In this briefing: Asian Equities: Foreigners Continue to Sell Asia but Market Rotation Setting In Aequitas: Bluestone Jewellery IPO Lockup - US$400m Lockup Release for over 50% Stake Astral: Growth Momentum Builds, Market Share to Rise. Maintain BUY PNC Infratech Ltd - Execution Remains Key to Revenue Growth, Maintain HOLD Happiest Minds Technologies Ltd - Steady Performance; Growth Outlook Remains Intact! 1. Asian Equities: Foreigners Continue to Sell Asia but Market Rotation Setting In In January FIIs sold US$3.5 bn Asia-6 equities and till 10th February they have sold US$5.7bn. February marks the fourth month in succession that the FIIs are selling Asia. In February MTD, FIIs have sold US$6.5bn Korean equities and US$888m Taiwanese. They bought US$1.7bn India and US$23m Philippines. Thailand was also bought (US$139m in January), Indonesia sold heavily (US$588m). FII buying should restart in Korea, Taiwan soon. Flows into India have bounced back but it's too early to predict a sustainable reversal.

In this briefing: Astral: Growth Momentum Builds, Market Share to Rise. Maintain BUY PNC Infratech Ltd - Execution Remains Key to Revenue Growth, Maintain HOLD Happiest Minds Technologies Ltd - Steady Performance; Growth Outlook Remains Intact! Escorts Kubota Ltd - Structural Levers in Place; Near-Term Upside Capped NLC India Limited - Muted Q3 Results; Expansion Projects Largely on Track 1. Astral: Growth Momentum Builds, Market Share to Rise. Maintain BUY We met with Astral ED and CFO Mr Hiranand Savlani The management highlighted that plumbing demand has picked up in Q4, aided by channel restocking, with January plumbing volume growth exceeding 20% YoY Management anticipates the company’s plumbing volume growth to exceed 14% for FY26 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. PNC Infratech Ltd - Execution Remains Key to Revenue Growth, Maintain HOLD Robust & Diversified Order Book: As of 31st Dec’25, PNCIL’s order book stood at Rs 19,300 Cr, over 3.5x FY25 revenue, ensuring visibility for the next 2–2.5 years.

In this briefing: PNC Infratech Ltd - Execution Remains Key to Revenue Growth, Maintain HOLD Happiest Minds Technologies Ltd - Steady Performance; Growth Outlook Remains Intact! Escorts Kubota Ltd - Structural Levers in Place; Near-Term Upside Capped NLC India Limited - Muted Q3 Results; Expansion Projects Largely on Track GR Infraprojects Ltd - Robust Order Book To Drive Growth; Retain BUY 1. PNC Infratech Ltd - Execution Remains Key to Revenue Growth, Maintain HOLD Robust & Diversified Order Book: As of 31st Dec’25, PNCIL’s order book stood at Rs 19,300 Cr, over 3.5x FY25 revenue, ensuring visibility for the next 2–2.5 years. In line with its diversification strategy, the company is broadening its bidding focus beyond roads to other sectors, aimed at reducing sectoral dependence and building a more resilient revenue base. We expect PNCIL to deliver a revenue CAGR of 5% over FY25–27E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

BENGALURU: Happiest Minds Technologies expects a double-digit revenue share from its generative AI business within three years, up from 1.6% in fiscal 2025, as clients accelerate AI spending to cut costs and boost productivity, its top executive told Reuters. This makes it the first Indian IT firm to give a revenue forecast tied to the futuristic technology and the second in the $283 billion sector to report AI-related revenue after HCLTech. Earlier this month, HCLTech said advanced AI quarterly revenue crossed $100 million, accounting for around 2.7% of total sales, in the September quarter. Generative AI is a form of artificial intelligence that creates new content such as text, images or code by learning from existing data. It powers tools like ChatGPT and Gemini that mimic human-like output. “Today, all the new businesses we are signing, there is a huge amount of AI at play. When our sales guys go (to pitch to clients), they get an entry at the table only through AI,” MD Venkatraman Narayanan said on Wednesday. “That’s the flavour of the season.” Russia-backed sanctioned Indian refiner boosts crude runs to 90%, sources say Happiest Minds said its GenAI projects command a 20%–25% premium over standard rates.

BENGALURU :Happiest Minds Technologies expects a double-digit revenue share from its generative AI business within three years, up from 1.6 per cent in fiscal 2025, as clients accelerate AI spending to cut costs and boost productivity, its top executive told Reuters.This makes it the first Indian IT firm to g

PureSoftware, a Happiest Minds Company, Secures Two Honors at IBSi Digital Banking Awards 2025 for Arttha's Excellence in Digital Lending and Wallet Innovation

Happiest Minds Technologies , an Indian IT services … Bengaluru-based IT services company since its 2011 founding, … chairman, leading Happiest Minds’ software products and platforms division. … a publicly listed IT services company . During his six-year …