April 02, 2026

TOP NEWS

War update: Trump declared the U.S. is on track to complete all military objectives and predicted the conflict will wrap up very shortly.  He put forward a two-to-three-week timeline — either Iran reaches a deal, or the U.S. will hit them "extremely hard. Mr. President threatened to strike "each and every one of their electric generating plants very hard, and probably simultaneously" if no deal is reached, and hinted at targeting their oil. Trump highlighted that regime change was not his objective but stopping nuclear power plant was which has been achieved.  speech also called on allies to "build up the courage" to secure shipping in the Strait of Hormuz, arguing that the US doesn't "need it". Trump's speech didn't answer many critical questions including why the US is still carrying out military action in Iran if Trump says Iran's nuclear capabilities, navy, and missiles have been destroyed. The price of benchmark Brent crude was trading at about $100 a barrel before the president started speaking. It fluctuated during the address but is now heading higher and is currently up by around 4% at $105.38. Negative for overall markets specifically for distribution companies such as HPCL, BPCL, paints sector and aviation companies. Positive for upstream companies such as Oil India and ONGC.

Glenmark Pharmaceuticals: The pharma major announced a strategic shift to directly manage the commercialization and distribution of its nasal spray Ryaltris in the United States, taking a step towards strengthening its innovative portfolio and on-ground presence.

TVS Motor Company (March YoY): Total sales soar 25% to 5.19 lakh units Vs 4.14 lakh units. Two-wheeler sales grow 25% to 4.98 lakh units Vs 4 lakh units. Electric vehicle sales increase 44% to 38,877 units Vs 26,935 units. Exports zoom 25% to 1.41 lakh units Vs 1.13 lakh units. Three-wheeler sales zoom 46% to 21,224 units Vs 14,567 units. Positive

Indian Bank: The state-run lender's total business rose 13.1% YoY to Rs 14.98 lakh crore in January-March 2025 period. The gross advances increased 13.6% YoY to Rs 6.68 lakh crore, while total deposits jumped 12.6 % YoY to Rs 8.30 lakh crore for the quarter. CASA ratio dropped to 39.86%.

Tamilnad Mercantile Bank Q4 (YoY): Total business grows 17.37% to Rs 1.15 lakh crore Vs Rs 98,055 crore. Advances surge 20.32% to Rs 53,380 crore Vs Rs 44,366 crore. Total deposits jump 14.94% to Rs 61,712 crore Vs Rs 53,689 crore. CASA zooms 22.35% to Rs 17,365 crore Vs Rs 14,193 crore

Bansal Wire Industries Q4 (YoY): Total sales volume soars 20.26% to 1.17 lakh MT Vs 97,821 MT

V2 Retail - Strong Q4FY26 update: Revenue grew by 59% y-o-y to Rs. 798 crore, on a high base of 68% growth in Q4FY25. SSSG came in at 7.74%. Monthly Sales Per Square Feet (PSF) reached Rs. 794. The company opened 33 new stores and closed 2 stores (net 31 openings) during the quarter, taking the network to 325 stores spread across ~35 lakh square feet.

V-Mart Retail - Good Q4FY26 Business Update: Revenue grew by 24% y-o-y to Rs. 971 crore, with SSSG at 12% overall (V-Mart at 12% and Unlimited at 9%). During the quarter, the company opened 29 stores and closed 6, taking the total operating portfolio to 577 stores as of 31 March 2026.

NMDC: NMDC’s produced 5.35 MT, up by 51% YoY of iron ore in the month of March 2026. Meanwhile sales volume witnesses a growth of 40% YoY to 5.90 MT during the same period, with sales volume for FY26 reaching ~50 MT, up 13% YoY. Its becoming the first company in India’s mining history to surpass the 50 MT annual production mark. Positive

MACRO WRAP

• President Donald Trump in his media address said the Iran war is “very close” to completion but warned strikes could intensify within 2–3 weeks, which triggered a selloff in the global markets. Meanwhile Iran fired missiles across the Middle East. Israel, Bahrain, Kuwait, and the UAE all reported attacks. Qatar Energy reported a fuel oil tanker was struck in Qatari waters.  The IEA warned the worst energy crisis in modern history is just beginning, with April set to be much worse as the Iran war’s full impact hits markets. Markets turned risk-off: S&P 500 futures -0.9%, Nasdaq -1%, US 10Y yields +3bps to 4.35%, DXY +0.15%. Asia equities fell—Nikkei -1.7%, KOSPI -3%, Hang Seng -0.6%, Tech -1%. Negative for broader market
• The Trump administration is preparing to impose tariffs of up to 100% on certain imported medicines, potentially as soon as Thursday, targeting companies that have not agreed to boost US manufacturing, according to people familiar with the matter. The move follows earlier threats to penalize branded drug imports and is based on a national security probe under Section 232 of the Trade Expansion Act.  Firms including Pfizer, AstraZeneca and Novo Nordisk have reached agreements to invest in the US and cut prices in exchange for tariff relief, while countries with trade deals may face lower, capped duties. Negative for Pharma sector
• The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.5%, 0.7%, and 1.2% respectively. The Eurostoxx 50 rose 2.9%. The Dollar Index fell 0.3% to 99.65. EUR-USD rose 40 pips to above 1.1590.
• The US 2Y yield edged up nearly 1bp to 3.80% while 10Y yield was flat at 4.32%. The German 10Y yield fell almost 2bp to 2.99%. The UK 10Y yield dropped 9bp to 4.83%. Brent crude oil prices fell 14.5% to USD101.16. Gold rose 1.9% to USD4,759.
• The latest Manufacturing PMI index showed that inflationary pressure is already visibly on the underlying economy as China’s output price inflation accelerated to its highest level since March 2022. This sharp increase forced producers to raise their output prices at the fastest pace in four years. Supply chain disruptions also deepened significantly. Suppliers' delivery times lengthened to the greatest extent since December 2022. Negative for market
• The US ISM Manufacturing PMI rose to 52.7 in March 2026, the strongest since August 2022 and above forecasts, with faster output growth, slightly weaker new orders, continued job contraction, and the highest prices index since June 2022, as firms increasingly cited the Iran war and policy uncertainty as headwinds.
• US retail sales rose 0.6% in February 2026, the strongest gain in seven months and above forecasts, with broad increases led by department, health, clothing, and auto stores, partly offset by weaker food and furniture sales. Core retail sales climbed 0.5%.
• US private payrolls rose by 62,000 in March 2026, beating expectations and signaling a still‑resilient labor market, with gains led by education and health and losses in trade, transportation, utilities, and manufacturing.
• Data watch: we have the Challenger job cuts, trade, and initial jobless claims..

OTHER NEWS

Auto Volumes - March 2026

Source: Company, Mirae Asset Sharekhan Research

The auto sector showed strong growth buoyed by a resilient domestic demand led by rural markets and encouraging exports despite global uncertainty. Vahan data also suggest an overall growth of 23.6% YoY in registrations for March 2026. Highest ever annual sales were recorded for Maruti, M&M (SUVs), Eicher (RE), Tata Motors PV and TVS motors. We believe March had the benefit of the festivals like Chaitra Navratri, Gudi Padwa, Ramnavami, Ramzan Eid, Holi, etc. and sentiment buying from price hikes effective from April (MSIL announced price hike upto 4% across model, Tata motors PV by ~1% , etc). Going forward, we expect some softness in demand in Q1FY27 because of the geopolitical scenario having a trickle-down effect. Overall, in FY26, GST rate cuts, increased infrastructure activity, higher rural demand, higher disposable incomes, subsidies on EVs and normal farming activity helped the auto sector.

Telecom Mobile Subscribers Addition (February MoM): Reliance Jio has added 16.24 lakh subscribers Vs 24.37 lakh subscribers while Bharti Airtel adds 48.57 lakh users Vs 44.06 lakh users. Vodafone Idea adds 21,927 subscribers Vs loss of 4.11 lakh users.

Emcure Expands : The company expands in Canada through the 100% acquisition of Cutimed Inc. for CAD $5.05M. Cutimed Inc. is a Canadian company focused on cosmetics and personal care products with annual turnover of CAD $2.8 million. Post-acquisition, Cutimed was amalgamated with Mantra Pharma effective April 01, 2026. The transaction strengthens Emcure's portfolio in dermatological and cosmetic segments in Canada.

IndiGo: IndiGo announced that it will adjust fuel surcharges on both domestic and international flights for all new bookings made from 12:01 am on April 2, due to a sharp increase in aviation fuel prices.

Wipro: Nagendra Bandaru, who is currently the President and Managing Partner of Technology Services Global Business Lines (GBLs), has been appointed as the Chief Executive Officer of the AI-Native Business & Platforms unit and will continue as a Senior Managerial Personnel (SMP) of the company. Kanwar Singh will now take over as President and Managing Partner of Technology Services GBLs and will be an SMP of the company. Suzanne Dann will step down as Chief Executive Officer of the Americas-2 Strategic Market unit to pursue opportunities outside Wipro. Additionally, the company has launched an AI-Native Business & Platforms unit to complement its services business. The unit will accelerate the development of enterprise-grade agentic AI solutions and enhance outcome-based value creation

South Indian Bank Q4 (YoY): Gross advances grow 15.66% to Rs 1.01 lakh crore Vs Rs 87,579 crore. Total deposit soars 14.71% to Rs 1.23 lakh crore Vs Rs 1.07 lakh crore. CASA ratio rises 75 bps to 32.12% Vs 31.37%. CASA increases 17.47% to Rs 39,621 crore Vs Rs 33,730 crore

Karnataka Bank Q4 (YoY): Total deposits rise 3.8% to Rs 1.08 lakh crore Vs Rs 1.04 lakh crore. Gross advances jump 6.9% to Rs 83,337 crore Vs Rs 77,959 crore. Share of CASA to total deposits increase 190 bps to 33.65% Vs 31.75%. CASA soars 10% to Rs 36,621.16 crore Vs Rs 33,281 crore.

Hero MotoCorp (March YoY): Total sales volume grows 8.8% to 5.98 lakh units Vs 5.49 lakh units. Domestic sales volume rises 8.3% to 5.52 lakh units Vs 5.1 lakh units.  Exports jump 15.6% to 45,693 units Vs 39,518 units.

Force Motors (March YoY): Total sales volume grows 13.49% to 4,199 units Vs 3,700 units. Domestic sales volume increases 14.42% to 4,126 units Vs 3,606 units. Exports fall 22.3% to 73 units Vs 94 units.

Nestle: The company has announced addition of 20,500 tpa Maggi line at Sanand at an investment of Rs. 90 crore proposed to be operational in FY26-27.

Lemon Tree: The company has signed Keys Prima hotel in Srinagar a 60 room property to be managed by subsidiary - Carnation Hotels.

Lupin: The drugmaker will acquire a 43.38% stake in Multicare Pharmaceuticals Philippines, Inc. (MPPI) in a deal valued at up to US $39.6 million, as it moves to strengthen its presence in the Philippines market.

Prestige Estates: The company has signed a JDA for a ~17.2-acre land parcel in Gurugram (Sector 92), with a GDV potential of ~₹4,200 crore and ~3 mn sq. ft. saleable area.

Steel & Aluminium: The Trump administration is reportedly gearing up to bring in a new rule on some commodities tariff structure, this time focusing on products made using steel and aluminium. According to media reported, the US could soon set a 25% tariff on finished goods that contain imported steel and aluminium. As per new plan, a flat 25% tariff would apply to finished products that include steel and aluminium. Products made almost entirely of steel and aluminium would still face the higher 50% tariff, but final list of categories wise.

Coal India: On March 26, Coal India reported a 1.5% YoY decrease in output volume growth to 84.5 million tons (MT). Additionally, the manufacturing volume for FY26 was around 768 MT (down 1.7% YoY).

AGI Infra: The company has received approval from GMADA for its ‘Utopia by AGI’ residential project in New Chandigarh, spanning ~10.26 acres with ~3.19 mn sq. ft. saleable area (661 units).