April 23, 2026

TOP NEWS

War update: Uncertainty surrounds the next phase of US-Iran talks, with Tehran yet to respond and Vice President JD Vance’s planned visit to Islamabad now on hold. Despite an extended ceasefire, talks have stalled with Iran refusing negotiations until the US lifts its naval blockade, while Washington keeps pressure on Tehran. Both sides are effectively restricting traffic through the crucial oil route, raising fears of supply shortages and global price spikes. Brent  crude reached Rs 102.47 / barrel . Cautiously negative for Indian economy.  

Unimech Aerospace: Announced a major strategic investment of up to ₹450 crore to acquire Hobel Bellows, a specialized manufacturer of metallic bellows and precision-engineered assemblies. specializes in manufacturing metallic bellows, expansion joints, flexible tubing components, and precision-engineered assemblies. The company operates from an approximately 180,000 sq. ft. manufacturing facility at Duvvada SEZ, Visakhapatnam, with strong export orientation serving nearly 90% international markets. Positive read through. Positive

Jio Financial Services: Jio Financial has entered into a binding agreement with Allianz Group (Allianz), through its wholly owned subsidiary Allianz Europe BV, to form a 50:50 primary insurance joint venture (JV) covering general and health insurance to serve the rapidly expanding Indian insurance sector.The JV will commence operations upon receiving the necessary statutory and regulatory approvals. Jio Financial and Allianz are also working towards a separate binding agreement for the life. Positive

Oracle Financial Services Software Q4 (Consolidated YoY) :Profit spikes 30.7% to Rs 841.7 crore Vs Rs 643.9 crore. Revenue grows 20.3% to Rs 2,065.2 crore Vs Rs 1,716.3 crore. Positive

Delta Corp Q4 (Consolidated YoY): Profit tanks 90% to Rs 16.45 crore Vs Rs 164.56 crore. Revenue declines 11.7% to Rs 161.3 crore Vs Rs 182.65 crore. Exceptional loss stands at Rs 5.51 crore Vs gains of Rs 212.14 crore. Board approves second interim dividend of Rs 270 per share. Negative

BEL: Secured orders worth Rs 569 crore, marking the commencement of order inflows for the financial year 2026–27. Major orders include avionics, EW systems, high-energy lasers, communication equipment, tank subsystems, laser-based fuzes, test equipment, upgrades, spares, and services. Positive

SBI: life Profit falls 1.1% to Rs 804.6 crore Vs Rs 813.5 crore. Net premium income grows 16% to Rs 27,683.8 crore Vs Rs 23,860.7 crore. Renewal premium soars 13.85% to Rs 16,714 crore Vs Rs 14,680.3 crore.

Tech Mahindra: Tech Mahindra Ltd posted revenue of USD 1,635 million, up 0.9% q-o-q (4.9% y-o-y). In CC, revenue grew by 0.6% q-o-q (+2.4% y-o-y). Revenue in INR terms stood at 15,076 crores, up 4.7% q-o-q (+12.6% y-o-y). EBIT stood at 2,084 crores, up 10.2% q-o-q (+48.3% y-o-y). EBIT Margin came in at 13.8% (68bps q-o-q/332bps y-o-y). Adj. PAT stood at Rs 1,354 crores, down 2.9% q-o-q (+13.4% y-o-y). PAT Margin came in at 9.0% (down 71bps q-o-q/ up 6bps y-o-y). Other income stood at a loss of 205 crore, due to forex losses. Americas and Europe posted strong sequential and y-o-y growth partially offset by weakness in RoW. Americas recorded modest growth of 2.1% y-o-y, while Europe delivered a strong 11.2% y-o-y growth, primarily driven by large deal ramp-up in European auto. RoW revenues declined 4.0% YoY, largely attributable to seasonal furloughs and annual productivity adjustments. However, the company’s priority markets within ROW primarily ANZ, Japan, Singapore, and Indonesia posted robust growth of 12.9% YoY, reflecting the continued strategic emphasis on high-potential geographies expected to contribute meaningfully to future revenue as the portfolio mix evolves.

LTTS: The company reported 6.75 per cent y-o-y rise in consolidated net profit at Rs 332 crore in Q4FY26. The company had reported a net profit of Rs 311 crore in the March quarter of FY25.The company's revenue from operations rose 8.3 per cent to Rs 2,857.9 crore in Q4 FY26, as compared to Rs 2,637.8 crore in the year-ago period, according to a regulatory filing. On a quarter-on-quarter basis, profit and revenue climbed by 9.7 per cent and 2.5 per cent, respectively. For the full fiscal year ended March 31, 2026, LTTS posted a net profit of Rs 1,279.2 crore, reflecting a marginal hike of 0.98 per cent from Rs 1,266.7 crore in FY25.

Amara raja: The shares of Amara raja zoomed 15% in yesterday’s trading session and exchanges sought clarification on a particular news item. The company clarified that the information pertaining to crossing 1 GWh of lithium battery deployment in the telecom sector represents cumulative installations achieved by Amara Raja Energy & Mobility Limited and its subsidiaries (Company) over the past few years and does not constitute a new development or material event. There is no unpublished price sensitive information or new material disclosure arising from the said article that warrants additional clarification.

MACRO WRAP

• Geopolitical tensions between the US and Iran remain elevated, even after US President Donald Trump extended the ceasefire. Iran’s navy said on Wed that it had seized two container ships in the Strait of Hormuz, underscoring persistent tensions in the strategically vital waterway, which is now effectively closed. Oil prices rose sharply, with international benchmark Brent crude futures climbing above US$100/bbl.
• The Israel-Lebanon direct talks are scheduled to resume today in Washington. The 10-day ceasefire is set to expire on 26 April. Iran has said that any peace deal requires the end of hostilities in Lebanon as well.
• Financial markets are likely to remain headline driven today, with sentiment sensitive to developments in the Middle East and the security of the Strait of Hormuz. Persistently high oil prices should support energy stocks but may weigh on broader risk assets by intensifying inflation concerns.
• Safe haven demand for the US dollar, Japanese yen and Swiss franc may continue, while bond yields and risk assets remain vulnerable to volatile intraday moves. The focus on the data front will be on the flash Apr PMI readings from the US, Euro area and the UK, alongside US initial jobless claims and Mar new home sales, all of which will help gauge growth momentum and labour market dynamics.
• Germany’s Economics Ministry halved its growth forecast for 2026 to 0.5% from 1%, citing the Iran war and the closure of the Strait of Hormuz. It also trimmed the 2027 growth forecast to 0.9% from 1.3%. Inflation is projected at 2.7% this year and 2.8% next year. Sentimentally negative for Industrial commodities and Euro
• The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.7%, 1.1%, and 1.6% respectively. The Eurostoxx 50 fell 0.4%. The Dollar Index rose 0.2% to 98.59. EUR-USD fell 40 pips to 1.1700. The US 2Y yield rose 2bp to 3.80% and the 10Y yield edged up 1bp to 4.30%. The German 10Y yield was flat at 3.01%. The UK 10Y yield rose 3bp to 4.91%. Brent crude oil prices rose 3.5% to USD101.91. Gold rose 0.4% to USD4,740.
• Data watch: we get the Chicago Fed National Activity Index, initial jobless claims, the S&P Global manufacturing and services PMI, and the Kansas City Fed Manufacturing Activity Index.

INVESTMENT CALL

Stock update: Nestle Q4FY26 (Standalone) result update – All-round show; outlook bright

Reco: Buy                  Reco. Price: Rs. 1,396                 Price Target: Rs. 1,575

• Nestle’s Q4FY26 numbers were strong beat on all fronts with volume-led y-o-y revenue growth of 22.6%, OPM rising 102 bps y-o-y to 26.3% and adjusted PAT up by 28.9% y-o-y.
• Revenue growth was broad-based across categories, supported by strong execution and disciplined resource allocation driving penetration and premiumization, while margin expansion was led by operating leverage.
• We expect better volume performance, brand investments, strengthening distribution, increasing capacity, and GST reduction across portfolio to drive growth. Volatile commodity prices are likely to keep a check on near-term margins.
• Stock trades at 67x/58x its FY27E/FY28E EPS, respectively. We maintain a Buy rating with a revised PT of Rs. 1,575.

Valuation (Consolidated)                                                   Rs. crore

 *FY24 figures adjusted for 12 months

Results (Consolidated)                                                                               Rs. crore                                                   

First Cut: Trent Q4FY26 (Standalone) results – Strong beat on estimates; 1:2 bonus issue approved

• Trent’s Q4FY26 revenue grew by 20.2% y-o-y to Rs. 4,937 crore, EBITDA margin expanded by 263 bps y-o-y to 18.6% (versus 16.1% expected) and PAT rose by 30% y-o-y to Rs. 455 crore (against Rs. 399 crore expected). In Q4FY26, online revenues grew by 25% and contributed over 6% of Westside revenues. The gross margin profile of Westside and Zudio is stable. Operating EBIT margin for Q4FY26 rose to 11.5% against 9.7% in Q4FY25.
• In Q4FY26, the company opened 23 Westside and 109 Zudio stores (including 2 stores in the UAE) and consolidated 1 Westside store. As of March 31, 2026, Trent’s total portfolio reached 1,286 stores: Zudio: 963 stores (including 6 in the UAE), Westside: 300 stores and Others: 23 stores (Lifestyle concepts).
• The Board has 1) approved a 1:2 bonus issue, 2) recommended dividend of Rs. 6 per share and 3) approved a Rs. 2,500 crore rights issue to support future growth and store expansion.
• View: We shall review our estimates and come out with a detailed note soon. Currently we have a Buy rating on the stock.

Results (Consolidated)                                                                         Rs. crore

OTHER NEWS

JSW Steel and POSCO have formed a joint venture to build a 6 million tonnes per annum (MTPA) integrated steel plant in Odisha, adding new capacity to India's growing steel production base. JSW Steel aims to increase its value-added mix to ~61% by Q3FY26 and expand capacity to 54.5 MTPA from 34.2 MTPA. Positive

Tata Steel: To improve efficiency and accuracy throughout its international operations, Tata Steel has teamed up with Google Cloud to develop an enterprise-wide agentic AI strategy. In just nine months, the company will have deployed over 300 AI agents. The partnership makes it possible to move from disparate tools to a single, enterprise-wide execution platform. Positive

Bharat Coking Coal: BCCL reported a 15% decline in its revenue in the fourth quarter to ₹3,282.95 crore from ₹3,865.79 crore in the previous year. Total operating income for the quarter came in at ₹3,283 crore , down 15% YoY with sales volume of 7.3 million tonne, down 26% YoY. Negative

Lemon Tree Hotels (LTHL): The company has signed two License Agreements viz. Lemon Tree Premier, Raipur and Lemon Tree Hotel, Jalandhar. Both the properties shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of LTHL. Lemon Tree Premier, Raipur will feature 78 well-appointed rooms, a restaurant, banquet hall, conference room, spa, swimming pool, and a fitness center. Lemon Tree Hotel, Jalandhar will feature 60 well-appointed rooms, a restaurant, banquet hall, conference room and other recreational amenities including a swimming pool, spa, and fitness center.