October 01, 2026

TOP NEWS

War update: US President Donald Trump has once again said the war in Iran will end very soon. Maybe “we blow them up, we make a deal, but the time is coming. Iran says it has received a US response to Tehran’s offer to reopen the Strait of Hormuz, with the country’s senior leaders reviewing Washington’s counterproposal. Seeing the exchange of talks for opening of Hormuz brent crude is stabilized at $97.3/ barrel. Asian markets remain positive and gift nifty indicates a negative opening with 62 points on bourses.

 

Green Power: BESS and power stocks: Cabinet approves Green Energy Corridor Phase-III Under this 135GW of Intra state transmission system along with 50GWh of BESS Storage will be deployed by 2033 with total Outlay of Rs.1,86,405 crs. Government had announced GEC-1 and GEC-2 earlier, but capex in these schemes was a fraction of that in GEC-3 Capex in GEC-3 is in addition to the Inter-State Transmission System (ISTS) capex projects that are awarded under the TBCB route to PGCIL and other Transcos. Positive for power and allied sectors such as T&D, Battery chemicals etc.

The Union Cabinet has approved GEC Phase-III with a Rs 1.86 lakh crore outlay to build the grid required for the next wave of renewable-energy capacity. → 135 GW renewable-energy evacuation capacity → 50 GWh Battery Energy Storage Systems → Rs 1.36 lakh Cr for intra-state transmission → Rs 50,000 Cr for BESS → Rs 54,082 Cr Central Financial Support → Target: FY2032-33. The Second-Order Effect: Renewables → Transmission → Transformers → Cables → Switchgear → Substations → BESS → Grid-management systems

Neogen Chemicals: The government has approved ₹1.86 lakh crore under GEC-3 through FY33, including ₹1.36 lakh crore for intra-state transmission to evacuate up to 135 GW of renewable energy and ₹50,000 crore for 50 GWh of BESS. The initiative will strengthen state grids, improve renewable power evacuation and grid flexibility, with ₹54,082 crore of central financial assistance. Neogen Chemicals is an indirect beneficiary through its battery-electrolyte.

Kotak Mahindra Bank has announced the appointment of Anup Kumar Saha as its new Managing Director & CEO for a three-year term, following approval from the Reserve Bank of India (RBI). Mr. Saha is currently serving as a Whole-time Director (Executive Director) at Kotak Mahindra Bank and has around 30 years of professional experience, including 25 years in financial services across banking and non-banking financial institutions. The bank’s Board of Directors will now initiate the necessary steps to formally complete the appointment and seek shareholders’ approval. Sentimentally positive

 

KFinTech: Former State Bank of India (SBI) Chairman Dinesh Khara officially assumes office as the Non-Executive Independent Chairman of KFin Technologies Limited. Positive

 

Force Motors recorded a significant leap in monthly sales volume for September 2026, with total units sold rising 57.13% year-on-year to 4,101 units. This growth was primarily fueled by a robust recovery in domestic demand, which more than offset a sharp contraction in export volumes. The company’s domestic sales reached 4,027 units, marking a 61.99% increase compared to the 2,486 units sold in the same month last year. This substantial uptick highlights strengthening consumer and commercial vehicle demand within the Indian market during the festive season period.

 

Yash Highvoltage: Commences Commercial Production at new manufacturing facility - first commercial invoice raised September 30, 2026. For resin impregnated paper (RIP) / resin impregnated synthetic (RIS) transformer condenser graded bushings and parts and accessories. Also Subsidiary YASH HV USA INC. Expands US Footprint from 19 to 22 States with 36-Month Strategic Agreement with Gateway Power Sales Covering 3 Additional Midwestern States.

 

Symbiotec Pharma : Knovea Pharmaceutical, a wholly owned subsidiary of Symbiotec Pharmalab, has entered into a definitive agreement with a leading global pharmaceutical company, granting the partner exclusive rights to commercialise and distribute two dual-chamber vial-based injectable products in the United States.

 

Aurobindo :  The company's biopharmaceutical subsidiary, Acrotech Biopharma Inc., announced the US launch of ADQUEY (difamilast 1%) ointment, a non-steroidal topical treatment for mild-to-moderate atopic dermatitis in adults and pediatric patients aged two years and older. The launch marks Acrotech's entry into the US dermatology market. Difamilast was originally discovered by Otsuka Pharmaceutical and licensed to Acrotech Biopharma for commercialisation in the US.

 

 

MACRO Update

  • The board US Core PCE rose 3.0% yoy against a consensus of 3.3% and a prior reading of 3.3%. The monthly print was 0.2% vs an expected 0.3%. Energy component jumped 2.3% month-to-month, which left a year-over-year change of 16.8%. Prices excluding food and energy (the core index), rose 0.2%, but the measure almost rounded up to 0.3% (0.247%). Federal Reserve. Food prices were tame in August: unchanged month-to month and up 1.9% in the past year. US personal spending jumped 0.9% m/m in Aug (fastest in over a year), matching estimates, after a 0.1% gain in Jul — underscoring consumer resilience even as inflation remains elevated.
  • The US 2Y yield rose 1bp to 4.89% and the 10Y yield surged 5bp to 5.29%, touching its highest level since 2007. The 30Y Treasury yield rose 6bp to 5.63%. The German 10Y Bund yield fell 4bp to 3.59%. The UK 10Y Gilt yield rose 1bp to 5.42%.
  • US GDP grew at a 2.2% annualized rate in Q2 2026, revised up on stronger investment, consumer, and government spending, led by non-residential structures such as data centres.
  • Germany’s annual inflation rose to 3.3% in September 2026, the highest since December 2023 and above expectations, driven mainly by a surge in energy prices. Core inflation stayed at 2.4%, and the EU-harmonized rate also reached 3.3%, above the ECB’s 2% target.
  • Micron the largest US memory chipmaker reported fiscal Q4 adjusted revenue of USD54.2bn and adjusted EPS of USD33.4, both above consensus estimates. Q1 guidance also topped the USD56.8bn consensus. The company noted that 75% of fiscal 2027 output is already committed. Nonetheless, it warned that rising worker compensations could weigh on profit margins going forward. Positive for AI/Data centre themed stocks.
  • The DJIA and the S&P500 fell 0.9% and 0.3% respectively, while the Nasdaq Composite Index edged up 0.2%. The Philadelphia Semiconductor Index was flat. The Euro Stoxx 50 fell 0.8%. The Dollar Index edged up 0.1% to 101.45. EUR-USD fell 10 pips to 1.1330.

 

OTHER NEWS

NCC has received two additional orders worth Rs. 500.22 crore in September 2026—Rs. 224.74 crore in Buildings and Rs. 275.48 crore in Transportation. Including the earlier Rs. 1,076.71 crore order, total September order inflow stands at Rs. 1,576.93 crore. 

 

HDFC Bank has appointed V N Srivatsan as its new Chief Compliance Officer (CCO) for a three-year term, effective from his date of joining. Srivatsan is expected to join HDFC Bank on January 4, 2027, and will be a full-time employee. His term will be for three years from the date of joining. He currently serves as Head of Compliance: Overseas Banking and Subsidiaries & Data Privacy Officer at ICICI Bank Limited.

 

HEG Advanced Materials: Replus Engitech Private Limited, a subsidiary of HEG Advanced Materials Limited, has signed an MoU with Indus Towers Limited to explore collaboration on Battery Energy Storage System (BESS) solutions for India's telecom infrastructure. Under the framework, Replus intends to allocate 1.5 GWh of dedicated BESS production capacity over two years to meet telecom power requirements while expanding its portfolio into higher-capacity battery systems and emerging technologies like sodium-ion batteries. This strategic partnership aligns with HEG's broader drive to scale domestic energy storage manufacturing, enhance power reliability for passive telecom assets and advance clean energy integration, along with its production target from 1 GWh to 6 GWh for FY27. Hence, we maintain a positive view, while execution and further details of the MoU remain key monitorables.

 

Welspun Corp's subsidiary Welspun DI Pipes has incorporated a new step-down subsidiary, Welspun Special Coating Private Limited, to expand its coating business. The new entity, incorporated on September 17, 2026, will provide various industrial coating services including polyolefin and epoxy applications. It has an initial paid-up capital of Rs. 1 Lakh, fully subscribed by Welspun DI Pipes.

 

India has cut the windfall tax on exports of diesel and aviation turbine fuel (ATF) for the second consecutive fortnight, lowering the levy on fuel exporters from October 1. The special additional excise duty on diesel exports has been reduced to Rs 16 per litre from Rs 20 per litre. The levy on ATF exports has been cut to Rs 10.5 per litre from Rs 15 per litre, according to a Finance Ministry notification.