India's capital markets are witnessing a re-rating, driven by buoyant investor sentiment and a robust pipeline of new issues, challenging historical records. The initial public offering (IPO) market is poised for a record-breaking 2025, with total fundraising already exceeding Rs1.5 lakh crore, fast approaching the previous peak of Rs1.59 lakh crore set in 2024. Investment bankers project total collections for the year to reach between Rs1.6 lakh crore and Rs1.7 lakh crore. This primary market vigour, evidenced by Rs45,187 crore raised collectively by 10 companies in October—a record monthly mobilisation —is underpinned by ample market liquidity and a strengthening economic outlook.
This optimism is mirrored in secondary markets, with benchmark indices gaining 4.6% in October, supported by strong corporate earnings and investor confidence fuelled by a potential US–India trade agreement and a significant reduction in Indian tariffs from approximately 50% to 15%-16%. Further tailwinds were provided by a US Federal Reserve (Fed) rate cut. The resulting market buoyancy spurred a surge in new retail participation: 3mn (million) dematerialised (demat) accounts were opened in October, reaching a total of 210.06mn, marking a 17.4% year-on-year (y-o-y) growth.
Despite the equity market's strength, mutual fund (MF) flows betray a nuanced, cautious stance among investors. Equity MF schemes saw inflows drop 19% to Rs24,690 crore in October, a retrenchment attributed to caution over valuations and profit-booking. In a flight to safety, investors favoured debt MF schemes, which attracted robust inflows of Rs1.60 lakh crore, and hybrid schemes, which recorded net inflows of Rs14,156 crore. The sector's total assets under management (AUMs) rose marginally to Rs79.62 lakh crore. This preference for debt and hybrid instruments underscores a strategic navigation of volatility and an awareness of valuation risk in the current range-bound markets.
Finance and Consumer Dynamics
The intersection of a strong festival season and rationalised goods and services tax (GST) rates has acted as a potent catalyst for consumer spending, as evidenced by record credit usage. Credit card spending surged 15% y-o-y in September , reaching a record high of Rs2.17 lakh crore. The average expenditure per card hit Rs19,107.6. This growth is largely attributed to enhanced reward programmes, e-commerce partnerships and greater digital engagement, with the four largest banks collectively contributing approximately Rs26,000 crorein total expenditure. Online credit card spending grew even faster, climbing 25% y-o-y to Rs7,254.4 crore. This dynamic reflects a growing consumer affinity for digital payments and credit instruments.
The insurance sector also experienced a lift, though unevenly. Stand-alone health insurers reported a robust 38.3% y-o-y increase in gross direct premiums in October, significantly outpacing the overall general insurance sector’s modest 5.29% growth. This surge is directly linked to the government’s exemption of individual health insurance policies from GST from 22nd September, making policies more affordable and stimulating demand. In contrast, the motor, property and home insurance segments slowed. Meanwhile, life insurance sector recorded an 8.25% growth in premium income. The regulatory relief on health insurance premiums, thus, provided a crucial, temporary bright spot in an otherwise tepid market.
Industrial Policy and Manufacturing Thrust
India’s industrial policy is clearly shifting towards deeper domestic value addition and self-sufficiency, particularly in electronics manufacturing and automotive components. Syrma SGS, an Indian electronics manufacturing services (EMS) company, is actively pursuing the local production of laptop motherboards, a strategic move to qualify for additional incentives under India’s production-linked incentive (PLI) scheme and potentially increase top-assembly margins by 4%-5%.
This push for localisation is being cautiously supported by an easing of the stringent Press Note 3 (PN3) clearance process for Chinese investments, a shift attributed to improving diplomatic relations. Leading contract manufacturer Dixon Technologies is nearing approval for two Indo-Chinese joint ventures (JVs): one with Vivo for smartphone production and another with HKC Corporation for display manufacturing. Similarly, the auto-component sector is moving upstream, with Uno Minda awaiting PN3 clearance for a JV with China’s Inovance Automotive to manufacture high-voltage electric vehicle (EV) powertrain components. The government’s accelerated approval process for PN3 applications, especially for companies under the PLI and electronics component manufacturing scheme (ECMS), signals a clear intent to deepen localisation.
Conversely, the ambitious scheme to promote manufacturing of electric passenger cars (SPMEPCI) faces significant headwinds. Major foreign car-makers, including Škoda Auto Volkswagen India and Hyundai Motor India, have expressed reservations, citing the scheme's high minimum investment of Rs4,150 crore and stringent localisation targets of 50% domestic value addition (DVA) within five years. Concerns are further compounded by China’s export restrictions on rare-earth magnets, vital for EV motors, complicating the DVA mandates and the potential impact of a lowered import duty on European cars under the pending India–European Union (EU) free-trade agreement (FTA). This suggests a delicate balance is yet to be found between aspirational localisation goals and the practical viability for international industry players.
Sectoral Shifts
Automotive: India's leading carm-akers—Maruti Suzuki, Hyundai Motor India and Tata Motors—are significantly ramping up production capacity by 20%-40% in the coming months, driven by strong festive-season demand and GST-related inventory replenishment. Tata Motors, for instance, plans to increase its monthly supply by 40% to 65,000–70,000 vehicles. This contrasts with the cautious stance on the SPMEPCI scheme, highlighting a divergence between robust conventional demand and the challenges of EV policy implementation. Meanwhile, the electric two-wheeler (2W) segment is being re-energised by the battery-as-a-service (BaaS) model, pioneered by JSW MG Motor, and now adopted by Ather Energy and Hero MotoCorp.
By decoupling the battery—the costliest component—from the vehicle, the model can reduce the total cost of ownership by 35%-40%, accelerating adoption. Ather Energy’s monthly sales have surged 111% from April to October. Separately, the corporate average fuel efficiency (CAFE) norms are creating division, with a proposal for a weight-based exemption for small cars failing to reach a consensus among car-makers, reflecting ongoing regulatory tension.
Solar and Energy Storage: India’s transition to clean energy is advancing with mega-projects in battery energy storage systems (BESS) and upstream solar component manufacturing. Adani group announced India’s largest single-location BESS project at Khavda (Gujarat), with a capacity of 1,126MW (megawatt (3,530 megawatt-hour--MWh), part of the world’s largest renewable energy park. The company aims to expand its total BESS capacity to 15GWh (gigawatt-hours) by fiscal year 2027. Simultaneously, Tata Power is moving into solar wafer and ingot manufacturing with a 10GW (gigawatt) facility, aiming to reduce import dependence on these key raw materials.
IT Services: The information technology (IT) sector is reporting mixed, yet technologically-driven, productivity gains. Revenue per employee (RPE) increased at HCL Tech by 2% to over Rs14.17 lakh (US$16,000) , a performance attributed to artificial intelligence (AI)-led transformation and productivity enhancements. This contrasts with declines at Infosys (0.7%) and Wipro (4.7%) which faced workforce restructuring. The sector’s dynamics reflect a clear trend where adoption of AI and operational efficiency are becoming primary differentiators in a competitive environment.
Cement: The Indian cement industry is set for a massive capacity expansion, planning to add 160MT-170MT (million tonnes) of grinding capacity between fiscal years 2026 and 2028 , a near 75% increase from the preceding three years. This growth is backed by anticipated capital expenditure (capex) of approximately Rs1.2 lakh crore and is driven by robust demand and high utilisation rates.
Telecom: India's leading telecom operators—Reliance Jio, Airtel and Vodafone Idea—have jointly urged the government to allocate the entire 6GHz spectrum band, encompassing 1200MHz, for mobile communications through auction. They argue that fragmentation with low-powered de-licence WiFi services would undermine the 6G rollout by limiting the contiguous spectrum essential for high-capacity, low-latency services. They contend that at least 400MHz per operator is necessary to maintain global competitiveness and meet India’s high population density demands. The debate highlights the critical need to balance competing technological needs for India’s digital infrastructure ambitions.
Regulatory Interventions
Digital Gold: The Securities and Exchange Board of India (SEBI) has issued a cautionary advisory that digital gold transactions fall outside its regulatory ambit. This lack of oversight has prompted financial planners to urge investors to divest from unregulated digital gold products and switch to audited, regulated gold exchange-traded funds (ETFs) or gold MFs. This intervention is timely, as digital gold purchases surged 85% to Rs1,410.2 crore in September 2025.
LNG Terminals: A regulatory panel has called for greater transparency and rationalisation in pricing and capacity utilisation at liquefied natural gas (LNG) terminals to curb anti-competitive practices. The disparity in re-gasification and truck-loading charges, which range from Rs63/mmBtu (million British thermal units) to Rs93/mmBtu at Indian terminals compared to significantly lower international benchmarks, is impeding the shift to gas. The panel recommended a ‘use-it-or-lose-it’ approach for idle capacity, given that India’s eight terminals operate at less than 50% average utilisation.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Emcure Pharma and Novo Nordisk India partnered to launch Poviztra® (semaglutide 2.4mg) in India. Emcure will exclusively distribute and market the weight management drug, expanding reach beyond Novo Nordisk’s existing network. Intensifying competition in the weight-loss drug market has led to a strategic pricing move by Novo Nordisk, which cut the price of its flagship drug, Wegovy (semaglutide), by up to 37% in India. This is a direct competitive response to Eli Lilly’s Mounjaro, which has commanded a dominant sales lead of Rs450 crore since its March introduction, significantly outpacing Wegovy's Rs37 crore. The price reduction is aimed at improving affordability for the middle class and anticipating the expected launch of generic semaglutide after its patent expiry.
Hindustan Zinc secured a composite licence from the Andhra Pradesh government for a 308.3-hectare tungsten and associated mineral block in Balepalyam, Sri Sathyasai district. The licence enables exploration and development of tungsten and related minerals, marking a strategic expansion into critical mineral assets.
NBCC (India) signed an MoU (memorandum of understanding) with Dubai-based Pantheon Elysee Real Estate to jointly pursue construction and development projects across the UAE. The partnership will focus on residential, hospitality and mixed-use infrastructure, expanding NBCC’s global footprint in real estate.
Sarveshwar Foods signed a tri-party MoU with Sagam Mushkbudji Farmer Producer Company (FPC) and Indian Rice Exporters Federation to distribute Mushkbudji Rice nationwide.
JSW Energy commissioned 85MW of new renewables — 74MW solar (NHPC Hybrid Project) and 11MW wind — taking total installed capacity to 13,295MW. Renewables now form 57% of the portfolio, comprising 3,720MW wind, 2,286MW solar and 1,631MW hydro, underscoring its clean energy push.
Zydus Lifesciences received its first-ever approval from China’s National Medical Products Administration (NMPA) for Venlafaxine ER capsules (75mg and 150mg). The anti-depressant is used to treat major depressive disorder (MDD), generalised anxiety disorder (GAD), social anxiety disorder (SAD) and panic disorder (PD), marking its entry into China’s regulated pharma market. Zydus Lifesciences’ subsidiary, Amplitude Surgical, has received approval for its robotic surgical system, Andy — a major regulatory milestone in orthopaedic innovation. Built on the Amplivision navigation platform and developed in collaboration with eCential Robotics, Andy integrates robotic precision with advanced navigation for enhanced surgical outcomes. The certification affirms compliance with European safety and performance standards, paving the way for commercial deployment across key markets.
MobiKwik launched digital forex 9foreign exchange) payments on its app in partnership with NPCI Bharat BillPay Ltd (NBBL), becoming one of India’s first fin-techs to offer mobile-based forex services. The feature aims to simplify and secure forex transactions for outbound users — including students, travellers, and families — by enabling seamless digital access.
Adani Ports and Special Economic Zone (APSEZ) became India’s first integrated transport utility to adopt the taskforce on nature-related financial disclosures (TNFD) framework, marking a key step in its sustainability roadmap. The TNFD initiative helps companies disclose nature-related risks and opportunities, aligning APSEZ with global standards for nature-positive infrastructure.
ITI, in partnership with the Kerala government, launched Kerala Savaari 2.0 — an upgraded auto- and cab-booking platform now live in Thiruvananthapuram and Kochi. Set to evolve into a multi-modal transport system by December 2025, it will integrate metro, water metro, feeder buses, autos and cabs, aiming to set a national benchmark for public mobility.
Marathon Nextgen Realty launched phase-3 of its Panvel township, Marathon Nexzone, dubbed The Nirvana Collection, with a Gross Development Value (GDV) of over Rs600 crore. The 3-acre phase includes four 28-storey towers offering 2BHK, 3BHK, and select 4BHK homes, plus 70,000sqft (square feet) of amenities and retail space.
Sun Pharma partner Philogen SpA updated on the phase-3 FIBROSARC trial for Fibromun (L19TNF) in advanced soft tissue sarcoma. While the trial missed its primary progression-free survival (PFS) endpoint, it showed encouraging trends in overall survival (OS), objective response rate (ORR) and PFS for the Fibromun+doxorubicin arm — supporting continued interest in the combination’s therapeutic potential.
Adani Cement and Coolbrook partnered to deploy the world’s first commercial RotoDynamic Heater™ (RDH™) at the Boyareddypalli cement plant in Andhra Pradesh. This industrial-scale rollout aims to electrify the calcination phase — the most carbon-intensive step in cement production — replacing fossil fuels with clean heat. The initial phase is expected to cut 60,000 tonnes of CO annually, with scalability potential to multiply reductions tenfold, supporting Adani Cement’s SBTi-validated net-zero target by 2050.
Akzo Nobel India’s board approved the intellectual property licence amendment and consolidation agreement (IPLA) and a corporate brand licence agreement (CBLA) with Akzo Nobel NV to ensure operational continuity amid the proposed stake acquisition by JSW Paints. These agreements aim to safeguard brand and IP usage during the transition, reinforcing stability in Akzo’s India operations.
Nibe announced key board decisions including a finance leadership change and a strategic acquisition. The board approved acquiring 48.95% in Nibe Meson Naval Ltd from Quest Flow Controls Ltd, with disclosures filed under Regulation
30 in Annexure II.
SpiceJet expanded its fleet to 35 aircraft with five new Boeing 737s, including one MAX, as part of its winter schedule ramp-up. The airline added 15 planes in the past month — 14 on damp lease and one reactivated — boosting daily flights by 76% to 176. All new aircraft are now operational, enhancing connectivity on high-demand domestic and international routes.
Yatharth Hospital received an order from the deputy commissioner of income-tax, Delhi, releasing all provisionally attached properties and unfreezing fixed deposits. The clearance, awaited since January 2025, provides financial relief and operational flexibility.
TCS has partnered with beverage major Lion to modernise its tech ecosystem across Australia and New Zealand. The overhaul includes migrating legacy systems to secure cloud infrastructure, building modern apps and enhancing cybersecurity — aimed at boosting resilience and digital agility.
Orders
Bharat Electronics (BEL) secured fresh defence orders worth Rs792 crore across strategic domains. The contracts span defence network upgrades, advanced radio systems, radars, drones, combat management systems and related spares.
Paras Defence & Space Technologies secured a Rs35.68-crore order from the ministry of defence for portable counter-drone systems. The contract strengthens its position in India’s defence tech ecosystem, especially in counter-unmanned aerial systems (C-UAS) capabilities.
ACME Solar won a 450MW – 1,800MWh assured peak power project under SJVN’s FDRE-IV tender at Rs6.75/unit for 25 years. Awarded via Tariff Based Competitive Bidding (TBCB ) and e-reverse auction, the project mandates 4MWh/MW daily during peak hours with 90% monthly availability.
RITES received a Rs52-crore turnkey contract from Cochin International Airport Ltd for constructing a regulator-cum-bridge across Chengalthodu near the airport. The project, awarded on a cost-plus-fee basis, spans concept to commissioning and strengthens RITES’ footprint in airport-linked infrastructure.
Investment/ Acquisition / Stake Stale
JSW Steel is exploring the sale of 50% stake in Bhushan Power and Steel. The transaction, expected to be valued between Rs15,000 crore and Rs16,000 crore, comes as the company seeks to reduce its net debt which stood at Rs79,153 crore as of September 2025. The deal with Japanese steelmaker JFE Steel Corp, which already holds a 15% stake in JSW Steel, would help finance JSW’s vision to achieve 50MT of domestic production capacity by FY30-31.
DreamFolks Services will acquire a 50.01% stake in Ten 11 Hospitality LLP for Rs11.46 crore, making it a subsidiary. The move strengthens DreamFolks’ railway lounge value chain by securing infrastructure at key stations and enabling expansion into broader railway services.
Earnings
SJVN reported 30.2% y-o-y decline in net profit to Rs308 crore in Q2FY25-26, despite stable revenue at Rs1,032 crore. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 3% to Rs860 crore, with margin improving to 83.3% from 81.5%, reflecting operational resilience amid muted top-line growth.
Graphite India posted a mixed Q2FY25-26, with revenue rising 13.4% y-o-y to Rs729 crore, but net profit plunging 60.5% to Rs77 crore. EBITDA fell 61% to Rs43 crore, and margins contracted to 5.9% from 17.1%, reflecting cost pressures and weaker operating leverage.
PI Industries reported a subdued Q2FY25-26, with revenue down 15.7% y-o-y to Rs1,872.3 crore and net profit declining 19.8% to Rs409.3 crore. The drop in top-line and bottom-line reflects continued headwinds in the agro-chemicals sector and muted demand environment.
RITES reported a solid Q2FY25-26, with net profit rising 18.9% y-o-y to Rs102.2 crore and 53% sequentially. Revenue edged up to Rs514 crore, while total income grew to Rs561.3 crore, aided by robust consultancy and export performance.
Atul Auto reported a strong Q2FY25-26, with net profit rising 25.3% y-o-y to Rs11.9 crore. EBITDA grew 17.5% to Rs18.1 crore, and margin improved to 10% from 9.39%, reflecting disciplined operations and effective cost control.
Bharat Forge posted a subdued Q2FY25-26, with net profit at Rs299 crore — down 14% y-o-y. Revenue declined 13.3% y-o-y to Rs4,032 crore. EBITDA rose to Rs726 crore, with margin expanding to 18%, driven by cost control and a favourable product-mix.
Asian Paints reported a strong Q2FY25-26, with net profit surging 43% y-o-y to Rs994 crore, driven by robust demand in decorative and premium paint segments. Revenue rose 6.3% y-o-y to Rs8,531 crore, reflecting steady consumer traction and product-mix gains.
Steel Strips Wheels reported a mixed Q2FY25-26, with profit after tax (PAT) down 23% y-o-y to Rs35.5 crore, despite 9.6% rise in revenue to Rs1,201 crore. EBITDA declined 6.7% to Rs111.5 crore, as margin pressures from elevated input costs offset gains from stable domestic and export demand.
Hi-Tech Pipes reported 12% y-o-y rise in net profit to Rs20.2 crore in Q2FY25-26, with revenue surging 22% y-o-y to Rs859 crore on broad-based product demand. EBITDA grew 4.7% y-o-y to Rs44.4 crore, but margin slipped to 5.2% from 6%, reflecting input cost pressures despite top-line strength.
Kilburn Engineering posted a robust Q2FY25-26, with total income rising 50.7% y-o-y to Rs157.2 crore, driven by a 48% jump in operational revenue to Rs153.6 crore. Despite a 40.6% rise in expenses to Rs119.8 crore, the company maintained strong operational efficiency, delivering notable profitability gains.
Kirloskar Industries posted steady Q2FY25-26 growth, with revenue rising 5.6% y-o-y to Rs1,782 crore. EBITDA improved 10.4% to Rs234 crore, reflecting stronger operating performance across core business segments.
Rashtriya Chemicals and Fertilisers delivered a strong top-line in Q2FY25-26, with revenue rising 23.4% y-o-y to Rs5,292 crore on firm demand and better realisations. Net profit surged 33.4% to Rs105.4 crore, aided by improved cost efficiencies. EBITDA, however, remained flat at Rs201 crore versus Rs202 crore last year, reflecting stable operating performance, despite higher volumes.
Engineers India posted mixed Q2FY25-26 results, with net profit down 16.2% y-o-y to Rs83.5 crore. Revenue, however, surged nearly 34% to Rs921.3 crore, reflecting strong execution and demand momentum.
Top gainers and losers of the major indices for the week are given in the table below:
