NOVARTIND.NSE

Novartis India Ltd.

In this briefing: NIFTY Family Index Rebalance: Over US$1.7bn to Trade Across Indices Dredging: Niche Business in India’s Marine Opportunity Event Driven: UPL’s Restructuring ~ Unlocking SOTP Value or Masking a Heavy Debt Overhang? Exencial Industry Tiding IDFC First Bank Fraud- From Our Lens 1. NIFTY Family Index Rebalance: Over US$1.7bn to Trade Across Indices There are 6 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) , 16 changes for the NIFTY Midcap 150 Index, and 33 changes for the NIFTY Smallcap 250 Index. The largest passive flows are in the NSE Nifty Next 50 Index changes but there are a lot of active assets tracking the NIFTY Midcap 150 Index. The outright adds to the NSE Nifty Next 50 Index and the Nifty Midcap 150 Index have outperformed the outright deletes over the last few months. 2. Dredging: Niche Business in India’s Marine Opportunity India has committed INR 50,000 crore to inland waterways, with a 48% budget spike in 2026, yet the critical dredging and "pre-dredging" tech layer remains largely ignored by private capital.

Swiss pharma giant Novartis today revealed that it has entered into an agreement with the ChrysCapital group, one of the largest private equity firms investing in India, to transfer its 70.68% shareholding in Novartis India Limited (NIL).

In this briefing: Dredging: Niche Business in India’s Marine Opportunity Event Driven: UPL’s Restructuring ~ Unlocking SOTP Value or Masking a Heavy Debt Overhang? Exencial Industry Tiding IDFC First Bank Fraud- From Our Lens Aequitas:Bonfiglioli Transmission Limited Pre-IPO Tearsheet 1. Dredging: Niche Business in India’s Marine Opportunity India has committed INR 50,000 crore to inland waterways, with a 48% budget spike in 2026, yet the critical dredging and "pre-dredging" tech layer remains largely ignored by private capital. Achieving the 2047 goal of doubling waterway freight to 12% is physically impossible without solving chronic siltation and data opacity that currently inflates project costs by over 70%. This insight explores the disconnect between massive infrastructure outlays and the lack of specialized tech, identifying high-alpha opportunities in autonomous dredging, sediment circularity, and real-time draft monitoring. 2. Event Driven: UPL’s Restructuring ~ Unlocking SOTP Value or Masking a Heavy Debt Overhang?

In this briefing: Event Driven: UPL’s Restructuring ~ Unlocking SOTP Value or Masking a Heavy Debt Overhang? Exencial Industry Tiding IDFC First Bank Fraud- From Our Lens Aequitas:Bonfiglioli Transmission Limited Pre-IPO Tearsheet Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks 1. Event Driven: UPL’s Restructuring ~ Unlocking SOTP Value or Masking a Heavy Debt Overhang? UPL Limited announced a restructuring plan on feb 20, 2026 to merge its Indian and international crop protection operations into a newly listed pure-play entity, UPL Global. This move simplifies a complex conglomerate structure to capture distinct growth opportunities and strategic agility amidst normalising channel demand and fluctuating global agricultural prices. It unlocks value by enabling independent capital raising and clearer price discovery, but execution remains exposed to strict regulatory approvals and global macroeconomic headwinds 2. Exencial Industry Tiding Food & agro-based products industry's sales grow by 10.8% in December 2025 quarter Novartis to sell 70.7% stake in Novartis India to ChrysCapital-led consortium Miscellaneous manufactured articles industry's sales grow by 47.8% in Dec 2025 qtr 3.