June 29, 2026

 

TOP NEWS

 

War update: On Saturday U.S. military hit Iranian air-defense sites and other military infrastructure in “direct response” to an attack earlier on an oil tanker in the Strait of Hormuz. Iran’s IRGC said that it had targeted a U.S. naval base in Bahrain and a Kuwaiti air Base with drones and missiles in retaliation for American attacks. The U.S. and Iran have agreed to halt attacks in the Strait of Hormuz and allow vessels to move through freely as per Axios. Also, Iran has declared that his country alone had the authority to manage commercial traffic through the strait. Brent crude was slightly up at $ 72/ barrel, Asian markets remain mixed and Gift nifty indicates a flattish start on the bourses.

 

Astral ltd: Astral’s proposed demerger is aimed at separating its plumbing and chemical businesses into two focused entities. Post demerger, Astral Limited will house the pipes, fittings, water tanks, faucets and bathware business, while Astral Chemie will house adhesives, sealants, construction chemicals, paints and specialty chemicals. The key reason for the demerger is to improve business focus, transparency and valuation discovery, as Astral has historically been viewed mainly as a pipe company despite the chemical business becoming sizable. The acquisition of 60% stake in DSS for Rs. 39.11 crore further strengthens Astral Chemie’s specialty chemicals platform and supports backward integration in key raw materials used in adhesives, paints and construction chemicals.

 

Transrail lighting: The company has received new international orders worth approximately Rs 459 crore, primarily in the transmission and distribution business. With this, its order inflow for the year has reached Rs 1,034 crore. In addition, the company holds the L1 position for projects worth around Rs 400 crore.

 

KEC International: Power Grid (PGCIL) has revoked its exclusion order, allowing KEC to immediately participate in all tenders as bidder or sub-contractor. The order, which came into effect on November 18, 2025, had barred the company from participating in Power Grid tenders for nine months.

 

Waaree Energies: Clarified media reports regarding the US Customs determination, stating that the US Customs and Border Protection (CBP) expressly confirmed that Waaree did not export solar modules manufactured using Chinese-origin solar cells to the United States. The CBP drew no adverse inference against the company.

 

WPIL: Received an order from Madhya Pradesh Jal Nigam alleging delays in contractual milestones. Consequently, the company is debarred from participating in future tenders, bids, and procurement processes with MP Jal Nigam for a period of three years or until the completion of ongoing contracts, whichever is earlier. WPIL states that this order will not impact its existing financial or operational activities and is considering appropriate legal remedies. Negative read through for WPIL.

 

Persistent System: The company has signed Long-term strategic services agreement with a global technology leader headquartered in the US for a TCV of $650M for 6.5 years. The agreement is aimed at expanding the Company’s presence across North America, Europe, and Asia Pacific and encompasses end to end operations, management, and support of a portfolio of enterprise Cloud services.

 

PSYS has established a German acquisition vehicle called Galaxy Germany Holding SE (BidCo), acquired rights to purchase roughly 21% of Nagarro from its largest shareholder, signed a Business Combination Agreement (BCA) with Nagarro, and plans to launch a voluntary public takeover at EUR 81/share. All-cash offer represents a highly attractive premium of ~140% to June 25, 2026. PSYS has already secured an 21% stake in Nagarro with the largest shareholder of Nagarro (Lantano Beteiligungen GmbH) committing its entire stake under a binding agreement. Nagarro is a Munich headquartered leader in digital engineering with 18,500 employees across 40+ countries. Deep roots in industrial, consumer, TMT and BFSI verticals and a total revenue of EUR 1 billion (CY25). Service capabilities: Digital Engineering, Intelligent Enterprise Services, ERP implementation, Customer experience (CX), and AI transformation solutions. The said acquisition will create a USD 2.9Bn+ AI-led engineering powerhouse with 46,000+ employees across 40+ countries. Post combination, North America revenue will be $1.7 Billion (62% of revenue), Europe $600 million, European revenue contribution increases from 9% to 22% of revenue mix, RoW (16% from 10%).Expected completion: Q4CY26 or Q1CY27

 

PFC and REC: Boards of both companies approved merger scheme; share swap fixed at 88:100: State-run lenders Power Finance Corporation (PFC) and REC Ltd have approved the long-awaited merger scheme, paving the way for the creation of a power sector financing giant with a combined loan book of more than Rs 11 lakh crore. Under the approved scheme, REC shareholders will receive 88 equity shares of PFC for every 100 equity shares of REC held. The share exchange will be applicable to shareholders on a record date that will be announced later by the boards of the two companies.

 

BEML: BEML has received an additional export order worth approximately $5.35 million from the Middle East for the supply of heavy earth-moving equipment for infrastructure development applications. With this additional order, the total value of orders received under the contract has increased from $36.38 million to approximately $41.73 million. The company's total international order book now stands at approximately $112.35 million.

 

L&T and Torrent power: Torrent power has completed the acquisition of 100 percent equity shares and convertible instruments of Nabha Power from L&T Power Development for Rs 3,632.35 crore. Consequently, Nabha Power has become a wholly owned subsidiary of the company.

 

 

Macro Wrap

 

  • The US and Iran exchanged fresh strikes over the weekend. However, this morning, there were reports that the US and Iran agreed to halt retaliatory strikes and will meet on Tuesday in Qatar. In early Asian hours, Brent oil prices are higher by 0.6% to USD72.50 and the S&P e-mini futures are up 0.6%
  • Japan’s retail sales climbed 5.3% year-on-year in May 2026, the fastest since November 2023, beating forecasts of 3.2% and up from a revised 2.8% in April. Growth was led by autos, machinery, other goods, department stores, pharmaceuticals, and food, supported by government stimulus, while non-store retail, fuel, and clothing declined. Month-on-month, sales rose 1.9% after a 2.1% gain in April. Sentimentally positive for Yen.
  • China’s industrial profits rose 18.8% year-on-year to CNY 3.14 trillion in January–May 2026, slightly above the 18.2% gain in January–April, supported by AI-related investment and policy backing for advanced industries. Profits increased across ownership types and were led by strong gains in manufacturing, utilities, and mining, especially non-ferrous metals, computer and communication equipment, and chemicals. In May alone, profits grew 21.1% from a year earlier, down from April’s 24.7%. Sentimentally positive for metal mining sector.
  • The University of Michigan Consumer Sentiment Index was revised up to 49.5 in June 2026 from 48.9, still below 50 but above May’s record low of 44.8. Lower gasoline prices helped sentiment, with expectations rising to 50.7 and current conditions at 47.7. Year-ahead inflation expectations eased to 4.6%, and long-run expectations fell to 3.3%.
  • The DJIA, S&P500, and Nasdaq fell 0.1%, 0.1% and 0.2% respectively. For the week, there was a rotation out of the AI related tech sector. The DJIA gained 0.6% while the S&P500 and the Nasdaq Composite Index fell 2% and 4.6% respectively. It was the Nasdaq Composite Index's worst weekly performance since its 4.7% decline in the first week of June. The Dollar Index dipped 0.1% to 101.36 last Friday but gained 0.5% for the week. EUR-USD was little changed last Friday at around 1.1380 but fell 90 pips for the week.
  • The US 2Y Treasury yield fell 3bp to 4.09% last Friday and down 8bp for the week. The US 10Y Treasury yield declined 2bp to 4.37% last Friday and down 8bp for the week.  Brent oil prices fell 4.3% to just under USD72 last Friday and fell 10.7% for the week. Gold rose 1.5% to USD4,089 last Friday and fell 1.6% for the week.

 

OTHER NEWS

 

Infosys: IT firm Infosys and Sterling Bank of Asia (Sterling Bank), one of the most progressive banks in the Philippines, today announced the bank’s decision to select Infosys Finacle Software-as-aService (SaaS) platform for its transformation program. Sterling Bank has opted to leverage the Finacle Core Banking, Finacle Customer Data Hub, Finacle Trade Finance, and Finacle Origination solutions for its requirements. Through this strategic collaboration with Infosys Finacle, Sterling Bank expects to enhance the experience of both employees and customers, maintain high standards of availability and reliability in its banking services, and reduce operational complexity through automation and digitization, thereby supporting its future growth.

Info Edge: The company announced that its Board has approved the appointment of Mr. Himanshu Agarwal as the Chief Financial Officer (CFO), Key Managerial Personnel, and Additional Director, to be designated as Whole-time Director & CFO, effective September 17, 2026. His appointment as Whole-time Director will be for a five-year term until September 16, 2031, subject to shareholders' and regulatory approvals. Mr. Agarwal is a seasoned finance professional with over 30 years of experience in finance leadership, corporate governance, mergers & acquisitions, and business transformation. He has held senior leadership roles at organizations including ICI India, AstraZeneca Pharma India, AkzoNobel India, Huhtamaki, Times Group, and is currently serving as Whole-time Director & CFO of Cohance Lifesciences Ltd. He is a Chartered Accountant, Company Secretary, and Cost & Management Accountant. He is not related to any director of the company and is not debarred from holding the office of director.

HCL Tech: The company has completed its investment in Axonwise Private Limited (Sarvam AI) by investing ₹1,427.25 crore on June 25, 2026. The investment was made through the subscription of 41,421 Series B2 Compulsorily Convertible Preference Shares (CCPS), which were allotted on the same date. With this transaction, the company has acquired a 10.46% stake in Sarvam AI, as previously announced on June 15, 2026. The subscribed CCPS will be converted into equity shares at a later stage in accordance with the agreed terms.

Domestic Steel Players: The government has initiated an anti-dumping investigation into the importation of hot-rolled flat steel products from China, Japan, and Russia. The probe encompasses hot-rolled flat steel products that are not clad, galvanised, or coated, and have a thickness of up to 25 mm and a width of up to 2,100 mm. These products are both alloy and non-alloy. Consequently, the domestic steel sector has experienced an overall positive development, with Tata Steel continuing to be our top choice. This is due to its strategic capacity expansions, restructuring of its European operations, and ongoing emphasis on cost optimisation.