In this briefing: SBI 2030: Growing the Balance Sheet to 25% of India's GDP Vedanta Demerger: Unlocking Value Through Strategic Pure-Plays IRFC 2.0: From Rail Financier to India's Infrastructure Bank Exencial Industry Tidings - 23-04-2026 HSIE Results Daily: HCL Technologies, Persistent Systems, Tata Elxsi, PNB Housing Finance 1. SBI 2030: Growing the Balance Sheet to 25% of India's GDP SBI targets balance sheet expansion from ~20% to 25% of GDP by 2030, driven by district-level market share strategy across ~800 districts Scale isn’t the story; execution is. Growth depends on micro-market share gains while managing YONO 2.0, Seva Sarathis and unclaimed deposits. If GDP hits Rs. 357 lakh crore by FY26, SBI needs Rs. 130+ lakh crore balance sheet. Key risk: funding growth without margin pressure 2. Vedanta Demerger: Unlocking Value Through Strategic Pure-Plays On April 20, Vedanta Ltd (VEDL IN) fixed May 1 as the definitive record date to split its conglomerate into 5 independent listed entities.

In this briefing: Vedanta Demerger: Unlocking Value Through Strategic Pure-Plays IRFC 2.0: From Rail Financier to India's Infrastructure Bank Exencial Industry Tidings - 23-04-2026 HSIE Results Daily: HCL Technologies, Persistent Systems, Tata Elxsi, PNB Housing Finance HCLTech: Muted Q4 and Weak FY27 Guidance Signal Demand Uncertainty 1. Vedanta Demerger: Unlocking Value Through Strategic Pure-Plays On April 20, Vedanta Ltd (VEDL IN) fixed May 1 as the definitive record date to split its conglomerate into 5 independent listed entities. This strategic split is expertly designed to eliminate the conglomerate discount , streamline corporate structures, and unlock targeted value across specific verticals. Key risks include entity listing delays deferring passive flows, commodity price cyclicality, and unresolved legal friction regarding the TSPL scheme. 2. IRFC 2.0: From Rail Financier to India's Infrastructure Bank IRFC targets 3 lakh crore in loan sanctions by 2030 , with 70% expected to be disbursed.

In this briefing: Exencial Industry Tidings - 23-04-2026 HSIE Results Daily: HCL Technologies, Persistent Systems, Tata Elxsi, PNB Housing Finance HCLTech: Muted Q4 and Weak FY27 Guidance Signal Demand Uncertainty Event Driven: How Wipro's ₹15,000 Crore Buyback Creates an Arbitrage Opportunity the near Term? India-South Korea FTA 2026: What Can We Expect if It Plays Out? 1. Exencial Industry Tidings - 23-04-2026 Geopolitical volatility likely to have long-term impact on edible oil sector: SEA Mango processors in Andhra Pradesh seek govt intervention as conflict disrupts exports AMNS India reports 19% growth in crude steel production in March 2026 2. HSIE Results Daily: HCL Technologies, Persistent Systems, Tata Elxsi, PNB Housing Finance HCL Technologies: HCL Tech Q4 results were lower vs expectation with soft growth across services (-0.1% QoQ CC), ER&D (-1.3% QoQ CC) and Software (-28.1% QoQ CC) Services and ER&D underperformed due to a reduction in discretionary spending within the telecom vertical, specifically from two large US clients, and the discontinuation of two SAP programs, while the Software segment was impacted by seasonal weakness and delayed procurement decisions in March The FY27E guidance was also lower vs expectations; the 1.5-4.5% YoY CC services growth guidance factors in continued stress at the lower end and the higher end factors in a moderate pickup in discretionary spend and large deals materializing in H1 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: HCL Technologies, Persistent Systems, Tata Elxsi, PNB Housing Finance HCLTech: Muted Q4 and Weak FY27 Guidance Signal Demand Uncertainty Event Driven: How Wipro's ₹15,000 Crore Buyback Creates an Arbitrage Opportunity the near Term? India-South Korea FTA 2026: What Can We Expect if It Plays Out? Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low 1. HSIE Results Daily: HCL Technologies, Persistent Systems, Tata Elxsi, PNB Housing Finance HCL Technologies: HCL Tech Q4 results were lower vs expectation with soft growth across services (-0.1% QoQ CC), ER&D (-1.3% QoQ CC) and Software (-28.1% QoQ CC) Services and ER&D underperformed due to a reduction in discretionary spending within the telecom vertical, specifically from two large US clients, and the discontinuation of two SAP programs, while the Software segment was impacted by seasonal weakness and delayed procurement decisions in March The FY27E guidance was also lower vs expectations; the 1.5-4.5% YoY CC services growth guidance factors in continued stress at the lower end and the higher end factors in a moderate pickup in discretionary spend and large deals materializing in H1 Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

April 20 - Indian non-banking finance firm PNB Housing Finance recorded a 19% rise in fourth-quarter profit on Monday, benefiting from strong home loan demand and an improvement in asset quality.

In this briefing: Sector Update: Consumption Auto Monthly Sales Volume - April 2026 The Beat Ideas: GoodLuck India- A Steel Suppliers' Pivot into Defence & Aerospace Primer: Sagility India (SAGILITY IN) - Apr 2026 Primer: PNB Housing Finance Ltd (PNBHOUSI IN) - Apr 2026 1. Sector Update: Consumption US-Iran Conflict: Impact on Consumption Sectors The escalation of the US–Iran conflict has triggered a sharp spike in crude oil prices and LPG shortages, leading to broad-based input cost inflation across consumption sectors. Given the high linkage of crude derivatives to packaging, logistics, and raw materials, the situation is expected to compress margins, delay demand recovery, and disrupt supply chains. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below. 2. Auto Monthly Sales Volume - April 2026 Over Apr’25-Mar’26, cumulative 2W domestic sales grew by 12% YoY to 1.8 Cr units, supported by strong performances from TVS (+21%), Eicher motor (+23%), and Hero (+8%), while exports showed improved traction across global markets.

In this briefing: Auto Monthly Sales Volume - April 2026 The Beat Ideas: GoodLuck India- A Steel Suppliers' Pivot into Defence & Aerospace Primer: Sagility India (SAGILITY IN) - Apr 2026 Primer: PNB Housing Finance Ltd (PNBHOUSI IN) - Apr 2026 Primer: Zuari Agro Chemicals (ZUAC IN) - Apr 2026 1. Auto Monthly Sales Volume - April 2026 Over Apr’25-Mar’26, cumulative 2W domestic sales grew by 12% YoY to 1.8 Cr units, supported by strong performances from TVS (+21%), Eicher motor (+23%), and Hero (+8%), while exports showed improved traction across global markets. On a YTD basis, 3W domestic wholesales rose 50% YoY to 3.3 Lc units, led by TVS (+63%), followed by M&M (+30%), while Bajaj is yet to report. The domestic PV industry posted a ~9% YoY growth to ~43.1 Lc units, driven by strong performance from Toyota Kirloskar (+24%), M&M (+20%), JSW MG Motor (+17%), Kia India (+14%), Tata Motors (+14%), and Maruti Suzuki (+4%), while Hyundai declined 2% YoY. 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: The Beat Ideas: GoodLuck India- A Steel Suppliers' Pivot into Defence & Aerospace Primer: Sagility India (SAGILITY IN) - Apr 2026 Primer: PNB Housing Finance Ltd (PNBHOUSI IN) - Apr 2026 Primer: Zuari Agro Chemicals (ZUAC IN) - Apr 2026 Primer: Canara Bank (CBK IN) - Apr 2026 1. The Beat Ideas: GoodLuck India- A Steel Suppliers' Pivot into Defence & Aerospace GoodLuck India's subsidiary, Goodluck Defence & Aerospace, successfully dispatched its First Overseas Defence Order of USD 6 million for 155mm Heavy-Calibre Empty Shells Not a one-off contract win. Validates multi-year, capital-intensive pivot by an engineering conglomerate, backed by a dedicated 500 Crore Capex Commitment & aspirations of 1,000 Crore in Defence Revenues With a Traditional Steel Business delivering steady Volume Growth and two High-Margin New Engines: Hydraulic Tubes and Defence Shells , GoodLuck India is entering Inflection Phase with Super Margins 2. Primer: Sagility India (SAGILITY IN) - Apr 2026 Sagility is a pure-play Business Process Management (BPM) provider focused exclusively on the U.S. healthcare market, offering technology-enabled solutions to both payers (insurers) and providers (hospitals).

In this briefing: Primer: Silver Spike Investment (SSIC US) - Apr 2026 Primer: Korea Electric Terminal Co (025540 KS) - Apr 2026 Primer: Value Added Technologies (043150 KS) - Apr 2026 Primer: Sagility India (SAGILITY IN) - Apr 2026 Primer: PNB Housing Finance Ltd (PNBHOUSI IN) - Apr 2026 1. Primer: Silver Spike Investment (SSIC US) - Apr 2026 Silver Spike Investment Corp. (SSIC) is a specialty finance company, operating as a Business Development Company (BDC), primarily providing direct loans to private, middle-market companies in the cannabis industry. The company has demonstrated extraordinary top- and bottom-line growth over the past three years, driven by the expansion of its investment portfolio in a capital-constrained industry. Despite strong operational performance and a high dividend yield, the investment carries significant risk due to its concentration in the volatile and heavily regulated cannabis sector, which is still illegal at the federal level in the U.S. This content is AI-generated and displayed for general informational purposes only.