October 08, 2026

TOP NEWS

War update: Houthis have attacked on Saudi Arabia’s Abha and King Khalid international airports. In retaliation Yemens government has claimed that  they had established full control over the strategic Kahboub Mountains overlooking the Bab al-Mandeb Strait. In a post on X, CENTCOM said that traffic carrying commercial goods and energy supplies – including 20 million barrels of crude oil – was flowing through the strait “right now”. Iran said that they would also deliver its response to proposals from the US side through mediators. Oil prices were trending down in yesterdays session to almost $100/barrel but today in the opening trade it has reached to $102/barrel. Asian markets are trading negative gift nifty indicates a flattish start for the day.

Banking: Following the Reserve Bank of India's 25 basis point repo rate hike to 5.50% yesterday, several banks have raised their repo-linked and external benchmark lending rates (EBLR) by 25 bps, making floating-rate loans costlier for borrowers. Punjab National Bank raised its EBLR to 8.35% from 8.10%, effective October 8, while Indian Overseas Bank increased its EBLR to 8.35% from 8.10%. Indian Bank hiked its repo-linked benchmark lending rate to 8.20% from 7.95%, and Bank of Baroda raised its repo-linked lending rate to 5.50% from 5.25%. Among private lenders, Karur Vysya Bank raised its external benchmark repo-linked rate to 8.80% from 8.55%, and Tamilnad Mercantile Bank increased its repo-linked lending rate to 8.50% from 8.25%. More banks are expected to follow. This would be positive on margin front for the banks.

PC Jewellers: Consolidated revenue growth ~28% YoY for Q2FY2027 - Achieved debt-free status after repaying all bank debt ahead of schedule - Completed fundraising upto ₹500 crore via preferential issue (24 Sep 2026) - Received remittances of ~₹142 crores from export debtors during Q2.

Tata Power: Tata Power has partnered with Norway-based renewable energy technology company Ocean Sun to bring its innovative membrane-based floating solar technology to India. The collaboration will see Tata Power and Ocean Sun undertake a 300-kWp floating solar pilot project at Tata Power's Mulshi reservoir in Maharashtra.

Senco Gold: Total revenue grows 31%, retail revenue growth at 29%. Same-store sales growth at 19%. Diamond jewellery sales value rises 40%, volume grows 7%. Company opens 6 new showrooms, expanding network to 215 stores. Expect Q3 to witness strong seasonal demand, supported by underlying affinity for gold fuelled by wedding demand

Gujarat Pipavav: Containers cargo volume grows 17% to 1.92 lakh TEUs Vs 1.64 lakh TEUs. Dry bulk cargo volume drops to 0.94 million MT Vs 1.05 million MT. Liquid cargo volume declines to 0.32 million MT Vs 0.38 million MT.

Torrent Power: Torrent Power Limited's step-down subsidiary, Torrent Saurya Urja 2 Private Limited, has terminated its Power Purchase Agreement with the Solar Energy Corporation of India for a 300 MW wind power project. The termination, triggered by persistent delays in transmission connectivity and the operationalization of General Network Access, has resulted in liquidated damages of ₹39.78 crore becoming payable. (Negative)

Macro Wrap

• Global financial markets were more cautious on Wed, with Wall Street pulling back from record highs as rising US Treasury yields and firmer oil prices reignited concerns over inflation and the higher-for-longer interest rate outlook.
• Oil producers in the Gulf of Mexico have shut in 511,619 b/d of crude production in response to Tropical Storm Isaias, the equivalent to 25% of output in the region. Positive for crude oil.
• Copper rose in Asian trade as a strike at a Chilean mine added to supply concerns risk to already tighter market, the strikes could start to disrupt supplies within two weeks if action continues, copper contract up 1.1% intraday at $14,633.50/t. Positive for Hind copper .
• Fed Minutes (Hawkish): All 19 Federal Reserve officials backed the September rate hike, with many citing the need to guard against intensifying inflation. The minutes reinforced market expectations that the Fed's hiking cycle is not over, keeping pressure on the front end of the curve.
• The Fed funds futures are still only pricing in 5bp hike in October but a total hike of 25bp by year-end. They are pricing in a total hike of 76bp by end-2027. For ECB, the OIS market is pricing in 3bp hike at the end of October and a total hike of 20bp by year-end. They are pricing in a total hike of 69bp by September 2027.
• US Mortgage Rates: The 30-year fixed mortgage rate jumped 19bps to 7.49% for the week ended Oct. 2 — the highest since November 2023 and the seventh consecutive weekly increase. MBA mortgage applications fell 4.2%, with purchases down 2.1% and refinancings down 7.5%. Negative for US Housing market
• RBI Rate Hike: India's Reserve Bank raised its benchmark repurchase rate by 25bps to 5.50% — the first hike since Governor Sanjay Malhotra took over — and signalled further increases may follow as inflation intensifies and the rupee weakens. Negative for Indian markets.
• The DJIA, the S&P500, and the Nasdaq Composite Index fell 0.7%, 0.2%, and 0.2% respectively. The Euro Stoxx 50 slumped 1.5%. The Dollar Index rose 0.4% to 102.24 . The US 2Y Treasury yield fell 3bp to 4.77%, the 10Y yield was unchanged at 5.28%, and the 30Y yield edged up 1bp to 5.67%. The US 10Y auction saw a median yield of 5.255% vs 4.769% previously in September. The German 10Y yield was unchanged at 3.48%. The UK 10Y rose 7bp to 5.44%. Brent crude oil prices fell 0.4% to USD100.20. Gold fell 1.3% to USD4,111.
• Data watch: we have initial jobless claims, wholesale trade sales, and wholesale inventories.

OTHER NEWS

Jubilant food works: Reported consolidated revenue from operations of ₹2,608.7 crore for the quarter ended September 30, 2026, marking an 11.9 percent year-on-year growth. Domino's India saw a 4.1% LFL growth, adding 88 stores to reach 2,601. Domino's Eurasia had a -2.1% LFL growth (post Ind AS 29) with 3 new stores, totaling 798. The group added 108 net stores, reaching 3,820 in total

TD power systems: Co has opened its Qualified Institutional Placement (QIP) on October 7, 2026 to raise capital from institutional investors at Rs 775.35/share a discount of 5% to CMP. An important capital-raising exercise that could strengthen TD Power’s balance sheet and provide funding for its next phase of growth.

Dixon Technologies: executed a JV agreement on 7th Oct'26 with Gemtek Technology to manufacture and supply Optical Transceiver (SFP) and BOSA telecom products in India via Dixon Electro connect. Post-transaction, Dixon will hold 60% and Gemtek 40% equity in the JV. The deal enables Dixon to enter the optical-connectivity, AI, and hyperscale data center ecosystems.

Fino Payments Bank (September YoY): Accounts opened down 17% to 2.45 lakh Vs 2.94 lakh. Average total deposits grow 13% to Rs 2,794 crore Vs Rs 2,480 crore. Renewal income increases 20% to Rs 28 crore Vs Rs 23.3 crore. Transaction business throughput falls 10% to Rs 3,469 crore Vs Rs 3,866 crore.

Godrej Properties: The Brihanmumbai Municipal Corporation (BMC), in partnership with Godrej Properties and RC Group, has announced the first phase of a landscaped bayside promenade at Bandra Bay in Mumbai.

Allcargo Terminals: Total volumes in September stood at 61,800 TEUs (twenty-foot equivalent units), falling 7 percent from the same month last year and declining 6 percent from the previous month.

Tata Steel: The company reported that India's crude steel production rose 10% year-on-year (YoY) to 6.21 million tons in the second quarter of FY27, while deliveries increased 7% YoY to 5.97 million tons. Production was up 8% quarter-on-quarter (QoQ), driven by higher output at its Jamshedpur and Kalinganagar facilities. On a half-year basis, production rose 10% YoY to 11.97 million tons, while deliveries increased 8% to 11.14 million tons. The Automotive & Special Products vertical recorded its best-ever second-quarter volumes of around 1.1 million tons, up 9% QoQ and 19% YoY, while Branded Products & Retail posted best-ever quarterly volumes of around 2.2 million tons.

Rathi Steel and Power Limited has released its operational media update for the second quarter ended September 30, 2026, delivering robust top-line acceleration and significant volume growth. The company reported consolidated revenue exceeding Rs 200 crore alongside a sharp increase in sales volume for the quarter. During the second quarter of the financial year 2026-27, Rathi Steel and Power Limited recorded total revenue of over Rs 200 crore. This achievement reflects a year-on-year growth rate of more than 30% compared to the revenue of Rs 156.43 crore generated in the corresponding period of the previous financial year.

Midwest: The company received a DGMS prohibitory order restricting mineral extraction and employment at its Chimakurthy granite mine following a mine-side collapse. No injuries or fatalities were reported.

Ola Electric Mobility: The Board has approved 37.02 crore rights equity shares worth Rs 999.73 crore at Rs 27 per share. The record date for determining shareholders eligible to receive the rights entitlement has been fixed as October 13. The rights issue will open on October 22 and close on October 30.

ASK Automotive: Rajasthan GST officials conducted inspection/search operations at the company's manufacturing unit in Bhiwadi, Rajasthan, on October 6. The company has extended full cooperation and provided all necessary documents, clarifications and details. There is no material impact on the company's financials, business operations or any other activities.

MRF: Following the rectification application filed by MRF, the Deputy Commissioner of State Tax, Kerala, has passed a rectification order, reducing the total tax demand from Rs 91.53 crore to Rs 36.19 crore. The matter relates to export clearances and declaration forms under sales tax for the financial year 2014-15.

Gabriel India: and France’s Forvia are joining forces to target about 10 per cent of India’s automotive seating market within five years through a ₹100-crore equity joint venture, as the market heads towards €4 billion by 2030. At that market size, a 10% share would represent roughly €400 million, or about ₹3,500 crore, of annual business — an implied opportunity rather than company revenue guidance.

Sun Pharmaceutical: to consider and approve the issuance of listed, rated, unsecured, and redeemable non-convertible debentures (NCDs). The proposed NCD issuance will be undertaken on a private placement basis, in one or more tranches, with an aggregate amount not exceeding ₹15,000 crore.

RPP Infra Projects: has decided to withdraw from the proposed Legend 96 residential project in Sri Lanka, citing delays in securing approvals, difficulties in arranging project financing and differences over the proposed financing structure. The company’s subsidiary, RPP Infra Projects (Lanka), had entered into a Development and Financing Agreement with Wills Realtors on January 28, 2025. Under the agreement, RPP Infra was to participate as the joint developer, while Wills Realtors was to act as the primary developer of the project.