April 07, 2026

TOP NEWS

Pondy Oxides: The company reports that a promoter has acquired 21.1 lakh shares, representing a 6.91% stake, following the recent passing of the company's Chairman and founder, Mr. Anil Kumar Bansal. Positive

Shyam Metalics: Stainless steel sales grew 22.46 per cent YOY to Rs 27,287 MT, while stainless steel average realization increased 4.89 per cent YoY to Rs 1.49 lakh per MT. Pellet sales volumes dropped 0.12 per cent YoY to 2.78 MT, while pellet average realization jumped 4.36 per cent YoY to Rs 9,556 per MT. Stainless Steel volumes surged 58.91% YoY & realizations up 19.01% YoY. Positive

Aurobindo Pharma: The company's arm, CuraTeQ Biologics, has achieved positive results for its Omalizumab biosimilar (BP11) in Phase 3 clinical trials, which involved 608 patients across 80 sites; regulatory filings with the US FDA and EMA are planned for the end of Q2 2026. Additionally, the company has decided to transfer its domestic branded generic pharmaceutical formulations products business to subsidiary Auropharm for a lumpsum consideration of Rs. 143.21 crore. Positive

Swan Defence: signed a shipbuilding contract to build Four (4) 92,500 DWT bulk carriers, contract worth Rs 1,501-3,000 cr. This will be India’s first ammonia powered ships. The deliveries to start by 2029. Positive

Gujarat Pipavav: Gujarat Pipavav Port Limited disclosed mixed operational performance for Q4FY26 and FY26, with container traffic declining to 668,000 TEUs from 694000 TEU in 2025 and train volumes dropping to 1,747. While container operations faced headwinds with quarterly volumes falling 4.07% to 165,000 TEUs. Negative

Gallant ISpat: Power production grew 14 per cent YoY to 2.23 lakh mega units, while pellet production surged 59 per cent YoY to Rs 2.21 lakh MT.

Steel sales rose 9 per cent YoY to 0.23 MT with capacity utilization at 91 per cent YoY for the quarter. Sponge production soared 38 per cent YoY to 2.44 lakh MT.

Deep Industries: Received a letter of award (LoA) from Oil and Natural Gas Corporation for hiring services related to natural gas compression, gas dehydration, and hydrocarbon dew point depression at Malleswaram of ONGC’s Rajahmundry Asset for a period of three years. The total estimated value of the award is Rs 59 crore.

Fino Payments Bank: The bank said it saw strong momentum in loan referrals with 96% growth over Q3FY26, disbursements reaching Rs 600 crore through partner institutions, highlighting the growing credit potential within the ecosystem, and laying the foundation for the SFB journey ahead.

CreditAccess Grameen: Q4 (YoY) Gross loan portfolio grows 14% to Rs 29,590 crore Vs Rs 25,948 crore. Disbursements soar 28% to Rs 8,313 crore Vs Rs 6,472 crore. Branch network increases 8% to 2,236 Vs 2,063.

PDS Limited: The company has secured a sourcing mandate from a leading US value retailer under its Sourcing-as-a-Service model. The contract is expected to generate sourcing volumes of ₹450 crore ($50 million) and will be executed through its subsidiary GSCL, strengthening PDS’ presence and scaling opportunities in the US market.

War update: The war in the Middle East seems far from over and now Iran has said that it will continue the war ‘until deemed fit’ as it rejected the US' peace plan amid US President Donald Trump's looming deadline to open the contentious Strait of Hormuz. The energy facilities at Iran's South Pars gas field have been targeted in fresh US-Israel missile salvo against Tehran on Monday.  A senior Iranian official confirmed to Reuters that Tehran has received the ceasefire proposal but made it clear that Iran will not reopen the Strait of Hormuz in exchange for a “temporary ceasefire”. Brent remains at around $111.

MACRO WRAP

• Global risk sentiment remained fragile overnight amid escalating tensions in the Middle East, with Iran reportedly rejecting a US ceasefire proposal and President Trump warning Iran “could be taken out in one night.” The President added that ceasefire agreement must include reopening the Strait of Hormuz. Sentimentally negative for risk assets
• Iran reportedly passed a rejection of a temporary ceasefire proposal to mediator Pakistan. Leaders in Tehran are instead demanding a permanent end to hostilities, the lifting of all sanctions, and the US funding substantial reconstruction efforts. They warned that any US strikes on civilian targets would trigger massive retaliation against Gulf energy infrastructure. Additionally, Iran has also threatened to block Bab Al Mandeb supplying 12% of world oil and gas trade. Positive for Crude oil and NG.
• US markets pushed higher but lacked direction, flipping between gains and losses throughout the session. The S&P 500 and the Dow Jones Industrial Average edged 0.4% higher, while the tech heavy Nasdaq closed 0.5% in the green. The VIX rose 1.3% to 24.17, highlighting ongoing uncertainty.
• Bond markets were little changed, with US Treasury yields higher at the front end. The 2 year yield rose 1bp to 3.85%, while the 10-year yield remained steady at 4.33%. Interest rate futures now price no change over 2026. The USD index was unchanged at 99.99, Brent crude oil prices rose 0.7% to USD109.77. Gold dropped 0.6% to USD4,650
• The US ISM services PMI index fell by 2.1 points in February, to 54.0, remaining firmly in expansionary territory and close to the average level over the past six months, The index capturing prices paid for materials and services jumped by 7.7 points, the steepest rise in thirteen years, to 70.7.
• Data watch: we have ADP employment, durable goods order, and New York Fed 1-year inflation expectation.

Investment Call:

Stock Update: Aarti Industries  – NT headwinds but Long term story intact

Rating: Buy    Reco Price: Rs 407   Price Target: Rs 470

•     Capex intensity should moderate and any de-escalation in the Middle East conflict should restore normalcy across end-markets where customers had already been operating with lean, tariff-cautious inventories.

•     Management reiterated FY28E EBITDA target of Rs. 1800 crore driven by MMA volumes at a ~100% utilisation rate and DCB/PEDA ramp-ups. The company also guided for debt/EBITDA <2.5x and ROCE >15%.

•     The Hormuz blockade would inflate input costs and stretch working capital cycles during H127 but such supply shocks have historically turned positive for the sector once demand clarity emerged post-disruption.

•     The stock has already corrected ~10% since the onset of the West Asia conflict; at 22x FY28E PE and 11.6x FY28E EV/EBITDA. Despite the near-term headwinds, we stay positive on the stock with a PT of Rs. 470.

IT Preview - Quarter that speaks less with numbers, more with what lies ahead

• The Nifty IT index has declined ~23%, primarily due to global AI-related shocks impacting the SaaS, IT, and ITeS sectors. Thus, in Q4, the spotlight would not be on numbers but on management commentary around AI-led demand, pricing dynamics, and deal pipeline visibility as the market seeks clarity on whether the sector is structurally disrupted or structurally advantaged by the ongoing generative AI wave.
• Following better-than-expected performance in Q3FY26, Q4FY26E numbers are expected to remain muted, as multiple headwinds blow hard starting from cautious discretionary spending, AI shockwaves, the Middle East War, tariff uncertainties, etc.
• Tier-2 companies would continue outperforming their Tier-1 counterparts in terms of CC revenue growth. A weaker Indian rupee versus the US Dollar provides a meaningful tailwind to rupee revenues and margins. Deal wins are expected to remain healthy, dominated by cost takeout and vendor consolidation mandates. Guidance for FY27 will be a key catalyst expect conservatism given the uncertainty in global macro.
• We remain constructive on the sector over the medium term, as history suggests that Indian IT sector has consistently turned disruptions into demand multipliers and generative AI, despite its deflationary optics, represents a $300-400 billion opportunity pool that these companies are uniquely positioned to capture through scale, domain depth, and execution muscle.

Business Update:

Godrej Consumer Products (GCPL) Q4FY26 update – Good Q4, largely in line with expectations:

-       The demand conditions and consumer sentiment remained steady in the domestic FMCG sector, with trade channels normalizing following the GST transition and food inflation easing.

-       Standalone business is expected to deliver double-digit underlying sales growth and high-single digit underlying volume growth. Excluding soaps, volume growth continues in double-digits. 

-       Standalone EBITDA margins are expected to sustain within normative range, supported by meaningful cost savings in Q4.

-       Indonesia business continues to show signs of stabilization with the peak of the competitive intensity behind us. Underlying volume growth is expected at mid-single digit in Q4, with market share gains sustained across categories.

-       The GAUM (Godrej Africa, USA, and Middle East) business continues to deliver strong results, with double-digit sales growth and high-single volume growth.

-       Consolidated revenue is expected to deliver close to double-digit revenue growth, with EBITDA growth broadly in line with revenue.

OTHER NEWS

Jubilant FoodWorks (JFL) Q4FY26 update – Strong revenue growth but LFL growth is muted: Consolidated revenue grew by 19.1% y-o-y to Rs. 2,506 crore, while standalone revenue grew by 6.2% y-o-y to Rs. 1,686 crore. Domino’s India recorded LFL growth of 0.2%, while Domino’s Turkey recorded LFL growth of 9.0%. During the quarter, net 69 stores were added to the JFL group network, taking the total store count to 3,663 at Q4FY26-end. Domino’s India added 59 new stores, ending the quarter with 2,455 stores while Domino’s Turkey added 4 new stores, ending the quarter with 787 stores.

SAIL: has contributed to the commissioning of INS Taragiri, the fourth Nilgiri-class (Project 17A) stealth frigate inducted into the Indian Navy on 3rd April'26. The warship was built by Mazagon Dock Shipbuilders Limited using ~4,000 tonnes of special grade steel supplied by SAIL.

Jindal Steel: has informed the exchanges that it has implemented coal gasification using domestic coal to support steel production and reduce reliance on imported fuels.

GMDC, NMDC: Government eases norms for mining of deep-seated critical minerals

PDS Limited: The company has secured a sourcing mandate from a leading US value retailer under its Sourcing-as-a-Service model. The contract is expected to generate sourcing volumes of ₹450 crore ($50 million) and will be executed through its subsidiary GSCL, strengthening PDS’ presence and scaling opportunities in the US market.