News

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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TRADE SET UP

Dilip Buildcon (DBL) has emerged as the lowest bidder for a ₹1,115 crore industrial corridor project in Kerala.

The project, awarded by the Kerala Industrial Corridor Development Corporation, covers building and maintaining infrastructure at Pudussery Central and Kannambra in Palakkad.

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MORNING CUES

In Cash Market

Date: Sep 23, 2025

-DII Net Buy 2,671 Cr

-FII Net Sell 3,551Cr

FIIs IN INDEX FUTURES

Contracts                 Change in OI                        Positioning

Longs                      +1,004                   14%

Shorts                        -1072                   86%

FII On Stock Futures (in contracts)

Longs                  +19670

Shorts                 +8078

Nifty levels

Strike                                 Change in OI                 Premium

25300 call                        +17.6 lk shares                             102

25200 put                         +17 lk shares                  98

Nifty levels

Support                                              25050-25085

Resistance                                        25350-25400

NiftyBank with 50 DMA &       100 DMA

Stock to track

GMDC show me the intraday chart

NSE Deliverable Quantity at 9.26 %

Accenture plans to establish a new campus in Andhra Pradesh, which could potentially create around 12,000 jobs in India, according to sources.

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Sajjan Jindal-led JSW Group is expanding in the automobile sector and plans to launch cars and trucks under its own brand, more than a year after announcing a joint venture with MG Motor India.

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Swiggy has approved selling its stake in bike-taxi operator Rapido through two transactions totalling ₹2,399 crore.

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GIFT Nifty was trading nearly 40 points below Tuesday’s, September 23, Nifty Futures close, signalling a weak opening for the Indian market.

Large-cap stocks are trading cheaper than small- and mid-cap indices, making them an attractive option for investors seeking lower volatility and a stable entry point in uncertain markets, said Chintan Haria, Principal – Investment Strategy at ICICI Prudential AMC.

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In today’s trade, some of the stocks to watch out inlcude Swiggy, HCLTech, Akzo Nobel, Bajaj Electricals, Torrent Power, Karur Vysya Bank, Infosys, Dilip Buildcon and more.

On the weekly expiration day of the Nifty, there was market instability. Tuesday saw the index close 33 points down at 25,170 despite significant intraday fluctuations, continuing weakness for the third consecutive session.

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