September 24, 2026

TOP NEWS

War update: Iran announces readiness for dialogue diplomacy and negotiations without any force from US and other allied nations. Iran also mentioned that another round of talks between Iran and US has taken place on Tuesday and mediated by Qatar. Oil prices has climbed back to $102/barrel. Asian markets opened negative due to tech and AI sell off in US markets. Asian markets indicates a negative opening for the day with a cut of almost 180 points on the bourses.

 

PB Fintech: The Insurance Regulatory and Development Authority of India (IRDAI) has proposed a sharp cut in how much insurers can spend on running and selling their business, in a consultation paper open for comments till October 25, 2026. Starting FY2027-28, life insurers' total expenses would be capped at 15% of premium within two years and 12.5% within five, while general insurers would face limits of 25% and 20%. The regulator also plans to bring back hard commission caps, count all rewards and incentives as commission, and make cost audits mandatory. Policyholders and low-cost insurers stand to gain, while high-cost private life and general insurers face cost pressure. Banks, NBFCs and brokers are likely to be hit hardest, as payouts on loan-linked insurance could fall to 2 to 2.5% of premium from as high as 45%. (negative for Banks and other insurance distribution companies.)

 

Bharat dynamics: The Ministry of Defence has signed an Rs 811 crore contract with Bharat Dynamics Ltd (BDL) for 160 Satellite Smart Anti-Airfield Weapons (SAT-SAAW) and associated equipment for the Indian Air Force, in another boost to India’s push for indigenous defence manufacturing.

 

Avantel: Received a R177.35 crore purchase order from Zetwerk Manufacturing Businesses to supply satellite communication equipment. The order includes the supply of satellite communication equipment along with a one-year comprehensive on-site warranty. It is classified as a manufacturing contract and is due to be completed by March 2027.

 

Exide Industries: Exide Industries announced the completion of commissioning of Phase-I of its 6 GWh lithium-ion cell manufacturing facility by its material subsidiary, Exide Energy Solutions Ltd (EESL).

 

IOLCP: IOL Chemicals & Pharmaceuticals has received EU REACH registration for Triacetin, enabling the company to export the product to European markets. This strengthens IOLCP’s regulatory compliance and expands its addressable market in Europe, providing additional opportunities for Triacetin exports while supporting its international growth.

 

Consumer Staples: India has cut ‌the basic import duty on crude and refined edible oils, including palm oil, soyoil and sunflower oil, as it seeks to lower prices during the peak festive season. crude palm oil and crude soyoil has been reduced to 5% from 10%, while the duty on refined palm oil and refined soyoil has been cut to 27.5% from 32.5%. The import duty ​on crude sunflower oil has been cut to zero from 10%, while the duty on refined ​sunflower oil has been reduced to 22.5% from 32.5%. Positive for whole pack of FMCG sector. Key beneficiaries are Marico and other edible oil importing companies.

 

 

Macro Wrap

  • The overnight selloff in Global equities came in on the backdrop of stronger than US business activity grew at its fastest pace in over five years, with the S&P Global flash Composite PMI rising to 58.4 in September, boosting expectations of further Fed rate hikes. US Manufacturing PMI rose to 57.0 in September 2026 from 53.9, far above expectations and the strongest since May 2022. All components improved, with production and new orders accelerating, employment at its highest since early 2021, inventories rising faster, and delivery times lengthening.
  • US Services PMI rose to 58.7 in September 2026, the strongest in over five years and above expectations, driven by strong domestic demand. Backlogs and employment climbed near record levels despite surging input costs from higher fuel and transport, weaker export orders, and below-trend business confidence.
  • US Treasury yields surged to near two-decade highs across the curve, with and the 30-year yield rising to 5.402%. The sell-off was driven by rebounding oil prices, stronger than-expected US PMI data, and weak demand at a US$70 billion 5-year Treasury auction which pushed 5-year yields above 5%.
  • The 2-year yield rose 18bp to 4.933%, the 5-year surged 15bp to 4.987%, the 10-year yield reaching 5.116% (a 19-year high)and the 30-year climbed 9bp to 5.391%. Approximately 80–85% of the selloff was driven by real rates rather than inflation breakevens, suggesting a real-rate repricing and higher-for-longer Fed pricing rather than an outright inflation panic.
  • The DXY rose approximately 0.6% to its highest level since July as robust activity data reinforced expectations of further Fed tightening. Brent crude rebounded above US$100/bbl, ending its longest losing streak of the year at six sessions. Meanwhile, spot gold retreated to US$4,287.65/oz, down approximately 1.25% on the week.
  • US Treasury Secretary Scott Bessent announced that the US-China trade truce has been extended to 10 January, ahead of discussions between Trump and Xi today
  • France has increased its fuel subsidy by additional 450 million euros, that would make the total subsidies over 1.5 million euros for 2026. Broadly negative for European bonds and Euro.
  • Germany’s flash Composite PMI rose to 53.8 in September 2026, 11 month high and above expectations, as services rebounded, manufacturing stayed solid, new orders and backlogs grew, and hiring increased despite rising fuel driven cost pressures.

OTHER NEWS

Indotech transformer: Gets Rs 43 crore orders for supply of two 125 MVA transformers. Orders strengthen presence in 400 kV transformer segment and renewable energy and higher-voltage transformer business.

 

NTPC: The firm has paid a final dividend of ₹3,393.83 crore for the financial year 2025-26, equivalent to 35% of the company’s paid-up equity share capital. The payment was made in addition to the first and second interim dividends for FY 2025-26, amounting to ₹2,666.58 crore each.

 

Ola Electric: Board will meet on September 28 to consider a proposal to raise funds through a rights issue of equity shares, subject to the required regulatory and statutory approvals.

 

Max Estates: said it will enter into a Joint Development Agreement (JDA) for a 9.76-acre land parcel in Indirapuram, Ghaziabad, with an estimated ₹2,500-3,000 crore gross development value (GDV) opportunity.

 

Sedemac Mechatronics: Institutional investors, including A91 Emerging Fund, Xponentia Opportunities Fund, and HDFC Life Insurance, are likely to offload up to 44.3 lakh shares (10 percent stake) in Sedemac Mechatronics to raise Rs 1,329 crore, with a floor price of Rs 3,000 per share.

 

Concord Biotech: The Board has approved the issuance of bonus shares in the proportion of one bonus equity share for every one share held by shareholders.