Broker’s call: Physicswallah (Overweight)

Broker’s call: Physicswallah (Overweight)


Target: ₹125

CMP: ₹108.48

Physicswallah (PWL) is one of India’s leading EdTech players that has disrupted online test prep with a low-cost model (online and hybrid) for content delivery. It enjoys a large addressable online market that is expected to show a 29 per cent CAGR over FY25-30 reaching $6-6.5 billion per Redseer and lucrative online margins (JPMe FY27 30 per cent).

PWL addresses an attractive test prep market in India that is projected to show a 13 per cent CAGR over FY25-30 to $23-25 billion per Redseer. PWL’s asset intensity increase is likely to stabilise as online growth is likely to lead offline growth. Offline centre utilisation increase should drive breakeven over FY27.

While the online business underscores its profitability and cash flow, the offline centres and school businesses provide optionality. We initiate coverage with an Overweight and April 2026 price target of ₹125 . We value PWL as an SOTP with core attraction in its online/hybrid test prep business. We value this at 30x EV/EBITDA. We apply a lower 10x EV/EBITDA multiple to the offline business and don’t ascribe any value to the school business. This business can provide optionality if scale up is better than expected.

Key risks include student/faculty churn, adverse regulation, slowing online growth and any deeper expansion into K-12 schools.

Published on April 22, 2026



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Broker’s Call: Minda Corp (Buy)

Broker’s Call: Minda Corp (Buy)


Target: ₹650

CMP: ₹541.65

Over FY21-25, Minda Corp significantly expanded its CPV through strategic acquisitions and deeper product penetration. The shift, from conventional mechanical locksets (₹400-1,000/unit) to smart keys and keyless entry systems (₹1,500-4,000/unit), delivers a 2.5x-4.0x CPV uplift. Analogue-to-TFT cluster upgrades add a further 2.5x-5x value uplift, while EV wiring harnesses carry nearly 3.0x the content value of conventional ICE harnesses. Together, these initiatives have transformed the company from a 2W-focussed component supplier into a diversified system solutions provider.

The strong financial outperformance in 9MFY26 has been driven by strategic acquisitions and favourable product-mix shifts. Key subsidiaries and associates now operate at 14-20 per cent margin, as compared with the group’s about 11 per cent historical margin, reflecting a structurally improving profitability mix.

The company has outlined a ₹2,000-crore capex roadmap over the next four-five years, directed towards greenfield die-casting plants (Pune, Greater Noida), TFT instrument cluster facilities and JV ramp-ups.

The company posted a consolidated revenue/EBITDA/PAT CAGR of about 21 per cent/28 per cent/48 per cent over FY21-25, driven by premiumisation-led content upgrades.

We initiate a Buy rating with a DCF-based 12-month target price of ₹650 per share (implied P/E of 29x on FY28E EPS). We forecast about 17 per cent/18 per cent/29 per cent revenue/EBITDA/PAT CAGR over FY26-29E.

Published on April 22, 2026



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FSIB invites application from private sector too for selection of public sector banks' EDs

FSIB invites application from private sector too for selection of public sector banks' EDs


FSIB, the headhunter for directors of state-owned banks and financial institutions, has invited applications from eligible candidates, including those from the private sector, for the appointment of executive directors of nationalised banks during the current financial year.

Inclusion of candidates from the private sector is a departure from the set procedure, and this is the first time that the Financial Services Institutions Bureau (FSIB) would consider them for selection for more than half a dozen vacancies of EDs expected to be created during the current financial year.

As per the eligibility criteria announced by FSIB, the applicant from the private sector should have at least 18 years of experience, with 12 years of banking experience, including 3 years at the highest level below board level (to be held on a substantive basis).

Candidates who are not from nationalised banks shall be considered as private candidates, FSIB said in a public notice.

Private candidates are required to provide an organogram of the bank in which they have the highest level of experience below board level, clearly indicating their position in the organisation hierarchy, it said, adding that the organogram(s) should be submitted along with the resume.

With respect to candidates from public sector banks, it said, the applicant should have a combined service of 4 years at the Chief General Manager and General Manager levels in nationalised banks.

Candidates holding the post of Chief Vigilance Officer (CVO) would not be considered for appointment to the post.

If an officer has faced two or more major penalties in his/her career, he/she shall not be eligible to apply for the position of ED, nationalised banks, it said.

The penalties imposed, including minor penalties, on the applicants during the last 10-year period shall also be disclosed, it added.

Selection will be based on shortlisting and personal interview, it said, adding that applications received shall be scrutinised and shortlisted for interview based on experience and eligibility conditions.

Final selection of the candidates will be done by the FSIB, and allocation of banks will be done on merit-cum-preference basis for the anticipated vacancies.

The unanticipated vacancies, if any, arising during the FY 2026-27 shall be filled through the panel of candidates in the waiting list created through this selection process, it said.

Published on April 22, 2026



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Gold rates slip again; check rates in Chennai, Ahmedabad, Mumbai, Kolkata, Bengaluru, Delhi

Gold rates slip again; check rates in Chennai, Ahmedabad, Mumbai, Kolkata, Bengaluru, Delhi


A one-kilogram gold bar and a sealed gold coin are displayed at a jewellery store in Dubai.
| Photo Credit:
Amr Alfiky

Gold prices in India saw a decrease in all key cities today, April 22, excepting in Chennai and Hyderabad. The price for 8 grams of 24-carat gold also dropped in all cities compared with the previous session. Below is a detailed breakdown of gold prices in key cities.

Gold rates in India:

Gold prices in India today were ₹14,235 for 1 gram of 22-carat gold (down by ₹50) and ₹ 1,13,880 for 8 grams of 22-carat gold (down by ₹400).

Gold price in Mumbai:

22 Carat: today were ₹14,235 for 1 gram of 22-carat gold (down by ₹50) and ₹ 1,13,880 for 8 grams of 22-carat gold (down by ₹400).

24 Carat: ₹ 14,947 for 1 gram (down by ₹52) and ₹1,19,576 for 8 grams (down by ₹416).

Gold price in Chennai:

22 Carat: ₹14,250 for 1 gram (lower by ₹50) and ₹ 1,14,000 for 8 grams (declined ₹400).

24 Carat: ₹14,963 for 1 gram (down ₹52) and ₹1,19,704 for 8 grams (₹416).

Gold price in Hyderabad:

22 Carat: ₹14,250 for 1 gram (lower by ₹50) and ₹ 1,14,000 for 8 grams (declined ₹400).

24 Carat: ₹14,963 for 1 gram (down ₹52) and ₹1,19,704 for 8 grams (₹416).

Gold price in Delhi:

22 Carat:₹ 14,285 for 1 gram (down by ₹50) and ₹1,14,280 for 8 grams (down by ₹400).

24 Carat: ₹ 14,999 for 1 gram (down by ₹53) and ₹ 1,19,992 for 8 grams (down by ₹424).

Gold price in Ahmedabad:

22 Carat: ₹ 14,289 for 1 gram (down by ₹50) and ₹ 1,14,312 for 8 grams (down by ₹400).

24 Carat: ₹ 15,003 for 1 gram (down by ₹53) and ₹1,20,024 for 8 grams (down by ₹424).

Gold price in Bengaluru:

22 Carat: ₹ 14,295 for 1 gram (down by ₹50) and ₹ 1,14,360 for 8 grams (down by ₹400).

24 Carat: ₹ 15,010 for 1 gram (down by ₹52) and ₹ 1,20,080 for 8 grams (down by ₹416).

Gold price in Kolkata:

22 Carat: ₹ 14,335 for 1 gram (down by ₹505) and ₹ 1,14,680 for 8 grams (down by ₹400).

24 Carat: ₹ 15,052 for 1 gram (down by ₹52) and ₹ 1,20,416 for 8 grams (down by ₹416).

Gold Rates Courtesy: bankbazaar.com

Published on April 22, 2026



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Intellect Design Arena’s payment platform wins top US compliance rating

Intellect Design Arena’s payment platform wins top US compliance rating


Intellect Design Arena Ltd on Wednesday said its eMACH.ai Payments platform has received the highest rating from Nacha Consulting across all four major US payment rails — TCH RTP, FedNow, Fedwire, and ACH. Shares of fintech firm rose 2.85 per cent to ₹696.80 on the NSE today before the closing bell.

The rating was awarded by the official consulting arm of Nacha, the body that governs the US ACH Network. The assessment covered 72 live payment scenarios across 16 categories and returned zero compliance findings on any rail. Intellect said it commissioned the review voluntarily, not as a regulatory requirement.

The evaluation confirmed full scheme compliance for all ISO 20022 message types used in FedNow, TCH RTP, and Fedwire, including Request to Pay flows, credit transfers, and Fedwire drawdowns. It also validated compliance across ACH processing formats including Same Day ACH, Notice of Change, and Micro-Entries.

Nacha Consulting flagged as a differentiator the platform’s ability to handle instant payments, bulk batch payments, and high-value RTGS payments on a single system.

The announcement follows Intellect’s January 2026 US market launch of eMACH.ai Payments and its inclusion as a Leader in the inaugural Gartner Magic Quadrant for Banking Payment Hub Platforms. The platform is currently deployed across 40 countries, serving over 126 financial institutions including nine central banks.

Despite today’s gain, the stock remains under pressure on a longer horizon, down roughly 26 per cent year-to-date and about 9 per cent over the past year. Its 52-week high stands at ₹1,255, hit in June 2025. Total market capitalisation stands at approximately ₹9,733 crore.

Intellect will showcase the platform at the NACHA Smarter Faster Payments conference in San Diego from April 26–29.

Published on April 22, 2026



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EU publishes measures to address impact of Iran war on energy market

EU publishes measures to address impact of Iran war on energy market


The European Commission on Wednesday ​proposed a series ‌of measures to address ​the impact
on ⁠the region’s energy markets from the U.S.-Israeli war ‌with
Iran.

The Commission said the measures – announced ‌in a ‌package
called ‘AccelerateEU’ – ⁠included optimising the ⁠distribution of
jet fuel between EU countries, in order to ​avoid ‌shortages.

“The choices we make today will shape our ability to face
the ‌challenges of today ​and the crises of tomorrow. Our
AccelerateEU ⁠strategy will bring both immediate and ‌more
structural relief measures to European citizens and businesses,”
said European Commission President Ursula von der Leyen.

“We must ‌accelerate the shift to ​homegrown, clean energies.
This will give us ⁠energy independence and security, ⁠and mean we
are better able ‌to weather geopolitical storms,” she added.

Published on April 22, 2026



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