September 15, 2026

TOP NEWS

War update: Yemen’s Houthis say they have seized the islands of Greater and Lesser Hanish in the southern Red Sea, adding that Saudi jets launched 54 air strikes over the past 24 hours. Iran says that it won't negotiate "until Iran's conditions are met”. President Donald Trump said Monday that Iran "wants to make a deal, quickly and badly" and that the U.S. is "open" to the "concept" of negotiating. Brent sustains at $107/barrel. Asian markets opened mixed and gift nifty indicates a positive start with 80 points on the bourses

HFCL: Board has approved an additional capex of approximately Rs 820 crore to expand its manufacturing capacities across Optical Fibre, Optical Fibre Cable (OFC) and Preform, taking the company's total planned investment in these capacity enhancement initiatives to around Rs 1,800 crore. Of the additional Rs 820 crore investment, around Rs 670 crore will be invested in Preform manufacturing, while Rs 150 crore will be invested in Optical Fibre and Optical Fibre Cable capacity expansion.

Raymond: The company’s aerospace subsidiary secured significant new aerospace business from a leading Indian aerospace and defence major. The award covers more than 300 part numbers — precision-machined, casting and structural — across multiple aircraft applications, with annual volumes exceeding 37,000 components. At expected production rates, this represents an annual business potential of approximately Rs 33 crore.

HDFC Bank : The board has sent names of two candidates to the Reserve Bank of India for the role of CEO, formally starting the succession process for Sashidhar Jagdishan, who is due to retire later this year. 

Sun Pharma: Sun Pharma and its subsidiaries have entered into a settlement agreement in the Generic Pharmaceuticals Pricing Antitrust Litigation in the US for a confidential amount. The settlement provides for a full release of claims against the company and its subsidiaries.

Tata Investments : Reserve Bank of India has rejected Tata Sons' application, meaning Tata Sons will have to list in accordance with the RBI guidelines. Tata Sons' application for voluntary surrender of the certificate of registration has been rejected. 

IT Stocks : India's IT companies will be in focus after chiefs of OpenAI, Anthropic and China's Security chief have all called for a slowdown in the development of AI. Most of the AI-linked stocks in the global markets have reacted negatively to this development.

Macro Wrap

• China Industrial production advanced at 5.2% in August, driven by, aircraft and spacecraft equipment manufacturing rose 14.9%, and electronic and communications equipment manufacturing rose 6.9%. China's high-tech manufacturing rose 16.7% YoY, China also increased investment in intellectual property products rose 9.2% YoY in Jan–Aug. High‑tech industry investment increased 5.2% YoY; within high‑tech, investment in information services rose 22.7%
• China real estate market remained in contraction as fixed-asset investment fell 7.2% YoY in the first eight months, driven by multiple factors. Frequent extreme weather (heat, typhoons, floods) disrupted construction and a more volatile external environment, together with an ongoing transition between old and new growth drivers, has left firms cautious on investment. Sentimentally negative for base metals
• Oil surge on Middle East escalation: Brent crude topped $105–$108 intraday on Monday after Yemen's Houthis launched a large-scale ballistic missile and drone attack on Saudi Arabia's King Khalid Air Base. Saudi Arabia's East-West pipeline, shut last week following drone attacks from Iraq, remains a key supply risk. Trump later posted that Russia and Ukraine had agreed to halt strikes on energy targets, which helped oil ease from session highs.
• Copper steadied near $14,000/ton after exchange-tracked warehouses received fresh deliveries, easing earlier supply tightness. LME futures were little changed on Tuesday after posting their lowest close in four weeks. Copper fell sharply from a weekend record high that followed traders diverting refined metal to the US ahead of expected tariffs that have not been implemented; Monday saw the largest LME warehouse copper delivery in nearly four weeks. Three-month LME copper is trading $85.75/ton over spot, a futures premium consistent with ample supply.
• Dow Index fell 0.3%, 0.5%, and 0.6% respectively. The Euro Stoxx 50 fell 1.0%. The Dollar Index rose 0.3% to 99.39, while EUR-USD fell 50 pips to 1.1550. The stronger USD reflected both the rise in US yields and expectations that the Fed will tighten policy this week.
• The US 2Y Treasury yield rose 3bp to 4.66%. The US 10Y briefly rose above 5% before closing 2bp higher at 4.99%. The move was driven by a combination of persistent inflation concerns, elevated oil prices, large government borrowing requirements, and heavy corporate issuance associated with AI investment. The German 10Y yield edged up 1bp to 3.52%. The UK 10Y yield rose 2bp to 5.37%.
• The Fed funds futures are pricing a 92% probability of a 25bp hike on Wednesday, up sharply from around 60% a week ago. This will lift the target range to 3.75–4.00% and mark the first Fed rate increase since 2023. A 25bp hike is largely priced in
• Data watch: the US will release the Empire State manufacturing index. The main focus, however, remains Wednesday's Fed decision, alongside August retail sales, import and export prices, and the NAHB Housing Market Index.

Investment Call

Stock Update: Finolex Cables  – OFC capacity expansion to spark growth

Rating: Buy    Reco Price: Rs 1,430      Price Target: Rs 1,640

• Optic fibre cable (OFC) capacity to double to 8mn fkm and to 15mn fkm in the long run, which offering a total revenue potential of Rs. 1,800 crore at peak capacity. 
• The AI-led innovation wave is driving up export demand for OFC products from data centers. Similarly, electrical cable renewable energy projects and power transmission networks are driving electric cable offtake.
• Management stated that a growing cables & wires (C&W) market would absorb supply and resolve any competition-related issues.
• India’s under-penetration in the OFC space bodes well for its long-term growth; we maintain a Buy on Finolex with a revised PT of Rs 1,620. At CMP, the company trades at a valuation of 16x on FY27 earnings.

Valuation                                                                                                     Rs Crore

Other news

KEC International: wins New Orders of Rs. 1,303 crores in the T&D and Cables & Conductors business. T&D projects across India, the Middle East and the Americas: 400 kV Transmission line in Northern India, 380 kV Transmission lines in Saudi Arabia, Supply of towers, hardware and poles in the Americas.

Coforge :  The firm said DK Singh has resigned as an independent director and chairperson of its Nomination and Remuneration Committee (NRC) with immediate effect. Beth Boucher has been appointed as the new NRC chairperson. Singh cited tensions between executive and independent directors, while Board Chair OP Bhatt had resigned on September 8 after Advent voted against his reappointment.