September 25, 2026

TOP NEWS

War update: Houthis said on Thursday ​that they had launched ‌missile and drone attacks on what they described ​as "a sensitive target" ​in Saudi Arabia's capital Riyadh ⁠and on Saudi ​Aramco facilities in the ​Red Sea city of Yanbu.  US and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran. Asian markets opened up mixed. Brent crude has reached $106/barrel. Gift nifty indicates a flattish start with 16 points cut on the bourses.

Waaree energies: Waaree Clean Energy Solutions just announced it will start producing some of these gases at its Dahej plant in Gujarat, starting with ammonia, phosphine, and silane to serve solar cells and semiconductors business. The phased project includes semiconductor-grade storage, UHP Ammonia purification, a Phosphine/Hydrogen mixing plant, and UHP Oxygen production, complementing its commercially available UHP Hydrogen, custom gas systems, and Total Gas & Chemical Management services pan-India.

Genesys International: awarded a major contract worth ₹283 crore for Ahmedabad's 3D Digital Twin and Spatial Intelligence Platform . This significant initiative, funded by the World Bank under the Gujarat Resilient Cities Partnership program, is recognized as one of India's largest Digital Twin projects to date. The project aims to create a comprehensive Geographic Information System (GIS) 3D digital map of Ahmedabad, covering approximately 625 sq km. It will digitally map crucial city elements including land parcels, properties, roads, water networks, sewerage systems, stormwater drainage, and other vital civic assets.

R R Kabel: Approved the acquisition of U M Cables Limited's business undertaking for ₹77 Cr via slump sale. This strategic move aims to expand R R Kabel's presence in the optical fibre cable segment & enhance its product offerings & operational capabilities. The acquired business reported a turnover of ₹7,818.64 Lakhs in FY26. The transaction is expected to conclude within 60 days of the Business Transfer Agreement execution

Nykaa: Announced a collaboration with BOLD, L’Oréal’s corporate venture capital fund, on 24th Sep'26 to jointly back early-stage Indian beauty and personal care brands. The partnership will acquire purely financial minority stakes, allowing founders to retain full operational and creative control. Target companies will receive capital, strategic mentorship, and access to L’Oréal’s global beauty expertise alongside Nykaa’s extensive omnichannel distribution network, which spans 324 offline destinations and over 60 million customers as of 30th Jun'26.

Steam House India: Awarded a significant EPC contract for the Common Steam Plant & Co-generation Power Plant at the Bulk Drug Park in Una, Himachal Pradesh. Constract value is to the tune of Rs 311 crore. This project marks a strategic expansion for Steamhouse India, extending its steam generation & distribution model beyond Gujarat to Himachal Pradesh.

Sterlite Technologies: Expanded its Neuralis Data Center portfolio by launching high-density Pre-Terminated Fiber Trunk Assemblies to address rising AI, cloud, and high-performance computing bandwidth demands. The offering includes indoor assemblies (48F–576F) and indoor/outdoor configurations scaling up to 6,912 fibers in a compact 32.0 mm diameter cable. Featuring patented IBR rollable ribbon technology and 100% factory-tested Ultra Low Loss connectors, the solutions target accelerated deployment timelines and reduced pathway congestion for hyperscale and enterprise data center operators.

Welspun Corp: Welspun Tubular LLC, a wholly owned subsidiary of Welspun Corp Limited in the USA, has secured the largest order in  its  history,  in  terms  of  volume,  length  and  value,  for  the  supply  of  High-Frequency  Induction Welded (HFIW) pipes, valued at approx. USD 412.5 million (~₹4,000 crore).  The  pipes  will  be  manufactured  at  the  Company's  newly  upgraded  HFIW  mill,  with  enhanced capabilities, at Little Rock, USA.  The order will be executed during FY28 and FY29.

Macro Wrap

• The US and Iran are weighing a Qatar-mediated phased deal to reopen the Strait of Hormuz and lift the US blockade, with Tehran demanding control of Hormuz and less US military pressure. The White House says Trump is open to talks but not under pressure. Houthi militants also fired missiles at Saudi cities, while US oil is heading for a 2% weekly decline.
• Japan returned from its Silver Week holiday to find JGBs under immediate pressure, with the 10-year yield reportedly rising above 3% for the first time since August 1996. Yen intervention risk returned to focus as USD-JPY extended its slide toward the closely watched 160 level, with Japan’s Finance Minister reiterating that intervention principles remain in place. Australia’s unemployment rate rose unexpectedly to 4.6% in August, though this is not expected to deter the Reserve Bank of Australia from raising rates at the next meeting.
• The economic data from US stood strong August new home sales for August surged 6.4% mom to 684k (Bloomberg consensus: 616k) vs a revised 643k previously. 4) Final reading of August building permits fell 2.1% mom to 1.403mn vs 1.394mn previously; and 5) September Kansas City Fed manufacturing activity index rose to 14 (Bloomberg consensus: 9) vs 10 previously.
• The DJIA fell 0.3%, while the S&P500 and the Nasdaq Composite Index were flat. The Philadelphia Semiconductor Index declined 0.3%. The Euro Stoxx 50 fell 0.4%. The Dollar Index rose 0.2% to 101.29. EUR-USD was nearly unchanged at 1.1380. The US 2Y yield rose 3bp to 4.92% and the 10Y surged 8bp to 5.20%, its highest since July 2007. The US 30Y yield rose 8bp to 5.48%, its highest since 2004. The German 10Y yield rose 4bp to 3.60%. The UK 10Y yield rose 3bp to 5.38%. Brent crude oil prices rose 3.4% to USD106.60, holding near multi month highs as Hormuz supply disruptions kept physical markets tight. Gold dipped 0.3% to USD4,275
• For today, we get preliminary August durable goods orders, final reading of September University of Michigan sentiment, along with inflation expectations components, and the Kansas City Fed services activity index for September.

STOCK UPDATE

Stock Idea: Karnataka Bank - Growth engine accelerating, profitability to follow

CMP: 339, Reco: BUY, Target Price: 415

• We initiate with a BUY rating on Karnataka Bank with a PT of Rs 415, ~22% above the CMP.
• Balance sheet transition is done and the growth engine is live, credit-off take has accelerated with retail and mid-corporate segment leading the way. Management guides to 15–20% advances uptick for FY27.
• Improving growth prospects, a sustained recovery in NIM, RoA, and steadily improving asset quality strengthen the case for better valuation.
• At ~0.9x FY27 P/BV, the stock continues to trade below book despite a rising return profile, which we find an attractive entry point for patient investors.

OTHER NEWS

Vascon Engineers – Major Order: Vascon Engineers received a Rs. 660.79 crore (including taxes) work order from Qualcomm India for the design and development of an office facility (Block K) in Bengaluru, comprising 3 basements, ground + 12 floors and associated infrastructure. The project is under a Design & Build, GMP contract and is to be completed within 30 months from site handover.