Amid Monday’s market sell-off, N S Ramaswamy of Ventura highlighted renewed concerns over Middle East supply disruptions and rising crude prices. He sees immediate resistance for Brent crude at $108–109, with a sustained breakout potentially opening the way towards $112–115.

N S Ramaswamy of Ventura attributed the sharp correction in gold and silver to rising US Treasury yields, a stronger dollar, higher crude prices and expectations of further Fed tightening. He expects the near-term trend for gold to remain slightly bearish.

Ventura expects a marginally positive opening supported by stronger global cues and improved market breadth. DII buying remained strong at ₹3,617.8 crore despite continued FII selling.

As the NSE IPO opened with 42% subscription on Day 1, Ventura analysts highlighted the exchange's loss of market share in index options, an important business segment, to BSE.

Vinit Bolinjkar said rising inflation, elevated wholesale prices and higher bond yields have made conditions less supportive for rate cuts, leaving limited room for the RBI ahead of its October policy meeting.

Vinit Bolinjkar said higher US rates could narrow the India-US interest rate differential, putting pressure on the rupee and reducing foreign investor interest in Indian bonds.

Ventura was among the brokerages recommending subscription to the NSE IPO, which is structured as an offer for sale by existing shareholders.

Ventura expects a negative opening following mixed global cues, while continued FII selling contrasts with strong DII buying. Domestic institutional participation remains a source of market support.

Vinit Bolinjkar said rising inflation, elevated wholesale prices, higher bond yields and the Fed's return to rate hikes have made conditions less supportive for further RBI rate cuts. He expects a more cautious policy stance.

Ventura was among the brokerages recommending subscription to the NSE IPO as the exchange compares with global peers on market position, scale and operating performance.

Ventura was among the brokerages recommending subscription to the NSE IPO. The article highlights NSE's dominant market position and strong financial profile alongside its other structural strengths.

Ventura analysts pointed to NSE's loss of market share in index options, an important segment of its business, as a factor investors should consider while assessing the IPO.

Ventura was among the brokerages recommending subscription to the Hero Motors IPO, which was 3.37 times subscribed by Day 2. The issue comprises a fresh issue of ₹600 crore and an offer for sale of ₹400 crore.

Vinit Bolinjkar said a potential US rate hike could strengthen the dollar, raise global bond yields and tighten financial conditions, creating pressure on emerging-market currencies and capital flows.

Ventura highlighted NSE's dominant market position, with high market shares across cash equities and equity derivatives, alongside strong operating profitability supporting its valuation premium to global exchange peers.

Vinit Bolinjkar said a higher US rate environment could narrow the India-US rate differential, putting pressure on the rupee and reducing foreign investor interest in Indian bonds. He also noted that rising inflation leaves less room for RBI rate cuts.

Ventura's market update pointed to broad-based selling and continued FII outflows, while DII buying remained supportive. Nifty IT was the only major sector to outperform during the session.

Vinit Bolinjkar said a US rate hike could strengthen the dollar, push global bond yields higher and tighten financial conditions, putting emerging-market currencies and capital flows under pressure.

Vinit Bolinjkar said the IT sector is moving from expansion-led growth towards greater scrutiny of AI investments and returns. Companies successfully integrating AI into enterprise workflows could stand out, while legacy delivery models may face margin pressure.

Ventura expects a marginally positive opening despite weak global cues, while continued FII selling and weak market breadth point to cautious sentiment. Strong DII buying could provide some downside support.

Vinit Bolinjkar noted that FII selling remained cautious while DII buying provided liquidity support. He expects markets to remain range-bound in the near term, with sustained FII re-entry and continued DII buying potentially supporting the next move higher.

According to Vinit Bolinjkar, global technology spending remains intact but is shifting towards AI infrastructure, with investors increasingly focusing on returns from AI investments and companies that can translate AI into enterprise outcomes.

Vinit Bolinjkar said elevated crude prices, volatile US rate expectations and risk-off flows could keep markets volatile in the near term, while resilient domestic fundamentals support the medium-term outlook.

Ventura expects a marginally positive opening, with Gift Nifty higher and domestic breadth improving, while continued DII buying provided support despite sustained FII selling.

NSE’s declining share in index options remains a factor to watch as the exchange navigates changes to expiry rules and higher transaction taxes.

Vinit Bolinjkar, Head of Research at Ventura, said rising inflation, elevated wholesale prices and higher bond yields have made conditions less supportive for further rate cuts, leaving limited room for the RBI ahead of its October policy meeting.

A narrower India-US interest rate differential could keep pressure on the rupee and reduce foreign investor interest, according to Vinit Bolinjkar, Head of Research at Ventura.

Ventura was among brokerages recommending subscription to the NSE IPO, citing the exchange’s strong market position and operating strengths.

Ventura highlighted a 0.61% decline in Gift Nifty and continued FII selling, while strong DII buying provided support to domestic markets.

With inflation and bond yields rising and global rates moving higher, Ventura expects the RBI to maintain the status quo while adopting a more cautious stance.

Ventura was among brokerages recommending subscription to the NSE IPO, while the article highlights its strong market share and operating performance relative to global exchanges.

The brokerage was positive on the NSE issue as it highlighted the exchange’s dominant position, strong competitive moat and high operating margins.

The brokerage pointed to NSE’s declining share in index options as a key factor to watch amid changes to weekly expiries and higher transaction taxes.

Ventura was among the brokerages recommending subscription to the Hero Motors IPO. The issue comprises a ₹600 crore fresh issue and ₹400 crore OFS, with proceeds also earmarked for capacity expansion.

Vinit Bolinjkar, Head of Research at Ventura, said NSE’s dominant market share and strong operating economics support a premium valuation, with the exchange holding 92.99% of cash-market turnover, 99.79% of equity-futures turnover and 74.71% of equity-options premium turnover in FY26.

Head of Research at Ventura, Vinit Bolinjkar, said a potential Fed rate hike could strengthen the dollar, raise global bond yields and tighten financial conditions, putting pressure on emerging-market currencies and capital flows.

Vinit Bolinjkar, Head of Research, Ventura, said a US rate hike could strengthen the dollar, raise global bond yields and put pressure on the rupee and foreign investor flows into India.

Ventura says strong DII buying continued to provide support despite sustained FII outflows and broad-based pressure across major sectors.

Vinit Bolinjkar, Head of Research at Ventura, said a US rate hike could strengthen the dollar, push global bond yields higher and tighten financial conditions, putting pressure on emerging-market currencies and capital flows.

Ventura's Head of Reseasrch, Vinit Bolinjkar, said the global technology spending base remains intact, but the shift towards AI infrastructure and greater scrutiny of returns could lead to a more selective IT market.

The daily update from Ventura pointed to continued FII selling and strong DII buying, with metals among the key sectoral drags.

With crude prices, US rate expectations and risk-off flows keeping FII positioning cautious, Ventura expects markets to remain volatile and range-bound in the near term.

Vinit Bolinjkar, Head of Research at Ventura said global technology spending remains intact but is shifting towards AI infrastructure, with investors increasingly separating companies that can monetise AI from those exposed to legacy delivery models.

Despite resilient domestic macro fundamentals and steady earnings growth, Ventura expects markets to remain range-bound until sustained FII re-entry and continued DII buying provide a stronger trigger.

Ventura pointed to NSE’s technology capabilities, including its ability to process 21.9 billion peak order messages in a single day and 201 million trades on March 24, 2026. The brokerage also flagged government dependency and execution risks as key monitorables.

Juzer Gabajiwala of Ventura said the strong inflows into small- and mid-cap funds in August suggest investors are willing to take on more risk rather than opting for safer investment avenues.

Vinit Bolinjkar of Ventura said fresh escalation in West Asia could disrupt supply chains and delay deliveries, while elevated transportation costs and a stronger dollar may add to pressure on metal stocks in the near term.

Ventura expects Indian markets to open lower amid weak global cues, while persistent DII buying could provide some downside support. The report highlights 24,000 as Nifty resistance and 23,000 as a key Put OI level amid continued oil, currency and interest-rate risks.

Ventura has given a ‘Subscribe’ rating to Manika Plastech, citing its established manufacturing operations, diverse industrial customer base and planned ₹58.77 crore capex to expand capacity and enter new products.

N.S. Ramaswamy of Ventura said intensified US-Iran military action and threats to global crude flows have heightened oil supply anxiety, bringing the geopolitical risk premium back into the market.

N.S. Ramaswamy of Ventura said renewed US-Iran escalation and disruption through the Strait of Hormuz could keep a geopolitical premium embedded in crude. He warned that triple-digit oil prices could pressure import bills, current accounts, currencies and fiscal positions.

Ventura has recommended a ‘Subscribe’ rating for Prasol Chemicals, citing the company’s proven financial track record and growth trajectory.

Ventura expects Indian markets to open lower, with weak global cues, negative breadth and rising volatility weighing on sentiment. The report highlights 24,000 as Nifty resistance and 23,000 as a key Put OI level.

N.S. Ramaswamy of Ventura said intensified US-Iran tensions and threats to global crude flows have brought the geopolitical risk premium back into oil prices. He added that any progress on ceasefire agreements or reopening the Strait of Hormuz could quickly reverse the premium and trigger a sharp correction in crude.

Vinit Bolinjkar of Ventura said the agrochemical sector is showing early signs of stabilisation, but a durable recovery will depend on restocking and a sustained improvement in volumes. For IT, he expects near-term pressure from cautious technology spending and AI-led disruption, while the long-term outlook remains robust.

Ventura expects Indian markets to open lower amid weak global cues, with Nifty facing resistance around 24,000 and support from Put OI at 23,000. Mixed institutional flows, weak market breadth and higher volatility point to cautious sentiment.

Vinit Bolinjkar of Ventura said the strong first-day demand indicates that the market is backing Rentomojo’s growth story. He also noted that the IPO could set the benchmark valuation for India’s furniture rental segment, which has no listed peers.

Ventura has recommended a ‘Subscribe’ rating for Steamhouse India’s IPO, citing its strong operating cash flow of ₹100.46 crore as of March 31, 2026, which could support the company’s planned capacity expansion.

Vinit Bolinjkar of Ventura said Paytm’s launch of its enterprise AI platform marks a shift beyond its core payments business and could add a new high-margin B2B revenue stream. He added that the company’s improving profitability and core business growth make it a reasonable investment case for investors comfortable with fintech.

N.S. Ramaswamy of Ventura said the return of triple-digit crude prices could increase import bills, widen current-account deficits and put pressure on currencies and fiscal positions as geopolitical risks intensify.

N.S. Ramaswamy of Ventura said intensified US-Iran military action has heightened concerns over oil supply, with geopolitical risk premiums returning to the market. He warned that triple-digit crude prices could pressure import bills, current accounts, currencies and fiscal positions.

Ventura’s September 9 market update highlighted a negative opening bias for Indian markets, with US indices and Gift Nifty ending lower. The report also pointed to negative market breadth and key options open-interest levels across Nifty, Sensex and Bank Nifty.

Vinit Bolinjkar of Ventura said the strong subscription on the first day indicates market backing for Rentomojo’s growth story. He also noted that, with no listed peers in India, the IPO could set the benchmark valuation for the furniture rental segment.

Vinit Bolinjkar of Ventura sees Karamtara Engineering and Rentomojo as the more attractive options, with Karamtara standing out for its established profitability and Rentomojo offering higher growth potential for investors with greater risk appetite.

Ventura is positive on the LCC Projects IPO and recommends subscribing, citing strong order book, healthy earnings growth and reasonable valuations. Key risks include dependence on government projects, higher debt and concentration across segments, customers and geographies.

Ventura is among the brokerages recommending investors Subscribe to the Steamhouse India IPO. The ₹414 crore issue is backed by the company’s differentiated industrial gas business, healthy financial performance and planned capacity expansion, while key risks include its rich valuation, geographic concentration and debt burden.

Ventura has recommended investors Subscribe to the Prasol Chemicals IPO, citing the company’s proven financial track record and growth trajectory. The ₹500 crore issue, priced at ₹643–676 per share, includes a ₹80 crore fresh issue and ₹420 crore OFS.

NSE’s subsidiaries turning profitable is a positive development, according to Vinit Bolinjkar, though he does not expect any of them to become as large as the core exchange business.

Ventura has a Subscribe rating on Kanohar Electricals, citing its strong presence across power transmission, railway electrification, renewable energy and distribution. The brokerage also highlighted the company’s significant improvement in financial performance over the past three years.

Ventura expects Indian markets to open cautiously, with Gift Nifty down 0.12% and Nifty options showing key Call OI at 24,000 and Put OI at 23,500. Market breadth remained weak, while sector performance was mixed, with Microcap and Smallcap indices marginally positive.

Ventura has initiated coverage on Sammaan Capital with a Buy rating and a target price of ₹377.70, implying a potential upside of 140%. Ventura expects the lender’s advances and AUM to grow at around 38% and 34% CAGR, respectively, through FY29, supported by its shift towards a retail-focused franchise, improving operating leverage and lower funding costs.

Ventura’s September 7 market update indicates a positive opening for Indian markets, supported by a 0.32% rise in Gift Nifty and positive domestic market breadth. Nifty options show Call OI at 24,000 and Put OI at 23,900, while sectoral performance remained mixed.

Ventura’s Vinit Bolinjkar said much of the commodity optimism is already reflected in metal equities, making stock selection and entry valuations critical. He prefers Hindustan Zinc for zinc and silver exposure, Hindalco for diversified aluminium and copper exposure, and NALCO as a higher-beta aluminium play.

Ventura’s market update points to a positive opening for Indian markets, supported by strong global cues and a 0.55% gain in Gift Nifty. While FIIs/FPI remained net sellers at ₹2,345.9 crore, strong DII buying of ₹4,977.5 crore and positive market breadth provided support.

Ventura expects Indian markets to open positively, supported by gains in global markets and a 0.54% rise in Gift Nifty, despite negative domestic breadth. Options data indicates Nifty resistance at 24,200, while Bank Nifty shows heavy ATM congestion around 57,500.

Ventura’s report highlights an improvement in Park Medi World’s blended ARPOB to ₹30,040 from ₹26,206, alongside a 440-bps YoY increase in super-speciality revenue contribution to 61.7%. It also notes that hospitals operating above 60% occupancy deliver significantly higher EBITDA margins, with Mohali’s margins improving to around 26%.

Dividend-paying stocks can offer a natural price cushion during market sell-offs as falling prices push yields higher and attract value-focused investors. Ventura’s Vinit Bolinjkar noted that dividend stocks have historically outperformed major indices during downturns, particularly on total returns.

Strong bed additions, healthy occupancy and improving margins are expected to drive Park Medi World’s next phase of growth. Ventura retained its ‘BUY’ rating and raised the 24-month target price to ₹406 from ₹284.

Indian markets remained under pressure, with the Nifty 50 declining 0.10% and broader indices witnessing sharper losses. While IT, FMCG and Oil & Gas outperformed, selling pressure persisted across healthcare, auto, financial services and banking sectors.

Park Medi World’s expansion plans, healthy occupancy and improving operating performance support Ventura's positive outlook. The brokerage retained its ‘BUY’ rating and raised the 24-month target price from ₹286 to ₹406.

Indian markets remained under pressure as the Nifty 50 declined 0.4%, while heavy FII selling weighed on sentiment. Private banks, healthcare and pharma gained, even as metals and FMCG faced sharper declines.

Rays of Belief’s expanding centre network, integrated service model and US presence strengthen its growth outlook. Ventura recommends subscribing, while identifying high employee costs, rising receivables and operating cash burn as key risks.

Deepa Jewellers offers strong growth, with sharp increases in FY26 revenue and PAT, alongside robust return ratios and improving leverage. Ventura recommends subscribing, while highlighting customer and geographic concentration, outsourced manufacturing and working-capital needs as key risks.

Ventura recommends subscribing to Augmont Enterprises, citing its integrated precious-metals ecosystem, strong bullion network, refining capabilities and technology-led platform. Key risks include gold-price volatility,

Indian markets remained under pressure, with Nifty and Sensex declining amid negative market breadth. Options data showed key open interest around 24,300 Calls and 24,000 Puts, keeping these levels in focus.

Gold’s sharp rally could face volatility and corrections, with a hawkish Fed and higher real yields posing key risks. Ventura’s NS Ramaswamy recommends partial profit booking and rebalancing if gold exceeds 15% of the portfolio.

Ventura said Tejas Networks’ ₹1,537-crore order from TCS, which exceeds the company’s FY26 revenue, is financially significant and positive for the stock in the short to medium term. The order involves supplying radio access network equipment for 18,685 BSNL 4G sites, with investors now awaiting details on the execution timeline.

Mixed global cues point to a mildly negative start, while positive market breadth offers some support. Ventura expects Nifty to remain rangebound, with 24,200 as key support and 24,500 as resistance.

Strong DII buying continues to cushion market weakness, while Ventura sees the Nifty trading in a narrow range between 24,200 and 24,500.

Ventura’s Juzer Gabajiwala said low-equity hybrid SIF strategies can potentially earn 1–2% more than deposits or debt funds while offering greater tax efficiency. He noted that these strategies could complement fixed-income allocations for investors seeking relatively higher returns with tax benefits.

Tax efficiency and flexible strategies are driving interest in hybrid SIFs, with Ventura highlighting their potential to outperform deposits and debt funds by 1–2%.

Improving investor sentiment and strong domestic liquidity are driving the recent IPO revival, while Ventura expects the momentum to remain supported by a stronger pipeline of quality companies.

A stronger IPO pipeline and supportive domestic liquidity could sustain fundraising momentum, while Ventura expects investors to remain selective, with valuations, earnings visibility and cash-flow quality driving IPO performance.

Jindal Stainless’ near-term challenges could ease as operations normalise, while Ventura sees the DGTR anti-dumping probe as a key catalyst for a sustained re-rating. For Hindustan Zinc, stable silver prices and supportive zinc prices could aid a recovery.

High leverage, frequent trading and elevated transaction costs continue to weigh on retail F&O outcomes. Ventura highlights disciplined risk management, controlled position sizing and avoiding excessive leverage as key ways to limit losses.

Mixed market breadth remains a key concern despite supportive global cues, with Ventura highlighting 24,350 Call and 24,300 Put levels as important Nifty option zones.

Strong FII and DII buying continues to support Indian equities, while Ventura expects a mildly positive opening amid supportive global cues and mixed broader-market breadth.

Strong investor demand and Augmont’s integrated precious-metals ecosystem support the IPO outlook, while Ventura highlights gold-price volatility, working-capital needs and inventory management as key risks.

Mixed global cues and subdued options sentiment point to a cautious market setup, with Nifty PCR at 0.69, according to Ventura.

Indian equities may open on a mildly cautious note, with mixed global cues and sectoral rotation keeping sentiment subdued, according to Ventura.

Augmont’s integrated business model, refining capabilities and technology-led platforms support its IPO outlook, while working-capital needs, inventory management and precious-metal price volatility remain key risks, according to Ventura.

Attractive valuation, strong regional presence and planned store expansion support Lalithaa Jewellery Mart’s growth outlook, according to Ventura.

Ventura remains positive on Tempsens Instruments, citing its niche positioning, strong growth profile and expanding business opportunities.

Tempsens Instruments IPO was subscribed 51x on the final day, with a ₹330 GMP indicating strong listing expectations. The brokerage remains positive, citing its niche business and growth potential.

Supportive market breadth and gains across small-cap indices point to healthy domestic participation, even as Gift Nifty signals a mildly negative opening. Ventura’s options data places Nifty resistance at 24,300 and support around 24,000.

Strong DII buying of ₹2,124 crore and supportive market breadth are helping cushion ₹543 crore of FII selling. Ventura expects a mildly cautious opening despite positive US market cues.

Tempsens Instruments has received strong demand across investor categories, while Ventura maintains a ‘Subscribe’ view. The company’s specialised thermal engineering and cable solutions offer exposure to India’s industrial expansion.

Nifty’s immediate resistance stands at 24,288–24,325, while options data shows maximum Call OI at 24,300 and Put OI at 24,000. Ventura’s derivatives setup points to a closely watched trading range.

Skyways’ EBITDA rose from ₹49.5 crore to ₹128.7 crore between FY24 and FY26, while PAT increased to ₹41 crore. Ventura’s positive view is supported by the company’s expanding logistics operations and improving margins.

Strong credit growth, healthy asset quality and reasonable valuations are supporting private banks, according to Ventura’s Vinit Bolinjkar. He believes the sector offers a buying opportunity for investors with a 2–3 year horizon, with HDFC Bank among his preferred picks.

Augmont’s presence across bullion trading, refining, manufacturing and digital gold provides multiple growth avenues, supporting Ventura’s positive view on the IPO.

Tempsens Instruments is positioned to benefit from India’s manufacturing expansion and rising industrial automation, with its technical capabilities offering a competitive edge. Ventura maintains a positive view on the IPO.

Indian equities saw broader participation, with the NSE advance-decline ratio improving to 2,106:1,402 and the Nifty Smallcap 100 gaining 0.68%. IT, FMCG and financial services were among the key sectoral outperformers.

Augmont’s presence across bullion trading, refining, manufacturing and digital gold gives it multiple growth avenues, according to Ventura. The brokerage maintains a ‘Subscribe’ rating, while flagging high working capital needs, inventory management and intense competition.

Rising renewable adoption among commercial and industrial users, along with data-centre and AI demand, could support CleanMax’s expansion, according to Ventura. The brokerage sees competitive power costs and a growing contracted portfolio as key advantages.

Clearer cash recovery, a lower regulatory risk premium and favourable power-sector tailwinds are the key drivers identified by Ventura’s Vinit Bolinjkar. He sees the ruling as a strong fundamental catalyst, with revised compensation and cash payout timelines now in focus.

Ventura’s Juzer Gabajiwala notes that investments in small-cap funds have crossed ₹7,500 crore, with mid-cap funds also gaining traction. More than half of total inflows are now moving towards mid- and small-cap segments, highlighting a clear change in investor preference.

Strong DII inflows of ₹3,974 crore continue to support domestic equities, helping cushion volatility despite elevated crude prices and mixed global cues. Ventura expects a marginally positive opening.

Options data points to 24,500 as the key Call OI level for Nifty, while 24,000 holds the highest Put OI. Ventura’s analysis indicates a cautious setup amid mixed global cues.

Q1 FY27 earnings outperformance among mid- and small-cap companies points to improving business activity, but Ventura’s Vinit Bolinjkar cautions against treating the trend as a broad-based earnings boom. He expects the next phase to be driven more by revenue-led earnings upgrades than favourable base effects or margin expansion.

Ventura highlights mixed sectoral performance and weak market breadth, even as FII and DII buying remains supportive. IT remained the key drag, while Auto, Healthcare and Oil & Gas outperformed.

Ventura believes Gaja Capital has built a strong position in India’s alternative asset management space, supported by its investment track record and institutional investor base. However, performance-linked earnings, promoter dependence and investor concentration remain key risks.

Ventura expects Indian markets to open marginally positive, with Gift Nifty gaining 0.05% despite declines across major US indices. Options data points to resistance at 24,200 on the Nifty, while weak advance-decline ratios indicate continued negative market breadth.

Ventura expects Indian markets to open marginally positive despite weak global cues, with FII/FPI and DII buying providing some support. It sees resistance around 24,200 on the Nifty, while auto, healthcare, oil & gas and pharma outperformed and IT remained the key drag.

Ventura’s Vinit Bolinjkar said Adani is effectively playing India’s growth story through infrastructure, with its businesses offering 20–30 years of visibility. He has maintained a ‘Buy’ rating on Adani Enterprises since 2022, citing the long-term infrastructure cycle as a key earnings driver.

Ventura’s Vinit Bolinjkar said that while Q1 FY27 earnings were better than expected, the improvement has not translated into a broad market rally as investors remain focused on earnings upgrades, valuations and global risks. He expects the next upcycle to depend on FY27–28 earnings upgrades, recovery in consumption and private capex, improved global liquidity and sustained foreign inflows, with markets likely to remain stock-specific until then.

Ventura has given a ‘Subscribe’ rating to the Horizon Industrial Parks IPO, citing its strong 79.16% EBITDA margin and planned debt reduction from ₹2,250 crore of IPO proceeds. However, it flags the company’s history of losses, high finance costs and potential execution delays in its development pipeline as key risks.

Valuation and earnings visibility favour Lalithaa Jewellery Mart over Horizon Industrial Parks, according to Ventura’s Vinit Bolinjkar. While Ventura highlights Lalithaa’s scale and presence in Tier-2 and Tier-3 markets, it remains cautious on Horizon’s losses, debt levels and customer concentration.

Value-added dairy products offer a key growth opportunity, with Ventura’s Vinit Bolinjkar continuing to hold Milky Mist for the long term. He sees the company as one of the few strong businesses in the segment, supported by the growing opportunities in value-added dairy.

India’s infrastructure cycle remains a key growth driver for Adani Enterprises, according to Ventura’s Vinit Bolinjkar. He sees the group’s infrastructure businesses offering 20–30 years of visibility, positioning the company to benefit from India’s long-term infrastructure expansion.