India research
Deep-dive research on Indian companies, plus the policy and regulatory decisions that move them.
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CG Power — What Changed Since June (and Whether to Buy the Fall)
Refreshed 19 Oct at ₹854 with Q2 FY27 due 23 Oct. Order book ₹18,965 Cr (+45%), delivery 50.8%, but 105x earnings and 16.7x book give no protection in a falling market. Verdict: accumulate in tranches around the 200-DMA at ₹804, not a full position at ₹854.
Policy Pulse - Ministries & Regulators - 16 Oct 2026
The India-US BTA first tranche is finalised and in legal drafting, with Piyush Goyal and Nirmala Sitharaman both pushing for signature, a positive for SUNPHARMA, DRREDDY and WELSPUNLIV. The MoD signed Rs 4,106 crore of contracts led by a Rs 2,563 crore IAF satellite, and SEBI rewrote the closing auction session from December 7.
Policy Pulse - Modi / India Govt - 16 Oct 2026
PM Modi's 2036 Olympics ambition was priced the next morning at Rs 7,386.74 crore: the Sports Ministry raised event-hosting aid from Rs 2 crore to up to Rs 50 crore, mapping to LT and ULTRACEMCO. Rubio lands in Jamnagar, the RELIANCE refinery complex, two days after the Graham Act deadline.
Policy Pulse - Ministries & Regulators - 15 Oct 2026
The CCEA cleared the Rs 52,878 crore sale of a 60.72% IDBI Bank stake to Fairfax at Rs 81 a share and IDBI fell 7%, while the Supreme Court quashed Yes Bank's Rs 8,415 crore AT1 write-off and YESBANK fell 12.68%. Jio Platforms priced India's largest IPO at Rs 1,065-1,119, lifting RELIANCE 3.44% and BSE 2.70%.
Policy Pulse - Modi / India Govt - 15 Oct 2026
PM Modi dedicated Rs 3,350 crore of Ladakh projects including a Rs 2,500 crore strategic road, mapping to LT, GRINFRA and KEC. A dedicated data-centre policy is being drafted to protect consumers from grid costs, a positive for CGPOWER and POWERINDIA, and the Cabinet cleared a 78-day railway bonus worth Rs 2,009.61 crore.
Mazagon Dock Shipbuilders — Deep Dive Analysis
Mazagon Dock is India's only yard building both destroyers and conventional submarines, with a pristine balance sheet, 36% ROCE and the cheapest multiple among shipbuilding peers. The problem is what it will build next: the order book has fallen to Rs 18,218 Cr from Rs 38,561 Cr in FY24 as P17A, P15B and P75 Kalvari complete, while the Rs 99,000 Cr P75(I) submarine contract remains unsigned and management says new orders take about two years to reach revenue. Verdict: CAUTION — priced for orders not yet signed.
Policy Pulse - Ministries & Regulators - 13 Oct 2026
The Finance Minister said the government will hear views on removing LTCG tax and reframing STT, a debate that lifted the Sensex 1,109 points and the Nifty IT index 5.22%, positive for BSE, ANGELONE and CDSL. BEL disclosed Rs 533 crore of new orders, Polycab fell 5% as the NSE ended its F&O contracts, and the Army inducted 450 loitering munitions from Solar Industries' unit.
Policy Pulse - Modi / India Govt - 13 Oct 2026
PM Modi told the Bloomberg New Economy Forum on October 13 that the routes of globalisation have become chokepoints, naming supply chains, energy, critical minerals and payments, a framing that maps to TCS, INFY, SUNPHARMA and HINDCOPPER. The PMO named no company, so every mapping is inferred.
Policy Pulse - Ministries & Regulators - 12 Oct 2026
The RBI will meet the entire daily dollar requirement of IOC, BPCL and HINDPETRO from October 12 and imposed a 20% cash reserve on rupee-linked FX derivatives above USD 2 million, its most decisive rupee-defence package since 2013, with the currency up 0.99% to 95.77. September CPI hit 5.54%, the highest since October 2024 and negative for BAJFINANCE and DLF, while HCLTech beat with profit up 21% and record SIP flows lifted HDFCAMC and CAMS.