Indian equity indices concluded the week on a strong note, with the NIFTY breaching the 25,600 mark on 27th June. The Sensex closed up by 0.36% at 84,058.90, and the NIFTY rose 0.35% to 25,637.80.
On the domestic front, economic indicators painted a mixed, but generally resilient, picture. India's private sector activity surged to a 14-month high in June, driven by robust manufacturing and services expansion. Micro, small, and medium enterprise (MSME) credit impressively crossed Rs40 lakh crore in FY24-25, indicating strong growth fuelled by priority-sector lending and digitalisation. The Reserve Bank of India (RBI), while projecting benign inflation and continued growth, acknowledged potential headwinds from global events and trade barriers. In a move to facilitate market operations, RBI extended trading hours for call money and repo markets, even as T-bill and money market rates saw a rise under the VRRR (variable rate reverse repo) plan. The national payments platform, NPCI, reported a significant 42% jump in FY24-25 profit and 19% revenue increase, reflecting the continued digitisation of the economy.
However, not all sectors shared in the optimism. Cement industry, for instance, experienced its first annual revenue contraction in two decades during FY24-25, despite a broader construction boom. Public sector undertakings (PSUs) exhibited dividend fatigue, with payouts hitting a decade low and 39% decline in FY24-25, raising questions about capital allocation. Furthermore, the credit market saw a two-year low in originations for first-time borrowers, suggesting underlying caution. The government also moved to shore up infrastructure financing, with the railways implementing its first fare hike in five years, anticipating an additional Rs13,000 crore in revenue. Separately, the goods and services tax (GST) fund is projected to accumulate a Rs95,000 crore surplus by March 2026, prompting deliberations on its utilisation.
Globally, trade and geopolitical tensions cast long shadows. The US economy contracted by 0.5% in first quarter of 2025, worse than estimates, signalling potential weakening of global demand. This was compounded by rising global commodity prices: urea prices jumped due to supply disruptions from the Middle East, while Chinese export restrictions and West Asia's crisis drove up DAP (diammonium phosphate) fertiliser costs, directly impacting India's agricultural input expenses. India faces a critical scarcity of rare earth materials, with ‘no quick fix’ in sight, largely due to China's restrictions on seven key elements, highlighting supply-chain vulnerabilities. Adding to trade concerns, Israel-Iran tensions are threatening India's agri exports via the crucial Bandar Abbas Port. India's reliance on Beijing for 80% of specialty fertilisers, coupled with Chinese ‘agony barriers’ causing delays in Indian shipments, further underscore the complexities of international trade.
Despite these challenges, India's outward trade saw some bright spots. Shipments of Android phones from India to foreign markets, especially the US, saw a significant rise in January-May, bolstered by US tariff policies. Net foreign direct investment (FDI) inflows also increased to US$3.9nb (billion) in April, driven by moderation in capital repatriation, while outward remittances under the liberalised remittance scheme (LRS) rose 8.6% to US$2.5bn.
In the corporate sphere, strategic realignments and new ventures were prominent. Adani Total Gas and Jio-BP forged a partnership to cross-sell fuels, marking a deeper collaboration between the conglomerates. In the consumer goods sector, Magnum is set to acquire 62% of Kwality Wall's India from Unilever and Suntory is seeking to raise funds for Imperial Blue through a strategic partnership with Pernod Ricard. Reliance Retail is strategically integrating a luxury arm to boost efficiency. In manufacturing and technology, contract-maker Zetwerk announced a substantial Rs500 crore-Rs800 crore investment in components manufacturing, fostering tie-ups with Taiwanese, South Korean and Chinese firms. In the digital health space, PharmEasy founders launched a new start-up, 'Home', securing US$120mn (million), while Amazon India also entered the at-home diagnostics market. However, the burgeoning ride-hailing sector is flagging GST concerns over its software-as-a-service (SaaS), seeking clarity on inconsistent tax treatment.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Aurobindo Pharma’sunit CuraTeQ received UK’s medicines and healthcare products regulatory agency (MHPRA) approval to sell a bio-similar drug (Dyrupeg) used to treat low white blood cell counts in cancer patients.
Star Health & Allied Insurance entered into a master services agreement with Medi Assist Healthcare to implement ‘Matrix’, an artificial intelligence (AI)-driven, end-to-end claims-management platform. This strategic collaboration aims to automate and streamline the entire health insurance claims lifecycle—from intake to adjudication and settlement.
Sun Pharma and its European partner Philogen had voluntarily withdrawn the marketing authorisation application (MAA) for Nidlegy™ from the European medicines agency (EMA). The decision stems from delays in the availability of chemistry, manufacturing and controls (CMC) data and additional clinical information needed to fully characterise the therapy’s benefit-risk profile for locally advanced, resectable melanoma.
Ambuja Cements successfully commissioned a 2.4MTPA (metric tonnes per annum) brownfield expansion at its Sankrail unit in West Bengal, pushing its total cement capacity to 102.95MTPA. This strategic ramp-up enhances its market footprint in east India, a region witnessing infrastructure-led demand.
Cyient and Vodafone unveiled a next-gen AI-powered global network configuration management solution, aimed at transforming network engineering and operations. This joint initiative brings enhanced automation, real-time visibility and streamlined efficiency to complex network environments, addressing growing demands for agility and reliability in telecom infrastructure.
HCL Technologies formed a strategic alliance with AMD to develop advanced AI, digital and cloud solutions. This collaboration aims to accelerate enterprise digital transformation worldwide by co-investing in innovation labs and training programmes.
Adani Airports secured US$1bn in financing for the Mumbai international airport. This is India’s first investment-grade private bond issuance in the airport industry to support modernisation and capacity expansion.
The ministry of heavy industries launched the application portal for its new Scheme to promote manufacturing of electric cars in India, signalling a policy push toward domestic electric vehicle (EV) production. Under this scheme, the government is inviting applications until 21 October 2025, with key incentives and requirements. These include: concessional 15% customs duty on fully built electric car imports, compared to the current 100% duty; eligibility to import up to 8,000 EVs per year under the concessional duty window. Companies must invest Rs4,150 crore in setting up EV manufacturing facilities in India.
Glenmark Pharmaceuticals launched TEVIMBRA® in India for treating non-small cell lung cancer and oesophageal squamous cell carcinoma. TEVIMBRA, approved in multiple global markets, signifies Glenmark's entry into immune-oncology, expanding its oncology portfolio.
NLC India Renewables, a wholly-owned subsidiary of NLC India (+2.26%), secured a landmark contract from Tamil Nadu green energy corporation (TNGECL) to develop three stand-alone battery energy storage system (BESS) projects with a combined capacity of 250MW (megawatt)/500MWh (megawatt-hour). This is NLC’s first large-scale foray into energy storage and the projects will be implemented under the build-own-operate (BOO) model with viability gap funding (VGF) support. The systems will be installed at Ottapidaram, Anuppankulam and Kayathar substations in Tamil Nadu and are designed for two full charge-discharge cycles per day, enabling on-demand grid support.
JSW Energy may bid again for RaigarhChampa Rail Infrastructure (RCRIPL) after the national company law appellate tribunal (NCLAT) Chennai overturned an earlier national company law tribunal (NCLT) order, allowing the issuance of a fresh Form G and expression of interest (EoI). This clears the way for JSW Energy to re-enter the corporate insolvency resolution process (CIRP) for the rail SPV which is strategically linked to its earlier acquisition of KSK Mahanadi Power.
LT Foods clarified that its subsidiary, Ecopure Specialities, has been issued a preliminary countervailing duty of Rs50 crore in the US market. The company is seeking a review of the ruling and is engaging with relevant authorities.
Solar Industries India secured Rs158 crore contract from the ministry of defence (MoD), government of India, for the supply of defence products. The order is slated for execution within one year, signalling a steady inflow of near-term revenue.
Orders
KEC International secured Rs1,236 crore worth of new civil orders, marking its largest-ever win in the buildings & factories (B&F) segment. The contracts involve high-rise residential projects in western India, awarded by prominent real estate developers, and cover the development of over 5mnsqft (million square feet), including buildings up to G+70 storeys.
KNR Constructions secured a significant Rs4,800.57 crore contract for the Banhardih coal mining block project.
Reliance Defence, a subsidiary of Reliance Infrastructure, secured a Rs600-crore export order from Rheinmetall, a prominent global defence manufacturer, for the supply of advanced ammunition. This marks a pivotal expansion in their strategic partnership, underlining Reliance’s capabilities in high-tech defence manufacturing.
EMS won a Rs781.98-crore contract from the Kolkata municipal corporation to undertake pollution abatement work on the River Adi Ganga. The order includes components of operation and maintenance, with EMS’s share amounting to 74% of the total project value.
Capacit’eInfra projects secured a Rs621 crore letter of intent from the SaifeeBurhani Upliftment Trust for the Sector-07 project, marking its third consecutive order from the same client.
Bondada Engineering won a Rs836-crore contract from Tamil Nadu green energy corporation (TNGECL) to develop 400MWh of grid-scale battery energy storage systems (BESS) at Vellalaviduthi and Thennampatty. This marks the company’s largest energy storage project to date, awarded under the build-own-operate (BOO) model through competitive bidding.
Investment/ Acquisition / Stake Stale
Birla Group Holdings and other promoter group entities acquired 56.83 crore shares in Aditya Birla Lifestyle Brands through a scheme of arrangement, representing a 46.58% stake in the company’s total share and voting capital.
Vardhman Special Steels approved the allotment of 1.47 crore equity shares to Aichi Steel Corporation for a total consideration of Rs384.90 crore, increasing Aichi’s stake to 24.90% in the company. As part of the investment, Vardhman has also amended its articles of association to incorporate terms of the share subscription & investment agreement (SSIA), for the governance framework around this cross-border partnership.
Zen Technologies acquired a majority stake in TISA Aerospace, marking a strategic entry into the loitering munitions space. This acquisition is aimed at integrating TISA’s advanced drone technologies with Zen’s existing anti-drone systems, enhancing its full-stack defence solutions. TISA Aerospace, supported by DRDO and IIT Madras, brings strong research & development (R&D) credentials, further solidifying the tech synergy.
Top gainers and losers of the major indices for the week are given in the table below:
