Bullish News
Collection
AU Small Finance Bank Initiates Internal Investigation Following Account Issues in Haryana
AU Small Finance Bank is currently conducting an extensive internal review following its de-empanelment by the Haryana government on **February 18, 2026**. The stateās finance department issued a circular halting all government transactions with the lender, citing irregularities in fund management. This administrative action was triggered by the detection of **14 suspected transactions** totaling **ā¹47 crore**. These funds were transferred from a specific government account to a private customer account, both maintained at the bank. The bank has clarified that the government account was officially closed on **January 15, 2026**, with the remaining balance of **ā¹25 crore** plus interest returned to the originating institution. Preliminary findings by the bank indicate no evidence of financial loss or fraudulent activity affecting its own books. To maintain the integrity of the ongoing probe, certain employees have been relieved of their duties. The bank maintains that all accounts were opened in strict compliance with existing **KYC** and authorization protocols. The financial impact of this de-empanelment is already visible in the bank's deposit profile. Between **February 17** and **February 21, 2026**, deposits from the Haryana government dropped from approximately **ā¹735 crore** to **ā¹538 crore**. Despite this decline, the bank notes that these funds represent only **0.4%** of its total deposit base as of **December 31, 2025**. Market sentiment reacted sharply to the news. On **February 23, 2026**, shares of AU Small Finance Bank fell by **5.40%**, closing at **ā¹974.10** on the NSE. This followed a period of strong performance where the stock had reached a high of **ā¹1,029.65** just days prior. The bankās market capitalization currently stands near **ā¹73,018 crore**. Broadly, the lender remains in a healthy financial position. Its **Q3 FY26** results showed a **26%** year-on-year jump in net profit to **ā¹668 crore**. Total deposits grew **23.3%** to reach **ā¹1.38 lakh crore**, while the gross loan portfolio expanded by **19.3%** to **ā¹1.30 lakh crore**. Asset quality remained stable with a Gross NPA of **2.30%**. The bank is actively engaging with Haryana state authorities to address the concerns and seek re-empanelment. This development comes as the institution prepares for its transition into a universal bank, having recently strengthened its board with three new independent directors to enhance governance.
IDFC Fraud Allegations Raise Concerns Over Low-Cost Account Stability Across Private Banking Sector
Market Brief: Government Deposit Shift & Private Banking Scrutiny The landscape for government deposits in India is shifting following high-profile discrepancies involving state funds at private lenders. The Haryana government has officially de-empanelled IDFC First Bank and AU Small Finance Bank with immediate effect. This directive bars all state departments, boards, and corporations from parking, investing, or transacting funds through these institutions. The move follows the disclosure of a ā¹590 crore fraud at IDFC First Bankās Chandigarh branch. The discrepancy, involving Haryana government-linked accounts, represents roughly 20% of the bank's projected pre-tax profit for the 2026 fiscal year. In a parallel development, AU Small Finance Bank faced scrutiny over ā¹47 crore in transactions, leading to a sharp decline in its Haryana government deposits from ā¹735 crore to ā¹538 crore within a single week in February 2026. Market sentiment reacted sharply to these events. Shares of IDFC First Bank plummeted by 20% in a single session, erasing approximately ā¹14,000 crore in market capitalization. AU Small Finance Bank shares also fell by 10% following the de-empanelment news. Investors are closely monitoring the potential for a broader contagion effect as other state governments re-evaluate their exposure to private sector lenders. A significant migration of funds toward state-run institutions like State Bank of India (SBI) and Punjab National Bank (PNB) is now anticipated. The Haryana government has already directed its entities to prioritize nationalized banks for all future banking relationships. This flight to safety could reverse recent trends where private banks were gaining deposit market share, which had reached 34.8% by March 2025. The impact on low-cost deposits is a primary concern for the private banking sector. Government funds typically provide a stable source of Current Account and Savings Account (CASA) deposits. A mass withdrawal could tighten liquidity and increase funding costs for private lenders, who may now need to offer higher interest rates on term deposits to retain their capital base. Operational oversight is also under the spotlight. The fraud at IDFC First Bank was only discovered when the government attempted to close an account, revealing a mismatch between reported and actual balances. Consequently, the Haryana finance department has mandated a full reconciliation of all government bank accounts by March 31, 2026, signaling a period of heightened compliance and tighter auditing across the industry.
PNGS Reva IPO raises Rs 170 crore from anchor investors including Citigroup and Societe Generale
PNGS Reva Diamond IPO Brief **PNGS Reva Diamond Jewellery** has successfully secured **Rs 170.58 crore** from anchor investors ahead of its initial public offering. The company allotted **44,19,200 equity shares** at a fixed price of **Rs 386 per share** to a mix of global and domestic institutions. Key participants in the anchor round included **Citigroup Global Markets Mauritius** and **SociƩtƩ GƩnƩrale**. From the domestic side, **Tata India Consumer Fund** and **Groww Mutual Fund** provided significant support, highlighting institutional confidence in the brand's diamond-centric retail model. The main public issue, valued at **Rs 380 crore**, opens for subscription on **February 24, 2026**, and will close on **February 26, 2026**. The offer is structured as a book-building route with a price band of **Rs 367 to Rs 386 per share**. Investors must bid for a minimum lot of **32 shares**, requiring an outlay of **Rs 12,352** at the upper cap. Market sentiment remains cautiously optimistic. Unofficial grey market premiums (GMP) as of **February 23, 2026**, indicate a potential listing gain of approximately **5.70%**, with shares trading near **Rs 408**. Strategic Utilization of Funds The IPO is entirely a fresh issue of shares. The company has earmarked **Rs 286.56 crore** of the proceeds to expand its retail footprint by opening **15 new Company Owned Company Operated (COCO) stores** by FY2028. An additional **Rs 35.40 crore** is allocated for marketing to bolster brand awareness in Tier-1 and Tier-2 cities. Financial Health and Sector Context PNGS Reva reported **Rs 258.18 crore** in revenue for FY2025 with a profit after tax of **Rs 59.47 crore**. While the brand maintains a high **PAT margin of 23%**, recent H1FY2026 data shows a rise in inventory to **Rs 313 crore**, reflecting the capital-intensive nature of the diamond trade. The sector is currently buoyed by the **Union Budget 2026**, which maintained stable customs duties on gold and silver. However, retail gold prices remain volatile; as of late February, **24K gold** is trading near **Rs 159,390 per 10 grams** in Mumbai. Despite price fluctuations, the organized jewelry market is projected to reach **$130 billion to $150 billion** in the coming decade, driven by rising disposable incomes and a shift toward branded luxury. Issue Structure * **QIB Reservation:** 75% of the offer * **Retail Reservation:** 10% of the offer * **NII Reservation:** 15% of the offer * **Listing Date:** Tentatively scheduled for **March 4, 2026**, on BSE and NSE.
Domino's Stock Rises as U.S. Sales Exceed Expectations
Domino's Pizza shares surged after the company released fourth-quarter 2025 financial results that surpassed market expectations for U.S. growth. The worldās largest pizza chain reported a 3.7% increase in U.S. same-store sales for the final quarter of the year, outperforming analyst estimates of 3.47%. This performance was driven by a focused "Hungry for MORE" strategy, which emphasized value-driven promotions and a significant expansion of the brand's digital reach. Total revenue for the quarter reached $1.54 billion, a 6.4% increase compared to the previous year, while the companyās global retail sales grew by 4.9%. Strategic investments in the Dominoās Rewards loyalty program proved critical. The program ended 2025 with 37.3 million active users, representing a nearly 20% increase in membership over the year. Management highlighted that the program is effectively capturing "light users" and carryout customers, creating a consistent sales flywheel. Operational efficiency also remained a core focus throughout the year. The company successfully rolled out 1,600 automated dough-stretching machines across the U.S. and reduced average delivery times by two minutes. These improvements supported a 31.2% jump in annual free cash flow, which reached $671.5 million. In response to this strong cash position, the Board of Directors approved a 15% increase in the quarterly dividend to $1.99 per share. The company also demonstrated shareholder commitment by repurchasing $354.7 million in common stock during fiscal 2025. Looking ahead to 2026, Domino's expects to further increase its market share within a growing U.S. pizza category. The chain plans to launch a completely revamped e-commerce site and expand its presence on third-party aggregators like DoorDash. While international same-store sales growth saw a more modest increase of 0.7% in the fourth quarter, the company maintained its long-term expansion goals. Domino's added 776 net new stores globally in 2025, bringing its total footprint to over 22,100 locations across 90 markets. Management remains optimistic about the sectorās resilience. Despite broader economic pressures, the pizza category has maintained a steady growth rate of 1% to 2% annually. Domino's aims to leverage its scale and value advantages to double its retail sales in the coming years.
Key Factors Influencing Stock Market Trends for Tuesday
Indian equity benchmarks Sensex and Nifty 50 maintained positive momentum on Monday, February 23, 2026, as global markets reacted to a landmark legal shift in US trade policy. The domestic rally was primarily fueled by a 6-3 US Supreme Court ruling that struck down sweeping tariffs previously imposed under emergency powers. The BSE Sensex climbed **479.95 points**, or **0.58%**, to settle at **83,294.66**. During intraday trade, the index displayed even greater strength, surging over **670 points** to reach a high of **83,486.15**. The NSE Nifty 50 advanced **141.75 points**, or **0.55%**, closing at **25,713**. Technical analysts identify the **25,800ā25,830** zone as the immediate hurdle for the index. A decisive move above this resistance could trigger a rally toward the **26,000** psychological level, while **25,600** remains a crucial support floor. Market volatility, as measured by the India VIX, eased slightly by **1.57%** to settle around the **14.13** mark. This cooling of the "fear gauge" suggests a temporary reduction in trader anxiety, although the broader market breadth remained cautious with approximately **2,400** declining stocks against **1,900** advances on the BSE. Banking and consumer-facing sectors led the gains. The Nifty PSU Bank index rose **1.36%**, supported by a rally in State Bank of India which hit a 52-week high. High-weightage financial stocks like HDFC Bank and Axis Bank also saw significant buying interest. Conversely, the Nifty IT index fell **1.42%** as concerns over AI-driven service disruptions continued to weigh on tech heavyweights like Infosys and Wipro. The global landscape remains complex following the US court verdict. While the ruling invalidated broad tariffs, the US administration immediately responded by invoking Section 122 of the Trade Act to implement a **15%** global tariff. This "Plan B" has created fresh uncertainty, though the initial court-driven relief provided a tailwind for emerging market equities. In other asset classes, gold prices surged by **1.8%** to reach nearly **ā¹1.59 lakh** per 10 grams on the MCX, driven by a weakening US dollar and safe-haven demand. The Indian rupee showed slight appreciation, trading near **90.90** against the dollar, while the 10-year benchmark bond yield slipped to **6.70%**. Investors are now pivoting their focus toward domestic fundamentals and upcoming renegotiations of trade pacts. While the current trend is bullish, the persistence of the rally depends on the Nifty's ability to clear overhead resistance amid evolving international trade dynamics.
Gold Prices Stable Amid Continued Central Bank Purchases and Government Commentary
Market Brief: Trade Policy Shifts Drive Global Volatility Global financial markets entered a period of heightened sensitivity today, Monday, February 23, 2026. The primary catalyst is a landmark U.S. Supreme Court ruling that struck down several broad global tariffs. In response, the administration has pivoted to alternative mechanisms. This includes a new **10%** global tariff under Section 122 and a flat **15%** import levy. These rapid policy shifts have injected fresh uncertainty into global trade dynamics, prompting a significant flight to safety. Equity and Fixed Income U.S. equity markets opened the week under pressure as investors weighed the impact of the new trade measures. The **Nasdaq 100** is testing key support levels near **24,500**, while the **S&P 500** remains sensitive to the "tariff turbulence." The **Dow Jones Industrial Average** has seen sharper declines compared to tech-heavy indices. Volatility is rising as market participants demand a higher risk premium for geopolitical and policy uncertainty. In the bond market, the **10-year Treasury yield** eased slightly to **4.075%**, down from a high of **4.106%** late last week. Despite the slight dip, yields remain elevated as the market reassesses the long-term inflationary impact of the revised trade duties. Commodities and Energy Precious metals are the primary beneficiaries of the current risk-averse sentiment. Spot **Gold** prices surged **1.61%** today, trading near **$5,160** per ounce. **Silver** outperformed with a massive **5%** rally, reaching **$86** per ounce. Analysts note that gold has established a firm short-term base near the **$5,000** psychological level. Bullion is finding strong support from a combination of trade friction and rising tensions in the Middle East. Energy markets are reflecting a mixed outlook. **Brent Crude** futures are trading around **$71** a barrel, while **WTI** sits at **$65.75**. While geopolitical risks provide a floor, Goldman Sachs has maintained a surplus forecast of **2.3 million** barrels per day for 2026, which may cap significant price gains. Digital Assets and Currency The cryptocurrency market is experiencing a "bearish bias" as appetite for risk assets wanes. **Bitcoin** dropped more than **4.5%** to start the week, sliding toward the **$65,000** support area. Market sentiment in the crypto space has plunged into "extreme fear," with indicators dropping to levels not seen in months. The **$70,000** mark now serves as a formidable near-term resistance level. In the currency space, the **U.S. Dollar** has shown some weakness following the court ruling, allowing the **EUR/USD** pair to climb above the **1.18** handle. Central Bank Outlook The Federal Reserve remains in a holding pattern with the target rate at **3.50%ā3.75%**. While the Fed paused its rate-cutting cycle in January, the market is looking toward potential cuts in March or June if labor data softens. Upcoming U.S. data, including Consumer Confidence and GDP revisions, will be critical in determining if the current economic slowdown necessitates a more dovish pivot later this year.
European Oil and Gas Index Reaches Record High Above 2007 Peak
**EUROPEAN ENERGY BRIEF** European oil and gas equities have reached a historic milestone. The STOXX Europe 600 Oil & Gas index recently hit a record high of **470.16**, officially eclipsing its previous peak set nearly two decades ago in 2007. **MARKET PERFORMANCE** The sector has shown remarkable strength with a **28.8%** increase over the past year. Short-term momentum remains aggressive, with the index gaining more than **12.4%** in the last month alone. Major players like Shell and BP continue to dominate the index weight, contributing to a total five-year return of approximately **89.6%**. **OIL PRICE DYNAMICS** This rally is closely tied to volatile crude markets. Brent crude is currently trading around **$71.28** per barrel, while West Texas Intermediate (WTI) holds at **$65.72**. Despite a slight daily softening of **0.6%**, prices remain elevated compared to late-2025 levels due to persistent geopolitical friction in the Middle East. **SUPPLY AND DEMAND OUTLOOK** Market analysts are watching a complex supply-demand tug-of-war. Global oil production is forecast to rise by **2.4 million** barrels per day in 2026, reaching a total of **108.6 million** barrels. However, demand growth is slowing to roughly **850,000** barrels per day as major economies transition toward electrification. **NATURAL GAS STABILITY** In the natural gas sector, European storage levels remain healthy at approximately **83%**. This buffer has helped stabilize TTF gas prices, which are expected to average **ā¬30/MWh** through 2026. While household gas prices saw sharp year-on-year increases in 13 EU countries, industrial supply is beginning to ease as new LNG capacity from North America and Qatar enters the market. **STRATEGIC RESERVES** Emergency oil stocks in the EU currently sit at **108.6 million** tonnes. While this is an increase of **7.3%** from the 2022 lows, commercial stocks have tightened to **45.7 million** tonnes as of mid-2025. This lean inventory environment continues to provide a price floor for energy stocks despite broader economic uncertainties. **FUTURE PROJECTIONS** Investors are balancing record-breaking stock performance against a projected supply surplus for late 2026. While the "risk premium" from current geopolitical tensions keeps prices high today, financial institutions anticipate a gradual decline in Brent prices toward the **$50ā$60** range by year-end as global inventories build by an average of **3.1 million** barrels per day.
Sebi Chairperson and Tuhin Kanta Pandey to Review PMS Framework and RBI Funding Regulations
Market Brief: Strategic Overhaul of Indiaās Portfolio Management Services The Securities and Exchange Board of India (SEBI) has initiated a comprehensive review of the regulatory framework governing Portfolio Management Services (PMS). Chairman Tuhin Kanta Pandey announced on February 23, 2026, that a formal consultation paper will be released by **June 2026**. This move targets a sector that has seen explosive growth. Excluding retirement funds, the PMS industryās assets under management (AUM) surged from **ā¹5 lakh crore** in FY21 to nearly **ā¹10.50 lakh crore** as of January 31, 2026. This represents a compound annual growth rate (CAGR) of approximately **17%**. Strengthening Governance and Suitability The upcoming overhaul seeks to modernize the 2020 Portfolio Manager Regulations. SEBI's primary focus is shifting from simple rule-following to a culture of institutional discipline. Key pillars of the new framework include: * **Investor Suitability:** Ensuring high-stakes, concentrated portfolios are strictly aligned with an investor's risk profile rather than sold as generic products. * **Operational Scale:** As the number of registered portfolio managers grows to **501** (up from **361** in recent years), SEBI is mandating stronger internal controls and clear segregation across business units. * **Distribution Conduct:** New rules will target "mis-selling" by distributors to protect the current base of **2.15 lakh** clients, a number that has grown **50%** since 2022. Capital Market Funding and RBI Coordination SEBI is currently examining critical industry representations regarding the Reserve Bank of Indiaās (RBI) new capital market funding framework. The RBI's revised directions, effective **April 1, 2026**, mandate that bank credit to market intermediaries must be fully collateralized. Brokers have raised concerns over the proposed **100%** bank-guarantee collateral requirement for proprietary traders, up from the previous **50%**. While the RBI maintains these rules are necessary to prevent bank credit from fueling speculative proprietary trading, SEBI is reviewing the impact on market liquidity and intermediary costs. New Oversight for "To-Be-Listed" Securities In a significant expansion of its jurisdiction, SEBI is developing a mechanism to provide oversight for stocks in the "to-be-listed" phase. This initiative is designed to curb unregulated "grey market" activities that occur between the filing of an IPO and the actual listing. By leveraging exchange mechanisms, the regulator aims to bring transparency to this speculative window, ensuring that price discovery remains fair and retail investors are protected from off-market manipulation. Industry Trajectory The reforms arrive as India's managed funds industryāincluding PMS, Mutual Funds, and AIFsāis projected to grow **2.1x** to reach **ā¹455 lakh crore** by 2030. SEBIās current efforts signal a shift toward a technology-driven, risk-based compliance regime intended to support this massive financialization of household savings.
Tourism Finance and Cummins India Analysis: Technical Outlook and Potential 16% Upside
Market Brief: Tuesday Buy Picks and Sector Outlook The Indian equity market continues to show resilience as the **Sensex** settled at **83,294.66** and the **Nifty 50** gained **142 points** to close at **25,713** on February 23, 2026. This positive momentum is providing a strong backdrop for high-conviction mid-cap and large-cap breakout stocks. Tourism Finance Corporation of India (TFCI) TFCI has achieved a significant milestone, hitting an all-time high of **Rs 78.90** during Monday's session. The stock surged by **6.54%**, significantly outperforming the broader market. Technical indicators show a clear breakout, with the share price trading comfortably above its 5-day, 50-day, and 200-day moving averages. Investment confidence is bolstered by the **Union Budget 2026-27**, which designated tourism as a key economic pillar. TFCI has delivered a staggering **156.23%** return over the past year. Current technical setups suggest a potential short-term upside of up to **16%**, with analysts eyeing a target price near **Rs 95**. Cummins India Cummins India is witnessing a powerful bullish trend, reaching a fresh 52-week high of **Rs 4,888**. The stock gained **2.19%** in a single session, supported by a massive **17.28%** surge in open interest in the derivatives segment. This indicates aggressive long positioning by institutional players. The company is a primary beneficiary of the **Rs 12.2 lakh crore** public capital expenditure outlay announced for the 2026-27 fiscal year. Its role in powering AI-driven data centers and infrastructure projects has driven a **70.49%** price appreciation over the last 12 months. Sector Dynamics and Trends The **Capital Goods** sector remains one of the top performers in 2026, with the BSE Capital Goods Index rebounding **3.5%** recently. While IT stocks face pressure, the focus has shifted to "physical infrastructure" plays. Tourism and hospitality are benefiting from the launch of the **National Destination Digital Knowledge Grid** and major upgrades to 15 heritage sites. These structural reforms are providing long-term tailwinds for finance companies specialized in these niche sectors. ----- Key Market Data (Feb 23, 2026) * **Nifty 50:** 25,713 (+0.55%) * **BSE Sensex:** 83,294.66 (+0.58%) * **TFCI 52-Week High:** Rs 78.90 * **Cummins India 52-Week High:** Rs 4,888 * **Total BSE Market Cap:** Rs 469 lakh crore Market breadth remains slightly negative despite the index gains, highlighting the importance of stock-specific selection in current conditions. [Cummins India Price Performance and Analysis](https://www.google.com/search?q=https://www.youtube.com/watch%3Fv%3D0I6lK-2KjX0) This video provides a deep dive into the technical breakout and fundamental drivers currently pushing Cummins India to record highs.
Nashik Municipal Corporation to Issue Green Bonds for Kumbh Mela Infrastructure Projects
The Nashik Municipal Corporation (NMC) has officially entered the public debt market with the launch of its maiden green bond issue. This landmark financial move is designed to fund critical infrastructure and environmental projects ahead of the 2027 Simhastha Kumbh Mela, a massive religious event expected to draw millions of pilgrims. The public issue follows a highly successful private placement in late 2025. During that phase, the NMC "Clean Godavari Bonds" were oversubscribed 3.95 times, demonstrating robust institutional appetite. As of February 23, 2026, the Nifty India Municipal Bond Index reflects a healthy average yield of 8.28%, signaling a stable and maturing environment for city-level debt instruments in India. **Key Issue Details** The new green bonds are structured as taxable, unsecured, and non-convertible debentures. They carry a face value of 1,000 INR per bond. The public subscription period is set to open on February 25, 2026, and will remain active until March 2, 2026. Investors are offered an attractive return of 8.05% per annum. To encourage retail participation, the minimum investment is set at 10,000 INR. This move allows local citizens to contribute directly to the cityās transformation while earning competitive fixed-income returns. **Strategic Project Allocation** The proceeds from this 200 crore INR issuance are earmarked for vital sustainability projects. A primary focus is the Mukane Water Supply Scheme, which includes the construction of a new 274 MLD water treatment plant at Vilholi. Funds will also support the development of a gravity-based transmission main to Gandhinagar, Sadhugram, and Nilgiri Baug. These projects are essential to ensure a reliable water supply for the surge in population during the Kumbh Mela and to provide long-term service continuity for the city's residents. **Market Context and Incentives** Nashikās bond program is part of a larger trend in Indiaās municipal finance sector. The market is projected to reach annual issuances of 2,000 crore INR by the end of the 2026 fiscal year. Furthermore, recent guidelines by the RBI now allow municipal bonds to be used as collateral for repo transactions, significantly increasing their liquidity. The NMC is also leveraging central government support. By utilizing the bond market, the corporation qualifies for incentives under the AMRUT scheme and the Urban Challenge Fund. These subsidies can reach up to 76 crore INR per bond issue, effectively reducing the net interest burden on the municipality and making the borrowing highly cost-efficient. This issuance positions Nashik as a leader in innovative urban financing. By blending spiritual heritage with modern financial tools, the city is securing the capital needed for permanent infrastructure that will serve the community long after the 2027 festivities conclude.
Nexus Select Trust Acquires 50% Stake in Runwal Enterprises' Mumbai Mall Project for Rs 434 Crore
Nexus Select Trust has officially announced a strategic 50% equity stake acquisition in the upcoming Nexus Runwal Gardens Mall in Mumbai. The deal, valued at 434 crore, values the total enterprise at approximately 892 crore. This project marks the REITās first foray into under-construction development partnerships since its public listing. The new asset is located in Dombivli within the Mumbai Metropolitan Region. It features a gross leasable area of 7.3 lakh square feet and is situated at the gateway of a 250-acre township designed for 30,000 residential units. Infrastructure tailwinds for the site are strong, with the Manpada Metro station just 100 meters away and the MumbaiāAhmedabad bullet train station within a 2-kilometer radius. **Financial Performance and Market Metrics** The trust recently reported a robust 15% year-on-year increase in Net Operating Income for Q3 FY26, reaching 450 crore. Tenant sales across its portfolio hit a record high of 4,100 crore during the same period, driven by a 16% growth in consumption. The trust maintains a high occupancy rate of 97% across its existing 19 malls. Nexus Select Trust has declared its highest-ever quarterly distribution of 2.367 per unit. The firm remains on track to meet its FY26 guidance, supported by a healthy balance sheet with a low 18% Loan-to-Value ratio. To fund ongoing expansion, the trust recently allotted 200 crore in commercial papers at a discount rate of 7.47%. **Mumbai Retail Landscape** The Mumbai retail market is currently experiencing a period of tightening supply and rising demand. Reports indicate that prime retail leasing in the city surged 82% year-on-year in 2025. This demand has pushed vacancy levels down to approximately 7.6% for quality malls, while rents have seen a steady 11% annual increase. Average monthly rents in Mumbai malls now range between 750 and 850 per square foot. The sector is increasingly shifting toward mixed-use developments that integrate residential and transit hubs. Nexus Select Trustās entry into the Dombivli micro-market aligns with this trend, targeting high-density suburban catchments where no other Grade-A supply is currently planned. **Strategic Outlook** This acquisition is part of a broader vision to double the trustās portfolio by 2030. Management has identified a pipeline of 11 additional assets for potential acquisition, with four currently under due diligence. The transition from pure-play operational assets to structured development projects signifies a more aggressive growth phase aimed at capturing long-term value in high-growth corridors.
PNGS Reva Diamond Jewellery to Invest Rs 287 Crore in 15 New Retail Stores Ahead of IPO
PNGS Reva Diamond Jewellery is set to enter the capital market this week with its maiden public issue, launching on Tuesday, February 24, 2026. The Pune-based diamond retailer aims to raise 380 crore INR through a fresh issue of equity shares. This move signals a major expansion phase for the brand, which operates under the flagship label "Reva." The company has earmarked 286.56 crore INR of the IPO proceeds specifically for the establishment of 15 new retail stores. These upcoming outlets will follow a company-owned and company-operated (COCO) model. Geographically, the expansion is focused on strengthening its existing stronghold, with approximately 60% of the new stores planned for Maharashtra. Currently, the jeweler maintains a network of 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka. In addition to store construction, the company has allocated 35.4 crore INR for marketing and promotional activities to support these new launches. The remaining funds are designated for general corporate purposes. This strategic investment comes as the Indian jewelry market continues its shift toward organized retail. The sector is currently valued at approximately 69.79 billion USD, with expectations to reach nearly 92 billion USD by 2032, maintaining a steady growth rate of 4% to 6% annually. The IPO price band is fixed between 367 INR and 386 INR per share. At the upper price limit, the company's market capitalization is estimated at roughly 1,224 crore INR. Financial performance leading into the issue shows a positive trajectory; revenue from operations grew to 258 crore INR in the 2024-25 fiscal year, up from 195.6 crore INR the year prior. Net profit also saw a significant jump, rising to 59.4 crore INR from 42.4 crore INR in the same period. The subscription window remains open until February 26, 2026. Allotment is expected to be finalized by February 27, with shares tentatively scheduled to list on the NSE and BSE on March 4, 2026. Promoters currently hold an 87.45% stake in the company, which is expected to dilute to approximately 60.31% following the public offering. The broader market context reveals a growing consumer preference for branded, certified jewelry and lightweight designs. While gold remains a cultural staple, diamond jewelry is gaining traction among urban consumers with rising disposable incomes. The organized segment is increasingly dominating as buyers seek transparency and quality assurance, a trend PNGS Reva Diamond Jewellery aims to capture through its expanded physical footprint. [PNGS Reva IPO analysis](https://www.google.com/search?q=https://www.youtube.com/watch%3Fv%3DTwz0TCAQUsE) This video provides a breakdown of the company's financials and expansion strategy to help you understand the upcoming public offer.
Seven Large-Cap Stocks Report Over 50% EBITDA Growth in Q3
The Indian corporate landscape witnessed a powerful surge in operating momentum during the third quarter of FY26. Several market heavyweights across the energy, finance, and consumer discretionary sectors reported EBITDA growth exceeding the **50%** mark. This performance reflects a broader trend of margin expansion and robust credit demand, despite fluctuations in global commodity prices and evolving domestic consumption patterns. Energy and Manufacturing Leaders Oil marketing giants **IOC** and **BPCL** emerged as standout performers. Their operational efficiency was bolstered by strategic inventory management and steady domestic fuel demand. Despite recent volatility in Brent crude, which climbed toward **$70.35** per barrel in February, these entities maintained strong refining margins throughout the December quarter. Manufacturing and industrial players like **CEAT** also mirrored this trend. The tire manufacturer reported a staggering **65.3%** jump in EBITDA, supported by easing raw material costs and a **26%** rise in revenue. Financial Services Momentum The financial sector remains a cornerstone of the current earnings cycle. **Muthoot Finance** reported a historic quarter with a **95%** surge in standalone profit, reaching **ā¹2,656 crore**. Its gold loan Assets Under Management (AUM) crossed **ā¹1.39 trillion**, growing **50%** year-on-year. This was largely driven by record gold prices, which hit milestones near **ā¹1.6 lakh** per 10 grams in early 2026. **Jio Financial Services** demonstrated aggressive scaling, with revenue more than doubling to **ā¹901 crore**. While its net profit saw a moderate decline due to expansion costs, its NBFC assets surged **4.5 times** year-on-year to **ā¹19,049 crore**. Consumer Discretionary and Retail **Titan** continues to benefit from the premiumization trend in the Indian market. Sustained wedding season demand and the rising value of bullion provided a tailwind for its jewelry segment. In the broader market, **Tata Motors** reported a **45%** jump in EBITDA for its commercial vehicle segment, maintaining double-digit margins for the tenth consecutive quarter. Market Outlook Nifty 50 EPS growth is projected to remain steady between **11%** and **13%** for the remainder of the fiscal year. While sectors like IT face range-bound movement due to cautious global spending, the manufacturing and financial services sectors are currently driving the majority of index earnings. The combination of sustained government capex and improving private capacity utilization suggests that these "50% club" performers are well-positioned to maintain their leadership through the final quarter of FY26.
George Soros on the Asymmetry of Risk and Reward in Market Returns
Market dynamics as of **February 23, 2026**, reflect a pivot toward risk management as investors navigate a complex mix of legal rulings and shifting economic data. U.S. markets are currently adjusting to a landmark Supreme Court decision that struck down broad executive-ordered tariffs. While the ruling initially sparked a relief rally, futures indicate a cautious start to the week. S&P 500 futures are down **0.50%**, while Nasdaq 100 futures have slipped **0.74%**, trading near **24,880**. This volatility highlights the delicate balance between sentiment and the reality of a cooling economy. U.S. business activity slowed to a **10-month low** in February. The Composite PMI dropped to **52.3**, down from **53.0** in January. Manufacturing and services are both showing signs of fatigue, with advanced **Q4 GDP** figures coming in at a modest **1.4%**. Despite the domestic slowdown, global performance remains divergent. Japanās business expansion reached a **33-month high**, and the UK is seeing its fastest growth in nearly two years. These international shifts serve as a reminder that positive expectancy often requires looking beyond local volatility. In the commodities space, tensions in the Middle East have driven Brent crude to a six-month high, trading above **$82 per barrel**. Gold has also surged, recently crossing the **$5,000** mark as a hedge against persistent inflation and geopolitical angst. George Sorosā philosophy remains a grounded guide in this environment. The goal is not to predict every swing, but to ensure that asymmetric payoffs protect the portfolio. Current strategies at Soros Fund Management show a concentration in high-conviction tech names like Amazon, which holds a **6.3%** portfolio weight, alongside defensive puts on energy ETFs. Managing outcomes is the priority as the market awaits **Nvidiaās** upcoming earnings. With the S&P 500 trading at a forward P/E of **21.9**, the focus has shifted from simple growth to disciplined risk assessment. Success in 2026 is being defined by the ability to survive the downside while allowing winners to compound in a fragmented global landscape.
Indian Bond Yields Soften Amid Easing Geopolitical Tensions and Upcoming Debt Auctions
Indian government bonds registered moderate gains on Monday, February 23, 2026, as domestic yields softened amid stabilizing geopolitical conditions and strategic central bank interventions. The 10-year benchmark federal paper yield slipped to approximately **6.71%**, easing from a previous high of **6.73%**. The market sentiment has been bolstered by a pause in geopolitical volatility. Previous concerns regarding trade tariffs and international regional tensions have subsided, allowing for a relief rally across domestic fixed-income assets. This shift has prompted a more favorable environment for sovereign paper despite ongoing global economic shifts. The Reserve Bank of India has maintained a steady hand, keeping the repo rate unchanged at **5.25%** during its February policy meeting. The central bank continues to hold a neutral stance, emphasizing a balance between supporting resilient economic growth and managing inflation, which recently tracked at a benign **2.75%**. Supply-side pressures remain a critical factor for traders. A significant debt switch operation involving **ā¹25,000 crore** of government securities was scheduled for today. This move aims to convert short-term debt into longer-dated papers, effectively managing the governmentās redemption profile for the upcoming fiscal years. Weekly issuance remains heavy, with state governments looking to raise nearly **INR 445 billion**. Simultaneously, the central government is proceeding with an auction of the 10-year benchmark bond totaling **INR 320 billion**. This steady flow of new paper has acted as a ceiling for price gains, keeping yields within a focused range of **6.65% to 6.78%**. Liquidity in the banking system is currently in a surplus of nearly **INR 3 trillion**, supported by the RBIās proactive bond purchases and liquidity injection measures. These actions have been vital in absorbing supply pressures and mitigating the impact of tight funding conditions earlier in the month. Foreign institutional activity is being closely monitored as Indian bonds integrate further into global indices. The Indian Rupee has stabilized near the **90.71/$** level, providing a more predictable backdrop for international investors navigating the domestic debt market. Market participants expect yields to remain sensitive to global oil price movements and upcoming auction demand. While domestic macros remain strong, the persistent issuance overhang suggests that yields will likely drift sideways in the near term rather than experiencing a sharp downward breakout.
Indian Stock Market: Key Stocks in Focus on Monday
Market Overview Indian equity benchmarks surged on Monday, February 23, 2026, as domestic investors cheered a landmark U.S. Supreme Court ruling that struck down sweeping trade tariffs. The decision fueled a relief rally across Asian markets, providing a tailwind for Indian indices. The **BSE Sensex** climbed **480 points** to settle at **83,294.66**, while the **NSE Nifty 50** advanced **141.75 points** to close at **25,713**. Buying interest was concentrated in banking, power, and FMCG sectors, even as the IT index faced pressure from ongoing AI-driven disruption concerns. Banking Sector Turbulence Despite the broader rally, the banking sector witnessed significant localized volatility. **IDFC First Bank** shares plummeted **16.1%** to end at **70.08** following reports of a **590 crore** fraud at its Chandigarh branch. The fallout led to the suspension of four employees and the appointment of KPMG for a forensic audit. The situation worsened for the lender as the **Haryana Government** de-empanelled both **IDFC First Bank** and **AU Small Finance Bank** for state business. Consequently, **AU Small Finance Bank** shares dropped over **5%** to close at **976.40**, as investors reacted to the loss of government deposits and transactions. Corporate Restructuring and Defence **UPL Limited** saw a sharp sell-off, with its stock crashing **14.3%** to close at **645.05**. The decline followed the announcement of a complex group restructuring plan aimed at separating its Indian and overseas crop protection businesses. While the move targets transparency, analysts flagged concerns over unresolved debt levels. In the defence space, **Hindustan Aeronautics Limited (HAL)** experienced selling pressure, with shares falling **7.2%** to close at **4,025**. This move came despite recent strong quarterly earnings, as the stock faced profit-booking amid broader sectoral rotations. Strategic Gainers **Adani Ports** emerged as the top gainer on the Sensex, rising nearly **3%** to reach **1,549**. The stock saw a massive surge in derivatives open interest, jumping over **11%**, signaling high conviction among traders for further upside. The company is currently trading just **2%** below its 52-week high. In the small-cap segment, **Kitex Garments** outperformed the market significantly, surging nearly **10%** to hit an intraday high of **205.45**. The textile player saw robust buying momentum, reversing a four-day losing streak and outpacing the general garments sector by over **6%**.
Nithin Kamath Outlines Impact of Secondary Trading Costs on Brokerage Savings
Market performance in the final week of February 2026 reflects a growing focus on the structural costs of trading. While indices like the **SENSEX** trade near **82,815** and the **NIFTY 50** hovers around **25,571**, the actual net returns for retail investors are increasingly dictated by backend fees rather than just market movements. Depository Participant (DP) charges have emerged as a critical variable in this cost equation. These fees are triggered every time an investor sells shares from a demat account. Unlike brokerage fees, which are often marketed as "zero" or "flat," DP charges are frequently tucked away in the account ledger rather than the contract note. Cost Structures and Variations The financial impact depends heavily on whether a broker uses a flat fee or a percentage-based model. In the current market, major discount players typically charge a flat fee. For example, Zerodha applies a charge of **ā¹13.50** plus **18% GST** per transaction. Other platforms like Groww and IIFL range between **ā¹20.00** and **ā¹25.00** plus taxes. The risk for larger traders lies in percentage-based levies. Some firms charge a rate of **0.04%** on the sell value. On a transaction of **ā¹10,00,000**, this translates to a **ā¹400** DP fee. This is significantly higher than the flat rates used by competitors, effectively eroding the advantage of low-cost brokerage. Frequency and Cumulative Impact The method of application further differentiates the cost burden for active participants. While some brokers apply the fee once per stock per day, others levy it on every individual sell transaction. For instance, selling shares of a single company four times in one session could result in four separate charges under specific fee structures. Investors utilizing the Margin Trading Facility (MTF) face additional layers of complexity. While MTF interest rates are a primary focus, the associated pledge and unpledge feesāoften ranging from **ā¹15** to **ā¹25** per scripācan raise the breakeven point of a trade. Regulatory and Institutional Context These charges are a combination of fees from the depositoriesā**CDSL** or **NSDL**āand the facilitation fee added by the broker. As of February 2026, the base depository fee is generally between **ā¹3.50** and **ā¹5.50**. Brokers act as intermediaries, bearing the settlement risk and operational costs of share delivery. However, the rise in retail participation and leveraged products has magnified the visibility of these small, recurring costs. For the modern investor, the total cost of a trade is no longer just the headline brokerage. It is the sum of the transaction fee, the **18% GST**, and the specific DP tariff of the platform. Understanding these nuances is essential for protecting long-term portfolio returns in a volatile market environment.
US Market Braces for Big Tech Earnings Amid AI Concerns and Tariff Uncertainty
Market Outlook: AI Resilience Amid Sector Rotation Global markets enter a defining week as tech heavyweights prepare to report, with the focus squarely on the sustainability of the AI investment cycle. While the **S&P 500** and **Dow Jones** maintain an upward bias, a significant internal rotation is underway. Investors are increasingly pivoting toward "real economy" sectors, with **Energy** and **Industrials** outperforming the broader market by a wide margin in early 2026. The Nvidia Benchmark Nvidia remains the primary barometer for the AI trade. The market anticipates its fourth-quarter fiscal 2026 results on **February 25**, with revenue expectations set at **$65.68 billion**. This follows a record-breaking third quarter where the company hit **$57 billion** in revenue, marking a **62%** year-on-year increase. Key metrics for investors: * **Earnings Per Share (EPS):** Consensus estimates sit at **$1.46**. * **Gross Margins:** Projected to climb toward **74.97%**. * **Data Center Revenue:** Expected to reach **$59.9 billion**, driven by the Blackwell chip ramp-up. Trade Policy and Global Shifts Recent shifts in U.S. trade policy are beginning to reshape capital flows. A landmark bilateral trade agreement between the U.S. and India, announced in early February, has reduced reciprocal tariffs on Indian exports from **25%** to **18%**. This "reset" is designed to stabilize trade relations but also introduces new purchase commitments for India in the energy and technology sectors. While policy clarity has improved, tech stocks remain sensitive to export control updates. Nvidia recently flagged a potential **$8 billion** revenue loss for the upcoming quarter due to tighter licensing requirements on high-end AI hardware shipments to specific regions. Indian IT Facing Structural Headwinds The Indian IT sector is navigating a period of intense volatility. While the **BSE Sensex** has shown modest gains of **0.4%** recently, major IT players like **Wipro** and **L&T Technology Services** have seen year-to-date declines between **22%** and **35%**. Traditional service models are under pressure as AI disrupts core functions like testing and coding. Analysts have downgraded several large-cap firms, forecasting a modest **6%** earnings growth through 2028. However, specific AI-centric companies are bucking the trend: * **Netweb Technologies** reported a **141%** year-on-year revenue surge. * **TCS** has secured an annualized AI service revenue of **$1.8 billion**. * India's total IT industry is still on track to reach **$350 billion** by the end of 2026. The Rise of "Real Economy" Stocks A distinct market rotation is favoring sectors that provide essential services and physical infrastructure. **Energy stocks** have surged more than **22%** since the start of the year, supported by rising oil prices and geopolitical tensions. **Industrials** are also leading, with companies like Caterpillar and GE Vernova benefiting from the massive data center buildout required to support global AI demand. This shift indicates that while the "AI trade" is narrowing, the infrastructure behind it remains a powerful growth engine for the broader economy.
HAL Shares Fall 5% Amid Conflicting Reports of Tejas Aircraft Incident
HAL Market Update: Resilience Amid Technical Scrutiny Hindustan Aeronautics Limited (HAL) shares experienced a volatile trading session on **February 23, 2026**, closing down approximately **4.23%** at **Rs 3,993.80**. During intraday trading, the stock touched a low of **Rs 3,975.80** as markets reacted to reports concerning the LCA Tejas fighter jet program. Clarification on Tejas Incident The company issued a formal regulatory filing to address media reports of an aircraft crash. HAL clarified that no crash occurred; instead, a "minor technical incident on ground" took place involving a Tejas jet overshooting a runway due to a suspected brake failure. While the pilot ejected safely as a precaution, the airframe sustained structural damage. HAL emphasized that the Tejas maintains one of the highest safety records globally among contemporary fighter aircraft. The incident is currently being analyzed in coordination with the Indian Air Force (IAF) to ensure a speedy resolution. Performance and Valuation Metrics Despite recent price pressure, HALās financial fundamentals remain robust. The company recently reported its **Q3 FY26** results, highlighting significant growth across key indicators: * **Net Profit:** **Rs 1,866.68 crore**, marking a **29.65%** year-on-year increase. * **Revenue:** **Rs 7,698.80 crore**, up **10.66%** from the previous year. * **Operating Margin:** Stable at **24.30%**, reflecting consistent operational efficiency. * **Order Book:** Currently valued at approximately **Rs 1,90,000 crore**, providing revenue visibility through **2032**. The stock is currently trading nearly **22%** below its 52-week high of **Rs 5,166.00**. Analysts note that at a price-to-earnings (P/E) ratio of roughly **30x**, HAL remains one of the more attractively valued entities within the Indian defense sector compared to peers. Sector Trends and Headwinds The broader defense sector has faced a "reset" following the **2026 Union Budget**, which allocated **Rs 7.85 lakh crore** to defense. While this represents a **15%** year-on-year increase, the market had priced in even more aggressive capital expenditure, leading to a period of profit-taking across the industry. Ongoing execution risks remain a point of focus for investors. Deliveries of the **Tejas Mk-1A** variant have faced delays, primarily due to global supply chain constraints regarding aero engines. However, new contractsāincluding **Rs 62,370 crore** for additional jets and **Rs 25,000 crore** for Su-30MKI enginesācontinue to bolster the long-term pipeline. Strategic shifts into civilian MRO (Maintenance, Repair, and Overhaul) and commercial space manufacturing are expected to diversify revenue streams, reducing the company's historical dependency on pure military procurement cycles.
Carlsberg Reportedly Initiates $700 Million IPO for Indian Subsidiary
Danish brewing giant Carlsberg A/S has officially signaled its intent to explore a public listing for its Indian operations. The group recently appointed Kotak Mahindra Capital, JPMorgan Chase, and Citigroup as lead advisors to manage the potential share sale. The IPO is expected to be a significant market event, with reports suggesting a capital raise of up to **$700 million**. Market analysts estimate the valuation of Carlsbergās Indian unit at approximately **INR 30,000 crore to INR 35,000 crore** (roughly **$3.6 billion to $4.2 billion**). A draft red herring prospectus could be filed as early as May 2024. The offering is anticipated to consist primarily of a secondary share sale by the parent company. This move follows a broader trend of multinational corporations, such as Hyundai and LG, tapping into Indiaās deep domestic investor base to capture higher local valuations. India has been elevated to Carlsbergās primary global growth engine, surpassing China in strategic importance. The company reported high single-digit volume growth in India for the fiscal year ending **2025**. This performance was bolstered by a strong shift toward premiumization, with the "Carlsberg Elephant" and "Tuborg Strong" brands maintaining dominant positions. The brewer currently holds a market share of approximately **17% to 21%**, securing its spot as the second-largest player in the country. To support this trajectory, the company recently committed to an investment of **INR 1,250 crore** over the next three years. This includes a recent **INR 100 crore** expansion of its Mysuru brewery to boost canning capacity. The broader Indian beer market, valued at **$9.09 billion** in 2025, is projected to grow at a compound annual rate of nearly **10%** through 2032. Growth is being driven by a massive demographic shift, with an estimated **13 million** adults reaching the legal drinking age every year. Regulatory tailwinds are also shaping the sector. The India-UK Free Trade Agreement is expected to halve import duties on luxury spirits, further accelerating the "premiumization" trend that benefits established international brands. Carlsberg's potential listing aims to unlock significant shareholder value while providing the financial flexibility needed to compete against rivals like United Breweries and AB InBev. With beer currently accounting for only a small fraction of India's total alcohol consumption compared to the regional average, the long-term runway for expansion remains exceptionally high.