Bullish News
Collection
Aequs to Invest ₹1,900 Crore in Tamil Nadu Aerospace Hub for Engine Manufacturing Expansion
Aerospace powerhouse Aequs has officially formalized a landmark agreement with the Tamil Nadu government to establish a high-tech manufacturing cluster. This strategic move involves a total investment commitment of 4,000 crore INR, with Aequs leading 1,900 crore INR of the capital infusion over the next decade. The project is centered at the SIPCOT Shoolagiri industrial estate in Krishnagiri. It marks the launch of India’s first fully vertically integrated aerospace and defense cluster focused on aero-engines. This facility will localize advanced capabilities for producing engine components, gearbox systems, and landing gear—segments that typically command significantly higher profit margins. Market data as of February 2026 indicates that the Indian aerospace and defense sector is expanding at an annual rate of 10% to 15%. Aequs is positioning itself to capture this growth, reporting a 51% year-on-year revenue surge in its latest quarterly results. The firm currently maintains a robust aerospace order book valued at 814 million USD. The investment will be deployed in phases, starting with an initial 200–300 crore INR over the first three years. Construction is slated to begin within the next year, with the first commercial shipments of engine parts expected by the end of FY27 or early FY28. Global demand for aircraft engines remains high, with the market projected to reach 97.37 billion USD in 2026. However, global supply chains are currently facing a 30% shortfall in production targets. By establishing this domestic hub, Aequs aims to bridge this gap while creating 7,000 high-quality jobs in the region. The facility will span 250 acres and feature shared industrial infrastructure, including R&D centers and precision machining units. This ecosystem approach is designed to streamline exports, which already account for 90% of the company's revenue. Aequs is targeting a long-term EBITDA margin of 20%, supported by this shift into complex engine assemblies. The project also retains the flexibility to integrate Unmanned Aerial Vehicle (UAV) production, aligning with India’s broader "Make in India" defense modernization goals. [Aerospace Manufacturing Expansion](https://www.youtube.com/watch?v=tJOWbX3Vg8k) This video features an interview with the CEO of Aequs discussing the company's recent 20% growth and the strategic importance of expanding aerospace capacity in India. http://googleusercontent.com/youtube_content/0
Kwality Wall Shares Decline 30% in First Two Trading Sessions
Kwality Wall’s India Market Brief **February 17, 2026** Kwality Wall’s (India) Limited (KWIL) faced intense selling pressure for a second consecutive session on Tuesday. The stock fell nearly **5%** today, extending a downward spiral that began with its lackluster market debut. Total losses since listing have now reached approximately **30%**. The pure-play ice cream entity, recently demerged from Hindustan Unilever (HUL), continues to search for a price floor. After listing on Monday at **₹29.80** on the NSE—a significant **25.87%** discount to its discovered price of **₹40.20**—the stock has struggled to maintain momentum despite briefly hitting an upper circuit on its first day. Share Price Performance As of Tuesday afternoon, the shares were trading near **₹28.06**, marking a new post-listing low. This sharp correction has brought the company’s total market capitalization to roughly **₹6,933 crore**, down from the **₹7,001 crore** seen at the opening bell yesterday. The sell-off persists despite a major institutional entry. Life Insurance Corporation of India (LIC) has acquired a **6.62%** stake in the demerged company, providing some fundamental backing. However, this has not been enough to offset broader market caution regarding the seasonal nature of the ice cream business and its standalone margin profile. Strategic Ownership and Open Offer A critical factor influencing current sentiment is the mandatory open offer triggered by a change in promoter control. The Magnum Ice Cream Company HoldCo 1 Netherlands B.V., a Dutch entity, has launched an offer to acquire an additional **26%** stake from public shareholders. The offer price is set at **₹21.33** per share, which is notably lower than current market levels. This price reflects a valuation based on a Share Purchase Agreement executed in June 2025, when the Dutch entity agreed to acquire a **61.90%** controlling interest from Unilever global entities. Structural Changes and Outlook The demerger, which became effective in December 2025, followed a **1:1** share entitlement ratio. For every share held in HUL on the record date, investors received one share of KWIL. While HUL shares remained stable near **₹2,310**, the market is still recalibrating the fair value of the independent ice cream arm. Investors are weighing the long-term benefits of a focused management team and recent GST reductions from **18%** to **5%** against the immediate challenges of high input costs and winter-season seasonality. The stock will remain in the trade-for-trade (T-Group) segment for the next eight sessions to curb excessive volatility.
European Equity Markets Flat Amid Geopolitical Uncertainty
European Market Intelligence: February 17, 2026 European equity markets maintained a cautious stance during Tuesday’s session, with the pan-European **Stoxx 600** edging up slightly by **0.1%** to **618.56 points**. The atmosphere remains one of watchful waiting as global participants bridge the gap between cooling inflation and significant geopolitical shifts. Trading volumes in Europe were relatively thin following the **Presidents' Day** holiday in the United States. While regional performance was mixed, the **FTSE 100** in London climbed **0.26%** to **10,473.69**, and the French **CAC 40** remained nearly flat with a **0.06%** gain. Conversely, Germany’s **DAX** faced pressure, slipping **0.4%** to **24,812.50**. Geopolitical De-escalation and Energy High-level bilateral talks in **Geneva** between the U.S. and Iran have taken center stage. Discussions involving U.S. envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi are centered on nuclear stockpiles and potential sanctions relief. The "relatively positive" tone of these talks has provided a fragile floor for market sentiment. In the commodities space, **Brent crude** remains sensitive to these developments, following a volatile January where prices averaged near **$69.70 per barrel**. The "SaaSpocalypse" and AI Displacement Investors are aggressively reassessing traditional business models under the weight of artificial intelligence. A sharp downturn in the software-as-a-service (SaaS) sector—now dubbed the **"SaaSpocalypse"**—has triggered significant volatility. The French group **Dassault Systèmes** saw shares tumble roughly **10%** this week following concerns over AI monetization. Market participants are increasingly wary of "technological cannibalization," where new AI agents automate complex workflows, potentially rendering existing subscription-based software models obsolete. Corporate Resilience and Earnings Despite the tech-driven anxiety, the broader European earnings season has provided a necessary cushion. Data indicates that **60%** of European firms have exceeded profit expectations this quarter. Financials have been a primary support pillar, bolstered by massive capital returns. **ING** recently executed a **€1.1 billion** share buyback, while **NatWest** gained **4.7%** following its own **£750 million** repurchase program. Economic Indicators and Outlook The Eurozone economy is showing signs of localized strength. **Q4 2025 GDP** grew by **0.3%**, outperforming expectations and prompting an upgrade to the **2026 growth forecast** to **1.2%**. Inflation in the euro area has moderated to **1.7%** this month, falling below the central bank's target. This cooling trend, combined with a steady unemployment rate of **6.2%**, suggests a stabilizing macro environment even as specific sectors face structural disruption from emerging technologies.
Nikkei Declines as Earnings and Election Momentum Fade
Japan's equity markets faced a challenging session on Tuesday, as the Nikkei 225 share average retreated for the fourth consecutive day. The index fell 0.42% to close at 56,566.49, marking a period of cooling momentum following the post-election rally that characterized the start of the month. The downward pressure was primarily driven by a lack of fresh trading catalysts and a general trend of profit-taking. Investors appear to be recalibrating their positions as the corporate earnings season draws to a close and the initial "euphoria" surrounding Prime Minister Sanae Takaichi’s victory begins to fade. Technology and defense sectors were the primary laggards during today's trading. SoftBank Group saw a significant decline of 5.1%, weighed down by its exposure to global tech volatility and investor skepticism regarding high-growth valuations. In the defense sector, Mitsubishi Heavy Industries and Kawasaki Heavy Industries dropped 2.8% and 4.4% respectively, reflecting a broader retreat from names that had previously benefited from geopolitical hedging. On the macroeconomic front, the Bank of Japan remains a central focus. Governor Kazuo Ueda indicated that the central bank will maintain its path of gradual policy normalization, with the short-term interest rate currently sitting around 0.5% to 0.75%. Market participants are closely monitoring the yen, which has stabilized near 153.17 per dollar, as policy divergence between Japan and other major economies continues to influence export-heavy sectors. While the market is currently in a corrective phase, some underlying fundamentals remain resilient. Japan’s nominal GDP recently surpassed the 600 trillion yen milestone for the first time, growing at 2.9% in the latest annual figures. Additionally, corporate profits across several industries continue to show long-term improvement, even if the immediate pace of gains has moderated. Investor sentiment is now shifting toward a more cautious "wait-and-see" approach. With the Nikkei down roughly 1.9% over the last four sessions, the market is searching for new support levels. High-profile individual stocks showed mixed results: Tokyo Electron gained 1.47% on selective chip-sector strength, while financial giants like Mizuho and Sumitomo Mitsui saw declines of over 1.8% as the rotation out of cyclical stocks persisted. The outlook remains tied to upcoming U.S. economic data and further clarity on domestic fiscal spending. For now, the transition from election-driven optimism to a fundamentals-based environment has introduced a period of heightened volatility for Tokyo traders.
Adani Group Stocks Gain After $100 Billion AI and Energy Investment Announcement
Adani Group AI & Green Energy Brief The Adani Group has confirmed a massive **$100 billion** investment strategy to develop renewable-powered, AI-ready data centers by **2035**. This commitment aims to establish a **5 GW** data center platform, moving beyond its current **2 GW** capacity. Market reaction has been notably positive. Shares of flagship **Adani Enterprises** rose **2.25%** today, February 17, 2026, reaching a price of **₹2,184.60**. The stock saw high intraday activity with a peak of **₹2,197.80**. **Adani Green Energy** also reflected gains, trading **1.8%** higher as the market priced in the long-term synergy between green power and compute. Ecosystem Impact and Partnerships This initiative is designed to catalyze an additional **$150 billion** in secondary investments. The group expects to foster a total **$250 billion** AI infrastructure ecosystem in India. Key components include: * **Google:** Collaboration on a gigawatt-scale AI campus in **Visakhapatnam** and a facility in **Noida**. * **Microsoft:** Established partnerships for hyperscale centers in **Hyderabad** and **Pune**. * **Flipkart:** Expansion of existing data center ties to support large-scale AI for e-commerce. Energy and Operational Scale The project leverages **Adani Green Energy’s** massive **30 GW** Khavda renewable project in Gujarat. Currently, over **10 GW** of this project is operational. An additional **$55 billion** is earmarked specifically for expanding renewable capacity and battery energy storage systems to ensure the data centers remain "green" around the clock. In the most recent financial reports, Adani Green Energy recorded a **37%** year-on-year growth in energy sales, reaching an operational capacity of **17.2 GW**. This provides a stable foundation for the high-intensity power requirements of AI workloads. National and Sector Outlook India’s total data center capacity is projected to double to **2 GW** by the end of **2026**. National IT spending is forecasted to hit **$176.3 billion** this year, with data center spending growing at a rate of **20.5%**. The Adani Group's plan directly aligns with the **PM Gati Shakti** program. By reserving GPU capacity for local startups and building sovereign cloud platforms, the group aims to secure India’s technological sovereignty in the global AI race.
InCred Equities Downgrades Hindalco and NALCO to Reduce Citing Three Key Factors
Market dynamics for India's leading aluminum producers shifted significantly this Tuesday, February 17, 2026, as shares of Hindalco Industries and National Aluminium Company (NALCO) faced selling pressure. The decline followed a strategic downgrade by InCred Equities, which moved both stocks to a "reduce" rating. Analysts point toward a potential 20% correction in aluminum prices over the coming year as macroeconomic support fades and global scrap supply improves. Hindalco Industries saw its stock price decline roughly 3% during the session. The downgrade stems from concerns over a massive capital expenditure program totaling 700 billion INR scheduled between FY26 and FY28. This aggressive expansion is expected to increase balance sheet leverage and push the net debt-to-EBITDA ratio above 2.0 by 2028. Additionally, Hindalco’s U.S. subsidiary, Novelis, is grappling with surging electricity costs driven by high energy demand from data centers, which continues to compress international margins. NALCO shares also dropped approximately 4%, with the brokerage setting a target price of 302 INR, suggesting a double-digit downside from recent peaks. While NALCO recently reported a record net profit of 2,131 crore INR for the December quarter, the outlook is clouded by a projected global surplus of aluminum. The company's 1 million tonne alumina refinery expansion is reaching completion just as alumina prices soften, potentially diminishing the returns on this new capacity. The broader Nifty Metal index slipped 2% as the rally in base metals appeared to peak. While LME aluminum prices have recently hovered near 3,037 USD per tonne, experts warn that these levels may be unsustainable. Increased scrap collection—now at levels significantly above historical averages—is expected to satisfy incremental demand, reducing the need for primary smelting and placing downward pressure on prices. For both companies, the combination of rising capital work-in-progress and cooling commodity prices presents a challenging environment for earnings growth. EBITDA for Hindalco is projected to fall to 260 billion INR by FY28, down from the 366 billion INR estimated for FY26. Investors are now closely monitoring how these industrial giants balance their long-term growth ambitions against a more volatile global pricing landscape.
Sumit Pokharna: Infosys-Anthropic Partnership Indicates AI Market Expansion Over Disruption
**MARKET BRIEF: INFOSYS & ANTHROPIC PARTNERSHIP** **Strategic Collaboration & Immediate Impact** Infosys has officially partnered with **Anthropic** to integrate advanced AI models, including **Claude 3**, into its **Topaz** platform. This move targets the deployment of "agentic AI"—autonomous systems capable of executing complex workflows in sectors like **telecom, finance, and manufacturing**. Markets reacted swiftly to the announcement on **February 17, 2026**, snapping a four-day losing streak for the IT giant. **Market Reaction & Key Figures** * **Infosys (INFY):** Surged approximately **3.2%** intraday, trading around **₹1,406** levels. * **Nifty IT Index:** Rebounded by **1.67%**, lifting broader sector sentiment after recent volatility. * **Volume:** Heavy trading activity reported in call options, signaling renewed bullish interest from institutional buyers. **Shift to Agentic AI** The collaboration moves beyond simple chatbots to **enterprise-grade automation**. The primary goal is accelerating software development and modernizing legacy networks. By embedding Anthropic’s models, Infosys aims to secure high-value contracts in regulated industries that demand precision and data security, addressing concerns that generative AI could erode traditional IT service revenues. **Valuation & Investor Outlook** Analysts advise caution despite the immediate rally. While the partnership validates Infosys’s AI strategy, current valuations of **20x P/E** already factor in significant disruption premiums. Experts suggest focusing on execution over headlines, noting that the tangible revenue impact of these AI integrations will materialize over the next **3 years**. **Sector Implications** This deal signals a pivotal shift for large and mid-cap IT firms. Companies like **HCLTech** and **Persistent Systems** also saw gains, indicating a sector-wide re-rating as investors hunt for undervalued players capable of monetizing AI agents. The consensus remains that while volatility persists, the dip offers accumulation zones for long-term value in digitized services.
Nilesh Shah on AI Disruption in IT and India's Improving Earnings Outlook
**MARKET BRIEF: FEBRUARY 2026 OUTLOOK** **AI Disruption & IT Volatility** Nilesh Shah (Kotak AMC) maintains a cautious stance on the IT sector, viewing Indian firms primarily as technology "enablers" rather than creators. This distinction is critical as the market digests the recent **4-5% correction** in Nifty IT indices, driven by fears that advanced AI models (like the latest Claude updates) could disrupt traditional outsourcing revenues. Shah warns that while AI adoption is inevitable, the transition may pressure billable hours and employment in the near term, urging investors to look beyond the hype. **Valuation Check: Fair vs. Premium** The broader market reflects a mixed valuation landscape. With the Nifty 50 trading near **25,700 levels**, large-cap valuations have moderated to historical averages, offering a "fairly priced" entry point. However, Shah flags continued risks in the broader market, noting that small and mid-cap segments still trade at substantial premiums. He advises being neutral on mid-caps and underweight on small-caps until earnings catch up to prices. **Earnings & Economic Resilience** Despite short-term volatility, the structural story remains intact. Shah anticipates a rebound in corporate earnings, projecting a return to **double-digit growth** in FY27 after a period of single-digit stagnation. This optimism is anchored by India’s domestic consumption and government capex, even as global headwinds—such as US debt refinancing risks and China’s overcapacity—persist. India is expected to remain the fastest-growing major economy, though GDP growth will likely stabilize in the mid-single digits rather than hitting double digits immediately. **Strategic Approach** Given the heightened volatility and sector-specific churn, Shah advises retail investors to avoid direct stock picking unless they have deep expertise. The current environment favors a disciplined "Asset Allocation" strategy—balancing equities with fixed income and gold—managed by professional fund managers to navigate the rotation from overvalued sectors to emerging opportunities in banking, infrastructure, and consumer discretionaries. *** [Market Outlook for February 2026](https://www.youtube.com/watch?v=akn48UBqyDk) This video provides Nilesh Shah's comprehensive analysis of the February 2026 market landscape, detailing the specific global risks and domestic growth drivers influencing his current investment strategy. http://googleusercontent.com/youtube_content/0
FMCG Sector Projected for Growth in FY27
**INDIA FMCG SECTOR: RURAL REVIVAL & VOLUME RECOVERY (FEB 2026)** **Sector Overview** India's Fast-Moving Consumer Goods (FMCG) sector is witnessing a decisive turnaround, driven by a robust rural comeback and stabilizing input costs. Industry data for early **2026** projects a **5%** uptick in overall volume growth for the first quarter, with full-year expectations set for **high single-digit** expansion. The market is shifting from price-led growth to volume-led recovery as inflation cools. **Rural vs. Urban Dynamics** Rural India is currently the heavy lifter for the sector, outperforming urban markets for **7 consecutive quarters**. * **Rural Volume Growth:** surged to approximately **7.7%** in recent readings. * **Urban Volume Growth:** trails at roughly **3.7%**, though signs of recovery are emerging in tier-2 cities. * **Driver:** Better agricultural yields and government spending have restored rural purchasing power, prompting companies to expand distribution deeper into the hinterland. **Key Trends & Drivers** **Premiumization vs. Value:** While urban consumers continue to upgrade to premium products (driving value growth), mass-market players are aggressively pushing affordable "bridge packs" (priced at **₹10–₹20**) to recapture volume in price-sensitive regions. **Quick Commerce Boom:** Rapid delivery platforms are becoming a primary sales channel in metros, now accounting for a significant double-digit share of sales for premium brands in top cities. **Cost Environment:** Prices for key raw materials like palm oil and packaging have stabilized, allowing major players like **HUL**, **ITC**, and **Britannia** to improve gross margins. This creates room for increased advertising spend to stimulate further demand. **Corporate Moves** Leading firms are recalibrating strategies to balance volume and margins. Companies like **Marico** and **Godrej Consumer** are targeting double-digit revenue growth by leveraging the rural uptake. **Nestlé India** and **Tata Consumer** continue to focus on innovation in the packaged food and wellness segments to counter competitive intensity from smaller, regional brands. **Future Outlook** The trajectory for **2026** remains positive. With anticipated GST rationalization on essential goods and a forecast of stable monsoons, the sector is poised for a synchronized recovery across both "Bharat" and "India." **Disclaimer:** *This brief is for informational purposes only and does not constitute financial advice.*
7 Stocks Held by a Single Mutual Fund Scheme With Up to 55% Annual Declines
Market data as of mid-February 2026 reveals a stark contrast in the performance of stocks held exclusively by a single mutual fund scheme. Recent analysis of 31 shortlisted unique holdings shows that while concentration can lead to outsized gains, it also exposes investors to significant downside risk. High-conviction bets have produced remarkable outliers. Leading the pack, Knowledge Marine & Engineering Works has surged 143% in the current fiscal year, rising from ₹698 to ₹1,697. This stock is held solely by the Invesco India Infrastructure Fund. Similarly, Rossell Techsys, an exclusive pick by Quant Multi Cap Fund, has climbed 110% to reach ₹595. Other notable gainers include Best Agrolife, up 70%, and Garuda Construction, which rose 60% within the same period. On the other end of the spectrum, exclusive holdings in the small-cap and technology sectors have faced intense pressure. Several stocks in this category have plunged between 41% and 55% over the past year. RK Swamy, held exclusively by Nippon India Small Cap Fund, saw its price slashed by 50%, falling from ₹217 to ₹108. Protean e-Gov Technologies followed a similar trajectory, dropping 47% to ₹708. Broad market trends show mutual funds are shifting their weight toward more stable sectors. In January 2026, many fund houses increased their exposure to PSU Banks, with sector allocation hitting a three-year high of 3.7%. Meanwhile, funds have begun trimming positions in IT and FMCG sectors. The total value of IT holdings dropped slightly to ₹3.95 lakh crore as major players like Wipro and TCS traded nearly 30% below their 52-week highs. Liquidity remains a key focus for institutional players. Total assets under management for the industry stood at approximately ₹64.53 trillion as of February. While equity inflows remain positive, there is a visible move toward "alpha hunting" in thematic and multi-cap funds. This is occurring alongside a 25-basis point cut in the repo rate to 6.25%, the first reduction after a long period of status quo. Investors are seeing high volatility in other asset classes as well. Silver and gold ETFs recently slipped up to 7% as profit-booking intensified. MCX gold futures are currently trading around the ₹1,54,575 mark. With market valuations in certain sectors trading at high multiples, institutional interest is increasingly focused on earnings backing rather than speculative momentum. [Analysis of Indian Mutual Funds](https://www.youtube.com/watch?v=WMABAiW3lhM) This video provides a detailed breakdown of current mutual fund buying patterns and portfolio changes for the year 2025. http://googleusercontent.com/youtube_content/0
ASX Rises as BHP Hits Record High Following First-Half Profit Beat
Australian shares gained momentum on Tuesday, February 17, 2026, as the **S&P/ASX 200** closed **0.32% higher** at **8,965.5 points**. The session was defined by a surge in the resources sector, which offset broader weakness in technology and real estate. The day’s standout performer was **BHP Group**, which saw its shares jump as much as **7.7%** to hit a new all-time high of **$54.20**. This rally followed a blockbuster half-year earnings report, where the mining giant posted a **22% increase** in underlying profit to **US$6.2 billion**. BHP also surprised the market by raising its interim dividend to **US$0.73 per share**, a **46% jump** from the previous year. Copper was the primary engine for this growth, now contributing **51%** of the group’s total earnings. The materials sector led the broader market with a **6.1% gain**, largely driven by the **$16 billion** added to BHP's market capitalization. This strength helped the index recover from a sharp drop seen late last week, even as major global markets in the U.S. and Asia remained closed for holidays. Iron ore remains a critical anchor for the Australian economy. Benchmark prices for **62% Fe** iron ore have remained resilient in early 2026, trading between **US$115 and US$125 per tonne**. This stability continues to provide a steady revenue stream for major domestic miners. Investor attention is now pivoting toward upcoming economic indicators. The **January unemployment rate**, scheduled for release on February 19, is a major focal point. Current data shows the labor market remains exceptionally tight, with unemployment at **4.1%**, the lowest level in seven months. Economists are watching to see if the jobless rate stays below the **4.2%** trend. Sustained strength in the jobs market has increased the likelihood of further interest rate moves from the Reserve Bank of Australia, with a potential cash rate hike to **3.85%** being actively discussed by market analysts. While the heavyweight miners and banks like **CBA**—which rose **12%** over the last five sessions—propped up the index, smaller companies faced headwinds. The **Small Ordinaries** index slipped **0.34%**, signaling that the current rally is highly concentrated in mega-cap stocks.
Motilal Oswal Identifies 10 Bullish Stock Picks Including Groww and Dixon Technologies
Market Brief: High-Conviction Growth Bets Motilal Oswal has identified **Billionbrains Garage Ventures** (Groww) and **Dixon Technologies** as standout "Buy" ideas in its latest non-Nifty coverage. The brokerage is betting on a structural earnings recovery in **2026**, forecasting an improved performance for Indian equities after midcaps trailed estimates in late **2025**. Billionbrains Garage Ventures (Groww) Groww has solidified its position as India’s leading retail brokerage, commanding a dominant active client market share. The platform has successfully disrupted the space with a digital-first approach that now captures nearly **78%** of the industry's active users. * **Financial Growth:** Analysts forecast a robust **30%** EPS CAGR for the **FY25–27** period. * **Revenue Diversification:** While brokerage fees account for **85%** of revenue today, high-margin segments like Margin Trade Funding (MTF) are expected to scale from **1%** to **12%** of the total mix by **2028**. * **Recent Performance:** The stock recently faced a short-term hit of **4%**, trading near **₹166**, following new regulatory norms from the RBI affecting capital market intermediaries. Dixon Technologies (India) Ltd As a high-conviction pick in the Electronics Manufacturing Services (EMS) sector, Dixon is positioned to benefit from the **₹40,000 crore** electronics component outlay announced in the **2026 Budget**. * **Sector Tailwinds:** India's electronics production has reached an estimated **₹11.3 trillion**, with mobile phone manufacturing driving a massive portion of this volume. * **Valuation & Targets:** Motilal Oswal maintains a bullish stance with a target price of **₹20,500**. The stock currently trades near **₹11,751**, reflecting a recovery from its **52-week low** of **9,835**. * **Future Guidance:** Management anticipates mobile phone volumes reaching **60–65 million** units by **2028**. Revenue growth remains aggressive, supported by an EPS CAGR projection of **27%** through **2027**. Strategic Outlook The EMS sector continues to see **30%** year-on-year growth, bolstered by the "China+1" strategy and domestic PLI schemes. Despite recent margin pressures in the mobile segment, high-capacity players like Dixon are achieving operational leverage that justifies a premium valuation. Meanwhile, Groww’s lean, tech-led model is expected to drive EBITDA margins toward **66%** by **2028**. Both companies represent a shift toward secular growth themes where market leadership and scale provide a significant competitive moat.
Gaudium IVF to Launch ₹165 Crore IPO on February 20 as First Fertility Sector Listing
Gaudium IVF and Women Health Limited has finalized its initial public offering (IPO) parameters, setting a price band of Rs 75 to Rs 79 per share. The company seeks to raise Rs 165 crore, a move that values the fertility specialist at approximately Rs 575 crore. The bidding process for the public issue is scheduled to open on February 20 and will conclude on February 24. Retail investors can participate with a minimum lot size of 189 shares, requiring an investment of Rs 14,931 at the upper price cap. Shares are expected to be credited to demat accounts by February 26, with the official listing on the BSE and NSE set for February 27. The offering is structured as a combination of a fresh issue worth Rs 90 crore and an offer for sale (OFS) of Rs 75 crore by the promoter. Out of the fresh proceeds, the company has earmarked Rs 50 crore to establish 19 new IVF centers across India. Another Rs 20 crore is designated for the repayment or prepayment of existing debt, with the remainder supporting general corporate expansion. Gaudium IVF has demonstrated robust financial momentum leading up to its market debut. For the fiscal year ending March 31, 2025, the company reported operational revenue of Rs 70.72 crore, marking a 32% increase from the previous year. Profit after tax reached Rs 19.13 crore for the same period. For the first half of the current fiscal year (H1FY26), the firm recorded a total income of Rs 49.75 crore and a profit of Rs 12.51 crore. The company currently operates a hub-and-spoke model with 7 primary centers and 28 strategic alliance locations across 30 cities. This infrastructure positions Gaudium to capitalize on a rapidly expanding domestic fertility market. The Indian In-Vitro Fertilization (IVF) sector is projected to grow at a CAGR of approximately 13%, reaching an estimated valuation of USD 4.54 billion by 2034. This IPO represents a landmark event as Gaudium becomes the first dedicated fertility services provider to list on Indian exchanges. The move follows a broader trend of investor interest in the Assisted Reproductive Technology (ART) sector, driven by rising infertility rates, delayed parenthood, and increased medical awareness. While the grey market premium (GMP) currently remains muted at Rs 0, the subscription phase will serve as a key sentiment indicator for the healthcare services sector. Following this debut, other major players like Indira IVF are expected to monitor performance closely as they consider their own public listings.
PSU Momentum Persists with Strategic Focus on Defense and Power Sectors
The Nifty PSE Index reached **10,340.60** on February 16, 2026, marking a **1.63%** daily increase as public sector stocks solidify their role as market anchors. The sector's momentum is supported by a significant **11.5%** projected rise in capital expenditure for state-owned firms, totaling **4.84 lakh crore** for the upcoming fiscal cycle. Defence and Power Leadership The defence sector is entering a high-execution phase with revenue growth projected at **15% to 17%** for 2026. This surge is underpinned by a massive order-to-income ratio of **4.4 times**. Major entities like Hindustan Aeronautics (HAL) and Mazagon Dock are benefiting from a **15%** jump in capital outlay, specifically targeting advanced platforms such as submarines and fighter aircraft. The power sector has achieved a record installation of **52.5 GW** of generation capacity so far this year. Renewable energy dominates this expansion, contributing **39.7 GW** of the total. Leading players such as NTPC are aggressively scaling, with targets to add **5,200 MW** of capacity in the current year alone, supported by a planned capex of **28,000 crore** for smart grid and transmission infrastructure. Strategic Caution in Energy The oil and gas segment faces structural challenges as domestic crude output continues a long-term decline from **36 million tonnes** in 2017 to roughly **29.4 million tonnes** recently. While upstream players like ONGC expect modest production gains of **19.8 MMT** this year, the sector remains sensitive to high import dependency, which currently stands at **88%**. Infrastructure underutilization persists, with national gas pipelines operating at only **41%** capacity. Growth in this segment is largely tactical, driven by high dividend yields—averaging between **6.1%** and **7.4%** for major oil and mining PSUs—rather than aggressive capital appreciation. Tactical Outlook for IT The IT sector is transitioning toward a recovery phase with spending in India expected to reach **$176.3 billion** in 2026, a **10.6%** year-on-year increase. Market experts view the current environment as a tactical opportunity rather than a structural breakout, as global tech budgets remain disciplined. Data center systems are the primary growth engine within tech, projected to grow by **20.5%** in 2026. While traditional outsourcing faces margin pressure, specialized segments like software and AI-centric services are seeing double-digit growth. Large-cap firms are maintaining stability through robust dividend payouts and a focus on high-margin cloud modernization projects.
Clean Max Enviro Energy Solutions Sets IPO Price Band at Rs 1,000–Rs 1,053
CleanMax Enviro Energy Solutions has finalized the details for its upcoming Initial Public Offering (IPO), marking a significant milestone in India’s renewable energy sector. The company has set the price band at ₹1,000 to ₹1,053 per equity share. The subscription window is scheduled to open on February 23, 2026, and will close on February 25, 2026. Anchor investor participation is expected to commence on February 20. At the upper end of the price band, the company aims to raise a total of ₹3,100 crore. This capital raise is structured as a mix of a fresh issue worth ₹1,200 crore and an offer for sale (OFS) of 1.80 crore shares, valued at approximately ₹1,900 crore. Notably, the total issue size was revised downward from an earlier proposal of ₹5,200 crore to better align with current market conditions. The proceeds from the fresh issue are largely earmarked for strengthening the balance sheet. Approximately ₹1,122.6 crore will be used for the repayment or prepayment of debt, which is expected to lower interest costs and improve overall profitability. Retail investors can participate with a minimum lot size of 14 shares, requiring an entry-level investment of ₹14,742. A special reservation of shares worth ₹30 crore has been made for employees, who are eligible for a discount of ₹100 per share. CleanMax enters the public market following a strong financial performance. The company reported a turnaround in the 2025 fiscal year, posting a profit of ₹19.43 crore compared to a loss in the previous year. Revenue from operations climbed 13% to reach ₹1,610 crore. More recently, for the quarter ended September 2025, the company saw a massive 222% surge in net profit to ₹239 crore. The company currently manages an operational capacity of 2.54 GW, with an additional 2.53 GW under contract. As the leading provider of renewable energy to the commercial and industrial (C&I) segment, CleanMax serves high-demand clients including data centers and technology firms. The timing of the IPO coincides with a broader surge in India's green energy landscape. The sector added a record 44.5 GW of capacity in 2025, and Budget 2026 has further bolstered the industry with an allocation of over ₹75,000 crore to the Ministry of New and Renewable Energy. Share allotment is expected to be finalized by February 26, 2026, with the official listing on the BSE and NSE tentatively scheduled for March 2, 2026. The issue is being managed by a consortium of lead managers including Axis Capital, JP Morgan, and HSBC.
India Bonds Steady Ahead of Large State Debt Auction
Indian government bonds are trading with a steady to firm bias as the market processes a significant supply of state debt and shifting global cues. The benchmark 10-year bond yield is currently hovering near **6.67%**, reflecting a period of relative stability despite ongoing pressure from state-level borrowing. Market attention is centered on the latest State Development Loan (SDL) auctions. Recent issuances saw states and Union Territories raising approximately **8,450 crore** to **25,000 crore** in various tranches. Cut-off yields for these state bonds have largely settled between **7.26% and 7.45%**, maintaining a consistent spread over central government securities. Domestic inflation dynamics are providing a supportive backdrop for the fixed-income market. India’s retail inflation recently cooled to **2.75%**, staying well within the central bank's comfort zone. This follows a significant base year revision to **2024**, which has reduced the weight of food items in the consumer basket. While price pressures remain low, the Reserve Bank of India maintains a neutral stance after its previous **25 basis point** rate cut, which brought the repo rate to **6.25%**. Global factors are further influencing domestic sentiment. U.S. Treasury yields have faced downward pressure, with the 10-year note yield falling toward the **4.03% to 4.05%** range. This decline is fueled by slowing U.S. retail inflation and heightened expectations for interest rate cuts by the Federal Reserve later this year. Liquidity conditions in the Indian banking system remain a key focus for traders. While the central bank has focused on ensuring orderly conditions, market participants are watching for any potential intervention or shifts in durable liquidity management to drive the next move in yields. The Indian Rupee has shown resilience amidst these fluctuations, trading near **90.71** against the U.S. Dollar. The combination of stable domestic yields, moderated inflation, and favorable demand-supply dynamics for government securities continues to define the current market environment.
JGB Yields Decline in Light Holiday Trading
**MARKET BRIEF: JGB YIELDS SLIDE AMID HOLIDAY LULL** **Bond Yields Drop** Japanese government bond (JGB) yields fell sharply on Tuesday, driven by holiday-thinned trading and softer-than-expected economic data. The benchmark **10-year JGB yield** slipped to approximately **2.18%**, reaching levels not seen since mid-January. **Super-Long Sector Rally** The super-long end of the curve outperformed, erasing recent volatility. * **20-year yield:** Dropped **5.5 basis points** to **3.025%**. * **30-year yield:** Declined **6 basis points** to **3.025%**. Investors appear to be pricing in expectations for continued fiscal support following disappointing GDP figures, which showed annualized growth of just **0.2%** in Q4, missing the **1.6%** forecast. **Auction Headwinds** Despite the broader rally, the **five-year bond auction** faced tepid demand. The bid-to-cover ratio signaled a "weak outcome," reflecting lingering investor caution in the medium-term zone. The **5-year yield** traded around **1.69%** following the results. **Currency & Market Context** Trading volume remained suppressed with major Asian hubs—including **China, Hong Kong, Singapore, and South Korea**—closed for the Lunar New Year. The Japanese yen strengthened against the dollar, with **USD/JPY** trading near **152.85**, supported by the drop in U.S. Treasury yields while U.S. markets were closed for Presidents' Day. Market participants are now closely monitoring Prime Minister Takaichi's potential fiscal stimulus measures in response to the sluggish growth data.
Nitin Raheja Views IT Stocks as Oversold and Capital Markets as a Structural Story
Market dynamics in early 2026 suggest a significant shift in the Indian technology landscape. The Nifty IT index recently experienced a sharp correction, dropping between **11% and 15%** due to investor anxiety regarding artificial intelligence. Analysts at Julius Baer maintain that this selloff is an overreaction. They argue that while AI disruption is a fundamental reality, its impact will unfold gradually over several years rather than causing immediate displacement. Top-tier IT firms are currently utilizing their substantial cash reserves to pivot. Major players have already announced aggressive investments in data centers and AI-focused acquisitions. By leveraging these "cash war chests," the sector is evolving from being a target of AI to an active participant in the global infrastructure boom. Current valuations for these companies remain resilient, supported by attractive dividend yields and strong free cash flow. The strategic shift toward engineering R&D and generative AI is expected to help the industry reach a **$350 billion** mark by the end of 2026, contributing nearly **10%** to India's GDP. The capital markets present a separate but equally compelling structural story. Despite short-term volatility and increased regulatory oversight in the futures and options segment, the long-term outlook remains positive. A primary growth driver is the remarkably low household equity allocation in India. Current estimates place this allocation at just **6% to 7%**, far below levels seen in developed economies or regional peers. This gap represents a massive potential for sustained domestic inflows as financial literacy deepens. Institutional observers favor asset managers and wealth management firms in this environment. As retail investors move away from speculative trading toward long-term wealth creation, asset management companies are positioned to capture the resulting surge in assets under management. The broader economy continues to provide a stable backdrop for these sectors. Real GDP growth for the current fiscal year is projected between **6.8% and 7.2%**, supported by historically low inflation and robust service-sector expansion. While global conditions remain complex, the deepening of India's domestic markets serves as a stabilizing force. The transition from a savings-heavy mindset to a capital-market-led approach is still in its early stages, providing a long runway for the financial services and technology sectors.
**RBI’s New Guidelines Balance Customer Protection and Growth, Says Former SBI Chairman**
**Market Brief: Banking Sector Overhaul & Regulatory Shift** **Date:** February 17, 2026 **Focus:** RBI Regulations, Acquisition Finance, & Market Intermediaries A significant regulatory pivot by the Reserve Bank of India (RBI) is set to reshape the domestic banking landscape effective **April 1, 2026**. The central bank has introduced stringent frameworks targeting mis-selling, acquisition financing, and lending to capital market intermediaries. **1. Crackdown on Mis-selling & Customer Protection** The RBI has issued draft directions on the *Advertising, Marketing, and Sales of Financial Products*. The core objective is to eliminate "dark patterns" and forced bundling—such as making loan approvals contingent on buying insurance. * **100% Refund:** Banks must now refund the entire amount plus compensation if mis-selling is proven. * **Suitability Checks:** Strict profiling is mandatory to ensure products match the customer’s risk appetite and financial literacy. * **Feedback Loop:** A mandatory **30-day** feedback mechanism post-sale has been introduced to verify customer consent and understanding. **Context:** The regulator imposed approximately **₹27 crore** in penalties on banks in CY2025 alone, signaling zero tolerance for compliance lapses. **2. Boost for M&A Financing** In a major structural shift, the RBI’s *Capital Market Exposure Directions* now permit domestic banks to aggressively fund corporate takeovers, a space previously dominated by foreign lenders. * **75% Funding:** Banks can now finance up to **75%** of the acquisition value for eligible borrowers. * **Eligibility Floor:** Borrowers must have a minimum net worth of **₹500 crore** and a **3-year** profit track record. * **Unlisted Access:** Even unlisted companies can access this funding if they hold an investment-grade rating. Former SBI Chairman **Dinesh Kumar Khara** describes this as a "pragmatic" move that retains deal financing within the Indian banking system while ensuring adequate leverage safeguards. **3. Tightening Broker & Intermediary Lending** To curb speculative volatility, the RBI has tightened norms for lending to stockbrokers and market intermediaries. * **100% Collateral:** All credit facilities to intermediaries must now be fully secured; unsecured lines are effectively banned. * **Cash Trap:** For bank guarantees, brokers must provide **50%** collateral, of which **25%** must be strictly in cash. * **Prop Trading Ban:** Banks are explicitly prohibited from financing a broker's proprietary trading positions. **Market Impact:** While this raises the cost of funds for brokers and may squeeze short-term liquidity, experts view it as a necessary step to reduce systemic risk and promote long-term market stability. **Why this matters:** This video features Dinesh Kumar Khara explaining the rationale behind these specific regulatory changes, offering a deeper understanding of how they balance customer protection with banking sector growth. [Dinesh Kumar Khara on RBI's new guidelines](https://www.youtube.com/watch?v=FvVXVYNxNeo) http://googleusercontent.com/youtube_content/0
US Equities: Assessing the Impact of AI Innovation and Performance Trends on Market Volatility
Market Brief: The AI Capital Reckoning Global equity markets are navigating a period of heightened volatility as the initial euphoria surrounding artificial intelligence transitions into a rigorous assessment of financial sustainability. While the disruptive potential of AI remains a central market driver, investors are now demanding clear evidence of return on investment (ROI) to justify the staggering capital requirements of the sector. The scale of investment has reached historic levels. Major technology hyperscalers—including Amazon, Alphabet, Microsoft, and Meta—have signaled a collective capital expenditure package of approximately $700 billion for 2026. This represents a surge of more than 60% compared to 2025. Amazon alone has detailed a $200 billion spending plan, while Alphabet’s projected expenses have nearly doubled year-over-year to meet a backlog of compute demand. This "arms race" for infrastructure is reshaping market valuations. The tech-heavy Nasdaq-100 has experienced a multi-week slide in early February 2026, falling roughly 2% year-to-date as investors rotate out of high-growth software and service sectors. The CBOE Volatility Index (VIX) recently spiked nearly 18%, reaching 20.82, signaling growing anxiety over whether AI-driven revenue can scale fast enough to offset these massive costs. Market data as of mid-February 2026: - Total global AI spending is forecast to reach $2.52 trillion this year. - Hyperscaler capital expenditure is up 60% year-over-year. - The hardware segment currently accounts for 54% of the AI infrastructure market. - S&P 500 tech-sector futures remain under pressure, slipping 0.5% in recent sessions. The narrative is shifting from "AI as a feature" to "AI as infrastructure." High-maturity organizations are moving beyond experimental pilots toward the deployment of autonomous agents capable of executing complex workflows. While this "agentic phase" promises faster ROI in sectors like finance and logistics, the immediate impact has been a "scare trade" in traditional software and business services, where investors fear displacement by AI-native models. Infrastructure providers continue to be the primary beneficiaries of this spending wave. Leading semiconductor foundries and chip designers report revenue visibility extending through the end of the year, supported by a $450 billion market for GPUs and AI accelerators. However, for the broader market, the focus remains on the "Year of Truth"—a phase where the ability to manage data sensitivity and operational costs will determine which firms survive the current volatility. Current trends suggest a bifurcated market. Defensive sectors like utilities and consumer staples have seen modest gains as safe havens, while the technology sector faces a "trough of disillusionment." Investors are now prioritizing firms with disciplined capital allocation and transparent monetization timelines over those pursuing speculative moonshot projects.