INDIA–SOUTH KOREA – STRATEGIC PARTNERSHIP BOOST 🇮🇳🤝🇰🇷
• Dialogue to resume for upgrading bilateral ties
• Rule of law highlighted as shared strength
• Focus sectors: AI, semiconductors, IT collaboration
• Trade target: $50Bn by 2030
• Plan to upgrade FTA by next year
• Cooperation in chips, shipbuilding, energy sectors
• Defence collaboration to be expanded
• Nuclear power, clean energy partnership in focus
• MoU planned for critical minerals cooperation
Impact: Strong push to tech, defence, semiconductor & energy ecosystem; positive for related sectors
Today Q4FY26 Results:-
Billionbrains Garage Ventures (Groww)
Bank of Maharashtra
Indosolar
E2E Networks
SML Mahindra
PNB Housing Finance
Navkar Corporation
Ugro Capital
NELCO
PNB Gilts
Axita Cotton
*Stocks in News*
*AB Real:* Company formed joint venture to develop 52-acre land parcel in North Bangalore with 4.0 million sq. ft. development potential (Positive)
*Orient Green Power:* Company expands capacity with 1.5 MW Wind Turbine Contract (Positive)
*Shakti Pumps:* Company expands Solar Manufacturing Capacity to 2.20 GW (Positive)
*Jindal Stainless:* Company expands retail network and aims for 4.2M Tonne capacity by FY27 (Positive)
*ArisInfra:* Company secures ₹18.45 Crore Order for Chennai Ring Road Project (Positive)
*Bharat Wire Ropes:* Lloyd Group buys approx 5% in Bharat Wire Ropes (Positive)
*Trent:* Board meet on April 22 to consider dividend & bonus issue. (Positive)
*UltraTech Cement:* Company has commissioned 3 New Grinding Units, Total Capacity Crosses 200 MTPA in India (Positive)
*BHEL:* Company has withdrawn its acceptance of a Letter of Intentfrom MB Power (Madhya Pradesh) Ltd for supplying equipment (Boiler, Turbine, Generator) for the 1×800 MW Anuppur Thermal Power Project. (Positive)
*SGL Resources:* Company received Rs 8.43 Cr Web Portal Order from Jamnagar Corp, contract for specially enabled portal using latest tech for Project & Planning Branch. (Positive)
*Interarch Building Solutions:* Company secures Rs 60 Cr domestic order for PEB project. (Positive)
*Zen Technologies Limited:* Company secures Govt license to manufacture 12.7mm, 23mm, 30mm & 40mm cannons (Positive)
*Mangal Electrical Industries:* Company secures PGCIL approval renewal for CRGO processing, valid for transformers & reactors up to 765 kv class projects (Positive)
*Aurobindo Pharma:* Company gets USFDA approval for cough suppressant drug (Positive)
*Marsons Ltd:* Company wins Rs 15.38 Cr order from Inox solar, design and supply of 3.15 mva, 3.5 mva, and 35 mva power transformers. (Positive)
*NTPC Green:* Company has declared the successful commencement of commercial operations for 87.50 MW of its total 150 MW solar power project located in Rajasthan. (Positive)
*Gujarat Gas:* The Ministry of Corporate Affairs (MCA) has officially approved the company’s composite scheme of merger involving GSPC, GSPL, and GSPC Energy. (Positive)
*ACME Solar:* ACME Eco Clean Energy commissioned a 16 MW wind power project (Positive)
*MCX:* SEBI approval for a Coal Exchange Co to Invest Rs 100 cr (Positive)
*EMS:* Company has emerged as the lowest (L1) bidder for two major construction projects floated by the UP Jal Nigam, with a combined order value of Rs. 208 crore. (Positive)
*Hardwyn:* Multiple purchase orders from six different clients for the supply of nearly 2,000 floor springs. (Positive)
*Mirc electronics:* Company board approves redevelopment or sale of ‘Onida House’ Mumbai property, ~2,143 sq. mt. area. (Positive)
*Dredging Corp:* Company and Indian Oil Sign ₹2,157 Crore Fuel Supply Pac (Positive)
*PC Jeweller:* Company repays another 10% of bank debt under settlement agreement, over 90% total debt discharged to date; company nearing debt-free status. (Positive)
*STL Networks:* The company’s board has approved the issuance of 4.5 crore warrants (Positive)
*Yes Bank:* NII at Rs 2638 crore versus Rs 2276 crore, Net Profit at Rs 1068 crore versus Rs 738 crore (Positive)
*ICICI Bank:* NII at Rs 22979 crore versus poll Rs 22712 crore Net Profit at Rs 13702 crore versus poll Rs 12677 crore (Positive)
*HDFC Bank:* NII at Rs 33082 crore versus poll Rs 33738 crore, Net Profit at Rs 19221 crore versus poll Rs 19025 crore (Neutral)
*Yes Bank:* NII at Rs 2638 crore versus Rs 2276 crore, Net Profit at Rs 1068 crore versus Rs 738 crore (Neutral)
*Lupin:* Company receives 3 observations from USFDA after Somerset facility inspection. Company incorporates wholly owned subsidiary in Thailand, new entity ‘Lupin (Thailand) Limited’ established for international expansion (Neutral)
*Emudhra:* Company launches ‘Emsigner for SMEs’ to digitize document workflows, integrated e-signatures and automation for HR, Legal, and Finance functions (Neutral)
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*Cipla:* Company USFDA conducts inspection at Cipla Goa facility from April 6-17, 2026, receives two inspectional observations in form 483 (Neutral)
*HPCL:* The Petroleum Ministry has approved raising the HRRL project cost to Rs 79,459 crore from Rs 43,129 crore. The company will retain a 74% stake in the project with a total investment of Rs 19,600 crore. (Neutral)
*Mastek:* Net profit at Rs 106 Cr vs 108 Cr (QoQ), Q4 revenue Rs 930 Cr vs 910 Cr (QoQ) (Neutral)
*Canara Bank:* Bank has submitted its annual disclosure of outstanding non-convertible securities (NCDs) as of March 31, 2026, as per SEBI guidelines. (Neutral)
*Petronet LNG Limited:* Company has incorporated a wholly-owned subsidiary named ‘MC2 Foundation’ on April 3, 2026 (Neutral)
*Jio Fin:* Net Profit Down at ₹272 Cr Vs ₹316 Cr, Revenue at ₹1,019 Cr Vs ₹493.24 Cr (YoY). (Neutral)
*Star Cement:* Company’s subsidiary RPCPL acquires 100% equity shares of Nitesh Minerals Private Limited (NMPL) (Neutral)
*NTPC:* 87.50 MW solar capacity commissioned in Rajasthan. (Neutral)
*Reliance Industries:* Company has scheduled a board meeting on April 24 to consider and approve its audited financial results for the fourth quarter. (Neutral)
*Tega Industries:* Company incorporates unit ‘Tega Solutions’ for global capability expansion. (Neutral)
*Amrutanjan Health:* Company has announced its strategic entry into the personal care segment with the launch of its new razors category. (Neutral)
*Omaxe:* Company has successfully raised Rs 40 crore through a private placement of shares. (Neutral)
*Ratnaveer Precision:* Company’s board of directors is scheduled to meet on April 28 to consider a proposal for raising Rs 300 crore. (Neutral)
List of stocks included in short term ASM Framework: Aequs, Astec, Enviro Infra, Gallantt Ispat, KRN Heat Exchanger, Suven Life. (Neutral)
List of stocks excluded from ASM Framework: Antelopus, Gujarat Alkalies. (Neutral)
Circuit filter change from 10% to 5%: Allied Blenders, Oswal Pumps. (Neutral)
*Shyam Metalics:* ED attaches Rs 152cr of investments in PMLA case (Negative)
*United Breweries:* Adverse comments on industry from CEO (Negative)
Jio Financial Services — Q4FY26 Con-Call Summary
#Q4FY26
Landmark Year | Foundation to Scale | Core Operations Now Driving Growth
Management Commentary
– MD Hitesh Sethia declared FY26 a “pivotal and landmark year”
– Shift from foundation-building to “meaningful scale and critical mass”
– New Jio Finance app described as a “Jio moment” for financial sector
– Aim: Democratize financial intelligence for 1.4 billion Indians
– Tone: Highly confident; “strong sustainable execution momentum” emphasized
– Model transitioning from “digital-first” to “intelligent always”
– Core business income now 54% of net total income vs. 20% prior year
– Focus on “cost engineering at scale” via AI and legacy-free tech stack
Financial Highlights
– FY26 consolidated total income (ex-dividends): ₹3,274 crores, +78% YoY
– Q4 FY26 consolidated income: ₹1,020 crores, +97% YoY
– FY26 consolidated PAT: ₹1,561 crores vs. ₹1,613 crores in FY25
– PAT decline due to accounting changes and treasury volatility
– Consolidated net worth: ₹1.33 lakh crores; AAA credit rating maintained
– Dividend recommended: ₹0.60 per equity share
Business & Portfolio Metrics
– Jio Credit AUM crossed ₹25,700 crores
– AUM mix: 45% mortgages, 44% corporate loans, 11% loan against securities
– Jio BlackRock AUM: ₹15,200 crores within just 9 months of launch
– Payments TPV crossed ₹52,200 crores in FY26
– Insurance facilitated premiums: ₹982 crores for full year
Digital & Distribution Scale
– Unique user base: 23 million across digital properties, +2.5x YoY
– Monthly active users: 9.3 million in Q4 FY26
– Omni-channel footprint covering 19,000 pin codes
– Business correspondent network: 378,000+ touchpoints
– 100% of digital marketing content AI-generated
– 100% of Jio Credit inbound calls handled by bots
Growth Drivers & Strategic Initiatives
– Neural Agentic Marketplace: Jio Finance app acts as “personal CFO”
– Conversational AI enabling 24/7 financial health checks for users
– Jio BlackRock JV operational; retail fund entity in GIFT City awaiting approval
– Allianz JV (general and life insurance) reached operational milestones
– New credit segments planned; physical and digital touchpoints expanding
– International expansion pipeline via GIFT City entity in progress
Competitive Positioning
– Legacy-free modular tech stack more cost-efficient than traditional players
– Three-layer architecture: proprietary products, third-party marketplace, AI layer
– AI models designed for unbiased advice; not commission-driven recommendations
– Late-mover advantage used to bypass legacy inefficiencies of incumbents
– India insurance market flagged as significantly underpenetrated
Risks & Concerns
– Treasury income sensitive to geopolitical tensions and rate volatility
– West Asia tensions drove steep yield spike in late March 2026
– Jio Payments Bank losses now fully consolidated post 100% acquisition
– Payments Bank consolidation weighing on pre-provision operating profit
– Group CFO Abhishek Pathak transitioning out to Reliance Industries
– Fraud and credit vigilance ongoing; ML auto-addresses 50%+ threats
Sentiment
– Overall tone: Strongly positive; “landmark,” “inflection point” language used
– Confidence level: High; strong “right to win” conviction articulated
– Clear shift: Foundation-building phase fully complete; scale-up phase active
– Core operations replacing treasury as primary performance driver
Conclusion
– FY26 marked genuine inflection from startup phase to scaled operations
– Lending AUM doubled; 23 million users; core income now majority contributor
– Treasury volatility and Payments Bank consolidation marginally dented PAT
– Debt-free, AAA-rated balance sheet provides unmatched expansion firepower
– BlackRock and Allianz JVs moving from launch to execution stage
– AI-driven cost engineering creates structural margin advantage over peers
– JFS positioned as platform-led financial ecosystem targeting all of India
YES BANK Q4 FY26 RESULTS – TURNAROUND MOMENTUM
Net Profit: ₹1,070 Cr (↑ 44.7% YoY | — QoQ)
Revenue (NII): ₹2,630 Cr (↑ 15.9% YoY | — QoQ)
• Loan growth 10.7% YoY, accelerated vs ~6.2% QoQ
• Deposits growth strong at 12.1% YoY
• NIM expands to 2.7% vs 2.5% YoY
• Gross NPA improves to 1.3% vs 1.5% QoQ
• Provisions ₹187 Cr, down 41% YoY
• Credit demand revival seen in H2 FY26
• Growth supported by deposits, lower funding cost
Management Commentary
• Led by new CEO Vinay Tonse
• Retail stress (microfinance) stabilizing
• Focus on clean-up, growth, profitability
Key Takeaway
• Clear turnaround traction: profitability + asset quality + growth
Impact: Positive – improving fundamentals, sustained recovery trajectory
HDFC Bank — FY26 Con-Call Summary
Merger Behind | Operating Leverage & AI-Driven Growth Phase Ahead
#Q4FY26
Management Commentary
– CEO Sashi Jagdishan characterized FY26 as showing “positive momentum”
– Bank navigated one of largest mergers in corporate history successfully
– Investments over last 5–6 years now positioned to deliver “huge operating leverage”
– Tone: Confident, resilient, clear on NIM vs. ROA trade-off
– Shift toward “granular and sustainable deposits” over sheer volume growth
– Significant time dedicated to AI-first technology strategy on call
– Focus on profitability discipline over aggressive growth targets
Financial Highlights
– Credit growth: 12%; deposit growth: 14.4% for FY26
– ROA stable at 1.9%; Cost-to-Income improved from 40.5% to 39.5%
– Gross NPA: 1.15% — “extremely healthy” per management
– Provisioning buffer maintained at 125bps above required levels
– Capital adequacy strong at 19.7%
– Liquidity Coverage Ratio (LCR) target range: 110–120%
Outlook & Guidance
– Primary guiding metrics: ROA, loan growth, deposit growth, balance sheet quality
– All metrics intended to culminate in consistent EPS growth
– Targeting “responsible growth” over overstretching risk-reward parameters
– Corporate lending opportunity in electronics, renewables, semiconductors
– Geopolitical tensions may temper corporate demand in short term
– System credit growth at 12–13.9% for FY26; higher than prior year
Portfolio & Product Mix
– Balance sheet mix: ~53–54% retail; remainder wholesale/corporate
– Granular retail liabilities now 47% of net deposit accretion vs. 31% in FY25
– 98% of new mortgage customers open a liability account
– CASA share among mortgage customers risen to 50%
– Mortgage coverage expanded to nearly 8,000 locations across India
– Cross-sell via salary account base and 100 million existing customers
Growth Drivers & Strategic Initiatives
– Unified AI platform and “lakehouse architecture” deployed at scale
– 97% of payments now digital; 92% of acquisitions fully digital
– Branches nearly doubled to 9,700 — massive physical distribution reach
– “Cross-sell thali” driving credit card, insurance, wealth management penetration
– OTPless authentication and Zap accounts as tech differentiation tools
– AI agents deployed across customer service and operations at scale
Competitive Positioning
– 35–40% share of capital market settlements in India
– 18–20% share of country’s total exports handled
– 26–28% share of credit card spends nationally
– Among top two MSME and mortgage banks in India
– 9,700 branches provide unmatched physical distribution advantage
– Technology architecture cited as key moat vs. peers
Risks & Concerns
– West Asia geopolitical situation primary macro concern
– Potential impact on oil prices, country liquidity, corporate demand
– NIM compression persists due to shift from low-cost to time deposits
– Faster rate transmission on assets vs. deposits squeezed NIMs industry-wide
– Former part-time chairman resignation addressed; legal review completed
– Dubai branch matter addressed via audited financial notes
Sentiment
– Overall tone: Positive and measured
– Confidence level: High
– Notable shift: Merger transition mindset → efficiency harvesting posture
– Language: “Stable manner,” “huge operating leverage,” “intelligence layer”
– Strong conviction on sustaining 1.9% ROA through tech-led efficiencies
Conclusion
– HDFC Bank exits FY26 with merger fully behind and platform stabilized
– 1.9% ROA and 1.15% GNPA reflect best-in-class fundamentals
– Cost-to-Income at 39.5% — among most efficient large banks globally
– Granular deposit shift from 31% to 47% strengthens liability franchise
– AI platform and 9,700-branch network create formidable dual moat
– NIM compression and geopolitical volatility remain near-term headwinds
– 100-million-customer base and cross-sell engine underpin long-term EPS growth
– Investment case centers on operating leverage delivery over FY27–FY28
ICICI Bank — FY26 Con-Call Summary
Risk-Calibrated Growth | Strong Core | Navigating Global Headwinds
#Q4FY26
Management Commentary
– CEO focused on “360-degree customer-centric approach”
– Priority: Growing PBT ex-treasury via ecosystem coverage
– Tone: Disciplined, confident in franchise strength
– No specific FY27 growth number provided
– Framework: “Risk-calibrated profitable growth” maintained
Financial Highlights
– Q4 PBT ex-treasury: ₹182.09bn, +10.1% YoY
– FY26 full-year PAT: ₹501.47 billion
– NIM stable at 4.32% for Q4 and full year
– Net NPA improved to 0.33%; historically low
– Q4 provisions: ₹0.96bn — exceptionally contained
– CET1 ratio: 16.35%; strong capital buffer
– Treasury loss: ₹1.06bn due to FX regulation
– Dividend: ₹12 per share recommended
Outlook & Guidance
– FY27: “Many profit opportunities” to gain share
– Margins to remain rangebound; no upside guided
– Opex growth to stay below revenue growth
– West Asia conflict clouding outlook since March 2026
– Mortgage growth re-energized as rates stabilize
Portfolio & Product Mix
– Overall loan book grew 15.8% YoY
– Retail loans: +9.5% YoY
– Rural banking: +25.6% YoY — top growth segment
– Business Banking: +24.4% YoY
– Mortgages: +13.2% on benchmark stabilization
– Credit cards declined 5.6%; industry-wide trend
– 56% loans linked to repo/external benchmarks
Growth Drivers & Strategic Initiatives
– 528 branches added; total now 7,511
– Tech expenses: ~11% of total opex
– Rural and Business Banking primary growth engines
– Ecosystem coverage drives full client value capture
– Capital strength enables growth without funding pressure
Competitive Positioning
– Not funding-constrained; strong capital and liquidity
– Differentiation via ecosystem vs. price competition
– Mortgage space opening as benchmarks settle
– Governance and risk culture as long-term differentiators
Risks & Concerns
– West Asia conflict; monitoring corporate demand
– RBI FX open position rules hit treasury income
– Credit card profitability under revolver rate pressure
– Business Banking portfolio on close watch
– Margins rangebound; no expansion expected near-term
Sentiment
– Overall tone: Positive and prudent
– Confidence level: High
– Shift: Mortgage caution → calibrated growth stance
– Language: “Risk-calibrated,” “watchful,” “many opportunities”
Conclusion
– FY26: 15.8% loan growth; Net NPA at 0.33%
– Core operations strong despite treasury headwinds
– Rural and Business Banking structural growth engines
– Mortgage adds new leg to retail growth story
– CET1 at 16.35%; capital flexibility intact for FY27
– FX regulation and geopolitics are near-term risks
– 360-degree strategy and branch expansion drive share gains
Min Official Says Contract For Supply Of Six Advanced Submarines To Indian Navy In Advanced Stages – From The Telegraph
Negotiations Are On, And The Proposed Deal Is All Set To Be Finalised Soon
Mazagon Dock & Thyssenkrupp Will Build 6 Advanced Submarines Under P-751
As Part Of Contract, Thyssenkrupp Will Transfer Submarine’s Design & Tech To India
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