🇮🇳 India Daybook: Persistent Systems, Coforge Lead IT Growth; Chennai Petro Profits Surge

📍 EARNINGS

• Persistent Systems: Reported Q3 FY26 revenue of $422.5 million, marking a 17.3% YoY and 4% QoQ growth. The company maintained a steady EBIT margin of 16.7% (excluding one-time labor code impacts) and declared an interim dividend of ₹22 per share.
• Coforge: Posted a 22.6% YoY revenue jump to $478.2 million for the December quarter. The company’s executable order book for the next 12 months stands at a record $1.72 billion, up 30% YoY.
• Chennai Petroleum Corporation: Reported a standalone net profit of ₹1,001.6 crore for Q3, a significant jump from ₹20.78 crore in the same period last year, driven by improved operational efficiencies.
• Piccadily Agro: The maker of Indri whiskey saw its Q3 profit jump 92% YoY to ₹313.8 crore, supported by strong growth in its premium distillery segment.
• UltraTech Cement: Consolidated net profit rose 32% YoY in its latest quarterly update, supported by a 22% increase in net sales.

📍 ORDER WIN & BUSINESS UPDATE

• Hindustan Copper: Emerged as the preferred bidder for a major copper block in Madhya Pradesh as part of the government’s latest mineral resource auctions.
• BHEL: The Tiruchi unit has added over 100 new vendors and is facilitating specialized loans for MSMEs through SIDBI to support its expanding order book in the power and industrial sectors.
• Adani Green Energy: Informed the exchanges regarding the successful operationalization of a new green energy project, adding to its total renewable capacity.
• Embassy Developments: Announced that pre-sales are expected to jump 2.5-fold to ₹5,000 crore this fiscal year due to surging demand in the luxury housing segment.

📍 MANAGEMENT CHANGE

• Route Mobile: Appointed Seckin Arikan as the new Chairman and Additional Director of the Board. This follows the resignation of Mark James Reid, who stepped down citing personal commitments.

📍 REGULATORY & TAX

• Canara Bank: The lender has received a 'Notice of Strike' from bank unions, which may impact operations in the coming weeks.
• Paradeep Phosphates: Disclosed the receipt of a Seizure Memo from the Customs Department; the company is currently evaluating the legal implications.
• Vodafone Idea: Faces a fresh GST penalty of ₹638 crore, adding to the telecom major's ongoing regulatory and financial hurdles.

📍 ANALYST VIEW

• Kotak Mahindra Bank: Systematix has raised its target price on the stock following a robust Q3 performance characterized by higher NII and lower provisioning.
• Shriram Finance: Motilal Oswal raised its target price, projecting a 29% PAT CAGR over FY26-28 based on strong AUM growth.
• Siemens Energy: Received a "Buy" rating from major brokerages with a potential 60% upside, citing long-term earnings visibility in the power infrastructure space.

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