In this briefing: MCX: Scaling New Heights. Maintain BUY Trent: Favorable Risk-Reward Ratio, Upgrade to BUY Aditya Birla Lifestyle Brands: Recovery Remains Steady, Maintain BUY Accessing the Impact of Middle East Disruption on Metals & Mining Sector RPSG Ventures (RPSGV): Q3FY26 Update 1. MCX: Scaling New Heights. Maintain BUY MCX continues to deliver a compelling growth story, powered by new product launches, a stable technology platform, regulatory tailwinds, and rising commodity participation—further amplified by elevated volatility and discount broker integration As highlighted in our June 2025 report, bullion has risen as a major contributor to options trading, previously dominated by energy contracts, this shift unfolded over the last three quarters, with bullion contribution at ~57%/30% of options notional/premium ADTV in Q4FY26, a sharp jump from 25%/9% in Q4FY25 Options premium ADTV accelerated further in Q4 from a higher Q3 base, climbing to ~INR 106bn from INR 71bn, propelled by a robust +89% QoQ rebound in energy contracts and ~14% QoQ growth in bullion after it more than tripled in Q3.

In this briefing: RPSG Ventures (RPSGV): Q3FY26 Update India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain Nesco: Strong Q3FY26 Hormuz Shock: $79bn AUC (Asset Under Custody) Decline Marks Sharpest Drop Since Covid Bajaj Finance (BAF): Strong Q3FY26 1. RPSG Ventures (RPSGV): Q3FY26 Update Last couple of days saw big announcements coming ahead of the IPL 2026 season. Two IPL franchises - Rajasthan Royals (RR) and Royal Challengers Bangalore (RCB) - have been sold. RR has been sold at a valuation of INR 15000cr+, while RCB has been sold at a valuation of INR 16500cr+. This bodes well for RPSGV's 51% stake in LSG. This provides re-rating catalyst for RPSGV's stock that has been under pressure due to 53%+ stake in Firstsource Solutions , a BPO business whose valuation has been impacted by AI concerns. 2. India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.

Indian markets extended losses as Nifty and Sensex closed lower. Key movers: Wockhardt surged, Vascon Engineers hit upper circuit, Reliance Power gained, Vodafone Idea rose, while Firstsource Solutions and Jindal Stainless declined.

Mumbai (Maharashtra) [India], August 13: Firstsource Solutions Limited (NSE: FSL) (BSE:532809), a leading global provider of specialist domain-led Business Process Services (BPS) and an RP-Sanjiv Goenka Group company, has been recognized as a Star Performer and a Major Contender in Everest Group's Financial Crime and Compliance (FCC) Operations Services PEAK Matrix® Assessment 2025. This dual recognition indicates Firstsource's year-on-year improvement in both market impact and vision & capability dimensions among 36 global providers, based on its ongoing innovation, investments, and growth.

MELBOURNE, Australia , Aug. 12, 2025 /PRNewswire/ -- Firstsource Solutions Limited (NSE: FSL) (BSE:532809), a leading global provider of specialist domain-led Business Process Services (BPS) and an RP-Sanjiv Goenka Group company, has been recognized as a Star Performer and a Major Contender in Everest Group's Financial Crime and Compliance (FCC) Operations Services PEAK Matrix® Assessment 2025 . This dual recognition indicates Firstsource's year-on-year improvement in both market impact and vision & capability dimensions among 36 global providers, based on its ongoing innovation, investments, and growth. Firstsource named a ‘Star Performer’ and a ‘Major Contender’ in Everest Group’s Financial Crime and Compliance (FCC) Operations Services PEAK Matrix® Assessment 2025 Everest Group recognized Firstsource for its strong UK presence, expanded scope from fraud specialization to end-to-end FCC operations , and its AI-powered, BPaaS-led delivery model. The Star Performer distinction, awarded selectively to providers demonstrating the most substantial year-on-year progress, underscores the success of Firstsource's differentiated UnBPO™ strategy in reshaping FCC delivery.

UltraTech Cement, Eternal, Havells, and IDBI Bank are set to report their quarterly earnings later today

Firstsource Solutions Limited, part of the RP-Sanjiv Goenka Group, has inaugurated its Australia and New Zealand headquarters in Melbourne, Victoria, along with an AI Innovation Lab. This move aligns with the Victorian Government's focus on digital technology for economic growth. The new headquarters will serve as a hub for AI-led transformation and business innovation, featuring the Firstsource relAI suite to enhance business operations. The initiative aims to foster AI talent through collaboration with local universities and is expected to create over 400 jobs in the next five years, reinforcing economic ties between Victoria and India.

Mumbai (Maharashtra) [India], March 4: Firstsource Solutions Limited (NSE: FSL) (BSE:532809), an RP-Sanjiv Goenka Group company, today announced the official opening of its Australia and New Zealand (ANZ) Headquarters in Melbourne, Victoria, alongside the launch of a dedicated AI Innovation Lab. This expansion aligns with the Victorian Government's Economic Growth Statement, which prioritizes digital technology as a key driver for economic and job growth.

Mumbai (Maharashtra) [India], February 24: Firstsource Solutions Limited (NSE: FSL) (BSE: 532809), an RP-Sanjiv Goenka Group company, today announced its bold new direction--UnBPO™--a transformative shift away from traditional outsourcing models. By prioritizing expertise, innovation, and outcome-driven solutions, Firstsource is redefining the industry and building a future-ready organization.