April 13, 2026

TOP NEWS

War update: High-stakes face-to-face talks in Islamabad, Pakistan (led by US Vice President JD Vance) ended on April 12 without a deal after more than 21 hours of negotiations. Iran rejected what the US called its "best and final offer," which reportedly focused on dismantling Iran's nuclear program.  Following the failed talks, President Donald Trump announced that the US Navy will "immediately" begin a naval blockade of the Strait of Hormuz (starting as early as Tuesday). He threatened to "blow Iranians blocking the Strait... to hell" and warned of an "all-or-nothing" approach. Negative for overall Indian markets and oil related companies such as HPCL, BPCL, Asian paints but positive for upstream companies ONGC, Oil India.

CHINA has indicated it will halt exports of sulphuric acid from May, hitting metals and fertiliser industries already strained by raw material bottlenecks resulting from the Iran war. Negative for DAP/phosphate fertilisers – Chambal Fertilisers/ Paradeep Phosphates

GHV Infra projects: landed a major Rs 1,250 crore EPC construction contract for expressway connectors between Jalna and Nanded in Maharashtra. Awarded by APCO Infratech Private Limited, the project spans 30 months and significantly boosts GHV Infra's order book, signaling potential for substantial revenue growth. Positive

Enviro Infra: Bagged an order worth Rs 972 crores. The order for two sewage infrastructure projects in Maharashtra under the Swachh Bharat Mission (Urban) 2.0. Two project involves development of 120.50 MLD STP capacity and 121.10 MLD STP capacity  in the Pune and Nasik region. Positive.

AstraZeneca Pharma India : The company has received permission from the Central Drugs Standard Control Organisation to import, sell, and distribute Acalabrutinib tablets (100 mg). With this approval, Acalabrutinib tablets (100 mg), in combination with venetoclax, with or without obinutuzumab, are indicated for the treatment of patients with previously untreated chronic lymphocytic leukaemia (CLL) or small lymphocytic lymphoma (SLL). Positive

The Government has approved 52 new applications under Round III of the Production Linked Incentive (PLI) Scheme for Textiles. The Ministry of Textiles said that these applicants have committed an investment of 6,708 crore rupees with an expected turnover of 21,186 crore rupees. The approved proposals are expected to provide a significant boost to the textile sector, particularly in the segments of Man-Made Fibre (MMF) fabrics, MMF apparel, and Technical Textiles. (Positive for Reliance, Gokaldas, KPR mills , SRF, Garware Technical)

Advait Energy: The company has received bid confirmation at the L1 stage as the successful bidder for a turnkey contract under the Vanbandhu Kalyan Yojana-2 (VKY-2) scheme. Positive

ISGEC Heavy Engineering:  Received official approval from the Commission for Air Quality Management to resume full operations at its Nara manufacturing unit in Muzaffarnagar. The Nara manufacturing unit contributes approximately 3.50% of the company's standalone revenue. The resumption of full operations enables ISGEC Heavy Engineering to utilize its complete production capacity at this facility, strengthening its overall manufacturing capabilities. Positive.

Swiggy: Co-founder Lakshmi Nandan Reddy Obul has resigned as Whole-Time Director – Head of Innovation, and Roger Clark Rabalais has resigned as Nominee Director, effective April 10. The Board has appointed Renan De Castro Alves Pinto as an Additional Director, effective April 11, and Phani Kishan Addepalli and Rahul Bothra as Additional Directors (Executive, Non-Independent), effective June 1.

Tata Capital: Shares of Tata Capital Ltd. will be in focus on Monday, April 13, as the six-month shareholder lock-in period for the non-banking financial arm of the Tata Group comes to an end. Tata Capital was the largest IPO of 2025.

Investment Call:

Stock Update: TCS - Strong Foundation, Missing Acceleration

CMP: Rs. 2,589           PT - Rs. 2,870                  Rating – BUY

• Q4FY26 revenue rose 1.5% q-o-q (2.1% y-o-y) to $7,621 million, meeting our estimates. Sequential growth was broad-based, with strong traction in Consumer Business and ENU verticals, partially offset by a weakness in communication and media verticals. In CC terms, revenue grew 1.2% q-o-q.
• The valuation case for TCS now rests almost entirely on one variable: revenue growth acceleration. Margins have largely done their job, the structural improvement from ~24.2% to ~25.3% over four quarters is commendable, but from here, meaningful further expansion is unlikely because every basis point of margin upside will get reinvested back into AI talent, back into capability building, back into sales. So, the market cannot look to margin expansion as the next driver. The only thing that moves the needle from here is top-line growth, and that story needs FY27 to deliver what FY26 couldn’t.
• However, TCS is still set to benefit when the demand cycle turns given its proven execution track record, industry-leading cash generation, and an AI bench being built at scale.
• We roll forward our valuation to FY28E with a Buy rating and slightly raise EPS estimates on a weak rupee. Accordingly, we increase our price target to Rs 2,870, retaining our P/E multiple to 17x. At CMP, the company trades at a PE of 16.5x and 15.3x on FY27E and FY28E, respectively.

Valuation (in Cr)

OTHER NEWS

Larsen and Toubro: The company's subsidiary, L&T Realty Properties, has acquired a 100% stake in International Green Scapes (IGSL). Post completion of the acquisition, IGSL will become a wholly owned subsidiary of the company. This acquisition will enable L&T Realty Properties to leverage the land owned by IGSL to enhance and expand its real estate development portfolio.

Laxmi Organics has disclosed the resignation of its Chief Financial Officer effective 13 April and the appointment of an interim replacement to ensure business continuity.

Coal India Limited : Company informed that it is absorbing the impact of sharply rising input costs, including explosives and industrial diesel, to protect domestic coal consumers from escalating prices by 44%. This will result into rising operational expenses lead to have impact on profitability of company. Neutral

Mahanagar Gas: Praveer Kumar Srivastava has been designated as Managing Director of the company for a period of five consecutive years, effective April 30.

Muthoot Finance: The Board has approved the payment of an interim dividend of Rs 30 per share for the financial year 2025–26.

Muthoot Finance: The Board has approved the payment of an interim dividend of Rs 30 per share for the financial year 2025–26.

Torrent Pharmaceuticals : The US FDA has concluded its inspection at the company's oncology facility in Bileshwarpura with zero observations. The inspection was conducted from April 6 to April 10, 2026.

Lupin : The pharma company has launched Dapagliflozin tablets (5 mg and 10 mg) in the United States, following approval of its Abbreviated New Drug Application from the US FDA. The product is bioequivalent to Farxiga for the approved indications.