July 22, 2026

TOP NEWS

War update: CENTCOM assets targeted Iranian military operations centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure to further degrade Iran's ability to threaten commercial shipping in the Strait of Hormuz. Iran said it targeted U.S. assets in Kuwait, Bahrain and Jordan and a vessel in the Strait of Hormuz on Tuesday. Gift nifty indicates a 50 points cut on bourses where as Asian markets are flaring well. 

Canara Robeco AMC Q1 FY27: Revenue Hits ₹1,162 Mn, PAT Soars 83% QoQ | MCap 5,284.56 Cr - Revenue from Operations: ₹1,162 Mn, up 20% YoY and 2% QoQ. - Profit After Tax: ₹756 Mn, up 24% YoY and 83% QoQ. - Total Expenses: ₹464 Mn, up 12% YoY and down 2% QoQ. - Employee Benefit Expenses: ₹281 Mn, up 19% QoQ and 13% YoY. - Total AUM as of June 30, 2026: ₹1,195 billion, up 2% YoY. - QAAUM: ₹1,187 billion, up 7% YoY. - Equity-oriented QAAUM: ₹1,081 billion, up 7% YoY. - Total folio count: 5.05 million as of June 30, 2026.

Cyient DLM: Revenue was up by 34% yoy to Rs 374 cr. EBITDA was up by 56% yoy to Rs 39 cr. PAT was double to Rs 16 cr vs Rs 7 cr in Q1FY26. The company closed the quarter with its highest ever order book of 2,598 crores (25,989 million), and a healthy order inflow of 551.9 crores resulted in a book-to-bill ratio of 1.5x, with 70% from existing and 30% from new customers. The company expects to maintain strong momentum in Q2 and beyond, targeting a full-year book-to-bill ratio of 1.5x. During the Expand phase (FY27-FY29), Cyient DLM aims to achieve EBITDA margins of 11-13% by focusing on robotics, AI data centers, and semiconductor equipment.

IHC: Revenue at Rs 2,339 cr up 14.6% YoY. EBITDA was up by 17% yoy to Rs 672 crore. PAT was up by 19% to Rs 391 crore. RevPAR growth in domestic like-for-like hotels was 14% YoY. Occupancy improved to 82% vs 76% in 1QFY26. Signed 20 hotels and opened 11 hotels with 700 keys during the quarter. Total portfolio reached to 645 hotels with 66,209 keys, including 264 hotels and 32,600 keys in pipeline as of Jun’26.

Trump Announces Upto 200% Tariffs On Generic Drugs, Move May Impact India: The United States has announced steep tariffs on imported generic drugs from August 2028. The move, according to US President Donald Trump, was aimed at onshoring production of such pharmaceutical products. The move is likely to affect India -- the largest exporter of generic drugs to the US. Taking to his Truth Social platform, Trump said the phased tariff plan will come into effect from August 1, and for the first two years, the United States will continue to have a zero per cent tariff on all generic drugs brought into the country. For the third year, the tariff will be raised to 100 per cent, and it will be 200 per cent thereafter, he said. View Will await further clarity but my quick sense is hoping that the manufacture being referred to is not all the drugs but having manufacturing units in the US (just like how the policy was for branded drugs). Most companies have some units (organically or in organically) there and 2 years provides enough time to meet the rules. Additionally, in the last such move, branded drug companies subsequently entered into deals with the government to circumvent the impact of tax and same can be sought by generic companies too. However, will wait to see how market responds to this new tariff. The news is sentimentally negative as investors could turn risk averse in the near term as they await clarity. Key companies to watch out for : dr reddys, Zydus, Aurobindo Pharma 

Anant Raj Limited: Anant Raj’s board has approved a strategic demerger to create two independently listed companies—Anant Raj Limited, focused on real estate and infrastructure, and Ashok Cloud Pvt. Ltd., dedicated to data centres, cloud services, and AI-ready digital infrastructure. The restructuring aims to unlock shareholder value, provide independent management focus, and enable investors to separately value the fast-growing digital infrastructure business. Eligible Anant Raj shareholders will receive one equity share of Ashok Cloud for every one Anant Raj share held (1:1 share entitlement) upon the scheme becoming effective.

Bandhan Bank: Profit zooms 35% to Rs 501.7 crore Vs Rs 372 crore: Net interest income increases 5.9% to Rs 2,920.6 crore Vs Rs 2,757.2 crore. Provisions and contingencies plunge 40.5% to Rs 682.6 crore Vs Rs 1,146.9 crore. Gross NPA fall to 3.15% Vs 3.27% (QoQ). Net NPA declines to 0.93% Vs 0.97% (QoQ).

AAVAS Financiers Q1 (YoY): Profit jumps 23% to Rs 171.3 crore Vs Rs 139.2 crore. Net interest income soars 16.7% to Rs 323.8 crore Vs Rs 277.6 crore.

TVS Holdings Q1 (Consolidated YoY): Profit surges 73.8% to Rs 1,173.6 crore Vs Rs 675.4 crore. Revenue soars 34% to Rs 17,076.2 crore Vs Rs 12,742.2 crore.

PREVIEW:

MACRO WRAP

• US-Iran war escalates: Higher oil prices remain a dominant macro driver, as US and Iran exchanged strikes for a 11th consecutive day, with Trump playing down the prospect of near-term talks and vowing to respond if Houthi militants disrupt Red Sea shipping. Mediators are reportedly proposing a 10-day ceasefire. The conflict has cost the US approximately $37.5 billion to date, per Défense Secretary Hegseth. Commercial traffic through the Strait of Hormuz has fallen to its lowest level in three weeks, while the Houthis have also threatened vessels calling at Saudi Red Sea ports. This raised concerns about potential broader disruptions to global energy supplies.
• Tariff escalation: Trump announced a 100% tariff on generic drugs imported to the US beginning August 2028, rising to 200% in August 2029, with a two-year tariff-free window starting August 2026. Separately, Trump threatened new 50% tariffs on Canadian goods, prompting Canada to cancel the joint opening ceremony for the Gordie Howe International Bridge.
• Germany’s ZEW economic sentiment index climbed to 26.3 in July 2026, its highest since February, beating expectations. The rise reflects improved prospects for export-oriented industries and solid domestic demand, supported by reforms, though Iran tensions and high oil prices remain risks. Most sectors improved, especially mechanical engineering, private consumption, and construction, while chemicals, pharmaceuticals, metals, and autos remained weak.
• Asian markets opened strongly on Wednesday, tracking the Wall Street tech rebound. The Kospi surged approximately 5% at the open to 7,052–7,086, led by chip stocks tracking US gains. Equity futures for Japan and Australia also pointed higher. On Tuesday, the MSCI Asia Pacific benchmark posted its biggest single-day gain in a month.
• WTI rose toward $85/bbl, its fourth consecutive session of gains and the highest closing level since June 12 as Houthi militants threatened Red Sea shipping. Brent settled near $91. The API reported US crude inventories rose 2.6 million barrels last week, though gasoline stockpiles fell 1.4 million barrels. Tropical Storm Bertha in the Gulf of Mexico prompted production shut-ins, sending the Mars crude premium to its strongest level since early June at $2/bbl over WTI. Negative for OMC’s and Indian rupee

INVESTMENT CALLS

First Cut: Sagility Ltd: Revenue in line and guidance maintained

• Sagility’s Q1FY27 revenue stood at $ 207.8 million, down 6.4% q-o-q (+15.2% y-o-y) in CC and USD terms. The sequential decline was attributed to the absence of open enrollment period. Removing the sequential bump due to OE, revenue grew 5.1% q-o-q.
• Sagility reported a strong start to FY27, driven by growth from existing clients and increasing contributions from clients added in FY26. Revenue grew 27.6% y-o-y (down 3.0% q-o-q) to Rs 1,964 crore, while organic growth stood at 27.3% (14.9% in constant currency).
• EBITDA stood at Rs 438 crore, down 9.6% q-o-q (up 26.6% y-o-y), resulting in EBITDA margin declining by 163bps q-o-q (down 17bps y-o-y) to 22.3% due to annual wage hike. Adj. EBITDA margin stood at 24% (Excl. earnouts and other adj), down 90bps q-o-q due to statutory minimum wage hike in Karnataka (-40bps), salary hike (-50bps), reduction in operating leverage as seasonal OE volumes tapers off (-100bps) partially offset by forex tailwinds (+100bps).
• Management reiterated its low double-digit organic revenue growth guidance in constant currency and maintained its 24%-25% EBITDA margin guidance for FY27 despite the estimated 120 bps impact from minimum wage hikes in Karnataka and Telangana.
• The company remains confident in achieving this outlook through ongoing operational efficiencies, favorable forex movements, and continued business momentum.

First Cut: Sunteck Realty Q1FY27 Consolidated Results – Pre-sales Momentum Continues.

·         Pre-sales increased 19.8% YoY to Rs.787 crore, driven by steady demand across ongoing premium and mid-income projects. Collections increased 16.5% YoY to Rs.409 crore.

·         Consolidated revenue stood at Rs.192 crore, up 1.7% YoY, EBITDA grew 40.3% YoY to Rs.67 crore, while EBITDA margin expanded by 962 bps YoY to 35%.

·         Net profit rose 26.5% YoY to Rs.42.3 crore.

·         We will release detailed report soon.

Results (Consolidated)                                                                     Rs cr.

Stock Update: UltraTech Cement Ltd– Strong Q1; Growth trajectory intact

Reco: BUY                CMP: Rs. 11,898             Target: 14,200

• Revenue grew 15.9% y-o-y, supported by 12.2% volume growth and a 3.3% improvement in realisation per tonne.
• EBITDA per tonne remained above Rs. 1,200, rising 1.4% y-o-y despite higher fuel and packaging costs. Better realisations, operating leverage, premiumisation and cost efficiencies supported margins.
• Capacity utilisation stood at 81%, reflecting healthy demand across segments.
• We maintain a Buy rating with a revised price target of Rs. 14,200, supported by strong volume growth, capacity expansion and improving acquired assets.

Viewpoint: Oberoi Realty Ltd– Launch momentum stays strong

View: Positive                CMP: Rs. 1,880             Target: 2,122

• Revenue rose 31.7% y-o-y to Rs. 1,300.9 crore, EBITDA rose 41.1% y-o-y and PAT rose 29.0% y-o-y to Rs. 543.5 crore.
• Q1 pre-sales stood at Rs. 1,050 crore, down 35.9% y-o-y on a high base (Q1FY26 had the Elysian tower launch). Collections however fell 7.6% y-o-y at Rs. 921 crore.
• Post quarter-end, Three Sixty North (Gurugram) was launched to a strong response – ~Rs. 8,109 crore booked in Phase 1. In Q1FY27, Oceanic (Carter Road) was launched.
• We remain positive on the stock with a revised PT of Rs. 2,122 on strong project launch momentum, healthy rentals and a comfortable balance sheet.

OTHER NEWS

Maruti Suzuki India: Due to the continuous increase in input costs, the company has decided to increase the prices of its models across the portfolio by up to Rs 30,000. The price hike will come into effect in August 2026

Aditya Birla Capital: The company has made an investment of Rs 123.89 crore, on a rights basis, in the equity shares of its associate, Aditya Birla Health Insurance Company. Following this investment, there will be no change in Aditya Birla Capital's percentage shareholding, and Aditya Birla Health Insurance Company will continue to remain an associate of the company