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March 09, 2026 TOP NEWS Curude oil: Crude oil prices surpassed $100
a barrel, hitting 52-week high, for the first time since 2022. Brent
crude oil climbed 15% to around $107 per barrel, logged 20% intraday gain,
extending last week’s sharp 28% rally. Oil markets faced the risk of further
disruption this week as the conflict involving Iran entered its second week.
Major producers curtailed output, while shipping through the Strait of Hormuz
- a key route for global oil transportation - was effectively brought to a
halt. Positive for upstream companies such as Oil India,
ONGC and Negative for paint companies such as Asian Paints, Indigo Paints,
aviation companies such as Interglobe Aviation
(Indigo) and downstream companies such as BPCL, HPCL and IOCL. NMDC:
State-owned mining major NMDC Limited has announced revised prices for its
iron ore products, effective March 6, 2026, according to an official filing
made to stock exchanges. They have increased the Iron Ore Lump and Fine
prices by ₹100 and ₹50 per tonne to ₹4,800/ton and ₹4,050/ton, respectively.
This is exclusive of Royalty, DMF, NMEDT, Cess, Forest Permit Fee, transit
fee, GST, environmental Cess, and other taxes. Neutral Gujarat Narmada Valley Fertilizers and
Chemicals: The ongoing war in the Middle East region has adversely impacted
the supply of LNG. In this regard, GAIL (India), the company’s supplier
of RLNG, has received a Force Majeure Notice from its upstream supplier,
Petronet LNG, citing transit affecting supply. Hence, allocation of RLNG
quantities to GNFC has been restricted to 60%
of the Daily Contracted Quantity effective
March 6. *This will impact the production of Neem urea. However, the
manufacturing of other products remains unaffected as of the current date.
The likely impact of it cannot be estimated at this point
in time. Negative Meesho: The company has received an Assessment
Order for the Assessment Year 2023–24, along with a Demand Notice from the
Income Tax Department, which has raised a tax demand of Rs 1,499.73 crore,
including applicable interest. Negative RITES: company has received revised
estimates for railway electrification work on the Mysuru–Hassan–Mangaluru section, including Hassan–Arsikere, from South Western Railway, on a cost-plus turnkey basis. The
revised project cost is Rs 729.28 crore. Additionally, it has received a work
order worth Rs 45.18 crore from the Government of West Bengal for consultancy
services as Project Management Consultant for the construction of a proposed
four-lane extra-dosed bridge over the River Muriganga
in South 24 Parganas. Positive MACRO WRAP ·
The main
theme last Friday was risk-off as oil prices continued to rise on supply
disruptions and a disappointing US non-farm payrolls (NFP) report Brent and
WTI prices surge 30% intraday to touch intraday high of $119/b on
Monday morning in Asia, Last week, Brent crude oil futures rose 28% to above
USD92, while WTI rose 36% to nearly USD91, the sharpest weekly gains for both
contracts on record. ·
The
DJIA, the S&P500, and the Nasdaq Composite Index fell 0.9%, 1.3%, and
1.6% respectively. The Euro Stoxx 50 fell 1.1% last Friday and down 6.8% last
week. ·
The
Dollar Index fell 0.3% to 98.99 last Friday but gained 1.4% for the week. The
US 2Y treasury yield dipped 1.6bp to 3.56% last Friday, The US 10Y was
unchanged last Friday at 4.14% but gained 20bp for the week. ·
Gold
rose 1.8% to USD5,171 last Friday but fell 2% for the week. Silver rose 2.8%
to USD84.54 last Friday but fell nearly 10% for the week. ·
Iran
appointed Mojtaba Khamenei as its new supreme leader amid escalating Middle
East tensions and ongoing missile attacks from Iran on Persian Gulf
countries. The US State Department ordered US employees to leave Saudi Arabia
due to increased threats, and President Trump signaled
potential expansion of US military actions against Iran. ·
President
Trump faces mounting pressure in the second week of the Iran conflict,
dealing with rising gas prices, strained munitions supplies, and opposition
from voters, including his MAGA base. He dismissed concerns, claiming oil
price hikes are "short-term" and necessary for "safety and
peace”. ·
U.S.
experienced a loss of 92,000 jobs in February, significantly lower than
January's increase of 126,000 and falling short of economists' expectations
of 50,000. The unemployment rate also rose to 4.4%. ·
Aluminium
surged to its highest level in nearly four years, rising as much as 1.6% to
$3,499.50 a ton on the London Metal Exchange, following a 10% gain last week,
as escalating Middle East hostilities disrupted supply. The region accounts
for about 9% of global aluminium supply, and at least two major smelters in
Qatar and Bahrain suspended deliveries, prompting US buyers to secure
alternative cargoes from Asia. A prolonged war will hurt aluminium supplies
further. ·
Data
watch: China’s Feb CPI and PPI, for the rest of the week, attention will turn
to China’s Feb trade figures (10 Mar), and India’s Feb CPI (12 Mar). China’s
Two Sessions will continue through the week and conclude on Thu (12 Mar).
Attention will still stay on geopolitical headlines out of the Middle East in
the new trading week. Latest US inflation data (CPI and PCE) and consumer
confidence data will be of interest as well. OTHER NEWS Escalating tensions in Middle East adding
more buying pressure on crude oil, LNG, and freight costs, transmitting cost
pressure directly into steel and steel-related commodity markets. This will
be supportive for domestic steel manufacturers through increased pricing
power. However, the increased cost of coking coal, which is mostly imported
by domestic steelmakers, may have a short-term negative impact on
profitability. hSML Mahindra Commercial Vehicles (February
YoY): Total sales soar 15.1% to 1,415 units Vs 1,229 units. Positive Yes Bank : The
board has approved the appointment of Vinay Muralidhar Tonse
as MD & CEO (Designate) of Yes Bank, effective March 12. Tonse will take charge as the MD & CEO of the bank
effective April 6, after Prashant Kumar, the current MD & CEO, demits
office on April 5. Max Financial Services: Axis entities
— Axis Bank, Axis Securities, and Axis Capital — have provided their
in-principle no-objection to the proposed amalgamation of Max Financial
Services into Axis Max Life Insurance Kotak Mahindra Bank :
RBI has approved the appointment of Anup Kumar Saha to the board of Kotak
Mahindra Bank. Accordingly, Saha has become a Whole-time Director (designated
as Whole-time Director – Executive Director) and a Key Managerial Personnel
of the bank with immediate effect. Saha has ceased to be a Senior Management
Personnel of the bank. Positive |
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