April 15, 2026

TOP NEWS

War update: President Donald Trump has said war is very close to ending as a two-week ceasefire holds and diplomatic negotiations resume. US is aiming for a comprehensive agreement with Iran, not a limited deal, as efforts to revive talks continue. Also, President trump had a talk with Prime Minister Modi for about 40 minutes indicating strengthening relations between US and India. The oil prices crashed to around $93 / bbl indicating positive start for Indian markets. Positive news flow for oil distribution companies such as HPCL, BPCL and other allied sector such as Paints, Fertilizers etc.

Adani Energy Solutions: Company has commissioned a 1,000 megawatt (MW) high-voltage direct current (HVDC) link, enabling a greater flow of renewable power into Mumbai.  comprises a 30 km overhead line and a 50 km underground corridor. Designed to operate within the constraints of a densely built urban environment, it also features the world’s first compact HVDC substation. Positive news flow for AESL and Hitachi Energy India.

Ujjivan Small Finance Bank: The RBI has taken note of Ujjivan Small Finance Bank’s recent efforts towards the diversification of its loan portfolio. However, the RBI is of the view that there is scope for further progress in this area. Therefore, the RBI has returned Ujjivan's application for voluntary transition from a small finance bank to a universal bank and advised Ujjivan to consider applying again after demonstrating a diversified loan portfolio. Negative

GHV Infra Projects Limited : The company has secured an international EPC contract worth ~₹840 crore (USD 90.25 million) from Ductor Americas Inc. for a renewable natural gas (RNG) and fertilizer project in Ohio, USA. The project is to be executed over ~24 months and marks the company’s entry into the global renewable energy infrastructure space.

Vedanta: The blast triggered at Unit-1 boiler of Company’s Athena Power plant located at Singhitarai, Chhattisgarh on April 14, 2026,  involving personnels of Company’s sub-contractor, NGSL.As of now 24 workmen of our subcontractor have been affected by the incident and 10 have succumbed to their injuries. The Company is in the process of ascertaining the details and has initiated a detailed investigation into the incident in coordination with its sub-contractor and the relevant authorities. Although it remained slightly negative for the company's operational disruption and risk management, but overall financial impact is limited on company’s business front.

Landmark Cars: has reported strong financial performance for Q4FY26, with consolidated revenue from operations reaching ₹1,790 crore, representing a 17.30% year-on-year increase. The luxury automotive dealership network demonstrated robust growth momentum despite global market uncertainties, achieving its highest annual proforma revenue from operations. The quarterly sales growth was slightly dampened due to supply constraints in availability of BYD cars. The normalized BYD supply is expected to resume in the June quarter. Deliveries of several key models commenced in the March quarter, including the Mercedes Benz V Class, Mahindra XUV 7XO, Mahindra XEV 9S and the new-generation Kia Seltos. These launches are expected to drive healthy sales momentum in the coming months. Further, sales of Mercedes Benz CLA, MG Majestor and the new Renault Duster will start in the June quarter. Supported by the ramp-up and stabilization of newly opened workshops, the aftersales business delivered its highest-ever quarterly performance. The newly operationalized workshops are performing well and are in line with the Company’s expectations.

Prestige Estates Projects: The company reported a record FY26 performance with sales rising 76% YoY to ₹30,024 crore, while collections grew 53% YoY to ₹18,515 crore. Sales volume increased 77% YoY to 22.3 mn sq. ft., driven by strong demand and launches across key markets. In Q4FY26, sales stood at ₹7,697 crore (+11% YoY) with collections at ₹5,231 crore (+66% YoY). The company also added projects with GDV of over ₹50,000 crore, indicating strong growth visibility ahead.

H.G. Infra Engineering : The company has secured a ₹519 crore contract from Mirzapur Thermal Energy (UP) Private Limited for railway infrastructure works at a thermal power project in Uttar Pradesh. The project, involving civil and track works, is to be executed over 18 months, strengthening the company’s order book.

Texmaco Rail & Engineering : The company has secured an order worth ₹27.18 crore from UltraTech Cement Limited for the supply of railway wagons, to be executed by July 2026, supporting its order inflow in the rail logistics segment.

JSW Infrastructure : The company has commenced commercial operations at its Gati Shakti Multi-Modal Cargo Terminal in Chennai after receiving approval from Indian Railways. The terminal at Arakkonam marks a key milestone in expanding the company’s logistics and cargo handling capabilities.

MACRO WRAP

·         The main theme overnight was risk-on. US equities rallied across the board, US Treasury yields fell 3-5bp across the curve, and the USD fell for the seventh consecutive session. Brent oil prices fell nearly 5% and reversed all the gains on Monday, Brent oil prices are still up 31% compared to the start of the war and up 56% year-to-date. There were reports that Iran was considering a short-term pause in Strait of Hormuz shipments to avoid testing the US naval blockade and to preserve the conditions for fresh talks. Sentimentally positive for broader market

·         The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.7%, 1.2%, and 2% respectively. The Eurostoxx 50 rose 1.4%. The Dollar Index continued to slide and fell 0.3% to 98.12. It fell for the seventh consecutive session. EUR-USD gained 40 pips to 1.1800. The US 2Y yield fell 3bp to 3.74% and the 10Y yield fell nearly 5bp to 4.25%. The German 10Y yield fell 7bp to 3.02%. The UK 10Y yield fell 9bp to 4.78%. Brent crude oil prices fell 4.6% to USD94.79. Gold rose 2.1% to USD4,842.

·         US producer prices rose 0.5% m/m in March 2026, below the 1.1% forecast. Goods prices jumped 1.6% on an 8.5% energy surge tied to the Iran conflict, while food fell 0.3% and services were flat. PPI climbed 4% y/y, and core PPI (excluding food, energy, trade) rose 0.2% m/m and 3.6% y/y. positive for USD

·         The IMF cut its 2026 global growth forecast to 3.1% from 3.3%, citing fallout from the Middle East conflict, but kept 2027 at 3.2%. It says the Iran-related energy shock rivals 1974’s in scale but notes greater resilience. It now projects 2026–27 growth of 2.3% and 2.1% for the US, 4.4% and 4.0% for China, 1.1% and 1.2% for the Euro Area, 0.8% and 1.3% for the UK, and 0.7% and 0.6% for Japan, with global inflation edging up in 2026 before easing in 2027.

·         Data watch: economic calendar is light for G-10 economies. In the US, the Empire Manufacturing index for Apr is expected to improve to 0.0 from the prior reading of -0.2. The MBA Mortgage Applications data for the week ending 10 Apr will also be published, following a prior decline of 0.8%.

INVESTMENT CALL

First Cut : ICICI Prudential Life Insurance Q4FY26 – steady operational show

• New Business Premium rose 31% YoY to Rs 9,719 Cr, net Premium grew 17% YoY to ₹19,180 Cr. APE came in at ₹3,830 Cr, up 9% YoY and 2% QoQ.
• Value of New Business (VNB) grew 21% YoY to Rs.965 Cr with VNB margin improving to 25.2% (vs. 22.7% in Q4FY25), driven by product mix improvement and cost discipline.
• Retail sum assured grew 50.9% YoY with retail protection up 60% for FY26; full-year retail protection delivered 32% YoY growth as possesses a multi-decade opportunity segment.
• PAT rose sharply by 58% YoY to ₹609 Cr in Q4FY26 supported by income from the shareholder fund and includes a realized gain of Rs 114 crore from the sale of a 100% equity stake in the ICICI Pension Fund Management Company.
• We currently have a BUY rating on the stock and will come out with detailed note shortly.

SECTOR UPDATE

Auto Sector SIAM Update: Sales of automobiles across categories rose to the highest ever in FY26, supported by the biggest consumption tax cuts by the Centre, reduction in policy rates, and revision in income tax slabs. Industry-wide sales climbed for the first-time since the pandemic, which had caused a shrinkage in low-end wages and, consequently, mobility demand. SIAM reported passenger vehicle sales climbed about 8% to 4.64 million units last fiscal, those of commercial vehicles, three-wheelers and two-wheelers increased by 12.6% (1.08 million units), 12.8% (836,000 units) and 10.7% (21.71 million units), respectively. Exports across vehicle categories too rose strongly by 24% to 6,647,685 units in the FY26.

Our View: With the year gone by saw a strong momentum, the coming year could face some dampness due to the West-Asia War situation, increase in raw material prices, increase in freight rates, etc. While EV adoption policy could boost short term demand with help of government incentives. Overall, the sector could face multiple headwinds but we continue to maintain a positive outlook.

OTHER NEWS

Krishana Phoschem LTD a fertilizer company (NPK/DAP) posted strong results YoY. Sales/EBITDA/PAT were up 59%,59% and 151% respectively supported by stronger realizations and operating leverage playing out. But mgmt. has highlighted rising input costs and lower availability of gas to put some pressure on utilization rates in 1H27 which be offset by Nutrient based supply (NBS) framework updated by GOI. This should help protect margins on the downside. UTR to stabilize post 1H27.

Hindustan Zinc: The Company has been declared as 'Successful Bidder' for the Jhandawali – Satipura Amalgamated Potash and Halite Block of Rajasthan (on highest Final Price Offer of 03.05%). As per the tender document, the Jhandawali – Satipura Amalgamated Potash and Halite Block is at G3 level of exploration with total area of 1841.22 hectares for the block. This remains strategically positive for the company. 

Anand Rathi Share and Stock Brokers Q4 (Consolidated YoY): Profit spikes 125.7% to Rs 41.5 crore Vs Rs 18.4 crore. Revenue grows 28% to Rs 255.65 crore Vs Rs 199.6 crore. Net interest income surges 58.3% to Rs 69.8 crore Vs Rs 44.1 crore

Life Insurance Corporation of India: The Board has approved the issuance of bonus equity shares in the proportion of 1:1 to the existing shareholders as on the record date, which shall be announced subsequently. Post the proposed bonus issuance of 1:1, the paid-up equity share capital will increase to Rs 12,649.99 crore from the existing Rs 6,324.99 crore.