June 01, 2026

TOP NEWS

War update:  Iran’s chief negotiator warned that United States was not to be trusted, saying would not agree to any deal with Washington unless it fully secured Iranian rights. Reports suggested that U.S. President Donald Trump had sent a tougher peace proposal back to Iran, and underlined the rift that the parties still need to close. Israeli forces are making their deepest incursion inside Lebanon. The situations indicate a longer time for closure of peace deal leading brent crude to reach $93/ barrel. Asian markets are positive and gift nifty indicates an 0.2% upside.

Wockhardt's new antibiotic, Zaynich, has received US FDA approval. This drug uses a novel mechanism to fight drug-resistant bacteria. It targets superbugs that resist current treatments. Zaynich offers a powerful synergy to overcome resistance. The drug has a significant market opportunity. Wockhardt anticipates market exclusivity until around 2038.

Jupiter Wagons: Revenue was down by 25% to Rs 1,044 crore. Operating profits crashed by 46% to Rs 83 crore. Operating margins at 10.6% vs 14.7% in Q4Fy25. Full year 2026 PAT was down to Rs 166 crore vs Rs 380 crore in Q4FY25. BESS and the Railways mega-tender are genuine long-term angles. Negative

Dee Development: Secured contract worth Rs 386.86 Cr (incl. GST) for manufacturing & supply of piping. The orders, awarded by Bharat Petroleum Corporation Ltd, are to be executed by Feb 2028.

Interglobe Aviation: Revenue was flattish at Rs 22,438 crore growing marginally by 1.3%. Operating profit was down by 64% to Rs 2,202 crore and posted net loss of Rs 2,287 crore vs profit of Rs 3,068 crore in Q4FY25. Results were weaker than street estimates. Negative

NCC : The company has received new orders worth ₹1,837 crore (excluding GST) during May 2026. The order inflows were led by the Water Division, which secured projects worth ₹1,289 crore, followed by the Buildings Division with ₹261 crore and the Electrical Division with ₹286 crore.

Godrej Properties : The company has won an e-auction for a 23.2-acre residential land parcel in the DMIC Integrated Township, Greater Noida. The project is expected to have a revenue potential of over ₹7,000 crore. The company plans to develop a premium residential project comprising apartments across multiple configurations. The land parcel is strategically located in Greater Noida, benefiting from connectivity to the Noida-Greater Noida Expressway, Eastern Peripheral Expressway, and the upcoming Noida International Airport. The acquisition further strengthens Godrej Properties’ presence in the NCR market, where it has already seen strong demand, with two Greater Noida launches in FY26 generating sales of around ₹1,500 crore each.

Textiles: The Government of India has fully waived all customs duties and cesses on cotton imports for a five-month period from June 1 to October 30, 2026. Announced by the Ministry of Finance, this targeted, time-bound policy removes the 11% import levy (which comprises the basic customs duty and the Agriculture Infrastructure and Development Cess). Key beneficiaries are large, integrated textile conglomerates, spinning mills, and garment exporters. These companies rely heavily on high-quality imported cotton—such as Extra-Long Staples (ELS)—to mix with domestic fiber or to execute large global export orders. Stocks such as Vardhaman Textile, KPR Mill, Arvind, Gokaldas Exports among others to be in focus today.

MACRO WRAP

• U.S. Secretary of State Marco Rubio engaged Lebanon’s President Joseph Aoun and Israel’s Prime Minister Benjamin Netanyahu over the past 48 hours to push a ceasefire plan. The proposal calls for Hezbollah to halt attacks immediately in return for Israeli restraint in Beirut, enabling phased de-escalation. While Aoun has attempted mediation, Speaker Nabih Berri urged Israel to cease fire first. U.S. officials stressed Hezbollah’s ties to Iran and said de-escalation hinges on ending attacks.
• China’s May Rating-Dog China manufacturing PMI 51.8, down 0.4 percentage points from April. Total new orders continued to expand more slowly; new export orders declined from April into contraction. Overall manufacturing expansion slowed but underlying activity remains stable; continued new orders and output support the sector and easing cost pressure helps profit prospects, while weaker external demand is a downside risk.
• Global gold demand is softening amid ME tensions pressuring emerging market currencies and prompting tighter import curbs. In India, demand has collapsed sharply, down nearly 70% after the government more than doubled import duties earlier this month. Consumption fell to ~7.5 tonnes in the fortnight ended May 27 versus ~25 tonnes a year ago, as the effective tax burden surged to 18.45% from 9.18%, severely denting buying appetite. Sentimentally negative for Jewellers.
• Equity markets approached the weekend with cautious optimism. In the US, the S&P 500 closed the week up 0.2%, marking its ninth consecutive weekly gain, while the NASDAQ rose 0.2% and the Dow Jones increased 0.7%, with the USD easing as the DXY declined -0.1%
• US bond markets firmed as oil prices eased on expectations of a potential agreement. The 2-year yield fell 2bps and the 10-year declined 1bp. Futures pricing for the first Fed rate hike was trimmed, with mark.
• Commodities: Brent fell for third consecutive session on Friday, down -1.8% to US$92.1/bbl, and WTI falling -1.7% to US$87.4/bbl. Gold rose 1.0%, while metals were mixed, with copper down -0.5% and aluminium up 0.2%. Iron ore gained 0.1% as China’s May steel PMI fell to 47.9, indicating contraction.

INVESTMENT CALL

First cut: NMDC Q4FY2026     

-       Revenue from Operations for Q4FY26 jumped 62% YoY to ₹11,343 crore, the largest ever quarterly consolidated revenue for the business. Best-ever consolidated revenue for FY26 full year was ₹32,071 crore, up 34% YoY. The Q4 jump was also aided by robust iron ore sales volumes and a sharp increase in revenues from the HR Coil & Sheets sector, which reflected the full integration of NMDC Steel Limited trade operations. HR Coil & Sheets provided ₹3,961 crore to segment revenues for the full year, as against just ₹199 crore in FY25.

-       EBITDA for Q4FY26 stood at approximately ₹2,873 crore, and the Iron Ore segment contributed ₹3,056 crore in segment profit for the quarter. Consolidated PBT for FY26 full year was ₹10,149 crore, up 11% YoY. Q4FY26 total expenses grew 72% YoY to ₹8,903 crore due to higher purchase of stock-in-trade (₹2,837 crore in Q4 alone vs ₹83 crore in Q4FY25) and rising royalty & other levies of ₹3,235 crore. Capex investments across mines and subsidiaries continued with depreciation for FY26 at ₹477 crore vis-à-vis ₹420 crore in FY25.

-       Consolidated net profit for the full year FY26 was ₹7,450 crore, up 14% YoY.

-       View: NMDC’s FY26 performance shows its diversification into mining and metals. The steel business is already generating significant revenue. The Iron Ore category led earnings at ₹9,846 crore in FY26, while HR Coil & Sheets were slightly profitable at ₹16 crore, showing an early ramp-up in NMDC Steel Limited. The company is well placed to maintain robust earnings growth in FY27, aided by India’s strong infrastructure and steel demand outlook, record iron ore volumes, best-ever consolidated revenue base, improving JV profitability and a robust pipeline of new mines. We will come out with a detailed note. We currently have a bullish view on the stock.

Results (consolidated)                                                                                       Rs crore

OTHER NEWS

Hindustan Copper: Company secures 20-year contract with Lohum Materials to restart operations at Gujarat Copper Unit. The corporation may also pursue copper block potential in Madhya Pradesh, Chhattisgarh, Jharkhand, West Bengal and Sikkim. Positive

Sky Gold & Diamonds: The company has reiterated its PAT guidance of Rs. 945 crores by FY30. Overall management showed confidence and execution by raising its FY23 sales guidance from ₹5,000 Cr to FY27 to ₹8,100 Cr and changing the story from pure growth to “growth + cash generation” with Sky Gold 3.0. However, due to gold prices' volatility, they won't be providing revenue growth guidance and targeted a growth of 30-35% in the long.

IREDA Q4FY6 profit slips 1.8% to Rs. 493 crore; declares Rs. 1.35 dividend : The company had reported a net profit of Rs. 501.55 crore in the same quarter a year ago. Expenses increased to Rs. 1,562.14 crore from Rs. 1,285.91 crore in the last quarter of FY25. In FY26, loan sanctions increased 9 per cent year on year to Rs. 51,883 crore from Rs. 47,453 crore in FY25. Loan Disbursements were at Rs. 34,946 crore vs Rs. 30,169 crore (posting a rise of 16%). Loan Book increased 22 per cent to Rs. 93,069 crore from 76,282 crore in FY25. For the entire FY26, IREDA posted a net profit of Rs. 1,874 crore, up from Rs. 1,698 crore in 2024-25. The total dividend for the financial year is Rs. 1.35/- per equity share, including interim dividend of Rs. 0.60 per share.