September 28, 2026

TOP NEWS

War update: ⁠US President Donald Trump rejected a proposal from Iran to resolve the conflict and reopen the Strait ⁠of Hormuz. US was “achieving success on both the military and economic fronts”, adding that a return to military strikes may be possible. President Trump said Sunday he expects talks with Iran to resume in the coming week, a day after he rejected a truce proposal put forward by Tehran. Upon rejection of Iran’s proposal oil prices spiked to $107/barrel. Asian markets remains mixed, gift nifty indicates a muted start with 80 point cut on the bourses.

Aequs: Board approves 650 Cr preferential warrant issue to promoter group at 231.55/share which increases the promoter holding to 60.73% from 59.09%. Funds to expand aerospace + consumer capacity, including Hosur.  325 crore payable upfront and balance would be payable by Dec 27.

Augmont Enterprises Limited, along with its subsidiaries, has been empanelled by National Stock Exchange of India Limited as a key partner for the promotion of Electronic Gold Receipts (EGR). This is a strategic partnership designed to simplify the process of EGR creation and extinguishment, and to promote trading in EGRs, further deepening India’s gold ecosystem. Within the regulated environment, the cooperation is anticipated to enable the smooth conversion of physical gold into EGRs and EGRs back into physical gold.  EGRs are dematerialised securities that signify ownership of actual gold that is held electronically through depositories and safely kept in vaults approved by SEBI. Gold is easily incorporated into the official financial system because each EGR is completely backed by actual gold and can be traded on the exchange. Through this collaboration, NSE hopes to further develop a strong and open gold trading ecosystem that would facilitate effective price discovery, increased market participation, and increased trust among all parties involved, including jewellers, refiners, dealers, and institutional investors.

SAIL: State-run Steel Authority of India Ltd (SAIL) and Bharat Coking Coal Ltd (BCCL) have entered into a memorandum of understanding (MoU) to jointly develop and operate two coal blocks in West Bengal. Further strong domestic HRC prices and low inventory levels should help re-stocking.

Omaxe – SEBI Order: SEBI has passed an order against Omaxe and certain other noticees concerning alleged Minimum Public Shareholding (MPS) and related disclosure violations. Omaxe has been restrained from accessing the securities market and prohibited from dealing in securities for 3 months, along with a Rs. 27 lakh monetary penalty. The company is examining the order and evaluating legal remedies. Negative

Signature Global – New Luxury Project: Signature Global is entering Gurugram West (Farrukhnagar) with a 194.22-acre ultra-luxury farmhouse villa project. The company has acquired 25 acres and entered into a collaboration agreement for another 169.22 acres. The project has ~6.77 mn sq. ft. developable potential and an estimated GDV of Rs. 5,500–6,000 crore, marking its entry into the ultra-luxury residential segment.

Clean Max Enviro: Augment India I Holdings LLC is likely to sell 85 lakh shares, representing a 7.25 percent stake in Clean Max Enviro Energy Solutions, with the offer size pegged at Rs 1,062.8 crore and the floor price set at Rs 1,250 per share. Negative

Dredging corporation: Acquired 11 new dredgers over the next five years, investment of Rs 3,560 crore, to be funded through a combination of equity and debt.

NMDC has commissioned its ₹5,427 crore integrated project comprising a 2 MTPA pellet plant at Nagarnar, an iron ore processing plant at Bacheli, and a 135 km slurry pipeline. The project will enable NMDC to convert iron ore fines and slimes into value-added pellets while reducing dependence on road transportation and railways, thereby improving logistics efficiency and strengthening downstream capabilities. The commissioning also supports the company’s long-term ambition of achieving 100 MTPA iron ore production.

Godrej Properties – New Luxury Project: Godrej Properties has entered into a development agreement for a ~2.5-acre land parcel in Marine Lines, South Mumbai, with an estimated revenue potential of ~Rs. 6,000 crore. The project is planned as a luxury residential development, adding to GPL’s premium Mumbai portfolio.

Macro Wrap

• Oil moved higher in Asia, Brent rose nearly 2% to above USD106 a barrel and WTI is heading towards USD94, reflecting the renewed uncertainty over the Strait of Hormuz.
• The main theme last Friday was a cautious recovery, as US equity markets advanced across the board after a turbulent week dominated by surging Treasury yields, volatile oil prices, and an unresolved Middle East conflict. The DJIA led the advance, with the S&P500 and Nasdaq Composite Index posting more modest gains, while the Philadelphia Semiconductor Index surged last week on AI-driven momentum.
• Over the weekend, President Trump rejected Iran’s seven-day proposal to reopen the waterway and restart peace talks. Iran has since said it will not soften its conditions, though both sides indicated indirect talks may resume this week. Mediators are now pressing Iran to make concessions on its nuclear programme as a condition for reviving ceasefire talks, a development that complicates the diplomatic path further.
• The White House is reportedly analysing a range of options, including suspending fuel taxes and removing restrictions on dyed diesel normally reserved for off-road use. Russia is also expected to extend its own diesel export ban beyond September, further tightening global supply. Sentimentally positive for Indian OMC’s.
• The University of Michigan’s consumer sentiment index rose slightly to 48.1 in September 2026 but stayed very weak. Personal finance views deteriorated, price and fuel worries increased, the business outlook worsened, and sentiment fell across parties. Year-ahead inflation expectations climbed to 4.6% and five-year to 3.4%. Sentimentally negative for Gold.
• US durable goods orders were flat at $338.6 billion in August 2026 versus expectations for a 0.4% drop. Transportation and fabricated metals fell, while defense aircraft, computers, primary metals, electrical equipment, and machinery rose. Ex-transportation, orders rose 0.3%, and core capital goods (non-defense ex-aircraft) climbed 1.6%.
• Brent crude climbed 1.5% to approximately $105.90 per barrel in early Monday trade after Trump rejected Iran's proposal to reopen the Strait of Hormuz. Iran's insistence on its seven-day conditions with no softening has reignited supply disruption fears and is adding to inflation concerns globally.
• Gold fell to $4,228, lowest since 6 August after a weekly drop of over 2%, as the Strait of Hormuz impasse kept energy costs elevated and sustained pressure on the Federal Reserve to raise rates to combat sticky inflation.
• The US 2Y Treasury yield fell 7bp last Friday to 4.86% but gained 11bp for the week, marking its sixth consecutive weekly increase. The US 10Y yield fell 4bp on Friday to 5.16% but surged 17bp for the week, reaching its highest level since 2007.
• Data watch :we get Dallas Fed manufacturing activity index for September today.

OTHER NEWS

Sandur Manganese & Iron Ores: Incorporates wholly owned subsidiary Royal Sandur Medtech to manufacture medical devices, surgical products, diagnostics and healthcare consumables.