CUMMINSIND.NSE

Cummins India Ltd.

In this briefing: Visional (4194 JP) : Niche Japanese Online Recruitment Service at 12.5x 2027e P/E Aequitas: Nsing Technologies IPO Trading - Weak Insti Sub Rates Merger Arb Mondays (23 Mar) - Qube, Pepper, Bluescope, Skyworth, ENN, Makino, Sankei Real, MCJ, IJM India Top Longs Monthly Container Shipping Tracker 1. Visional (4194 JP) : Niche Japanese Online Recruitment Service at 12.5x 2027e P/E Visional (4194 JP — US$1.9 billion) is a Japanese HR-tech company run by Soichiro Minami, also known as "Swimmy". Minami grew up in Japan but moved to Canada at age six. He grew up in a non-Japanese environment and always felt like an outsider. To ease his nerves, a teacher in Canada gave him a book about a fish called Swimmy, who overcame the challenges of being a minority. 2. Aequitas: Nsing Technologies IPO Trading - Weak Insti Sub Rates Nsing Technologies (2701 HK) is looking to raise up to US$133m in its upcoming Hong Kong IPO. NSING Technologies (NT) is a Shenzhen-based platform-based integrated circuit ("IC") design company established in 2000, focused on delivering control chips and system solutions for intelligent terminals.

In this briefing: NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom Powerica IPO: Powering Ahead to Attain A Long Term Growth Trajectory Pan-Asia Alpha Signals: Korea & Taiwan Dominate, India Underperformance Deepens India Top Longs APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma 1. NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom NSE launched GOLD10G, a SEBI-approved 10-gram gold futures contract with compulsory delivery, on March 16, 2026, directly targeting retail participants underserved by MCX's larger lot structures. MCX controls ~98% of India's commodity futures market and 100% of precious metals derivatives. NSE's entry is the most credible structural challenge to that dominance of MCX's existence. MCX's smaller gold contracts already suffer from thin liquidity; NSE's GOLD10G targets the same retail gap. 2. Powerica IPO: Powering Ahead to Attain A Long Term Growth Trajectory Powerica has launched IPO to raise up to INR 11B.

In this briefing: Aequitas: Nsing Technologies IPO Trading - Weak Insti Sub Rates Merger Arb Mondays (23 Mar) - Qube, Pepper, Bluescope, Skyworth, ENN, Makino, Sankei Real, MCJ, IJM India Top Longs Monthly Container Shipping Tracker Old Dominion Freight Line’s Network Density Play: A Silent Catalyst For Margin Expansion! 1. Aequitas: Nsing Technologies IPO Trading - Weak Insti Sub Rates Nsing Technologies (2701 HK) is looking to raise up to US$133m in its upcoming Hong Kong IPO. NSING Technologies (NT) is a Shenzhen-based platform-based integrated circuit ("IC") design company established in 2000, focused on delivering control chips and system solutions for intelligent terminals. We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics. 2. Merger Arb Mondays (23 Mar) - Qube, Pepper, Bluescope, Skyworth, ENN, Makino, Sankei Real, MCJ, IJM I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.

In this briefing: Powerica IPO: Powering Ahead to Attain A Long Term Growth Trajectory Pan-Asia Alpha Signals: Korea & Taiwan Dominate, India Underperformance Deepens India Top Longs APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators 1. Powerica IPO: Powering Ahead to Attain A Long Term Growth Trajectory Powerica has launched IPO to raise up to INR 11B. The company plans to sell 27.8M shares at between INR 375 - 395 per share. Powerica is an integrated power solutions provider specializing in diesel generator sets, for both primary and standby applications. It also operates in wind power sector as an independent power producer. Investors can subscribe to the issue considering the stable business model, strong brand association, expertise in power segment and strategic advantage in attaining long term sustained growth trajectory. 2. Pan-Asia Alpha Signals: Korea & Taiwan Dominate, India Underperformance Deepens Decay Analysis : Compared Long IR vs.