The Market Outlook

Index Option ▶️NIFTY 25750CE@110-115 💥💥131+ High Done

Index Option NIFTY 25750CE@110-115 — Looks good

✴️Reliance Industries Ltd.: Rs. 41.88 Crores NSE Block Trade; for ~ 286,134 Shares, at Rs. 1463.50 🟡Update On Cigarette Companies: Cigarette Co's Have Raised Their Prices By 12-15% (ITC, Godfrey Phillips) -Zee Business (correction) 🔶Tata Consultancy Services Ltd.: Rs. 32.27 Crores NSE Block Trade; for ~ 101,463 Shares, at Rs. 3180.80 🔸Tata Consultancy Services Ltd.: Rs. 32.59 Crores NSE Block Trade; for ~ 102,388 Shares, at Rs. 3183.00 🎉Update On Cigarette Co': Cigarette Companies Raise Prices By 12-15%: ITC And Godfrey Phillips Announce Increases -Zee Business

🚀👀Oil Ministry seeks alignment of tax rates with global standards in the upcoming Budget

Indian Overseas Bank: Bank's CFO projects a capital adequacy ratio of about 18.40% by December 31, 2025, accounting for a net profit of Rs. 3,700 crore from three quarters. The bank plans to offer dividends in the next financial year and aims to keep

Indian Overseas Bank: Predicts Bad Loan Recoveries Between INR 1,400 To INR 1,500 Crores In Q4, Targeting Over INR 4,000 Crores By Year-End, With Anticipated Gross NPA Reduction Of 5 To 7 Basis Points In Q4.

*Morgan Stanley: Shriram Finance | Joining the Upper League – US$50bn in Four Years* _The proposed stake acquisition by MUFG could drive meaningful structural gains in profitability, asset growth, market perception and valuation multiples; and make SHMF's risk reward the most solid and attractive in our coverage over a multi-year time frame._ *MUFG-SHMF transaction - if consummated, will be a transformative deal with minimal execution risk, as realization of gains is a question of when not if, in our view:* Usually, such transactions involve a meaningful business turnaround. In this case, SHMF is a well-scaled business with a long vintage, that has had a top-quartile ROA-ROE business but was not valued like one due to legacy perception issues. MUFG's capital and strategic partnership should create tangible gains in debt market standing for SHMF. Lower cost of funds should raise its ROA-ROE structurally and help boost loan growth. Further, as historically perceived tail risks diminish, the valuation discount to peers should keep narrowing. *Our revised Mar-27 probability weighted price target of Rs1325 (up from Rs925) has 30%+ upside.* It implies 18x F28e P/E and 2.5x P/B on our proforma base case. Our new bull case (Rs1750 up from Rs1170, 45% weight) implies 75% upside. This is driven by lower cost of equity and higher long term growth and ROE. Our base case rises to Rs1000 (not factoring deal) from Rs925, on lower COE amid better perception. Our bear case rises to Rs750 (deal called off and fundamentals weaken, 5% weight) up from Rs550, on lower COE and reduced risks to earnings.

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