January 16, 2026

TOP NEWS

Infosys | The IT firm reported a December-quarter net profit of ₹6,654 crore, below the CNBC-TV18 poll estimate of ₹7,445 crore and down 9.6% sequentially. Revenue rose 2.2% quarter-on-quarter to ₹45,479 crore, marginally ahead of estimates, while EBIT came in at ₹9,479 crore with an operating margin of 20.8%, slightly lower than both expectations and the previous quarter. Revenue stood at $5,099 million, up 0.5% QoQ. The company flagged a ₹1,289 crore impact from labour code-related costs, maintained its EBIT margin guidance at 20–22%, and raised its FY26 constant currency revenue growth guidance to 3–3.5% from 2–3%.

Emmvee Photovoltaic Power : The company posted Q3FY26 financial performance with consolidated revenue reaching ₹1,15,225.17 lakhs, representing 118% year-over-year growth, and net profit surging 165% to ₹26,363.78 lakhs. The company's EBITDA doubled from ₹2.00 billion to ₹4.00 billion year-over-year

Waaree Renewable Technologies: The company posted Q3FY26 performance with revenue surging 136.18% to ₹851.06 crores and net profit doubling to ₹120.19 crores. The nine-month revenue of ₹2,229.03 crores already exceeded full-year FY25 performance, while maintaining healthy margins. With a strong unexecuted order book of 2.92 GWp and recent project wins totaling 257.30 MWp in Q3, the company is well-positioned for continued growth in India's expanding renewable energy sector.

Swaraj Engines Q3 (YoY): Profit zooms 31.8% to Rs 42.1 crore Vs Rs 32 crore. Revenue jumps 37% to Rs 473.2 crore Vs Rs 345.5 crore. Strong quarter

Prestige Estates Projects : The company reported a strong Q3 & 9M FY26 performance. 9M FY26 pre-sales hit Rs. 22,327 crore (+122% YoY) with collections of Rs. 13,283 crore—the highest ever. Q3 FY26 pre-sales were Rs. 4,184 crore (+39% YoY) and collections Rs. 4,548 crore (+40% YoY). Average realizations rose 6% YoY. Office assets maintained >95% occupancy, while retail delivered 14% YoY GTO growth with >99% occupancy. Looking ahead, office annuity income is projected at ~Rs. 4,000 crore and retail annuity at ~Rs. 1,092 crore by FY30, supporting strong long-term cash flows.

Prestige Estates Projects: The company has launched Evergreen at Prestige Raintree Park in Whitefield, Bengaluru, a premium residential project with an estimated GDV of ~Rs. 5,000 crore. Spread over ~24 acres, the project will feature ~2,000 apartments across 3.2 million sq. ft.

Kernex Microsystems Ltd: Chittaranjan Locomotive Works has awarded Kernex Microsystems a Rs. 2,465.71 crore order for the supply, installation, testing and commissioning of 3,024 sets of on-board KAVACH locomotive equipment, as per the latest RDSO specifications. Positive

Godrej properties: Godrej Properties became India’s largest listed residential developer in CY 2025 for the second consecutive year. Booking value rose 19% YoY to Rs. 34,171 crore, while collections increased 28% to Rs. 18,979 crore, with a 3-year CAGR of ~44% (bookings) and ~35% (collections). The company sold 16,428 homes across 27.26 million sq. ft. via 41 launches, with strong, diversified performance across major markets. In Q3 FY26, bookings grew 55% YoY to Rs. 8,421 crore and collections rose 40% YoY, indicating continued momentum.

HDB Financial Services Q3 (YoY): Profit spikes 36.3% to Rs 643.9 crore Vs Rs 472.3 crore. Revenue increases 22% to Rs 2,285 crore Vs Rs 1,872.1 crore

STRONG RESULTS

ICICI Prudential Asset Management Company Q3 (YoY): Profit soars 45.1% to Rs 917.1 crore Vs Rs 631.8 crore. Revenue jumps 23.5% to Rs 1,514.7 crore Vs Rs 1,226.7 crore. Company to pay interim dividend of Rs 14.85 per share. Strong Quarter, note lock in periods for one months ends today.

360 ONE WAM Q3 (Consolidated YoY): Profit grows 20.3% to Rs 331 crore Vs Rs 275 crore. Revenue soars 33.2% to Rs 806 crore Vs Rs 605 crore. Strong quarter

WEAK RESULTS

Angel One Q3 (Consolidated YoY): Profit declines 4.5% to Rs 268.7 crore Vs Rs 281.5 crore. Revenue increases 5.8% to Rs 1,334.9 crore Vs Rs 1,262.2 crore. Board approves 1:10 stock split, interim dividend of Rs 23 per share. Weak Results

PREVIEW

*Results on 17^th January 2026

MACRO WRAP

• The DJIA, the S&P500, and the Nasdaq Composite Index rose 0.6%, 0.3%, and 0.3% respectively. Euro Stoxx 50 rose 0.6%. The Dollar Index gained 0.3% to 99.32 and EUR-USD fell over 30 pips to 1.1610.
• The US 2Y treasury yield jumped 5bp to 3.56% and the 10Y yield rose 4bp to 4.17%. The German 10Y was unchanged at 2.82% and the UK 10Y yield rose 5bp to 4.39%. Brent crude oil prices fell 4.2% to USD63.76 and gold dipped 0.2% to USD4,616.
• U.S.-Taiwan trade agreement, signed Thursday, aims to enhance U.S. semiconductor production and lower tariffs. Taiwan Semiconductor Manufacturing will build factories in Arizona, with a $250 billion investment. The U.S. will cut tariffs on Taiwanese goods to 15% and exempt expanding chipmakers. Sentimentally positive IT segment.
• The People’s Bank of China (PBoC) lowered interest rates on key structural monetary policy tools by 25bp and reduced the one-year rate for relending facilities to 1.25% from 1.50%, effective 19 January.  This was a targeted move aimed at supporting weaker segments of the economy, rather than lowering policy rates, new bank loans fell to CNY910 billion in December 2025 (prior December: CNY990 billion). The PBOC later signalled that it has room to ease interest rates and bank reserve requirements further this year and will also step up economic support through additional targeted measures. Sentimentally positive for broader markets
• U.S. initial jobless claims fell by 9,000 to 198,000 for the week ending January 10th, contrary to forecasts of 215,000, marking the second lowest in two years. Continuing claims decreased by 19,000 to 1,884,000 and Germany’s GDP rose 0.2% in 2025, following a 0.5% drop in 2024, driven by increased household consumption and government spending.  Positive for USD
• Data watch: we have US industrial production and the NAHB Housing Market Index.

INVESTMENT CALL

First Cut: LTTS Q3FY26 Consolidated Results – Revenue and Adj. PAT missed our estimates

·         LTTS posted a revenue of $ 326.3 million, down 3.2% q-o-q (4.6% y-o-y). In CC, company posted a growth of 3.9% y-o-y and a degrowth of 2.8% q-o-q.

·         Revenue stood at Rs. 2,923.5 Cr (-1.9% q-o-q/+10.2% y-o-y). The sequential drop was largely driven by HiTech vertical (-9.8%) partially offset by muted growth in mobility (+0.5%) and sustainability (+1.7%).

·         EBIT stood at 427 Cr, up 7.3% q-o-q (+1.2% y-o-y), resulting in EBIT margin at 14.6% (+124bps q-o-q/ -129bps y-o-y) against our estimate of 13.9%. Sequential improvement in margin was primarily driven by lower operating expenses.

·         Adj. PAT excluding labor code law stood at Rs. 329 Cr, flat sequentially (+2.1% y-o-y), resulting in Adj. PAT margin at 11.3% (+23bps q-o-q/ -90bps y-o-y).

·         On TCV front, LTTS sustained its momentum in large deal wins delivering an average TCV of $ 200 million for five straight quarters.

Actual vs Estimates

First Cut: HDFC Life Insurance Q3FY26 – APE, VNB ahead of estimates, PAT in-line

• Net premium growth for Q3FY26 was up 8.8% YoY (below estimates) and was driven by 12% uptick in First year premium and 11.7% YoY rise in renewal premiums.
• APE (annualised premium equivalent) increased by 11.2% YoY in which individual APE was up 12.7% YoY in Q3FY26, for 9MFY26 market share in individual WRP was at 10.9%.
• VNB (Value of new business) increased by 2.7% YoY while VNB margin stood at 24% for Q3FY26 and 20 bps higher than estimates.
• New GST rollout initially carried out a 300 bps impact on margins but other factors like change in product mix contained the impact to below 200 bps YoY in Q3FY26.
• 13^th month persistency declined from 85% to 87% on 9M basis owing to stress in specific cohorts and lower ticket sizes following tax change rules.
• There was one-time cost impact of Rs98 crore due to implementation of new labour codes.
• Net profit for the quarter was flattish at Rs421 crore and was in-line with our estimates.
• We have a buy rating on stock, and we will come out with detail report shortly.

Actual versus estimates

OTHER NEWS

South Indian Bank Q3 (Standalone YoY): Profit rises 9.5% to Rs 374.3 crore Vs Rs 341.9 crore. Net interest income increases 1.3% to Rs 880.7 crore Vs Rs 869.3 crore. Provisions and contingencies soar 21.8% to Rs 80.4 crore Vs Rs 66 crore. Gross NPA declines to 2.67% Vs 2.93% (QoQ). Net NPA falls to 0.45% Vs 0.56% (QoQ).

Jio Financial Services Q3 (Consolidated YoY): Profit falls 8.75% to Rs 268.98 crore Vs Rs 294.78 crore. Total income surges 10.7% to Rs 901.05 crore Vs Rs 448.89 crore. Pre-provisioning operating profit grows 7% to Rs 354 crore. NBFC AUM zooms 4.5x to Rs 19,049 crore.

SEBI agrees with NSE's settlement plea 'in-principle : SEBI chairman Tuhin Kanta Pandey on Thursday said the regulator has "in-principle" agreed with the settlement plea filed by the National Stock Exchange with regard to the unfair market access case, a move that may clear the decks for an initial public offering (IPO) by the country's largest bourse.

Shriram Finance: About 98.5% of shareholders voted in favour of the proposal to issue equity shares by way of a preferential issue on a private placement basis to MUFG Bank, and 91.9% of shareholders voted in favour of a one-time, non-recurring, fixed payment to Shriram Ownership Trust, the promoter of the company, for non-compete and non-solicit obligations. A shareholders’ meeting was held for the proposed strategic capital infusion by MUFG Bank.

December trade deficit widens as imports surge 8.8%, export growth modest at 1.86%. India’s goods trade deficit widened significantly in December 2025 to $25.04 billion from $20.63 billion in the previous December as exports increased 1.86 per cent (year-on-year) to $38.51 billion, while imports grew at a higher 8.8 per cent to $63.55 billion, per data released by the Commerce Department.