February 27, 2026

TOP NEWS

Bihar House passes Bills to regulate MFIs: The Bihar Micro Finance Institutions (Regulations of Money Lending and Prevention of Coercive Actions) Bill, 2026, aims to regulate micro-finance institutions (MFI) and small loan providers (SLP) operating in Bihar, prohibit coercive and unethical recovery practices. Introducing the Bihar Micro Finance Institutions (Regulations of Money Lending and Prevention of Coercive Actions) Bill, 2026 bill, state finance minister Bijendra Yadav stated that its purpose is to regulate microfinance institutions and small loan providers, prevent unethical recovery, and ensure transparent and fair loan operations. After discussion, the House approved it. Bihar is  is one of the fast growing and largest market for MFI roughly it could by Rs. 55-60 exposure. Stress is also high in the sector. Negative for Satin, Fusion, Spandana, Credit Access, and Other Key MFI players.

NBCC : The company has secured two Project Management Consultancy (PMC) contracts from the Delhi Development Authority (DDA) for redevelopment of staff quarters at: Old Rajinder Nagar, New Delhi – ₹437.79 crore and Safdarjung Development Area, New Delhi – ₹337.48 crore. The total order value stands at ₹775.27 crore.

GMDC: Gujarat Mineral Development Corporation Limited (GMDC) has signed a Memorandum of Understanding (MoU) with NTPC Limited to explore the utilisation of coal from GMDC’s coal blocks for power generation and supply to distribution utilities and other end users. A key component of the proposed collaboration includes coal supply from the Baitarni West Coal Mine in Odisha, primarily of G-11 grade, under a structured cost-plus pricing framework. The MoU establishes a collaborative framework to assess the feasibility of gasification of coal from GMDC’s coal blocks in Odisha and lignite from its mining operations in Gujarat.  Positive

Netweb Technologies India : Vertiv has announced a collaboration with Netweb Technologies India to jointly engineer and validate Netweb’s in-house designed GPU compute platforms with Vertiv’s integrated, end-to-end AI data centre solutions. Positive

Vishal Mega Mart: As per media reports, Vishal Mega Mart’s promoter entity Samayat Services is set to sell a 6.5% stake worth ~Rs. 3,507.5 crore through a block deal, with a floor price of Rs. 115 per share, which is a ~10% discount to yesterday’s closing price of Rs. 127. Stock is likely to be in focus today. Negative.

MACRO WRAP

·         The main theme overnight was risk-off. Semiconductor and the broader tech stocks took a hit even though a major chipmaker reported positive earnings and revenue guidance the day before.

·         The DJIA closed flat while the S&P500 and the Nasdaq Composite Index fell 0.5% and 1.2% respectively. The Eurostoxx 50 fell 0.2%. The Dollar Index edged up 0.1% to 97.79 and EUR-USD was a touch lower at around 1.1800.

·         The US 2Y yield fell 4bp to 3.43% and the 10Y yield fell 5bp to 4.00%. The German 10Y yield fell 2bp to 2.69%. The UK 10Y yield fell 4bp to 4.27%.

·         Brent crude oil prices edged up 0.1% to USD70.75. Gold rose 0.4% to USD5,185. Silver fell 1% to USD88.30.

·         U.S. jobless claims increased by 4,000 to 212,000 in mid-February, below expectations and recent averages. Continuing claims fell by 31,000 to 1,833,000, showing labor market stability amid slowing hiring. Federal employee claims, watched due to shutdown impacts, dropped by 141 to 554. Sentimentally negative USD

·         Canadian wages increased by 1.94% in December 2025 compared to the same month in the previous year. From 1992 to 2025, wage growth in Canada averaged 2.57%, with a peak of 10.10% in May 2020 and a low of -0.40% in May 2001.

·         Eurozone's Economic Sentiment Indicator fell to 98.3 from January's 99.3, below the forecast of 99.8. Sentiment declined in services, manufacturing, and construction, but improved for consumers and retailers. The ESI dropped significantly in France and Italy, remaining stable in Spain, Germany, and the Netherlands. Inflation expectations rose, indicating ongoing pricing pressures. Sentimentally negative for Euro

·         Data watch: the release of PPI data for Jan tonight. The MNI Chicago PMI for Feb; construction spending for Dec; as well as the Kansas City Fed services activity index for Feb, will also be released.

INVESTMENT CALL

Viewpoint: Gravita India Ltd update – Capacity expansions to spur growth

View: Positive                 Reco. Price: Rs. 1594               Price Target: Rs. 2000

• RMIL acquisition marks Gravita’s foray into copper recycling biz; deal would position it as an integrated recycling and value-added product manufacturer.
• Other major projects include – expansion of Mundra lead recycling plant to 145,000 TPA at Rs. 49 crore, a 6,000-TPA Li-ion recycling plant for Rs. 14 crore.
• In Q3FY26, EBITDA margins were robust at over 11%, led by higher revenue in lead business; capacity expansions to fuel volume growth from H2FY26 onwards. Company has guided for 8-9% of volume growth in Q4FY26 and revenue/APAT CAGRs of ~18% and 26% in the long run, while maintaining a RoCE of 18%.
• At CMP, Gravita trades at a 33x/27x multiple on FY27E/FY28E EPS. We maintain a Buy rating with a PT of Rs. 2,000 (28x on FY28E EPS).

Valuation (Consolidated)                                                                                         Rs. crore

Consolidated Quarterly earnings

OTHER NEWS

Brigade Group: The company has partnered with Primus Senior Living to develop three senior living communities across Bengaluru and South India, with an expected GDV of ~₹750 crore.Two projects will be integrated within larger townships, offering multi-generational amenities and senior-focused infrastructure

Capacite Infraprojects : The company has received a Letter of Intent worth ~₹537 crore from Raymond Realty Limited for construction of Towers F, G & NTA and a Retail Building in the Address by GS-3 and Invictus-2 projects at Thane.

Tata Steel: Company acquires 262 crore shares in its arm, T Steel Holdings (TSHP, a wholly owned foreign subsidiary of the Company) , for a total consideration of Rs 2,402 crore. In this connection, we wish to inform you that, the Company has acquired 261,90,47,620 equity shares of face value USD 0.1008 each aggregating to Rs. 2,401.50 crore in TSHP. Post this acquisition, TSHP will continue to be a wholly owned foreign subsidiary of the Company. Neutral

Aadhar Housing Finance: Blackstone arm BCP Asia II Holdco VI becomes the new promoter after acquiring a significant stake at Rs 425 per share.

MSCI's Global Standard Index is set to see two inclusions -- Aditya Birla Capital and L&T Finance. At the same time, IRCTC will exit the index.

Ramco Cements: The cement maker has sold non-core assets to the tune of Rs 1,080 crore.

MSTC: The company has become the lowest bidder for a tender hosted by Coal India on the GeM portal for the appointment of an external service provider to conduct linkage auctions for the non-regulated sector (NRS) for three years.

Jio Financial Services: The company has subscribed to and has been allotted 3.35 crore equity shares of Jio Credit, its wholly owned subsidiary (a non-banking financial company), for cash at a premium of Rs 585.70 per equity share, aggregating Rs 1,999.88 crore. Jio Credit will utilise the amount to fund its business operations.

Greaves Cotton: The company’s subsidiary, Greaves Electric Mobility, has announced its international expansion into Nepal, in partnership with STC Auto Solution. As part of this expansion, the company is launching its flagship product, Ampere Nexus.