August 31, 2026

TOP NEWS

War update:  US has attacked Iran saying it targeted rocket launchers on Larak Island in the Strait of Hormuz. The IRGC then said it launched ballistic missiles at two bases in Jordan, King Hussein and Al Azraq, hosting US forces. Jordan’s military said it intercepted eight missiles that had breached its airspace. US President Donald Trump has reiterated that Iran must not acquire a nuclear weapon, saying such a development could have led to widespread destruction across West Asia. Oil prices climbed by more than $2 a barrel after the US struck an Iranian island in the Strait of Hormuz, prompting retaliation from Tehran. Asian markets opened negatively with an cut of 1-2% across markets. Gift nifty indicates a 80 points cut on the bourses.

 

HDFC Bank's board took a note of Sashidhar Jagdishan's communication that he does not wish to seek reappointment as MD & CEO. The board stated that it sought to persuade him to reconsider and that he reiterated his intent not to seek another term and he will retire on 26 October 2026, after six years in the role, a period that included the merger of HDFC Ltd with the bank. The board has said it will fast-track the selection of a successor. The leadership question therefore shifts from whether the incumbent is reappointed to who will be appointed. For investors, the relevant variables from here are the profile of the successor, whether the appointment is completed ahead of the retirement date or an interim arrangement becomes necessary. The bank's underlying franchise metrics are unchanged by this announcement, and the succession disclosures over the coming weeks would be the appropriate reference point. Sentimentally Negative

 

Sterlite technologies: Signs Rs 2,717 Cr Long-Term Optical Fibre Contract with Global Hyperscaler. Scope: Supply of high-density optical fibre cable products Timeline: Three years from CY27–CY29; extendable by two years. A ₹2,500+ Cr multi-year order could provide strong revenue visibility and strengthen the company’s order book. Order book is at Rs 18000 crore.

 

Avantel: Company bags a contract of worth Rs 118 crore from DRDO for ground segment hub. Execution deadline February 2029 36-month warranty period, no related party interest in the award.

 

TARIL: Secured its first-ever nuclear sector order -supplying Generator Transformers for NPCIL’s Kaiga Units 5 & 6 in Karnataka. TARIL’s high-voltage transformer capabilities now enter a strategic, high-value segment. The order value is small to the tune of Rs 100-500 crore but this would open the doors for multiple large orders.

 

Ashoka Buildcon: The company has received a Letter of Acceptance (LOA) worth Rs. 602.2 crore from Rail Vikas Nigam Limited (RVNL) for electro-mechanical works for four tunnels (T-13 to T-16) under the Rishikesh–Karnprayag New Broad Gauge Rail Line project in Uttarakhand. The scope includes substations, cables, DG sets, lighting, ventilation and fire-fighting systems, with a completion period of 30 months.

 

Axiscades: Acquired 90% in Cloudwave Technologies for INR 234 crores( AS9100 certified company which is into Aerospace Tooling, Engine Sub Component, Precision Machines Parts operating in Aerospace Defence and Semiconductor).

 

Waaree Energies: Announces US capacity expansion and Indian facility consolidation. Board approved a US$37 million capex via its US subsidiary to revamp its Arizona facility, increasing its capacity from 1.0 GW to 1.6 GW. This boosts total US capacity to 4.8 GW. Funding will be via debt and internal accruals. The board also approved consolidating its Tumb (1.0 GW) and Nandigram (1.11 GW) plants into its Chikhli, Gujarat facility for operational efficiency. The FY26 final dividend record date is set for 11th Sep'26. Board changes include Ms. Mona Bhide's appointment as Independent Director.

 

Prestige Estates: The company has launched Prestige Palm Court in Madhavaram, North Chennai, spread across 7.98 acres with 910 premium apartments across five towers. The project has a saleable area of ~1.38 million sq. ft. and an estimated GDV of Rs. 1,330 crore. Prestige plans to launch 3–4 residential projects in Chennai during FY27, supporting its expansion in the market.

 

MACRO WRAP

  • Asian equities are sharply lower this morning, weighed down by Warsh's hawkish tone and surging oil prices following the US–Iran military exchange.  The hawkish repricing of Fed expectations following Fed Chair Kevin Warsh’s Jackson Hole speech. Warsh warned that inflation is “not meaningfully slowing” and reiterated that the Fed’s 2% inflation target is “firm and fixed,” adding that policymakers have “work to do” if they cannot be confident that underlying inflation is returning toward the target. The comments were more explicit than markets had anticipated and reinforced the view that the Fed remains prepared to resume tightening.
  • The Fed funds futures subsequently raised the probability of a 25bp hike at the 16 September meeting to around 58%, from roughly 36% before Warsh’s speech. They are pricing in a total hike of 38bp by year-end compared to 27bp before the speech. The 2Y yield jumped 11bp to 4.34%, its largest daily increase since March, while the 10Y yield rose 4bp to 4.72%. In contrast, the 30Y yield edged up 1bp to 5.21%, resulting in a sharp flattening of the yield curve. For the week, the 2Y yield rose 11bp while the 10Y and 30Y yield fell 2bp and 6bp respectively.
  • The US struck Iranian the rocket launchers which were preparing to mine the Strait of Hormuz, its first such attack in over a month, while increasing sanctions pressure. An Iranian official said renewed talks with Washington “aren’t impossible,” and 6–8 million barrels of crude still pass through the strait daily.
  • Japan’s industrial production rose 0.1% month-on-month in July 2026, beating expectations for a 0.6% decline and marking a fourth straight increase. Output was driven by machinery, chemicals, and electronic parts, partly offset by weaker transport equipment, metals, and plastics. Year-on-year, production grew 4.1%, down from 4.9% in June.
  • Fed Chair Kevin Warsh said underlying inflation is not slowing and reaffirmed the PCE index as the main target. The Fed held rates at 3.50%–3.75% for a fifth meeting in July 2026, with three members favoring a hike. Warsh also played down the policy rate as the key inflation tool, preferring balance sheet reduction and criticizing forward guidance.
  • the DJIA was flat, while the S&P500 and the Nasdaq Composite Index fell 0.3% and 0.5% respectively. For the week, the three major indices rose 0.5%, 0.5%, and 0.9% respectively. The Euro Stoxx 50 rose 1.0% last Friday and gained 0.4% for the week. The Dollar Index rose 0.6% to 99.870 last Friday and gained 0.9% for the week. EUR-USD fell 70 pips to 1.1590 last Friday and fell 90 pips for the week.
  • Gold prices fell in Asia following 3.2% correction last week following the hawkish repricing of US Fed rate hike expectation in September after Fed chief “Kavin Warsh” comment on inflation. Market is pricing 65% chances of a September rate hike. The 2-year Treasury yield rose 12 basis points on Friday to 4.35% — the second-largest single-day increase this year, and the most hawkish single-day yield move at Jackson Hole in at least 20 years. The move reflects sharply repriced Fed hike expectations, with swaps now pricing more than a 50% probability of a hike at the September 16 meeting and two hikes priced by March 2027.

OTHER NEWS

 

Ola Electric Mobility; Ola Electric Mobility has received a sanction order from the Ministry of Heavy Industries for an incentive of Rs 95.81 crore under the Production Linked Incentive (PLI) scheme for automobiles and auto components, according to an exchange filing on Friday.

 

Mahindra & Mahindra; Mahindra & Mahindra has expanded its Battery-as-a-Service (BaaS) programme across its entire Electric Origin SUV portfolio, including the BE 6 SPORTEQ, XEV 9S and XEV 9e.

 

Ather Energy: Ather has launched the Konarc along with slew of other technology related offerings in its pro-pack. The new product directly competes with the EV offering of TVS (i-qube) and Bajaj (Chetak). The product will be offered in two variants (S and Z) and with multiple battery pack and range options. Product to be manufactured at its new Maharashtra facility and deliveries expected as early as September 2026.

 

PVR INOX: The company expanded its presence in Bengaluru with the launch of a six-screen, 949-seat multiplex at Brigade Cornerstone Utopia on Varthur Road near Whitefield. The new cinema, located within the integrated Arcadia township, serves the growing Whitefield-Varthur Road corridor and offers a modern entertainment destination that combines movies, dining, and social experiences for the surrounding community.

 

Coforge: The company announced the expansion of its strategic partnership with Pegasystems Inc. (NASDAQ: PEGA), the enterprise AI software company for mission-critical work. The partnership allows Coforge to build, package, brand, and commercially deliver Pega-powered offerings, strengthening the ability to deliver AI-led enterprise transformation programs globally.

Clean Max Enviro: Signed a term sheet with Envision Energy for procurement of wind turbines with a total capacity of 1,550 MW.