July 10, 2026

 

TOP NEWS

Dixon Technologies: Dixon Technologies has executed a joint venture agreement with Vivo Mobile India (VMI) to incorporate a joint venture company in India that will operate as an original equipment manufacturer (OEM) of electronic devices, including smartphones.

Dixon will hold a 51 percent stake in the proposed joint venture, while Vivo Mobile India will own the remaining 49 percent.

 

Hindalco: India's copper demand is expected to grow at 9-9.5% CAGR to reach 3-3.3 million tonnes by 2030, driven by strong growth in infrastructure, power transmission, renewable energy, and electric vehicles. Despite new smelting capacities from domestic players, India is expected to remain copper-deficit, with imports continuing to bridge the supply gap. This is positive for Hindalco, which is expanding its copper smelter capacity by 300 KTPA, expected to be commissioned by FY29.

 

Container Corporation of India:  The company has entered into an agreement with GAIL (India) to establish a state-of-the-art Liquefied Natural Gas (LNG) dispensing station at CONCOR's Inland Container Depot (ICD) in Khodiyar, Ahmedabad

 

Premier Energies: The company has inaugurated its new 5.6 GW solar module manufacturing facility at Seetharampur in Telangana. It also conducted a ground-breaking ceremony for its 6 GWh Battery Energy Storage System (BESS) facility and an aluminium frames manufacturing facility with a capacity of 18,000 metric tonnes per annum.

 

Vikram Solar: The company has signed an agreement with Evervolt Solar Technology India to procure 130 MW of domestically compliant solar cells between July 2026 and March 2027, strengthening supplies for its India manufacturing operations.

 

Havells India Limited: Havells has entered the Battery Energy Storage System (BESS) segment through a strategic collaboration with Pixii AS. The partnership will develop modular energy storage solutions for India’s residential, commercial and industrial markets, with plans for pilot projects, localized manufacturing, and India-specific product development. The move strengthens Havells’ presence in the fast-growing clean energy and energy storage market.

 

Mahindra and Mahindra (June YoY): Total production volume grows 30% to 1,10,795 units Vs 85,232 units. Sales volume surges 32.5% to 1,03,502 units Vs 78,142 units. Export volume zooms 120.7% to 5,954 units Vs 2,698 units

 

Container Corporation of India: Container Corporation of India has entered into an agreement with GAIL (India) to establish a state-of-the-art Liquefied Natural Gas (LNG) dispensing station at CONCOR's Inland Container Depot (ICD) in Khodiyar, Ahmedabad

 

TCS: Revenue came in at Rs.72,275 Cr, up 2.2% q-o-q (13.9% y-o-y), in line with our estimates. EBIT came in at Rs. 17,317 crores, down 3.1% q-o-q (11.6% y-o-y). EBIT Margin stood at 24.0% (down 132bps q-o-q/ 50bps y-o-y), primarily due to wage hike (-170bps) offset by currency tailwinds (+40bps).  Adj. PAT stood at Rs. 13,849 crores, up 1% q-o-q (8.5% y-o-y). Vertical Performance: BFSI (+1.6% QoQ CC) delivered steady growth across geographies. Technology & Services (+1.7% QoQ CC) continued to drive growth, supported by strong deal momentum and sustained enterprise investment. In contrast, Consumer Business (-4.0% QoQ CC) remained under pressure as inflation and geopolitical uncertainty weighed on discretionary spending with clients prioritizing managing their increasing costs. Life Sciences & Healthcare (-1.0% QoQ CC) while demand for AI transformation, automation and compliance initiatives remains intact with management anticipating recovery soon. Manufacturing (-0.5% QoQ CC) continued to show softness in certain segments like auto, while decision making was influenced by tariff pressure, macro uncertainty, EV recalibration, supply chain resilience and cost discipline. However, outlook remains positive for manufacturing based on multiple net new deal being signed this quarter.

 

 

MACRO WRAP

  • Despite of US-Iran engaged in attacking each other the market nerves remained strong footed overnight. A US official said diplomatic efforts remain underway to defuse US‑Iran tensions and that Washington has been deliberately pausing strikes after attacks to avoid escalation and preserve space for diplomacy while keeping a target list as leverage.
  • Iranian media reported multiple sites in southern Iran were struck on July 9. Iran’s Islamic Revolutionary Guard Corps (IRGC) said its Aerospace Force launched 10 ballistic missiles on July 9 in what it called a second-phase response to US military aggression, striking US command-and-control centres in West Asia and the Azraq air base in Jordan. The IRGC warned that further US military action would draw heavy strikes on other US bases in the region.
  • China’s headline and core Consumer Price Index (CPI) slowed to 1.0% y/y in Jun vs. Bloomberg’s consensus forecast of 1.1%. The Producer Price Index (PPI ) was in line with expectations, rising to a 4-year high of 4.1% y/y due in part to the low base of comparison. On a m/m basis, CPI and PPI both declined in Jun, indicating that price pressures have eased. Positive for industrial sectors and base metals.
  • US initial jobless claims fell 2,000 to 215,000 in the week ended July 4, slightly below the 217,000-consensus estimate, signalling that layoffs remain at historically low levels.
  • German exports unexpectedly rose 0.9% in May, defying expectations of a 0.4% decline, driven by a 23.1% surge in shipments to the US and a 7.1% increase to China.
  • Japan’s producer prices rose 7.1% year-on-year in June 2026, up from 6.6% and above the 6.8% forecast, the fastest gain since March 2023, driven mainly by higher energy and input costs. Month-on-month, prices rose 0.4%, down from 1.1% in May.
  • The DJIA, the S&P500, and Nasdaq Composite rose 0.3%, 0.8%, and 1.3% respectively. The Philadelphia Semiconductor Index surged 3.1% as investors rotated back into technology. The Eurostoxx 50 gained 1.3%. The Dollar Index dipped 0.1% to 100.90. EUR-USD rose 10 pips to 1.1430. The US 2Y yield fell 4bp to 4.18% and the 10Y declined 3bp to 4.55%. The German 10Y yield was a touch lower at 3.08%. The UK 10Y yield fell 8bp to 4.90%. Brent crude oil fell 2.2% to USD 76.30.

 

INVESTMENT Calls

 

Stock Update: Cement Preview– Higher Input Costs to Weigh on Profitability

  • Our coverage universe (ex-Grasim) is likely to report a ~7.5% y-o-y revenue growth in Q1FY27, driven by a ~5.9% y-o-y rise in volumes and a ~1.5% y-o-y increase in realisations.
  • Weighted-average EBITDA/tonne is likely to fall ~10.8% y-o-y to ~Rs. 982, primarily due to rise in input cost.
  • Realisations are estimated to increase ~1.5% y-o-y, aided by April price hikes, although pricing moderated in the subsequent months

Demand stayed steady, aided by pre-monsoon construction, though labour shortage, heat waves and elections affected activity in a few regions. We stay positive on the sector; Preferred pick – UltraTech

OTHER NEWS

Memory makers have notified customers of another 20%-30% increase in DRAM contract prices for Q3, while NAND Flash contract prices are set to climb 35%-40%. -ADATA ( Taiwanese chip makers). India's copper demand is expected to grow at 9-9.5% CAGR to reach 3-3.3 million tonnes by 2030, driven by strong growth in infrastructure, power transmission, renewable energy, and electric vehicles. Despite new smelting capacities from domestic players, India is expected to remain copper-deficit, with imports continuing to bridge the supply gap. This is positive for Hindalco, which is expanding its copper smelter capacity by 300 KTPA, expected to be commissioned by FY29.

 

Anand Rathi Wealth Q1 (Consolidated YoY): Profit zooms 73.6% to Rs 163 crore Vs Rs 93.9 crore. Revenue jumps 17.5% to Rs 322 crore Vs Rs 274 crore. Other income spikes nearly 11-fold to Rs 110.3 crore Vs Rs 10.1 crore.

 

Muthoot Microfin Q1 (YoY): AUM grows 18% to Rs 14,457 crore. Disbursements surge 49% to Rs 2,645 crore. Collection efficiency improves 497 bps to 97.97%.

Sandur Manganese: Company has approved entry into new businesses including hospitality, academy, and medical devices and consumables manufacturing, to be undertaken through subsidiaries.