MIDWEST: QUARTZITE IMPORTS TO BE SUPPLEMENTED WITH DOMESTIC MINES IN INDIA

First quartzite mine in South India expected to open with competitive pricing.

Company is also developing own quartzite resources in Sri Lanka.

Government expected to announce related scheme in the next few weeks, supporting domestic supply.

BRAHMAPUTRA INFRA: WINS ₹113.5 CR JAMMU LEGISLATURE COMPLEX ORDER

YATRA ONLINE Says Canvas Expands Significantly With The New CEO

Continue To Focus On The Corporate Business

NMDC: Iron Ore Price Slash Shocks Market

NMDC implemented sharp 18% cuts across iron ore grades effective Jan 9, 2026, defying analyst expectations for price hikes.

January 2026 Pricing
- Baila Lump (65.5%, 10–40 mm): ₹4,600/ton (↓18%)
- Baila Fines (64%, –10 mm): ₹3,900/ton (↓18%)
- FOR pricing excludes royalty, DMF, NMET, cess, GST, forest & transit charges

Market Surprise
- Applies to all domestic sales from NMDC mines
- Counter-consensus move amid steel margin pressures
- Signals aggressive volume strategy over pricing power

Steel Sector Impact
- Provides immediate relief to domestic steel producers
- May pressure smaller miners' profitability
- Reflects softening steel demand or rising imports competition

Key Takeaway: Unexpected price cut hands steelmakers cost advantage – NMDC prioritizes volumes over margins in competitive FY26 landscape.

VINATI ORGANICS: INVESTS ₹31.19 CR IN WHOLLY-OWNED SUBSIDIARY VEERAL ORGANICS

Tanfac Industries: ₹495 Cr Fluorinated Chemicals Expansion

Project Approval Details
- Board approves 20,000 TPA downstream fluorinated chemicals plant at Cuddalore
- Total capex pegged at ₹495 crore via equity-debt mix
- Commissioning targeted for November 2026

Strategic Expansion
- Leverages existing 60-acre Cuddalore manufacturing footprint
- Shifts focus to higher-margin downstream fluorinated products
- Complements prior solar-grade DHF and refrigerant gas capacity additions

Execution Timeline
- Builds on proven track record of greenfield expansions
- Aligns with secured long-term offtake agreements (Japan refrigerant deal)
- Positions Tanfac as integrated fluorine chemicals leader

Market Positioning
- Addresses rising domestic/international specialty chemical demand
- De-risks revenue through value-added product diversification
- Supports Anupam Rasayan-TIDCO JV's growth consolidation

Key Takeaway: ₹495 Cr capex accelerates downstream pivot – Tanfac cements leadership in high-margin fluorination chemistry by FY27.

GLOBUS SPIRITS Q3 ; CONS NET PROFIT UP 5473% AT ₹30.65 CR (YOY), UP 40% (QOQ)

REVENUE UP 19% AT ₹716 CR (YOY), UP 8% (QOQ)

EBITDA UP 118% AT ₹74.85 CR (YOY), UP 24% (QOQ)

MARGINS 10.45% VS 5.71% (YOY), 10.45% VS 9.11% (QOQ)

Embassy Developments Ltd – Q3 FY26 Business Update

• ₹1,392 Cr pre-sales, ↑ 240% QoQ vs Q2; 9M FY26: ₹1,999 Cr

• ₹415 Cr collections, ↑ 15% QoQ; 9M FY26: ₹1,096 Cr

• RERA approvals for 4 projects — Embassy Citadel (Worli), Embassy Greenshore, Embassy Eden & Embassy Verde Phase-2
→ GDV > ₹12,800 Cr, strong pipeline visibility

• OC received for 239 units at senior living project Serene Amara (Bengaluru JV)

• FY26 guidance intact: Management confident of achieving ₹5,000 Cr pre-sales

• Net institutional debt: ₹2,939 Cr as of Dec-25

Impact: ↑ Positive
Sharp QoQ pre-sales acceleration and large GDV approvals strengthen visibility and support FY26 growth outlook.

Tejas Networks Ltd Q3 FY26 Results:-

Revenue 306.79 Cr vs 2642.24 Cr
(-88.39% YoY & +17.18% QoQ)

PBT -302.87 Cr vs +211.27 Cr YoY & -472.99 Cr QoQ

PAT -196.55 Cr vs +165.67 Cr YoY & -307.13 Cr QoQ

NIIT Learning Systems Acquires US-Based SweetRush for $26 Mn – Global Expansion Boost

Strategic Acquisition
- NIIT MTS acquires 100% stake in SweetRush Inc., a top US provider of strategic training and custom learning solutions for Fortune 1000 clients.
- Deal size: Up to USD 26 mn (including earn-out), fully cash-funded.

Financial Highlights
- SweetRush FY25 revenue est. USD 22.4 mn (FY24: USD 24.8 mn).
- Adds human-centered design, certification-led content, and advanced digital learning to NIIT's Managed Training Services.

Growth Catalysts
- Cross-sell opportunity: Convert project-based clients to long-term annuity-style engagements.
- No regulatory approvals needed; transaction closed.

Key Takeaway: Strengthens NIIT MTS's US enterprise access and high-margin digital capabilities for sustained revenue growth.

Phoenix Mills Q3FY26 Update: Strong Across Retail, Offices, Hospitality & Residential

Overall Performance
- Festive-led retail demand, rising office occupancies, resilient hospitality, and sustained residential momentum drive robust execution.

Retail Highlights
- Q3 FY26 consumption: ₹4,787 Cr (+20% YoY); 9M FY26: ₹12,122 Cr (+15% YoY).
- Broad-based growth despite revamps and premiumisation.
- New malls (Phoenix Mall of Asia-Bengaluru, Phoenix Mall of the Millennium-Pune) scaling strongly.

Office Leasing Momentum
- 9M FY26 gross leasing: ~1.20 msft.
- Mumbai/Pune operational occupancy: 77% (Dec'25) vs 67% (Mar'25).
- New developments occupancy: 41% with advanced leasing visibility.
- Key milestones: OCs for Millennium Towers 1-3 (Pune); LEED Platinum certification.

Hospitality Strength
- St. Regis Mumbai: Q3 RevPAR +10% YoY (86% occupancy); 9M +8% YoY.

Residential Sales Surge
- Q3 FY26 gross sales: ₹140 Cr (vs ₹58 Cr YoY); 9M: ₹412 Cr (vs ₹135 Cr YoY).
- Driven by premium inventory monetisation.

Key Takeaway: Broad-based growth positions Phoenix Mills for accelerated leasing and consumption upside in FY26.