June 30, 2026

TOP NEWS

War update: Iran said that no negotiation meetings are scheduled with the US at any level in the coming days. However, President Donald Trump said the US will meet with Iran in Qatar Tuesday, and two US officials said US envoy Steve Witkoff is en route to Doha. The conflict of talks has led to unviable climbing of Brent prices to $73/ barrel. Asian markets opened with mixed reactions gift nifty indicates a flattish start with 26 points on bourses.

Infrastructure stocks: The Union Cabinet approved an additional Rs 30,000 crore investment in the National Investment and Infrastructure Fund (NIIF), bringing the government's total commitment to Rs 60,000 crore. This fund infusion primarily benefits core infrastructure and economic growth sectors by acting as catalytic capital to attract domestic and international institutional investors.  Positive read through for infra stocks

 Key Economic Sectors include

• Transportation & Mobility: Railways, highways, and emerging e-mobility initiatives.
• Energy: Renewable energy and power transition projects.
• Digital Infrastructure: Expansion of digital networks and technology.
• Urban Infrastructure: Projects designed to modernize cities and urban spaces.

KEC International: Secured new orders of Rs 1,754 crores across various businesses such as Transmission & Distribution (T&D): Significant orders for the supply of high voltage transmission line towers in the Americas and Cables & Conductors: Various orders across India and international markets. YTD order intake crosses Rs 4000 crore mark.

SW Solar: The company, through its JV with Hassan Allam Construction, has secured a Rs 4,650 crore LOA for the West Minya Solar Power Project in Egypt, involving the EPC execution of a 1,000 MWac Solar PV plant integrated with a 600 MWh Battery Energy Storage System (BESS). Company has garnered 3^rd GW scale order in last 9 months.

Yes Bank said its board of directors has approved fundraising of up to Rs 16,000 crore, including up to Rs 7,500 crore through the issuance of equity securities via various permissible routes, subject to shareholder and regulatory approvals. The fundraise will be capped at a maximum equity dilution of 10%, including any potential conversion of convertible debt instruments. Furthermore, the board has also approved a proposal to raise up to Rs 8,500 crore through the issuance of debt securities in domestic or overseas markets in one or more tranches. The plan includes the option of issuing convertible debt instruments, with total dilution capped at 10%, subject to shareholder and regulatory approvals, Yes Bank said in a regulatory filing.

HDFC Bank: The Board has approved the appointment of Rajiv Kumar as an Additional Director (Independent Director) of HDFC Bank for a period of four years, effective June 30. He has also been appointed as the Part-time Chairman of the bank, subject to RBI approval.

Further, the Board approved the appointment of Puneet Sharma (former CFO of Axis Bank) as the Chief Financial Officer-Designate of HDFC Bank, effective September 1, 2026, and as the Chief Financial Officer with effect from December 1.

Tata Motors & Mahindra & Mahindra: All electric cars with an ex-showroom price of Rs 30 lakh or less registered in the national capital will be granted 100 per cent exemption on road tax and registration fees, as the Delhi government approved a new EV policy.

MACRO WRAP

• China’s manufacturing activity picked up faster than expected in June buoyed by strong demand for high-tech exports amid global AI booms. The official purchasing managers’ index edged up to 50.3 in June, beating economists’ forecast of 50.1, returning to the expansionary territory above the 50-point threshold. The index stood at 50 in May. Output index growth accelerated (51.4 vs 51.2 in May), New Orders : 51.2 vs 49.9),  input cost index eased but still came in higher  (54.2 vs 60.5) business sentiment strengthened slightly (54.3 vs53.9), but China steel Industries PMI index remained in contraction at 47. Sentimentally positive for industrial metal mining secotrs
• Iraq is offering deep discount over the Benchmark Brent prices for their Basra crude oil grade to entice long-term buyers to lift Basra crude from its Gulf terminals. Basra medium crude discounts are $14–16/bbl and Basra heavy $16.80–18.80/bbl, with the deepest discounts for July 1–5 loadings and smaller discounts for July 6–10 and July 11–31 loadings. Iraq requires buyers to submit order volumes within one day of notification. the large discounts may attract buyers but whether passage through the Strait of Hormuz will be possible remains uncertain. Sentimentally positive for Indian OMCs.
• US Iran heads to Doha but meeting is uncertain, A top Iranian official reaffirmed Tehran’s resolve to control the Strait of Hormuz, keeping geopolitical risks elevated before the talks. Tehran has also ruled out any negotiations at any level with the American side on Tuesday.
• The DJIA, S&P500 and Nasdaq Composite Index rose 0.6%, 1.2% and 2.1% respectively overnight. The Dollar Index fell 0.3% to 101.11. EUR-USD rose 40 pips to 1.1420. The US 2Y Treasury yield rose around 1bp to 4.10% and the 10Y yield was little changed at 4.37. Brent crude rose 1.6% to USD73.15 as concerns over shipping disruptions in the Strait of Hormuz offset optimism surrounding renewed peace talks. Spot gold fell 1.8% to USD4,016 as investors rotated back into risk assets.
• Data watch: we have the S&P Cotality CaseShiller house prices, Conference Board consumer confidence, and the job openings and labour turnover survey (JOLTS).

STOCK UPDATE

Stock Update: Persistent Systems Ltd - Closer to $5-bn revenue goal

Reco: BUY                 CMP: Rs. 4,299            Target: 5,200

• Persistent Systems has made a significant acquisition by buying Germany-based Nagarro SE, a leading global digital engineering and AI transformation firm for Euro 1.27bn, roughly 1.3x EV/sales.
• Acquiring Nagarro will deepen Persistent’s roots in Europe and opening new verticals such as industrials, consumer and PSUs, while adding capabilities such as ERP and CX. The transaction is expected to be cash-EPS accretive in the first year of the transaction.
• While the Nagarro strengthens PSYS’s service portfolio and long-term growth potential, it also brings execution and integration challenges, with a lower margin profile.
• Persistent has historically enjoyed a valuation premium driven by its strong growth and consistent execution but integration-related uncertainties could temporarily affect growth visibility and moderate the premium. Accordingly, we assign a 30x FY28E P/E multiple and arrive at a revised price target of Rs 5,200, while retaining a Buy rating.

Stock Update: Astral Ltd – Business restructuring to unlock value

Reco: BUY                CMP: Rs. 1,367             Target: 1,750

• Astral’s board has approved the demerger of the piping and chemical businesses into two entities in order to improve transparency, capital efficiency and growth visibility.
• Astral has acquired a 60% stake in DSS, a specialty chemicals company. The acquisition is aimed at creating export opportunities and bolster the adhesive business.
• Backward integration in CPVC resin is progressing well; production to start by FY27-end. Piping business’ margins will improve consequently.

We expect revenue, operating profit and net profit CAGR of 15%, 18% and 30%, respectively, over FY26–FY28E. At 47.2x/40.6x FY27E/FY28E earnings, we maintain a Buy rating with a revised PT of Rs. 1,750.

OTHER NEWS

WeWork India Management Limited: WeWork India has expanded its Krishe Emerald centre in Hyderabad by leasing an additional 31,259 sq. ft., adding around 536 desks. This will increase total capacity from 1,26,860 desks, with the new capacity expected to become operational in July 2026. The expansion involves an investment of ~Rs. 9.8 crore and aims to meet rising demand for flexible workspace.

HPCL/ BPCL: India will lift restrictions on the retail sale of petrol and diesel to commercial buyers from July 1, ending temporary curbs imposed earlier this month to protect domestic fuel availability during disruptions in global energy trade, according to a government order issued on June 29. Positive read through for oil marketing companies HPCL and BPCL.

Inventurus Knowledge Solutions has approved an additional investment of up to USD 15Mn (~₹129 crore) in IKS WWMG MSO LLC, raising its stake from 48.02% to 63.49% via its wholly-owned subsidiary. The Board approved the move on June 29, 2026, aiming to transition from a service provider to a transformation partner in the healthcare sector. IKS WWMG MSO LLC, incorporated in the US on June 12, 2025, reported a net worth of USD 16.02 million for FY 2025-26.