April 17, 2026

TOP NEWS

Adani Group: The Competition Commission of India (CCI) has dismissed allegations of anti-competitive practices in a solar tender by Solar Energy Corporation of India, providing relief to companies including Adani Enterprises, Adani Green Energy and Azure Power. The regulator found no evidence of wrongdoing and highlighted that the sector remains competitive with players like NTPC Limited, Power Grid Corporation of India, Tata Power, Torrent Power and Reliance Power. It also rejected concerns around tender design and entry barriers, concluding there was no violation of competition laws. Overall, this is positive for Adani Group stocks, as it removes regulatory overhang and reduces legal uncertainty around their renewable energy business. Positive for Adani Stocks(Adani Enterprises, Adani Green).

Wipro: Wipro's revenue from operations advanced 8% to ₹24,236 crore in the fourth quarter of previous financial year compared with ₹22,504 crore in the year-ago period. The company's IT services revenue rose 0.6% quarter on quarter (QoQ) and 2.1% year on year (YoY) to $2,651 million. Operating margin for the IT services segment stood at 17.3 percent, declining 0.3 percentage points sequentially and 0.2 percentage points year-on-year. Wipro forecast first-quarter revenue of $2.60 billion to $2.65 billion, ranging from a 2% sequential decline to flat growth. Wipro's board approved share buyback proposal worth ₹15,000 crore and the company will buy back shares at ₹250 per share. Negative

Rail Vikas Nigam Limited : The company has emerged as the L1 bidder for a ₹968 crore EPC contract from East Coast Railway for construction of major bridges under a rail line expansion project. The project is to be executed over three years, strengthening RVNL’s order book in railway infrastructure.

Waaree Renewable Technologies Q4 (Consolidated YoY): Profit zooms 66% to Rs 155.7 crore Vs Rs 93.8 crore. Revenue surges 131.3% to Rs 1,102.4 crore Vs Rs 476.6 crore.

CESC Limited : The company has signed power purchase agreements for 600 MW of wind-solar hybrid capacity with multiple players including its subsidiary Purvah Green Power. The agreements are for long-term supply over 25 years at tariffs of around Rs. 3.74–3.75 per unit. This strengthens CESC’s renewable energy sourcing and provides long-term visibility on clean power procurement.

Angel One Q4 (Consolidated YoY): Profit soars 83.5% to Rs 320.2 crore Vs Rs 174.5 crore. Revenue surges 38.2% to Rs 1,459.4 crore Vs Rs 1,056 crore. Board approves raising funds up to Rs 1,500 crore via NcDs.

Aditya Infotech Limited : The company has entered into a 50:50 joint venture with Orient Cables (India) Limited to manufacture electric cables, including LAN and CCTV cables. The JV aims to enable backward integration, improve cost efficiencies, and strengthen supply chain capabilities for the company.

VST Industries Q4 (YoY):  Profit soars 120.2% to Rs 116.7 crore Vs Rs 53 crore. Revenue grows 30.9% to Rs 457 crore Vs Rs 349.2 crore.

MACRO WRAP

US President Trump announced that Israel and Lebanon agreed to a 10-day ceasefire, the Lebanon ceasefire matters for the broader diplomatic picture because Iran's parliament speaker Ghalibaf had explicitly conditioned Iran's participation in further peace negotiations on a halt to Israeli attacks on Hezbollah. The ceasefire potentially clears the way for a second round of US-Iran talks.  Sentimentally positive for the broader market

Global markets are cautiously optimistic as President Trump indicated the US and Iran are considering a two-week ceasefire extension, President Trump said the next round of talks could happen over the weekend. Some Gulf and European leaders sounded less optimistic on the timeline of a deal and believe it could take up to six months. The USD rose for the first time in nine days on Thursday, with the DXY adding 0.2% to 98.22. sentimentally positive for broader market

The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.2%, 0.3%, and 0.4% respectively. The Dollar Index edged up 0.2% to 98.22. EUR-USD dipped 20 pips to 1.1780. The US 2Y yield edged up 1bp to 3.77% and the 10Y yield rose 3bp to 4.31%. Brent crude oil prices rose 4.7% to USD99.39. Gold was unchanged at USD4,790.

US industrial production fell 0.5% m/m in March 2026, the biggest drop since September 2024 and below expectations for a 0.1% rise. Manufacturing output slipped 0.1%, mining fell 1.2%, and utilities declined 2.3%. Capacity utilization dropped to 75.7%, 3.7 points below its long-run average.

The Philadelphia Fed Manufacturing Index climbed to 26.7 in April 2026 from 18.1, the highest since January 2025 and far above expectations for 10. Shipments rose to 34.0 and new orders to 33.0, while employment fell to -5.1. Prices paid jumped to 59.3 and prices received to 33.5, both well above long-run averages. Firms still expect growth over the next six months, though most future indicators have eased.

US initial jobless claims fell to 207K in the week ended April 11, 2026, from a revised 218K, below the 215K forecast and the biggest weekly drop since February, pointing to limited layoffs. The 4‑week average ticked up to 209.75K, while continuing claims rose 31K to 1.818M in the week ended April 4.

BoE Governor Andrew Bailey warned of a major global energy shock that will push inflation higher but said policymakers will not rush to raise interest rates in response.

Data watch: The data docket is light today, expecting only Eurozone current account and trade balance.

INVESTMENT CALL

First Cut: HDFC Life insurance Q4FY26 – Soft quarter

• HDFC Life recorded a moderate Q4FY26 Total APE growth of 1.3% YoY to Rs 52.5 billion, culminating in a full-year FY26 APE growth of 7.5% YoY, propelled by robust protection and annuity demand, but weighed down by unabsorbed GST impacts and high competitive intensity.
• The Q4FY26 VNB margin stood at 24.0% down from 26.5% YoY, VNB declined by 8.4% for the quarter, while full-year VNB grew by 1.8% to Rs 4034 crore. The margin contraction was primarily driven by the drag from GST rationalization and surrender value norms, though this was partially offset by an improved product mix.
• Channel performance was sharply divided; the agency channel outpaced overall business growth by 500 bps, whereas the bancassurance channel faced elevated volatility and a loss of counter share at HDFC Bank due to irrational market pricing.
• Embedded Value (EV) grew by 12.1% YoY to Rs 62139 crore. The company has also opted to raise Rs 1000 crore via a preferential issue to HDFC Bank to bolster its solvency ratio by 900 bps
• We have a BUY rating on the stock and will come out with detailed note shortly.

OTHER NEWS

Lupin: The company’s U.S. unit settled an antitrust lawsuit with insurer Humana Inc for $30 million. The settlement is linked to a major lawsuit filed by Humana against 37 pharmaceutical companies, including Lupin, over allegations of price fixing and control of the generics market.

Gravita India: Company increases its stake in Rashtriya Metal to 99.44% from 98.95%.