June 24, 2026

TOP NEWS

Rashi Pheripherals: Announced the strategic acquisition of VDA Infosolutions for a total cash consideration of approximately Rs 3.68 billion (₹368 Cr). The acquisition will lead to expanding its presence into the higher-margin IT services segment and strengthening its shift towards more scalable, recurring revenue-driven businesses with stronger growth potential. VDA specializes in Enterprise tech (Cloud, Cybersecurity, Data Protection) with a turnover of Rs 850 crore in FY26. Acquisition structured in tranches (67% upfront, 11% annually till 100% by August 2029). The acquisition sharply diversifies Rashi's traditional distribution capabilities into enterprise IT solutions, data center management, and next-generation enterprise hybrid cloud infrastructures.

IRFC: The government has formally announced an Offer for Sale (OFS) to divest up to a 2% stake (26.1 crore shares) in the state-run railway financier. The base size is set at 13.1 crore shares with an oversubscription green-shoe option for an equal amount. Crucially, the floor price has been locked at Rs 91 per share discount to CMP of Rs 99/ share.

Tata Power: Received a significant operational extension as the Ministry of Power extended the validity of its Section 11 directions under the Electricity Act, 2003, up to September 30. The regulatory mandate forces the full-capacity operation of its ultra-mega power plant (UMPP) at Mundra, ensuring cost-plus tariff compensation amidst high seasonal power demands.

Base metals fell broadly on the LME. Copper dropped $278 to $13,371 per ton, with speculative net-long positions at an eight-week low. Tin fell $3,031 to $51,154 per ton, while aluminium, zinc, nickel and lead also declined, pressured by the AI-rotation selloff reducing demand expectations for industrial metals. Negative for Hindustan Zinc

Solarium Green Energy: Secured an engineering milestone by winning a Rs 186 crore solar EPC subcontract to build solar infrastructures across Maharashtra. This Rs 186.5 Cr order is massive, equaling roughly 50% of the company's FY26 revenue of ₹368 Cr. It confirms their pivot to large-scale ground-mounted EPC is gaining traction and helps prove their execution capability in a major state project.

Honasa consumer: The parent company of Mamaearth is aggressively executing its inorganic health and pharma expansion. The board approved the acquisition of a 58% majority stake in Fluence Pharma for an enterprise value of Rs 135 crore, with an agreement to absorb the remaining 42% over the next 5–7 years. Concurrently, the firm has incorporated a new B2C subsidiary, Honasa Health, to launch its proprietary, high-margin nutraceuticals vertical.

Solar manufacturing players: WTO To Set Up Panel In Case Filed By China Against India On Solar Cells, Modules, IT Goods. Negative read through fro Waaree Energies, Premier Energies etc.

Wipro: Sealed a comprehensive global cyber defense solution partnership with cybersecurity giant Palo Alto Networks. Separately, the firm extended the timeline for completing its asset and customer contract acquisition of Alpha Net Consulting to September 30, pushing it back from the initial June 30 target.

Infosys: Formed a long-term AI managed services pact with global semiconductor leader GlobalFoundries. Under the contract, Infosys will deploy its proprietary AI architecture to deliver end-to-end, automation-led managed services to optimize GlobalFoundries' manufacturing workflows.

Steel Manufacturing companies: The government has initiated an anti-dumping investigation into the imports of Cold Rolled Grain Oriented Electrical Steel and Amorphous Metal from China, Japan, Korea, and Russia. The development is sentimentally beneficial for JSW Steel, as its joint venture with JFE Steel is currently engaged in a substantial expansion of the CRGO steel segment. The company intends to augment its CRGO capacity to approximately 350,000 TPA by FY28 by investing a total of ₹5,845 crore in its Nashik and Vijayanagar facilities. The imposition of any anti-dumping duty could potentially assist in the reduction of low-priced imports, the enhancement of pricing prospects in the domestic market, and the promotion of improved realisations for domestic producers. The decision is also opportune in light of the substantial increase in transformer demand, which is being propelled by investments in renewable energy infrastructure, power transmission, and distribution.

Macro Wrap

• US equities suffered a sharp AI-driven rout that was also felt across global markets with the selloff said to have originated from South Korea’s KOSPI where chipmakers led a global unwind in crowded AI/semiconductor positions. South Korea’s Kospi plunged approximately 10% from its record high, its steepest single-day decline in years. Concerns about frothy valuations have been building since a high-profile technology IPO last week priced at elevated multiples. Separately, renewed fears that cheaper Chinese AI models could erode the competitive advantage of US AI infrastructure spending added to the pressure. The Philadelphia Semiconductor Index fell 7.9%. Sentimentally negative for Indian Tech companies.
• The S&P Global US Manufacturing PMI rose to 55.7 in June, its highest since May 2022 and above expectations. Output and new orders grew strongly, inventories jumped, and supplier delivery times lengthened, but the index was held back by the steepest drop in manufacturing employment since May 2020.
• The S&P Global US Composite PMI rose to 52.2 in June from 51.5, the fastest growth since January. Stronger manufacturing (57.7) and services (51.3) underpinned the increase, with new orders boosted by World Cup–related services demand and manufacturers front‑running potential Middle East disruptions. Longer supply delays kept prices rising, employment fell for a second month on cost-cutting, but business confidence hit its highest since February.
• US-Iran peace More tankers are again crossing the Strait of Hormuz as US Iran peace talks advance. The IMO says new security assurances could free hundreds of ships from the Persian Gulf. UAE oil exports in early June rebounded to nearly 85% of pre conflict levels via pipelines, storage, and alternate routes. A new 60 day US waiver allows global buyers to purchase Iranian crude and products. Iran and Oman have also opened talks on a joint Hormuz transit framework, including possible passage fees.
• Base metals fell broadly on the LME. Copper dropped $278 to $13,371 per ton, with speculative net-long positions at an eight-week low. Tin fell $3,031 to $51,154 per ton, while aluminium, zinc, nickel and lead also declined, pressured by the AI-rotation selloff reducing demand expectations for industrial metals. Negative for metal mining sector
• UST Yields fell across the curve, with the 10-year yield declining approximately 1-3 basis points to around 4.499% and the 2-year yield falling to near 4.189%. The 5-year/30-year spread widened modestly to 67.2 basis points. USD-JPY was flat around 161.55, near its weakest level in four decades, as intervention risk rose following the Finance Minister Treasury Secretary call.
• The DJIA, the S&P500, and the Nasdaq Composite Index fell 0.1%, 1.4%, and 2.2% respectively. The Eurostoxx 50 fell 1.3%. The Dollar Index rose 0.4% to 101.41. EUR-USD fell 50 pips to around 1.1380. Brent crude oil prices fell 1.1% to USD77.08, its lowest close since before the Iran war began, as tanker traffic through the Strait of Hormuz picked up and peace talks advanced. Gold fell 1.7% to USD 4,117.
• Data Watch: we will get the building permits and new home sales for May.

OTHER NEWS

NTPC: Its subsidiary, Patratu Vidyut Utpadan Nigam Ltd (PVUNL), has officially declared the commercial operations of Unit-2 of the Patratu Super Thermal Power Project in Jharkhand. The unit injects a massive 800 MW of high-efficiency super-critical power capacity into the grid, reinforcing NTPC's baseline power supply metrics.

NLC India: Entered into a strategic green-energy MoU with oil marketing giant Indian Oil Corporation (IOCL). The parties will establish a formal Joint Venture to co-develop large-scale renewable energy power plants across Tamil Nadu, pooling land assets and power evacuation logistics.