The project will substitute fossil fuels with biomass-derived syngas to provide heat for cement manufacturing.

In this briefing: The Beat Ideas: Dharmaj Crop Guard - From Capex Drag to Operating Leverage Propellant Primer: SG Mart (SGMART IN) - Nov 2025 APAC Healthcare Weekly (November 16) – Leads Bio, Henlius Bio, Otsuka, ABL Bio, Boryung, Eubiologics Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Primer: Sagar Cements (SGC IN) - Nov 2025 1. The Beat Ideas: Dharmaj Crop Guard - From Capex Drag to Operating Leverage Propellant Dharmaj Crop Guard had commissioned its INR 275 crore Active Ingredients (AI) plant, cementing its transformation from a formulations-only company to a fully integrated AgroChem player. This strategic backward integration provides a massive new growth lever . However, it came at a short-term cost, as "front-loaded expenses " resulting in EBITDA losses from new plant last year. With the new plant's losses absorbed, Dharmaj is positioned to leverage its integrated model , a pan-India distribution network, to pursue its ambition of becoming a 2,000 crore company by 2030. 2.

In this briefing: Primer: SG Mart (SGMART IN) - Nov 2025 APAC Healthcare Weekly (November 16) – Leads Bio, Henlius Bio, Otsuka, ABL Bio, Boryung, Eubiologics Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Primer: Sagar Cements (SGC IN) - Nov 2025 Primer: Olectra Greentech (OLECTRA IN) - Nov 2025 1. Primer: SG Mart (SGMART IN) - Nov 2025 SG Mart is rapidly expanding its B2B marketplace for building materials, primarily focusing on steel, with an aggressive growth strategy aiming to capture a significant share of the large and fragmented Indian market. The company benefits from the strong backing of the APL Apollo Group, providing it with industry relationships, funding, and brand leverage for its B2C distribution. Key risks include the highly competitive nature of the steel trading industry, which operates on thin margins, and the volatility of steel prices, which can impact profitability. This content is AI-generated and displayed for general informational purposes only.

In this briefing: APAC Healthcare Weekly (November 16) – Leads Bio, Henlius Bio, Otsuka, ABL Bio, Boryung, Eubiologics Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Primer: Sagar Cements (SGC IN) - Nov 2025 Primer: Olectra Greentech (OLECTRA IN) - Nov 2025 The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries 1. APAC Healthcare Weekly (November 16) – Leads Bio, Henlius Bio, Otsuka, ABL Bio, Boryung, Eubiologics Leads Biolabs initiated Phase 2 clinical study evaluating LBL-024 for the first-line treatment of HCC. Henlius Biotech got FDA approval for Poherdy, as the first interchangeable biosimilar to Roche’s Perjeta. Otsuka announced positive Phase 3 interim analysis of sibeprenlimab for immunoglobulin A nephropathy. ABL Bio signed technology transfer and joint R&D agreement with Eli Lilly for upfront payment of $40M. Boryung Pharmaceutical began construction to double its oral penicillin production capacity. Eubiologics published positive result from Phase 3 clinical trial evaluating EuTYPH-C, a typhoid conjugate vaccine. 2.

In this briefing: AMMN IJ – Transitional Trough in 9M25; FY26 Mining Upside, Index Overhang Persists Primer: Newsmax (NMAX US) - Nov 2025 Primer: ANE Logistics (1292621D CH) - Nov 2025 Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Primer: Sagar Cements (SGC IN) - Nov 2025 1. AMMN IJ – Transitional Trough in 9M25; FY26 Mining Upside, Index Overhang Persists FY25 is the trough: weak smelter ramp (3–39%) and export ban drive losses; recovery depends on utilisation >50% in FY26. FY26 mining strong, smelter unclear: 220 kt Cu and 579 koz Au guided, but smelter repairs run through H1’26. Index risk rising: gold share <20% puts AMMN at high risk of GDX/MVGDX exclusion, with US$140–200m passive outflows. 2. Primer: Newsmax (NMAX US) - Nov 2025 Newsmax is a rapidly growing conservative media company that has successfully positioned itself as a key player in the cable news landscape, demonstrating significant viewership growth and expanding its distribution reach across multiple platforms.

In this briefing: CNX Resources Dumps Non-Core Assets for a Leaner Riot Platforms Secures 1.7 Gigawatts of Power—Will This Massive Infrastructure Edge Dominate the Market?- Major Drivers Primer: ANE Logistics (1292621D CH) - Nov 2025 Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Primer: Sagar Cements (SGC IN) - Nov 2025 1. CNX Resources Dumps Non-Core Assets for a Leaner CNX Resources Corporation reported its third-quarter 2025 results, discussing operational and financial metrics, including notable buybacks and strategic acquisitions. The company showed robust free cash flow, which facilitated a significant stock repurchase, evidencing a strong belief in its valuation relative to intrinsic worth. This buyback was the largest since the fourth quarter of 2022, underscoring the company's strategic focus on returning value to shareholders. 2. Riot Platforms Secures 1.7 Gigawatts of Power—Will This Massive Infrastructure Edge Dominate the Market?- Major Drivers Riot Platforms, formerly known as Riot Blockchain, showcased a comprehensive transformation in its business strategy during its third-quarter 2025 presentation.

In this briefing: Riot Platforms Secures 1.7 Gigawatts of Power—Will This Massive Infrastructure Edge Dominate the Market?- Major Drivers Primer: ANE Logistics (1292621D CH) - Nov 2025 Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Primer: Sagar Cements (SGC IN) - Nov 2025 Primer: ING Groep NV (INGA NA) - Nov 2025 1. Riot Platforms Secures 1.7 Gigawatts of Power—Will This Massive Infrastructure Edge Dominate the Market?- Major Drivers Riot Platforms, formerly known as Riot Blockchain, showcased a comprehensive transformation in its business strategy during its third-quarter 2025 presentation. CEO Jason Les highlighted that the company is evolving from primarily a Bitcoin mining firm into a significant player in data center development, banking on its vast power and land assets. One positive takeaway from the results was the strategic shift towards data centers to meet the surging demand, particularly from hyperscalers and enterprises needing significant data processing capabilities. 2.

In this briefing: Primer: ANE Logistics (1292621D CH) - Nov 2025 Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Primer: Sagar Cements (SGC IN) - Nov 2025 Primer: ING Groep NV (INGA NA) - Nov 2025 Primer: Olectra Greentech (OLECTRA IN) - Nov 2025 1. Primer: ANE Logistics (1292621D CH) - Nov 2025 ANE Logistics is a leading player in China's less-than-truckload (LTL) market, leveraging a freight partner platform model to achieve extensive network coverage across approximately 99.2% of China's counties and townships. The company has successfully executed a strategic shift from a scale-driven approach to one centered on profitability and service quality, resulting in significant improvements in gross profit, net profit, and operational efficiency. Future growth is expected to be driven by the continued expansion of e-commerce, particularly for larger goods, and the ongoing consolidation of China's fragmented LTL market, where ANE's scale and technological investments provide a competitive advantage.

In this briefing: Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Primer: Sagar Cements (SGC IN) - Nov 2025 Primer: Olectra Greentech (OLECTRA IN) - Nov 2025 The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries Prestige Estates Projects Ltd - Q2FY26: Robust Quarter; On Path to Surpass Guidance 1. Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent. This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business. The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute. 2. Primer: Sagar Cements (SGC IN) - Nov 2025 Sagar Cements is pursuing an aggressive, debt-fueled expansion strategy to increase its capacity and market reach, particularly in Central and Eastern India, aiming to capitalize on anticipated demand growth from infrastructure and housing sectors.