail NPA ex-Agri has been steady at 0.82%. While HDFCB’s competitors have provided a cautious outlook, especially in unsecured loans, HDFCB has provided a stable outlook on asset quality.

NSDL – New Management, Revised Strategy — The Battle for Market Share Continues

By Sreemant Dudhoria,CFA

This insight describes about NSDL (NSDL IN) ‘s complete overhaul in top management team over the last 12 months.
The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.
The IPO provides investors a front-row seat opportunity to witness this turnaround.

Milky Mist Dairy Food Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Milky Mist Dairy Food Ltd (1023949D IN) (MMDFL) is looking to raise about US$237m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin and IIFL.
MMDFL is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
MMDFL is the fastest-growing packaged food firm in India among those with revenue above INR15,000m, having achieved a revenue CAGR of 29.82% from FY23-25, as per 1Lattice Report.

Executive Centre India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Executive Centre India Ltd (2026075D IN) (ECIL) is looking to raise about US$300m in its upcoming India IPO. The bookrunners for the deal are Kotak and ICICI.
ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.
As per Kantar Brand Study, it was recognised for offering high-end services in the premium flexible workspace segment across India, Singapore, the Middle East, and Asia in FY25.

The Beat Ideas: GIPCL’s Strategic Shift – A New Dawn for Gujarat’s Energy Sector

GIPCL is executing a 2,375 MW renewable energy park at Khavda, marking a major shift from thermal to green energy.
This transition is expected to improve EBITDA margins through lower operating costs and recurring O&M income.
The shift enhances long-term visibility and positions GIPCL as a key player in Gujarat’s clean energy future, boosting investor confidence.

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Jul 30

Daily Brief India: NSDL, Hitachi Energy India, Aditya Infotech Ltd and more

In today’s briefing:

National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation
Hitachi Energy India (POWERIND IN): Powering into a Global Index in August
Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk

National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we undertake a peer comparison and talk about valuations.

Hitachi Energy India (POWERIND IN): Powering into a Global Index in August

A big rally in Hitachi Energy India (POWERIND IN) this year could lead to the stock being added to a global index in August.
Hitachi Energy India (POWERIND IN) has outperformed its peers and now trades at significantly higher valuations compared to its peer group.
There is positioning in the stock and early entrants could be looking to unwind some of their holdings over the next couple of weeks.

Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk

By Himanshu Dugar

Company operates home grown CCTV brand ‘CP PLUS’. Also the sole distributor for Zhejiang Dahua Technology A (002236 CH) in India. Dahua is also its primary components supplier.
Expect 15-25% revenue growth vs 16% for industry with operating margins gradually improving to 10% translating to FY26E earnings range of 20-24.
Company is raising 1,300cr (500cr fresh and 800cr OFS) at implied multiple of ~30x in line with valuation paid by Dixon Technologies India Ltd (DIXON IN) for its 6.5% stake.

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Jul 29

Daily Brief India: NSDL, Indusind Bank, Dr Agarwal’s Health Care Ltd, Aditya Infotech Ltd, Adani Energy Solutions and more

In today’s briefing:

NSDL IPO Analysis: India’s First & Largest Depository
NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline
Indian Banking’s Longest-Serving, Highest-Paid HR-Head Quits IndusInd Bank
Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out
National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing
Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
Lucror Analytics – Morning Views Asia

NSDL IPO Analysis: India’s First & Largest Depository

NSDL (NSDL IN)‘s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
As India’s pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.

NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline

NSDL (NSDL IN) is looking to list on the exchanges by selling up to INR 40bn (US$464m) of stock at a valuation of up to INR 160bn (US$1.85bn).
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in November.
Central Depository Services (CDSL IN)‘s stock price has dropped following the announcement of NSDL‘s IPO price band and the muted results could lead to further downside in the stock.

Indian Banking’s Longest-Serving, Highest-Paid HR-Head Quits IndusInd Bank

By Hemindra Hazari

Zubin Mody, Chief Human Resources Officer (CHRO) abruptly quits Indusind Bank (IIB IN)
His resignation adds to the leadership vacuum at the top as the bank has no CEO or any executive directors on the board
Apparently the board of directors wants to reboot the bank with a clean senior executive slate

Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out

By Akshat Shah

Dr Agarwal’s Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.

National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the updates from its RHP filing.

Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation

By Akshat Shah

Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$151m in its India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

UST yields were largely stable on Friday, after long-dated yields erased 3-4 bps of increases during the day.
The UST curve flattened marginally, with the yield on the 2Y UST rising 1 bp to 3.92%, while the yield on the 10Y UST declined 1 bp to 4.39%.
The S&P 500 rose for the fifth straight day, and was up 0.4% at 6,389.

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Jul 28

Daily Brief India: Swiggy and more

In today’s briefing:

Swiggy/Eternal: Free Float Increase & Foreign Room Decrease ‘Delivering’ BIG Passive Flows

Swiggy/Eternal: Free Float Increase & Foreign Room Decrease ‘Delivering’ BIG Passive Flows

Increased free float should result in passives buying Swiggy (SWIGGY IN) and lower foreign room should lead to passives selling Eternal (ETERNAL IN) at the end of August.
The increased free float should also result in passive buying for Swiggy (SWIGGY IN) in September.
Eternal has outperformed Swiggy last week following strong earnings. Swiggy announces earnings later this week and that could be a short-term catalyst for a narrowing of the spread.

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Jul 27

Daily Brief India: Indian Energy Exchange Ltd and more

In today’s briefing:

IEX Ltd: Over-Reaction on Market Coupling?

IEX Ltd: Over-Reaction on Market Coupling?

By Nitin Mangal

This week, the CERC issued the order on market coupling for DAM across all the Indian Power Exchanges. Now, a single uniform market clearing price will be determined centrally.
Shares of Indian Energy Exchange Ltd (IEX IN) have reacted negatively to this development. Management’s stance on market share remains positive even though there is uncertainty involved.
Investors should also consider structural drivers like rising electricity demand, low exchange penetration, strong user loyalty, and positive performance of IGX platform while evaluating IEX’s long-term prospects.

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Jul 26

Daily Brief India: Infosys Ltd and more

In today’s briefing:

Infosys (INFY) — No Fireworks but Better Performance than TCS

Infosys (INFY) — No Fireworks but Better Performance than TCS

By Sreemant Dudhoria,CFA

Infosys Ltd (INFO IN) reported a stable Q1FY26 with constant currency (CC) revenue growth of 2.6% QoQ and 3.8% YoY, despite persistent macro headwinds in key geographies.
While the company increased its lower end of guidance from 0 to 3% to 1%-3% CC, the sector still faces challenges from macro uncertainty.
While there are no fireworks in the results, it is much getter than Tata Consultancy Svcs (TCS IN) . We present analysis on the same.

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Jul 25

Daily Brief India: Tilaknagar Industries, Indian Energy Exchange Ltd, Natco Pharma, Brigade Hotel Ventures Ltd and more

In today’s briefing:

Event Driven: Tilaknagar Ind ₹4,150 Cr Imperial Blue Acq.~Transformational Play or Leverage Trap?
India’s Energy Exchanges: Market Coupling, the Next Big Disruption
Event Driven: Natco Pharma’s Strategic Acquisition of Adcock Ingram
Brigade Hotel IPO: Not Suited for a Long Term Stay for Now, Can Try For a Quick Day Trip Gain
Market Coupling Mandate: Structural Risk or Opportunity Reset for IEX (NSE: IEX, BSE: 540750)?

Event Driven: Tilaknagar Ind ₹4,150 Cr Imperial Blue Acq.~Transformational Play or Leverage Trap?

By Nimish Maheshwari

Tilaknagar Industries (TLNGR IN) acquires Pernod Ricard India’s Imperial Blue for INR 4,150 crore, diversifying its portfolio into whisky from dominance in brandy.
This acquisition will establish TI as a pan-India spirits player, significantly enhancing distribution and is expected to be accretive.
However, substantial deal size raises concerns about equity dilution, high leverage risks, and significant integration challenges for TI

India’s Energy Exchanges: Market Coupling, the Next Big Disruption

India’s CERC has approved the implementation of Market Coupling in the DAM(Day Ahead Market) by Jan-26, with Real Time Market (RTM) coupling to follow after operational experience is gained.
IEX currently commands 99.8% market share in both DAM and RTM. With MC, price discovery will be centralized, eroding IEX’s platform advantage and likely resulting in loss of market share.
If MC had been implemented in FY25, IEX’s earnings would have been 20% lower. This regulatory shift poses a clear structural risk to IEX’s volume dominance and earnings growth.

Event Driven: Natco Pharma’s Strategic Acquisition of Adcock Ingram

By Nimish Maheshwari

Natco Pharma acquires a 35.75% stake in South Africa’s Adcock Ingram, marking its largest overseas expansion to date.
This move instantly gives Natco a strong foothold in Africa’s pharma market and diversifies its global revenue streams from current headwind of US market.
Natco transitions from a primarily India/US-focused player to a serious contender in strategic emerging markets, enhancing its growth outlook.

Brigade Hotel IPO: Not Suited for a Long Term Stay for Now, Can Try For a Quick Day Trip Gain

By Tina Banerjee

Brigade Hotel Ventures has filed for IPO to raise up to INR 7,596M. The company plans to sell 84.4M shares at between INR 85 and INR 90 per share.
The company owns and develops hotels in key cities in India, with a portfolio of nine operating hotels. The hotels are operated by global marquee hospitality companies.
The debt-to-equity ratio for Brigade Hotel being at 5.8x is the highest among its peers. The company’s plans to use the proceeds to service the outstanding debts makes sense.

Market Coupling Mandate: Structural Risk or Opportunity Reset for IEX (NSE: IEX, BSE: 540750)?

By Rahul Jain

CERC has mandated market coupling for the Day-Ahead Market starting Jan 2026, shifting price discovery to a central engine.
This dilutes IEX’s pricing power but core execution role, user trust, and market share offer downside protection.
Valuations at 38–40× FY25 EPS imply a fair value range of Rs175–195, with upside if growth in green and RTM segments accelerates.

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Jul 24

Daily Brief India: Vishal Mega Mart, DLF Ltd and more

In today’s briefing:

Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion
DLF’s Mumbai Re-Entry: A New Era for Premium Real Estate?
India Real Estate: Domestic Demand & Infrastructure Boom – LONG DLF

Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion

An increase in the stock price and free float should result in Vishal Mega Mart (VMM IN)‘s inclusion in a global index in August.
Estimated passive buying is 191m shares (US$312m; 5.8x ADV; 15.4x delivery volume) at the close of trading on 26 August.
The index inclusion could take the stock higher in the short-term but buyers in the June placement could be looking for an exit.

DLF’s Mumbai Re-Entry: A New Era for Premium Real Estate?

DLF Ltd (DLFU IN) re-entered Mumbai after a decade with ‘The Westpark’, a luxury project in Andheri West, featuring 416 apartments and INR 800-900 crore investment
Company launched a Mumbai luxury project targeting INR 2,000-2,300 crore revenue from phase one, with broader market expansion and new launch plans
This signals a strategic shift for debt-free DLF towards high-margin luxury developments, leveraging Mumbai’s booming market and demand for premium homes

India Real Estate: Domestic Demand & Infrastructure Boom – LONG DLF

By Jacob Cheng

As the second largest population in the world, India real estate is on a transformational path, driven by economic growth and domestic demand
In particular, we think the rapid urbanization, rising disposable income, infrastructure demand as well as capital inflow from NRI provided further boost to the sector
We like DLF, which is one of the largest real estate developers in the country, on the back of its product positioning and strong fundamentals

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Jul 23

Daily Brief India: NIFTY Index, Waaree Energies, Sona Blw Precision Forgings Lt, Prestige Hospitality Ventures Ltd, Uco Bank, Veritas Finance Ltd, Pine Labs and more

In today’s briefing:

NIFTY50 Index Outlook Amid Ongoing Rebalance Review
Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion
Sona Comstar’s China JV: Tapping into the World’s Largest EV Market
Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns
UCO Bank (UCO IN) Vs. IOB (IOB IN): Catch-Up Potential
Veritas Finance Pre-IPO: Fast Growing Lender to the Un/Under-Banked
Pine Labs Pre-IPO – The Negatives – …some Segments Slowing, Lots Unexplained

NIFTY50 Index Outlook Amid Ongoing Rebalance Review

By Nico Rosti

As outlined by Brian Freitas , the NIFTY Index ‘s September rebalance ends July 31st, the announcement of the changes will take place end August and implemented on September 29th.
The index has been pulling back for 3 weeks, it’s oversold according to our model, 75% probability of reversing up this week.
Lower support limit would be 24319, while a rally could take the index to 25642 across a couple of weeks. The rally won’t last more than 2 weeks probably.

Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion

An increase in the stock price and free float should result in Waaree Energies (WAAREEEN IN) being included in a global index in August.
Estimated passive buying is 8.2m shares (US$295m; 3x ADV; 10.8x delivery volume) at the close of trading on 26 August.
Waaree Energies (WAAREEEN IN) has outperformed Premier Energies (PREMIERE IN) over the last 3 months but still trades at a lower forward PE.

Sona Comstar’s China JV: Tapping into the World’s Largest EV Market

On July 20, 2025, Sona Blw Precision Forgings Lt (SONACOMS IN) announced a $20 million joint venture with China’s JNT to enter the world’s largest EV market.
The move aims to capture growth in China’s dominant EV market, aligning with the company’s new strategy to expand into eastern markets
An EV slowdown is expected in FY26 while the China JV and railway business, despite driving future growth from FY27 onwards, are expected to lower margins.

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

By Akshat Shah

Prestige Hospitality Ventures Ltd (1831338D IN) is looking to raise about US$317m in its upcoming India IPO.
Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
In this note, we talk about the company’s historical performance.

UCO Bank (UCO IN) Vs. IOB (IOB IN): Catch-Up Potential

By Gaudenz Schneider

Context: The Indian Overseas Bank (IOB IN) vs. UCO Bank (UCO IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Statistical mean reversion suggests short-term outperformance of UCO Bank (UCO IN), also supported by more attractive valuations.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Veritas Finance Pre-IPO: Fast Growing Lender to the Un/Under-Banked

By Nicholas Tan

Veritas Finance Ltd (1392490D IN) is looking to raise up to US$323m in its upcoming Indian IPO.
It was established in 2015, and is a non-deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI), classified as an ‘NBFC-Middle Layer’.
In this note, we look at the firm’s past performance.

Pine Labs Pre-IPO – The Negatives – …some Segments Slowing, Lots Unexplained

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we talk about the not-so-positive aspects of the deal.

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Jul 22

Daily Brief India: Mazagon Dock Shipbuilders , Bajaj Finance Ltd, PNB Housing Finance Ltd, Infosys Ltd, Heg Ltd, HDFC Bank, Adani Energy Solutions, Pine Labs and more

In today’s briefing:

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names
Bajaj Finance CEO Resignation: Rajeev Jain Returns, But Succession Looms Large
Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen
Infosys (INFO IN) Q1 Results: What Options Markets Are Pricing In
HEG IN – Graphite Leader Expands into Anodes; Capacity Edge and Battery Optionality Key
HDFC Bank-Quality Franchise but Credit Growth Will Lag in near Term; Likely Revive in H2FY26 & FY27
Lucror Analytics – Morning Views Asia
Pine Labs Pre-IPO – The Positives – Some Segments Growing..

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

With the review period nearing completion, there could be 4 changes (including 1 migration) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.
Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.

Bajaj Finance CEO Resignation: Rajeev Jain Returns, But Succession Looms Large

By Nimish Maheshwari

Anup Saha’s sudden resignation as MD of Bajaj Finance Ltd (BAF IN), just three months into the role, raises succession planning concerns.
The architect of BAF’s growth resumes full control as VC & MD until March 2028, ensuring near-term continuity.
While operations remain stable, the event sharpens focus on long-term leadership depth in India’s most premium NBFC.

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

By Manishi Raychaudhuri

Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again.
We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.
14 stocks come up in our new India Mid-Caps basket – fewer than the 20 that we had earlier. Four stocks are common with the previous basket.

Infosys (INFO IN) Q1 Results: What Options Markets Are Pricing In

By Gaudenz Schneider

Infosys (INFO IN / INFY US) reports Q1 FY26 results on Wednesday, 23 July 2025 at 15:45 IST; earnings days historically triggered outsized price moves.
Highlight: Analyzing historical post-earnings price movements, along with forward-looking options-implied volatility, provides valuable insights for event-driven strategies.
Why Read: Access the data and insights to take advantage of anticipated price moves and volatility crush. Potential option strategies explained.

HEG IN – Graphite Leader Expands into Anodes; Capacity Edge and Battery Optionality Key

By Rahul Jain

Q4 FY25 delivered best operational quarter with 27% EBITDA margin and steady 80–85% utilization despite global steel demand weakness.
Expanding graphite electrodes to 100 ktpa, commissioning 20 ktpa anode plant by FY27, and deepening exposure via GrafTech stake.
Base case SOTP implies Rs614/share, valuing core at 8× EV/EBITDA and anode business at 2.5× invested capital.

HDFC Bank-Quality Franchise but Credit Growth Will Lag in near Term; Likely Revive in H2FY26 & FY27

By Sreemant Dudhoria,CFA

HDFC Bank (HDFCB IN)‘s Q1FY26 PAT up 12% YoY, driven by strong other income; core NII growth remained modest at 5.4%.
Deposit growth remained robust; CASA revival and CD ratio improvement are key near-term priorities. However, margins under pressure from EBLR resets,but contingent provisions and stable asset quality offer medium-term stability.
Bank should come back to its pre-merger metric by end of FY26. However, current valuation at 3x P/B leaves little room for error.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Vedanta Resources, JSW Steel
UST yields declined on Friday, led by the front end, after Fed Governor Christopher Waller reiterated his case for a July rate cut and given lower-than-expected inflation projections in the University of Michigan survey.
The yield on the 2Y UST and 10Y UST fell 4 bps to 3.87% and 4.42%, respectively. Equities were steady at record high levels, with the S&P 500 and Nasdaq flat at 6,297 and 20,896, respectively.

Pine Labs Pre-IPO – The Positives – Some Segments Growing..