June 09, 2026

TOP NEWS

War update: Iran and Israel have halted their mutual attacks, but Tehran has warned that strikes will resume if Israel continues its aggression. US President Donald Trump told Benjamin Netanyahu to be careful, or you will be on your own very soon. Vice President JD Vance has told US is in a good position to achieve Trump’s goals through negotiations with Iran. Brent crude dropped below $95/ barrel and reached $93.9/ barrel. Asian markets are in green in the range of 0.5-3%. Gift nifty indicates a 50 points cut for Nifty.

JNK India: The company has received a large order worth between Rs 100 crore and Rs 300 crore from CC7 Emirates Engineering Solutions L.L.C., UAE, for waste gas handling systems Positive

Netweb Technologies: The global AI sector sell off on Friday in the US markets saw rebounding in Monday’s trading session. Positive read through for India’s AI and other related stocks. Positive

Vodafone: The Bombay High Court has struck down the Centre’s one-time spectrum charge imposed on Bharti Airtel Ltd. and Vodafone Idea Ltd., ruling that the government lacked the authority to retrospectively alter the financial terms of telecom licences years after they had been granted. The dispute stemmed from the Centre’s decision, following the Supreme Court’s 2G spectrum verdict, to levy a one-time charge on incumbent operators for spectrum held beyond prescribed thresholds. The Department of Telecommunications had sought to levy the charge on spectrum holdings above 6.2 MHz from July 2008, arguing that operators were required to pay separately for spectrum allocation in addition to spectrum usage charges. The ruling is expected to provide relief of about Rs 20,000 crore to telecom operators, including an estimated Rs 11,000 crore for Vodafone Idea and Rs 9,000 crore for Bharti Airtel, by quashing the one-time spectrum charge demands. Positive

NLC India : The Government of India will sell up to a 3 percent stake in NLC India through an offer-for-sale (OFS), with a floor price of Rs 303 per share. The OFS will open on June 9 for non-retail investors and on June 10 for retail investor. Negative

Lupin: The company announced its strategic collaboration with LABORATORIOS ERN S.A. (ERN), a well‑established Spanish pharmaceutical company, for the launch of Luforbec (beclometasone/formoterol) 100/6, a fixed dose combination in a pressurised metered dose inhaler, for the treatment of adult asthma and chronic obstructive pulmonary disease, in Spain. The company also received FDA approval for Ranluspec (ranibizumab), an interchangeable biosimilar to Genentech’s Lucentis (ranibizumab injection). Positive

HDFC Bank: The bank has raised its Marginal Cost of Funds-based Lending Rates (MCLR) by up to 10 basis points (bps). Revised HDFC Bank MCLR rates will be applicable from June 8, 2026. The increase means that borrowers with MCLR-linked home, vehicle and personal loans could see their equated monthly instalments (EMIs) rise or loan tenures extend when their next interest-rate reset date arrives.

Grasim Industries: Grasim has approved a Rs. 3,094 crore investment to expand its Lyocell fibre capacity by 110,000 TPA at Harihar, Karnataka. Combined with the previously announced 55,000 TPA expansion, total new Lyocell capacity will reach 165,000 TPA. The expansion will be commissioned in phases by mid-2028 and mid-2030, taking Grasim’s total cellulosic fibre capacity above 1 million tonnes per annum by 2030 and strengthening its position in sustainable textile materials.

MACRO WRAP

·       Geopolitical concerns eased after Iran and Israel agreed to halt further attacks following a weekend flare-up that threatened ongoing peace negotiations. President Trump intervened and urged both sides to de-escalate. While both countries warned they would retaliate if attacked again, investors interpreted the developments as reducing the risk of a broader regional conflict. Sentimentally positive for broader markets

·       US one-year-ahead inflation expectations slipped to 3.5% in May from 3.6%. Consumers see slower price growth for gas, medical care, and college, but faster for homes, food, and rent. Three- and five-year expectations were steady at 3.1% and 3%. Expected earnings growth stayed at 2.7%, spending growth fell to 5%, and unemployment expectations edged down to 43.2%.

·       The US Fed funds futures are pricing in 28bp hike by year-end and a total hike of 43bp by September 2027. The Fed is in the blackout period, which runs from 6-18 June. Fed Chair Kevin Warsh will lead his first FOMC meeting on 16-17 June.

·       China continued to defy the slowdown with strong trade data for consecutive months as May exports in US dollar terms rose 19.4% YoY, vs 15.0% expected and 14.1% prior and China May imports YoY 21.5% vs prior 20.6%. China crude oil imports 33.081 mln tonnes in May, down 14.0% MoM from 38.471 mln tonnes in April. Negative for crude oil Prices

·       Eurozone: New orders in the German manufacturing sector fell by 3.8% in April compared with the previous month, thereby erasing most of the growth recorded in March. There is still no sign of a significant pickup in demand; in the coming months, uncertainty about future developments in the Middle East is likely to continue to dampen demand for German industrial goods. Sentimentally negative for Euro.

·       Gold loses safe-haven bid as yields rise: Gold has fallen since a late January peak and accelerated lower in June as Fed rate hike expectations firmed, erasing almost all year to date gains falling from ATH of $5596 to current prices of around $4300. Rising real yields — the 10-year real yield rose to 2.18%, up 15bps this month — are increasingly weighing on bullion. We expect gold to remain under-selling pressure in short term towards $4,000/oz from $4,300, amid rate-hike bets and softer physical demand.

·       The DJIA fell 0.2% while the S&P500 and the Nasdaq composite index rose 0.3% and 0.9% respectively. The Eurostoxx 50 was unchanged. The Dollar Index was flat at 100.05. EUR-USD was just a touch higher around 1.1540. The US 2Y yield edged up 1.5bp to 4.16% and the 10Y yield rose 3bp to 4.56%. The German 10Y yield rose 2bp to 3.06%. The UK 10Y yield rose 4bp to 4.94%. Brent crude oil prices rose 1.3% to USD94.25. Gold was flat at USD4,330.

·       Data watch:  we get the NFIB Small Business Optimism index, ADP weekly employment change, trade deficit, and existing home sales.

INVESTMENT CALL

Stock Update :  Laurus Labs Ltd: Valuations at a premium; business improving

View: HOLD                         Reco. Price: Rs. 1,443              PT : Rs. 1,580

• Q4 numbers were at record highs, with revenue and PAT growing significantly..
• CDMO business generated Rs. 2,080 crore in FY26 revenues, as small molecule portfolio grew 38%, while affordable medicines segment delivered Rs. 4,733 crore with an 18% growth.
• Company’s Rs. 3,000 crore capex signals a structural pivot toward CDMO and is expected to be completed over the next 2 years.
• With CDMO business aiding in margin improvements, we increase the valuation multiple to 60x and retain a Hold rating with a price target of Rs. 1580.

Valuation (Consolidated)                                                                            Rs. crore

OTHER NEWS

Bajaj Finserv (May Update): Bajaj General Insurance gross direct premium underwritten up 1.7% at Rs 1,343 crore YoY. Bajaj Life Insurance total premium up 66.0% at Rs 1,236 crore YoY.

Fino Payments Bank (May Update): Deposit accounts up 29.0% at 2.93 lakh YoY. Loan disbursals up 186.0% at Rs 210 crore versus Rs 73 crore YoY. Throughput transaction business down 48.0% at Rs 2,546 crore YoY. Average total deposits up 10.0% at Rs 2,762 crore YoY.

JSW Energy: The company has commissioned its wind blade manufacturing plant at Halol, Gujarat, marking a significant step towards vertically integrating its wind energy value chain and de-risking its supply chain.

HCL Tech: HCL Tech on Monday, June 8 announced the launch of an AI Innovation Zone in collaboration with Google Cloud at Santa Clara, California. The company said the AI Innovation Zone, powered by Gemini Enterprise, will provide a dedicated environment for HCL Tech and its clients to design, build and deploy AI-driven workflows, advance robotics-led innovation and develop industry-specific AI solutions. The launch builds on the expanded collaboration between HCL Tech and Google Cloud announced in March.

TCS: announced the launch of a new dedicated business unit focused on helping enterprises establish and scale artificial intelligence (AI)-native Global Capability Centres (GCCs), amid growing demand from multinational companies looking to transform their offshore operations into innovation hubs. The company has launched the Global Value & Innovation Centres (GVIC) Business Unit, which will provide end-to-end services spanning GCC strategy, setup, operations and AI-led transformation. As part of the move, TCS has appointed Soumen Roy as Head of TCS GVIC. Roy, who most recently served as TCS Canada Country Head, will report directly to CEO and MD K Krithivasan. The announcement comes at a time when IT services companies are increasingly targeting growing GCC demand in pursuit of large agentic AI mandates.

Shanti Gold International Limited: The company has started commercial production at its new manufacturing facility in Marol, Andheri, Mumbai. The development increases the Company's manufacturing capacity by 4,000 kgs per year, improving its ability to serve existing customers and pursue new strategic relationships in organised jewellery retail in India and abroad. Positive

Hindustan Copper Ltd: The company has received an order from the Ministry of Mines, Government of India, appointing Shri Anupam Misra as Chairman & Managing Director (CMD)