June 11, 2026

TOP NEWS

War update: IRGC says retaliatory strikes have been launched against US forces in the region, specifically mentioning bases in Kuwait and Bahrain. Earlier US has launched attacks against multiple targets in Iran saying the strikes were in “self-defense”, as well as in response to “Iran’s unwarranted and continued aggression.  Iran’s military has ordered the complete closure of the Hormuz Strait to all vessels, including oil tankers and commercial vessels. Israel continue to pound on Lebanon. The Kuwaiti army has announced that it is responding to missile and drone attacks. Asian markets opened with a negative start in the range of 0.5% to 2.5%. Gift nifty indicates a start with 80 points cut. Brent crude is back to $ 94/ barrel. Overall negative for HPCL.

Vascon Engineers: Received EPC orders worth Rs 347.43 crore, including GST, the order includes the demolition and redevelopment of the Reserve Bank of India (RBI) quarters at Zoo-Narengi Road Colony in Guwahati, Assam.

India is likely to import urea at nearly half the price it paid after the West Asia crisis began, in what could help contain further pressure on the country's fertiliser subsidy bill. China, which had earlier restricted fertiliser exports, also issued some export quotas in recent weeks. This helped improve global availability and temper prices of nitrogenous fertiliser, said industry executives. Positive for RCF

Hindustan Zinc signs pact with Sulfozyme Agro to advance sustainable metal recovery: Vedanta group firm Hindustan Zinc on Wednesday said it has signed a pact with Sulfozyme Agro India under its Zinc Industrial Park initiative to advance sustainable metal recovery. Under the collaboration, Sulfozyme Agro will set up its proposed operations at the Zinc Industrial Park, focused on processing zinc-based materials into value-added products for industrial and downstream applications.

Abu Dhabi Investment Authority-owned Platinum Jasmine is likely to sell a 2.3 percent stake in Lenskart Solutions, with a floor price of Rs 486 per share and a block deal size of Rs 1,944 crore, according to media reports. Jasmine A 2018 Trust held a 12.08 percent stake in Lenskart as of March 2026. Looks hangover is expected to stay. Also, negative today

Muthoot Finance and other gold financers are expected to come down in terms of stock prices due to falling gold prices.

Tata Consumer Products: The company will pursue a combination of volume-led growth and selective price increases to drive expansion. The FMCG arm of Tata Group will be targeting for an EBIDTA margin of over 20 per cent in the coming years, as per media

Doms industries: finalized the acquisition of key assets related to the Reynolds brand’s pen and school supplies business. The deal, valued at US$ 3,700,000, includes plant, machinery, molds, contracts, intellectual property, and associated liabilities.

Aditya Infotech: Company has executed a 50:50 Joint Venture(“JV”) Agreement with Orient Cables (India) Limited (“Orient”) for the purposes of carrying on the business of manufacturing of electric cables and other allied products. The JV would be named Corelink Cable Technology Private Limited.

MACRO WRAP

• Stagflationary risks in the US are becoming more pronounced, with inflation remaining elevated even as growth shows signs of moderation. Headline CPI rose to 4.2% in May—the first reading above 4% in three years and over twice the Fed’s target—though markets remained largely unfazed as the print met expectations. Energy prices continue to be the key driver, with a 3.9% MoM increase and gasoline prices up nearly 60% since January, reflecting the pass-through from higher crude oil prices. Food inflation, by contrast, remains relatively contained. Core pressures persist, led by housing rents—both actual and imputed—which continue to be a major contributor to overall inflation. Meanwhile, real wage dynamics remain weak: inflation-adjusted average hourly earnings fell 0.1% in May and are down 0.7% year-on-year, indicating ongoing pressure on household purchasing power.
• Markets would be keenly awaiting the FOMC meeting in  16th Jun’ for the new Fed Chairman’s commentary on his macroeconomic assessment. Markets are raising their hawkish bets with rate hikes as early as Dec’26. We expect the Fed to signal its policy intentions by revising its growth projections lower by 30‒40bps to 2% and raising inflation expectations by 40bps to 3.2%.
• Geopolitical tensions intensified after the US launched a second day of strikes against Iran. President Trump warned that Washington would continue to hit Iran "very hard" until progress is made on an interim peace deal. The latest attacks further undermine hopes that the April ceasefire can be restored and raise the risk of prolonged disruptions through the Strait of Hormuz.
• The DJIA, S&P500 and Nasdaq fell 1.9%, 1.6% and 2.0% respectively overnight. The Eurostoxx 50 fell 0.7%. The Dollar Index was broadly unchanged at 99.95. EUR-USD was just a touch lower around 1.1530. The US 2Y yield rose 2.5bp to around 4.14%, while the US 10Y yield increased 3.6bp to 4.55%. The German 10Y yield rose 3bp to 3.08%, while the UK 10Y yield increased 3bp to 4.93%. Brent oil prices gained 1.8% to USD93.10. Gold fell 4.4% to USD4,072. Gold is down over 25% compared to the closing high of USD5,417 on 28 January. Since the US-Iran war began, it is down

Data watch: The day ahead, we get US PPI inflation and initial jobless claims. From Europe the focus shifts to today's ECB meeting. They are expected to hike the Deposit Facility Rate by 25bp to 2.25%. The OIS market is pricing in a total hike of 67bp by year-end and 83bp by April 2027.

OTHER NEWS

Textile: The Government has approved 22 new applicants under the Round-3 of the Production Linked Incentive (PLI) Scheme for Textiles. The newly approved companies are expected to bring in a total investment of Rs. 2,339.14 crore and generate a projected turnover of Rs. 15,561.34 crore in notified products. A total of 96 companies have been selected under Round-3 of the scheme with a total committed investment of Rs. 12,822.67 crore and a projected turnover of Rs. 58,294.18 crore. The approved applicants span key focus segments of the PLI Scheme, including Man-Made Fibre (MMF) Apparel, MMF Fabrics and Technical Textiles, thereby further strengthening India's position as a global hub for value-added textile manufacturing. Stocks such as Gokaldas Exports, Arvind, Vardhaman Textile, KPR Mills among others to be in focus.

Merger of REC with Power Finance Corporation gets Presidential approval: The President has approved the merger of REC Ltd with Power Finance Corporation, nearly seven years after PFC acquired the government's majority stake in REC.

Powergrid: Board on 10th Jun'26 approved an Rs 485.04 Crore capex for SCADA system upgrades and the availing of an unsecured JPY 80 billion term loan from JBIC and other institutions.

PPAP has entered into a partnership agreement with Hutchinson to manufacture advanced body sealing systems in India for the passenger vehicle segment. The partnership will provide PPAP with access to Hutchinson's technology, licensed know-how, engineering expertise, and technical support.

Power Grid said its Board has approved the upgradation of SCADA and associated systems of NTAMC/RTAMC at an estimated cost of Rs 485.04 crore. The Board also approved availing an unsecured term loan facility of JPY 80 billion from JBIC and participating financial institutions. Additionally, Venkata S V has been appointed as Chief General Manager (Finance & Accounts) and Chief Financial Officer (CFO) of the company, effective July.