*Antique on Siemens Energy* Initiate Buy with target price of Rs 3,179 Play on technology and scale T&D capex on a strong footing; Siemens Energy to be key beneficiary Solid order backlog of Rs 15,000 crore provides strong medium-term revenue visibility Expect earnings CAGR of 35% over FY24-27 *HDFC Sec on Siemens Energy* Initiate Buy with TP of Rs 3000 Captures maximum value among its peers as it covers larger market size Becomes power pureplay with exclusive rights for some South Asia countries Sees strong growth visibility on robust order book, 2.1x FY25E revenue Model 30% FY25-27E PAT CAGR *MOSL on Siemens Energy* Initiate Buy with TP of Rs 3000 Long-standing player in transmission Well-placed to benefit from planned investments in T&D Planned capex across facilities to drive growth in financials Expect the company to benefit from a strong addressable market in the T&D business Expect revenue/PAT CAGR of 25%/31% over FY25-27 EBITDA margin to expand to 21.4% by FY27 *MS on IT* See slight improvement in rev growth However, thesis of 2 yrs of muted rev CAGR intact Deal pipeline &commentary confirm weak discretionary & vendor consolidation opportunities In this context, believe any rally should be used as good opportunity to trim Downgrade Tech M to UW – TP Rs 1575 Upgrade Wipro to EW– TP raised to Rs 265 Within large caps, like TCS, INFO & Wipro over HCLT, LTIM & Tech M Within Mid caps like Coforge & MphasiS over ER&D names (LTTS, Cyient/Tata Elxsi) *CLSA on IT* Broader discretionary spending remains muted amid uncertain macro Cost optimisation &vendor consolidation theme picked-up BFSI continues to see strong demand; most other verticals remains muted Expect V-shaped recovery in cmng qtrs INFY, Tech M & Persistent top picks Infosys stock price could see sharp bounce back, on account of the closure of two acquisitions which could lift its FY26 revenue growth guidance Wipro’s stock price may see a sharp bounce back in the event the board plans to announce a share buyback *HSBC on Agri Inputs* Takeaways from PMFAI conference Kharif season is progressing well Biologicals are increasingly finding favour with farmers and are expected to grow in the double digits, in line with global trends Retain Buy on UPL given a strong global portfolio *MOSL on Ambuja Cement* Maintain Buy with target price of Rs 630 Acquisition-led growth; efficiency push yet to materialize Aggressive on M&A; organic growth yet to catch up Cost reduction drive underway; yet to deliver results Related-party transactions rise on leveraging group synergies *Citi on Kalyan Jewellers* Maintain Buy with target price of Rs 650 Overall demand trend remains strong In FY26, will add 90 Kalyan stores: 6-7 stores outside India, 9-10 in South and rest in non-South Studded mix is likely to remain at current levels Not seeing any significant price-based competition in the industry *Citi on Asian Paints* Maintain Sell with target price of Rs 2,100 Expect low single digit value growth in FY26 Volume vs value growth will likely be 3-4% (vs 6-7% in FY25) Have increased the trade incentives due to competitive pressure But continues to offer one of the lowest incentives amongst other key paints players *HSBC on Biocon* Maintain 'Buy' Rating; Cuts Target Price To ₹390 From ₹400 Launched QIP To Pay-off Financial Obligations Including OCDs Issued To Goldman Sachs AIF Successful QIP Should Ease Debt Burden But Scale-up Of New Biosimilars Remains Key For Operational Turnaround FDA Approval & Launch Of Insulin Aspart In US Is A Catalyst