September 04, 2026

TOP NEWS

War update: US Vice President JD Vance told that there are no “major combat operations” ongoing in Iran, reiterating previous talking points from Washington that the US has a variety of tools at its disposal. Seeing this oil has sustained currently at $96/ barrel. Asian markets have started on a positive note and gift nifty indicates a positive opening of 90 points to the bourses.

 

Ceigall India: Received a Letter of Intent (LoI) worth approximately Rs 5,300 crore from REC Power Development and Consultancy for a power-transmission project in Gujarat. Project involves Common Transmission System for evacuation of renewable energy from Lakadia, Jam Khambhaliya & Jamnagar (Gujarat) to the grid. Annual Transmission Charges: 608.67 crore per year for 35 years. This is a significant win for Ceigall, strengthening its presence in India’s rapidly growing power transmission and renewable energy infrastructure sector.

 

RVNL: Emerged as the lowest bidder (L1) for a Rs 404.88 crore East Coast Railway project involving third-line construction and infrastructure with a 30-month execution timeframe.

 

Great Eastern Company: announced the commencement of its equity share buyback of up to ₹900 crore at a maximum price of ₹1,530 per share starting September 4, 2026.

 

Sterlite Technologies: Company unveils Lakshya and targets Rs 20,000 crore revenue and Rs 5400 crore EBITDA by FY29. Capacity across preform, fibre and cable to increase 50%, as demand shifts from telecom to AI/data-centre connectivity.  Company looks to invest Rs 3,000 crore. Order book stands at Rs18,618 Cr, up 155% QoQ.

 

BSE ltd: Capital-market stocks are in focus after SEBI said, in a circular, it will review the F&O settlement price methodology a month after the Closing Auction Session (CAS) rollout, following stakeholder feedback on expiry-day pricing. A consultation paper is expected in about a week. BSE's Sundararaman Ramamurthy noted dealer suggestions like delinking expiry from CAS and phasing in the mechanism. This is positive for such stocks as it shows SEBI is responsive to feedback, reducing fears of abrupt rule changes and boosting confidence in exchange-linked businesses.

 

PGCIL: Received a Letter of Intent as the successful bidder for the 7,500 MW Lakadia REZ transmission project in Gujarat with annual transmission charges of ₹1,152.49 crore.

 

Avalon Technologies: Executes a joint venture agreement with Zollner Elektronik AG. JV to provide PCB assembly, box-build and system integration, testing, validation, industrialization support, sourcing, supply-chain coordination, logistics and after-sales services from India. Targets Healthcare & Life Sciences, Test & Measurement, Rail & Industrial. Strategically significant JV that can expand Avalon’s customer base, capabilities, and addressable market.       

 

HUDCO: Japan Credit Rating Agency (JCR) upgraded its long-term foreign and local currency issuer ratings to A- from BBB+, with a Stable outlook.

 

Macro Wrap

 

  • The key member of the US Fed policy making committee Governor Christopher Waller said his September rate decision will be "heavily influenced" by August CPI data due 11 September. He signalled willingness to hold rates steady if disinflation continues, prompting markets to price roughly even odds of a hike at the September meeting, down from near-certainty earlier in the week. The comments pushed the probability of a 25bp September hike down to around 51% from 63% a day earlier and 70% earlier this week. The OIS market is pricing in a total hike of 38p by year-end and 58bp by July 2027.
  • The other major market move was the sharp appreciation in the Japanese yen. USD-JPY fell around 300 pips to below 156, as expectations shifted towards a potentially faster pace of Bank of Japan (BoJ) tightening beyond an already largely priced September hike. BoJ board member Hajime Takata on Wednesday reinforced speculation that BoJ could tighten more aggressively than previously expected. He said a 25-basis-point hike “is not necessarily set in stone,” and that back-to-back rate hikes would be a possibility.
  • US trade deficit widens sharply: The July goods and services trade gap expanded 24.4% month-on-month to $88.6 billion, the largest since early 2025, driven by an 11.4% surge in capital goods imports — primarily computers and semiconductors — reflecting the AI investment race.
  • August ISM services index rose to 55.4 (Bloomberg consensus: 54.1) vs 54.1 previously. It was the strongest level in six months. The prices-paid component rose to 72.6 from 70.3 previously, its highest since August 2022, suggesting that inflation pressures are not confined to the goods sector. The new orders component rose to 60.9 from 57.2 previously. The employment component was just modestly higher at 47.8 from 47.4 previously.
  • The DJIA, S&P500, and Nasdaq Composite Index rose 1.2%, 1.1% and 1.4% respectively. The Euro Stoxx 50 gained 0.3%. The Dollar Index fell around 0.7% to 98.91, while EUR-USD rose 40 pips to 1.1630. The US 2Y Treasury yield fell 3bp to 4.34%, while the 10Y and 30Y yields both dipped 1bp to 4.77% and 5.25% respectively. The German 10Y Bund yield eased 3bp to 3.34%. The UK 10Y yield fell 10bp to 5.13% and partly reversed the sharp 16bp jump on Tuesday. Brent crude oil prices dipped 0.1% to USD95.52, while gold rose 2.1% to USD4,473, supported by the weaker USD and lower US yields.
  • Data watch: we get non-farm payrolls for August. The market consensus is 50k vs 30k previously. The unemployment rate is expected to be unchanged at 4.1% and average hourly earnings at 3.1% yoy.

Others

 

RBL Bank: Received a notice proposing GST demand of Rs. 164.14 crore, including interest and penalty, for FY2022-23 over a mismatch in input tax credit (ITC) reported for its bullion business.