July 09, 2026

TOP NEWS

War related update: The US struck Iran for a second day to curb threats to shipping in the Strait of Hormuz, revoking Iran’s oil export waiver and threatening further escalation. Iran vowed immediate retaliation and claims to have hit US-linked bases. Both sides accuse each other of violating a fragile truce, jeopardizing stalled peace talks. Market reaction to these attacked was jump in oil prices Crude oil surged sharply, US equities closed mixed, with tech stocks outperforming. Treasury yields rose across the curve in a modest bear-flattening move. The DXY pared earlier gains to close flat at about 101. Expect Indian rupee to depreciate on rising oil prices . Negative for HPCL/BPCL, Tyre companies, paint companies, Positive for ONGC

State Bank of India: State Bank of India's subsidiary, SBI Funds Management, has filed a Red Herring Prospectus with the Registrar of Companies to launch its IPO for public subscription on July 14. The IPO comprises an entirely offer-for-sale (OFS) of 20.37 crore shares by promoters State Bank of India and Amundi India Holding. State Bank of India will sell a 6.3 percent stake in SBI Funds Management, while Amundi India Holding will divest a 3.7 percent stake through the IPO. The price band for the offer has been fixed at Rs 545–574 per share.

JSW Energy: The company announced the commissioning of 1,081 MW of renewable energy capacity since April 2026, taking its total installed capacity to 14,535 MW. The capacity addition comprises 442 MW of solar, 108 MW of wind, 381 MW of hybrid, and 150 MW of hydro power projects.

Mahindra Hikes SUV and Commercial Vehicle Prices Again: Mahindra & Mahindra has announced another round of price revisions across its passenger SUV and commercial vehicle portfolio, with the new prices coming into effect from July 10, 2026. The company says the increase is aimed at offsetting sustained inflation in commodity and raw material costs, making it the second major price revision announced by the automaker this year.

Average Price Increase

• SUV range: Average price increase of 2.7%
• Commercial Vehicles: Average price increase of 2.0%
• Effective from: 10 July 2026
• The exact increase will vary depending on the model, variant and market.

Nalco: NALCO has announced a 50:50 joint venture with NLC India Ltd. to build a 4×270 MW (1,080 MW) thermal captive power plant in Angul, Odisha. The project aims to meet NALCO's 0.5 MTPA aluminum smelter expansion's captive power requirements while also establishing long-term arrangements for 200-250 MW of renewable energy and coal supply. The JV will sign a 25-year Power Purchase Agreement, with both partners owning an equal interest in the company.

Phoenix Mills: Phoenix Mills reported a strong Q1 FY27 operational update, with retail consumption rising 32% YoY to Rs. 4,727 crore. Office occupancy improved to 72% from 70% in March 2026, with gross leasing of ~1.9 lakh sq. ft. Hospitality also performed well, with RevPAR growth of 15% at St. Regis Mumbai and 23% at Courtyard by Marriott Agra. Residential sales stood at Rs. 64 crore, with collections of Rs. 51 crore. Overall, the update indicates healthy momentum across retail, office and hospitality segment

Tata Steel : Company recorded  a solid operational performance in Q1FY27, with Indian crude steel output climbing 11% YoY to 5.82 MT and deliveries increasing by ~9% YoY to 5.2 MT. However, deliveries from the Netherlands and UK businesses fell 6.7% YoY to 1.4 MT and 20% YoY to 0.48 MT, respectively. In a separate development, according to media reports, Dutch prosecutors have chosen to charge Tata Steel IJmuiden with intentional and unlawful pollution, including the release of hazardous substances that may have harmed public health. The case involves charges of poor maintenance, operating without authorization, and failing to record certain accidents. India's solid volume performance was led by higher output at the Jamshedpur and Kalinganagar facilities, reflecting sustained domestic demand.

IRB Infra: IRB Group reported ~28% YoY growth in gross toll revenue for June 2026 at Rs. 808 crore, compared with Rs. 631 crore in June 2025. Growth was driven by steady traffic, tariff revisions and contribution from newly operational assets. Key contributors included IRB MP Expressway, IRB Golconda Expressway and Ahmedabad-Vadodara Super Express Tollway.

MACRO WRAP

• The US struck Iran for a second day to curb threats to shipping in the Strait of Hormuz, revoking Iran’s oil export waiver and threatening further escalation. Iran vowed immediate retaliation and claims to have hit US-linked bases. Both sides accuse each other of violating a fragile truce, jeopardizing stalled peace talks. Market reaction to these attacked was jump in oil prices Crude oil surged sharply, US equities closed mixed, with tech stocks outperforming. Treasury yields rose across the curve in a modest bear-flattening move. The DXY pared earlier gains to close flat at about 101. Expect Indian rupee to depreciate on rising oil prices .
• The inbound Tanker traffic through the Strait of Hormuz has nearly halted. In early Asian trading, Brent futures briefly topped USD80 a barrel and WTI jumped above USD75, extending the gains overnight. Ther was hardly any inbound tanker traffic to the strait which was not related to Iran
• Fed minutes from the June meeting, released Wednesday, The June FOMC meeting minutes, released overnight, showed growing concern among policymakers over inflation even as worries over the labour market slightly receded., adding to hawkish repricing across the front end of the curve. Fed Chair Kevin Warsh is scheduled to testify before the Senate Banking Panel on July 15 on the semi-annual monetary policy report. The Fed funds futures are pricing in a total hike of 38bp by year end and a total rate hike of 39bp by October 2027. Sentimentally positive for USD
• IMF revised down global growth target to 3% for 2026, from 3.1% predicted in April, and a slowdown from the 3.5% average recorded over the previous two years. The global economy as a whole has, so far, weathered the shock from the war better than feared.
• US President Trump threatened to halt all trade with Spain at the NATO summit, though he later said Spain had agreed to pay more on defence and was "very generous." Spanish stocks were the worst-performing major European market on Wednesday as a result. Negative for Euro
• The DJIA and the S&P 500 fell 1.1% and 0.3% respectively, while the Nasdaq Composite gained 0.2%. The Eurostoxx 50 fell 1.8%. The Dollar Index was little changed at 101.05. EUR-USD was flat at around 1.1420. The US 2Y yield rose 3bp to 4.22% and the 10Y rose 3bp to 4.58%. The German 10Y yield rose 10bp to 3.09%, and the UK 10Y yield rose 13bp to 4.97%. Brent crude oil prices surged 5.2% to USD78.02, while WTI rose 4.4% to USD73.52. Gold fell 0.7% to USD 4,077.

Data watch: Geopolitical headlines are likely to drive markets. As for economic data, weekly initial jobless claims for the week of 4 Jul and existing home sales for Jun will round out the US data calendar for the week.

OTHER NEWS

SML Mahindra (June YoY): Total commercial vehicle sales grow 4.9% to 1,896 units Vs 1,807 units. Commercial vehicle exports fall 46.8% to 34 units Vs 64 units. Production rises 2.65% to 1,587 units Vs 1,546 units.

Graphite India has notified the exchanges that it has made the decision to cease and desist the operations of its Graphite Specialities and Coating divisions in Germany as a result of the persistently weak demand and the protracted impact of the Russia-Ukraine conflict. The closure is anticipated to be finalized within the next six months, contingent upon negotiations with the local Works Council. 

TVS Motor Company, Indian Oil Corporation: TVS Motor Company announced a strategic partnership with Indian Oil Corporation to strengthen last-mile LPG cylinder distribution through sustainable commercial mobility solutions. TVS Motor will work with Indian Oil's network of over 13,000 LPG distributors across the country, enabling the adoption of TVS King Kargo HD vehicles for doorstep LPG cylinder deliveries.