September 29, 2026

TOP NEWS

War update: Donald Trump is rejecting reports that say he is open to offering Iran sanctions relief and releasing its frozen assets in exchange for progress toward a nuclear deal. Earlier axios reported that US would ease the sanctions in response to Iran settling on nuclear thing. Tehran has held further indirect talks with the United States through Qatari mediators in New York. Oil prices had a volatile session in the last trading session and is now back at $106.52/barrel. Asian markets are all trading in a negative range and gift indicates a flattish start with a cut of 5 points on bourses.

 

Reports suggest that US will not impose any ad valorem tariff on certain speciality drugs and associated ingredients used to treat rare medical conditions imported from India and 19 other countries. Potentially relevant Indian companies (positive) include Dr Reddy’s, Sun Pharmaceuticals, Cipla, Zydus Life science, and Biocon.

 

Vikram Solar: Vikram Solar has secured a 400 MW module supply order from a reputed EPC player for a portfolio of decentralised solar projects being developed across multiple locations in Maharashtra.

 

Elanbarrie Industrial gases: Ellenbarrie has secured a large order worth Rs 480.73 crore from BHEL. For a company of Ellenbarrie's size, this is a significant contract and strengthens its position in the industrial gases and engineering solutions business. The project involves setting up a Cryogenic Air Separation Unit in Odisha for a Coal to Ammonium Nitrate plant. An Air Separation Unit is a facility that separates air into industrial gases such as oxygen and nitrogen, which are critical inputs for many industries.

Prasol Chemicals: The company delivered a record Q1 FY27 performance, with revenue growing 36% YoY to ₹437 Cr and EBITDA up 122% to ₹90 Cr, translating into a 20.8% margin, driven by higher realizations, improved product mix, strong volumes and higher Mahad utilization. Normalized EBITDA, excluding ₹25 Cr benefit from price increases, grew 62% YoY to ₹65 Cr, indicating underlying operational improvement. The company guided for FY27 revenue of ₹1,550–1,650 Cr and EBITDA of ₹240–250 Cr, implying growth of 34%+ and 78%+, respectively. Over the next five years, Prasol targets revenue of ₹2,800–3,000 Cr, supported by ₹250–300 Cr Phase 1 capex in existing products, followed by a similar investment in new, higher-margin products, with commercial contributions expected from H2 FY28. Additionally, 40+ products under development and improving capacity utilization provide further growth opportunities.

IRFC: Indian Railway Finance Corporation (IRFC) has entered into a ₹4,200 crore term loan agreement with Damodar Valley Corporation (DVC) to fund renewable energy projects in Jharkhand and West Bengal.

 

Landmark Cars: The company is adding a BYD facility in Noida and a Mahindra & Mahindra showroom at EM Bypass in Kolkata, West Bengal.

 

Macro Wrap

  • The dominant driver of overnight price action was the collapse of diplomatic efforts to reopen the Strait of Hormuz. President Trump over the weekend rejected Iran’s proposal to reopen the waterway for seven days in exchange for unspecified US concessions, stating that Tehran’s conditions were something Washington might have agreed to about a year ago. Iranian officials have reportedly expressed pessimism about reaching a deal before US midterm elections in November.
  • China’s industrial profit data reinforced the uneven nature of its recovery. Profits rose 15.7%yoy in January-August, but slowed to 4.2%yoy in August, the weakest pace this year. Electronics contributed 62% of overall profit growth, while automobile and other consumer-facing industries remained weak. Strong AI-related demand continues to support China’s technology sector, but has yet to generate a broad domestic recovery.
  • The BOJ’s July meeting minutes released yesterday reinforced its hawkish policy shift. Many members judged that underlying inflation was approaching 2%, with some arguing that hikes could proceed faster than the roughly six-month intervals expected by markets. While the minutes predate September’s hike to 1.25%, they suggest that the tightening cycle is not over. Sentimentally negative for Gold
  • The dollar index rose to around 101.1, and the US 10-year Treasury yield moved above 5.2%, as higher oil prices reinforced concerns over inflation and tighter monetary policy. Brent also remained above $100/bbl, presenting Asia’s oil importers with a negative terms-of-trade shock and higher-for-longer global yields
  • The Dallas Fed’s Texas manufacturing index dipped to 9.8 in September from 11.6, as business conditions improved more slowly, uncertainty rose, and price and wage pressures intensified, even as employment growth strengthened and future expectations remained positive but less upbeat.
  • Data watch: we had September Dallas Fed manufacturing activity index decline to 9.8 (Bloomberg consensus: 7.75) vs 11.6 previously.

 

OTHER NEWS

Tata Sons: Tata Trusts, the 66% owner of Tata Sons led by chair Noel Tata, has proposed merging the holding company with two operating subsidiaries—Tata Consulting Engineers and Tata Electronics—to avert an initial public offering ordered by the Reserve Bank of India. The proposal follows a Tata Sons board decision to comply with RBI shadow-bank listing directives and extend the tenure of chair N Chandrasekaran, in which Noel Tata was the sole dissenting director.

 

Powermech projects: The company has secured an order worth ₹279.20 Cr from Telangana Power Generation Corporation Ltd.

 

Anupam Rasayan: The company acquired 50.07% of Bliss GVS Pharma for Rs 162.74 crore, becoming promoter.

 

NCC – Major Order: NCC received a Rs. 1,076.71 crore order from the Rural Water Supply & Sanitation Department, Government of Andhra Pradesh, for providing drinking water under the Multi Village Scheme on Yeleru Reservoir for the Anakapalli segment. The construction period is 24 months.

 

Coforge: The company announced the appointment of Mr. Akhil Gupta as a Non-Executive Independent Director. The Board has also appointed Mr. Akhil Gupta as the Chairperson of the company. His appointment will be effective from September 29th , 2026, and shall be for a period of five years. Mr. Gupta is the former Vice Chairman of Bharti Enterprises and played a pivotal role in Bharti’s growth right since inception. He is the Chairman of the Board of Directors of 360 ONE WAM Ltd and Bharti Life Insurance Ltd. He is also a member of the Board of Zepto, Snapdeal, Eutelsat Communications and Lodha Developers. He is a Chartered Accountant with over 40 years of professional experience. He has also completed the Advanced Management Program at the Harvard Business School in the year 2002.

 

HCLTech: The company­­­­­­­­ announced that its software division, HCLSoftware, will acquire Robotiq.ai, a Croatia-based Robotic Process Automation (RPA) platform provider, for an enterprise value of EUR 9 million. The acquisition is expected to be completed by November 2026. The acquisition will strengthen HCL UnO Agentic by adding enterprise-grade RPA capabilities, enabling AI agents to automate tasks across applications where APIs are unavailable or insufficient. This will enhance HCLSoftware's end-to-end agentic automation and orchestration offerings. Robotiq.ai serves large banking, insurance, and telecom clients and reported EUR 1.4 million revenue and EUR 0.2 million PAT in FY2025. HCLTech's step-down wholly owned subsidiary, HCL Technologies Austria GmbH, will acquire 100% ownership of the company through a cash transaction.