September 07, 2026

TOP NEWS

War update: Strikes were exchanged over the weekend between Iran and US.  Iran mentioned that there will be heavier and more painful response to any new attacks from US. US military have destroyed 3 Iranian tankers on Saturday. Also Iran mentioned that they will declare a restricted zone near the Strait of Hormuz and announce a new shipping route agreed on with Oman for the waterway “in the coming days”. Oil prices jumped to $97/barrel. Asian markets opened positive and gift nifty indicates a cut of 50 points on the bourses. Positive for players like ONGC.

 

Tata Consultancy Services: TCS data centre subsidiary HyperVault has secured 264 acres of land in Hyderabad to develop a large-scale artificial intelligence (AI) data centre campus with capacity of up to 1 gigawatt (GW). HyperVault and its partners are expected to invest up to Rs 70,000 crore in developing and managing the infrastructure. The campus will be built in phases, depending on customer demand and evolving technology requirements. The purpose-built facility will cater to frontier AI companies and hyperscalers, with infrastructure designed for high-density graphics processing unit (GPU) deployments used for AI training, inference and other advanced computing workloads. At full capacity, the Hyderabad campus is expected to be among the largest and most advanced AI infrastructure facilities in India. The project will incorporate green energy and water-neutral design principles. It is also expected to drive demand across the wider AI infrastructure ecosystem, including power, cooling, networking, construction, engineering and data centre operations.

 

RVNL – Received Rs. 903 crore order from SJVN Thermal for construction of a permanent rail siding and aerial track connection for the 1,320 MW Buxar Thermal Power Project in Bihar.

 

Anupam Rasayan signed a  a long-term 6 year Supply Contract in new segment with a global major speciality metal manufacturer, headquartered in the United States, for the supply of a specialty chemical product to support the customer's global operations, with dispatches expected to commence from the latter half of Q3 2027.

 

IGL: IGL hikes CNG prices by ₹3.89 per kg as LNG prices stay elevated and mGL also hikes by 2 rs. 

 

Texmaco Rail & Engineering: The company has received two orders worth Rs. 131.36 crore: Rs. 24.48 crore from Transport Corporation of India for manufacturing, supply and commissioning of one ACT-1 wagon rake with one BVCM wagon, and Rs. 106.88 crore from Touax Texmaco Railcar Leasing for four rakes of BFNS22.9 wagons along with four BVCM wagons. The first order is to be executed within 16 weeks, while the second is due by May 26, 2027.

 

Brigade Enterprises: The company has launched Brigade Barcelona in Neopolis, Hyderabad, through an outright land purchase. The 4.04-acre luxury residential project will comprise 650+ 3 and 4 BHK homes with an estimated revenue potential of over Rs. 2,700 crore. The launch further strengthens Brigade’s presence in Hyderabad, particularly in the premium western corridor.

 

HAL/ Data patterns: India's Defence Acquisition Council is set to meet on Monday to consider a series of critical military procurement proposals, including the overhaul of around 40 Sukhoi-30 fighter jets and the acquisition of 2,500 indigenously developed Software Defined Radios in a deal estimated at around Rs 5,000 crore. For Indian Navy, proposals include new radars for its Russian-built Talwar-class frigates and Air Route Surveillance Radars for naval stations. Positive for Defence stocks.

 

Mazagon Dock Shipbuilders: The company has received a Rs. 118 crore purchase order from Maharashtra State Electricity Transmission Company (MSETCL) for the supply, installation and commissioning of an AI-based Comprehensive Infrasecure Project across five substations. The order is to be executed over 24 months and includes GST.

 

Lupin secures US FDA approval for generic Modafinil Tablets. The pharmaceutical firm received final approval for Modafinil Tablets USP (100 mg and 200 mg) for the US market.

 

ICICI Bank – RBI approved LIC to acquire an aggregate holding of up to 9.99% of the bank's paid-up share capital or voting rights within one year from the approval date – sentimentally positive

 

 

Macro Wrap

  • The latest escalation increases the risk that the recent improvement in oil flows through Hormuz is reversed. Observable traffic through the Strait remained sparse over the weekend, although some tankers continue to transit with tracking systems switched off or with military support. This leaves energy markets vulnerable to another sharp repricing when Asian trading begins on Monday, particularly as the conflict increasingly threatens oil transportation directly rather than only military infrastructure
  • The US job market continues to defy fears of an AI-related job apocalypse Nonfarm payrolls increased 162,000 in August, easily beating the consensus expected gain of 55,000. Payroll gains for June and July were revised higher by a total of 55,000, resulting in a net gain, including revisions, of 217,000. The unemployment rate remained unchanged at 4.1% in August. report for the markets is that average hourly earnings rose 0.3% in August and are up 3.1% from a year ago. All the strength in jobs and hours makes it more likely the Fed raises rates later this month unless next week’s CPI report comes in below the consensus expected 0.4%.
  • The Fed funds futures increased the probability of a 25bp hike on 16 September to 62% compared with 51% before the employment report and following Fed Governor Christopher Waller's more dovish comments. Markets are pricing in 35bp of cumulative tightening by year-end compared to 33bp last Thursday.
  • ECB expected to hike Thursday: The ECB is widely expected to deliver a second consecutive 25bp rate hike at its Thursday meeting, cementing its status as the most hawkish G7 central bank. Debate is already shifting to whether a third hike will follow later in the year.
  • BOJ September hike increasingly priced: BOJ Governor Ueda hinted at a rate hike at the Sept. 17–18 meeting, with the BOJ reportedly leaning toward a 25bp increase from 1%. Hawkish board member Takata left the door open for outsized or back-to-back hikes. Nomura flagged a scenario of three consecutive hikes through December if yen weakness persists.
  • OPEC+ holds output steady: The OPEC+ sub-group led by Saudi Arabia and Russia kept October production quotas unchanged, in line with their roadmap to hold targets flat through year-end. Saudi Arabia will produce 10.5 million barrels per day in October.
  • Last Friday, the DJIA, S&P500, and the Nasdaq Composite Index fell 0.5%, 0.4%, and 0.3% respectively. For the week, the DJIA fell 0.3%, the S&P500 edged up 0.1%, while the Nasdaq Composite Index rose 0.4%. The Euro Stoxx 50 edged up 0.2% last Friday but fell 1.4% last week. The Dollar Index rose 0.3% to 99.18 last Friday but fell 0.5% last week. EUR-USD dipped 10 pips to 1.1610 last Friday and gained 30 pips for the week.
  • The US 2Y Treasury yield rose 3bp to 4.37% last Friday and gained 2bp last week. The US 10Y yield edged up 1bp to 4.78% last Friday and rose 6bp last week. The US 30Y yield was unchanged at 5.24% last Friday but rose 4bp last week. The German 10Y yield was unchanged at 3.34% last Friday but gained 6bp last week. The UK 10Y yield was flat last Friday at 5.13% but gained 7bp last week.
  • Brent crude oil prices rose 0.8% to USD96.28 last Friday and gained 7.8% last week. US retail diesel prices reached a record high last Friday of USD5.897/gallon on 6 September, up 59% from a year ago. Regular gas prices reached USD4.1473/gallon on 6 September, up 29% from a year ago.
  • Gold fell 1% to USD4,430 last Friday and fell 0.6% last week. It was pressured by the stronger employment report, the firmer USD, and higher short-term US yields.
  • Datawatch: For this week, the US focus shifts to inflation. US markets are closed today for Labour Day. On Tuesday, we get the NFIB Small Business Optimism Index and the New York Fed 1-year inflation expectations. There are no major releases on Wednesday.

 

Others

 

Kabra Extrusion: Company under its brand name “GEON”, has received a Letter of Nomination from a top passenger vehicle manufacturer in Vietnam. GEON will collaborate with the customer for the development and supply of Battery Packs in Vietnam. It also proposes to incorporate a wholly-owned subsidiary in the United Arab Emirates (UAE), for international business, with an aggregate equity investment of up to ₹250 Crores. ~Also proposes to incorporate a wholly owned subsidiary in Vietnam, for setting up a manufacturing facility for battery packs with an aggregate investment of up to ₹500 crores funded partially by way of internal accruals and external borrowing.

 

JSW Steel reported consolidated Crude Steel production for the month of August 2026 at 24.65 Lakh tonnes registering 3% YoY growth. The capacity utilisation for Indian operations for the month was at 88%. Indian operations production came at 23.87 lakh tonnes (4% YOY). JSW Steel USA – Ohio came at 0.78 lakh tonnes (--11% YOY). 

Canara Bank – India Ratings assigned IND AA+/Stable to Rs. 4,500 crore Basel III AT1 bonds and affirmed IND AAA/Stable issuer, infrastructure and Tier 2 ratings and IND AA+/Stable on existing AT1 bonds.