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On January 6, 2026, Reliance Industries (RIL) confirmed that its Jamnagar refinery had not received any Russian crude oil cargoes in recent weeks and did not expect deliveries in January. This announcement triggered a sharp decline in RIL shares, which fell over 4.4% intraday, eroding nearly ₹95,000 crore in market capitalization. India’s overall Russian oil imports are expected to drop to multi‑year lows this month, raising questions about supply diversification and geopolitical risks.

Market Reaction

Despite the headlines, analysts note that the broader stock market fall is not directly linked to Russian oil import reports. Key drivers include:

• Global Risk Sentiment: Concerns over U.S. tariffs on Indian exports and geopolitical tensions.
• Sectoral Rotation: Investors shifting away from energy and IT into defensive sectors.
• Valuation Pressures: High valuations in large‑cap stocks prompting profit‑booking.
• Currency Volatility: Rupee weakness against the dollar impacting foreign investor flows.

Reliance Industries in Focus

• RIL’s stock decline was significant but largely company‑specific.
• The halt in Russian crude imports is seen as a temporary adjustment amid sanctions and trade negotiations.
• Analysts expect Reliance to diversify sourcing and maintain refining margins through alternative suppliers.

Broader Market Outlook

• Sensex and Nifty showed mixed trends, with energy stocks underperforming while banking and FMCG provided some support.
• Market experts believe the correction is part of a healthy consolidation phase rather than a structural downturn.
• Investors are advised to monitor upcoming Q3 FY26 earnings, which will provide clarity on sectoral resilience.

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Conclusion

While Reliance’s halt in Russian oil imports has impacted its stock price, the broader market decline is driven by global sentiment, sectoral shifts, and valuation concerns rather than oil import dynamics alone. Investors should view this correction as an opportunity to reassess portfolios, focusing on fundamentals and long‑term growth sectors.

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Meesho’s shares faced a sharp decline, hitting the lower circuit on Wednesday as the one‑month post‑listing lock‑in period for pre‑IPO investors expired. The expiry of this lock‑in triggered significant selling pressure, with early investors and insiders offloading part of their holdings. The sudden surge in supply weighed heavily on the stock price, leading to a steep fall and raising concerns about short‑term volatility in the counter.

Background

Meesho, the Bengaluru‑based e‑commerce platform, made its market debut last month with strong investor interest. The company’s IPO was oversubscribed, reflecting optimism around its asset‑light business model and growing penetration in Tier‑II and Tier‑III cities. However, the expiry of the lock‑in period has now exposed the stock to profit‑booking and liquidity adjustments.

Key Factors Behind the Fall

• Lock‑in Expiry: Pre‑IPO investors, including venture capital funds and early backers, were allowed to sell their shares after the mandatory one‑month lock‑in.
• Supply Surge: The sudden increase in available shares led to heavy selling pressure.
• Valuation Concerns: Analysts have flagged Meesho’s high valuation relative to peers, which may have prompted investors to book profits.
• Market Sentiment: Broader weakness in the e‑commerce and tech sector has added to the bearish mood.

Investor Outlook

While the near‑term outlook remains volatile, analysts believe Meesho’s fundamentals—such as its strong user base, focus on affordability, and expanding seller ecosystem—could support long‑term growth. However, the company will need to demonstrate consistent profitability and margin improvement to regain investor confidence.

Industry Context

The event highlights a recurring trend in India’s startup IPOs, where lock‑in expiries often trigger sharp corrections. Similar patterns have been seen in other new‑age tech listings, underscoring the importance of monitoring supply dynamics alongside business fundamentals.

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Conclusion

Meesho’s sharp fall post lock‑in expiry is a reminder of the risks associated with newly listed companies. While long‑term prospects remain intact, short‑term volatility is likely to persist until selling pressure subsides. Investors are advised to track earnings performance, margin trends, and sectoral sentiment before making fresh commitments.

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The Indian IT sector enters Q3 FY26 with cautious optimism. Analysts expect seasonal softness in revenues due to furloughs and client holidays in Western markets, but AI-driven demand and large deal wins are likely to provide resilience.

Key themes shaping this quarter include:

• AI-led transformation projects driving incremental demand.
• Muted sequential growth due to seasonality.
• Margin pressures from wage hikes and currency fluctuations.
• Strong order pipelines in BFSI, healthcare, and manufacturing verticals.

Company-Specific Expectations

Coforge

• Revenue Outlook: Expected to post steady growth, supported by BFSI and travel verticals.
• Profitability: Operating profit around ₹316 crore, PAT at ₹215 crore in Q3.
• Key Drivers: Expansion in digital engineering and cloud services.
• Risks: Seasonal furloughs in Europe and the U.S. may weigh on short-term momentum.

Persistent Systems

• Revenue Outlook: Anticipated to show mid-single-digit growth, driven by product engineering and cloud transformation deals.
• Profitability: Margins may remain under pressure due to higher employee costs.
• Key Drivers: Strong traction in generative AI solutions and partnerships with hyperscalers.
• Risks: Currency volatility and client budget constraints.

Tata Consultancy Services (TCS)

• Revenue Outlook: Analysts expect muted sequential growth but resilient year-on-year expansion.
• Profitability: Margins stable, supported by operational efficiencies.
• Key Drivers: Large deal wins, $6.5 billion investment in AI infrastructure, and strong BFSI demand.
• Risks: Seasonal weakness, slower discretionary spending in Europe.

Key Points to Watch in Q3 FY26

• AI Investments: TCS’s asset-heavy AI strategy vs. peers’ asset-light approaches.
• Deal Wins: Coforge and Persistent’s mid-cap agility in securing niche deals.
• Margins: Wage hikes and currency movements impacting profitability.
• Dividend Announcements: TCS likely to declare an interim dividend in January.

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Conclusion

Q3 FY26 is expected to be a muted yet resilient quarter for Indian IT firms. While seasonality will weigh on topline growth, the AI-led demand pipeline and large deal wins provide optimism for the rest of FY26. Investors should closely monitor management commentary, margin trends, and dividend announcements to gauge the sector’s trajectory.

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The Competition Commission of India (CCI) has concluded a multi‑year investigation into alleged price collusion among India’s largest steel producers. According to a confidential regulatory order, Tata Steel, JSW Steel, and state‑run SAIL, along with 25 other firms, were found to have coordinated steel selling prices over several years.

The probe revealed that 56 senior executives, including Tata Steel CEO T.V. Narendran, JSW Steel’s Managing Director Sajjan Jindal, and multiple former SAIL chairpersons, were directly liable for the collusion. The violations reportedly occurred across different periods between 2015 and 2023, raising serious concerns about market fairness and consumer impact.

Key Findings

• Collusion on Steel Prices: Evidence suggests coordinated pricing strategies among the companies, undermining competitive market practices.
• Executives Held Liable: 56 top officials across the three firms and others were named in the CCI order.
• Risk of Heavy Penalties: The companies and individuals face potential fines running into hundreds of crores.
• Market Impact: The collusion may have inflated steel prices, affecting industries dependent on steel, including construction, infrastructure, and manufacturing.

Industry Implications

This ruling is significant for India’s steel sector, which is vital to infrastructure and industrial growth. The findings could:

• Trigger financial penalties and stricter compliance requirements.
• Lead to reputational damage for the companies involved.
• Encourage greater regulatory oversight in commodity markets.
• Potentially open the door for legal challenges from affected buyers and industries.

What Happens Next

The CCI’s order is expected to be followed by hearings on penalties and corrective measures. Industry experts believe this could reshape pricing practices in the steel sector and push companies toward more transparent operations.

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Conclusion

The CCI’s findings against Tata Steel, JSW Steel, and SAIL mark a watershed moment in India’s corporate regulatory landscape. As the steel industry braces for potential fines and reforms, investors and stakeholders must remain vigilant. With trusted guidance from SEBI‑registered analysts like Eqwires, navigating such turbulent times becomes more strategic and informed.

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Bajaj Housing Finance Limited (BHFL), a wholly owned subsidiary of Bajaj Finance, has come into sharp focus after reporting robust growth in its Assets Under Management (AUM) for the third quarter of FY26. The company’s performance has exceeded expectations, with AUM growth landing at the higher end of its guided range, reinforcing investor confidence in the housing finance segment.

Strong Q3 Performance

• AUM Growth: Bajaj Housing Finance reported AUM growth of nearly 30% year-on-year, surpassing the upper end of its guidance. This reflects strong demand for housing loans and effective execution of its expansion strategy.
• Loan Book Expansion: The company’s loan book continued to expand across retail housing loans, loan against property, and developer financing, highlighting a diversified portfolio approach.
• Asset Quality: BHFL maintained stable asset quality, with Gross Non-Performing Assets (GNPA) under control, supported by prudent underwriting practices and strong risk management frameworks.
• Funding Profile: The firm has successfully diversified its funding sources, with a healthy mix of bank borrowings, market instruments, and deposits, ensuring liquidity strength.
• Market Reaction: Shares of Bajaj Finance, the parent company, witnessed positive momentum as investors factored in the strong performance of its housing finance arm. Analysts expect BHFL’s contribution to overall consolidated earnings to rise further in the coming quarters.

Industry Context

The housing finance sector has been witnessing steady growth, driven by rising demand for affordable housing, government incentives, and favorable interest rate conditions. Bajaj Housing Finance’s ability to deliver growth at the higher end of guidance underscores its competitive positioning against peers such as HDFC Ltd and LIC Housing Finance.

Investor Outlook

Market experts believe that Bajaj Housing Finance’s strong Q3 performance will bolster investor sentiment in Bajaj Finance shares. The company’s focus on expanding its retail housing loan portfolio, maintaining asset quality, and leveraging technology for customer acquisition is expected to drive sustainable growth. With the housing finance sector poised for long-term expansion, BHFL is likely to remain a key growth driver for Bajaj Finance’s consolidated business.

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Conclusion

Bajaj Housing Finance’s Q3 performance has reaffirmed its growth trajectory, with AUM expansion at the higher end of guidance and stable asset quality. As the housing finance sector continues to benefit from strong demand and supportive policies, BHFL’s role in driving Bajaj Finance’s consolidated growth will remain pivotal. Investors are expected to closely track upcoming earnings and strategic updates, with optimism surrounding the company’s long-term prospects.

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