In today’s briefing:
- HDFC Bank (HDFCB IN) Tactical Outlook: Will The Rally Continue?
- The Beat Ideas: Indegene Ltd- The Quiet Tech Player Powering Big Pharma
- Naveen Jindal’s Bid for Thyssenkrupp Steel Europe – Sensible Valuation, Execution Critical
- Orkla India Pre-IPO – Strong Market Presence, Growth Yet to Catch Up
- Urban Company IPO Trading – Highest Demand so Far This Year
- Lucror Analytics – Morning Views Asia
HDFC Bank (HDFCB IN) Tactical Outlook: Will The Rally Continue?
- HDFC Bank (HDFCB IN) has been in a mild pullback since the end of July. The stock closed up for 2 weeks but has not reached any significative overbought level.
- This week HDFC Bank went down a bit, stayed above the Q1 support level but this pattern is very bullish, in the past it gave way to long, profitable rallies.
- We cannot say for sure if the stock will rally up from here, but if it does, consider profit targets north of 1034 (Q3), and it could rally higher.
The Beat Ideas: Indegene Ltd- The Quiet Tech Player Powering Big Pharma
- Indegene is shifting from transactional work to large-scale, transformative “Tectonic” deals, securing over US$1 million from two paid pilots in Q1 FY26.
- This pivot moves the company up the value chain, creating a durable competitive moat and positioning it as a strategic partner, not just a vendor.
- Indegene’s strong balance sheet and focused M&A strategy will likely accelerate this high-value growth, cementing its role as a key player in pharma’s digital future.
Naveen Jindal’s Bid for Thyssenkrupp Steel Europe – Sensible Valuation, Execution Critical
- Funding not a hurdle: Promoter strength provides comfort despite past negative precedents.
- Valuation undemanding: Entry at ~US$440–475/t is below replacement cost and past cycle-peak deals.
- Execution heavy: Success depends on managing restructuring, integration, and EU policy commitments.
Orkla India Pre-IPO – Strong Market Presence, Growth Yet to Catch Up
- Orkla India Ltd. (0752506D IN) is looking to raise about US$300m in its upcoming India IPO.
- Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.
- In this note, we talk about the company’s historical performance.
Urban Company IPO Trading – Highest Demand so Far This Year
- Urban Company (UC) raised around US$220m in its heavily subscribed India IPO.
- UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
Lucror Analytics – Morning Views Asia
- UST yields declined 2-3 bps yesterday, amid limited macro news and ahead of the Fed’s expected 25-bp rate cut on Wednesday.
- The yield on the 2Y UST fell 2 bps to 3.54%, while that on the 10Y UST was down 3 bps at 4.04%.
- Equities rose to fresh record highs, with the S&P 500 and Nasdaq up 0.5% and 0.9%, respectively.
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