Tariff War Impact Report Date: 7th April 2025 | 1:30 PM Subject: India’s Resilient Sectors Amid Global Market Turmoil part 2

continuing last report 2. Power & Utilities This sector represents essential services with government-regulated pricing and guaranteed demand. Most companies are either PSUs or operate under long-term contracts, with zero reliance on exports. These stocks are traditionally slow movers and relatively stable in drawdowns. Key Stocks (All Red): NTPC – -1.50% PowerGrid Corporation – -2.93% Torrent Power – -3.96% 3. Infrastructure & Construction With funding driven by government capex and execution timelines independent of global developments, infrastructure continues to be a domestic growth engine. Tariff issues do not impact ongoing or planned projects significantly, especially under schemes like PM Gati Shakti and Smart Cities Mission. Key Stocks (All Red): • Larsen & Toubro – -7.50% • IRB Infrastructure – -6.06% • KNR Construction – -5.96% 4. Domestic Tourism & Hospitality While international tourism may suffer, domestic tourism is growing rapidly. Better rail and road connectivity, increased income levels, and regional travel demand support Indian hospitality. Businesses like IRCTC enjoy a monopoly position, reducing risk. Key Stocks (All Red): • Indian Hotels Company – -4.98% • Lemon Tree Hotels – -4.93% • IRCTC – -3.54% 5. Agriculture & Allied Services India’s agri-economy is largely insulated and subsidized. From crop protection to animal feed, these businesses cater to local farm ecosystems. While they do face some cost pressure, their primary revenue base remains domestic, providing a buffer during global volatility. Key Stocks (All Red): • UPL – -5.25% • PI Industries – -2.05% • Godrej Agrovet – -6.57% 6. Education & EdTech The Indian education sector remains inward-focused and non-discretionary. From K–12 to professional skilling, demand is consistent and online adoption continues to grow. These companies are not dependent on international clients, giving them relative stability. Key Stocks (All Red): • NIIT – -8.86% • Zee Learn – -4.87%