LAURUSLABS.NSE

Laurus Labs Ltd.

In this briefing: NIFTY 50 Tactical Outlook After IMSC's March Index Review Clean Max: Leading The "Energy-As-A-Service" Revolution Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform From Headcount to Agents: Structural Change in Indian IT Industry Event Driven: IDFC First Bank’s ₹590 Cr Fraud~ Branch-Level Collusion Raises Governance Doubts 1. NIFTY 50 Tactical Outlook After IMSC's March Index Review As discussed in detail by Brian Freitas the IMSC of NSE Indices has announced the results of the March index review on Feb 23rd. There are no constituent changes forthe NIFTY Index (NIFTY INDEX) . The index is currently in a position from where it could rally higher, but seems to have encountered resistance in the 25700-25800 price area - BEARISH. 2. Clean Max: Leading The "Energy-As-A-Service" Revolution Clean Max is India's premier " Energy-as-a-Service" provider, commanding an 8% C&I market share and operating as a comprehensive decarbonization partner for global blue-chip corporations.

In this briefing: McBride plc - sustained private label profitability Vaalco Energy (NYSE: EGY): Kossipo shines Clean Max: Leading The "Energy-As-A-Service" Revolution Applied Materials (Nasdaq: AMAT): Valuation Analysis Suggests Fair Value Near $431 Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform 1. McBride plc - sustained private label profitability McBride’s H126 results confirm that for the third year running, demand for private label cleaning products remains at high levels, with private label volumes +0.9%, and Adj. EBIT margin a robust 6.6%. Management has confirmed that H2 has started in-line with expectations and that new contract wins across divisions underpin the positive outlook for H226 and into FY27E. Material costs are expected to remain flat and, with overhead costs under control, management is confident in meeting consensus expectations for FY26E of c.£64.7m Adj. EBIT. 2. Vaalco Energy (NYSE: EGY): Kossipo shines • New seismic over Kossipo in Côte d’Ivoire has further de‑risked the structure, increasing gross 2C resources from ~90 mmboe to ~102 mmboe. • With Canadian Natural Resources choosing not to participate in the development as it refocuses on Canada, VAALCO’s working interest rises from 27.39% to 60%, with PetroCI holding the balance as a paying partner. • This shift is highly material: VAALCO gains ~37 mmboe of additional WI 2C resources, becomes operator, and will control the development timeline. 3.

In this briefing: Vaalco Energy (NYSE: EGY): Kossipo shines Clean Max: Leading The "Energy-As-A-Service" Revolution Applied Materials (Nasdaq: AMAT): Valuation Analysis Suggests Fair Value Near $431 Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform Begbies Traynor Group plc - BTG Consulting - a reassuringly good Q3 trading update 1. Vaalco Energy (NYSE: EGY): Kossipo shines • New seismic over Kossipo in Côte d’Ivoire has further de‑risked the structure, increasing gross 2C resources from ~90 mmboe to ~102 mmboe. • With Canadian Natural Resources choosing not to participate in the development as it refocuses on Canada, VAALCO’s working interest rises from 27.39% to 60%, with PetroCI holding the balance as a paying partner. • This shift is highly material: VAALCO gains ~37 mmboe of additional WI 2C resources, becomes operator, and will control the development timeline. 2. Clean Max: Leading The "Energy-As-A-Service" Revolution Clean Max is India's premier " Energy-as-a-Service" provider, commanding an 8% C&I market share and operating as a comprehensive decarbonization partner for global blue-chip corporations.

In this briefing: Singapore Market Roundup (24-Feb-2026): PhillipCapital and UOB KayHian retain 'buy' on United Clean Max: Leading The "Energy-As-A-Service" Revolution Applied Materials (Nasdaq: AMAT): Valuation Analysis Suggests Fair Value Near $431 Aequitas: Ibiden Placement - Opportunistic Selldown as Shares Were up 8% Today Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform 1. Singapore Market Roundup (24-Feb-2026): PhillipCapital and UOB KayHian retain 'buy' on United PhillipCapital and UOB KayHian maintain 'buy' on United Hampshire US REIT post-FY2025 results. Maybank and RHB analysts remain optimistic about Marco Polo Marine. JP Morgan raises CICT target price to $2.75 after unexpected DPU growth. 2. Clean Max: Leading The "Energy-As-A-Service" Revolution Clean Max is India's premier " Energy-as-a-Service" provider, commanding an 8% C&I market share and operating as a comprehensive decarbonization partner for global blue-chip corporations. The company achieved stabilized profitability in FY25, with revenue growing 12.98% to Rs.16,103.4 million and EBITDA surging 36.88% due to high operational efficiency.