Moneylife’s market breadth indicators stayed neutral, signalling a renewed loss of momentum. The number of stocks trading above their 20-, 50- and 200-day exponential moving averages (EMAs) continues to decline steadily, pointing to increasing internal weakness. This erosion in breadth suggests that the recent uptrend lacked durability and market participation is thinning out across segments. While headline indices may not yet reflect sharp declines, the underlying structure is weakening, warranting greater caution in the near term.
Global financial stability measures this week were characterised by a cautious pivot towards monetary easing against a backdrop of persistent inflation and intricate geopolitical trade dynamics. The US Federal Reserve (the Fed) executed its second consecutive interest rate reduction, lowering the federal funds target range by 25bps (basis points) to 3.75%-4%. This move, signalling a potential pause in future tightening, comes amid moderate economic growth and a softening US labour market, where job gains have slowed and unemployment rates rose through August. Critically, the Federal Open Market Committee (FOMC) also announced the cessation of its balance-sheet runoff by 1 December 2025, halting the reduction of its asset portfolio and injecting liquidity. Despite core inflation remaining elevated at 3% year-on-year (y-o-y) as of September—exceeding the Fed's 2% target—and officials remaining divided on the pace of further easing, market reaction was positive, with the S&P 500 Index gaining. The central bank acknowledged that a government shutdown complicated policy decisions by constraining economic data availability.
Geopolitical sanctions and supply disruptions are strategically repositioning India as a key player in global energy markets. Indian refiners, including Indian Oil Corporation (IOC), are poised to sustain imports of Russian crude oil, despite new US sanctions targeting specific suppliers. The sanctioning of four Russian oil companies is mitigated by the fact that Rosneft—India's largest supplier, accounting for approximately 45% of imports—acts as an aggregator, enabling crude flow through non-sanctioned entities. Concurrently, Indian refiners are leveraging this global instability, including missile strikes that curtailed about 30% of Russia’s refining capacity and advancing colder European weather, to drive a notable surge in petroleum product exports. This momentum is evident in FY25-26 to September, where India recorded its highest petroleum product exports, with total shipments reaching 6.18MT (million tonnes). Diesel shipments to Europe peaked at 291,000 barrels per day—a 19-month peak.
India's equity markets are demonstrating resilience and attracting foreign capital, fundamentally supported by a dynamic initial public offering (IPO) environment. Foreign portfolio investors (FPIs) infused over Rs54,000 crore into India’s primary equity markets in 2025, predominantly through IPOs, underscoring their critical role in market liquidity. Without this capital, annual foreign equity inflows could have been lower. October alone saw FPIs commit Rs10,096 crore to primary market issuances, making it the second-highest monthly investment this year. These inflows have effectively offset persistent heavy secondary market outflows since March, helping to sustain overall equity market momentum. The sustained return of foreign capital has positioned India as a leading destination globally in 2025. FPIs have also shown renewed optimism in the secondary market with net purchases of Rs1,880 crore in October, attributed to short covering and a reduction in bearish bets. Looking ahead, the IPO market is set for a robust November, expected to raise at least Rs76,000 crore (equivalent to over US$8.57bn-- billion), with marquee listings from sectors including technology and renewables, cementing the final quarter as the most vibrant for the primary capital market.
The automotive and infrastructure sectors showed robust performance, driven by favourable policy and aggressive international expansion. The Indian two-wheeler (2W) market registered a monthly high of 1.85mn units in October, following the implementation of goods and services tax (GST) 2.0 and a strong festive season. This momentum, with registrations up from 1.29mn units in September, positions the industry for an expected peak of over 2.6mn units in November.
Passenger vehicle (PV) exports surged 18% y-o-y in the H1FY25-25 to 445,884 units, with Maruti Suzuki leading the segment. This growth, which included a 26% increase in utility vehicle exports, underscores India's strengthening position in the global auto export landscape.
In infrastructure, Larsen & Toubro (L&T) secured a pivotal role in a US$33bn North Sea power project, valued at approximately Rs30,000 crore–Rs35,000 crore over five years. This partnership with Dutch operator TenneT elevates L&T into the league of top-tier global engineering-procurement-construction (EPC) firms, diversifying its international order-book. Similarly, Cochin Shipyard Limited (CSL) is mobilising capital for a Rs6,000 crore expansion plan, leveraging government subsidies such as the enhanced shipbuilding financial assistance (SBFA) policy, which offers 20%–25% subsidies on project contracts. The company is also exploring the issuance of blue bonds worth around US$50mn to finance sustainable maritime projects.
The Indian government is implementing stricter regulatory oversight, proposing to bar pharmaceuticals firms from marketing products if they submit false data or mislabel brands. This crackdown, triggered by child deaths linked to adulterated cough syrups, aims to expedite action by incorporating specific provisions into the Drugs Rules, 1945, and is a move away from the slow process of relying on the Indian Penal Code.
Indian biotech firms are poised to benefit from new US food and drug administration (US FDA) draft guidelines for bio-similars that reduce the need for costly human clinical trials. This shift is expected to slash development time from five-seven years to potentially three-four years, with cost savings estimated at US$20mn-US$25mn per product, bolstering India's position in the global US$100bn biologics market.
The government approved Rs5,532 crore in investments under the electronic component manufacturing scheme (ECMS) for projects expected to cumulatively produce Rs36,559 crore worth of components. A key goal is to fulfil 100% of domestic demand for copper clad laminates (CCLs), a crucial imported component. Domestic value addition in electronics manufacturing is projected to reach approximately 40%. Further cementing this growth, engineering conglomerate L&T is considering a major entry into electronics manufacturing services (EMS), potentially developing integrated end-to-end capabilities akin to Tata Electronics.
The department of telecommunications (DoT) is preparing to launch a mobile number verification (MNV) platform to combat online fraud by authenticating number ownership for banks and financial institutions. Meanwhile, DoT is seeking legal clarity on the scope of adjusted gross revenue (AGR) relief granted to Vodafone Idea (Vi), which faces outstanding AGR liabilities exceeding Rs76,000 crore. A favourable decision is anticipated to stabilise the struggling provider which has cash reserves under Rs10,000 crore.
Corporate manoeuvres focused on diversification and consolidation were also prominent. Varun Beverages (VBL), a major PepsiCo franchisee, announced its entry into the alco-beverages market through an exclusive distribution agreement with Carlsberg Breweries A/S for the Carlsberg brand in certain African subsidiaries.
In the public sector, the government is considering a merger between Union Bank of India and Bank of India. This union would create the country’s second-largest State-owned bank by assets, with combined holdings of approximately Rs25.67 lakh crore, trailing only the State Bank of India. This move is part of a broader strategy to streamline operations and bolster the competitiveness of public sector banks (PSBs).
Air India Express, the Tata-owned low-cost carrier, is undertaking a major fleet expansion and retrofit programme. It plans to expand its fleet by 20-24 aircraft by 2026 and will retrofit 50 Boeing 737-8 planes starting in December. The retrofit includes new interiors with ergonomically designed seats, improved legroom, USB-C charging ports and advanced Boeing Sky Interior mood lighting. The airline currently commands about 11%-12% of the domestic market and is realigning its network to enhance connectivity, with Delhi, Mumbai and Bengaluru comprising 62% of domestic departures, projected to rise to 74% by November 2025. Furthermore, Hindustan Aeronautics Limited (HAL) signed a memorandum of understanding (MoU) with Russia's PJSC-United Aircraft Corporation (UAC) to manufacture the civil commuter aircraft SJ-100 in India, marking a significant revival in HAL's civil aviation ambitions, as it last produced aircraft rated for commercial flights in 1988.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Shriram Properties signed a JDA (joint development agreement) for seven acres in north Bengaluru to develop premium row houses. The project, part of a 15-acre parcel, carries an estimated GDV (gross development value) of Rs600 crore.
MIC Electronics signed an MoU with Chipex Technologies to co-develop custom semiconductor solutions. As OEM (original equipment manufacturer) and chip development partners, respectively, the firms aim to replace off-the-shelf components with bespoke silicon for enhanced performance, efficiency and product differentiation.
Gujarat Industries Power Company (GIPCL) announced commissioning of the third phase—adding 105MW (megawatt)—of its ambitious 600MW solar power project at Khavda in the Great Rann of Kutch. With this milestone, it has now commenced a total of 315MW of solar capacity at the site.
PN Gadgil Jewellers clocked Rs606 crore in Diwali 2025 sales, up 74% y-o-y, driven by festive demand. Dhanteras alone contributed Rs277 crore (+105% y-o-y), marking the highest single-day revenue in company history.
Godrej Properties received MahaRERA (Maharashtra real estate regulatory authority) approval for its luxury project, Godrej Trilogy, in Worli (Mumbai). Spread across 2.63 acres, the three-tower redevelopment project has an estimated revenue potential of over Rs10,000 crore.
Cohance Lifesciences’ FDF (finished dosage formulations) unit-1 in Nacharam (Hyderabad) has been classified as OAI (official action indicated) by the US FDA. The facility had earlier received a Form 483 with six observations; remediation is underway and operations remain unaffected.
Sai Life Sciences started construction of a new CMC (chemistry, manufacturing and controls) process research & development (R&D) Centre at its Hyderabad campus. Set for completion by September 2026, the facility will double process R&D capacity and add capabilities in peptide development, oligo intermediates, formulation and early-phase clinical supplies.
ABB India launched a new VSD (variable speed drive) production line at its Peenya facility in Bengaluru, boosting local capacity by around 25%. The expansion targets faster delivery (up to 40% reduction) and supports demand across buildings, data centres, water, cement and metals. The line integrates Industry 4.0 robotics and digital monitoring for precision, safety and efficiency.
Blue Cloud Softech signed a US$15mn MoU with Byte Eclipse to co-develop Edge artificial intelligence (AI) chips for the oil & gas sector. The partnership targets next-gen solutions combining AI and Internet of Things (IoT) for industrial applications.
Arvind SmartSpaces entered Vadodara’s residential market with a Rs700+ crore horizontal development on Ajwa Road. Launched under a joint development model, the project aims to blend luxury, nature and smart urban design.
Container Corporation of India Limited (CONCOR) and Jawaharlal Nehru Port Authority (JNPA) signed an MoU to co-develop common rail handling operations at Vadhvan Port. The partnership, formalised during India Maritime Week, aims to streamline container logistics at upcoming terminals.
MosChip Technologies (-0.98%) will unveil ProductXcelerate™ Blueprints at Embedded World North America, targeting global OEMs. The platform integrates hardware, embedded software, digital services and AI into pre-validated blueprints for smart devices.
LTIMindtree launched BlueVerse™ with OGI — an agentic ITSM platform for autonomous, predictive tech operations. Powered by self-learning AI, it delivers real-time observability, adaptive resolution and business-aligned insights for enterprise resilience.
Great Eastern Shipping Company took delivery of Jag Laadki, a 2010-built Suezmax crude carrier with 164,716dwt (deadweight tonnage) capacity. Fully funded via internal accruals, the acquisition reinforces its crude transport capabilities and financial prudence.
Tata Communications partnered with NiCE to transform global contact centres via AI-powered hyper-personalised CX. The joint solution merges Kaleyra’s customer interaction suite with CXone Mpower, backed by Tata’s global infra and managed services.
TCS and Tata Motors inked a five-year strategic pact to drive sustainability via Prakriti, a new ESG (environmental, social and governance) platform. Powered by TCS Intelligent Urban Exchange™ (IUX), it digitises ESG data to deliver actionable sustainability insights.
Lupin Digital Health launched VITALYFE — an AI-driven cardio-metabolic wellness platform tailored for India’s workforce. Built on the CDSCO -approved LYFE system, it offers preventive cardiac care via insurers and corporates. Modules include heart-age tracking, photo-based nutrition, AI-guided exercise, meditation, and gamified wellness.
Orders
Enviro Infra Engineers received letter of acceptance (LoA) from Bhopal municipal corporation for a major urban infra project. Scope includes 273.4km (kilometres) sewerage network, 60MLD (mega litres per day) sewage treatment plant (STP), pumping stations, and five-year operation and maintenance (O&M) post-EPC.
EaseMyTrip won a key Punjab government mandate to manage pilgrim travel for over 200,000 devotees under the Mukh Mantri Tirth Yatra Yojana. The year-long initiative will facilitate organised journeys from Bathinda to Amritsar.
Enviro Infra Engineers received letter of acceptance (LoA) from Bhopal Municipal Corporation for a major urban infra project. Scope includes 273.4 km sewerage network, 60 MLD Sewage Treatment Plant (STP), pumping stations, and 5-year Operation and Maintenance (O&M) post engineering procurement construction (EPC).
Knowledge Marine & Engineering Works received its maiden LoI (letter of intent) from VOCPA (VO Chidambaranar Port Authority) under the GTTP (green tug transition program). The Rs385.76 crore, 15-year contract covers a 60-tonne electric tug with full technical and operational management.
BCL Industries, along with Svaksha Distillery, secured 107,409KL (kilolitres) ethanol allocation under ‘Ethanol Supply Year (ESY) 2025–26’ from oil marketing companies (OMCs). The supply falls under the ethanol blending programme (EBPP), reinforcing its role in India’s bio-fuel push.
Unimech Aerospace secured a Rs35-crore international order for ground support equipment (GSE) in the aerospace segment. The project will be executed over five to 12 months.
RVNL emerged as L1 for Rs165.54 crore bridge substructure project over the Gandak river under North Eastern Railway. The 14×61m Double D well foundation is part of the Gorakhpur Cantt–Valmikinagar doubling initiative, with a 24-month execution timeline.
Premier Explosives secured a Rs429.56 crore order from Indian Air Force (IAF), New Delhi, under the ministry of defence for chaffs and flares, with delivery slated within 12 months. The chaffs and flares are countermeasure systems used by military aircraft to protect against radar-guided and heat-seeking missiles, playing a crucial role in enhancing aircraft survivability during combat operations.
Investment/ Acquisition / Stake Stale
Shilpa Medicare sold a 31% stake in Sravathi Advance Process Technologies for Rs49.6 crore, reducing its holding to 34%. Ash Ingredients Inc and Varcatalyst LLP acquired 22% and 9%, respectively, joining technocrat shareholders (35%) in the restructured cap table .
Aegis Vopak Terminals approved the Rs1,130 crore acquisition of a 75% stake in Hindustan Aegis LPG (HALPG) at Rs11,295.37/share. The deal, pending shareholder nod, boosts its LPG footprint at Haldia; HALPG posted Rs168.13 crore turnover in FY24-25.
Earnings
Jubilant Ingrevia posted Q2FY25-26 profit after tax (PAT) of Rs70 crore, up 17.8% y-o-y, on revenue of Rs1,120.7 crore (+7.2% y-o-y). Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 8.7% y-o-y to Rs135.3 crore, with operating margin steady at 12%.
Welspun Specialty posted Q2FY25-26 revenue of Rs239.08 crore, up 43% y-o-y, with total income at Rs242.71 crore. EBITDA rose to Rs14.46 crore (vs Rs2.76 crore y-o-y), and margin expanded to 6.0% from 1.6%.
Hatsun Agro posted Q2FY25-26 PAT of Rs109.54 crore, up 70.2% y-o-y, on revenue of Rs2,427.59 crore (+17.1% y-o-y). Strong profitability reflects operational efficiency and robust demand across dairy segments.
JK Tyre posted strong Q2FY25-26 results. Revenue rose 10.8% y-o-y to Rs4,011 crore; EBITDA grew 23.5% to Rs520 crore with margins at 13%. Net profit surged 63.7% y-o-y to Rs221 crore, driven by volume growth, cost control and export momentum.
CarTrade Tech posted record Q2FY25-26 results, Revenue hit Rs222.14 crore (+29% y-o-y), with PAT up 109% to Rs64.08 crore and EBITDA up 94% to Rs63.60 crore. Growth was driven by strong traction across its digital automotive platforms.
TTK Prestige revenue rose 11% y-o-y to Rs834 crore, net profit grew 21% to Rs64 crore. EBITDA surged 33% y-o-y to Rs96.4 crore, with margin expanding to 11.56% on improved mix and cost control.
Veranda Learning’s revenue rose 20% y-o-y to Rs126.7 crore, while EBITDA surged 63% to Rs48.3 crore with 38% margin. Net profit jumped 185% y-o-y to Rs23.3 crore, aided by vocational segment exit and deleveraging.
Kirloskar Pneumatic reported a weak Q2FY25-26, with revenue down 42% y-o-y to Rs386.4 crore. EBITDA fell 38% to Rs58.1 crore, margin contracted to 15.37%, and net profit declined 37% to Rs43.8 crore. The drop was driven by a high base, lower project execution and input cost pressures.
VST Industries posted a steady Q2FY25-26. Revenue dipped 2.3% y-o-y to Rs450.4 crore but rose 8.6% sequentially. Net profit grew 24.3% y-o-y to Rs59.2 crore, aided by lower input costs and margin gains.
CG Power delivered strong Q2FY25-26 results. Revenue rose 21% y-o-y to Rs2,922.8 crore, EBITDA grew 28% to Rs377 crore with margin at 12.9%. Net profit surged 30% y-o-y to Rs286.7 crore, driven by operational efficiency, despite higher input and employee costs.
APL Apollo Tubes’ Q2FY25-26 Net profit surged over 5x y-o-y to Rs301.5 crore, revenue rose 9% to Rs5,206.3 crore. EBITDA tripled to Rs447.4 crore, with margin expanding to 8.6% on stronger mix and cost efficiencies.
DCM Shriram posted Q2FY25-26. Net profit surged 152% y-o-y to Rs158.7 crore; revenue rose 9.7% to Rs3,432.4 crore. Sequentially, profit grew 39.6%, supported by higher income and improved operating leverage.
Newgen Software posted steady Q2FY25-26 growth. Revenue rose 11% y-o-y to Rs400.79 crore; net profit grew 16% to Rs81.74 crore.
Swiggy’s (-0.24%) Q2FY25-26 loss widened to Rs881 crore, despite 39.8% y-o-y revenue growth to Rs3,000 crore. Total expenses surged 44% y-o-y to Rs3,990 crore, led by elevated ad spend (Rs1,119 crore) and delivery costs (Rs1,426 crore).
Welspun Corp (+2.12%) reported a strong Q2FY25-26. Net profit rose 53% y-o-y to Rs439 crore, while revenue grew 32.4% to Rs4,373.61 crore. Total income reached Rs4,408.66 crore, driven by operational efficiency and margin expansion across segments.
TVS Motor Company reported a 42% increase in net profit to Rs594 crore for Q2FY25-26. Its total income grew 25% to Rs14,037 crore. Its domestic wholesale volumes grew 24% to 1.46mn units, with international business expanding by 31%. It continues to advance its electric vehicle (EV) portfolio, with EV sales contributing 7,000 units in the quarter.
Strides Pharma’s Q2FY25-26 revenue rose 4.6% y-o-y to Rs1,220.8 crore; EBITDA surged 25.4% to Rs231.6 crore. EBITDA margin improved 320bps to 19%, driven by cost discipline and operating leverage. Operational PAT jumped 84.4% y-o-y to Rs140.3 crore.
Top gainers and losers of the major indices for the week are given in the table below:
