February 23, 2026

LATEST NEWS

>> 12:39 PM

Hindustan Zinc Limited: The world’s largest integrated zinc producer of a Vedanta group company has signed a Memorandum of Understanding (MoU) with Tripura Group to operationalize a manufacturing unit within the company’s flagship Zinc Park at Khankhala, Bhilwara district of Rajasthan. The agreement marks an important milestone in Hindustan Zinc’s plan to build India’s first integrated downstream industrial hub dedicated to zinc-based value chains. Tripura Group brings decades of domain expertise in beneficiation inputs and process optimisation for metal processing. Positive


TOP NEWS

 

India US trade deal: US Supreme Court ruled that President Donald Trump overstepped his powers by imposing sweeping tariffs under International Emergency Economic Powers Act (IEEPA). After the US Supreme Court order, the Trump administration switched to Section 122 of the country’s 1974 Trade Act that gives the President temporary powers to impose tariffs, which would take the overall rate to 15 per cent. Seeing the scenario the three-day India-US trade talks, set to start Monday in Washington DC to finalise the legal text of the agreement struck earlier this month, have been rescheduled. Since the tariff rates are lower than the decided tariff rates India stands to benefit from the newer tariff rates if implemented. Positive read through for US export stocks such as Gokaldas Exports, Sona BLW, Bharat forge etc.

 

IDFC/AU Small Finance: The Haryana state government's finance department announced in an official circular on Sunday, Feb. 22 that all government bank accounts held in IDFC First Bank and AU Small Finance Bank across the state will be de-empaneled with immediate effect. The move comes after IDFC First Bank disclosed a Rs 590-crore fraud by its employees and others in accounts held by the Haryana government. AU Small Finance Bank says there is no indication of fraud or financial impact after Haryana government de-empanelled it, adding that government deposits account for just 0.4% of total deposits. Negative

 

Godrej Properties: The company has entered into a joint development agreement to develop an ~18-acre land parcel in Thane, Mumbai. The primarily residential project has an estimated revenue potential of over ₹7,500 crore.

 

Dee Development: Secures Rs173 Cr worth of new orders . Orders span across Domestic & International markets . Focused on Power Sector Projects Strengthens order book visibility & execution pipeline.

 

Prestige Group: The company has signed a definitive agreement with Bangalore Metro Rail Corporation Limited (BMRCL) to adopt and co-brand Bellandur Metro Station as “Prestige Bellandur Metro Station”. Prestige will invest ₹115 crore over a 30-year concession period for station upgrades and enhancements. In return, it receives exclusive naming rights, 3,000 sq. ft. commercial space, 1,000 sq. ft. advertising rights, and provision for a future connectivity bridge to Prestige Lakeshore Drive.

 

Narayana Health: The company has acquired ~3.3 acres of land with ~36,476 sq. meters of built-up area in Electronic City, Bengaluru.The property will be used for software development, a Global Capability Center (GCC), and business expansion initiatives.

 

Railtel/Ashoka Buildcon: RailTel, in consortium with Ashoka Buildcon, has been selected as the Managed Service Provider (MSP) for the modernization of offices of the Inspector General of Registration (IGR) and Controller of Stamps under the Government of Maharashtra. The estimated project value is ~₹1,136 crore over five years.

 

NMDC: Adani Ports and Special Economic Zone Ltd. (APSEZ), through its subsidiary Adani Gangavaram Port Limited (AGPL), signed a Memorandum of Understanding (MoU) with NMDC Limited and Vale S.A. (Brazil) at the India-Brazil Business Forum Summit in New Delhi. According to the statement, this expansion will expand Gangavaram Port's capacity to 75 MMT, making it a hub for iron ore exports in India and the region. Positive

 

HAL: The Indian Air Force (IAF) has lost another Tejas Light Combat Aircraft (LCA) in an accident, triggering investigations and extensive technical checks across the fleet. the incident occurred earlier this month in an operational area at a key air base when the fighter jet was landing after a routine training sortie. Preliminary assessment pointed to a suspected technical glitch, possibly involving a failure in onboard systems. Following the accident, the Indian Air Force has grounded its entire fleet of around 30 single-seat Tejas jets to carry out an intensive technical probe. Negative read through for HAL.

 

MACRO WRAP

  • US President Donald Trump on Sat (21 Feb) said he will increase the global 10% tariff he announced on Fri (20 Feb) to 15%, in reaction to the US Supreme Court’s vote of 6-3 to strike down his “reciprocal” tariffs saying that the International Emergency Economic Powers Act (IEEPA) “does not authorize the President to impose tariffs”. However, the ruling does not mean tariff rates will revert to pre-reciprocal tariff levels. Higher tariff rates are here to stay given that there are other legal avenues the administration will pursue as US could the use of Section 122 authority, combined with potentially enhanced Section 232 and Section 301. Sentimentally Positive for Gold
  • Indian trade officials will postpone a trip to the US this week which was supposed to finalize the interim trade deal with the US. Under the deal, President Trump lowered the tariffs on Indian imports to 18% from 25% and removed the extra 25% punitive duty related to Russian oil imports. Sentimentally positive for Indian markets and Inr
  • European Parliament’s trade chief will propose freezing the ratification process of the European Union’s trade deal with the US until they have received details from US President Donald Trump’s administration on its trade policy. The European Commission called on Sun for the US to abide by the terms of the trade deal struck last year with the EU.
  • Data watch : the US economic docket kicks off with the Chicago Fed national activity index for Jan. Factory orders and durable goods orders for Dec will also be released, alongside the Dallas Fed manufacturing index for Feb.
  • The first look at US Q4 GDP disappointed and expanded by only 1.4% qoq, this was mainly due to the temporary government shutdown which led to a contraction in government spending. It is expected to recover in Q1 2026. For 2025, the economy grew 2.2% vs 2.8% in 2024. Sentimentally negative for USD
  • US personal income rose 0.3% in Dec, supported mainly by gains in compensation and higher government social benefits. Personal spending increased 0.4%, PCE price index rose 0.4% m/m, with core PCE also up 0.4% m/m. On an annual basis, headline PCE accelerated to 2.9% y/y from 2.8%, well above expectations, while core PCE ticked up from 2.8% y/y to 3.0% y/y. sentimentally negative for USD
  • Data watch : the US economic docket kicks off with the Chicago Fed national activity index for Jan. Factory orders and durable goods orders for Dec will also be released, alongside the Dallas Fed manufacturing index for Feb.
  • This week, the focus will be on Trump’s new tariff plan. US-Iran tensions will also be eyed as Trump said last Fri that is considering limited military strikes to pressure Iran over its nuclear program while Omani foreign minister Albusaidi on Sun (22 Feb) confirmed another round of talks between US and Iran taking place in Geneva last Thu (26 Feb).

INVESTMENT CALL

 

Stock update: Hindustan Unilever Q3FY26 (Consolidated) result update – Soft Q3; improving outlook

Reco: Buy                  Reco. Price: Rs. 2,315                  Price Target: Rs. 2,750

  • HUL posted 6% y-o-y consolidated revenue growth in Q3FY26 led by 4% y-o-y volume growth, with OPM lower by 67 bps y-o-y to 23%, leading to 2.6% y-o-y decline in the adjusted PAT.
  • Management expects FY27 revenue growth to be better than FY26, led by portfolio and channel transformation, with low-single-digit price growth.
  • OPM guidance maintained at 22-23% given investments to drive volume growth.
  • Stock trades at 52x/49x/44x its FY26E/FY27E/FY28E EPS, respectively. We retain a Buy with a revised PT of Rs. 2,750.

 

Valuation (Consolidated)                                                   Rs. crore

Particulars

FY24

FY25

FY26E

FY27E

FY28E

Revenue

61,896

63,121

65,303

69,535

75,104

OPM (%)

23.7

23.5

23.1

23.3

23.5

Adjusted PAT

10,282

10,451

10,390

11,211

12,282

Adjusted EPS (Rs.)

43.8

44.5

44.2

47.7

52.3

P/E (x)

52.9

52.1

52.4

48.5

44.3

RoNW (%)

20.3

20.8

21.5

24.4

27.8

RoCE (%)

27.2

27.9

28.6

32.5

37.4

 

Results (Consolidated)                                                                               Rs. crore                                                   

Particulars

Q3FY26

Q3FY25

y-o-y (%)

Q2FY26

q-o-q (%)

Total revenue

16,441.0

15,556.0

5.7

15,919.0

3.3

Operating Profit

3,788.0

3,689.0

2.7

3,785.0

0.1

Adjusted PAT

2,555.8

2,623.6

-2.6

2,630.2

-2.8

Extra-ordinary items

430.8

-402.4

-

-163.8

-

Share of profit/loss

7.0

-1.0

-

3.0

-

Reported PAT

2,118.0

3,027.0

-30.0

2,791.0

-24.1

Adjusted EPS (Rs.)

10.9

11.2

-2.6

11.2

-2.8

 

 

 

bps

 

bps

GPM (%)

51.4

51.1

25

51.5

-15

OPM (%)

23.0

23.7

-67

23.8

-74

NPM (%)

15.5

16.9

-132

16.5

-98

Tax rate (%)

27.0

24.9

211

24.5

247

 

 

OTHER NEWS

 

Hindalco: Plane maker Embraer signed a memorandum of understanding with Hindalco to explore procuring aerospace grade aluminium from India. Neutral

 

Vikram Solar: signed a strategic domestic cell procurement agreement with Jupiter International Limited to source high efficiency TopCon and Mono PERC solar cells. The agreement covers a total capacity of 2GW of ALMM-compliant crystalline solar cells, positioning Vikram Solar to enhance its manufacturing capabilities with advanced photovoltaic technology while ensuring compliance with Indian market requirements. Also lock in period to open for the company today. To remain in focus