September 03, 2026

TOP NEWS

War update: President Donald Trump ordered another round of U.S. strikes on Iranian targets Tuesday as Tehran launched retaliatory attacks against American positions across the Middle East. The strikes targeted Iran’s air-defense systems, radar sites, maritime assets, mine-laying capabilities and communications infrastructure. Trump warned that any further Iranian retaliation would trigger an even stronger U.S. response. Brent crude climbed above $96 per barrel. Asian markets remained positive today and gift nifty indicates a positivity of 125 points on the bourses.

PGCIL: Received a Letter of Intent worth ₹3,244.33 crore from Rajasthan REZ to establish an inter-state transmission system. The project strengthens Power Grid’s position in India’s rapidly expanding power transmission infrastructure.  The project comprises the establishment of 6,000 MW ±800 kV HVDC terminals at Barmer-II in Rajasthan and South Kalamb substation in Maharashtra, along with the augmentation of the South Kalamb substation. HVDC technology is crucial for efficient long-distance transmission and grid integration.

Indotech Transformer: Bags ₹165.55 Cr order from AP TRANSCO. Supply of 26 power transformers - 17 Nos. 80 MVA / 220/33 kV Power Transformers - 9 Nos. 80 MVA / 132/33 kV Power Transformers - Domestic order, no related party transaction.

Sterlite Technologies: Received a credit rating upgrade from CRISIL to AA/Stable from AA-/Stable across bank loan facilities and three NCD issuances.

RBL Bank Mops Up $3.4B from FCNR Deposits via RBI Swap

• RBL Bank garnered USD 3.4 billion from FCNR-B deposits by August 31, the closure date of the concessional swap facility.
• The deposit mobilization was supported by the Reserve Bank of India's special USD-INR forex swap facility.
• Loans provided by RBL Bank's international banking unit against these deposits stand at USD 1.08 billion.
• Emirates NBD, RBL Bank's promoter, also supported the deposit mobilization.
• The RBI's swap facility was launched to attract foreign capital and stabilize the rupee against the dollar

Meesho: SoftBank Vision Fund entity SVF II Meerkat (DE) LLC is likely to sell 7 crore equity shares, representing 1.5 percent of Meesho's paid-up equity, through a block deal. The floor price has been fixed at Rs 205 per share. At the floor price, the transaction is valued at approximately Rs 1,435 crore. As of June 2026, SoftBank held an 8.6 percent stake in Meesho. Negative

FACT said it has received a communication from the Principal Accounts Office, Ministry of Chemicals and Fertilisers, Government of India, stating that penal interest has been charged on its outstanding Government of India loan with effect from April 1, 2018.The total penal interest impact stands at ₹438.20 crore, comprising ₹389.51 crore for the period from April 1, 2018 to March 31, 2026, and ₹48.69 crore for the current financial year 2026-27. Though the company been disclosing penal interest for the period from April 1, 2022, as a contingent liability in its financial statements up to March 31, 2026.

ICICI Bank & ICICI Prudential Life Insurance Company: ICICI Bank, through multiple tranches executed between July 22 and September 2, 2026, has completed the purchase of 2.9 crore equity shares, representing approximately 2 percent of ICICI Prudential Life Insurance’s equity share capital, for around Rs 1,470 crore. Following the acquisition, the bank’s shareholding in ICICI Prudential Life Insurance stands at approximately 52.8 percent.

Technocraft : Revenue Up 2.2% At Rs 92.7 Cr Vs Rs 90.7 Cr YoY. EBITDA Up 15.1% At Rs 18 Cr Vs Rs 15.6 Cr YoY. EBITDA Margin At 19.4% Vs 17.2% YoY.

Kirloskar oil Engines: Entered into a strategic co-operation with DEUTZ focused on the 1.6-Litre Engine Platform. This partnership aims to expand KOEL's compact engine solutions globally, particularly in Europe & North America, complementing DEUTZ's existing drive portfolios in the under-2-litre segment. The engine is designed for construction, material handling, & industrial machinery applications, offering efficient combustion, compact dimensions, & flexible integration. This addition enhances their portfolio in the lower power segment & ensures reliable spare-parts supply & lifecycle services for customers worldwide.

KSH International:  Received Unit 3 factory licence renewal till December 31, 2030.

Quality Power Electrical Equipments - Board deferred consideration of the proposed preferential issue to Winwin Speciality Insulators shareholders.

Macro Wrap

• Global markets are moving higher on Thursday as the sharp rebound in the Japanese yen and some stabilisation in global risk sentiment as the pace of the recent oil rally moderated. USD-JPY fell more than 1% at one stage to the 158.20 area, before ending around 158.70, as markets reacted to increasingly hawkish signals from the Bank of Japan (BoJ) and the yen’s sharp move briefly raised speculation that Japanese authorities had conducted a rate check, although there was no clear evidence of fresh intervention.
• The US carried out a second round of attacks in three days, targeting radar systems and mine laying capabilities along Iran’s southern coast, while Iran retaliated against US bases across the Middle East. The situation remains highly fluid, with little evidence yet of a durable de-escalation.
• The latest ADP report showed US private employers added just 38,000 jobs in August, the weakest gain since January and below the 47,000 expected, signaling a cooling labor market. Markets now see a 66% chance of a Fed rate hike in September, up from about 40% a week earlier.
• US factory orders rose 0.9% in July 2026, rebounding from a 0.2% drop in June and beating the 0.6% forecast. Gains were led by a 2.3% jump in transportation equipment, including a 12.7% surge in civilian aircraft. Orders ex-transportation rose 0.6%, and ex-defense increased 1.0%
• The DJIA rose 0.6%, while the S&P500 and Nasdaq Composite Index gained 0.5% each, ending a three-session losing streak for the S&P500. Importantly, the rebound was relatively broad, with 10 of the 11 S&P500 sectors closing higher. The Euro Stoxx 50 dipped 0.1%. The Dollar Index dipped 0.1% to 99.60 while EUR-USD was unchanged at 1.1590. The US 2Y Treasury yield fell around 3bp to 4.37%. The US 10Y yield fell 2bp to 4.78% while the 30Y yield fell almost 2bp to 5.26%. The German 10Y yield rose 3bp to 3.38%. The UK 10Y yield edged up 1bp to 5.23%. Brent crude oil prices rose 1% to USD95.63 while gold rebounded around 1.2% to USD4,382.

Others

HUDCO - Signed MoU with the Bihar government to provide up to Rs 25,000 crore funding over 5 years for development of industrial infrastructure and land acquisition for industrial park projects in the state

Gravita India: Company commissioned 6,000 MTPA Li-ion battery recycling capacity at Mundra and planned Rs. 1,780 crore capex to achieve an 8 lakh MTPA recycling capacity target.

MSP Steel & Power: Board approved a Scheme of Arrangement for demerger of MSP Sponge Iron into MSP Steel & Power

NSE derivatives turnover falls below ₹200 lakh crore in August: The National Stock Exchange’s total derivatives turnover fell below ₹200 lakh crore in August for the first time in 18 months, as retail traders and high-frequency trading firms reduced activity following the introduction of the Closing Auction Session (CAS).

• NSE’s average daily notional turnover in index and stock derivatives dropped to ₹192 lakh crore in August, the lowest since February 2025, when it stood at ₹185.2 lakh crore. This was down from ₹263 lakh crore during the first seven months of 2026.
• Average daily turnover fell 10% month-on-month in August, leaving derivatives activity at less than half the record levels recorded in February 2024.
• NSE remained the world’s largest derivatives exchange by contract volume and held a dominant position in India’s equity derivatives market.

View: Negative for exchanges, stock brokers and AMCs

IPO: ARCIL - Asset Reconstruction Company (India), or Arcil, has fixed the price band for its initial public offering (IPO) at ₹132-139 per share. The public issue will open for subscription on September 9 and close on September 11, while the anchor investor portion will open on September 8. Retail investors can bid for a minimum of one lot comprising 107 equity shares and in multiples thereafter.