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Global News and Views   Asian Stocks Rise as US Inflation, Tech Spur Gains Asian stocks rose, adding to a fourth week of gains, as moderating US inflation reinforced bets that the Federal Reserve will refrain from raising interest rates next month. Technology stocks extended their rebound. MSCI’s Asia Pacific equities gauge climbed 0.3%, taking its weekly advance to 2.6%. South Korea’s Kospi Index, a bellwether for the artificial intelligence trade, led the region, with Samsung Electronics Co. and SK Hynix Inc. taking their gains for the week to more than 14%. Advances in Asia on Friday came as investors redoubled their bets on the AI trade after last month’s selloff, sending MSCI’s All Country World Index to a record high this week. The S&P 500 Index closed at an all-time high Thursday, while the Nasdaq 100 climbed more than 1% to its highest level since late June. Elsewhere, Treasuries held Thursday’s advance after US wholesale inflation cooled in July. The yield on the rate-sensitive two-year note was little changed at 4.15%, after falling six basis points in the prior session. Money markets are now pricing in about a 35% chance of a Fed rate increase in September.   Trump Pivots to Economic Squeeze of ‘Entrenched’ Iran Regime The US military campaign against Iran has failed to force the regime to capitulate, so the Trump administration is relying on economic sanctions and a naval blockade to stifle Iran's oil exports. The US is betting that suffocating economic pressure, dubbed "Maximum Pressure", will lead to the collapse of the Iranian regime, with US Energy Secretary Chris Wright saying Iran's economy is getting "strangled". The US has added thousands of sanctions on Tehran since 2018, but some analysts argue that this approach is unlikely to produce meaningful political change, as 47 years of sanctions haven't broken Tehran's will.   Oil Holds Drop While Hormuz Deal Stalls and Ship Attacks Persist Oil held a decline as traders monitored efforts toward a deal that could reopen the Strait of Hormuz, while fresh attacks on tankers and energy infrastructure kept the market on edge. Brent traded near $87 a barrel after falling 2.2% in the previous session, while West Texas Intermediate was around $81. Iran and Oman have yet to reach an accord to reopen the crucial waterway, after optimism earlier in the week that an agreement was within reach. Despite the impasse, crude continues to exit the Persian Gulf, often on tankers sailing with their transponders switched off, although vessels transiting Hormuz face persistent threats. Abu Dhabi National Oil Co., among the most successful in moving barrels out of the region, said two more of its ships were attacked late Thursday, according to state news agency WAM, underscoring the risks.   Carry Traders Exploit Intervention to Rebuild Yen Shorts Every intervention to prop up the yen is also creating a fresh opportunity to sell it. The historic joint US-Japan action last month has done little to shift the forces weighing on the currency, with the yen sliding back toward 160 per dollar less than two weeks later. The key is the wide gap between interest rates in Japan and elsewhere. Investors can borrow the low-yielding yen and use the money to buy higher-yielding assets — a strategy known as the carry trade. That means when intervention pushes the yen higher, investors can get a better price to sell it. Hedge funds have halved their bearish yen bets through Aug. 4, but some investors are starting to return to carry trades funded by the currency, according to market watchers including JPMorgan Private Bank and State Street Bank & Trust.   Source: Bloomberg

MARKETS: • S&P 500 up 0.6% at 7,794.28 • STOXX Europe 600 little changed at 659.31 • MSCI Asia Pacific Index up 0.9% at 277.19 • Gold spot down 0.9% at $4,368.09/oz • Brent Futures down 1.2% at $87.91/bbl • Sensex up 0.1% at 78,079.96 • Nifty down 0.2% at 24,395.85 • GIFT Nifty August futures little changed at 24,438.5 • INR down 0.1% at 95.445 per USD • Yield on 6.94% bonds maturing May 11, 2036 down 2bps at 6.76% • Bonds Gain as Crude Eases; RBI Drains Excess Cash: Inside India EQUITY PREVIEW: • Ashoka Buildcon (ASBL): Gets LoI for REC power project valued at INR1.27b/year • Aurobindo Pharma (ARBP): Incorporates unit Auropharm Overseas • Bharat Petroleum (BPCL): To consider fundraising via debentures on Aug. 18 • CESC (CESC): 1Q Net Income 2.2B Rupees Vs. 2.11B Rupees Y/y • Indraprastha Gas (IGL): 1Q Net Income -48% Y/y to INR1.86b, Misses Estimates • Ipca Laboratories (IPCA): 1Q Net Income 4.02B Rupees Vs. 2.33B Rupees Y/y • Jubilant Food (JUBI): 1Q Net Income +4.4% Y/y to INR696.2m, Meets Estimates • LG Electronics India (LGEL): 1Q Net Income +27% Y/y to INR6.53b, Beats Estimates • Max Healthcare Instit (MAXHEALT): 1Q Net Income +4.9% Y/y to INR3.23b, Misses Estimates • Max Financial (MAXF): 1Q Net Income +37% Y/y to INR955.6m, Misses Estimates • Multi Commodity Exchange (MCX): Introduces crude sunflower oil future contract • Oswal Pumps (OSWALPUM): Gets INR780m order to set up rooftop solar projects • Page Industries (PAG): 1Q Net Income -4% Y/y to INR1.93b, Misses Estimates • Petronet LNG (PLNG): Says Restarting of Qatar Supplies Remains Uncertain • Rashtriya Chemicals (RCF) 1Q Net Income 735.3M Rupees Vs. 544.3M Rupees Y/y o RCF approves NCDs issue of INR11b in next 12 months • Sammaan Capital (SAMMAANC): 1Q net income INR2.43b, revenue -31% Y/y to INR16.5b • Sudarshan Pharma (SUDARSHA): Approves sale of 51% stake in Ishwari Healthcare • Swelect Energy (SESL): Approves investing INR55.2m in Swelect Sunpower • Tata Motors PV (TMPV): 1Q Net Income -80% Y/y to INR7.75b, Misses Estimates • TVS Motor Co. (TVSL): Launches electric three-wheeler in Sri Lanka • Welspun Living (WELSPUNL):1Q Net Income +84% Y/y to INR1.61b, Beats Estimates Source: Bloomberg

BOND SALES/PURCHASES (All times India Time): • India to sell 320 billion rupees of bonds via auctions, with option to retain additional 20 billion rupees against each security • RBI to Hold 1.5 Trillion Rupees of 3-Day Variable Rate Reverse Repo Auction CORPORATE BONDS: • NEW DEAL: Aditya Birla Housing Plans to Sell Up to INR5b Bond • NEW DEAL: Bajaj Housing Finance Plans to Sell INR7.5b 5Y Bond • PRICED: Bank of Baroda $700m Reg S; 3Y T+90, 5Y T+100 • NEW DEAL: Cholamandalam Investment Plans Tap of July 2029 Bond • Gland Pharma Cut to Neutral at YES Research; PT 2,730 rupees • NEW DEAL: L&T Finance Plans to Sell at least INR1.5b 5Y Bond • NEW DEAL: PNB Housing Finance Plans to Sell Up to INR6b 5Y Bond • Prisma Global Plans to Sell Up to INR2b 2Y Bond on Aug. 17 • Poonawalla Fincorp Plans to Sell Up to INR7.5b Bond Aug. 14 CORPORATE EVENTS: • 9am: Mumbai. LEAP India hosts a listing ceremony of its shares after IPO • 12noon. Mumbai. Skyways Air Services hosts a press conference to announce IPO plan • 5:15pm: Ashok Leyland hosts conference call on 1Q FY27 earnings • 6:30pm: Voltas Ltd. hosts conference call on 1Q FY27 results • Bank of India to Consider Raising Up to $1B via MTN Program • GMR Power to consider raising INR30B via QIP, FCCBs • Natco Pharma to mull raising funds by issuance of shares or other securities • Annual General Meetings: AARVI IN, ABCAP IN, AL IN, AMAL IN, AVNT IN, BAL IN, BDHI IN, BRRL IN, CEXT IN, CHOLAHLD IN, CUBK IN, DEVYANI IN, ELEQ IN, ESAFSFB IN, GVPIL IN, IGIL IN, INGR IN, IRIS IN, KTPC IN, KVTOYS IN, LODHA IN, NANTA IN, NARH IN, NAVA IN, PI IN, RATNABHU IN, RELI IN, RPWR IN, SBILIFE IN, SHCR IN, SHEM IN, SRDM IN, STR IN, TIINDIA IN • Other Shareholder Events: ADANI IN, ATHERENE IN, AURUM IN, INM IN, JAINIK IN, SWFL IN, VINCOFE IN • Earnings Calls: ABREL IN, AEGISLOG IN, AEGISVOP IN, AL IN, ALIC IN, ALKEM IN, AMAGI IN, AMBER IN, ANURAS IN, BCLIL IN, BRGD IN, CEINSYS IN, CHOLAHLD IN, CTE IN, DCW IN, DIACABS IN, DYCS IN, ELEQ IN, ENDU IN, ENGR IN, FINOPB IN, FRATELLI IN, GALSURF IN, GAUDIUMI IN, GEMAROMA IN, HEXAGON IN, HGINFRA IN, HMAAGRO IN, IFBI IN, IGL IN, IGLY IN, INDIGOPN IN, IPCA IN, JBIL IN, JSWCEMEN IN, KAUN IN, KNRC IN, KRSNAA IN, KSCL IN, KUSUMGAR IN, LGEL IN, MALU IN, MANORAMA IN, MAXHEALT IN, MSTCLTD IN, NAVA IN, NTCPH IN, PRE IN, PRJ IN, PWL IN, RAI IN, ROHL IN, RUBICON IN, SAATVIK IN, SCHI IN, SCTE IN, SEAM IN, SHANTIGO IN, SKFINDUS IN, STANLEY IN, SUPRIYA IN, TIL IN, TITAGARH IN, TRAVELFO IN, TURTLEMI IN, UNIECOM IN, UTLSOLAR IN, VOLT IN, VREL IN, VSCN IN, ZAGGLE IN, ZOTA IN, ZTECH IN OFFERINGS: • Shiprocket $170m India IPO gets 3.16 times share demand on second day of sale, offer closes Aug. 14 • Behari Lal Engineering $32M India IPO gets 7.78 times share demand on second day of sale, offer closes Aug. 14 • Milky Mist’s $163M India IPO Subscribed Over 56 Times at Close • Gaja Capital Seeks $58M in India’s First Private Equity Listing • Indian Gold Lender Muthoot Fincorp Files for $315 Million IPO • Flipkart Founder’s Navi Said to Hire Banks for $315 Million IPO • JSW Cement to Offer INR1.23B of Shares in JSW One Platforms IPO ANALYST ACTIONS: • Bajaj Electricals Raised to Add at Indsec Securities & Finance • Deep Industries Rated New Buy at Arihant Capital • EIH Cut to Accumulate at SKP Securities Limited; PT 336 rupees • Hindustan Aeronautics Raised to Add at HDFC Securities • Jyothy Labs Raised to Neutral at YES Research; PT 210 rupees o Cut to Reduce at Elara Secs India; PT 206 rupees • Sansera Engineering Raised to Buy at ICICIdirect.com • Tata Motors Raised to Buy at ICICIdirect.com; PT 550 rupees o Raised to Buy at Arihant Capital; PT 553 rupees o Cut to Add at Mirae Asset Securities; PT 499 rupees

WHAT TO WATCH: • Jaguar Land Rover Sales Dented by Supplier Fire and Iran War • Air India Orders One-Off Drug Test for Its Over 5,000 Pilots • India Seeks More US LPG to Cut Mideast Reliance, Aid Trade Deal • India Receives 20 Bids for Rare Earth Magnet Manufacturing Plan • India July Trade Gap Widens as Imports Rise on Robust Demand o Exports to US Up 12.9% Y/y; Imports From China +34.4% o Industrial Goods Exports Up 17.7% Y/y, Pharma +0.7% o Oil Imports Rise 17.6% Y/y, Electronics +46% • Modi Faces Pressure as Parliament Hit by Protest Fallout • India Parliament Passes Bill Curbing States’ Power to Tax Mining • Powering the AI Revolution Is India’s Next Big Energy Challenge • India Set to Launch First Mineral Exchange Next Financial Year • Tata Chair’s Exit Leaves $120 Billion Spending Ambition in Limbo o Why Tata Sons Leadership Crisis Comes at a Key Moment: Explainer • Russia Seeks Indian Investment in Oil, Gas Sector: Interfax • India July Passenger Vehicle Sales 457,810 Units: SIAM • India Cumulative Monsoon Rainfall 12% Below Normal as of Aug. 13 • India July Vegetable Oil Imports Rise to 1.525m Tons: SEA • India’s Nifty Falls a Third Day, Lags Broader Asian Gains • Global Funds Sell Net INR5.11B of Indian Stocks on Aug. 13 • Overseas Investors Sell Net INR10.1B of Indian Equities Aug. 12 • US Wholesale Inflation Cools as War-Driven Energy Shock Fades • Anthropic in Talks to Buy AI Startup Decart for $6 Billion • Traders Pare Bets on Fed Rate Hike This Year as Oil Prices Fall • Manhattan Rents Hit $5,000 Record While Listings All But Vanish • Oil’s Rally Stalls as Hormuz Deadlock Brings Flows Into Focus • Gold Wavers Near $4,400 as Tame Inflation Eases Rate-Hike Bets • Stocks Set for Record Highs on Inflation Surprise: Markets Wrap BLOOMBERG INTELLIGENCE: • GLOBAL INSIGHT: A Year After Trump-Putin Summit, War Grinds On • Crude Off Highs as Hormuz Traffic Stays Thin: Weekly Chart Pack MEDIA REPORTS: • Govt plans to set up critical minerals processing parks across 4 states: PTI EARNINGS (net income adj. ests. in INR where available): • 3M India Ltd. (3M IN) 1Q • Ashok Leyland Ltd. (AL IN) 1Q 6.09b (26 analysts) • Alkem Laboratories Ltd. (ALKEM IN) 1Q 5.66b (9) o Alkem Lab to Report Results; Shares Down 1.2% YTD: Preview • Belrise Industries Ltd. (BELRISE IN) 1Q 1.35b (5) • Bharat Dynamics Ltd. (BDL IN) 1Q • BF Utilities Ltd. (BFUT IN) 1Q • Cholamandalam Financial Holdings (CHOLAHLD IN) 1Q • Cochin Shipyard Ltd. (COCHIN IN) 1Q 1.27b (2) • Jupiter Wagons Ltd. (JWL IN) 1Q • Kwality Wall’s India Ltd. (KWIL IN) 1Q • NMDC Ltd. (NMDC IN) 1Q 20.1b (11) o NMDC to Report Results; Shares Up 2.2% YTD: Preview • NMDC Steel Ltd. (NSLNISP IN) 1Q • Natco Pharma Ltd. (NTCPH IN) 1Q 1.67b (6) o Natco Pharma to Report Results; Shares Up 4.6% YTD: Preview • Nava Ltd. (NAVA IN) 1Q • PTC Industries Ltd. (PTCIL IN) 1Q • Patanjali Foods Ltd. (PATANJAL IN) 1Q 3.64b (3) • PhysicsWallah Ltd. (PWL IN) 1Q 884m loss (4) • Schneider Electric Infra (SCHN IN) 1Q 595m (2) • Tube Investments of India Ltd. (TIINDIA IN) 1Q 1.78b (4) o Tube Investments of India to Report Results: Preview • Voltas Ltd. (VOLT IN) 1Q 2.07b (23) o Voltas to Report Results; Shares Down 5.7% YTD: Preview ECONOMIC DATA (All times India Time): • 12pm: July Wholesale Prices Y/y; est. 10.00%, prior 9.87% • 12pm: July Output PPI YoY, prior 9.57% • Aug. 13-Aug. 14: June Current Account, prior -$2b • Aug. 14 05:00pm: Aug. Foreign Exchange Reserves, prior $692.9b GOVERNMENT (All times India Time): • President Droupadi Murmu will address the nation on Friday, the eve of the 80th Independence Day • Textiles Minister Giriraj Singh will inaugurate Handloom Haat: The Handloom Experience Centre at Janpath, New Delhi CENTRAL BANK (All times India Time): • RBI to release weekly FX, monthly bank credit data

South Korean shipping companies SK Shipping Co. and H-Line Shipping Co. — both owned by private equity firm Hahn & Co. — will swap tankers and contracts to create one of the world’s largest operators of liquefied natural gas carriers. SK Shipping will receive 16 LNG vessels and their long-term contracts from H-Line in exchange for 12 tankers, their contracts and approximately $300 million in cash. The deal will turn SK into what Hahn & Co. described as the world’s third-largest operator of LNG carriers, while H-Line will become a leading tanker and bulk-shipping company in the region. The swap, part of a years-long effort to reshape Korean shipping, also comes as months of conflict in the Persian Gulf upend the energy trade and create lucrative opportunities for shipowners, charterers and traders. A large, consolidated fleet backed by long-term contracts can offer relatively predictable cash flows in an industry otherwise buffeted by sharp swings in freight rates. The swap will allow H-Line to benefit from “increased scale, operating efficiencies, and capital” at a time of geopolitical uncertainty, Hahn & Co. said. Hahn & Co. created H-Line in 2014 by acquiring Hanjin Shipping Co.’s long-term dry-bulk operations. It added Hyundai Merchant Marine Co.’s long-term dry-bulk business in 2016. Hahn & Co. then acquired about 80% of SK Shipping from SK Group in 2018 and shifted the company away from speculative spot-market operations toward vessels backed by secured, long-term contracts.   US Sells 10-Year Debt at Highest Yields Since Financial Crisis A $42 billion auction of 10-year US Treasuries resulted in the highest yield for the benchmark securities since 2007, luring decent appetite from investors who’ve been demanding more compensation to finance the US government. The yield at Wednesday’s sale came in at 4.683%, the most since the global financial crisis, and just above the prevailing level seen in the market before the 1 p.m. bidding deadline in New York — a sign that demand only slightly lagged expectations. Most Treasuries ended the day little changed before yields inched lower in Asia on Thursday. It sets the scene for a 30-year sale on Thursday that is expected to take place at the highest financing rate in a quarter of a century. Inflation running above the Federal Reserve’s target and swelling budget deficits are contributing to elevated long-dated yields.   Trump Reverts to Economic Squeeze of ‘Entrenched’ Iranian Regime The US military campaign against Iran has so far failed to force the regime to capitulate. The Trump administration is betting once again that suffocating economic pressure will do the job. Facing a shortfall of necessary munitions and wary of continuing an unpopular war, Trump and his top officials are returning to a familiar playbook with the regime: relying on a steady increase in economic sanctions and a naval blockade to stifle oil exports. The renewed emphasis on economic pain — it was dubbed “Maximum Pressure” in Trump’s first term — is a marked reversal for an administration that, only days earlier, had been threatening a stepped up military campaign after nearly six months of war against Tehran. While the approach failed to bring about the result President Donald Trump wanted before 2020, he and his team argue it will this time around.   Source: Bloomberg

Global News and Views   Asian Stocks Rise as Rate-Hike Bets Ease, Oil Dips Asian stocks rose as technology shares rallied and a subdued US inflation report eased concerns about an imminent interest-rate hike by the Federal Reserve. Brent snapped a six-day rally. MSCI’s Asia Pacific equity index rose 1%, with chipmakers Samsung Electronics Co. and SK Hynix Inc. the biggest contributors. South Korea’s Kospi Index rallied 3.8% to enter a technical bull market as a rebound in the artificial intelligence trade fueled a reversal from last month’s selloff. Caution lingered as Cisco Systems Inc.’s earnings failed to impress, sending its shares down 4.1% in extended trading. Cerebras Systems Inc. tumbled 17% after sales declined at its hardware business. Elsewhere, Brent dropped 1.2% to $88 a barrel. Attention was also on the yen as it traded around the key level of 160 per dollar, keeping investors on the lookout for more intervention by officials in the foreign-exchange market. Shorter-maturity Treasuries extended gains, with the two-year yield falling two basis points to 4.18% as traders pared expectations for Fed tightening. Money markets assigned less than a 50% chance of a September rate increase. US consumer prices rose 0.2% in July from a month earlier, a government report showed Wednesday, in line with economists’ forecasts, while a key underlying inflation measure matched its slowest pace since March 2021.   Oil Edges Lower After Six-Day Gain With Hormuz Impasse in Focus Oil futures edged lower as traders waited for signs of progress on reopening the Strait of Hormuz. Talks between the US and Iran appear deadlocked, with Washington pressing on with a blockade of Iran's ports to raise economic pressure on Tehran. The global oil market faces a shortfall of 1.8 million barrels a day this quarter, with crude demand being eroded by higher prices.   Rio Tinto Australia Aluminum Plant Gets $1.8 Billion Bailout The owners of Australia’s biggest aluminum smelter, including Rio Tinto Group, have secured a A$2.5 billion ($1.8 billion) government bailout to keep the plant operating as they grapple with high energy costs. The Tomago facility in New South Wales secured financial support from both the federal and state governments, they said in a joint statement. As part of the arrangement, Tomago Aluminium, the venture that runs the plant, will invest A$1.1 billion, and cut power consumption at times of high demand on the grid. The bailout was first reported on Wednesday, without financial details. Electricity costs have strained aluminum smelters around the world, forcing some operators to shut or reduce output, while competition has also intensified from lower-cost plants in China. Rio has previously said electricity accounts for more than 40% of Tomago’s operating costs, and Prime Minister Anthony Albanese pledged financial support in December, after the miner warned that soaring costs could force the plant to close when its existing power-supply contract expires later this decade.   Korea’s SK Shipping, H-Line Swap Tankers to Create LNG Giant

EQUITY PREVIEW: • Abbott India (BOOT): 1Q Net Income +17% Y/y to INR4.29b, Meets Estimates • AIA Engineering (AIAE): 1Q Net Income -1.3% Y/y to INR3.01b, Misses Estimates • Apollo Hospitals (APHS): 1Q Net Income +34% Y/y to INR5.81b, Beats Estimates • Astral (ASTRA): 1Q Net Income +48% Y/y to INR1.2b, Beats Estimates • Bajel Projects (BAJEL): Wins order worth over INR6b for 765kv transmission line package • Coal India (COAL): In Accord With ArcelorMittal Nippon Steel for Syngas • GE Power India (GVPIL): Gets INR5.5b order in Saudi Arabia • GMR Airports (GMRAIRPO): 1Q Net Income INR910.4M vs. loss 2.12b y/y • Grasim Industries (GRASIM): 1Q Net Income INR2.47b vs. loss 1.18b Y/y, Beats Estimates • Gujarat Pipavav (GPPV): 1Q Net Income 1.47B Rupees Vs. 1B Rupees Y/y • Hindustan Aeronautics (HNAL): 1Q Net Income +14% Y/y to INR15.8b, Beats Estimates • IRCTC (IRCTC): 1Q Net Income 3.30B Rupees Vs. 3.3B Rupees Y/y • Jio Financial Services (JIOFIN): BofA to Buy Up to 49.9% in Jio Financial Unit for ~$1.9b • JSW Energy (JSW): Signs JV for 920 MW Bhutan Hydro Project • Lenskart (LENSKART): 1Q Net Income 2.22B Rupees Vs. 600.8M Rupees Y/y • Petronet LNG (PLNG): 1Q Net Income Beats Estimates • SKF India (SKF): 1Q Net Income Beats Estimates • Sun TV Network (SUNTV): 1Q Net Income 6.12B Rupees Vs. 5.29B Rupees Y/y • Tata Motors (TMCV): 1Q Net Income 25.6B Rupees Vs. 13.97B Rupees Y/y • Texmaco Rail (TXMRE): Gets INR777.6m order • Waaree Energies (WAAREEEN): UltraTech Cement to buy 26% stake in unit for INR277.6M Source: Bloomberg

CORPORATE EVENTS: • 10am: New Delhi. FICCI Global Skills Summit 2026 Day 2. Speakers include Skill Development Ministry NIESBUD DG Poonam Sinha; Mahindra Group Skill Development Head Don Lewis; Hindalco Industries Advisor Sanjay Shivnani • 11am: SIAM will release the Auto Industry Sales Performance data for the month of July • 3pm: Apollo Hospitals Enterprise conference call on 1Q FY27 results • AGMs: BBTC IN, BG IN, BMH IN, BOOT IN, BRGD IN, CTE IN, ENDU IN, GDSP IN, HDTI IN, HERCULES IN, INDGN IN, IPC IN, IPCA IN, JSWINFRA IN, JTI IN, JYS IN, KECL IN, KTSG IN, LIIL IN, MAC IN, PAG IN, PRJ IN, RHL IN, RMPH IN, SKF IN, SKFINDUS IN, TSTY IN, UMIYAMRO IN, VFL IN • Other Shareholder Events: INOXGREE IN, INXW IN • Earnings Calls: APHS IN, ARLF IN, ARVND IN, AWFIS IN, AXET IN, BATA IN, BBOX IN, BEML IN, CPPLUS IN, DEVX IN, DIFFNKG IN, DREAMFOL IN, EHF IN, EID IN, EMSLIMIT IN, ESCONET IN, EUREKAFO IN, FFSL IN, FI IN, FIEM IN, FIRSTCRY IN, FNXC IN, GMRAIRPO IN, GSFC IN, HITECH IN, HOE IN, HONASA IN, HSS IN, ICNT IN, ICP IN, INDIGRID IN, INDIQUBE IN, IPL IN, IRCTC IN, JUBI IN, KIRI IN, LAXMIIND IN, MAXF IN, MBOXX IN, MDA IN, MIDWESTL IN, MINF IN, MRKS IN, ONEPOINT IN, ORIENTTE IN, PAG IN, PCFL IN, PLNG IN, PROSTARM IN, PSL IN, RADIANTC IN, RELG IN, RIR IN, RVNL IN, SAMMAANC IN, SANSERA IN, SDB IN, SHALBY IN, SHRIRAMP IN, SIGACHI IN, SING IN, SPAL IN, SPENCER IN, SURAKSHA IN, TEGA IN, TMPV IN, VATW IN, VERANDA IN, VSTT IN, WELSPUNL IN, YATRA IN, YTRA US OFFERINGS: • UltraTech Holder Seeks $200M in Block Share Sale, Terms Show • Shiprocket $170m India IPO gets 97% demand on first day of sale, offer closes Aug. 14 • Behari Lal Engineering $32M India IPO gets 2.03 times demand on first day of sale, offer loses Aug. 14 • Milky Mist’s $163M India IPO gets 2.17 times demand on second day of sale, offer closes Aug. 13 • Bain-Backed Dhoot Transmission’s $322M IPO Subscribed 74.2 Times • Molbio Diagnostics’ $99M India IPO Gets 70.3 Times Demand • Blackstone’s Horizon to Open $272M India IPO Next Week • Ardee Industries Shares Jump 39% on Mumbai Debut After $45M IPO • Zetwerk Is Said to Plan Public Filing for $400 Million India IPO ANALYST ACTIONS: • Apollo Tyres Reinstated Neutral at BP Equities • Astra Microwave Cut to Reduce at HDFC Securities • Balrampur Chini Cut to Accumulate at Elara Secs India • Container Corp Raised to Equal-Weight at Morgan Stanley • Grasim Cut to Add at Choice Equity; PT 3,500 rupees • Greenpanel Cut to Accumulate at SKP Securities Limited • Hindustan Aeronautics Rated New Sell at Centrum Broking • Kalpataru Projects Cut to Accumulate at Prabhudas Lilladher • Lemon Tree Hotels Raised to Buy at Elara Secs India • MCX Raised to Buy at UBS; PT 3,800 rupees • Oil India Raised to Equal-Weight at Morgan Stanley • Orient Bell Cut to Hold at Arihant Capital; PT 410 rupees • PI Industries Raised to Accumulate at Elara Secs India • Ramco Cements Cut to Hold at ICICIdirect.com; PT 1,060 rupees • Regaal Resources Rated New Buy at Sunidhi Securities & Finance • Sai Life Sciences Cut to Hold at Way2Wealth Brokers • Zydus Lifesciences Cut to Accumulate at Elara Secs India MARKETS: • S&P 500 up 0.2% at 7,743.4 • STOXX Europe 600 down 0.2% at 659.33 • MSCI Asia Pacific Index up 0.9% at 274.69 • Gold spot up 1.1% at $4,420.28/oz • Brent Futures little changed at $88.86/bbl • Sensex down 0.2% at 77,966.35 • Nifty down 0.1% at 24,435.95 • GIFT Nifty August futures down 0.5% at 24,414 • INR up 0.1% at 95.3338 per USD • Yield on 6.94% bonds maturing May 11, 2036 little changed at 6.77% • Rupee Edges Up on RBI Support Amid Elevated Oil: Inside India

EARNINGS (net income adj. ests. in INR where available): • Aditya Birla Real Estate Ltd. (ABREL IN) 1Q • Amber Enterprises India Ltd. (AMBER IN) 1Q 1.15b (18) o Amber Enterprises to Report Results; Shares Up 9.4% YTD: Preview • Bombay Burmah Trading Co. (BBTC IN) 1Q • BrainBees Solutions Ltd. (FIRSTCRY IN) 1Q • Brigade Enterprises Ltd. (BRGD IN) 1Q 1.72b (7) • CESC Ltd. (CESC IN) 1Q 4.4b (8) • Elgi Equipments Ltd. (ELEQ IN) 1Q 1.06b (2) • Endurance Technologies Ltd. (ENDU IN) 1Q 2.55b (14) • Engineers India Ltd. (ENGR IN) 1Q 1.03b (2) • General Insurance Corp. (GICRE IN) 1Q • Godrej Industries Ltd. (GDSP IN) 1Q • Honasa Consumer Ltd. (HONASA IN) 1Q 687m (8) • Indraprastha Gas Ltd. (IGL IN) 1Q 2.55b (21) o Indraprastha Gas to Report Results: Preview • IPCA Laboratories Ltd. (IPCA IN) 1Q 3.15b (10) o Ipca Lab to Report Results; Shares Up 23.5% YTD: Preview • JSW Cement Ltd. (JSWCEMEN IN) 1Q 1.15b (10) • Jubilant Foodworks Ltd. (JUBI IN) 1Q 659m (15) o Jubilant Food to Report Results; Shares Down 13.6% YTD: Preview • LG Electronics India Ltd. (LGEL IN) 1Q 6.13b (16) • Max Financial Services Ltd. (MAXF IN) 1Q 1.1b (2) o Max Financial to Report Results; Shares Down 8.8% YTD: Preview • Max Healthcare Institute Ltd. (MAXHEALT IN) 1Q 3.97b (15) • Minda Corp. (MDA IN) 1Q 1.09b (3) • Olectra Greentech Ltd. (OLECTRA IN) 1Q • Page Industries Ltd. (PAG IN) 1Q 2.25b (16) o Page Industries to Report Results; Shares Up 6.0% YTD: Preview • Rashtriya Chemicals (RCF IN) 1Q • Sammaan Capital Ltd. (SAMMAANC IN) 1Q • Solar Industries India Ltd. (SOIL IN) 1Q 5.19b (6) o Solar Industries to Report Results; Shares Up 51.5% YTD: Preview • Swan Corp. (SWANCORP IN) 1Q • Tata Motors Passenger Vehicles (TMPV IN) 1Q 11.8b (7) o Tata Motors PV to Report Results; Shares Down 7.7% YTD: Preview • Travel Food Services Ltd. (TRAVELFO IN) 1Q • Welspun Living Ltd. (WELSPUNL IN) 1Q 1.17b (5) o Welspun Living to Report Results; Shares Up 22.1% YTD: Preview ECONOMIC DATA (All times India Time): • 1pm: July Trade Balance, est. -$30.5b, prior -$30.4b o July Exports Y/y, prior 15.5% o July Imports Y/y, prior 31.0% • Aug. 12-Aug. 14: June Current Account, prior -$2b GOVERNMENT (All times India Time): • India’s Monsoon Session of parliament ending on Aug. 13 • 1pm: New Delhi. Commerce Secretary Rajesh Agrawal will address a press conference on monthly trade data. • 3pm: New Delhi. NITI Aayog Vice Chairman Ashok Kumar Lahiri to release the report “Sectors for India to be a Global Manufacturing Hub, Volume 1” in the presence of NITI Aayog CEO Nidhi Chhibber. BOND SALES/PURCHASES (All times India Time): • RBI to Hold 1 Trillion Rupees of Overnight Variable Rate Reverse Repo Auction CORPORATE BONDS: • Aditya Birla Capital to Sell INR8.35b Two-Part Bond Aug. 13 • Axis Finance to Sell INR8.35b July 2029 Bond at 7.9% • Kotak Mahindra Prime Plans to Sell Up to INR4b Bond Aug. 13 • L&T Finance to Sell INR2b Tap of July 2036 Bond at 8.1% Yield • Manappuram Finance Plans Up to INR10b 2-Part Bond Sale Aug. 14 • India’s Nabfid Plans to Sell Up to INR30b Bond on Aug. 14 • SMFG India Credit to Sell INR2b 3Y Floating-Rate Bond Aug.13 • BOOKSTATS: State Bank of India Gets >$950m Offers for 5Y Notes

WHAT TO WATCH: • BofA to Acquire $1.9 Billion Stake in Jio Financial Unit • India Said to Seek 60 Transport Aircraft in $10 Billion Tender • India Said to Plan Easier Rules to Boost Micro-Cap Listings • India Inflation Stays Within Target Band, Backs RBI Pause • India, Southern African Customs Union to Fast-Track Trade Talks • India Warns Border Strains Could Weigh on China Relations • RBI Proposes New Rules to Standardize Loan Rates for Borrowers • Tata Sons Chairman Chandrasekaran Won’t Seek Reappointment o Tata Group Erases $4.5B in Value as Chairman Plans Exit • India Markets Regulator Plans Paper on Retail Derivatives Losses • India’s RBI Sold Dollars in FX Market to Support Rupee: Traders • TCS Leads Fall in Tata Group as Chief to Step Down: Street Wrap • India Clearing House Said to Create Model for Secured Swap Trade • EM Ex-China Funds Attract Record Flows in 1H, Morningstar Says • StanChart Expects India Tech Hub Roles to Grow as AI Expands • LNG TENDER: India’s Gail Buys Cargo for Delivery in 2H August • LNG TENDER: Indian Oil Buys Cargo for Late-Aug. to Early-Sept. • Tata Group Has a Succession Problem: India Edition • Indian Stocks Fall for Second Day as Tata Group Shares Decline • Global Funds Sell Net INR10B of Indian Stocks on Aug. 12 • Overseas Investors Sell Net INR1.73B of Indian Equities Aug. 11 • Iran Takes More Robust Military Stance With US Talks Frozen • Josh Kushner, Bob Iger Buy LA Lakers for Record $12.5 Billion • Blackstone Mulls Pulling Plug on $3 Billion Stakes-for-Cash Deal • JPMorgan, Goldman, Invesco Test Blockchain Across Wall Street • S&P 500 Earnings Are So Good Investors Are Starting to Worry • Oil Wavers as US Stocks Rise With Focus on Hormuz Deal Progress • Gold Rallies as Tame US Inflation Report Calms Rate Hike Fears • Stocks, Bonds Rise as Tame CPI Curbs Fed-Hike Bets: Markets Wrap BLOOMBERG INTELLIGENCE: • INDIA REACT: CPI Steady in July, Supporting Dovish RBI Hold (1) • Full $166 Billion in Tariffs Likely Refunded Despite US Disfavor • ReNew’s Privatization to Improve Equity Access: Credit React MEDIA REPORTS: • Bharti Airtel Takes Selective Price Hike in India: Moneycontrol • 7 dead as landslide hits houses in Mumbai’s Sakinaka: PTI

China is tackling a problem that has plagued its real estate sector for years: a ticking time bomb of expiring leases that has scuttled deals and left investors facing the risk of heavy losses. Scores of office towers, shopping malls and warehouses sit on land with dwindling lease terms, and owners could be forced to return the land to local governments when the leases expire. There has been little clarity over when — and how — property owners could extend these leases. That has been a big headache for the developers and global funds that once rushed to invest in the country’s real estate sector, prolonging a slump that has lasted more than five years. More than 1 trillion yuan ($148 billion) of non-residential property now has leases of 20 years or less, which means they have passed the halfway mark or gone beyond it, estimates Andrew Chan, the head of valuation and advisory services for Greater China at Cushman and Wakefield. Developers including Parkview Group Ltd. and New World Development Co. have struggled to sell some assets because of dwindling lease terms, according to people familiar with the matter.   Source: Bloomberg

Global News and Views   Oil Gains Before US CPI, Asian Tech Stocks Rise Crude oil climbed as traders remained wary about the prospects for a Middle East deal, tempering the mood in the run-up to crucial US inflation data. Technology shares led gains in Asian equities. Global benchmark Brent rose 0.6% to $89.44 a barrel, extending its rally to a sixth day. The advance came as the US and Iran both appeared to harden their positions in the long-deadlocked negotiations over the Strait of Hormuz, despite Pakistan’s defense minister saying the two countries are “close to some sort of arrangement.” Sentiment toward technology remained buoyant, with CoreWeave Inc. surging 16% in extended trading after booming artificial intelligence spending drove stronger-than-expected sales growth. Super Micro Computer Inc. rallied 7.6% in the post market after its revenue forecast topped estimates. The robust tech earnings helped MSCI’s Asia Pacific equities gauge advance 0.6%, with South Korea’s tech-heavy Kospi Index adding 4.1%. US equity-index futures edged higher.   Oil Extends Gain on Doubts Over Hormuz Deal Despite Upbeat Tone Oil advanced for a sixth day on skepticism about the prospects for a deal that would restore energy flows through the Strait of Hormuz, despite an upbeat assessment from some officials. Brent rose above $89 a barrel after jumping around 12% over the previous five sessions, while West Texas Intermediate traded near $84. Futures have been sensitive to headlines on efforts to reopen the vital waterway, repeatedly swinging between optimism that a deal is near and indications that progress has stalled. US President Donald Trump told reporters late Tuesday that “we totally control” Hormuz and that he doesn’t trust Iran. That came after he made sweeping new demands on the Islamic Republic this week after Tehran reiterated requests for reparations as part of talks to wind down the five-month war.   Ship Pays $4 Million to Skip Line to Cross Panama Canal A container ship paid $4 million to cut the line at the Panama Canal, where wait times are stretching more than a week, as vessels seek alternative routes because of the Iran war.  The near-record high auction figure was paid by the owner of the vessel, the Seaspan Benefactor, according to people familiar with the matter who could not be identified because the auction data is private. Seaspan didn’t respond to a request for comment on Tuesday. While typical transits through the waterway are paid by a flat rate via reservations, the Panama Canal Authority also offers customers an auction process in order to bypass the regular queue. Shipowners are shelling out millions of dollars to use the auction workaround as the Iran war forces more congestion at the Panama Canal, which links the Atlantic Ocean with the Pacific. Buyers and sellers of oil, natural gas, fertilizer and chemicals, especially those in Asia, have scrambled to find alternative routes with traffic deeply curtailed at two key Persian Gulf transit points — the Strait of Hormuz and more recently the Bab el-Mandeb. Neopanamax-size vessels, such as those carrying liquefied petroleum gas, liquefied natural gas, crude oil and refined products, without booked transit slots have to wait 10 days in line, the highest since May for Pacific-to-Atlantic transit, according to data from Argus Media.    China Races to Solve $148 Billion Property Threat as Leases End

OFFERINGS: • NDR InvIT Trust Files for $78.6 Million India IPO • Shiprocket $170m India IPO at 92 rupees to 97 rupees a share opens for sale, offer closes Aug. 14 • Behari Lal Engineering $32M India IPO at 271 rupees to 285 rupees a share open for sale, offer loses Aug. 14 • Milky Mist’s $163 Million India IPO gets 79 shares% demand on first day of sale, offer closes Aug. 13 • Dhoot Transmission $322M India IPO gets 3.94 times share demand on second day of sale, offer closes Aug. 12 • Molbio Diagnostics’ India IPO gets 3.11 times share demand on second day of sale, offer closes Aug. 12 • Shankesh Jewellers Sets Price Range for $39 Million India IPO • Bollywood Filmmaker Sunshine Sets Price Range for $30M India IPO • Lalithaa Jewellery Mart Sets Price Range for $178M India IPO (1) • KKR’s Leap India IPO Gets 8.38 Times Demand by Last Day Sale • Technocraft Ventures India IPO Got 39 Times Demand at Close ANALYST ACTIONS: • Azad Engineering Raised to Buy at ICICIdirect.com • Bank of Maharashtra Raised to Buy at Systematix Shares & Stocks • Carborundum Raised to Hold at Prabhudas Lilladher • Cello World Cut to Accumulate at Prabhudas Lilladher • Hindalco Raised to Buy at ICICIdirect.com; PT 1,240 rupees • Gland Pharma Cut to Accumulate at Elara Secs India • JK Tyre Rated New Buy at Centrum Broking; PT 420 rupees • MRF Reinstated Buy at Centrum Broking; PT 142,000 rupees • NCC Ltd. Cut to Hold at ICICIdirect.com; PT 165 rupees • Pearl Global Cut to Hold at ICICIdirect.com; PT 2,716 rupees • Zee Raised to Buy at Prabhudas Lilladher; PT 116 rupees MARKETS (As of 08:45 p.m. local time): • S&P 500 little changed at 7,749 • STOXX Europe 600 up 0.1% at 661.21 • MSCI Asia Pacific Index little changed at 272.38 • Gold spot little changed at $4,389.76/oz • Brent Futures up 0.6% at $88.22/bbl • Sensex down 0.5% at 78,154.25 • Nifty down 0.5% at 24,471.7 • GIFT Nifty August futures down 0.2% at 24,565.5 • INR down 0.2% at 95.445 per USD • Yield on 6.94% bonds maturing May 11, 2036 little changed at 6.77% • Bonds Fall on Oil, RBI Intervenes in FX Market: Inside India EQUITY PREVIEW: • Balrampur Chini (BRCM): 1Q Net Income INR441.5M vs. 515.7m y/y • Bata India (BATA): 1Q Net Income Beats Estimates • Bondada Engineering (BONDADA): Wins New Orders Worth $53.9 Million • Container Corp. (CCRI): Air India SATS in Cargo-Handling Accord With Container Corp Unit • Dish TV India (DITV): 1Q Net Loss 2.86B Rupees • Finolex Cables (FNXC): 1Q Net Income 2.49B Rupees Vs. 1.63B Rupees Y/y • Godrej Consumer (GCPL): Says CEO Sitapati Quits; CFO Malbari to Succeed • Gujarat Energy (GUJENERG): 1Q Net Income +78% Y/y to INR9.98b, Beats Estimates • Hindustan Composites (HDCM): Approves sale of unit for INR3.7m • Hindustan Construction (HCC): Gets INR5.24b contract from NHPC in J&K • Innovision (INNOVISI): Wins NHAI Toll Plaza mandate for consideration of INR832.9m • JSW Dulux (JSWDULUX): Board Approves 10-for-1 Equity Share Split • Larsen & Toubro (LT): To Transfer Data Center & Cloud Business to Unit Vyoma.AI • Manappuram Finance (MGFL): 1Q Net Income INR5.85b vs. 1.38b Y/y, Beats Estimates • NBCC India (NBCC): 1Q Net Income 1.51B Rupees Vs. 1.14B Rupees Y/y • PI Industries (PI): 1Q Net Income Misses Estimates • Siemens India (SIEM): 1Q Net Income INR21.2b vs. 3.69b Y/y, Beats Estimates • S.P. Apparels (SPAL): Approves split of each existing share into 5 • Zydus Lifesciences (ZYDUSLIF): 1Q Net Income =36% Y/y to INR9.4b, Misses Estimates Source: Bloomberg

GOVERNMENT (All times India Time): • 7am: Delhi. Vice President CP Radhakrishnan will flag off the Har Ghar Tiranga Bike Rally • 9:30am: New Delhi. Prime Minister Narendra Modi will release the autobiography of former President of India Ram Nath Kovind, titled “Triumph of the Indian Republic: My Life, My Struggles” and also address the gathering • 10:30am: New Delhi. Commerce & Industry Minister Piyush Goyal will attend the inaugural ceremony of Bhartiya Vyapar Mohotsav • 6pm: New Delhi. Commerce & Industry Minister Piyush Goyal will attend the signing of TOR between India and South African Customs Union BOND SALES/PURCHASES (All times India Time): • Govt to sell INR90B of 91-day, INR80B of 182-day and INR70B of 364-day T-bills in auctions • RBI to Hold 750 Billion Rupees of Overnight Variable Rate Reverse Repo Auction CORPORATE BONDS: • Aditya Birla Capital Plans to Sell Up to INR15b Bonds Aug. 12 • Axis Finance Plans to Sell Up to INR11b Bond Aug. 12 • L&T Finance Plans to Sell Up to INR3.8b Bond Aug. 12 • PRICED: State Bank of India $500m 5Y Reg S at T+88 • SMFG India Credit Plans to Sell Up to INR2b 3Y Bond Aug. 12 • Sundaram Home Plans to Sell Up to INR3b 5Y Bond on Aug. 13 CORPORATE EVENTS: • 8:45am: Mumbai. Ardee Industries hosts a listing ceremony of its shares after IPO • 9am: Greater Noida. UP Chief Minister Yogi Adityanath will address the India BioEnergy & TechExpo Day 2. • 10am: Mumbai. SEBI Chairman Tuhin Kanta Pandey address the Global Commodity Conclave 2026 hosted by MCX India from Aug. 12-14. Speakers include MCX MD & CEO Praveena Rai; IFSCA Chairman K. Rajaraman; Gift City MD & CEO Sanjay Kaul • 11am: Mumbai. RBI former deputy governor Michael Patra to address at session of event Emkay Confluence 2026; Other speakers are Adani Group CFO Jugeshinder Singh; MG Motor India CEO Rajeev Chaba; Biocon Executive Chairman Kiran Mazumdar-Shaw • 12noon. Mumbai. Indel Money hosts a press conference to announce its NCDs public issue • 12noon. Mumbai. Horizon industrial Parks hosts a press conference to brief about its IPO plan • 3pm: New Delhi. Civil Aviation Minister Kinjarapu Ram Mohan Naidu will be chief guest at Air Cargo Forum India World Conclave 2026 hosted Aug. 12-13 • 5pm: Tata Motors hosts conference call with MD & CEO Girish Wagh and CFO GV Ramanan, to announce the 1Q FY27 Financial Results • AGMs: HCL Technologies (11 a.m.); ADFL IN, ALLDIGI IN, ANUH IN, ATXL IN, BAJAJIND IN, BASF IN, BATA IN, BMD IN, BRGR IN, CECA IN, EID IN, GALSURF IN, GDYR IN, GNDI IN, IDR IN, INDIQUBE IN, INST IN, JKIPL IN, KAP IN, KE IN, KRNL IN, MGFL IN, MINF IN, MUK IN, NEPHROPL IN, NIVABUPA IN, NTCP IN, OIL IN, SHYI IN, SIKA IN, SOMC IN, TDPS IN, TOTEM IN, UBBL IN, VATW IN • Other Shareholder Events: GIK IN, SNGM IN • Earnings Calls: ADVENZY IN, AIAE IN, ARKADE IN, ASBL IN, ASFI IN, ASTRA IN, ATL IN, BAGMANE IN, BRCM IN, CEWATER IN, CLPL IN, CMLL IN, DENTALKA IN, DIVGIITT IN, ECOSMOBL IN, EIEL IN, EIH IN, EPACK IN, FLAIR IN, FLUOROCH IN, GEXP IN, GRASIM IN, GSPCROP IN, GUJENERG IN, HREC IN, IGSEC IN, INDOFARM IN, INNOVACA IN, JASH IN, JNKINDIA IN, JSWDULUX IN, JYL IN, KF IN, KHI IN, KPEL IN, KPIG IN, LANDMARK IN, LAXMIDEN IN, LENSKART IN, MAN IN, MAXINDIA IN, MUFTI IN, NBCC IN, NEPHROPL IN, NPST IN, ONMB IN, PCAI IN, PI IN, PVSL IN, PYRAMID IN, RBZJEWEL IN, REPCO IN, RHIM IN, SAIPAREN IN, SENCO IN, SOMC IN, SUYOG IN, TCPL IN, TDPS IN, TECHNOE IN, TMCV IN, VIKRAN IN, VIYASH IN

WHAT TO WATCH: • Air India Pilot Tests Positive for Illegal Drugs After Drop • India Warns Border Strains Could Weigh on China Relations • Pakistan Says US, Iran Close to Deal Despite Trump Rhetoric • India’s Malhotra Says BRICS Eyeing Faster Cross-Border Payments • India Sebi Proposes Allowing FPIs in Non-Agri Index Derivatives • India Affirmed at BBB- by Fitch • Asia Ex-Japan 2Q GDP Forecast Steady; India Seen at 6.8% • Mining Bill Curbs States’ Revenue Powers: India Edition • Adani Lands $800 Million Data Center Loan as US Drops Charges • Trump Towers Plans Biggest India Project as Luxury Homes Boom • Hybrid Cars Are Hot Again Worldwide While EV Sales Slow Sharply • Sebi Gives Municipalities More Time to Submit Financial Results • Modi’s BJP Accuses ‘Cockroach’ Party of Hypocrisy Over Jharkhand • Construction Giant L&T Said to Plan India Rare-Earth Magnet Bid • LNG TENDER: India’s Gail Buys Cargo for Delivery in August • India’s Small Traders Lose $9.6 Billion Despite Options Curbs • Wipro’s Nifty Exit Reflects Waning Clout of Indian IT Giants • India Equity Fund Flows Ease in July as Small Caps Stay Hot • Indian Stocks Fall as High Crude Prices Hit Investor Sentiment • Global Funds Buy Net INR2.59B of Indian Stocks on Aug. 11 • Overseas Investors Buy Net INR35.1B of India Equities on Aug. 10 • Trend-Chasing Funds’ Big Short on Bonds Raises Stakes for CPI • Amazon Delivery Model Is in Crosshairs of Mamdani Worker Agenda • Colombia President Heads to Coffee Region as Quake Toll Tops 180 • Key US Munitions Are ‘Dangerously Low,’ Bloomberg Economics Says • Oil Erases Gain as Pakistan Signals Optimism on US-Iran Deal • Gold Trades Near Two-Month High as Focus Shifts to Inflation • Treasuries Climb as US-Iran Hopes Trim Oil Rally: Markets Wrap BLOOMBERG INTELLIGENCE: • Bharti Profits Lean on Tariff Hikes, Africa Push: Equity Outlook • SBI’s Healthy Lending to Support Profit Growth: Earnings Outlook • State Bank of India’s Scale Fuels Profit Growth: Equity Outlook • LNG Trade Weekly: Northeast Asia Imports Dip Amid Typhoons MEDIA REPORTS: • Vijay Singh steps down from Sir Ratan Tata Trust: PTI • Shapoorji Pallonji May Sell ~5%–6% Stake in Tata Sons: ET Now EARNINGS (net income adj. ests. in INR where available): • AIA Engineering Ltd. (AIAE IN) 1Q 3.22b (8 analysts) o AIA Engineering to Report Results; Shares Up 20.1% YTD: Preview • Abbott India Ltd. (BOOT IN) 1Q 4.33b (4) o Abbott India to Report Results; Shares Down 4.5% YTD: Preview • Aditya Infotech Ltd. (CPPLUS IN) 1Q • Apollo Hospitals Enterprise (APHS IN) 1Q 5.55b (19) o Apollo Hospitals 1Q Profit to Grow on HealthCo Gains: Preview • Astral Ltd. (ASTRA IN) 1Q 1.18b (19) o Astral to Report Results; Shares Up 2.9% YTD: Preview • Caplin Point Laboratories Ltd. (CLPL IN) 1Q • EID Parry India Ltd. (EID IN) 1Q • GMR Airports Ltd. (GMRAIRPO IN) 1Q • General Insurance Corp. (GICRE IN) 1Q • Grasim Industries Ltd. (GRASIM IN) 1Q 839m (3) o Grasim Profit Seen Aided by Fiber, Paints Segment Gains: Preview • Gujarat Fluorochemicals Ltd. (FLUOROCH IN) 1Q • Gujarat State Fertilizers (GSFC IN) 1Q • Hindustan Aeronautics Ltd. (HNAL IN) 1Q 15.02b (7) o Hindustan Aeronautics to Report Results: Preview • Indian Railway Catering (IRCTC IN) 1Q 3.38b (5) • Ircon International Ltd. (IRCON IN) 1Q • Jyothy Labs Ltd. (JYL IN) 1Q 789m (11) o Jyothy Labs to Report Results; Shares Down 27.7% YTD: Preview • Lenskart Solutions Ltd. (LENSKART IN) 1Q 1.7b (11) • Petronet LNG Ltd. (PLNG IN) 1Q 8.77b (22) o Petronet LNG to Report Results; Shares Down 3.0% YTD: Preview • SKF India Ltd. (SKF IN) 1Q 601m o SKF India to Report Results; Shares Down 16.8% YTD: Preview • Sun TV Network Ltd. (SUNTV IN) 1Q o Sun TV to Report Results; Shares Down 17.7% YTD: Preview • Tata Motors Ltd. /new (TMCV IN) 1Q 13.8b (10) • Titagarh Rail (TITAGARH IN) ECONOMIC DATA (All times India Time): • 4pm: India July Consumer Price Inflation y/y; est. 4.40%, prior 4.38% • Aug. 11-Aug. 14: June Current Account, prior -$2b

The yen has wiped out half of its rally from recent interventions by Japan and the US to boost the currency, a psychologically significant move for traders who remain on alert for further official support. Japan’s currency weakened 1% on Monday, ending the session at 159.29 per dollar and marking the worst performance among Group-of-10 peers. “Without fresh intervention, it will continue to drift lower,” said Lee Ferridge, a strategist at State Street. “It seems that the market is disappointed that we didn’t see more intervention.”   Source: Bloomberg