A strategic re-evaluation of Indian equities is underway, marked by a decisive shift of foreign portfolio investor (FPI) capital away from the once-dominant information technology (IT) sector and into infrastructure-proximate segments. The IT divestment is persistent, with FPIs offloading shares worth ₹4,873 crore in the first half of November, following ₹2,194 crore sold in October, extending cumulative foreign selling to over ₹70,000 crore between January and October 2025. This exodus is attributed to high valuations, weak earnings and concerns over the Indian IT firms' exposure to global artificial intelligence (AI) disruption which has seen non-Indian AI companies outperform.
In a sharp contrast, FPIs channelled significant net inflows into the telecommunications sector, recording ₹9,413 crore in early-November. The oil, gas, and consumable fuels sector also attracted ₹2,992 crore in net inflows. This selective repositioning—away from IT and toward telecom and energy—suggests that investors are seeking value and essential infrastructure exposure. Simultaneously, ongoing uncertainties, including delays in the US-India trade deal and elevated Indian market valuations compared to Asian peers, are fostering cautious positioning, with outflows continuing from consumer services (₹2,918 crore) and healthcare (₹2,526 crore) in the first half of November. This wariness is further evidenced by a observed shift toward asset classes such as debt and gold.
India is becoming a hub for AI-native infrastructure. Digital Connexion, a joint venture (JV) between Brookfield, Reliance Industries Limited (RIL) and Digital Realty, announced an US$11bn (billion) investment to develop 1GW (gigawatt) of AI data centres in Visakhapatnam (Andhra Pradesh), by 2030. This follows Google’s commitment of US$15bn for a similar 1GW AI data centre at the same location. This massive commitment to high-performance computing infrastructure reflects a broader national strategy aligned with the ‘Vision 2047’ roadmap.
Capital allocation in the public sector remains measured, with India’s State-run oil and gas public sector undertakings (PSUs) utilising only 54% of their annual capital expenditure (capex) target in the first seven months of the fiscal year, spending ₹71,000 crore out of ₹1.3 lakh crore allocated. While Oil and Natural Gas Corporation (ONGC) led the expenditure with ₹19,267 crore (55% of the target), Bharat Petroleum Corporation Limited (BPCL) exhibited the slowest pace, disbursing just 36% of its ₹18,500 crore target. This measured pace reflects a cautious capital allocation approach, prioritising projects that enhance production efficiency.
In the telecom sector, a shift is occurring from a peak 5G coverage rollout cycle to a phase of densification, fibreisation and AI-driven optimisation. The industry is set to invest between ₹2.5 lakh crore and ₹3 lakh crore over the next three to five years. This investment is necessitated by rapidly rising data consumption, which now averages 22GB (gigabytes) per user per month, and the need to close the fibreisation gap which remains below 40%. This capacity-focused investment is critical to support the projected growth of 5G subscriptions to 394mn (million) by the end of 2025 and over 1bn by 2031.
Complementing this infrastructure build-out, Tata Power is in advanced discussions with the Odisha government to establish a 10GW ingots-and-wafers manufacturing facility with an estimated investment of ₹10,000 crore. This strategic, upstream move in the electronics manufacturing ecosystem aims to integrate components into the company's solar cell and panel operations and reduce reliance on imports.
In the pharma segment, the price war in the weight-loss GLP-1 segment has accelerated following Novo Nordisk's decision to cut Wegovy prices by nearly 40%. This move is pressuring domestic generic drug-makers to recalibrate their pricing, with potential launches of semaglutide at ₹3,000–₹5,000 for a month’s supply, down from ₹7,000–₹8,000. While domestic manufacturers are forecast to maintain 80%–90% gross margins, intensified competition is expected to pressure earnings before interest, taxes, depreciation and amortisation (EBITDA).
In the automobile (auto) sector, manufacturers are pivoting from broad-market sports utility vehicles (SUVs) to niche segmentation to capture discerning buyers. Tata Motors is leading this with the re-launch of the Tata Sierra, priced at ₹11.49 lakh, to create a distinct ‘premium mid-size’ niche. More fundamentally, the industry is strategically reducing its dependence on Chinese rare-earth magnets; imports of finished and unfinished permanent magnets fell 56% year-on-year (y-o-y) to 16,281 tonnes during April to September 2025. Auto-makers are developing alternative motor designs, such as those using light rare-earth ferrite magnets, to secure supply chains against geopolitical restrictions.
Finally, the consumer-facing industries are seeing new entrants from large conglomerates. Wipro Consumer Care and Lighting is set to launch ‘HappyFur’, a new brand in the rapidly expanding US$2.4bn pet food market, following Reliance Consumer Products' recent launch of its 'Waggies' brand. This move, which includes Wipro’s strategic investment in the digital-first pet nutrition start-up Goofy Tails, signals the sector’s evolution into a mainstream fast-moving consumer goods (FMCG) category.
Banking sector's credit card market reflects a strategic shift towards quality over volume. While credit card spending surged 19.6% y-o-y to ₹2.14 lakh crore in October, driven primarily by e-commerce and festive purchases, new credit card issuances fell sharply to 627,000 in October from 1.07mn in September. This slowdown is deliberate, representing a calibrated approach by banks to focus on higher-quality, premium and metro-centric customers, amid rising portfolio-at-risk metrics. Private banks have strengthened their market dominance, increasing their share to 77.7%. The resulting trend is a move toward higher spending from the existing customer base, supporting consolidation where the top-4 banks account for approximately 71% of outstanding cards.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Embassy Developments unveiled a FY25-26 growth plan with six new residential launches worth around Rs10,300 crore. Key projects include Embassy Greenshore (800+ premium apartments across 2–4 BHK formats) and Embassy Verde phase-2 at Embassy Springs. The expansion strengthens its footprint in north Bengaluru, leveraging strong demand in premium housing.
Coforge launched Forge X, an AI native engineering and delivery platform built on Agentic AI principles. Developed by its advanced engineering services unit, Forge X spans the full software development life cycle and product development life cycle. It aims to help enterprises build future ready products faster, boost resiliency and cut engineering costs without compromising quality.
Windsor Machines completed the relocation of its injection moulding machines facility from Chhatral to its new integrated plant at Chibhda (Rajkot). It has now begun shifting its Vatva unit, which manufactures pipe extrusion and blown film machines, to the same site. This transfer, given its scale and complexity, is expected to take around five months to conclude.
Solex Energy announced the start of full-scale commercial production of solar PV (photovoltaic) modules at its new Surat facility. The 2.2GW plant, located at Tadkeshwar (Mandvi), marking a major milestone in the company’s renewable energy expansion.
Paras Defence & Space Technologies signed a licensing agreement for transfer of technology (ToT) with DRDO for the driver night sight (DNS) system used in T‑90 main battle tanks. The DNS technology enhances driver visibility and operational effectiveness in night‑time and low‑light conditions.
HCL Tech deepened its partnership with SAP to accelerate the development of physical AI solutions for industrial environments. The collaboration will focus on warehouse automation—co-developing AI-driven extensions for picking, sorting, and related tasks to improve speed and consistency in complex supply chains. Additionally, the two companies are exploring multi‑agent AI modelling for fleet management, enabling enterprises to plan and operate logistics fleets with greater efficiency and reduced friction.
Tata Consultancy Services (TCS) renewed its multi‑national agreement with Aldi South, strengthening their long‑standing partnership. The refreshed mandate focuses on modernising IT infrastructure and application services across key markets including Europe, US and Australia. It aims to enhance operational stability, efficiency, and alignment with Aldi South’s principles of simplicity, consistency and responsibility.
Vikram Solar commissioned a 5GW module plant in Vallam (Tamil Nadu), lifting total capacity to 9.5GW. The 27,000sqmtr (square metre ) facility is built as an automation heavy hub with robotics and advanced process control.
Sun Pharmaceutical Industries received US food and drug administration (US FDA) approval for an updated label of UNLOXCYT™ (cosibelimab‑ipdl), following longer‑term data showing improved outcomes in advanced cutaneous squamous cell carcinoma (aCSCC). UNLOXCYT is the first and only PD‑L1 immune checkpoint inhibitor approved for aCSCC treatment.
Dr Lal PathLabs launched India’s first dedicated complement testing laboratory, a major step in auto-immune diagnostics. The centre introduces globally recognised complement tests to Indian patients, enabling earlier and more accurate detection of complex immune and kidney diseases.
MapmyIndiaMappls partnered with Zoho to integrate its address capture and nearby lead finder features into Zoho Customer Relationship Management (CRM). The collaboration enables users to verify customer addresses, view locations on maps, identify nearby leads and plan efficient sales routes. Powered by MapmyIndia’s home-grown mapping platform (in operation since 1995), the integration strengthens Zoho CRM’s capabilities for India‑focused businesses.
SMS Pharmaceuticals announced that its associate VKT Pharma received US FDA approval for reformulated Ranitidine tablets (150mg and 300mg). The clearance marks the drug’s return to the US market after five years.
RateGain Travel Technologies renewed its long‑term partnership with Singapore Airlines, continuing a collaboration that began in 2018. The airline will keep using AirGain, RateGain’s AI‑powered pricing intelligence platform, to sharpen revenue and pricing strategies. This ensures Singapore Airlines benefits from broader global coverage and enhanced analytics, enabling faster responses to demand and market shifts. RateGain has partnered with Arpón Enterprise to launch a unified hotel management and revenue optimisation platform. The integration combines RateGain’s UNO Channel Manager with ArpónWin Surfing® , streamlining daily operations, distribution and pricing decisions.
Indian Hume Pipe Company (IHP) signed an agreement for sale with Ashoka Builders India for its Azamabad industrial area land in Hyderabad. The parcel spans 18,311sqyds (square yards) and is valued at ₹173.96 crore. IHP has already received an advance of ₹100 crore from the buyer.
Cyient expanded its strategic partnership with CNH’s construction equipment segment to advance next‑gen perception and automation technologies across multiple vehicle platforms. The collaboration, ongoing for over two and a half years, has already delivered high‑impact innovations.
Tata Consultancy Services (TCS) and SAP signed a five‑year agreement to accelerate SAP’s shift to Cloud ‑first operations and business AI adoption. The partnership, spanning over two decades, has already supported SAP’s transition from licence‑based to scalable Cloud services. Under the expanded collaboration, TCS will simplify IT landscapes, modernise applications and boost agility, efficiency and cost optimisation across SAP’s enterprise systems.
Orders
Transformers & Rectifiers (India) secured a ₹389.97 crore order from Gujarat Energy Transmission Corporation. The contract covers the manufacturing and supply of 53 transformers of various types, to be executed by the next financial year. It clarified that the order is purely domestic, with no related‑party involvement from promoters or group entities.
Ceigall India received a letter of intent (LoI) from REC Power Development and Consultancy Ltd (RECPDCL) for a transmission project at Velgaon. The contract involves setting up a 400/220kV (kilovolt) gas insulated sub-station (GIS) under tariff-based bidding.
Sterling and Wilson Renewable Energy won a ₹1,313 crore turnkey engineering-procurement-construction (EPC) contract for a 240MW AC solar PV project in South Africa, its second major order in two months. It is now executing four large solar PV projects with four developers in the region.
Surya Roshni announced a new order worth ₹105.18 crore. The contract, awarded by a domestic engineering and infrastructure firm, covers the supply of spiral pipes with external 3LPE (three-layer extruded polyethylene) coating.
ACME Solar Holdings won 130MW (megawatt) in REMC’s 1,000MW round the clock renewable energy tender. It quoted a tariff of ₹4.35/unit, with a direct power purchase agreement (PPA) to be signed with Indian Railways. The hybrid solar wind storage model underscores rising competitiveness in RTC clean power delivery at efficient prices.
Consolidated Construction Consortium (CCCL) announced fresh project wins worth ₹276.48 crore across its buildings & factories (B&F) and mechanical & electrical (M&E) verticals. The contracts are all domestic and span 2.38mnsqft (million square feet) of development.
DilipBuildcon (DBL) emerged as the L1 bidder for NALCO’s ₹5,000‑crore mining development and operations project at Pottangi bauxite mines. The 25 year contract includes ₹1,750 crore EPC work over the first three years for OLCC, roads, water intake, mining & transport (7MT – metric tonnes --handling). Subsequent mining operations span 22 years, valued at ₹3,250 crore, covering 77MT at current charges of ₹423/tonne.
Varroc Engineering won a strategic high voltage electronics supply contract with an electric vehicle (EV) original equipment manufacturer (OEM), marking a milestone in its global expansion. The eight year deal covers inverters, on-board chargers, BMS, DC DC converters and other advanced power electronics, to be produced at its Romania facility. At peak volumes, the agreement is expected to generate annual capacity of about ₹8,000 crore.
Zen Technologies secured a new order worth about ₹108 crore from the ministry of defence. The contract covers advanced simulators for defence training and operational preparedness, reinforcing its long-standing ties with the armed forces.
Thermax Babcock & Wilcox Energy Solutions (TBWES) won a ₹580 crore order from Dangote Industries. The deal covers four high‑pressure utility boilers, with full engineering and commissioning scope. This strengthens Thermax’s long‑standing partnership with Dangote, dating back to its US$157mn 2017 contract.
Salasar Techno Engineering won ₹695.18 crore contracts from Rail Vikas Nigam Ltd. The projects cover procurement (₹524.99 crore) and execution (₹170.19 crore) of power distribution upgrades in Himachal Pradesh. These contracts strengthen Salasar’s role in modernising India’s electricity network under the revamped distribution scheme.
Investment/ Acquisition / Stake Stale
Amber Enterprises India announced that its subsidiary IL JIN Electronics (India) raised its indirect stake in Unitronics (1989) (R”G) Ltd to 41.16% via Israel-based ILJIN Holding. Two fresh acquisition rounds were completed this month, crossing materiality thresholds under the Securities and Exchange Board of India’s (SEBI’s) Regulation 30(4)(i)(c).
Ashoka Buildcon sold its entire stake in five highway special purpose vehicles (SPVs) to Maple Infrastructure Trust for ₹1,814.42 crore, including repayment of shareholder loans. The deal was executed through Ashoka Concessions Ltd (ACL), a material subsidiary. The SPVs contributed modestly in FY24-25—e.g., Ashoka Highways (Bhandara) revenue ₹127.49 crore and Ashoka Dhankuni Kharagpur Tollway ₹542.39 crore, though some reported negative net worth.
Top gainers and losers of the major indices for the week are given in the table below:
