Broker’s Call: Hindustan Unilever (Hold)

by Hansraj Agrawal | Feb 13, 2026 | Business

Target: ₹2,450

CMP: ₹2,305.20

Hindustan Unilever (HUL) posted a 2.8 per cent year-on-year increase in revenue in Q3FY26, with underlying volumes expanding 4 per cent, reflecting broad-based traction across categories. The management indicated that demand trends have gradually improved, supported by moderating inflation, particularly in food, over recent months. The steady improvement in consumer confidence signals an early recovery in overall consumption sentiment.

EBITDA margins contracted to 23 per cent, impacted by decline in gross margins. However, the management expects sequential improvement, supported by a favourable price-cost equation, better product mix and ongoing net productivity initiatives. The management reiterated margin guidance of 22-23 per cent, while continuing to invest in the business to drive sustained growth, with a clear focus on volume-led growth and premiumisation.

HUL remains focused on driving competitive, volume-led growth through stronger brand positioning, expansion in high-growth segments and scaling of future-ready channels such as quick commerce.

The management expects a gradual recovery in the coming quarters, aided by recent GST rate reductions, which could act as a catalyst for demand recovery in the long term, along with other favourable macro policies. However, we remain cautious in the short term and prefer to adopt a wait-and-watch approach and therefore maintain our Hold rating on the stock.

Published on February 13, 2026

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Broker’s Call: Mahindra & Mahindra (Add)

by Hansraj Agrawal | Feb 13, 2026 | Business

Target: ₹4,289

CMP: ₹3,533.80

Mahindra & Mahindra, or M&M’s Q3FY26 standalone EBITDA rose 19 per cent year on year to ₹5,290 crore, which was in line with our estimate, but 4 per cent below Bloomberg (BB) consensus estimate. Normalised PAT rose 31 per cent to ₹4,000 crore due to higher other income and flattish depreciation. The ₹590-crore charges in respect of global farm equipment business hit reported PAT.

The management indicated that GST cut is benefiting sports utility vehicle (SUV) premiumisation and entry-level car customers. It indicated that XUV7XO launch has garnered 70 per cent of bookings for the top two variants. Improvement in the internal rate of return for commercial segments (LCV, tractor & 3W) post-GST cut is driving the company’s volume. While El Nino fears are a cause for concern, the precise timing of its landing will be key to gauge the impact on FY27F tractor demand.

We have raised sales volume estimates by 5-7 per cent for FY26F-27F to factor in new vehicle launch momentum and capacity build-up. We build in 8 per cent tractor industry volume growth for FY27F.

With current mark-to-market of investment in subsidiaries, we raise the value of subsidiaries to ₹709/share (from ₹654 earlier). The standalone entity is valued at 22x one-year forward P/E, marginally below the +1SD level to reflect concerns over rainfall, leading to a SOTP-based higher target price of ₹4,289 (₹4,157 earlier) and maintain Add rating on the stock.

Published on February 13, 2026

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Coinbase faces service disruption, halts trading for brief period

by Hansraj Agrawal | Feb 13, 2026 | Business

FILE PHOTO: Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken
| Photo Credit:
Dado Ruvic

Global cyrptocurrency exchange Coinbase late on Thursday suffered a service disruption, resulting in users being unable to buy, sell or transfer their cryptocurrencies on the platform for around 1 hour.

“We are aware that customers may be unable to buy, sell, transfer on http://Coinbase.com at this time. Our team is investigating this issue and will provide an update. Your funds are safe,” Coinbase’s support team posted on X. The issue was resolved around 1 hour later.

Separately, Coinbase CEO Brian Armstrong has reportedly sold company shares amounting to approximately $550 million over the nine-month period, reflecting a sustained programme of stake reduction.

The selling activity follows a pattern seen in prior quarters, during which Armstrong periodically trimmed his holdings in Coinbase Global Inc., the US-based cryptocurrency exchange he co-founded and currently leads. Such transactions are not uncommon among technology and crypto executives and are frequently conducted under pre-arranged trading plans pursuant to SEC Rule, which are designed to mitigate insider trading concerns.

Against a backdrop of broader global financial volatility, including pressure on technology equities and fluctuations in precious metals, market conditions remain liquidity-sensitive. In the near term, this environment could support range-bound price action or continued downside pressure until macro liquidity dynamics stabilise, experts say.

Published on February 13, 2026

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Nippon Gold BeES breaks into global top 10 with 2 million inflows

Nippon Gold BeES breaks into global top 10 with $912 million inflows

by Hansraj Agrawal | Feb 13, 2026 | Business

World Gold Council data attributed the surge in global gold ETF flows in January 2026 to macroeconomic uncertainty, expectations of interest rate shifts and demand for portfolio diversification
| Photo Credit:
Just_Super

Nippon India ETF Gold BeES ranked sixth globally in gold ETF fund flows for January 2026, recording net inflows of $911.7 million and a gold demand of 5.7 tonne, according to data released by the World Gold Council. It was the only Indian gold ETF to feature in the global top 10 for the month.

The ranking was disclosed on Friday by Nippon Life India Asset Management Limited (NAM India), the manager of Nippon India Mutual Fund. The fund’s performance placed it alongside established gold ETFs from the United States, China and Europe in a month when global gold ETFs saw combined net inflows of approximately $14.75 billion across the top 15 funds.

World Gold Council data attributed the surge in global gold ETF flows in January 2026 to macroeconomic uncertainty, expectations of interest rate shifts and demand for portfolio diversification.

India, while operating a relatively smaller ETF market compared to the US and China, emerged as a notable contributor to global gold ETF flows during the period. NAM India said the result reflects growing investor adoption of regulated, exchange-traded gold products in the country.

Nippon India ETF Gold BeES is the largest gold ETF in India by assets and has been listed on the National Stock Exchange since 2007.

Published on February 13, 2026

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India allows export of 2.5 mt of wheat, additional 0.5 mt of sugar

by Hansraj Agrawal | Feb 13, 2026 | Business

The Government has approved export of 2.5 million tonnes (mt) of wheat, additional 0.5 mt of wheat products, and additional 0.5 mt of sugar to “stabilise domestic markets and ensure remunerative returns to producers”. The additional quantity will be over and above 0.5 mt of wheat products and 1.5 mt of sugar already allowed for export.

“This calibrated decision has been taken after a comprehensive assessment of the current availability and price scenario, reaffirming the Government’s commitment to protecting farmers’ interests,” the Food Ministry said in a statement on Friday.

It has highlighted that wheat stock with private entities during 2025–26 stands at about 7.5 mt, which is nearly 3.2 mt higher than that in the corresponding period last year. The ministry felt this year-on-year increase was comfortable for domestic availability. Besides, total wheat availability in the central pool with the Food Corporation of India (FCI) is projected at 18.2 mt as on April 1, 2026, when the next harvesting season starts. Officials said export permissions will not impact domestic food security requirements.

Wheat acreage in the Rabi 2025-26 season has increased to about 334.17 lakh hectares, compared with 328.04 lakh hectares last year, as farmers are supported by assured MSP and procurement mechanisms. The Government is expecting another robust harvest this year.

“In view of higher stock availability, softening prices, expected higher production, and the need to prevent distress sales during peak arrivals, the decision on exports will help stabilise domestic prices, improve market liquidity, ensure efficient stock rotation, and further strengthen farmers’ income, while ensuring national food security,” a senior official said.

The decision to allow an additional 0.5 mt of sugar will not be available to all on the formula as was earlier devised in the permits issued for 1.5 mt. In the current Sugar Season 2025–26, only “willing sugar mills” will be allowed permits. According to information furnished by the sugar mills to the Food Ministry, about 1,97,000 tonnes of sugar has been exported up to January 31, while 2,72,000 tonnes of sugar has been been contracted for export.

“The additional export quantity of 0.5 mt will be made available to willing sugar mills subject to the condition that at least 70 per cent of their allocated quantity is exported by June 30, 2026. The export quota will be allocated on a pro-rata basis among willing sugar mills, and mills shall submit their willingness within 15 days from the date of issuance of the order. The export quota so allocated shall not be swapped or exchanged with any other sugar mill,” it said.

This decision is expected to facilitate higher sugar exports and help in managing surplus sugar availability in the country, the ministry said.

Published on February 13, 2026

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मुश्किल में एयर इंडिया, सेफ्टी सार्टिफिकेट बिना एयरबस उड़ाने पर 1 करोड़ का लगा जुर्माना

by Hansraj Agrawal | Feb 13, 2026 | Business

DGCA Fine Air India: भारत के नागरिक उड्डयन नियामक Directorate General of Civil Aviation (DGCA) ने Air India पर 1 करोड़ रुपये का जुर्माना लगाया है. आरोप है कि एयरलाइन ने एक Airbus विमान को आवश्यक ‘एयरवर्थिनेस परमिट’ (उड़ान योग्य प्रमाणन) के बिना आठ बार उड़ाया.

एयर इंडिया पर एक्शन

यह विमान 24 से 25 नवंबर के बीच राष्ट्रीय राजधानी दिल्ली, मुंबई, बेंगलुरु और हैदराबाद के बीच यात्रियों को लेकर संचालित किया गया. जांच में पाया गया कि संबंधित एयरबस विमान के पास वैध एआरसी (Airworthiness Review Certificate) नहीं था. एआरसी वह अनिवार्य वार्षिक प्रमाणपत्र है, जो विमान की तकनीकी स्थिति, रखरखाव रिकॉर्ड और सुरक्षा मानकों की जांच के बाद जारी किया जाता है. इसके जरिए यह सुनिश्चित किया जाता है कि विमान नियामकीय नियमों और सुरक्षा मानकों के अनुरूप है.

बिना वैध एआरसी के किसी विमान का वाणिज्यिक उड़ान भरना गंभीर उल्लंघन माना जाता है, क्योंकि इससे सुरक्षा निगरानी प्रक्रिया कमजोर पड़ती है. इसी आधार पर भारत के विमानन नियामक Directorate General of Civil Aviation (DGCA) ने Air India पर एक करोड़ रुपये का जुर्माना लगाया। नियामक ने इसे सुरक्षा मानकों से समझौता मानते हुए कड़ी कार्रवाई की है, ताकि भविष्य में ऐसी चूक दोबारा न हो.

विमानन सुरक्षा नियमों का उल्लंघन

DGCA के अनुसार, किसी भी विमान को वाणिज्यिक उड़ान भरने से पहले वैध एयरवर्थिनेस प्रमाणन अनिवार्य होता है, जो यह सुनिश्चित करता है कि विमान सुरक्षा मानकों पर खरा उतरता है. नियामक ने पाया कि संबंधित एयरबस विमान ने निर्धारित अनुमति के बिना परिचालन किया, जो विमानन सुरक्षा नियमों का उल्लंघन है. इसे गंभीर चूक मानते हुए DGCA ने वित्तीय दंड लगाया.

एयरवर्थिनेस परमिट विमान की तकनीकी स्थिति, रखरखाव और नियामकीय अनुपालन की पुष्टि करता है. इसके बिना उड़ान भरना सुरक्षा जोखिम पैदा कर सकता है. इस कार्रवाई को विमानन सुरक्षा मानकों के कड़े पालन के संकेत के रूप में देखा जा रहा है. एयर इंडिया की ओर से आमतौर पर ऐसे मामलों में नियामक के साथ सहयोग और प्रक्रियात्मक सुधार के कदमों की बात कही जाती है.

ये भी पढ़ें: शेयर बाजार में कोहराम, 1000 अंक से ज्यादा टूटकर सेंसेक्स बंद, पल भर में 7 लाख करोड़ स्वाहा

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