July 13, 2026

TOP NEWS

War Update: Over the weekend, US forces hit Iran for a fourth time in a week, after Tehran earlier launched retaliatory attacks on at least five Arab nations for previous strikes. The US also declared the Strait of Hormuz is “open to all vessels,” even though Iran earlier on Sun (12 Jul), issued a renewed order to close the Strait of Hormuz “until further notice” after it said a vessel travelled on an unapproved route and was struck, warning that any retaliation would be met with a “severe response.” Separately, President Trump threatened to “decimate” Iran if it tries to assassinate him. The situation remains fluid and is the primary tail risk for energy markets and broader sentiment at the open. Sentimentally negative for broader markets.

Crude prices inching up again negative for OMC, aviation, tyre stocks.

InterGlobe Aviation: The Directorate General of Civil Aviation (DGCA) has issued a warning letter to the company over cargo spillage detected on the ground after the arrival of a flight in January 2026, along with subsequent audit findings related to deviations from standard operating procedures (SOPs) and certain provisions of the Aircraft (Carriage of Dangerous Goods) Rules. The company said there is no significant impact on its financials, operations, or other business activities. As directed by the DGCA, the company is required to submit an action-taken report detailing the corrective measures implemented. The company would also face the impact of crude oil jump on its financials.  

Keystone Realtors Limited (Rustomjee): Keystone Realtors reported Q1 FY27 pre-sales of Rs. 617 crore, down 42% YoY, as the company had no new launches during the quarter, while collections increased 4% YoY to Rs. 599 crore. The company added two projects with an estimated GDV of Rs. 713 crore and reiterated a strong launch pipeline across MMR to support sales growth in the coming quarters. Negative

Adani Green Energy Q1 (YoY): Operational capacity increases 27% to 20,142 MW. Sale of energy rises 30% to 13,657 MU.

Avenue Supermarts Q1 (Consolidated YoY): Profit soars 11.3% to Rs 860.4 crore Vs Rs 772.8 crore. Revenue increases 14.9% to Rs 18,794.5 crore Vs Rs 16,359.7 crore. EBITDA jumps 15.4% to Rs 1,499.3 crore Vs Rs 1,299.04 crore. EBITDA margin rises to 7.97% Vs 7.94%. SSG growth moderated compared to 4QFY26. Negative

L&T Finance Q1 (Consolidated YoY): Profit zooms 28.7% to Rs 902.5 crore Vs Rs 701.1 crore. Net interest income grows 28.4% to Rs 2,924.8 crore Vs Rs 2,278.8 crore. Strong perfrmance in Q1, beat estimates.

Mazagon Dock Shipbuilders Limited: Mazagon Dock has delivered and the Indian Navy has commissioned INS Mahendragiri, the fourth Project 17A Nilgiri-class stealth frigate, featuring ~75% indigenous content. The warship enhances the Navy’s surveillance and combat capabilities, while showcasing MDL’s improved execution with a 21% shorter build time versus the first ship in the class.

Power Grid Corporation of India Limited: POWERGRID has been declared the successful bidder to develop the Transmission System for integration of Krishnagiri REZ Phase-I under the TBCB route on a BOOT basis. The project includes setting up two 765/400 kV substations in Andhra Pradesh and constructing 765 kV and 400 kV transmission lines across Andhra Pradesh, Telangana and Karnataka.

HEG Ltd.: HEG outlined its proposed restructuring plan, under which the graphite electrode business will remain with HEG Ltd., while the advanced battery materials, battery energy solutions and green power generation businesses will be housed under a separately listed HEG GreenTech. The restructuring aims to unlock shareholder value, create focused pure-play businesses and provide greater flexibility for independent fundraising, subject to regulatory and NCLT approvals.

MACRO WRAP

• War Update: Over the weekend, US forces hit Iran for a fourth time in a week, after Tehran earlier launched retaliatory attacks on at least five Arab nations for previous strikes. The US also declared the Strait of Hormuz is “open to all vessels,” even though Iran earlier on Sun (12 Jul), issued a renewed order to close the Strait of Hormuz “until further notice” after it said a vessel travelled on an unapproved route and was struck, warning that any retaliation would be met with a “severe response.” Separately, President Trump threatened to “decimate” Iran if it tries to assassinate him. The situation remains fluid and is the primary tail risk for energy markets and broader sentiment at the open. Sentimentally negative for broader markets.
• The DJIA rose 0.3% last Friday but fell 0.5% last week. The S&P500 and the Nasdaq Composite Index rose 0.4% and 0.3% respectively last Friday and gained 1.2% and 1.7% last week. The Eurostoxx 50 dipped 0.2% last Friday and fell 2.2% for the week. The Dollar Index was little changed at 100.95 last Friday and gain 0.1% last week. EUR-USD dipped 10bp to 1.1420 last Friday and fell 20bp last week.
• The US 2Y yield rose 3bp to 4.21% and the 10Y rose 1bp to 4.56% last Friday. For the week, the US 2Y yield and the 10Y gained 7bp and 8bp respectively. The German 10Y yield fell 2bp to 3.07% last Friday but gained 13bp for the week. The UK 10Y yield fell 3bp to 4.87% last Friday but gained 9bp for the week. Brent crude fell 0.4% to USD76.01 last Friday but gained 5.4% for the week. Gold edged down 0.1% to USD4,120 last Friday and fell 1.4% for the week.
• Data watch: This week marks the start of a major US earnings season, with five large banks due to report on Tuesday. Fed Chair Kevin Warsh is also scheduled to testify before Congress on Tuesday and Wednesday. US June CPI is due on Tuesday alongside ADP weekly employment change and Fed Chair Warsh’s first congressional testimony before the House Financial Services Committee. June PPI follows on Wednesday, with Warsh’s Senate testimony also scheduled

INVESTMENT Calls

First Cut: LTFH – Strong Q1FY27

• Net interest income (NII), above estimates , rising by 28.4% y-o-y and 9.3% q-o-q to Rs. 2,925 crore. Reported NIM  stood at 9.02%, up by 12 bps y-o-y 23 bps q-o-q due to improvement in portfolio yield.    
• PPOP grew by 27.4% y-o-y and 10.1% q-o-q due to improvement in Opex led by AI initiatives and digitalization. 
• PAT, beat estimates, rose by 30.7% y-o-y and 13.2% q-o-q to Rs. 916 crore driven by PPOP growth and lower tax expenses.
• Asset quality improved as GNPA and NNPA ratio fell by 45 bps y-o-y and 9 bps q-o-q to 2.86% and 0.9%, respectively.
• AUM saw robust growth of 26.7% y-o-y and 6.5% q-o-q to Rs. 129634 crore Driven by robust retail AUM growth.

• The company reported strong AUM, disbursement growth and beat on profitability. We have buy rating on stock and update as complete concall today.  

Results Table

Sector Update: Chemical Preview– Mixed bag Quarter

• We expect our set of coverage to report 14.4% Y-o-Y growth in sales owing to higher material prices but expect EBITDA to grow10.3% Y-o-Y% as we expect prices to be passed on with a lag.
• Specialty, CDMO and refrigerants — steady. Fixed contracts and CDMO ramp-ups should print healthy numbers, with multi-year visibility. Refgas is the standout — HFC volumes and pricing both up sharply YoY on heat wave led demand and newer-gen adoption. R-32 pricing held firm, and refgas mix keeps rising for the fluorochem pack.
• Agri — mixed bag. Input costs off the peaks but still elevated, and ME situation isn’t helping availability. Crop prices up only 12-13% YoY — note enough to lift farmer economics. Volumes should be okay, pricing power stays limited. IMD’s 90% of LPA monsoon call with El Niño risk is an added overhang on kharif demand.
• Organics — top-line tailwind, near-term margin risk. Elevated product prices should aid revenue, but higher RM costs weigh on margins until pass-throughs kick in with a lag. Backward-integrated players with better procurement are relatively insulated. Medium-term, operating leverage should cushion margins as pricing catches up.
• China — the overhang. Fertilizer exports up 23% YTD, so pressure is broad based across the value chain, not just AIs. Hard to see pricing recover as long as this continues.

OTHER NEWS

Tata Consultancy Services (TCS) on Sunday announced its biggest leadership reshuffle in three years, restructuring multiple top roles and business units across key markets. The changes were made in the BFSI, cybersecurity, communications and media, energy resources and utility, travel and hospitality, US West Coast, Autonomous Business Operations verticals along with a new business unit for its ServiceNow operations. The most significant reshuffle happened in the company’s banking, financial services and insurance (BFSI) vertical, which accounts for over 30 percent of TCS' revenue. BFSI Americas has been reorganised into two business groups. Rakesh Kumar, currently ISU Head for BFSI US West and Mohan Veeturi, currently ISU Head for BFSI US East Banking were named the Business Group Heads for the newly formed business groups.

Pace Digitek Limited: Pace Digitek’s subsidiary Lineage Power Pvt. Ltd. has signed an MoU with Bondada Renewable Energy Private Limited to supply Battery Energy Storage Systems (BESS), including DC blocks, C&I and residential BESS, PCS, EMS, and battery containers. The collaboration strengthens Pace Digitek’s presence in the fast-growing energy storage market.