April 10, 2026

TOP NEWS

War update: Israel to hold ceasefire talks with Lebanon. The UKMTO said only five ships passed through the Strait of Hormuz in the past 24 hours. No attacks have occurred for 48 hours. That has led to cooling down of oil prices.

Dee development: Revenue grew by 32% yoy in Q4 for Rs 377 crore vs Rs 286 crore in Q4Fy25. Order book remain strong at Rs 1940 crore. Order inflows came in at Rs 1870 crore for FY26. Positive

TCS: Q4FY26 revenue came in at $7,621 million, up 1.5% q-o-q (+2.1% y-o-y), in line with our estimates.  Sequential growth was broad-based however strong traction was seen in verticals such as Consumer Business, ENU, partially offset by weakness in communication and Media vertical. In CC terms, revenue grew 1.2% q-o-q. Revenue came in at Rs.70,698 Cr, up 5.4% q-o-q (9.6% y-o-y), in line with our estimates. EBIT came in at Rs. 17,870 crores, up 5.8% q-o-q (14.5% y-o-y). EBIT Margin stood at 25.3%, (up 10bps q-o-q/ 70bps y-o-y).  Adj. PAT stood at Rs. 13,718 crores, up 2.1% q-o-q (12.2% y-o-y). AI became central to customer conversations, driving annualized AI revenues past $2.3 billion in Q4, backed by strong deals in transformation, digital engineering, and cloud modernization. TCS has announced a salary increment for all associates across all grades, all eligible associates across all grades with a likely impact of 150-200bps

Godrej Properties: The company reported its best-ever FY26 performance, with booking value rising 16% YoY to ₹34,171 crore, making it the highest among Indian developers for the third consecutive year. Collections grew 17% YoY to ₹19,965 crore, while operating cash flow increased 5% to ₹7,830 crore. Q4FY26 bookings stood at ₹10,163 crore (+21% QoQ) and collections at ₹7,947 crore (+14% YoY), both record highs. The company also added projects with ~₹42,100 crore GDV during the year, significantly exceeding guidance, indicating strong growth visibility.

Sandur manganese & Iron ore: Company executes forest lease agreement with Karnataka Govt for 2.43 HA land in Ballari to establish DCS linking Kammathuru iron ore mine to to PMBR (BMM) siding in favour of the Company. Positive 

BSE: The company gets Sebi nod to launch BSE Focused IT Index derivatives: Market regulator Securities and Exchange Board of India (Sebi) has given approval to BSE to launch derivative contracts on the 'BSE Focused IT Index'. BSE said in a regulatory filing on Thursday that details regarding the launch and contract specifications will be notified via separate exchange circulars. The BSE Focused IT is a sector index that measures the performance of the 14 companies belonging to the Information Technology sector that are also BSE 500 firms. Positive

IndusInd Bank: The bank has appointed Mr. Jagdeep Mallareddy as Head – Consumer Banking and Senior Management Personnel, effective April 9, 2026. Mr. Mallareddy brings over three decades of financial services experience, having previously served as Chief Business Officer at Piramal Finance Limited and Head – Retail Lending at Axis Bank Limited. His extensive career includes roles at ICICI Prudential Life Insurance, HDFC Bank, Kotak Mahindra Prime, Cholamandalam Investment and Finance, and Bajaj Auto Finance.

Poonawalla Fincorp: The company has launched its qualified institutional placement (QIP) issue on April 9. The floor price for the offer has been fixed at Rs 390.26 per share.

Prestige Estates Projects: The company has entered into a joint venture with ABIL Group to develop a premium residential project in Mumbai (Versova), with an estimated GDV of over ₹9,000 crore. The 6-acre project, with ~1.7 mn sq. ft. development potential, marks Prestige’s entry into a key western suburb micro-market, targeting strong demand for premium housing.

MACRO WRAP

·         China’s consumer prices rose 1.0% YoY in March, while CPI fell 0.7% MoM due to seasonal demand easing after the Lunar New Year, Core CPI, excluding food and energy, increased 1.1% from a year earlier. Producer prices rose 0.5% YoY, turning positive, and increased 1.0% MoM, marking its first increase after 41 consecutive months of contraction, supported by rising global commodity prices and improving domestic supply-demand conditions. Positive for commodities and metal mining stocks

·         Most US Treasuries rallied on Thu as traders repriced an offramp to the war with Iran after Israel agreed to direct talks with Lebanon and President Trump asked Benjamin Netanyahu to scale back strikes. Yields on 2- to 10-year bonds fell while 30-year yields ticked up as traders leaned into rate cuts amid confidence the worst in the Iran war is behind the markets. The 2Y yield ended 2bps lower to 3.767% while the 10Y yield fell 1.6bps to settle at 4.275% sentimentally positive for broader market and negative for USD.

·         The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.6%, 0.6%, and 0.8% respectively. The Eurostoxx 50 fell 0.3%. The Dollar Index fell 0.3% to 98.80. The US 2Y yield dipped 2bp to 3.77% and the 10Y yield fell 1.6bp to 4.28%. Brent crude oil prices rose 1.2% to USD95.92 after falling by over 13% on Wednesday on the ceasefire news. Gold rose 1% to USD4,767

·         US PCE prices rose 0.4% month-on-month, the fastest in a year, as goods prices jumped 0.7% and services slowed to 0.2%. Core PCE also increased 0.4%. Year-on-year, headline PCE hit 2.8% and core held at 3.0%. US personal spending rose 0.5% in February 2026, up from a revised 0.3% in January, led by stronger goods and services outlays, but inflation-adjusted spending increased only 0.1%.

·         US initial jobless claims rose 16,000 to 219,000 in the week ending April 4, the highest in a month but still below late-2025 averages. Continuing claims fell 38,000 to 1.794 million, the lowest in nearly two years, indicating a still-strong labor market.

·         US GDP grew at a 0.5% annualized rate in Q4 2025, revised down from 0.7% and 1.4% on weaker investment and softer consumer spending. Government spending dropped sharply amid the shutdown, subtracting about 1 percentage point from growth. Full-year 2025 growth was 2.1%

·         Data Watch: For today, we get CPI inflation, factory orders, durable goods orders, and the University of Michigan consumer sentiment.

INVESTMENT CALL

Sector Update – Capital Goods and Power Q4FY2026 Earnings Preview: Execution to drive Q4

·         The capital goods sector is comfortably positioned, supported by – a strong order book providing healthy revenue visibility, robust balance sheet that aids capex, and favorable government policies..

·         Our universe is likely to report a ~13% y-o-y revenue growth. Most project-based companies would post healthy double-digit revenue growth on a strong order book. Product-based companies would see stable growth of ~13.6%. OPM could drop 77 bps to 7.7%. Net profit is expected to broadly remain flat impacted by slight decline in margins.

·         Power companies in our coverage are expected to report revenue/EBITDA/PAT growth of 4.5%/6%/3% y-o-y.

·         Project-based companies - We prefer BEL, HAL, KOEL, Triveni Turbine, KEC International and Kalpataru Projects.; while in the consumer electricals (products) space, we prefer Amber Enterprises, Polycab India and V-Guard. In power, we like NTPC, Powergrid and CESC

OTHER NEWS

HDFC Life Insurance Company: The Board will consider a proposal on April 16 for raising funds by issuing equity shares through a preferential issue, along with the announcement of audited standalone and consolidated financial results for the quarter and year ended March 2026, and the recommendation of a final dividend, if any.

JSW Steel:  JSW Steel reported combined Crude Steel production for FY26 at 30.14 million tonnes, registering growth of 8% YoY.  In Q4FY26, the company's Indian plant produced around 7.3 million tonnes (MT), a decline of 1% from the previous year. The overall combined volumes for the quarter were around 7.5 MT, a 2% decrease from the previous year. Capacity utilization at Indian operations was 87% for the quarter. Furthermore, the consolidated output volume for FY26 is 30.14 MT, up 8% year on year. Overall volumes numbers remained flattish. Neutral

Rajputana stainless: Q3 standalone net profit Rs 123m vs 95m (YoY), Q3 revenue Rs 2.5b vs 2.3b (YoY), Q3 EBITDA Rs 235m vs 196m (YoY), Q3 EBITDA margin 9.39% vs 8.40% (YoY). Positive