January 21, 2026

TOP NEWS

EU deal: EU chief at Davos says that two sides are "on the cusp of a historic trade agreement" that could reshape global commerce and supply chains. Key sectors in focus would be autos, electronics, textiles, pharma/chemicals etc.

Cyient DLM: Revenue fell by 32% yoy to Rs 303 crore. EBITDA declined 3.3% to Rs 27.3%. EBITDA margin improved to 9% in Q3, compared with 6.3% in the year-ago quarter. the defence segment recorded a YoY degrowth of 88% due to the completion of a large order. The aerospace segment posted growth of 12% over last year. Focused efforts to strengthen the industrial and med-tech segments resulted in strong year-on-year growth in these areas. Weak set of results for the valuations

Restaurant Brands Asia (RBA): Inspira Global to acquire controlling stake in RBA

·         Inspira Global will acquire a controlling interest in RBA at Rs. 70 per share, representing ~10% premium to yesterday’s closing price.

·         The proposed transaction marks the complete exit of QSR Asia Pte. Ltd., in line with its planned investment lifecycle.

·         The transaction will be executed through Lenexis Foodworks Private Limited, Inspira Global’s food and beverage arm that has over a decade of experience in the QSR space owning and operating 250+ Chinese Wok restaurants across 45+ cities in India.

·         In addition to acquiring the entire 11.26% shareholding of QSR Asia Pte. Ltd. for ~₹460 crore, Inspira Global proposes to infuse ~₹900 crore through a preferential allotment of equity shares and ~₹600 crore through the preferential allotment of warrants.

·         These transactions will trigger an open offer to public shareholders of RBA.

·         RBA will continue to operate with its existing leadership team, operational structure and brand identity

·         View: The transaction will support the long-term growth of RBA. Positive

Lupin Limited: The company announced licensing and supply agreement with Galenicum Health for injectable Semaglutide across 23 countries including Canada, Europe, Southeast Asia and Latin America. Under the partnership, Galenicum will handle development and manufacturing while Lupin manages regulatory affairs and commercialization. The collaboration strengthens Lupin's diabetes care portfolio and positions the company to capitalize on growth opportunities in the expanding GLP-1 market for diabetes and obesity treatment.

Persistent Systems: Revenue grew 4.0% q-o-q (+17.3% y-o-y) to $ 423 million, in line with our estimates. CC growth stood at 4.1% q-o-q. Revenue grew 5.5% q-o-q (+23.4% y-o-y) to Rs 3,778 crores. EBIT stood at Rs 632 crores, up 8.2% q-o-q (+38.6% y-o-y), resulting in margin expansion by 42bps q-o-q (184bps y-o-y). APAT stood at Rs 528 crores, up 12.1% q-o-q (+41.7% y-o-y), with APAT Margin at 14% up 82bps q-o-q (181bps y-o-y). All verticals grew q-o-q and y-o-y. BFSI grew 4.6%, HLS grew 4.8%, and Software, Hi-tech grew 3.0%. Forex (30bps), lower subcontractor cost (20bps), higher utilization and SG&A optimization (40bps), AI driven platform and tool driven pricing models (150bps) partially offset by headwinds such as wage hike (180bps) and furloughs (20bps), resulting in sequential margin improvement by 40bps to 16.7% (excl. one-time labor costs).

CreditAccess Grameen Q3 (Consolidated YoY): Profit stands at Rs 252.1 crore Vs loss of Rs 99.5 crore. Net interest income rises 13% to Rs 975.6 crore Vs Rs 862.8 crore. Positive

Coal India Ltd:  (CIL) announced on Tuesday that it had secured a mining concession licence from the Ministry of Mines for the Kawalapur rare earth element block in Maharashtra. (Positive)

National Aluminium Company Ltd. (NALCO) plans to invest ₹1,500-2,000 crore in extracting valuable minerals from red mud and fly ash. The state-owned aluminium company has set up several pilot-scale plants to recover gallium, iron, alumina, rare earth elements (REEs), and construction-grade materials from industrial waste streams created during aluminium production. (slightly positive)

RESULTS PREVIEW

STRONG RESULTS

AU Small Finance Bank Q3 (YoY): Profit surges, above estimates, 26.3% to Rs 667.6 crore Vs Rs 528.4 crore. Net interest income grows 15.7% to Rs 2,341.3 crore Vs Rs 2,022.7 crore. Gross NPA falls to 2.30% Vs 2.41% (QoQ). Net NPA flat at 0.88% (QoQ). Credit cost improved on sequential basis. Overall, strong performance all counts in the quarter. Positive 

MACRO WRAP

·         The DJIA, the S&P500, and the Nasdaq Composite Index fell 1.8%, 2.1%, and 2.4% respectively. The Eurostoxx 50 fell 0.6% following Monday’s 1.7% drop. The Dollar Index fell 0.8% to 98.64 and EUR- USD gained 80 pips to 1.1720.

·         The US 2Y yield edged up 1bp to 3.60% while the 10Y yield rose 7bp to 4.29%. The US 20Y yield rose 9bp to 4.88% and the 30Y yield rose 8bp to 4.92%. The German 10Y yield rose 2bp to 2.86%. The UK 10Y yield rose 4bp to 4.46%.

·         Brent crude oil prices rose 1.5% to USD64.92. Gold jumped 2% to USD4,763 on top of the 1.6% rise on Monday.

·         Sell-off in global markets broadened and deepened overnight amid escalating tension between President Trump and European leaders over Greenland. Sell America trade saw UST yields jumping 1-9bps across the curve. The reports of reports that Danish pension fund is planning to exit Treasuries further dampened appetite for USTs. 10Y European bonds also gained 1-4bps.

·         Japan’s PM Sanae Takaichi’s plan to cut taxes raising fiscal worries, the 10Y JGB yield rose to 2.36%, the highest since February 1999 while the 40Y yield climbed to the highest on record at 4.23%. The surge in JGB yields pulled up US Treasury yields at the long-end which pushed USD down and gold climbed 2%.

·         EU Commission President Ursula von der Leyen said if President Trump goes ahead with the 10% tariff on eight European countries to force the sale of Greenland, the EU will hit back with an “unflinching, united and proportional" response. She said “Plunging us into a dangerous downward spiral would only aid the very adversaries we are both so committed to keeping out of our strategic landscape. Sentimentally positive for Gold

·         US private employers added an average of 8,000 jobs per week in the four weeks ending December 27, 2025, down from 11,250 previously, indicating a slowdown in hiring momentum, according to ADP Research.

·         Trump threatened 200% tariffs on French wines and champagne after France planned to decline joining his 'Board of Peace.' A White House official said he won't attend the emergency G7 summit in Paris. Sentimentally positive for Gold.

·         US Treasury Secretary Bessent stated that there are four outstanding candidates for the new Fed chair position, with an announcement possibly coming by next week.

·         Data watch: US construction spending and pending home sales.

OTHER NEWS

Dalmia Cement: The company has commenced commercial production at its new 3.6 MTPA clinkerisation unit at Umrangso, Assam, through its subsidiary Dalmia Cement (North East) Limited. With this commissioning, the Group’s total clinker capacity has increased to 27.1 MTPA, while cement grinding capacity stands at 49.5 MTPA, strengthening its manufacturing footprint in the North-East.

JSW Energy: The compnay has signed its second 1,600 MW thermal power PPA with West Bengal State Electricity Distribution Company Limited for a greenfield super/ultra-supercritical plant at Salboni, West Bengal, to be commissioned within 6 years. With this, Salboni’s total capacity rises to 3,200 MW, making it JSW Energy’s largest single-location asset. The project will use domestic coal under SHAKTI policy, enhancing energy security. Post this PPA, JSW Energy’s secured thermal capacity reaches ~10.7 GW, while its total locked-in generation capacity stands at 32.1 GW, alongside a growing energy storage portfolio, supporting its 30 GW generation and 40 GWh storage target by 2030.

IndiaMART: The company reported a strong Q3 performance, with net profit up 56% YoY to Rs. 188 crore (vs Rs. 121 crore last year). Revenue rose 13% YoY to Rs. 402 crore, while collections grew 17% YoY to Rs. 426 crore. On a sequential basis, PAT surged 128% QoQ, though revenue increased modestly by 3% QoQ.

Lemon Tree Hotels Limited (LTHL): The company has announced the signing of its latest property - Keys Select by Lemon Tree Hotels, Chitrakoot, Uttar Pradesh. The hotel will include 48 well-appointed rooms, a restaurant, a banquet hall, a meeting room and recreational facilities including a fitness centre and a swimming pool. The state has eight operational and fourteen upcoming hotels. The property shall be managed by Carnation Hotels Private Limited, a wholly owned subsidiary of LTHL. Positive

Avenue Supermarts: The company has opened a new store at Pakhowal, Ludhiana (Punjab), taking the total number of stores to 443. Positive

HDFC Bank: The Reserve Bank of India (RBI) has approved the reappointment of Kaizad Bharucha as the Whole-time Director (Deputy Managing Director) of HDFC Bank for a further period of three years, effective April 19, 2026.

RBL Bank: The Competition Commission of India (CCI) has approved the proposed acquisition of a certain shareholding in RBL Bank by Emirates NBD Bank (P.J.S.C.)