March 10, 2026

TOP NEWS

Minda Corp: The company's subsidiary, Spark Minda Green Mobility Systems, has signed a Joint Venture Agreement with the United Kingdom–based Turntide Drives for the development and manufacturing of advanced next-generation motor controllers, axial flux motors, pumps for thermal applications, and other customized controllers primarily tailored for EV segment. The joint venture will operate through the incorporation of a new entity in India by Spark Minda Green Mobility Systems, with shareholding in a 49:51 ratio. Positive

US, Israel & Iran War Update: Trump says war in Iran could be over soon, but U.S. hasn't 'won enough' yet`: U.S. President Donald Trump hinted on Monday that the war in the Middle East could be over soon — though not this week, he specified — even as hardliners pledged loyalty to their new Supreme Leader Mojtaba Khamenei in a sign that they are not ready to back down any time soon.  Positive for HPCL/BPCL, and Indigo, also positive for paint and tyre companies however, negative for ONGC

Dixon gets govt nod for JV with China’s HKC Overseas: Dixon Technologies has secured government approval for its joint venture with China's HKC Overseas. This partnership, under Press Note 3, allows for the manufacturing of display modules in India. Dixon will hold a majority stake, aiming to boost domestic electronics and automotive sectors. The venture will reduce reliance on international suppliers and strengthen the 'Make in India' initiative. Positive

Commercial LPG shortage could impact the stocks: Restaurant associations from Bengaluru, Tamil Nadu, Maharashtra, and Delhi have flagged that commercial LPG supplies to eateries have effectively stopped in several pockets. They have written to the Petroleum Ministry seeking immediate intervention. Quick service restaurant (QSR), restaurant, and food delivery stocks such as Jubilant FoodWorks, Westlife Foodworld, Devyani International, Swiggy and Eternal are expected to start Tuesday's session lower.

MACRO WRAP

• Risk sentiment rebounded dramatically on Mon after President Trump suggested that the war with Iran could end soon as they have met their military objectives. President Donald Trump announced plans to waive oil sanctions on Iran and deploy the U.S. Navy to escort tankers through the Strait of Hormuz, aiming to stabilize energy markets, despite successful military operations targeting Iran's missile and drone capabilities, Trump acknowledged unresolved issues with Iran's leadership. Overall crude oil prices to remain volatile.
• The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.5%, 0.8%, and 1.4% respectively. The Euro Stoxx 50 fell 0.6% and had closed before President Trump’s comments on an imminent end to the war. The Dollar Index rose 0.2% to 99.18 and EUR-USD edged up 20 pips to 1.1640 after slipping to a low of just above 1.1500 in early Asian hours yesterday.
• The US 2Y treasury yield edged down 2bp to 3.54% and the 10Y yield fell 4bp to 4.10%. The German 10Y was unchanged at 2.86%.
• The UK 10Y edged up 2bp to 4.65%. Brent crude oil prices rose just 6.8% on the day to USD98.96. Gold fell 0.6% to USD5,139. Silver rose 2.9% to USD86.96.
• Japan’s Q4 2025 GDP was revised up to 1.3% annualised q/q as stronger corporate investment—upgraded to 1.3% q/q from 0.2%—lifted growth, while PM Sanae Takaichi urges further spending to develop key industries.
• German industrial orders fell sharply in January (-0.5%) compared with December (-11.1%). This is primarily due to the fact that the results in November and December were distorted upwards by numerous big-ticket orders. Negative for Euro and industrial commodities
• Data watch: For the day ahead, we have the NFIB Small Business Optimism Index, ADP weekly employment change, and existing home sales.

Viewpoint: Samhi Hotels – RARE acquisition marks asset-light foray in experiential leisure space

View: Positive                  Reco. Price: Rs. 149                 Upside Potential: 54%

• Samhi to acquire ~70% stake in RARE India for Rs. 47 crore, marking an asset-light foray into the experiential leisure market through 67 hotels in India, Nepal, and Bhutan.
• Acquisition provides Samhi an opportunity to participate in high-growth leisure segment, legacy of RARE India, existing scale and immense growth opportunities, low entry price and asset light model for growth, and affiliation with Marriott to support distribution.
• Medium-term revenue potential of Rs. 90-100 crore driven by network expansion and high fee income and EBITDA potential of Rs. 32-40 crore with operating margins of 35-40%.
• Stock has corrected 26% from recent highs and trades at 7x/6x/5x its FY26E/FY27E/FY28E EV/ EBITDA, respectively. We stay Positive and expect a 54% upside.

Valuation (Consolidated)                                                   (Rs. crore)

OTHER NEWS

Coal India: The government informed Parliament that over 24,000 MW of coal and lignite-based power capacity is currently in the planning stage across the country. A total of 39,545 MW of thermal power capacity, including 4,845 MW of stressed projects, is currently under various stages of construction. Positive

Bajaj Finserv: The company’s subsidiary, Bajaj Allianz General Insurance, recorded gross direct premium underwritten of Rs 1,094 crore in February, while another subsidiary, Bajaj Allianz Life Insurance, reported a total premium of Rs 1,281.28 crore during the same month.

Lemon Tree Hotels (LTHL): The company has announced the signing of Lemon Tree Hotel, Gorakhpur, Uttar Pradesh. The upcoming hotel will feature 76 well-appointed rooms, a restaurant, banquet hall, meeting room, spa, swimming pool and a fitness center. It will be managed by Carnation Hotels Private Limited, a wholly owned subsidiary of LTHL. With this addition, the company now has 26 hotels in Uttar Pradesh, comprising 8 operational properties and 18 in the pipeline, including this signing. Positive

MSP Steel & Power: Acquisition of 1,797,000 equity shares worth Rs 563.84 lacs by promoter groups. Promoters purchased 1,797,000 shares: 804,000 and 93,000 on Mar 2 and 900,000 on Mar 4, 2026. Positive

Akzo Nobel India: The company has received a Draft Assessment Order from the Assessing Officer of the Income Tax Department, proposing additions of Rs 111.63 crore to the company’s income under corporate tax and transfer pricing provisions for AY 2023-24