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Marc Franklin, Deputy Head of Multi-Asset Solution-Asia at Manulife Investments, To CNBC-TV18

 Sources Say

Rupee opens at 88.72/$ vs Tuesday’s close of 88.75/$

In a block deal, 57 lakh shares of Coffee Day Enterprises, representing 2.7% of its equity, were traded at ₹44.45 per share, totalling ₹25 crore.

In a large block deal, 22.77 lakh shares of Akzo Nobel India, representing 5% of its equity, were traded at ₹3,359 per share, totalling ₹765 crore.

PhonePe has filed draft papers with SEBI for its IPO through the confidential pre-filing route.

The company aims to raise about ₹12,000 crore ($1.35 billion) entirely via an Offer for Sale (OFS).

Lupin is in focus as the Directorate General of Trade Remedies (DGTR) has started an anti-dumping duty (ADD) investigation on imports of ‘Ethambutol Hydrochloride’ from China and Thailand.

EPack Prefab Technologies will open its ₹504-crore IPO for subscription from September 24 to 26.

The Greater Noida-based company has set a price band of ₹194–₹204 per share, with a lot size of 73 shares.

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Jain Resource Recycling, part of the Jain Metal Group, will open its IPO for subscription from September 24 to 26, aiming to raise ₹1,250 crore.

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Marc Franklin, Deputy Head Of Multi Asset Solns, Asia, Manulife Investments To CNBC-TV18

Here’s a list of stocks that are in focus going into trade today

Here’s how the global market cues are placed this morning

Kotak Inst Eqt on Adani Ports

Stake sale of Rapido to Prosus, Westbridge

Cash on Books

JP Morgan says:

The new cash balance can support this business for ~6 quarters and longer as burn moderates.

Overall burn was ₹1300 cr in Q1

Vedanta said it received a notice from the Ministry of Petroleum & Natural Gas that its request to extend the Production Sharing Contract (PSC) for block CB-OS/2 in the Cambay Basin was not approved.

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Kotak Inst Eqt on Indus Tower

Macquarie on Marico

Swiggy shares are in focus after the company announced board approval for selling its Rapido stake.

The stake sale includes ₹431.49 crore to Setu AIF Trust/Westbridge and ₹1,968 crore to MIH Investments One B.V.

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HSBC has upgraded its view on the Indian stock market, moving its rating from “Neutral” to “Overweight” in its latest note on September 24.

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GS on Ashok Leyland

Motilal Oswal has started coverage on Sri Lotus Developers and Realty, giving it a ‘Buy’ rating with a target price of ₹250 per share.

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Upgrade CESC to buy with a target price of ₹200

CESC’s RE growth plans have solidified; it aims to double PAT to ₹28 billion over FY25–30E led by

i) 1.2/3.2GW RE addition by FY27E/29E and 10GW target by FY32E—3.8GW approved/7.6GW transmission connectivity applied for in high RE potential states

ii) New solar manufacturing initiative (3GW each cell, module) CoD by FY28E.

While CMP captures recent tariff hikes/RA recovery, valuations underplay strong RE pipeline & solar manufacturing initiative, while a potential UP DISCOM win could add a new growth optionality

CITI on IndusInd BK

Upgrade to Buy on Maruti Suzuki India with a target price raised to ₹18,900

Upgrade to factor in

1) Potential pickup in market for entry-level cars post GST cuts & price changes

2) Resumption of new model launches after a gap of 2.5 years with Victoris SUV + eVitara

3) Favourable exposure to pay commission in the upcoming auto demand cycle

4) Relatively low CO2 risk vs peers heading into CAFE 3 regime in FY28E.

Expect +5% / +12% / +9% volume growth in FY26E / FY27E / FY28E vs industry growth of +4% / +8% / +9%

Raise FY26E – FY28E EPS estimates by up to 12%

Buy on Minda Corporation with a target price of ₹620

Minda’s Vision 2030 Meet Highlights

i) 2030 revenue/ EBITDA target of INR175bn/21bn implies a CAGR of 28%/30% over FY25–30E

ii) Incremental revenue over FY25–30E to be aided by growth in existing business, premiumisation, higher exports, new products and other opportunities

iii) Premiumisation to be driven by growth in the Smart Access, Cockpit Electronics and EV Harness segments.

iv) By FY30E, revenue share of PVsshall expand to 25% (14% in FY25), 2/3Ws’ to fall to 40% (47%), and CVs’ to dip to 25% (28%)

MS on Swiggy

Nomura on Swiggy

Buy Sun Pharmaceutical Industries with a target price of ₹2070

Management meet takeaways

1) Sun Pharma focuses on volume growth and differentiated products in India, with GLP seen as a key opportunity.

2) Speciality business drove margin gains in the past 5 years; new launches like Leqselvi and Unloxcyt will have minimal revenue impact in FY26 but incur higher SG&A

3) A new India plant is planned to derisk Halol and Mohali sites.

Morgan Stanley on SBI Cards

Flipkart’s Big Billion Day 2025 sale, which kicked off with steep discounts on premium phones like the iPhone 16 and iPhone 16 Pro, is facing backlash as many customers have reported that their orders have been cancelled.

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