PL Capital's Director of Institutional Research, Amnish Aggarwal, has shared his investment perspective across key sectors, identifying potential opportunities in cement and banking while highlighting mixed signals in the quick-service restaurant segment.

Cement Sector Poised for Near-Term Recovery

The cement sector presents an interesting opportunity following significant corrections, according to Aggarwal's analysis:

Aggarwal noted that stocks such as Dalmia Bharat have already priced in substantial negative sentiment. The sector has witnessed one round of pricing increases, with prices likely to remain firm. However, he emphasized that the historical problem with cement stocks has been the inability to maintain pricing, which has kept margins unfavorable.

"The problem with the cement stocks has been that the pricing has not been holding on, and that is why the margins have not been on the favourable side," Aggarwal explained.

He characterized cement stocks as tactical rather than long-term structural trades, suggesting they could deliver strong near-term performance if recent price hikes sustain and margins recover over the next two to three months.

Banking Sector Approaching Bottom

Regarding HDFC Bank's recent sharp reaction, Aggarwal believes the downside now appears limited:

While acknowledging that the elevated loan-to-deposit ratio remains a concern and is correcting only gradually, he noted that valuations are no longer expensive. Most banking stocks, including HDFC Bank, are positioned near their bottom, with net interest margins showing signs of stabilization.

QSR Sector Challenges and Opportunities

For Restaurant Brands Asia, Aggarwal presented a nuanced view of the quick-service restaurant operator's prospects:

• India Operations: Steady and operationally sound, though profitability remains challenging
• Indonesia Operations: Continue to generate losses, representing the larger concern
• Capital Requirements: No urgent need for fund infusion currently
• Strategic Investment: Any capital raise bringing new strategic or promoter-level investors could be meaningfully positive

Aggarwal emphasized that clarity on future ownership and business strategy, particularly regarding Indonesia operations, will be critical for the stock's performance.

India-EU Trade Agreement Potential

Looking at broader economic developments, Aggarwal highlighted the potential benefits of an India-EU free trade agreement, especially amid delays in Indo-US trade negotiations:

Beneficiary Sectors:

• Textiles
• Gems and jewelry
• Other export-oriented industries

Long-term Advantages:

• Enhanced market access to European markets
• Easier access to European technologies in defense, semiconductors, and renewable energy
• Reduced pressure to enter less favorable trade agreements elsewhere
• Strengthened technology and manufacturing ecosystem

Aggarwal believes such an agreement could provide breathing space to Indian industry while offering substantial long-term gains through improved technology access and market opportunities.

Investment Strategy Summary

Aggarwal's current market outlook reflects a cautiously optimistic approach, identifying specific opportunities in corrected sectors while acknowledging ongoing challenges. His analysis suggests focusing on tactical opportunities in cement, value plays in banking, and monitoring strategic developments in the QSR space, while keeping an eye on broader trade policy developments that could benefit export-oriented sectors.

PH Capital Limited has issued a clarification to BSE Limited regarding the recent significant movement in its share price, responding to the exchange's inquiry dated December 26, 2025. The company addressed concerns about the price volatility through an official communication under Regulation 30 of SEBI (LODR) Regulations, 2015.

Company's Response to BSE Inquiry

The company received a letter from BSE Limited (reference number LSSURV/ONL/PV/APJ/2025-2026/807) inquiring about the significant movement in the company's script price. PH Capital Limited responded that all relevant information required under applicable laws has already been disclosed to the stock exchanges from time to time under Regulation 30 of the SEBI (LODR) Regulations, 2015.

Key Clarification Points

The company's response highlighted several important aspects:

No Undisclosed Material Events

PH Capital Limited explicitly stated that there is no other material event or information that needs to be informed to the stock exchange at this point in time. The company emphasized its commitment to transparency by confirming that it shall continue to disclose all relevant events or information in accordance with the timelines prescribed under applicable laws and regulations.

Market-Driven Price Movement

The company attributed the increase in its script price to purely market conditions, describing it as absolutely market-driven. This clarification aims to address any speculation about undisclosed corporate developments or material events that might have influenced the stock's performance.

Regulatory Compliance Commitment

PH Capital Limited reaffirmed its dedication to regulatory compliance, stating that it will continue to make timely disclosures as required under applicable laws and regulations. The communication was signed by Rikeen Dalal, Chairman and Whole-time Director (DIN: 01723446), demonstrating senior management's direct involvement in addressing the exchange's concerns.