June 19, 2026

 

TOP NEWS

 

Infosys (-ve): For the full year, Accenture has narrowed its revenue growth guidance to 3% to 4% from 3% to 5% earlier in constant currency terms. The company maintained its operating and free cash flow outlook for the full year. The company in its earnings call said that client budgets have not been increasing, even with AI, with spends being redeployed instead of expanding. A key highlight of Accenture's results was the fact that its outsourcing bookings were down 15% from last year during the quarter, which means continued headwinds for Indian IT services. Consulting demand also continues to remain weak for the company and discretionary spending too is not seeing any improvement. Bookings dipped 3% to $19.3 billion against growth expectation of 7% resulting in Accenture stock price down ~18%. The same was reflected in Infosys ADR which was down close to ~10%.

 

Aequs: Company unveiled its vision 2031 with high aspirations. 4–6x revenue growth over FY26 base, 18–22% EBITDA margin, 20% steady-state RoCE, supported by $350–450 million capex. Consolidate PAT to break even in H1 2028. Vision 2031 is not just about expanding manufacturing capacity. The company is trying to build a scalable precision manufacturing ecosystem across aerospace and consumer segments. Aequs signed an MoU with Tamil Nadu government for Rs 2,856 crores investment in India's first Aero Engine Ecosystem.

 

Aurobindo Pharma: Necessary approval from US FTC for acquisition of Lannett Business has been obtained today --transaction will close before the end of this month

 

TrueAlt Bio Energy: Mentioned that it has received approval for financial assistance of Rs 150 crore under the Government of India's PM JI-VAN Yojana for its proposed commercial-scale Sustainable Aviation Fuel (SAF) project. The assistance would cover 7-10% of project capex. Planned SAF capacity of 10 crore liters per annum. Aligns with India’s SAF blending targets: 1% by 2027, 2% by 2028, 5% by 2030. Company’s current installed capacity: 2,000 KLPD ethanol (India’s largest producer).

 

TrueAlt Bio Energy: Mentioned that it has received approval for financial assistance of Rs 150 crore under the Government of India's PM JI-VAN Yojana for its proposed commercial-scale Sustainable Aviation Fuel (SAF) project. The assistance would cover 7-10% of project capex. Planned SAF capacity of 10 crore liters per annum. Aligns with India’s SAF blending targets: 1% by 2027, 2% by 2028, 5% by 2030. Company’s current installed capacity: 2,000 KLPD ethanol (India’s largest producer).

 

Amber Enterprises: Officially entered an entirely new business vertical: Smartphone manufacturing. Signed a manufacturing collaboration agreement with Oppo India, under which it will manufacture mobile phones for: - OPPO - OnePlus – Realme. Amber’s foray into this new segment, however, will be margin dilutive as Mobile manufacturing typically operates at lower 3% Ebitda margins as compared to Amber’s consol EBITDA margin of 8% (FY26). We would further wait details from Amber over due course in terms of capital commitment for mobile manufacturing & volume targets.

 

Reliance: RIl will hold its AGM today and key things monitorable are plans on listing of Jio platform, New energy ambitions, capital allocation across businesses.

 

MACRO WRAP

  • US-Iran Hormuz Deal: The US-Iran agreement entered its implementation phase overnight. The US declared an end to its blockade, while Vice President JD Vance said the 60-day negotiation period to finalize the details of the agreement had begun. Shipping traffic resumed through the Strait of Hormuz, with nearly 10 million barrels of stranded oil reportedly beginning to move through the waterway. However, uncertainty remains over several key issues, including the future governance of the Strait of Hormuz, whether Iran could eventually impose charges on shipping traffic, and the details of a permanent agreement over Iran’s nuclear programme.
  • Markets also continued to digest the implications of Warsh's first Fed meeting. Bond futures trading surged to record levels as investors increased bets that the Fed could raise rates as early as July. The Fed funds futures are pricing in 41% probability of a 25bp hike as early as the next meeting in July compared to 1% before Wednesday’s announcement. They are fully pricing in a 25bp hike by September, a total hike of 38bp by year-end, and a total hike of 37bp by September 2027.
  • US Jobless Claims: Initial claims fell 4,000 to 226,000 in the week ended June 13, broadly in line with the 225,000-consensus estimate, pointing to continued labour market resilience. Continuing claims, however, rose 24,000 to 1.81 million.
  • Philadelphia Fed Manufacturing: The June Philly Fed general business conditions index rose to 10.3, above the prior month's -0.4 and slightly ahead of the 10.0 consensus. New orders surged to 27.3 from -1.7, though the prices paid component climbed to 53.2 from 47.9, reinforcing inflation concerns.
  • Bank of England: The MPC voted 7-2 to hold rates at 3.75%, with two dissenters favouring a 25bp hike to 4.00%. The BoE noted the recent fall in oil prices was "encouraging" on inflation. UK unemployment came in at 4.9% for the three months to April, below the 5.0% consensus.
  • Gold ETF outflows continue: Gold ETFs recorded their eighth consecutive day of outflows on Thursday, bringing year-to-date net sales to 1.84 million troy ounces — the longest losing streak since March 24. The US 10-year real yield stood at 2.20%, up 28 basis points year-to-date, continuing to weigh on non-yielding bullion. Overall gold is expected to underperform amid hawkish stance of US Fed policymakers as rate hike would be negative for Gold prices.
  • The DJIA, S&P500, and Nasdaq rose 0.1%, 1.1% and 1.9% respectively overnight. The Eurostoxx 50 rose 0.4%. The Philadelphia Semiconductor Index surged 6.4% to a record high. The Dollar Index rose 0.8% to 100.85. EUR-USD fell 40 pips to 1.1460. The US 2Y Treasury yield was just marginally lower by 1bp to 4.18% while the US 10Y Treasury yield fell 3bp to 4.45%. The 30Y yield also fell 3bp to nearly 4.90%. Brent crude oil prices were slightly higher by 0.4% to USD79.85. Gold fell 1.1% to USD4,210.

 

OTHER NEWS

 

MSP Steel: Company signs agreement for the procurement of Solar Power facility of 10MWp (DC) of electricity per annum at a tariff rate of Rs 3.17 per unit by the Company for a term of 25 years from the execution date of the agreement.

 

Bharat Coking Coal has informed the exchanges that it has transferred the site of its 2 MTPA Dugdha Coal Washery to JSW Steel. The objective of the initiative is to enhance operational efficiency and modernise coal sector assets.

 

Trade Think Tank GTRI urged reducing import duties on raw aluminium and imposing export duties. This promotes domestic high-value aluminium production. Reduce imported finished goods and enhance industrial competitiveness. This change could boost exports and employment. Hindalco and Vedanta Aluminium face mixed effects from the proposals. Lower import levies on unwrought aluminium could affect local aluminium prices, but both firms' wide product portfolios and strong domestic presence will reduce the impact.