April 06, 2026

TOP NEWS

War update: Donald Trump has issued threatening warning for Iran to open Strait of Hormuz or face “hell”, and saying the US will hit Iranian power plants and bridges. In reaction Iran said it would respond to any attacks on its infrastructure, and condemning the US president’s remarks as an “incitement to war crimes”. With the Geopolitical tensions prevailing oil prices remains elevated at around $110.  

Senco Gold Strong Q4FY26 update: The company achieved a wedding season-led y-o-y growth of ~46%, with SSSG at ~34%. It launched 7 new showrooms (2- Franchisee, 1- COCO and 4- Sennes) in Q4, reaching a network of 201 showrooms.

MOIL: Company reported provisional figures for March 2026 showing manganese ore production of 1.64 lakh metric tonnes, slightly higher than 1.59 lakh metric tonnes a year earlier, with monthly sales rising more sharply to 2.02 lakh metric tonnes from 1.56 lakh metric tonnes. For the full FY 2025-26, cumulative production increased to 19.07 lakh metric tonnes from 18.03 lakh metric tonnes, while sales were broadly stable at 15.89 lakh metric tonnes versus 15.87 lakh metric tonnes, indicating steady operational growth and sustained market offtake for its ore.  Also, company increases prices of manganese ore grades effective from 1st April 2026. Positive

Vikran Engineering Limited : The company has secured orders worth ₹530.8 crore from Maharashtra State Electricity Distribution Company Limited for power distribution infrastructure projects across Nashik and Kolhapur. The projects, awarded under an ADB-funded program, involve turnkey execution of substations, transmission lines, and system strengthening works, with a completion timeline of 21 months.

Axis Bank Q4 (YoY)Gross advances grow 18.4% to Rs 12.44 lakh crore Vs Rs 10.51 lakh crore.Total deposits increase 13.9% to Rs 13.35 lakh crore Vs Rs 11.73 lakh crore .CASA deposits rise 10.6% to Rs 5.28 lakh crore Vs Rs 4.78 lakh crore .Term deposits soar 16.1% to Rs 8.07 lakh crore Vs Rs 6.9 lakh crore.

L&T Finance Q4 (YoY) : Retail disbursements surge 62% to Rs 24,080 crore Vs Rs 14,899 crore Retail loan book grows 26% to Rs 1.19 lakh crore Vs Rs 95,180 crore.

LG Electronics: Recorded sales of over one million air conditioners in the first quarter of calendar year 2026, marking the strongest start to a summer season in its history in India.

Adani ports:  Targeting cargo volumes of 1 billion tonnes by 2030, after the company surpassed 500 million tonnes milestone. Company took  targeting cargo volumes of 1 billion tonnes by 2030, after the company surpassed 500 million tonnes milestone.

Bank of Baroda: Bank of Baroda released its fourth-quarter business update on Thursday, April 2. The bank’s total global business grew 13.93% YoY to ₹30.78 lakh crore as of March 2026, compared with ₹27.02 lakh crore a year earlier. Global deposits rose 12% to ₹16.48 lakh crore from ₹14.72 lakh crore in the previous fiscal, while domestic deposits increased 12.83% to ₹14.01 lakh crore from ₹12.42 lakh crore. The lender’s global advances climbed 16.2% to ₹14.3 lakh crore, up from ₹12.3 lakh crore in the same period last year

Bandhan Bank: The Bank posted healthy growth in advances along with steady deposit mobilisation for the quarter ended March 31, 2026, as per its provisional update. The bank’s loans and advances, including on-book and PTC, stood at Rs 1.54 lakh crore at the end of the March quarter, registering a 12.6% YoY increase and a 6.2% sequential rise.

RBL Bank: The provisional Q4 FY26 business update (ending March 31, 2026) shows strong growth, with total business exceeding ₹2.5 lakh crore, marking a 24% YoY (YoY) increase. Key highlights include a 25% YoY rise in deposits to ₹1,39,037 crore and a 22% YoY increase in gross advances to ₹1,15,488 crore, with a 99.70% collection efficiency.

Punjab National Bank: The PSB reported steady Q4 growth, with global business rising 10.8% YoY to ₹29.72 lakh crore, driven by advances growth of 13% and deposits up 9.3%. Domestic business also grew 10.4% YoY, while CASA ratio improved to 73.7% from 71.3% last year.

Union Bank of India: The bank announced its provisional business update for the fourth quarter, reporting a 5.79% YoY rise in total global business to ₹23.85 lakh crore, along with a 6.52% sequential increase. Global deposits stood at ₹13.06 lakh crore, registering a 2.72% growth compared to the previous year and a 6.87% rise QoQ. Meanwhile, the bank’s global advances reached ₹10.78 lakh crore, marking a 9.76% increase YoY and a 6.09% sequential growth.

Senores Pharmaceuticals : The company has announced the formation of a strategic joint venture in the United States through its wholly owned subsidiary, marking a significant expansion into the federal government procurement market. This partnership strategically positions Senores to facilitate supply of its pharmaceutical product portfolio to multiple U.S. government sectors including federal government contracts, veterans affairs supply agreements, military supply contracts, and long-term national contracts. The joint venture framework provides the company with specialized credentials necessary to participate in the high-entry-barrier U.S. government procurement market, specifically targeting federal and defense needs.

J. Kumar Infraprojects Limited: The company has secured a ₹1,184 crore EPC contract from PWD Lucknow for the construction of an International Exhibition-cum-Convention Centre in Lucknow (UP). The project, designed for a capacity of 10,000 people, is to be executed over 24 months, strengthening the company’s order book in the urban infrastructure segment.

Sun Pharmaceuticals Ltd. : US govt has imposed duties of up to 100% on patented drugs made outside the country. As per reports, the same is applicable for branded drugs in the US and not generic pharma. While Indian pharma companies are expected to not be impacted by the new round of tariffs, Sun Pharmaceuticals is expected to be impacted negatively on account of its innovator portfolio. Negative

Marico Q4FY26 update: Volume improved q-o-q

-       India business sustained high single-digit underlying volume growth, with a slight sequential improvement. 

-       Parachute recorded low single-digit volume growth after normalising for ml-age reductions. 

-       Saffola Oils recorded high single-digit revenue growth, driven by improving volume traction. 

-       Value Added Hair Oils registered another robust quarter with growth in the twenties. 

-       Foods delivered high teens value growth. 

-       Premium Personal Care (incl. digital-first brands) continued to scale ahead of aspirations, thereby sustaining the pace of diversification.

-       The International business maintained its stellar momentum, with constant currency growth in the high teens.

-       Overall, consolidated revenue grew in the low twenties

-       Among key inputs, copra prices corrected ~35% from its peak and is expected to be rangebound in the coming months. While vegetable oils and crude-sensitive materials exhibit a pronounced upward bias.

-       Brand building investments were sustained to strengthen the long-term equity of its franchises and accelerate portfolio diversification. 

-       The company expexts to deliver double-digit operating profit growth, with a sequential improvement in growth.

Trent Q4FY26 update: Revenue grew by 20% y-o-y to Rs. 4,937 crore. The company opened net 22 Westside and 109 Zudio stores in Q4FY26, taking the count to 300 Westside and 963 Zudio stores at FY26-end.

Bajaj Auto: The company reported that March auto sales rose 20% year-on-year to 4.5 lakh units.

MACRO WRAP

• The US/Israel-Iran War enters its sixth week with the latest rhetoric from US President Trump indicated that he intended to put a closure to the Iranian war within “few weeks”. President Trump issued threats over the weekend to destroy Iran's power plants starting Tue (7 Apr) and bring "Hell" to the country, adding he will be “blowing up everything over there” if Iran doesn’t make a deal. Trump said he plans to hold a news conference at 1 pm on Mon and posted about a Tue 8 pm deadline, without offering details. Iran has continued to target energy infrastructure across the region, crippling refineries and forcing some of the world's biggest oil producers to shut in production. Sentimentally negative for risk assets.
• OPEC+ authorized a modest increase of 206kbpd in production quotas for next month but warned that damage to Middle East energy infrastructure will continue to constrain oil supply well beyond the end of the war.  In a slight reprieve, Iran announced that Iraq would be exempt from its shipping restrictions. This allows for up to three million barrels a day of Iraqi oil cargoes to pass. Sentimentally negative for crude oil prices
• Trump has broadly restructured metal tariffs, maintaining the 50% rate on many imported steel, aluminium, and copper products, while also authorising up to 100% tariffs on some imported medicines within 120/180 days.  Trump also unveiled a USD1.5 trillion defence spending Wishlist for FY2027 (+50% y/y for the defence sector), which will be offset by a 10% cut in non-defence spending.
• US nonfarm payrolls rose by 178,000 in March—almost triple economists’ expectations of 60,000 and unemployment rate fell to 4.3%—prompting traders to wipe out remaining bets on Fed rate cuts this year.
• Data watch: We have ISM services activity today. On Tuesday, we get ADP employment, durable goods order, and New York Fed 1- year inflation expectation.

OTHER NEWS

Dabur Q4FY26 update: In-line Q4 with strong India biz; international weak

-       India FMCG business witnessed sequential recovery in demand and is likely to record high-single digit growth.

-       Home & Personal care business sustained its double-digit growth trajectory and is likely to grow in mid-teens led by Hair Oils, Shampoo and Home Care.

-       Healthcare business is expected to report low-single digit growth.

-       F&B business saw a sequential improvement and is expected to register low-single digit growth.

-       In International business, while Middle East business was impacted on account of the US-Israel- Iran conflict, other key markets like Turkey, Bangladesh and UK performed well and continue to grow in double-digits in CC terms. International business is expected to record low-single digit growth in INR terms.

Overall, consolidated revenues are expected to grow in mid-single digits with operating profit growing ahead of the topline

Wipro: Wipro Limited has won one of its largest strategic deals with Olam Group, a leading US$50+ billion food and agri-business headquartered in Singapore. As part of the 8-year engagement, valued at over US$1 billion (with a committed spend of US$800 million), Wipro will provide end-to-end consulting-led and AI-powered transformation services across Olam’s farm-to-fork value chain. Additionally, Wipro will acquire Olam Group’s IT and digital services business, Mindsprint, which employs over 3,200 professionals and brings deep domain expertise and proprietary solutions in the food and agri sector. The acquisition is expected to close by the end of June 2026. The partnership aims to enhance Olam Group’s operational efficiency, resilience, and long-term growth using Wipro’s industry expertise and Wipro Intelligence™ AI platform. This deal marks a significant expansion for Wipro in the food and agri-business domain.

Apollo Hospitals Enterprise Limited's board has approved establishing a multi-speciality hospital at Dwarka, New Delhi, on 9.33 acres leased from Delhi Development Authority for 55 years. The project will be implemented in phases through a Special Purpose Vehicle, with annual license fee of Rs. 33.3 crores starting from the fifth year. The formal License Agreement is expected to be executed within one year, marking Apollo's strategic expansion in the National Capital Region.

Hindustan Copper Ltd disclosed provisional production data for FY 2025–26 on 2 April, with metal in concentrate output climbing 9% year-on-year. MIC production for the full year came in at 27,421 tonnes. Majorly, sales of MIC grew healthy by 12% YoY to 27,367 tonnes in the year. Positive

NMDC has increased the Iron Ore Lump and Fine pricing by ₹500 and ₹450 per tonne to ₹5,300/ton and ₹4,500/ton, respectively. Positive

Hindustan Zinc: Company reported mined metal production at 3.2 lakh tonnes, up 2% YoY, refined metal production at 2.8 lakh tonnes, up 5% YoY. Production of saleable silver was flat year over year at 176 tons. Neutral

NALCO: In FY26, Company reported a consistent volume print. Production of aluminium increased steadily by 2% year over year to 4.7 lakh tons. Positive

Vedanta: Company reported a tad muted volume print for Q4FY26. Reported annual Alumina production, up 48% YoY at 2,916 kt and highest-ever aluminium production at 2,456 kt. Recorded annual mined metal production at Zinc India of 1,114 kt, up 2% YoY.Q4 Silver production increased 11% QoQ to 176 tonnes, thereby taking the full year volume to 627 tonnes. Recorded annual IOB pig iron production at 895 kt (+10% YoY), Copper cathode at 170 KT (+15% YoY) and Ferro chrome production at 101 kt (+21% YoY)

Tata Steel Limited: Company received a Demand Notice dated March 30, 2026, issued by the District Mining Office, Ramgarh, Jharkhand (‘DMO’) alleging extraction of approximately 1,62,40,399 MT of mineral coal from the Company’s West Bokaro Colliery in excess of the permissible limits during the period FY 2000‑01 to FY 2006‑07.

Prestige Estates Projects: The company has launched Prestige Golden Grove, a large residential township in Hyderabad (Tellapur), with an estimated GDV of ~₹9,500 crore. The project spans 28.6 acres with ~10.36 mn sq. ft. saleable area and includes 5,120 units across 2–4 BHK configurations, priced between ₹1–3 crore. Located near key IT corridors, the development targets mid-to-premium housing demand and strengthens the company’s presence in a high-growth residential market.

SRM Contractors Limited: The company has secured a ₹483 crore contract from Maharashtra State Infrastructure Development Corporation Limited for the construction of a 14.02 km stretch of the Nashik Ring Road (Package 6) under EPC mode. The project is to be executed within 12 months and strengthens the company’s order book with a key infrastructure project in Maharashtra.

Lemon Tree Hotels (LTHL): The company has signed a License Agreement viz. Lemon Tree Hotel, Simara, Nepal. The property shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited. This hotel will feature 98 well-appointed rooms, a restaurant, a banquet, conference room, other F & B venues like bar lounge and recreational facilities including swimming pool, spa, and fitness centre. Positive