January 09, 2026

TOP NEWS

 

Bharat Electronics Limited (BEL): The has secured additional orders worth Rs. 596 crore since 1 January 2026, mainly for defence electronics such as anti-drone systems, communication equipment, softwares, upgrades, and services, strengthening its order book.

Power Mech Projects: The infrastructure firm's wholly owned subsidiary, PM Green, has received a major order from West Bengal State Electricity Distribution Company (WBSEDCL) to set up a 250 MW /1,000 MWh standalone Battery Energy Storage System (BESS) at Goaltore, Paschim Medinipur, West Bengal valued at Rs 3,126 crore.

Power Grid Corporation of India: The company has been declared the successful bidder to establish an Inter-State Transmission System in Karnataka. The project involves transmission system strengthening for the integration of additional renewable energy project potential at Davanagere (0.25 GW) and Bellary (2.75 GW) on a Build, Own, Operate, and Transfer (BOOT) basis. The project includes a 400 kV double-circuit transmission line traversing Karnataka.

Bajaj Finserv: The company announced the successful completion of the acquisition, together with Bajaj Holdings & Investment and Jamnalal Sons, of a 23% stake in its insurance subsidiaries—Bajaj General Insurance and Bajaj Life Insurance—from Allianz SE for Rs 12,190 crore and Rs 9,200 crore, respectively. The acquisition increased the Bajaj Group's ownership in both insurance companies to 97% from 74%, giving Bajaj Finserv complete control of the insurance companies with a 75.01% stake. The transfer of Allianz's remaining 3% stake is expected to be completed over the next few months through a proposed buyback of shares by the insurance companies.

Elecon Engineering Company Q3 (Consolidated YoY): Profit falls 33% to Rs 72 crore Vs Rs 107.5 crore. Revenue rises 4.3% to Rs 551.7 crore Vs Rs 528.9 crore. Narasimhan Raghunathan resigns as Chief Financial Officer (CFO) effective January 31. Negative

Mazagon Dock: India and Germany are close to finalising a $8 billion submarine deal, which could become India’s largest-ever defence contract. Under the plan, Germany’s Thyssenkrupp Marine Systems will partner with Mazagon Dock Shipbuilders to manufacture advanced submarines in India, including transfer of submarine technology for the first time. The submarines will have air-independent propulsion, allowing them to stay underwater much longer—strengthening India’s naval capabilities amid China’s growing presence in the Indian Ocean. If signed, India may drop plans to buy more French submarines, marking a major shift in its naval procurement and a big boost to the “Make in India” defence manufacturing push.

Highway Infrastructure Ltd : The company has received a one-year contract worth Rs. 328.78 crore from NHAI for operation and collection of toll (user fee) at the Kaza Fee Plaza on the Chilakaluripet–Vijayawada section of NH-16 (82.5 km) in Andhra Pradesh, including maintenance of nearby toilet facilities.

 

MACRO WRAP

  • US stocks had a mixed performance as technology stocks were sold off and flows seemed to move into energy producers, consumer companies, and small caps. Nasdaq slid 0.4% while the S&P 500 was little changed, and the Russell 2000 surged to a record as investors rotated out of tech. The Dow ended 0.6% higher as US defense stocks have a strong start of the year, extending last year's performance, as geopolitical tensions and military spending plans rise.
  • The US 2Y yield rose 2bp to 3.49% and 10Y yield also rose 2bp to 4.17%. The German 10Y yield rose 5bp to 2.86%. The UK 10Y yield edged down 1bp to 4.40%. Brent crude oil prices surged 3.4% to USD61.99. Gold rose 0.5% to USD4,478.
  • Market would focus on the outcome of US Supreme court decision on legality of President Trumps usage of IEEPA emergency powers to impose trade tariffs, However, President Trump is widely expected to respond by imposing renewed tariffs via alternative routes such as the sectoral tariffs under the various Trade Acts.
  • China's consumer price index (CPI) increased by 0.8% year-on-year in December 2025, Urban prices saw a 0.9% rise, while rural areas experienced a 0.6% increase. On the other hand, Factory inflation (PPI) fell 1.9% year-on-year in December 2025, with the pace of decline narrowing by 0.3 percentage points from the previous month, Month-on-month, the PPI rose 0.2%, accelerating from the prior month's 0.1% increase. For the full year 2025, the PPI was down 2.6%, while industrial producer purchase prices fell 3.0%. Sentimentally positive for commodities
  • US one-year inflation expectations rose to 3.4%, while three- and five-year expectations remained at 3.0%. Inflation uncertainty increased, with price forecasts for gas, food, medical care, college, and rent declining. Labor market sentiment softened, showing a series low in job-finding, though income and spending expectations stayed stable. Negative for USD
  • The US trade deficit fell in October 2025 to $29.4 billion from September's $48.1 billion, beating the forecast of $58.1 billion. Tariffs altered trade flows, with imports down 3.2% to $331.4 billion and exports up 2.6% to $302 billion. Largest deficits were with Mexico, Taiwan, Vietnam, and China; the gap with the EU narrowed to $6.3 billion. Positive for USD
  • For the week ending January 3rd, US initial jobless claims rose by 8,000 to 208,000, close to the 210,000 forecast and below last year's average. Continuing claims increased by 56,000 to 1,914,000, exceeding expectations of 1,900,000, indicating slow hiring and steady firing. Federal employee claims dropped by 333 to 479 in late December amid a government shutdown.

·     In Q3 2025, US nonfarm productivity rose 4.9%, beating the 3% forecast and up from 4.1% in Q2. Output increased 5.4% with hours worked rising 0.5%. Manufacturing productivity grew 3.3%, with output up 2.6% and hours down 0.7%. Year-over-year, productivity rose 1.9%, below the previous 3.3% increase.

·     Data watch: US Dec’s non-farm payrolls data (est. 70k vs. 64k prior) and a possible Supreme Court ruling on President Trump’s tariffs on Fri (9 Jan). Unemployment rate for Dec is estimated to edge slightly lower to 4.5% from 4.6% in Nov while average hourly earnings is expected to gain momentum and register a 0.3% m/m gain vs. 0.1%.

 

INVESTMENT CALL

 

Sector update: Q3FY26 Consumer Goods Preview – Improving volumes as tax disruptions fade; margins recovering

  • Volumes to see uptick in Q3FY26 across companies as GST-led disruptions eased in later half of Q3. Further, a favorable winter drove sales of winter-centric categories. Rural markets stood resilient, while urban markets continued to see signs of a recovery.
  • Revenue/PAT for our universe is expected to grow ~8%/~7% y-o-y. Paint players likely to see a gradual recovery, while alco-beverage companies will sustain a strong show.
  • Stable input costs to aid gross margin expansion, while OPM should see y-o-y improvement across the sector, fuelled by enhanced operating leverage.
  • Stabilisation post GST-led transition, sustained rural recovery and improving urban sentiment would support demand in the near term. Preferred Picks: Asian Paints, Marico, Godrej Consumer, Radico Khaitan and Allied Blenders & Distillers.

 

OTHER NEWS

 

Prestige Group : The company has signed an agreement to purchase a 16.38-acre land parcel in Padi, Chennai, through its JV Canopy Living LLP (with Arihant Foundations). The site is near Anna Nagar, a prime residential micro-market, and aligns with Prestige’s strategy to deepen presence in well-located urban areas while maintaining disciplined capital allocation, supporting its future residential and mixed-use development pipeline.

 

Reliance Industries said it will consider buying Venezuelan oil, as per media. The Indian petroleum major will consider buying Venezuelan oil if permitted to sell it ​to non-US buyers. Stock in focus

 

Shares of Bansal Wire Industries Ltd. will be in focus on Friday, January 9, as the stainless steel wire manufacturer's six-month and longer term shareholder lock in comes to an end. Around 31.3 million shares, or nearly 20% of the company's total outstanding equity, will become eligible for trading

 

BHEL has received an order worth Rs 5,400 crore from Bharat Coal Gasification and Chemicals (BCGCL) for the coal gasification and raw syngas cleaning plant (LSTK-1 package) of BCGCL’s coal-to-2,000 TPD ammonium nitrate project at Lakhanpur, Odisha. BCGCL is a joint venture between BHEL and Coal India in a 49:51 ratio. Stock in focus

 

SML Mahindra (December YoY) : monthly sales volume - Commercial vehicle sales soar 76.9% to 1,019 units Vs 576 units. Commercial vehicle production zooms 39.1% to 1,455 units Vs 1,046 units. Strong number, positive for the company. Difficult to make comment as sharp run in the last six months.

 

NHPC: The Board has approved fund-raising of up to Rs 2,000 crore through the issuance of non-convertible, non-cumulative AH-Series bonds in one or more tranches via private placement, as part of the borrowing plan for FY26.