April 21, 2026

TOP NEWS

War update: Diplomatic attempts to ease tensions in the ongoing conflict involving Iran, the United States and Israel remain uncertain as Tehran says that it will not engage in negotiations under pressure. On the other hand, US President Donald Trump asserted that American forces were performing strongly in the conflict. Trump said the United States was “winning a war by a lot. Meanwhile, Israel continued air strikes in southern Lebanon despite a temporary 10-day ceasefire.  A US delegation led by Vice President JD Vance is expected to travel to Pakistan for talks aimed at ending the conflict. Iran has not outrightly denied it. Now all eyes are laid on the truce talks. The curde remains half a percent lower as their optimism for truce talks.

RBI eases forex rules for banks, allows related-party hedging under $100 mn exposure cap :  The Reserve Bank of India (RBI eased parts of its forex rules for banks, allowing certain related-party hedging transactions to continue and clarifying that they will not be treated as speculative trades. Banks can continue undertaking back-to-back hedging transactions, including across overseas branches, as long as they are genuine risk-offsetting trades. The overall $100 million net open position (NOP) limit remains unchanged, and the revised rules take effect immediately, RBI said in a circular. The central bank has also allowed banks to retain existing positions within the $100 million cap until maturity, or modify them if required, removing the need for premature unwinding. Positive for ICICI, Axis, HDFC, SBI and other Banks.

E2E networks: Sharp operational perfromace improvement with revenue growing at 184% yoy led by demand for cloud and AI infrastructure services. EBITDA up by 336% yoy but profits are down by 53%. In this business profits remain to be effected as the installation of GPU’s increases the depreciation keeps on increasing effecting profits.

Hindustan copper: The company outlined a Rs 7,188.60 crore mine expansion plan and unveiled its Corporate Plan – Vision 2030 at its Annual Plan Meeting for FY27 and FY28. The expansion roadmap targets a rise in total ore production capacity from 4.21 million tonnes per annum (MTPA) in FY26 to 12.20 MTPA by FY30. Total milling capacity is projected to increase from 3.81 MTPA in FY26 to 12.20 MTPA by FY30.

Oberoi Realty Ltd: The company reported gross booking value of ₹1,673 crore for Q4 FY26, marking a rise of about 96% quarter-on-quarter from ₹836 crore and nearly 96% year-on-year compared with ₹853 crore in Q4 FY25. Units booked during the quarter stood at 229, up around 76% sequentially from 130 units in Q3 FY26 and about 194% year-on-year from 78 units in the corresponding quarter last year. Carpet area booked increased to 3,57,552 square feet, rising about 92% quarter-on-quarter from 1,86,054 square feet and about 160% year-on-year from 1,37,321 square feet.

TVS Motor: The company has entered into a Joint Development Agreement (JDA) with Hyundai Motor Company for the development, manufacturing, and commercialisation of electric micromobility three-wheelers (including their versions or variants). Additionally, the company announced its official entry into the Zambian market. To strengthen its African footprint, it has appointed Zamoto Manufacturing as its official distributor, ensuring a robust sales, service, and spare parts network across the country.

Vedanta: Company fixed as record date for scheme of arrangement of demerger of Vedanta into 4 companies effective from 1 May 2026.As part of the restructuring, Vedanta Aluminium Metal, and Vedanta Iron and Steel will emerge as independent entities aligned to specific business verticals. The company also noted that Talwandi Sabo Power and Malco Energy will be renamed Vedanta Power and Vedanta Oil and Gas, respectively, subject to regulatory approvals. This demerger event is a positive development for the organization.

MACRO WRAP

• Markets remained in a holding pattern as uncertainty around the Middle East conflict increased, with the Strait of Hormuz still closed and the existing ceasefire set to expire later this week. While Iran will send a delegation to Islamabad for new US talks before the ceasefire ends, reversing its earlier stance. Trump says he’s unlikely to extend the truce without a deal and will keep the Strait of Hormuz blocked until then. Key disputes include the strait’s status, Iran’s nuclear program, and regional tensions. Sentimentally positive for broader markets
• Equities broke recent momentum, with US markets posting modest losses amid rising geopolitical uncertainty and firmer oil prices. The S&P 500 and NASDAQ 100 eased from record highs, falling -0.2% and -0.3% respectively, while the Dow Jones traded in a narrow range, closing little changed (-0.01%). The VIX rose 8.0% to 18.9, signalling an increase in volatility.
• The US 2-year yield rose 1bp, while the 10-year finished unchanged. Futures pricing for the terminal Fed funds rate now implies a 55% probability of an additional rate cut by year end. FX markets were choppy, with safe haven demand supporting the USD early before those gains were unwound. The DXY edged -0.1% lower on the day.
• Oil prices rebounded sharply, with Brent up 4.6% to US$94.5/bbl and WTI rising 5.3% to US$88.3/ bbl. Dated Brent briefly fell below US$100/bbl for the first time since early March before recovering to end the session around US$106/bbl. Gold slipped 0.2%, while copper and aluminium fell 0.5% and 0.2% respectively.
• Canada’s annual inflation rose to 2.4% in March 2026 from 1.8%, just below the 2.5% forecast, mainly due to a jump in energy costs linked to Middle East conflict. Energy inflation swung to 3.9% from -9.3%, lifting transport inflation to 3.7%, while shelter and recreation/education also picked up. Food inflation eased to 4% from 5.4%. Monthly CPI rose 0.9%, driven by a 21.2% surge in gasoline prices.
• Germany’s producer prices fell 0.2% year-on-year in March 2026, the smallest drop in a year, as energy prices declined less sharply and mineral oil products rose. Non-durable consumer goods fell on cheaper food, while capital, durable consumer, and intermediate goods increased. Excluding energy, prices rose 1.3%. Month-on-month, producer prices jumped 2.5%, driven by a 7.5% surge in energy costs. Sentimentally negative for Euro.
• Data watch: US will receive the weekly ADP employment change; Apr’s Philadelphia Fed non-manufacturing activity index; retail sales data for Mar; Feb business inventories; as well as pending home sales for Mar.

INVESTMENT CALL

First Cut: PNB housing Finance Q4FY2026

• Net Interest Income, was almost in line with estimates, growing by 11% y-o-y and 5.4% q-o-q to Rs. 808 crore in the quarter. However, NIM contracted by 14 bps y-o-y and and 3 bps q-o-q.
• PPOP grew by 5% yoy  and 8% q-o-q however Opex to AAUM grew by 5 bps to 1.08%.
• Credit cost stood at Rs. 176 crore (Negative) driving above estimates profitability. PAT grew by 19.2% y-o-y and 26.0% q-o-q to Rs. 656 crore driven by negative credit cost and improvement in asset quality.
• Load book grew by 15.2% and 6.2% 87,281 crore driven by robust growth in disbursements.
• Asset quality improved, GNPA reached 0.93% from 1.08%. We continue to maintain positive view on stock and come out with detail report today post concall.

Results table :

OTHER NEWS

Ugro Capital Q4 (Standalone YoY): Profit falls 27.1% to Rs 29.55 crore Vs Rs 40.5 crore. Net interest income jumps 12.6% to Rs 93.7 crore Vs Rs 83.2 crore. Board re-appoints Shachindra Nath as the Vice Chairman and Managing Director.

Muthoot Microfin AUM rises 13% to Rs. 14,006 cr in FY26; Q4 collection efficiency improves: The company reported a 13% year-on-year rise in assets under management (AUM) to Rs. 14,006 crore as of March 31, 2026, compared with Rs. 12,357 crore a year earlier, according to its key business update for Q4 and FY26. Disbursements for FY26 increased 6% year-on-year to Rs. 9,418 crore from ₹8,872 crore in FY25. The company also reported improved collection efficiency, which stood at 96.43% in Q4FY26 versus 93.07% in Q4FY25.

AU Small Finance Bank: The bank said that its board will consider plans to raise funds through a qualified institutional placement (QIP), preferential allotment, or other available routes on April 27.

Eris Lifesciences Ltd : The company said Croatia’s regulator HALMED has flagged some procedural issues at its subsidiary Swiss Parenterals Ltd.’s Ahmedabad units after an inspection in March, according to an exchange filing. The company said it will fix the issues and respond within timelines, adding that the impact on current business is minimal, though some delays in its Europe-focused product pipeline are expected.