August 18, 2026

TOP NEWS

War update: President Donald Trump warned of an attack on Oman if it “gets in the way” of efforts in the Strait of Hormuz. The 60-day deadline for the two sides to reach a deal toward ending the conflict has now passed. Trump again said he is in no rush and claimed his administration has established a direct backchannel with Iran’s Islamic Revolutionary Guard Corps, which the IRGC denies. President Trump also mentions that United States is not seeking an extension of the memorandum of understanding (MoU) with Iran, which expired on Monday, and that Tehran should “put up the white flag of surrender”. On the other side Iran has blamed US tactics for MoU to expire and said that Iran forces are ready to respond if they are attacked. With all the tensions back crude has reached $91.21/ barrel. Asian markets have opened negative and gift nifty indicates a 77 points cut on bourses.

EMS companies: The Ministry of Electronics and Information Technology (MeitY) has cleared nearly 31 applications involving investments of Rs 7,877 crore under the Electronics Components Manufacturing Scheme (ECMS). The latest set of approvals covers a wide range of products, including capital goods, camera and display modules, anode materials, enclosures, connectors, transducers, rare-earth permanent magnets, acetylene black, optical transceivers, speakers and microphones. It also includes an enhanced investment in copper-clad laminates that had been approved earlier. Total approved investments under ECMS have now reached around ₹69,500 crore, comfortably surpassing the original ₹59,000 crore program target. Following are the companies approved   Wipro Global Engineering (Laminates/Copper Clad expansion)  Jyoti CNC Automation,  Mitsubishi Electric India, Syrma SGS Technology  Kaynes Technology, Dixon Technologies, and Motherson.

Netweb Technologies: Company launches QIP of up to Rs 1,200 Cr; indicative pricing at 8–10% discount to Rs 4,710- 4,790 per share. Negative

Ceigal India: Delhi PWD cancelled a Rs 330.84 crore road-strengthening tender where the company had emerged as the L1 bidder.

PCBL :Govt Approves 31 Investment Proposals Worth ₹7,877 Cr Under ECMS.PCBL Chemical Secures ₹329 Cr Investment Approval

Manipal Health Enterprises Ltd has signed an agreement to acquire the entire operations and assets of Kinder Women’s Hospital and Fertility Centre in Bengaluru for ₹130 crore, expanding its hospital network in the city. The company signed a Business Transfer Agreement (BTA) with Kindorama Healthcare Private Ltd, which owns the hospital, on August 17. The acquisition will be entirely in cash and is expected to be completed within 90 days of signing the agreement. The transaction is subject to statutory and customary approvals, primarily those required for the change in ownership of the hospital.

Macro Wrap

• International crude rose about 3% on Monday as prospects for a U.S.-Iran deal dimmed. President Trump said he does not intend to extend a U.S.-Iran memorandum of understanding signed in June that technically expired on Monday. Major disagreements remain, including over the Strait of Hormuz. Other U.S. officials signalled Washington is not in a hurry to end the nearly six-month confrontation. Meanwhile media reports suggest Iran is shifting from a defensive to a “fully offensive” stance, giving the US a deadline of a few weeks to implement the MoU. If diplomacy fails, Iran is prepared to escalate tensions in the Strait of Hormuz and the wider region, with the timeline conveyed to Washington and regional states via mediators. Brent crude rose 2.7% overnight to settle at USD 90.87/bbl
• The higher crude oil prices triggered sell-off in global bond markets on concerns of inflationary pressure, US 30-year Treasury yield climbed to 5.321%, the highest since mid-2007, Japan's 10-year government bond yield rose 2.5 bps to 2.945%, its highest level since September 1996. US equities edged lower to start the week, with the S&P500 falling 0.5%, the Dow Jones declining 0.5% and the Nasdaq slipping 0.3%,
• Chinese economic activities were affected by the three typhoons made landfall in July, disrupting major manufacturing hubs along the southeast coast and probably contributing to the manufacturing PMI falling back into contraction. China’s retail sales disappointed in July, rising just 0.6% YoY, below market expectations of 1.5% and slowing from 1.0% in June. The weak outturn suggests household demand remains subdued as the boost from the government’s consumer goods trade-in programme fades, while weak consumer confidence and the prolonged property downturn continue to weigh on spending. China’s industrial production eased to 4.5% YoY from 5.3% in June, with factory activity facing softer domestic demand alongside disruptions from extreme weather and typhoons. More concerningly, fixed-asset investment excluding real estate contracted by 3.7%, suggesting that the slowdown is no longer confined to property and has spread to infrastructure and manufacturing investment. Sentimentally negative for Industrial commodities demand.

INVESTMENT CALL

SECTOR UPDATE: Banking Results Review Q1FY2027

Loan growth holds firm, margins ease

• Advances for our coverage universe grew 17.7% YoY and 2.6% QoQ, PSU banks (up 18.0% YoY) outpaced private banks (up 17.4%), however sequentially private banks fared better on growth front. Deposit growth of 12.4% YoY and 1.2% QoQ lagged advances growth, keeping incremental CD ratio elevated.
• NII for coverage rose 11.0% YoY and 3.3% QoQ, led by PSU banks (up 11.8% YoY), NIMs were under pressure on QoQ basis owing to sticky deposit costs and a higher mix of relatively lower-yielding corporate book growth.
• C/I ratio for coverage improved ~300 bps QoQ to 44.4% (though up ~100 bps YoY) aided by controlled opex, while PPoP fell marginally by 0.2% YoY.
• Credit cost remained benign with provisions down 31.8% YoY. Asset quality stayed stable with GNPA at 1.57% (down 2 bps QoQ) and NNPA steady at 0.39%. Combined PAT for coverage grew a healthy 12.7% YoY, though it dipped 2.3% QoQ, weighed down largely by an exceptional item at Bank of Baroda. Adjusted for the same overall PAT growth for coverage universe would have been 18.8% YoY. Preferred Picks – ICICI Bank, SBI and City Union Bank.

Stock Update: Yatharth Hospital and Trauma Care Services Ltd.– Record Ramp-up Underscores demand tailwinds

Rating: Buy     Reco Price: Rs 842          Price Target: Rs 988

• Faridabad Sector-20 hospital reaching EBITDA breakeven in just nine months confirms robust demand and bed shortfall. 
• This reinforces the strength of Yatharth's expansion and acquisition-led growth strategy, which is reflected in the 51% y-o-y revenue growth and 39% y-o-y EBITDA growth.
• The rapid ramp-up also strengthens confidence in the scaling trajectory of upcoming assets like the Gurugram hospital.
• Valuing the stock at a long-term forward average +1 standard deviation P/E of 46x on FY28E EPS of Rs. 21.5 a price target of Rs. 988.

Valuation                                                                                                                           Rs. Crore

Stock Update: Amber Enterprises – Electronics segment led the growth

Rating: Buy     Reco Price: Rs 7300     Price Target: Rs 8,400

• Revenues grew 13% y-o-y, lagging estimates on a tepid show by the consumer durables segment. Electronics and railways divisions grew 29% and 18% y-o-y.
• Operating profit grew 22% y-o-y, in turn driving up margins by 58 bps to 8.0% led by improvement in electronics segment.
• Management expects RAC industry to grow 13%, electronics by ~40%, and Railways by 30-35% for FY27.
• We reduce our estimates due to a lower-than-expected guidance but maintain a Buy rating with a lower price target of Rs 8,400.

Valuation                                                                                                                           Rs Crore

OTHER NEWS

Jyoti CNC: Company received approval for Rs 1065 crore investment proposal over the next 5 years under the Electronic Components Manufacturing Scheme of MeitY. The investment will be used to expand CNC machine capacity + manufacture electronic components in-house. This is backward integration and can reduce dependence on external suppliers. Under the scheme, the company is eligible for a capex incentive of up to 25% on eligible investments. If the entire Rs 1,020.65cr were eligible at the maximum rate, the theoretical incentive could be around Rs 255cr.

One97 Communications Ltd | Resilient Asset Management B.V., the parent/promoter entity of Vijay Shekhar Sharma, is likely to sell up to 4.98% equity in fintech firm One97 Communications Ltd, which owns the Paytm brand, through a block deal, with the base offer size at 3% and an upsize option of 1.98%.

Bharti Airtel : Airtel Payments Bank has announced a leadership transition, with Sunil Bharti Mittal set to conclude his tenure as Non-Executive Chairman and step down from the Board effective September 30, 2026. Shabnam Sinha will assume the role of Chairperson for a three-year term beginning October 1, 2026, following her appointment by the Board and approval by the Reserve Bank of India (RBI).

Indo-MIM Q1 (Consolidated YoY): Profit zooms 31.6% to Rs 240.1 crore Vs Rs 182.4 crore. Revenue grows 9.4% to Rs 1,218.7 crore Vs Rs 1,114.1 crore.

LEAP India: The Government of Singapore acquired 22.15 lakh shares, representing a 0.5 percent stake in LEAP India, for Rs 34.39 crore at Rs 155.28 per share.

Shriram Pistons: The firm has launched a Qualified Institutional Placement (QIP) to raise ₹1,000 crore, with an indicative price range of ₹4,216.30–₹4,436.60 per share. The lower end of the price range represents a discount of up to 4.97% to the company's current market price.

Samvardhana Motherson International:  The firm will acquire a controlling stake in Shenzhen Autocruis Technology Co. Ltd through its indirect wholly owned subsidiary SMR Automotive (Langfang) Co. Ltd. The acquisition will involve a primary capital increase through subscription to fresh equity of CNY 153.3 million, equivalent to approximately $22.6 million, for a 64.76% equity stake in Shenzhen Autocruis on a fully diluted basis, according to the company's exchange filing.

PVR INOX/Real estate firms: Delhi is ending the old maze of multiple NOCs for cinema halls and multiplexes, with the government notifying a new Standard Operating Procedure (SOP) that introduces a single-window, fully online licensing system. Under the new system announced on Monday, August 17, applications for cinema halls and multiplexes will be processed through the e-District portal.