January 05, 2026

LATEST NEWS

>> 9:35

Bank of Maharashtra (Q3FY26 Business update): Total Advances grew by 19.61% y-o-y Rs. 273,476 crore. RAM grew by 20.3% y-o-y. Global corporate advances grew by 18.57% y-o-y. While Deposits grew by 15.3% y-o-y 321695. Strong performance for the quarter in terms of loan growth and deposit growth. Positive

TOP NEWS

V2 Retail Q3FY26 update: Standalone revenue grew by 57% y-o-y to Rs. 927 crore supported by steady demand across its core markets and continued focus on expanding its physical retail footprint. Normalized SSSG stood at ~12.8% y-o-y, adjusted for the Durga Puja shift from Q3 to Q2 FY26, while reported SSSG at 2% y-o-y indicates stable performance from its existing stores despite a challenging consumption environment in parts of the retail sector. The company added 35 new stores during the quarter, with a strategic focus on the consumption driven demand in Tier 2 and Tier 3 cities, taking the total retail footprint expanded to ~31.93 lakh square feet across India with store count standing at 294 stores as on December 31, 2025. Positive

CSB Bank Q3 (YoY): Total deposits zoom 21% to Rs 40,460 crore Vs Rs 33,407 crore Gross advances spike 29% to Rs 37,208 crore Vs Rs 28,915 crore. Advances against gold & gold jewellery surge 46% to Rs 19,023 crore Vs Rs 13,018 crore. Positive

Ujjivan Small Finance Bank Q3 (YoY): Total deposits jump 22.2% to Rs 42,219 crore Vs Rs 34,494 crore . CASA surges 33.1% to Rs 11,533 crore Vs Rs 8,662 crore. Gross loan book soars 21.6% to Rs 37,055 crore Vs Rs 30,466 crore . Gross NPA improves to 2.39% Vs 2.68%. Disbursements spike 55% to Rs 8,311 crore Vs Rs 5,362 crore. Overall strong performance.

SOBHA : The company reported a record Q3 FY26 performance, with total sales value of ₹2,115 crore, registering a strong 52% YoY growth. SOBHA’s share of sales rose 45% YoY to ₹1,818 crore, highlighting healthy demand and execution strength. New sales area stood at 1.37 million sq ft, while average price realisation increased 13% YoY to ₹15,436 per sq ft, indicating improving pricing power. Bengaluru led the performance, contributing ₹1,512 crore (around 72% of total sales), supported by the successful launch of SOBHA Magnus, followed by NCR at ₹349 crore and Kerala at ₹154 crore. The quarter also marked SOBHA’s entry into Mumbai with the launch of its first residential project, SOBHA Inizio, further strengthening its growth outlook. Positive 

Amber Enterprises: Received formal approval for PLI scheme for manufacturing PCB’s by subsidiaries Ascent-K Circuit Private Limited and Shogini Technoarts Pvt Ltd under the Electronics. The approval is expected to accelerate the localization of critical electronic components and strengthen India’s electronics manufacturing services value chain. Components Manufacturing Scheme. Meanwhile Dixon subsidiaries Kunshan Q Tech Microelectronics (India) Private Limited and Dixon Electro connect Private Limited were granted approvals for manufacturing camera module sub-assemblies and optical transceiver-SFPs, respectively. Positive read through for Amber and Dixon.

Bank of Baroda: Domestic deposits jump 11.13% to Rs 13.07 lakh crore Vs Rs 11.76 lakh crore. Domestic advances soar 13.54% to Rs 10.95 lakh crore Vs Rs 9.64 lakh crore. Positive

Bajaj Finance 3QFY26 Business Update: AUM for 3QFY26 grew strongly by 22% to Rs4.85tn vs Rs3.98tn in 3QFY26. New loans grew by 15% to 13.9mn in 3QFY26.  Customer Franchise stood at 115.4mn in 3QFY26. Results on expectation. Neutral

Marico Q3FY26 update: Underlying volume growth in the India business remained in high single digits, registering a slight improvement on a sequential basis. Parachute recorded a marginal volume decline but was in positive territory after normalising for ml-age reductions in lieu of price increases. Saffola Oils had a muted quarter, while prior pricing actions anniversarized in this quarter. Value Added Hair Oils grew in the twenties. Foods had a benign quarter and is expected to revert to accelerated growth over the next 2 quarters, while Premium Personal Care (incl. digital-first brands) continued to scale ahead of aspirations. International business maintained its robust momentum with constant currency growth in the early twenties. Overall, Consolidated revenue growth on a y-o-y basis stood in the high twenties. Among key inputs, copra prices have corrected ~30% from the highs, vegetable oil prices remained at elevated levels, while crude oil derivatives were benign. As a result, operating profit growth is expected to touch double digits on a y-o-y basis. Positive

MACRO WRAP

• The DJIA and the S&P500 rose 0.7% and 0.2% respectively last Friday, while the Nasdaq Composite Index edged a tad lower. The Eurostoxx 50 rose 1% last Friday. The Dollar Index edged up 0.1% to 98.42. EUR-USD fell 30 pips to 1.1720 last Friday.
• The US 2Y yield was flat at 3.47% last Friday, while the 10Y yield rose 2bp to 4.19%. The German 10Y yield rose 4.5bp to 2.90% last Friday and gained almost 50bp in 2025. The UK 10Y yield rose 6bp to 4.54% last Friday but fell 9bp in 2025. Brent crude oil prices fell 0.2% to USD60.75 last Friday, Gold rose 0.3% to USD4,332 last Friday.
• The US carried out a large-scale strike against Venezuela and deposed its long-serving President Nicolas Maduro on Saturday; The US’s actions likely also heighten medium-term geopolitical risks as the silence of Russia and China in this matter may be risk to Ukraine -Russia and China-Taiwan front. Positive for Gold/silver.
• China’s service sector cooled for a second straight month in December, with the RatingDog General Services Business Activity Index edging down to 52.0 from 52.1 in November, the weakest pace of expansion since June. Domestic demand remained resilient as year-end promotions lifted new orders, yet export sales slipped back into mild decline after tourist inflows eased. Employment fell for a fifth consecutive month as firms cited cost discipline and restructuring, pushing outstanding work slightly higher. Negative for Industrial commodities
• The S&P Global US Manufacturing PMI dropped to 51.8 in December 2025 from 52.2 in November, marking the weakest growth in five months. Orders and exports fell, output growth slowed, and business confidence waned amid tariff uncertainties. Employment rose, and inflation eased slightly but stayed high.
• Gold and silver rose as investors sought safety after the US capture of Nicolás Maduro, with spot gold up 1.3% above $4,410 and silver advanced +4% to trade above $75 early today; Trump said the US plans to “run” Venezuela, adding to governance uncertainty, and Secretary of State Marco Rubio said Washington would use oil leverage to force further change.
• Data watch : we get ISM manufacturing today. On Wednesday, we get ISM services, ADP employment, and the Job Openings and Labour Turnover Survey (JOLTS). On Thursday, we get Q3 unit labour cost and non-farm productivity, as well as the weekly initial jobless claims. On Friday, we get the non-farm payrolls for December and the University of Michigan consumer sentiment for January.

INVESTMENT CALL

Stock update: ITC – Tax headwinds to weigh on near-term performance

Reco: Buy                  Reco. Price: Rs. 350                 Price Target: Rs. 420

• The recent hike in taxes on cigarettes expected to the tune of 20-55%, effective February 1, 2026 looks unusually steep.
• This hike is likely to hit volumes and margins, and spur illicit trade in the near term. Margin pressure is also expected, as the company may not be able to pass on the tax burden fully to consumers.
• ITC’s long-term prospects are intact as it will soften the impact through calibrated price hikes, product mix optimisation, cost efficiencies and scale benefits. Rising contribution from other businesses also provides earnings diversification.
• Stock trades at 21x/20x/19x its FY26E/FY27E/FY28E EPS, respectively. We maintain a Buy with a revised PT of Rs. 420.

Valuation (Standalone)                                                                  Rs. crore

OTHER NEWS

Oil and paint stocks: President Donald Trump’s overthrow of President Nicolas Maduro in oil-rich Venezuela will eventually lead to oil prices decline in the longer term as regime overthrow raises the possibility of eventually boosting oil production in Venezuela. Venezuela, a founding member of OPEC, has the largest proven oil reserves in the world. But the South American nation currently produces less than a million oil barrels a day, which is less than 1% of global oil production. So, ideally this would lead to higher supply leading to reduction in prices. Positive read through for OMC’s, Paint industry etc.

Punjab National Bank Q3 (YoY): Domestic deposits increase 8.32% to Rs 15.97 lakh crore Vs Rs 14.74 lakh crore. Domestic advances grow 10.15% to Rs 11.67 lakh crore Vs Rs 10.6 lakh crore. Positive

MMFS 3QFY26 Business Update: AUM grew by 12% YoY to Rs 1290bn at the end of Dec’25. Disbursements for the quarter grew by 7% YoY to Rs176bn, while YTD disbursement for FY26 grew by 4% to Rs439bn.  GS-3 remained rangebound QoQ(3.9%-4%) vs 3.9% in 2QFY26 and 3QFY25. GS-2 improved to 5.4%-5.5% vs(5.8% in 2QFY26 and 6.3% in 3QFY25) Collection efficiency for the quarter remained at 95% Vs 95% in 3QFY25. Neutral

IDBI Bank Q3 (YoY): Total business grows 12% to Rs 5.46 lakh crore Vs Rs 4.89 lakh crore. Total deposits increase 9% to Rs 3.07 lakh crore Vs Rs 2.82 lakh crore. Net advances jump 15% to Rs 2.38 lakh crore Vs Rs 2.06 lakh crore. CASA deposit rises 4% to Rs 1.35 lakh crore Vs Rs 1.3 lakh crore

Yes Bank Q3 (YoY): Loans & advances rise 5.2% to Rs 2.57 lakh crore Vs Rs 2.44 lakh crore. Deposits grow 5.5% to Rs 2.92 lakh crore Vs Rs 2.77 lakh crore. Muted performance

Equitas Small Finance Bank Q3 (YoY): Gross advances grow 15.86% to Rs 43,269 crore Vs Rs 37,344 crore. Total deposits increase 7.24% to Rs 43,668 crore Vs Rs 40,719 crore. CASA jumps 10.6% to Rs 12,886 crore Vs Rs 11,649 crore.

Union Bank Of India Q3 (YoY): Global gross advances rise 7.13% to Rs 10.16 lakh crore Vs Rs 9.49 lakh crore. Global deposits increase 3.36% to Rs 12.22 lakh crore Vs Rs 11.83 lakh crore. CASA soars to 33.95% Vs 33.42%. Domestic advances grow 7.42% to Rs 9.80 lakh crore Vs Rs 9.12 lakh crore. Domestic deposits climb 3.35% to Rs 12.22 lakh crore Vs Rs 11.82 lakh crore

Jammu and Kashmir Bank Q3 (YoY): Total business zooms 13.34% to Rs 2.72 lakh crore Vs Rs 2.4 lakh crore. Total deposits jump 10.58% to Rs 1.55 lakh crore Vs Rs 1.4 lakh crore. CASA deposits rise 1.25% to Rs 68,736 crore Vs Rs 67,887 crore. CASA ratio drops to 44.10% Vs 48.17%. Gross advances surge 17.26% to Rs 1.16 lakh crore Vs Rs 99,133 crore