In this briefing: Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Ambuja Cements Limited - Performance Below Estimates On Higher Cost; Retain BUY Manappuram Finance Ltd. - Gold Loan Growth Shines... Cholamandalam Investment & Finance Company Ltd. - Strong End to FY26... 1. Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon. Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. In this note, we will talk about the lockup dynamics and possible placement. 2. HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursements Disbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY) Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27 Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Ambuja Cements Limited - Performance Below Estimates On Higher Cost; Retain BUY Manappuram Finance Ltd. - Gold Loan Growth Shines... Cholamandalam Investment & Finance Company Ltd. - Strong End to FY26... Jyothy Labs Ltd. - Volumes Drive a Steady Quarter; Maintain HOLD 1. HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursements Disbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY) Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27 Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Manappuram Finance Ltd. - Gold Loan Growth Shines... Cholamandalam Investment & Finance Company Ltd. - Strong End to FY26... Jyothy Labs Ltd. - Volumes Drive a Steady Quarter; Maintain HOLD APL Apollo Tubes - Strong Margins Despite Disruptions Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size) 1. Manappuram Finance Ltd. - Gold Loan Growth Shines... Gold Loans Remain Undisputed Growth Engine: Manappuram’s Q4 AUM growth was exceptional, driven by robust gold loan growth of 31% QoQ, led by 20% increase in gold prices during the quarter and healthy tonnage growth. Following the new guidelines, the company has introduced consumption loans catering to the household and personal financing needs and income-generating loans designed for small business and livelihood purposes, allowing Manappuram to serve the differing needs of its borrower base more effectively. Additionally, the removal of the requirement for prior regulatory approval to open new branches removes a structural bottleneck, and the management plans to add 500-550 new branches in FY27 in high-growth geographies.

Indian markets faced pressure extending a corrective phase. Key companies like RIL, IDFC First Bank, and Paytm reported their financial results and news developments. Sun Pharma is set for a major overseas acquisition. NTPC plans nuclear power units, while Adani Green invests in battery storage. Coal India aims to cut imports. Hindustan Zinc and HPCL shared growth and restoration updates.

Investor demand is soaring amid U.S. Fed cut bets and safe-haven rush.

Gold financing NBFCs gained for the second session. Analyst expects festive demand and a softer dollar to support the sector further

Muthoot Finance has surged on record earnings and a breakout rally, while Manappuram is consolidating near support, with analysts projecting medium-term upside if gold prices remain favorable.

Ipca Laboratories, Ashoka Buildcon, BEML, Bata, and Bajaj Consumer, among other companies, are expected to post their quarterly earnings today

The analyst flagged Titan, Rajesh Exports, and Senco as potential winners ahead of the festive season.