June 25, 2026

 

TOP NEWS

 

OMC’s: Oil prices extended their decline on Thursday, with Brent crude falling to its pre-war levels as improving supply conditions and optimism over a potential US-Iran peace agreement continued to weigh on the market. Additional supply could also come from Iran after the US granted a temporary waiver allowing purchases of Iranian oil that had already been loaded before sanctions relief discussions began. Brent crude dropped more than 1.52% to around $72.4 a barrel, while US benchmark West Texas Intermediate (WTI) fell 1.43% to about $69.3 a barrel. Positive for Oil marketing companies such as HPCL, BPCL and negative for upstream companies such as ONGC and Oil India.

 

Sterlite Technologies: Approved the opening of its Qualified Institutions Placement (QIP) on June 24, 2026, setting the floor price at Rs 613.69 per equity share. The company may offer a discount of up to 5% on this floor price in consultation with lead managers. The launch of a ₹2,000 Crore QIP should give the company significant financial flexibility to pay down debt and invest in high-growth AI connectivity projects.

 

HCL Technologies announced that it has been selected as a strategic partner by Neste, the world’s leading producer of sustainable aviation fuel and renewable diesel. The partnership is part of Neste's company-wide performance improvement program which is making the company operationally stronger, strategically more focused and better prepared for growth in its core renewables business. As part of this, HCLTech will drive IT service consolidation, boost efficiency and build an agile, scalable technology capability. Going forward, Neste will look to utilize HCLTech’s scale and deep technical expertise in areas directly related to its core business competencies.

 

Bharti Airtel: S&P said that a stable outlook reflects its expectation that Bharti Airtel will pay down debt as earnings and cash flows strengthen, while maintaining a supportive leverage tolerance for the 'BBB+' rating over the next 12-24 months. "On June 24, 2026, S&P Global Ratings raised its long-term issuer credit ratings on Bharti Airtel to 'BBB+' from 'BBB'. At the same time, it raised ratings on the senior unsecured debt the company issued to 'BBB+' from 'BBB'," it said. The growing data consumption in high-growth markets of India and Africa will drive higher earnings for Bharti Airtel and support debt reduction, it said.

 

Embassy Developments: Signed a strategic Memorandum of Understanding (MoU) with the Uttar Pradesh government. The pact entails a heavy capital investment of Rs 1,500 crore to develop premium real estate projects in the high-growth Lucknow corridor.

 

Muthoot Finance: Gold crashes 24% from record high, loses safe-haven appeal: Gold prices are down in the last couple of weeks hence negative for Muthoot finance and other gold loan financiers. 

 

Fairfax could bid $5 bn for IDBI Bank; said to offer to fully divest from CSB Bank: The much-awaited disinvestment of IDBI Bank may be back on track following fresh discussions between Canadian billionaire Prem Watsa led Fairfax India Holdings and the Department of Investments and Public Assets Management (DIPAM). Media reports  aware of the possible transaction say Fairfax has furnished a fresh bid, along with a proposal to position IDBI Bank as its anchor investment in the financial services sector.

 

 

Macro Wrap

  • US-Iran peace efforts have improved the oil supply outlook. Confidence in a lasting deal has increased tanker traffic through the Strait of Hormuz with signals on, and buyers now face more crude offers from the Middle East and West Africa. A temporary US waiver for already-loaded Iranian oil will further boost supply, and Brent’s prompt spread shifted into bearish contango on Wednesday for the first time since the conflict began.
  • The Islamic Revolutionary Guard Corps warned international shipping on Wednesday that any new Strait of Hormuz transit routes established without Tehran’s coordination are unacceptable and dangerous, and threatened direct action against vessels that ignore its orders. The IRGC said only Iran-designated routes are safe, and its navy added all vessels seeking transit must coordinate with Iranian forces on VHF channel 16 a requirement that places Iranian military permission at the centre of commercial navigation through the chokepoint.
  • Oil prices dipped towards the pre-war levels while Gold broke below $4,000/oz for the first time since November, falling nearly 3% on Wednesday to trade as low as ~$3,960, and silver fell below $60/oz for the first time since December as the stronger dollar and rising rate-hike expectations reversed the "dollar debasement" trade that had underpinned bullion's three-year bull run. Positive for Inr
  • US new single-family home sales fell 7.3% in May 2026 to an annualized 580,000, a four-month low and well below forecasts. Higher mortgage rates weighed on demand, with sharp declines in the West and South and gains in the Northeast and Midwest. Inventory rose to 10.3 months of supply, the highest since 2009, while the median sales price increased slightly to $424,900.
  • The DJIA rose 0.4%, while the S&P500 and the Nasdaq Composite Index dipped 0.1% and 0.4% respectively. The Euro Stoxx 50 fell 0.3%. The Dollar Index edged up 0.2% to 101.61. EUR-USD fell 20 pips to around 1.1360. The US 2Y yield fell 5bp to 4.15% and the 10Y yield dropped 11bp to 4.39%. The German 10Y Bund yield fell 6bp to 2.87%. The UK 10Y yield fell 7bp to 4.68%. Brent crude oil prices fell 4.3% to USD73.74 as tankers resumed more open transit of the Strait of Hormuz. Gold fell 2.9% to just below USD4,000,
  • Data watch: we get the initial jobless claims, and the third estimate of Q1 GDP, durable goods orders, monthly PCE deflator for May. The consensus for the PCE deflator is at 0.5% mom vs 0.4% previously which translates to 4.1% yoy vs 3.8% previously.

 

OTHER NEWS

 

Infosys announced its strategic collaboration with Sentara, a leading not-for-profit healthcare organization, to create a scalable foundation for AI-driven transformation that aims to enhance efficiency, support clinicians and staff, and improve experiences for patients and members.

 

Vedanta: Company have informed the exchanges that it has incorporated a wholly owned subsidiary, Vedanta Property Platforms Ltd., to foray into the real estate sector. The company will serve as a strategic platform for managing and monetising surplus land parcels and non-core real estate assets.

 

Deccan Gold Mines: Inaugurated its flagship Jonnagiri Gold Project in Kurnool, Andhra Pradesh. This mine is targeting for output of 1 tonne. For investors in Deccan Gold Mines, the financial success of this project will depend on efficient ore processing and cost control as the mine ramps up from its initial target of 400 kg of gold for the 2026-27 fiscal year to its full capacity.

 

NLC India: Accelerating its clean energy transition, its subsidiary has entered into a joint venture agreement with the Odisha Renewable Energy Development Agency (OREDA). The JV will construct a massive 1,000 MW green energy project in Odisha, significantly expanding NLC's non-fossil fuel capacity profile.

 

Vikram Solar: The National Company Law Appellate Tribunal (NCLAT) has granted an interim stay on the ongoing insolvency proceedings against the solar module manufacturer, explicitly barring the Interim Resolution Professional (IRP) from taking any further steps until the next scheduled hearing.

 

Indian Railway Finance Corporation: The Government of India has decided to exercise the oversubscription option to the extent of 11.24 crore equity shares (representing 0.86 percent of total paid-up equity) in the offer-for-sale (OFS) of Indian Railway Finance Corporation. This is in addition to the base offer size of 13.06 crore shares, representing a 1 percent stake. Accordingly, the total offer size will increase to up to 24.3 crore shares, representing a 1.86 percent stake.