September 21, 2026

TOP NEWS

War update: The Iranian military says it believes the US is planning to resume strikes against the country and has promised to retaliate “without limitations” if Washington follows through. US media meanwhile reported that Trump is in a “deciding mode” and “that very big things are going to be happening in the not-so-distant future”. Trump mentioned that the options on the table were “wiping Iran out, letting them rot economically or making a deal. Asian markets is trading on a positive note. Gift nifty indicates a flattish start for the day.

 

Welspun Corp's : Welspun Corp's associate East Pipes Integrated Company won a Rs. 2,000 Crore contract from Saudi Aramco. The order involves manufacturing and supplying steel pipes in Saudi Arabia, with execution expected between Q4 FY2027 and Q1 FY2028. Company is also setting up a new step-down subsidiary in Jordan to manufacture and process iron and steel pipes for the local energy and water sectors.

 

Advait Energy: Advait Battery Ecosystem has signed a Master Supply Agreement with HiTHIUM for up to 1 GWh of LFP battery cells over the next year. The cells will support Advait’s upcoming 2.5 GWh annual BESS assembly facility in Gangad, Gujarat, which is expected to start commercial production soon. The agreement strengthens Advait’s domestic BESS supply chain, with capabilities spanning cell sourcing → module/pack assembly → container integration → system commissioning.

 

GR Infra: The Agra–Gwalior Highway project has received the appointed date of September 7, 2026 from NHAI, marking the formal commencement of the Rs. 4,262.8 crore DBFOT/BOT (Toll) project. The project involves developing a 6-lane access-controlled greenfield highway along with strengthening the existing NH-44 section, with a completion period of 910 days from the appointed date.

Lenskart Solutions: Platinum Jasmine A 2018 Trust is likely to sell up to 3 crore equity shares, representing a 1.7 percent stake in Lenskart, through a block deal. The offer size is pegged at Rs 2,047.4 crore, with a floor price of Rs 682.45 per share, reports CNBC-TV18, quoting sources. Platinum Jasmine A 2018 Trust held a 9.77 percent stake in Lenskart as of June 2026. (Negative)

 

Tega Industries : Tega McNally Minerals Ltd, has secured a contract worth ₹126 Cr  from Kalpataru Projects International Ltd. The contract involves design, engineering, manufacturing, supply, and erection of equipment, to be executed over 14 months. This is a significant domestic order for the company.

 

Welspun Enterprises: The company's subsidiary, Welspun Michigan Engineers, has secured two sewer rehabilitation projects worth Rs 351.24 crore from the Ahmedabad Municipal Corporation. Both projects are funded by the World Bank.

 

Mazagon Dock: The company has signed an MoU with National Shipbuilding & Heavy Industries Park Andhra Pradesh (NSHIPAP) to participate as the Anchor Shipyard in the proposed Greenfield Shipbuilding Industrial Cluster at Dugarajapatnam, Andhra Pradesh. The proposed shipyard envisages an annual shipbuilding capacity of at least 1.2 million gross tonnes and aims to create a globally competitive shipbuilding and marine ecosystem in the country.

 

 

MACRO WRAP

  • The US Congress passed sweeping sanctions legislation allowing tariffs of up to 100% on top buyers of Russian oil whereby Trump is expected to sign it. India formally warned the measure could damage bilateral ties and disrupt global energy markets. Sentimentally negative for Indian OMC’s.
  • Oil prices eased despite Middle East supply risks, with Saudi Aramco working to restore pipeline capacity following recent attacks. Seven VLCC carrying Saudi oil have been reported in the Easter ports, roughly 60 million barrels of Saudi have been exported in September.
  • U.S. retail diesel averaged $6.505 per gallon as of Saturday, the first time above $6.50 and a fresh record, continuing a war-driven rally that is spilling across the economy. AAA data show diesel has accelerated since September, rising more than $0.87 month-to-date with almost daily gains and now well above the 2022 peak; it crossed the $6.00 mark less than 10 days ago.
  • PBOC kept its key lending rates at record lows for a 16th straight month in September 2026, holding the 1-year LPR at 3.0% and 5-year at 3.5%, as it stayed cautious over Middle East conflict risks despite a stronger yuan and overseas rate hikes. Industrial output picked up, but retail sales and new loans disappointed, while housing prices fell again, albeit at the slowest pace in eight months on policy support.
  • Euro area inflation expectations in August 2026 rose to 3.0% for the next 12 months, 2.9% in three years, and 2.5% in five years. Lower-income and older households still see higher inflation than richer and younger groups. Income growth is expected at 1%, GDP growth at -1.2%, unemployment at 11%, and home prices and mortgage rates are seen up 3.4% and 4.9% over the next year.
  • Houthi forces fired a ballistic missile toward Riyadh and claimed strikes on Yanbu oil facilities. Iran conveyed conditions to end the war to US via Qatar. Iran’s oil exports over the past 30 days hit their highest monthly sales level in two years despite a US naval blockade of Iranian ports. Saudi Arabia has told at least two European refiners that no crude allocations will be delivered in Oct.
  • The bond market sell-off continued with yields ticking higher. The 2-year Treasury yield rose approximately 8bps to close near 4.748%, its highest level since July 2024. The 10-year yield settled at 4.998% after briefly touching 5.00% intraday, a level last seen in 2007. The 30-year yield closed at 5.328%. The 2s10s spread flattened to around 25bps, testing year-to-date lows reached in June, while the 5s30s spread narrowed to around 46bps, its lowest level since March 2025.
  • Fed funds futures are pricing a 53.1% probability of a rate hike at the 28 October meeting and a 77.6% probability of a hike by the 9 December meeting. Markets currently imply approximately 1.3 rate hikes cuts by year-end, even as the possibility of further rate hikes remains priced in, reflecting an unusually high degree of policy uncertainty.
  • China's imports of copper ores and concentrates in August 2026 amounted to 2,508,014.24 mt, up 5.44% MoM and down 9.50% YoY. Global mine copper production fell 1.1% YoY in H1 2026. Production disruptions at Freeport-McMoRan's Grasberg copper mine in Indonesia and Ivanhoe Mines' Kamoa-Kakula copper complex in the DRC together reduced expected 2026 production by about 600,000 mt, accounting for roughly 2.5% of annual global mine copper output. Positive for Hind copper.

OTHER NEWS

HEG: HEG Advanced Materials' subsidiary, Replus Engitech, has landed a major ₹217.56 crore order from Indus Towers to supply Lithium-Ion Battery Banks by March 2027. This order provides strong commercial validation for HEG's clean technology pivot following its massive corporate demerger earlier this month. Limited. Under this order, Replus Engitech will supply and install advanced Lithium-Ion Battery Banks to modernize tower backup systems. The contract has a targeted complete execution timeline by March 2027

 

Nibe: signed a Memorandum of Understanding (MoU) with France's Naval Group on naval shipbuilding and defence technologies, including underwater drones, submarine systems, mine countermeasure systems and naval weapon launching systems.

 

Refex industries: Bagged a Contract aggregating to ₹ 160 crores for lifting of 10 MT of Pond Ash and Fly Ash under RCR (Road-cum-Rail) Mode.

Knowledge Marine: Received a work order from Mumbai Port Authority for chartering a 60 Ton Battery Operated Electric Green Tug for 15 years, valued at Rs 279.33 Crores.