Group 1 - Tech Mahindra has partnered with CS Tech AI to deliver next-generation geospatial, AI-driven, and digital-twin solutions aimed at improving operational efficiency and modernising legacy systems for enterprises and public-sector organisations globally [1] - HCLTech has been selected by The Guardian Life Insurance Company to accelerate its AI-driven technology transformation and enhance customer experience [2] - PCBL Chemical Ltd's subsidiary has commenced commercial production, adding 60,000 metric tonnes per annum of carbon black capacity to meet rising market demands, strengthening its competitive position [3] Group 2 - The Enforcement Directorate has provisionally attached properties worth ₹1,885 crore linked to the Reliance Anil Ambani Group, involving multiple financial entities and assets [4] - Thermax Babcock and Wilcox Energy Solutions has incorporated a new entity in Saudi Arabia to provide support services, enhancing operational capabilities [5] - Godrej Industries has restructured its financial services interests by transferring its stake in Godrej Capital Ltd, streamlining governance and capital allocation [6] Group 3 - Arvind Ltd has incorporated a wholly owned subsidiary in the UAE focused on manufacturing fibreglass products, expanding its operational footprint [7] - Stallion India Fluorochemicals has formed a strategic technology partnership with Sys Advance for advanced Helium Recovery Systems, enhancing its capabilities in industrial and space applications [8] - Rudra Gas Enterprise has secured tenders worth approximately ₹24.73 crore for pipeline laying works in Kolkata, indicating growth in infrastructure projects [9][10] Group 4 - GPT Infraprojects has approved the acquisition of a 100% stake in Alcon Builders and Engineers for ₹154.19 crore, marking its entry into the railway signalling EPC segment [11]

Briefing on Sustainability Overview of the Chemical Business and Initiatives Toward Realizing a Sustainable Society Daikin Industries, Ltd. January 15, 2026 Presenters Yoshiyuki Hiraga Senior Executive Officer, Responsible for Chemicals Division Kota Miyazumi Senior Executive Officer, Responsible for Corporate Communications Yasuhisa Hirao General Manager, Chemicals Division Tadashi Ogawa Department Manager, Planning Department, Chemicals Division Keiko Washino Department Manager, External Public Affairs Gr ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Chemical Sector, specifically focusing on fluorochemicals and refrigerants - **Key Trends**: Significant price increases in refrigerants, driven by supply constraints and robust demand from the air conditioning (AC) industry and emerging liquid cooling technologies for data centers Core Insights - **Refrigerant Price Increases**: - Average Selling Prices (ASPs) for refrigerants R32 and R134a have increased by 43% and 22% respectively year-to-date as of September 12, 2025, with R32 reaching Rmb61.5k/t and R134a at Rmb52.0k/t [2][8] - ASPs for R22 have also risen, reflecting a 5% increase [8] - **Market Dynamics**: - Strong supplier pricing power due to quota constraints and a favorable competitive landscape [3][8] - Anticipated continued demand growth for R32, particularly as it is used in most new household ACs, replacing R410a [3][17] - **Liquid Cooling Demand**: - AI-driven demand for liquid cooling solutions in data centers is expected to create new growth opportunities for fluorochemical companies [4][25] - Two-phase cold plate liquid cooling and immersion cooling are highlighted as key technologies, with R134a being a suitable coolant for these applications [4][26] Company-Specific Insights - **Price Target Adjustments**: - Price targets for Dongyue, Sanmei, Capchem, and Tinci have been raised due to improved earnings forecasts and favorable pricing outlooks for refrigerants [5][42] - Sanmei's price target increased from Rmb62.60 to Rmb85.60, reflecting a 37% change [5][50] - Dongyue's price target raised from HKD12.00 to HKD18.00, indicating a 50% increase [5][51] - **Earnings Forecasts**: - 2025-27E earnings for companies in the sector have been lifted, with specific increases for Dongyue (3-19%) and Sanmei (1-20%) [5][50][51] - **Valuation Metrics**: - Dongyue and Sanmei are trading at lower PE ratios compared to peers, suggesting potential for valuation upside as refrigerant prices continue to rise [39][68] Potential Risks - **Regulatory Changes**: Possible changes to the refrigerant quota policy in 2026 could impact supply dynamics [53] - **Market Competition**: The introduction of fourth-generation refrigerants may disrupt the pricing of third-generation refrigerants [53] - **Demand Fluctuations**: A potential decline in AC production in 2026 could negatively affect refrigerant demand [53] Additional Insights - **Long-term Outlook**: The refrigerant industry is expected to maintain elevated prices due to stable supply conditions and strong demand, particularly for R32 and R134a [54][66] - **Investment Opportunities**: Companies like Capchem are positioned to benefit from the exit of 3M from PFAS production, potentially capturing market share in fluorinated liquids [29][30] This summary encapsulates the key points discussed in the conference call, highlighting the dynamics of the chemical sector, particularly in the refrigerant market, and the implications for specific companies within the industry.