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July 08,
2026
TOP NEWS
War Update: The US
military launched fresh airstrikes against Iran late Tuesday in retaliation
for attacks on commercial shipping in the Strait of Hormuz. US forces
carried out a new round of offensive strikes on Iran, using
precision-guided munitions to hit more than 80 targets, in a direct
response to recent Iranian attacks on commercial vessels in the Strait of
Hormuz. US targeted Iranian air-defence systems,
command-and-control networks, coastal radar sites and anti-ship missile
capabilities, and destroyed over 60 small vessels belonging to the Islamic
Revolutionary Guard Corps in the Strait and adjacent waters. US Central
Command said forces had begun “powerful strikes to impose heavy costs for
targeting and attacking commercial shipping crewed by innocent civilians in
an international waterway”. while the Treasury revoked Iran’s oil export
waiver, marking the sharpest US–Iran escalation since their memorandum of
understanding less than three weeks ago. Sentimentally negative for broader
markets and Indian rupee.
Embassy Developments: Embassy Developments reported Q1 FY27
pre-sales of Rs. 868 crore, up 338% YoY, while
collections rose 54% YoY to Rs. 496 crore. The
company highlighted healthy demand, with ~59% of the 4.3 mn sq. ft. launched during FY26 already sold. Bengaluru
projects continued to see strong absorption, with ~72% of launched
inventory sold within six months of launch.
Ceigall India:
Received appointed dates for three HAM road projects with a combined
project cost of Rs 4,050 crore, enabling commencement of construction for Varanasi–Ranchi–Kolkata
Highway Package 11 (Rs 1,656 crore), Package 12 (Rs 1,305 crore) and the
Indore–Ujjain Greenfield Highway (Rs 1,089 crore).
Uno Minda: Uno Minda announced a strategic expansion into the
four-wheeler (4W) passenger vehicle seating
systems segment. To support this new product line, the company's Board of
Directors has approved the setting up of a greenfield manufacturing
facility in Chhatrapati Sambhajinagar,
Maharashtra, with a proposed capital expenditure of approximately Rs 320
crore. The facility is expected to commence operations by Q4FY28.
Premier
Energies: Solar modules manufacturer Premier Energies on
Tuesday announced that it secured orders worth ₹3,011 crore in
the quarter ended June 30, 2026, for the supply of solar cells and modules.
The company said the contracts were awarded by a diverse set of customers,
including power producers and module manufacturers.
EMS Ltd: The company has emerged as the lowest bidder (L-1)
for a sewerage infrastructure project awarded by the Delhi Jal Board
(Government of Delhi), with an estimated contract value of approximately
₹158.29 crore.
Orchid
Pharma : The has entered into a strategic
licensing and supply agreement with Russia-based Pharmasyntez
to commercialize its flagship antibiotic, Exblifep
Secured a decade-long revenue stream of approximately $17.8 million
annually, targeting the Russian and CIS market. The deal is worth $17.8Mn
and is spread over a decade. This partnership aims to address the
growing medical need for advanced anti-infectives in the Russian and
Eurasian markets, marking a significant step in Orchid's global expansion
strategy.
MACRO WRAP
- War Update: The US military
launched fresh airstrikes against Iran late Tuesday in retaliation for
attacks on commercial shipping in the Strait of Hormuz. US forces
carried out a new round of offensive strikes on Iran, using precision-guided
munitions to hit more than 80 targets, in a direct response to recent
Iranian attacks on commercial vessels in the Strait of Hormuz. US
targeted Iranian air-defence systems,
command-and-control networks, coastal radar sites and anti-ship
missile capabilities, and destroyed over 60 small vessels belonging to
the Islamic Revolutionary Guard Corps in the Strait and adjacent
waters. US Central Command said forces had begun “powerful strikes to
impose heavy costs for targeting and attacking commercial shipping
crewed by innocent civilians in an international waterway”. while the
Treasury revoked Iran’s oil export waiver, marking the sharpest
US–Iran escalation since their memorandum of understanding less than
three weeks ago. Sentimentally negative for broader markets and Indian
rupee
- The US May trade deficit
widened 42.2% month-on-month to $77.6 billion, the largest since March
2025, as exports fell 3.2% and imports rose 3.3%. The print came in slightly
better than the $78.4 billion consensus estimate.
- Atlanta Fed GDP Now revised
up. The Atlanta Fed's GDP Now model revised its Q2 US GDP growth
estimate up to 1.36% from 1.19% previously, following the May trade
data release. The estimate remains well below the Bloomberg consensus
of 2.47%
- US one-year inflation
expectations rose to 3.7% in June 2026 and three-year expectations to
3.3%, while the five-year outlook stayed at 3.0%. Gas price
expectations fell to 1.5%. Job security perceptions improved,
households felt financially better off than a year ago but more expect
tighter credit ahead.
- The DJIA, the S&P500,
and the Nasdaq Composite Index fell 0.2%, 0.4%, and 1.2% respectively.
The Euro Stoxx 50 declined 1.2%. The Dollar Index rose 0.3% to 101.14.
EUR-USD slipped 30 pips to 1.1410. The US 2Y yield rose 8bp to 4.19%
and the 10Y rose 8bp to 4.55%. The German 10Y yield rose 5bp to 2.99%.
The UK 10Y yield rose 6bp to 4.85%. Brent crude oil prices rose 3.0%
to USD74.16, as the Hormuz attack reignited supply disruption fears.
Gold fell 1.4% to USD4,106.
- Gold slumped up to 1.8% to
below $4,120 an ounce as the dollar, oil, and bond yields rose
together, extending its decline to a second session and reinforcing
views that the three-year bull run from the January peak near $5,600
may be over, despite the PBOC’s largest monthly gold purchase since
October 2023 and a 20‑month buying streak, set against roughly $18
billion of ETF outflows. Sentimentally negative for Gold
lenders
- Data watch: we get the US
wholesale inventories for May.
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