Despite marginal gains on Friday, the broader market sentiment remained cautious, shaped by global headwinds and domestic technical signals. BSE Sensex closed at 79,857.79, down 765.47 points (-0.95%) and NSE Nifty 50 settled at 24,363.30, down 232.85 points (-0.95%). Moneylife Breadth Indicator is currently at neutral territory; however, it was hovering near bearish territory, reflecting weakening participation despite index-level stability.
Global economic dynamics are being reshaped by a rapid escalation in US protectionism which has triggered a significant recalibration of trade strategies worldwide. The US has imposed steep tariffs on a wide range of goods from India, reaching as high as 50% on certain products, ostensibly in response to India's continued purchase of Russian oil. This move threatens to shave up to 60bps (basis points) off India’s gross domestic product (GDP) growth for fiscal 2026, according to forecasts from HDFC Bank and Goldman Sachs, with other major institutions projecting similar impacts. The tariffs, which apply to a substantial 67% of India’s exports to the US, have already sparked retaliatory discussions with Brazil and forced India to publicly condemn the measures as ‘unreasonable’ and ‘unjustified’.
The Reserve Bank of India (RBI) has opted for stability, holding its benchmark repo rate at 5.5%, while trimming the fiscal 2026 inflation forecast to 3.1% and retaining the GDP growth estimate at 6.5%. The central bank’s posture is one of confident caution, asserting that India will contribute 18% to global growth, far exceeding the US forecast of 11%. This internal strength is supported by robust domestic consumption and improved compliance which saw goods and services tax (GST) collections rise 7.5% year-on-year (y-o-y) in July to Rs1.68 lakh crore. The government is also doubling down on internal reforms to buffer against external shocks. This includes a new land-lease policy by Indian Railways to boost e-commerce logistics and a review of the flexible inflation targeting (FIT) framework which has been in place since 2016. In the energy sector, the ministry of new and renewable energy is preparing to launch PM-KUSUM 2.0, a scaled-up solar irrigation initiative to replace diesel pumps which will involve a near-doubling of pump installations and could require Cabinet approval to revise capital subsidies.
Retail vehicle registrations declined by 4.3% in July y-o-y, driven by a drop in two-wheelers (2Ws) and construction equipment, with geopolitical uncertainty and monsoonal disruptions weighing on demand. Despite this, passenger vehicle (PV) sales saw a slight rebound of 1% in July, reversing a two-month contraction. Maruti’s sales held steady, Hyundai posted 20% gain, while others like Mahindra and Tata recorded declines. Adding to the sector's complexities, the government is proposing a mandatory minimum threshold for zero-emission vehicle (ZEV) sales, requiring four major car-makers to achieve 6.5% ZEV share by fiscal 2025/FY25-26 . This initiative comes despite ZEVs currently comprising just 2.59% of PV sales, with the industry's response muted due to concerns over infrastructure. However, companies are taking proactive steps; Bajaj Auto successfully averted a production halt by switching from Chinese high rare earth (HRE) magnets to low rare earth (LRE) alternatives for its electric vehicles (EVs), while auto-makers under the production-linked incentive (PLI) scheme are on track to meet investment goals a year ahead of schedule. On the corporate front, Jaguar Land Rover has appointed Tata Motors’ group chief finance officer (CFO), PB Balaji, as its new chief executive officer (CEO), a strategic move to deepen integration within the conglomerate and improve agility in volatile markets.
Electronics exports surged 47% y-o-y to reach a record US$12.4bn (billion) in Q1FY25-26, primarily driven by 58% increase in smartphone shipments under the government’s PLI scheme. Apple alone accounted for US$6bn in iPhone exports, marking a significant 82% y-o-y increase. This growth positions the industry to potentially breach US$50bn-US$54bn in full-year exports. However, this success is overshadowed by the threat of new US tariffs on non-smartphone electronics like inverters, chargers and transformer parts which could expose up to US$30bn in business opportunities. The government is responding by expediting deregulation and compliance reforms to buffer against these risks. On the domestic front, the technology ecosystem is expanding, with the Software Technology Parks of India (STPI) scheme supporting a 12.5% increase in IT exports to US$224bn in fiscal 2025. Additionally, the launch of BharatGen AI and its support for 22 Indian languages signals a move towards building inclusive, regional-focused technology tools.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Vi Business, the enterprise arm of Vodafone Idea, plans to deploy 12mn (million) smart meters across India over the next three years. The initiative aligns with the India Smart Grid Mission and aims to reduce AT&C losses for DISCOMs while empowering consumers with real-time energy insights via its Internet of Things (IoT) Smart Central platform.
Bank Albilad partnered with Intellect Design Arena (+0.20%) to accelerate its wholesale banking digital transformation, aligning with Saudi Arabia’s Vision 2030 goals. The collaboration leverages Intellect’s enterprise-grade fin-tech to enhance operational agility and support the Kingdom’s evolving financial ecosystem.
Fineotex Chemical commenced operations at its new Rs60 crore manufacturing facility adding 15,000MT (metric tonnes ) annual capacity in phase-1. Strategically located near Jawaharlal Nehru Port Trust (JNPT) and Bhiwandi, the plant boosts logistics efficiency and expands the company’s global footprint.
BEML signed a non-binding memorandum of understanding (MoU) with TuTr Hyperloop an IIT Madras-incubated start-up, to jointly develop advanced transportation technologies including Hyperloop systems, LIM (Linear Induction Motor)-based cargo solutions and specialised wagons.
Bharti Airtel’s Xtelify launched Airtel Cloud and an artificial intelligence (AI) software suite on, targeting global telcos. Airtel Cloud, built in India, supports 1,400mn transactions/min and offers up to 40% cloud spend optimisation for Indian firms. The AI suite includes Data Engine, Xtelify Work, and Xtelify IQ to enhance CX, operational efficiency and productivity.
VST Tillers Tractors launched its new FENTM Tractor Series with five models (18.5–29HP) for the Indian market. Designed for fuel efficiency and high torque, the FENTM range offers 2WD/4WD (Two-Wheel Drive/Four-Wheel DriveI) options, compact build and strong low-RPM performance. The launch aligns with VST’s FRUGAL innovation focus, targeting small- to mid-sized farms.
Swan Defence signed an exclusive pact with Varex Imaging to manufacture advanced cargo and vehicle inspection systems in India. Production will take place at SDHI’s Pipavav facility, supporting border security and the ‘Make in India’ initiative. Varex brings global expertise in high-energy imaging for security and industrial applications.
Dixon Technologies signed master services agreement with Tech Mahindra to implement AI-powered Industry 4.0 automation across its manufacturing and research & development (R&D) facilities. Under the partnership, Tech Mahindra will deliver end-to-end digital transformation solutions including smart factory services, robotics, system integration and data analytics. The initiative aims to enhance Dixon’s operational agility, precision and efficiency, while enabling proactive decision-making and intelligent manufacturing environments.
SpiceJet recorded zero Level-1 safety findings in directorate general of civil aviation (DGCA) audits over the past year, affirming its operational integrity. The airline also renewed its IOSA (IATA Operational Safety Audit) certification in March 2025, valid till March 2027, reinforcing its adherence to global safety standards. SpiceJet reiterated safety as its top priority under regulatory and international norms.
Cipla’s Bommasandra facility in Bengaluru received a VAI (Voluntary Action Indicated) classification from US food and drug admninstration (US FDA) following a cGMP (Current Good Manufacturing Practice) inspection conducted from 26th to30 May 2025. The outcome reflects minor observations with no regulatory action required.
Infosys launched its Center for Advanced AI, Cybersecurity, and Space Technology at the Hubballi Development Center in Karnataka. Part of its global Living Labs network, the facility strengthens Infosys’ innovation ecosystem and boosts local headcount past 1,000.
Steel Exchange India (SEIL) entered a non-binding strategic collaboration with Vizag Profiles Logistics (VPL) and Hind Terminals to explore the development of a general cargo terminal (GCT) and Multi-Modal Logistics Park (MMLP) in Visakhapatnam. The initiative aims to unlock inland and coastal cargo movement potential by leveraging SEIL’s GCT rail siding, VPL’s regional logistics infrastructure and HTPL’s port-linked cargo expertise.
Sigachi Industries has begun civil works for a Rs60 crore expansion at its Dahej SEZ unit, adding 12,000MTPA (metric tonnes per annum) MCC (Microcrystalline Cellulose) capacity to be operational in nine months. Total MCC capacity will rise to 30,000MTPA, reinforcing Sigachi’s position as India’s largest MCC manufacturer amid recovery from the Pashamylaram unit incident.
RBL Bank received RBI approval to acquire over 5% indirect stake in Utkarsh Small Finance Bank (USFBL)via the proposed merger of Utkarsh Coreinvest in which it holds 8.64%, as of March 2025. The approval is subject to regulatory compliance and mandates that RBL’s holding in USFBL remain below 10% of paid-up capital or voting rights.
JSW Energy commissioned the second 80MW unit of its 240MW Kutehr hydro project in Himachal Pradesh, taking total operational capacity to 160MW. Power dispatch to Haryana has begun under a 35-year PPA at a levelised ceiling tariff of Rs4.50/kWh; the final unit is expected to be commissioned soon .
Orders
Allied Digital Services secured a Rs420-crore, five-year contract from a top European pharma major to transform digital workplaces for 120,000 employees across 66 countries. LTIMindtree secured a Rs792-crore contract from central board of direct taxes (CBDT) to develop PAN 2.0, a unified AI-powered platform integrating PAN and TAN services under India’s government-to-citizen (G2C ) digital agenda. The 18-month rollout will include infrastructure, Aadhaar-linked integration, and end-to-end automation to enhance transparency and service delivery.
KPI Green Energy, via its subsidiary KPIG Energia, secured a letter of award from Aditya Birla Renewables for a 96MWp (megawatt peak) solar balance of system project at Mahua (Gujarat). The contract covers full-scope execution including design, procurement, erection, testing and commissioning of the 64MWac / 96MWp plant. The project aligns with KPI Green’s 2030 target of 10GW gigawatt) capacity and reinforces its execution credentials in large-scale renewable infrastructure.
JSW Steel and JFE Steel will invest Rs5,845 crore in expanding GOES (Grain Oriented Electrical Steel) production via joint venture (JV) units in Karnataka and Maharashtra. The move supports rising demand from renewables, electric vehicles (EVs), AI data centres and India’s decarbonisation push. Capacity boost aligns with strategic goals in high-efficiency electrical steel manufacturing.
L&T Renewables won a Rs2,500-crore engineering-procurement-construction (EPC) order for Bihar’s largest solar-battery hybrid project (116MWac + 241MWh BESS) in Kajra. Total co-located storage at Lakhisarai will reach 495MWh, the highest by any state utility in India. The project supports grid reliability, local employment, and Bihar’s Jal-Jeevan-Hariyali mission.
Axiscades Aerospace won a Rs223.95-crore contract from the Indian Army to supply 212 next-gen 50-tonne tank transporter trailers. The order supports the ‘AatmaNirbhar Bharat’ initiative and strengthens domestic defence manufacturing.
Texmaco Rail & Engineering secured Rs73.12 crore contract from Central Railway for electrification infrastructure. The scope includes design, supply, erection, testing, and commissioning of a 110KV/25KV AC traction substation, a sub-sectioning post (SSP), and associated works. The project also involves upgrading 132KV transmission lines using HTLS (High Temperature Low Sag (conductors)) conductors to improve power efficiency. Execution is scheduled over 24 month.
Investment/ Acquisition / Stake Stale
Aurionpro Solutions acquired Melbourne-based InfraRisk to expand its Integro lending suite and strengthen its presence in Australia, Singapore and the UK. The move enhances Aurionpro’s banking and TIG verticals, leveraging InfraRisk’s 15+ years of lending tech expertise.
Power Grid Corporation of India received board approval to raise up to Rs5,000 crore via private placement of taxable bonds under its 82nd series for FY25-26. Base size of Rs1,000 crore with a greenshoe option of Rs4,000 crore and it is an unsecured, non-convertible, non-cumulative, redeemable at par after 10 years.
TCS renewed and expanded its five-year contract with Weatherford International to drive AI-led digital transformation across finance, supply chain and HR (human resource) operations. The partnership builds on a seven-year relationship, with prior initiatives reducing Weatherford’s total cost of ownership by around 50% across key operations.
Earnings
Solar Industries reported Q1FY25-26 net profit of Rs339 crore, up 18.5% y-o-y, on revenue of Rs2,154 crore up 27.8% y-o-y, driven by strong domestic and export demand. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 18.9% y-o-y to Rs534 crore, though margin declined to 24.8% from 26.6% y-o-y due to higher operating costs.
Varroc Engineering reported Q1FY25-26 net profit of Rs 107.4 crore, up 215% y-o-y, on revenue of Rs 2,027.5 crore up 7.1% y-o-y, driven by operational efficiencies and cost control. EBITDA rose to Rs194 crore from Rs174 crore y-o-y, with finance costs declining to Rs 36.3 crore, supporting margin resilience.
Sandhar Technologies reported Q1FY25-26 net profit of Rs28 crore, down 3.6% y-o-y, despite a 19.5% rise in revenue to Rs1,090 crore, driven by higher material and employee costs. EBITDA declined 2.7% y-o-y to Rs82.4 crore, with margin contracting to 7.56% from 9.39% y-o-y due to cost inflation and operational pressures.
Kilburn Engineering reported Q1FY25-26 net profit of Rs21.3 crore, up 84% y-o-y, on revenue of Rs129.2 crore up 51.2% y-o-y, driven by strong order execution and cost discipline. Profit before tax(PBT) more than doubled y-o-y to Rs29.6 crore, supported by improved operating leverage, despite 43% rise in expenses.
HUDCO reported Q1FY25-26 revenue from operations at Rs2,937 crore, up 34% y-o-y; net profit rose 13% y-o-y to Rs630 crore. Gross non-performing assets (NPAs) improved to 1.34% vs 2.42% y-o-y; EBITDA grew 32% y-o-y to Rs2,828 crore with margin at 96.3%.
Jindal Stainless posted Q1FY25-26 net profit of Rs715 crore, up 10.6% y-o-y; revenue stood at Rs10,207 crore. EBITDA rose 8.1% y-o-y to Rs1,310 crore; net debt reduced to Rs 3,869 crore with net debt:equity at 0.2x.
KPR Mill reported Q1FY25-26 net profit of Rs213 crore, up 4.6% y-o-y; revenue rose 11.4% y-o-y to Rs1,802 crore. PBT stood at Rs279 crore vs Rs255 crore y-o-y; margin moderated due to higher material and employee costs.
Krishna Institute of Medical Sciences reported Q1FY25-26 net profit of Rs79 crore, down 9.2% y-o-y, despite 27% y-o-y revenue growth to Rs872 crore. EBITDA rose 8% y-o-y to Rs 193 crore, but margin contracted to 22% vs 26% y-o-y due to higher operating costs.
Morepen Laboratories reported Q1FY25-26 net profit of Rs10.7 crore, down 70% y-o-y; revenue declined 6.6% y-o-y to Rs425 crore. EBITDA fell 53% y-o-y to Rs24 crore; margin contracted to 5.7% vs 11.3% y-o-y, amid higher employee and finance costs.
Pidilite Industries reported Q1FY25-26 net profit of Rs672 crore, up 18.6% y-o-y; revenue rose 10.5% y-o-y to Rs3,753 crore. EBITDA margin improved to 25% vs 23.9% y-o-y, driven by strong volume growth and operational efficiency; the board declared Rs10/share interim dividend and proposed 1:1 bonus issue.
UNO Minda reported Q1FY25-26 net profit of Rs291 crore, up 47% y-o-y; revenue rose 17.6% y-o-y to Rs4,489 crore. EBITDA grew 33% y-o-y to Rs 543 crore; margin expanded to 12% vs 11% y-o-y, driven by strong demand and cost efficiencies.
Deep Industries posted net profit of Rs61.7 crore in Q1FY25-26, up from Rs38.74 crore y-o-y, reversing a Rs206.66 crore loss in Q4FY24-25. Revenue rose 61.5% y-o-y to Rs199.5 crore; total income reached Rs212.93 crore vs Rs134.30 crore y-o-y. No exceptional items were reported this quarter, unlike in Q4FY24-25 Rs251.05 crore charge.
Gokaldas Exports reported Q1FY25-26 net profit of Rs 41.5 crore, up 52.6% y-o-y, driven by margin expansion and cost efficiencies. Revenue rose 2.6% y-o-y to Rs966.8 crore, while EBITDA grew 30% to Rs97.3 crore with operating profit margins improving to 10.2% from 8.1%.
BLS International reported Q1FY25-26 net profit of Rs181 crore, up 50% y-o-y, with revenue rising 44% to Rs711 crore. Operating profit grew 53% y-o-y to Rs204 crore, with margins expanding 171bps to 28.7%, driven by consolidation of iDATA and Aadifidelis.
Adani Ports reported Q1FY25-26 net profit of Rs3,311 crore, up 6.5% y-o-y, with revenue rising 31% to Rs9,126 crore. Growth was driven by a 2x jump in logistics revenue and 2.9x rise in marine services, with cargo volumes up 11% y-o-y to 121MMT.
Exide Industries posted Q1FY25-26 net profit of Rs275 crore, up 24% y-o-y, with revenue rising 5.9% to Rs4,695 crore. Operating profit stood at Rs548 crore, with margins improving to 12.2% from 11.5%, aided by better mix and cost optimisation.
Eris Lifesciences reported Q1FY25-26 net profit of Rs 106 crore, up 31% y-o-y, driven by strong growth in core therapies and branded formulations. Revenue rose 17% y-o-y to Rs600.5 crore, while operating profit grew 24% to Rs178.7 crore with margins expanding 170bps to 29.8%.
Top gainers and losers of the major indices for the week are given in the table below:
