BUZZ — Nomura initiates India's Dhoot Transmissions at 'buy'

* Nomura initiates two- and three-wheeler wiring harness maker Dhoot Transmission at "Buy" with PT of 1,800 rupees * Shares up 2.2% at 1,504.1 rupees * Brokerage says India EV demand at inflection point with rapid adoption expected over next decade * Suppliers focused on localization and cost-reduction can emerge as winners; Dhoot's localization focus should sustain healthy margins despite normalizing labour costs * Notes co holds ~70-80% wallet share in popular 2-wheeler EV models, demonstrating technology edge and market share gain potential * Expects Dhoot’s EV revenue share to rise from ~24% in FY26 to ~48% by FY29F, driven by addition of customers in the EV battery pack segment and volume rampup in 2-wheeler components * Sees co delivering a revenue CAGR of 27% over FY26-29F * Stock up 25.3% since debut on August 17 (Reporting by Mridula Kumar in Bengaluru) ((mailto:Mridula.Kumar@thomsonreuters.com;)