April 09, 2026

TOP NEWS

 

War update: Islamic Republic closed the Strait of Hormuz again in response to Israeli attacks in Lebanon. The White House demanded that the channel be reopened and sought to keep peace talks on track. Israel intensified its attacks on the Hezbollah militant group in Lebanon, hitting several commercial and residential areas in Beirut without warning. Mr JD Vance said that If Iran wants to let this negotiation fall apart... over Lebanon, which has nothing to do with them, and which the United States never once said was part of the ceasefire, that’s ultimately their choice. So its escalating tensions after just one day of peace talks. The tensions have led to increase in crude prices with crude at $ 97/ bbl.

 

The Union cabinet  approved nutrient-based subsidy (NBS) rates for phosphatic and potassic (P&K) fertilisers for the upcoming kharif 2026 season, allocating Rs 41,534 crore to support farmers. The allocation increased 11% YoY and is aimed at insulating farmers. Positive for Coromandel, RCF , FACT and Chambal Fertlisers.

 

Signature Global (India) Limited : The company reported a weak FY26 operational performance, with pre-sales declining ~20% YoY to ₹82.2 bn, while Q4FY26 pre-sales stood at ₹15.4 bn (down ~5% YoY and ~24% QoQ). Q4FY26 collections came in at ₹9.1 bn, declining ~22% YoY and ~26% QoQ, while FY26 collections were ₹40 bn (down ~9% YoY). However, average realizations increased ~22% YoY to ₹15,250/sq. ft., driven by a higher premium mix. Notably, net debt reduced sharply to ₹2 bn from ₹8.8 bn, supported by a strong cash position, strengthening the balance sheet.  Negative 

 

NTPC: The company has signed a non-binding Memorandum of Understanding (MoU) with Électricité de France (EDF) to explore cooperation in developing new nuclear power projects in India.

 

KEC International: The company has secured orders worth Rs 2,518 crore in the civil, transportation & distribution, and cable & conductors’ segments.

 

Info Edge 

  • Standalone billings rise 7.45% to Rs 1,057.1 crore Vs Rs 983.8 crore
  • Recruitment solutions business grows 9.5% to Rs 810.7 crore Vs Rs 740.3 crore
  • 99acres increases 1.9% to Rs 162.8 crore Vs Rs 159.8 crore
  • Jeevansathi jumps 21% to Rs 38.6 crore Vs Rs 31.9 crore
  • Shiksha falls 12.9% to Rs 45.1 crore Vs Rs 51.8 crore

 

NHPC: The Cabinet Committee on Economic Affairs (CCEA) has approved an investment of Rs 26,069.50 crore for the construction of the 1,720 MW Kamala Hydro Electric Project (HEP) in the Kamle, Kra Daadi, and Kurung Kumey districts of Arunachal Pradesh. The estimated completion period for the project is 96 months. The installed capacity of Kamala HEP is 1,720 MW (8 x 210 MW & 1 x 40 MW), which is expected to generate 6,870 MUs of energy annually. The project will be implemented through a joint venture between NHPC and Anrunachal Pradesh Governement.

 

Bosch: The Board has approved the company's acquisition of Bosch Chassis Systems India (RBIC) from its existing shareholders, Robert Bosch Investment Nederland B.V. (RBNI), Netherlands, and Robert Bosch LLC, USA, for Rs 9,068.68 crore for a 100 percent stake. Upon acquisition, Bosch Chassis Systems India will become a wholly owned subsidiary and also a material subsidiary of the company. As per the management.

 

MACRO WRAP

  • The United States and Iran have agreed to a two week ceasefire linked to the reopening of the Strait of Hormuz. However, the situation on the ground remains fragile, with the passage still largely constrained and tanker traffic suspended following renewed Israeli strikes on Lebanon. Iran claims that multiple conditions of the truce have already been breached and has questioned whether the ceasefire extends to hostilities involving Lebanon. US Vice President JD Vance, who is scheduled to travel to Islamabad for discussions with Iranian officials, noted tentative signs that the strait could begin reopening.
  • Markets continue to price the development as a tentative and unstable truce, implying elevated volatility in the near term. The Islamabad talks on 10 April will be closely monitored for indications of whether a durable diplomatic framework is achievable. Any resumption of shipping between 12–15 April is expected to serve as the first operational test of the proposed US$2 million transit fee and Iran’s management of Strait operations. The market’s focus will then shift to the 14 day deadline on 21 April (ET), which will be critical in determining whether the ceasefire can transition into a more sustained de-escalation of the conflict.
  • The DJIA, the S&P500, and the Nasdaq Composite Index rose 2.8%, 2.5%, and 2.8% respectively. The Eurostoxx 50 jumped 5.0%. The Dollar Index fell 0.7% to 99.13. EUR-USD rose 70 pips to above 1.1660.
  • The US 2Y and 10Y yield held steady around 3.79% and 4.29% respectively. The German 10Y yield fell 14bp to 2.94%. The UK 10Y yield dropped 19bp to 4.71%.
  • Brent crude oil prices dropped 8.5% to USD94.75, marking the first time in more than two weeks that it settled below USD100 a barrel. Gold rose 0.3% to USD4,719.
  • US Fed March minutes showed inflation worries from the Iran war, but markets still priced in possible rate cuts later this year.
  • Data watch: US data releases are quite substantial tonight that include Feb’s personal income and spending data (est. 0.3% and 0.6% respectively vs. 0.4% and 0.4% previously), Feb’s core PCE price index (est. 0.4% m/m or 3% y/y vs. 0.4% m/m or 3.1% prior), initial jobless claims for the week of 4 Apr (est. 210k vs. 202k before), 4Q GDP third reading (est. unchanged at 0.7%), and Feb’s final wholesale inventories (est. -0.1% vs. -0.5% prior).

 

Investment Call:

 

Cement Preview Q4FY26 - Rising input costs to cap profitability even as volumes rise.

  • For cement companies in our coverage (ex-Grasim), revenues are likely to rise ~9.8% y-o-y in Q4FY26, led by a ~7.7% y-o-y volume growth and a ~1.9% y-o-y rise in realisations.
  • Weighted average EBITDA/tonne is likely to fall ~5.5% y-o-y to ~Rs. 973, owing to rising input costs. Consequently, operating profit is estimated to grow at a modest ~1.8% y-o-y.
  • Cement realisations are estimated to rise ~1.9% y-o-y, driven by a rise in cement prices since January, particularly in the non-trade segment, while trade prices remained relatively stable.
  • Demand is expected to have benefited from a seasonally strong quarter; however, high input costs, particularly petcoke and coal, could weigh on profitability. We stay positive on the sector and UltraTech is our preferred pick.

 

Consumer Goods Preview Q4FY26 – Eyeing near-term volatility

  • Ongoing geopolitical tensions would have a minimal impact on staple companies in Q4 as most companies have a limited exposure to the Middle East (ex-Dabur/ Emami). Margin pressure is likely in Q1FY27 on a steep rise in crude oil prices and a weak rupee.
  • Paints companies to report steady demand improvement in Q4, with volume growth expected to be in high single digits. Most players have initiated price hikes (effective April) in response to rising input costs.
  • In the liquor space, the P&A segment would continue its strong momentum, while the regular segment is likely to remain under pressure.
  • Preferred Picks: Asian Paints, Britannia, Marico, Nestle, Radico Khaitan and Allied Blenders & Distillers.

 

OTHER NEWS

 

Steel sector: The domestic consumption of finished steel grew by 7-8% to 164 million tonnes in FY26 on the back of increased activity in infrastructure, construction, railways, and manufacturing sectors. The country's crude steel output grew by over 10.7% to around 168.4 million tonnes during the financial year, reflecting sustained industrial momentum. India steel capacity to rise to 300 mn tn by 2030 vs 220 mn tn in FY26, steel Ministry reported. Positive for domestic steel manufacturing companies.