Shares of Billionbrains Garage Ventures Limited, the parent company of stock broking platform Groww, surged to a 52-week high of ₹212.90 on Wednesday morning after Bank of America Securities initiated coverage on the stock with a ‘Buy’ rating and a target price of ₹235.

The stock was trading at ₹207.39 as of 11.52 am, up 6.51 per cent or ₹12.68 from its previous close of ₹194.71. The day’s trading volume stood at 790.19 lakh shares, with a traded value of ₹1,635.39 crore.

BofA Securities expects Groww to deliver revenue growth of 30 per cent CAGR between FY26 and FY28, citing the company’s positioning to benefit from India’s retail investing tailwinds.

The brokerage projected EBITDA margins and PAT margins expanding to 67 per cent and 52 per cent respectively by FY28, driven by operating leverage.

It has valued the company at 39x its FY28 estimated price-to-earnings multiple. Near-term risks flagged include weak capital market performance and the upcoming expiry of the six-month lock-in period for pre-IPO shareholders.

Wednesday’s move adds to a strong run for the stock. Groww shares have gained over 33 per cent in the past month and are up approximately 95 per cent from their IPO issue price of ₹100. The company listed on NSE on November 12, 2025.

The BofA note follows a string of positive institutional calls on the stock. Last month, JPMorgan initiated coverage with an ‘Overweight’ rating and a target price of ₹210. UBS, however, was more cautious, initiating with a ‘Neutral’ rating and a target of ₹185.

Of nine analysts currently tracking Billionbrains Garage Ventures, seven carry ‘Buy’ ratings, while one each hold ‘Hold’ and ‘Sell’ recommendations. The company’s total market capitalisation stood at approximately ₹1,30,070 crore as of Wednesday morning.

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Published on April 15, 2026

The United States said ​on Wednesday its military had completely halted trade going in and out of Iran by sea, even though President Donald Trump said talks with ‌Tehran on ending the war could resume this week.

Trump said negotiations between U.S. and Iranian officials could ​resume in Pakistan in the next two days and Vice President JD Vance, who led weekend talks that ⁠ended without a breakthrough, said he felt positive about where things stood.

“I think you’re going to be watching an amazing two days ahead,” Trump told ABC News reporter Jonathan Karl, adding he did not think it would be necessary to extend a two-week ceasefire that ends on April 21.

“It ‌could end either way, but I think a deal is preferable because then they can rebuild,” Trump said, according to a post by Karl on X. “They really do have a different regime now. No matter what, we took ‌out the radicals.”

Officials from Pakistan, Iran and the Gulf also said negotiating teams from the U.S. and Iran could ‌return ⁠to Pakistan later this week, although one senior Iranian source said no date had been set.

Despite the optimistic note, ⁠more vessels were being turned back under the U.S. blockade on Iranian ports, including a U.S.-sanctioned and Chinese-owned tanker Rich Starry that was making its way back to the Strait of Hormuz on Wednesday after exiting the Persian Gulf.

Admiral Brad Cooper, the head of the U.S. Central Command, said American forces had completely halted ​economic trade going in and out of Iran by sea, ‌which he said fuels 90% of Iran’s economy.

“In less than 36 hours since the blockade was implemented, U.S. forces have completely halted economic trade going into and out of Iran by sea,” Cooper said in a post on X.

Earlier the U.S. military said it had intercepted eight Iran-linked oil tankers since the start of the blockade on Monday, according to the Wall ‌Street Journal.

RETURN TO ISLAMABAD

Trump, speaking to the New York Post on Tuesday, said his negotiators are likely to be ​back, thanks largely to the “great job” Pakistan’s army chief, Field Marshal Asim Munir, was doing to moderate the talks.

Later on Tuesday, at an event in Georgia, U.S. Vice President JD Vance said Trump wanted to ⁠make a “grand bargain” with Iran but there was a lot of mistrust between the two countries.

“You are not going to solve that problem overnight,” he said.

The signs of diplomatic engagement to end the conflict that began on February 28 helped calm oil markets, pressing benchmark prices down for ‌a second day on Wednesday. Asian stocks rose while the safe-haven dollar stabilised after falling for a seventh straight session overnight.

The war has prompted Iran to effectively shut the Strait of Hormuz, a crucial global waterway for crude and gas transport and cut shipments from the Gulf to global buyers, particularly in Asia and Europe.

About 5,000 people have died in the hostilities, including about 3,000 in Iran and 2,000 in Lebanon.

STICKING POINTS

Iran’s nuclear ambitions were a key sticking point at the weekend talks. The U.S. had proposed a 20-year suspension of all nuclear activity by Iran, while Tehran had suggested a halt of three to five years, according to people familiar ‌with the proposals.

Speaking in Seoul, the head of the International Atomic Energy Agency (IAEA), Rafael Grossi, said the length of any moratorium on Iranian uranium enrichment was a ​political decision and it was possible Tehran might accept a compromise as a confidence-building act.

The U.S. has also pressed for any enriched nuclear material to be removed from Iran, while Tehran has demanded that international sanctions against ⁠it be removed.

One source involved in the negotiations in Pakistan said back-channel talks since the weekend had produced progress in closing that gap, ⁠bringing the two sides closer to a deal that could be put forward at a new round of talks.

However, in a major complication for peace prospects, Israel has continued to attack Lebanon as it targets Hezbollah, an Iran-backed militant ‌group. Israel and the U.S. say that campaign is not covered by the ceasefire, while Iran insists it is.

On Tuesday, the UK, Canada, Japan and seven other countries condemned the killings of UN peacekeepers in Lebanon and called for “an urgent end to hostilities”.

The ​statement comes after the deaths of three Indonesian peacekeepers last month. The countries welcomed the ceasefire agreed between the U.S., Israel and Iran.

Published on April 15, 2026

IEX electricity volume grew 23.5 per cent year-on-year in March 2026 and 24 per cent year-on-year in Q4FY26, led by strong real-time market growth
| Photo Credit:
RAGHUNATHAN SR

India’s power demand recovery remains elusive, with growth staying muted in Q4FY26 amid an extended monsoon and slow start to summer. The sector is now looking to FY27 for a potential pickup.

According to Nuvama’s latest report on India’s power sector, demand rose just 1.9 per cent year-on-year in Q4FY26 and was largely flat for the full year. This sets up a subdued base for thermal utilities heading into the next fiscal.

Nuvama expects modest profit after tax growth across its power coverage universe in Q4FY26. “We reckon Nuvama’s power coverage universe shall post modest PAT growth in Q4FY26, driven by weak plant load factor across utilities,” the report said.

“India’s power demand remained muted for yet another quarter (Q4FY26 growth: 1.9 per cent year-on-year) with March 2026 demand rising 0.7 per cent year-on-year,” the report said. “FY26 demand remained largely flat (+0.8 per cent year-on-year) with extended monsoon and slow start to summer adding to woes.”

Power demand grew to 150 billion units in March 2026 and 426 billion units/1,715 billion units in Q4FY26/FY26. It was largely affected by the extended monsoon, slow start to summer and likely weak industrial output.

Peak demand did improve to ~245 GW in Q4FY26 from ~238 GW in Q4FY25, up 2.9 per cent year-on-year. However, thermal plant load factors remained under pressure.

“Thermal PLF remained low at ~70 per cent in March 2026 (73.4 per cent in March 2025) with most utilities posting muted PLFs in Q4FY26,” Nuvama noted. NTPC reported a PLF of 76.7 per cent in Q4FY26 versus 82.7 per cent in Q4FY25, while Tata Power posted 63 per cent versus 72.9 per cent year-on-year. Overall thermal PLF was muted at 69.8 per cent in Q4FY26, down from 73.4 per cent a year ago.

The supply-demand equation is diverging between solar and non-solar hours. “Solar-hour supply outpaced demand with negligible deficiency (IEX prices declined to ₹3.3 per unit in March 2026 versus ₹3.7 per unit in February 2026) while non-solar hours reported stronger demand and reduced supply (prices at ₹5.3 per unit in March 2026 versus ₹3.4 per unit in February 2026),” the report said.

IEX electricity volume grew 23.5 per cent year-on-year in March 2026 and 24 per cent year-on-year in Q4FY26, led by strong real-time market growth. Total volume, including renewable energy certificates, grew ~34 per cent year-on-year in March 2026 and 21 per cent year-on-year in Q4FY26.

The renewable pipeline remains strong, offering medium-term visibility. “RE tendering pipeline as on March 2026 remains elevated at ~368 GW, largely driven by solar plus storage (~65 per cent of total tenders). Total RE addition of ~43 GW year-to-date (till February 2026),” Nuvama noted.

Going forward, a normal monsoon and a pickup in industrial activity will be key to reviving power demand growth in FY27. Until then, utilities with regulated equity growth, strong commissioning, and improving plant availability are better placed. Thermal PLFs remain the key monitorable, along with non-solar hour prices on exchanges, which indicate tightening supply when solar generation drops off. If summer sets in earlier next year, both demand and PLFs could see a cyclical rebound off a low base.

Published on April 15, 2026

Published on April 15, 2026

Oil prices fell for a ​second day on Wednesday on expectations peace talks between the ⁠U.S. and Iran may resume and eventually release supply from the key Middle East producing region trapped by the closure of the Strait of Hormuz.

Brent crude futures fell ‌52 cents, or 0.55%, to $94.27 a barrel at 0054 GMT after falling 4.6% in the previous session. U.S. West Texas ‌Intermediate crude was down $1.04, or 1.1%, to $90.24 after dropping 7.9% ‌the ⁠session before. Talks to end the war between the U.S. and Israel ⁠and Iran could resume in Pakistan over the next two days, U.S. President Donald Trump said on Tuesday, after the collapse of negotiations over the weekend prompted Washington to impose ​a blockade on Iranian ports. This ‌has increased optimism talks could eventually settle the conflict and open up crude oil and fuel flows.

The war has shut the Strait of Hormuz, a key waterway for crude and refined product flows out of ‌the Gulf to global buyers, particularly in Asia and Europe. Despite a ​two-week ceasefire, transit through the strait remains uncertain, with traffic at only a fraction of the 130 or so vessels ⁠that moved through the waterway before the war, sources said on Tuesday. A U.S. destroyer stopped two oil tankers from leaving Iran on Tuesday, a U.S. official ‌said.

“While diplomatic headlines suggest the possibility of renewed U.S.-Iran talks and even a temporary easing of transit restrictions, the physical reality remains fragmented,” the Schork Group said in a note.

“The result is a market that continues to price optionality around flow disruption rather than a return to equilibrium.” The market stands to lose some access to further supply after two U.S. administration ‌officials told Reuters on Tuesday the U.S. will not renew a 30-day waiver of ​sanctions on Iranian oil at sea that expires this week, and quietly let a similar waiver on sanctions on Russian oil ⁠expire over the weekend.

Later in the day, markets will be watching for ⁠official U.S. inventory data from the Energy Information Administration due at 10:30 a.m. ET (1430 GMT). U.S. crude oil stockpiles were expected to have ‌risen slightly last week, while distillate and gasoline inventories likely fell, a Reuters poll showed. Market sources familiar with American Petroleum Institute figures said on ​Tuesday U.S. crude oil inventories jumped for the third straight week.

Published on April 15, 2026