June 16, 2026

 

TOP NEWS

 

Adani Enterprises Limited / Jabil Inc. : Adani Enterprises and Jabil have announced plans to form a strategic alliance to build AI and data centre infrastructure manufacturing in India. Jabil is a US-based global electronics manufacturing company specializing in AI servers, data centre hardware, and supply-chain solutions. The partnership aims to manufacture AI racks, servers, storage, networking equipment, cooling systems, PDUs, transformers, and other critical data centre hardware at scale. This supports Adani Group’s plan to build 5 GW of green-powered AI-ready data centre capacity by 2035 and strengthens its AI/data centre ambitions, while positioning India as a key hub for AI hardware manufacturing and exports. Positive

 

Devyani International: The company has received "no-objection" observation letters from NSE and BSE for the proposed scheme of arrangement between Devyani International and Sapphire Foods. The scheme remains subject to statutory and regulatory approvals. Positive

 

Cyient: Board and shareholders approved buyback of up to 64 lakh shares at Rs 1,125/share, aggregating Rs 720 crore, through tender offer route. Current market price is in the range of Rs. 900.  Positive

 

General Insurance Corporation of India: The government has proposed to sell a 2 per cent stake in General Insurance Corporation of India through an offer for sale (OFS).: An additional 3 per cent stake may be sold through the oversubscription option, taking the total OFS size to up to 5 per cent. The floor price has been fixed at around Rs 352 per share. Negative

 

Craftsman Automation: The company has announced the launch of its Rs 2,000-crore Qualified Institutional Placement (QIP) on June 15. The floor price has been fixed at Rs 8,966.13 per equity share. Positive

 

MACRO WRAP

  • China’s latest activity data point to mixed but stabilizing industrial momentum amid weak domestic demand. Industrial value added for enterprises above designated size rose 4.5% YoY in May, accelerating by 0.4ppt from April, with MoM growth at 0.4%. Cumulatively, Jan–May industrial output increased 5.4% YoY.
  • Sectoral divergence remains evident. Steel output declined 2.8% YoY to 123.03 mln tonnes, while cement fell 8.1% to 149.91 mln tonnes, underscoring ongoing construction weakness. In contrast, non-ferrous metals (+2.2%) and ethylene (+2.1%) showed resilience. Auto production dropped 3.2%, though NEVs surged 17.8%, highlighting structural demand shifts. Power generation rose 4.2%, while crude oil processing fell sharply by 9.1%.
  • Domestic demand remains subdued. Retail sales grew just 1.4% YoY (Jan–May), with MoM declines persisting (-0.38% in May). Fixed-asset investment contracted 1.91% MoM in May, extending April’s decline.
  • The property sector continues to drag, with real estate investment down 16.2% YoY, new starts plunging 22.6%, and inventory elevated at 771.8 mln sq m, reflecting prolonged sectoral stress.
  • India's gold imports fall in May - The drop in gold imports was largely driven by government policy. Import duties were raised on gold to 15% from 6% in the middle of May. Additionally, a further decline in global gold prices during the month led investment demand to turn negative. The month of May recorded a net outflow of 7 billion rupees from gold ETFs — the first time in 13 months.
  • Financial markets were buoyed by easing geopolitical concerns and positive headlines. US President Donald Trump announced that a memorandum of understanding with Iran is “all signed,” adding that the Strait of Hormuz will be fully reopened by Fri (19 Jun), helping to allay fears of supply disruptions. Against this backdrop, US equities surged, and oil prices moved sharply lower.
  • Although Iran and the U.S. have reached a basic agreement on a framework deal, key issues remain unresolved. We continue to anticipate a transitional scenario with occasional setbacks, although the range of oil price fluctuations could be somewhat lower than we previously assumed following the recent sharp decline. Lower oil prices also reduced inflation concerns, leading investors to trim expectations of further Fed tightening.
  • The Fed begins its two-day policy meeting today and is widely expected to leave rates unchanged at 3.50-3.75% tomorrow. The Fed funds futures are pricing in 20bp hike by year-end and a total hike of 31bp by September 2027. On 5 June, they had priced in a total hike of 26bp by year-end and 43bp by September 2027
  • The DJIA, S&P500, and the Nasdaq rose 0.9%, 1.7% and 3.1% respectively overnight. The Eurostoxx 50 gained 0.7%. The Dollar Index was slightly softer at 99.63. EUR-USD edged 20 pips to 1.1590. The US 2Y and 10Y Treasury yields were slightly lower by 1bp to 4.07% and 4.47% respectively. The German 10Y bond yield fell 4bp to 2.95%. The UK 10Y yield declined 2bp to 4.81%. Brent crude oil fell 4.8% to USD83.17, while WTI crude dropped 4.9% to USD80.75. Spot gold rose 2.2% to USD4,312.
  • Data watch: we get the import and export price index, housing starts, weekly ADP employment change, housing starts, and building permits.

 

OTHER NEWS

 

Arvind SmartSpaces Limited: Arvind SmartSpaces has added a new horizontal residential project in South Ahmedabad through a joint development model. The 58.25-acre project on Kerala–Nalsarovar Road has a saleable area of 2.5 million sq ft and an estimated top-line potential of ~Rs. 180 crore. The project strengthens the company’s presence in the plotted/villa segment and expands its footprint in the high-growth South Ahmedabad micro-market.

 

State Bank of India: State Bank of India said its board will meet on June 18 to consider raising funds through debt instruments during FY27. The proposal forms part of the bank's funding plans for the current financial year.

 

Mahindra & Mahindra Financial Services: The company's board has approved the issuance of non-convertible debentures (NCDs) worth up to ₹1,000 crore on a private placement basis.

 

HCL Technologies Ltd : The IT company said it will invest ₹1,427.25 crore (about $150 million) in Axonwise Private Limited (Sarvam AI), acquiring a 10.46% stake in the company through a minority, all-cash transaction.

 

LTM : The company announced the launch of BlueVerse™ for iRun, an AI-native managed services model designed to transform traditional IT operations into a resilient, intelligent, and outcome-driven operating model. As enterprise environments grow more complex—spanning hybrid cloud, SaaS, and AI-driven ecosystems traditional managed services models are increasingly constrained by siloed teams, static processes, and effort-led scaling.