IIFL.NSE

IIFL Finance Ltd.

In this briefing: NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom TPG: From Private Equity to Multi-Strategy Powerhouse—A Structural Shift Driving Fee Growth! PayPay (PAYP) Post-IPO and Payment Companies Update Aequitas: Truhome Finance Limited Pre-IPO Tearsheet State of Tokenized Gold 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. TPG: From Private Equity to Multi-Strategy Powerhouse—A Structural Shift Driving Fee Growth! The investment firm TPG reported strong financial and operational results for the fourth quarter and full year 2025, signaling continued expansion across its diversified asset management platform.

In this briefing: 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 Primer: CESC Ltd (CESC IN) - Mar 2026 Aequitas: Truhome Finance Limited Pre-IPO Tearsheet 1. India Top Longs Structural tailwinds across electrification, transmission, data centers, and specialty pharma remain intact, but these are now consensus trades with expectations fully embedded in earnings and multiples. Our long basket—ABB India, Hitachi Energy India, Cummins India, and Sun Pharma—represents high-quality proxies where delivery, not discovery, will drive relative outperformance If markets turn, these businesses remain best positioned given strong balance sheets, visible demand, and execution track record—making them relative winners even in a tougher environment. 2. APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China.

In this briefing: 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 Primer: CESC Ltd (CESC IN) - Mar 2026 Aequitas: Truhome Finance Limited Pre-IPO Tearsheet Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line 1. APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA. Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development. FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis.

In this briefing: TPG: From Private Equity to Multi-Strategy Powerhouse—A Structural Shift Driving Fee Growth! PayPay (PAYP) Post-IPO and Payment Companies Update Aequitas: Truhome Finance Limited Pre-IPO Tearsheet State of Tokenized Gold Primer: Dynasty - 19 Mar 2026 1. TPG: From Private Equity to Multi-Strategy Powerhouse—A Structural Shift Driving Fee Growth! The investment firm TPG reported strong financial and operational results for the fourth quarter and full year 2025, signaling continued expansion across its diversified asset management platform. The firm’s assets under management (AUM) increased 23% year-over-year to $303 billion, driven by record capital raises totaling $51 billion—a 71% increase from the prior year—and robust value creation of $24 billion. Fee-earning AUM also grew by 20% to $170 billion, supported by disciplined deployment and a diversified fund mix, notably across credit, private equity, real estate, and private wealth platforms. 2. PayPay (PAYP) Post-IPO and Payment Companies Update We add PayPay to our coverage and to our payments company buy list for its GARP qualities We also add Klarna to the buy list, for its deep value credentials across the broader peer group, and also fro its improving EBITDA margin We keep Affirm on the sell list, creating an effective pairs trade in the BNPL space with a buy on Klarna and a sell on Affirm 3.