While the NIFTY and the Sensex posted modest gains of 10% and 9%, respectively, in 2025—trailing the huge surges seen in Korea and Brazil, the appetite for new issuances remains voracious as the Indian primary market is preparing for an unprecedented ₹2.65 lakh crore influx across 200 companies. The Securities and Exchange Board of India (SEBI) has already greenlit 95 initial public offers (IPOs) worth ₹1.26 lakh crore, featuring marquee names like Reliance Jio Infocomm, the National Stock Exchange (NSE) and Manipal Health. Despite overall equity outflows, FPIs (foreign portfolio investors) remain discerning, pumping ₹73,749 crore into primary markets, even as NIFTY valuations, at a P/E (price-to-earnings) ratio of 22.75, remain pricier than regional peers like China and Hong Kong. Globally, the tech-heavy MSCI World Index was led by Japanese chipmaker Kioxia, which saw a 540% surge in 2025 valued at US$36bn (billion), underscoring the relentless global demand for AI (artificial intelligence) memory.
Cross-border activity intensified in 2025, with inbound deals reaching $28.9bn across 99 transactions and outbound deals totalling US$16bn through 135 transactions. Strategic imperatives are particularly evident in the IT (information technology) sector which is witnessing a record acquisition spree; the top-10 services firms announced US$4.3bn in deals for fiscal year 2026 to acquire AI and cloud capabilities amid stagnating organic growth. Notable transactions such as Coforge’s US$2.39bn all-stock acquisition of Encora and Capgemini’s US$3.3bn purchase of WNS Global Services underscore this trend. Outside of tech, major strategic moves included MUFG’s (Mitsubishi UFJ Financial Group) US$4.4bn acquisition of Shriram Finance and Schneider Electric’s US$6.4bn deal for Lauritz Knudsen. This wave of consolidation reflects a strategic pivot toward capability-building that is expected to define corporate strategies well into 2026.
Devyani International and Sapphire Foods India Limited have approved a merger to create India’s largest Yum! Brands-focused quick service restaurant (QSR) operator, overseeing more than 3,000 outlets across India and select international markets. The merger will be executed through a tax-neutral share swap, with Devyani issuing 177 shares for every 100 held by Sapphire shareholders. The process, including regulatory and shareholder approvals, is expected to conclude within 12 to 15 months. The consolidation grants Devyani full operational control over Pizza Hut, including marketing, technology, and supply-chain management and will gradually integrate technology and supply-chain functions for KFC. Additionally, Devyani will acquire 19 KFC outlets in Hyderabad currently operated directly by Yum! Brands. New development agreements for KFC and Pizza Hut are anticipated post-merger. On a pro-forma basis for fiscal year 2024-25, the combined entity will command revenues near Rs78,000 crore, with an operating earnings before interest, taxes, depreciation ad amortisation (EBITDA) margin of approximately 17%. The merger will strengthen the balance sheet by reducing net leverage and enhancing cash flow generation. The management forecasts annual EBITDA synergies of ₹210 crore–₹ 225 crore by the second full year post-merger, driven by centralised procurement, reduced corporate overheads, unified technology platforms and coordinated brand campaigns. Devyani currently operates over 2,030 outlets across India, Thailand, Nigeria and Nepal, while Sapphire manages 963 restaurants in India and Sri Lanka under KFC, Pizza Hut and Taco Bell brands. Beyond Yum! Brands, Devyani holds franchise rights for Costa Coffee, New York Fries and Sanook Kitchen, alongside ownership of Indian food brands Vaango and The Food Street.
India’s export landscape remains a study in regional concentration and shifting global alliances. Five states—Gujarat, Maharashtra, Tamil Nadu, Karnataka and Uttar Pradesh—account for nearly half of the nation's merchandise shipments, with Gujarat alone contributing 27% (US$116.3bn) in FY24-25, largely driven by petroleum exports from Jamnagar. Total goods and services exports are projected to reach between ₹840,000 crore and ₹850,000 crore in FY25-26, with an ambitious target of US$950bn by FY26-27. While traditional categories like textiles and gems face headwinds in US, significant gains have been recorded in the UAE (United Arab Emirates) and China. Looking forward, the ratification of the India-UK CETA (comprehensive economic and trade agreement) by 2026, alongside new pacts with Oman and New Zealand, is viewed as vital to sustaining momentum in sectors like electronics and apparel.
Industrial policy in the automotive sector is sharpening its focus on the electric transition while established competitive hierarchies are being upended. The government is proposing to nearly double the allocation for the auto PLI (production-linked incentive) scheme to ₹5,500 crore in FY26-27, up from ₹2,800 crore. Despite attracting ₹25,938 crore in investment and targeting sales of ₹2.15 lakh crore by 2028, the scheme faces criticism from emerging players like Ather Energy for favouring large OEMs (original equipment manufacturers). In the electric two-wheeler market, Ola Electric’s dominance is fading, with its market share projected to drop from 36.7% to 16.1% as legacy giants TVS Motor and Bajaj Auto capitalise on their superior distribution networks to claim 24.2% and 21.9% of the market respectively. Meanwhile, in passenger vehicles, Mahindra & Mahindra overtakes Hyundai to become the second-largest player in 2025, with projected registrations of 557,524 units.
The Indian pharmaceuticals industry is currently navigating a delicate balance between elevating quality standards and ensuring the survival of its vast MSME (micro, small and medium enterprises) base. The health ministry is considering extending the compliance deadline for revised Schedule M GMP (good manufacturing practices) regulations to 31 December 2025. This ‘lenient approach’ stems from fears that immediate enforcement could shutter 60% of India’s 8,500 small pharma units, potentially disrupting exports worth ₹75,000 crore and the ₹2.5 lakh crore domestic drug market. Simultaneously, the government is tightening safety protocols, proposing bans on certain cough syrup sales by unlicensed pharmacists and prohibiting oral nimesulide formulations exceeding 100mg due to hepatotoxicity concerns, reflecting a broader commitment to public health safety.
As the mobile phone PLI concludes in March 2026, India is pivoting toward the more complex ambitions of the ISM (India semiconductor mission) 2.0. While the initial phase focused on attracting investment, ISM 2.0 seeks to functionalise these projects, transitioning India into a high-volume manufacturing hub for silicon fabrication, display fabs and advanced packaging. This transition is supported by the 2025 introduction of the ECMS (electronics component manufacturing scheme), which has already begun localising the production of camera modules, batteries, and printed circuit boards (PCBs). The goal is to move beyond pilot projects to achieve yield maturity and deep value-addition, embedding Indian manufacturing firmly within the global electronics value chain.
The week’s news also highlighted aggressive diversification by major conglomerates into the consumer and electrical goods sectors. The Torrent group has launched a ₹1,200 crore foray into the FMEG (fast-moving electrical goods) market via Torrent Electricals, targeting the cables and wires segment which is projected to grow to ₹1.4 lakh crore over the next seven years. Concurrently, Varun Beverages Limited, a key PepsiCo franchisee, completed a ₹1,119 crore acquisition of the South African brand Twizza. This strategic move is expected to double its market share in the region to 20% by 2027 and leverage Twizza’s revenue base of ₹901.9 crore to facilitate deeper penetration of energy drinks and other PepsiCo products across South Africa.
The survival of Vodafone Idea (Vi) has been granted a significant reprieve through a combination of promoter support and potential government leniency. The company has secured an amendment with the Vodafone group to recover approximately ₹5,836 crore linked to legacy liabilities from their 2017 merger. Under the revised CLAM (contingent liability adjustment framework), promoters will provide ₹2,307 crore in cash over 12 months, secured by 3,280mn (million) equity shares. Complementing this, the Indian government—which holds a 49% stake in Vi—is considering a decade-long moratorium on AGR (adjusted gross revenue) dues amounting to ₹87,695 crore, effectively postponing major repayments until the 2031-2041 period. While the telco continues annual payments of roughly ₹114 crore, a forthcoming committee reassessment is expected to further reduce these liabilities, providing the essential financial runway needed to stabilise operations and attract fresh investment.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Reliance Industries denied reports of a US$30bn government claim over underproduction at the KG D6 gas block, calling them ‘factually incorrect’. The company clarified that the actual claim is US$247mn, already disclosed in its audited financials. Reliance emphasized the matter is sub-judice, reaffirming faith in the judicial process and objecting to the mischaracterisation of facts in the report.
Indian Hume Pipe completed the sale of its Hyderabad land parcel at Azamabad Industrial Area for ₹173.96 crore. The property spans 18,311.57sqyds (square yards) (15,310.80sqmtr—square metres) at Plot No. 4, Municipal No. 1 8 675. Buyer: ASBL Pvt Ltd (formerly Ashoka Builders India Pvt Ltd). The deal is a purely commercial transaction, with no promoter or related party involvement.
Steel Exchange India approved a fund raising plan of up to ₹700 crore, as per its board meeting. Funds may be raised in one or more tranches via equity shares, equity linked instruments, or debt, including convertible warrants, convertible securities and NCDs (non-convertible debentures). The company will use routes such as preferential issue, private placement, qualified institutional placement (QIP), or public issue, in line with applicable laws.
Tata Power Renewable Energy Ltd (TPREL) commissioned SJVN’s 1GW (gigawatt) domestic content requirements (DCR)-compliant solar project, its largest to date. Built with 2.4mn domestically manufactured modules (1,000MW—megawatt—alternating current (AC) / 1,400 MWp direct current (DC)), the project will supply power to Rajasthan (500MW), J&K (300MW), and Uttarakhand (200MW). It is expected to generate approximately 2,454.84mn units annually, offsetting nearly 1.74MT (million tonnes) of carbon dioxide emissions.
CE Info Systems (MapmyIndiaMappls) rolled out multimodal public transport routing on the Mappls App, integrating metro, rail and bus routes into its navigation ecosystem. The feature is live on iOS and web, with Android coming soon, making Mappls a comprehensive indigenous mobility platform. It is already available across major Indian cities like Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Jaipur and more.
Waaree Renewable Technologies (Waaree RTL) received a capacity enhancement under its ongoing EPC solar project, raising it from 30MWp to 35MWp. The contract value has increased from ₹90.29 crore to ₹102.93 crore (ex-tax), adding ₹12.64 crore. Scope remains turnkey engineering-procurement-construction (EPC) plus operations & maintenance (O&M) services NBCC (India) concluded an e-auction of 417 residential units in Noida and Greater Noida, generating ₹1,045.40 crore in sales. Units sold include Aspire Leisure Valley (Towers 7 & 8, Greater Noida West) and Aspire Silicon City, phase-4 (Tower 5, Sector 76, Noida). The auction was conducted in the normal course of business, with NBCC earning a 1% marketing fee on the transaction value.
Adani Enterprises filed the prospectus for a ₹1,000-crore NCD issue with RoC (Gujarat), BSE and NSE. The issue includes a ₹500-crore base size plus a ₹500-crore green-shoe option. It forms part of the company’s earlier ₹3,000 crore debt raising plan approved in October 2025.
Indian Overseas Bank received approval of the Reserve Bank of India (RBI) to establish an IFSC banking unit (IBU) at GIFT City (Gujarat). The nod, granted via RBI’s letter dated 29 December 2025, was disclosed under SEBI Regulation 30 and communicated to BSE and NSE. The IBU will enable the bank to conduct foreign currency lending, trade finance, external commercial borrowings (ECBs), and offshore treasury operations, strengthening its international banking footprint.
Jubilant FoodWorks exited its investment in Hashtag Loyalty Pvt Ltd, selling its 31.66% stake. The share purchase agreement was executed for a total consideration of ₹6,415.94. With this divestment, Hashtag Loyalty ceases to be an associate company of Jubilant FoodWorks, marking a clean exit from the loss-making business.
Cupid Board granted in principle approval to set up its first overseas fast-moving consumer goods (FMCG) manufacturing facility in Saudi Arabia (KSA). The unit will strengthen its presence in the Gulf Cooperation Council (GCC) region, enhancing supply-chain efficiency and product availability. The project will be fully funded through internal accruals, subject to feasibility studies and regulatory clearances.
Drone Acharya Aerial Innovations issued clarification addressing false and misleading information circulating on social media. The company stated the content is factually incorrect, aimed at creating unwarranted speculation and harming its reputation. It reaffirmed that all disclosures are accurate, compliant with laws and noted that the securities appellate tribunal (SAT) stay order against SEBI’s penalty has already been disclosed to the BSE.
Royal Orchid Hotels launched Regenta Z Vadodara, its fourth property in the city, reinforcing its presence in Gujarat’s commercial hub. The new Gen Z–focused brand emphasizes digital-first convenience, modern design, and affordability, targeting younger travellers. Located in Alkapuri, near key transport hubs and tourist sites, the 36 room hotel offers amenities like Burgundy Café and a 900sqft (square feet). Orchid Meeting Room, strengthening its urban market strategy.
Adani Green Energy commissioned 307.4MW of renewable projects at Khavda, Gujarat through its step-down subsidiaries. With this addition, the company’s total operational renewable capacity now stands at 17,237.2MW. The update was disclosed under Regulation 30 of SEBI (LODR) Regulations), reinforcing Adani Green’s scale in India’s clean energy sector.
KPI Green Energy received charging and energisation approval for 32.40MW of solar and hybrid projects under its captive power producer (CPP) segment. The projects, developed for clients and subsidiary Sun Drops Energia Pvt Ltd, have cleared all requirements for grid energisation.
Oriental Rail Infrastructure’s wholly-owned subsidiary Oriental Foundry received Railway board approval to register as a wagon leasing company (WLC).This enables it to lease wagons across the Indian Railways network under the wagon leasing scheme.
VST Tillers Tractors posted 29.8% year-on-year (y-o-y) rise in December 2025 sales, with total volumes at 4,376 units versus 3,372 units last year. Power tillers contributed 3,792 units (up from 3,007), while tractor sales rose to 584 units (from 365), driving the overall growth momentum.
Cigarette stocks ITC and Godfrey Philips fell sharply after the government announced new GST rates on cigarettes.
Force Motors posted a 49.7% y-o-y jump in December 2025 sales, with total volumes at 3,048 units versus 2,036 units last year. Domestic sales rose 48.7% to 2,952 vehicles, driven across small commercial vehicles (SCVs), light commercial vehicles (LCVs), utility vehicles (UVs) and sports utility vehicles (SUVs). Exports surged 88.2% y-o-y to 96 units, taking combined volumes to nearly 50% higher than December 2024.
Orders
Bharat Electronics secured fresh orders worth ₹569 crore across defence and strategic technology segments. Key wins include communication equipment, medical electronics, fire detection/suppression systems, upgrades, spares, and services. The inflow adds to BEL’s robust order-book, reflecting steady demand for indigenous defence solutions and reinforcing execution momentum in core domains.
Kalpataru Projects International (KPIL) secured new orders worth ₹719 crore, reinforcing its infrastructure pipeline. The highlight is an elevated metro rail corridor in Thane (Maharashtra) expanding KPIL’s role in urban transport projects.
KEC International bagged ₹1,050 crore worth of fresh orders across multiple verticals. Key wins include its first wind energy balance of plant (BoP) project in southern India and a civil order tied to a steel major.
BL Kashyap & Sons bagged a ₹364.07-crore contract from ESNP Property Builders & Developers Pvt Ltd for civil and structural works at Embassy Splendid Tech Zone – Block, Pallavaram, Chennai (SEZ project). The project will be executed over 24 months, reinforcing its role in Chennai’s technology and business corridor. The award is strictly commercial, arm’s length, with no related party involvement or promoter interest.
Apollo Micro Systems step-down subsidiary, IDL Explosives Ltd, has secured fresh orders worth ₹421 crore. The contracts include a running contract with Coal India’s subsidiaries for bulk explosives valued at ₹419 crore, plus an export order of ₹1.5 crore for cartridge explosives, taking the total to ₹421 crore.
Bharat Forge secured a ₹1,662-crore defence contract from the ministry of defence for supplying indigenously manufactured close quarter battle (CQB) carbines. The order strengthens the infantry’s close combat firepower and highlights Bharat Forge’s expanding role in domestic defence manufacturing.
Solar Industries India secured a bulk explosives supply contract from Coal India (on behalf of its subsidiaries) to be executed over two years. This raises Coal India’s total order-book with the company to ₹2,229 crore.
Seshaasai Technologies won a three year debit card mandate (December 2025–December 2028) from a leading public sector bank (PSB), covering procurement, processing and personalisation of cards. The renewed contract expands scale and scope, with the Bank set to roll out higher volumes and next-gen products such as metal cards, biometric cards, dynamic CVV cards and wearable payment form factors.
Dilip Buildcon secured a ₹3,400-crore EPC contract from Adani Road Transport Ltd for the Ganga Path project in Bihar, commissioned by the Bihar state road development corporation. The project spans 41.09km between Sultanganj, Bhagalpur and Sabour Road, with a 42‑month construction timeline covering design, EPC, testing and commissioning. The order is a lump-sum EPC contract (ex‑GST), with the company clarifying it involves no related-party transactions or promoter interests.
VA Tech Wabag received a large repeat EPC order (US$30mn–US75mn range) from the Saudi Water Authority for a 50MLD (megalitres day) brackish water reverse osmosis (BWRO) plant at Aljouf. The project will be executed over 14 months, covering design and EPC with advanced water treatment technology. This win further strengthens Wabag’s long‑standing partnership in Saudi Arabia, ensuring sustainable and reliable water supply for the region.
Rail Vikas Nigam (-5.25%) (RVNL) emerged as L1 bidder for a major east coast railway project valued at ₹201.23 crore to set up a Wagon POH (periodic overhaul) Workshop of 200 wagon capacity at Kantabanji.
CeigallInfra Projects has won a ₹1,089-crore hybrid annuity model (HAM) contract from MPRDC for the Indore–Ujjain Greenfield highway. The 48.10-km, four-lane access-controlled corridor will be completed in 24 months.
Diamond Power secured a letter of intent (LoI) worth ₹66.18 crore (ex-GST) from Hild Projects Pvt Ltd, an EPC contractor. The order is for the supply of power cables, adding strength to the company’s domestic infrastructure order-book.
Solarworld Energy Solutions secured a ₹725.33-crore EPC contract from NTPC Renewable Energy Ltd for a 250MWac grid-connected solar PV project. The scope includes design, equipment, EPC, with completion targeted in FY26–27.
RITES received a letter of award (LoA) from Berhard Development Corporation (Pvt) Ltd, Zimbabwe for the supply of in-service Cape Gauge Diesel Electric Locomotives. The order strengthens RITES’ international footprint in railway and transport infrastructure, targeting Cape gauge networks common across southern Africa.
Investment/ Acquisition / Stake Stale
Tata Steel completed the acquisition of BlueScope Steel’s stake in Tata BlueScope Steel Pvt Ltd, taking its ownership to 99.99%. The deal involved 43.29 crore shares (₹10 face value) purchased for ₹1,099.97 crore. With this, Tata BlueScope—earlier a 50:50 joint venture (JV)—becomes an indirect subsidiary of Tata Steel, strengthening its downstream portfolio.
Timken India revised the timeline for its planned acquisition of a 26.1% stake in Sunstreamgreen Energy C&I Three Pvt Ltd. Originally expected by December 2025, the transaction is now slated for completion by March 2026. The deal, under the group captive scheme, will allow Timken India to source power from the target entity, with structure and purpose unchanged, despite the delay.
Vivira Investment and Trading Pvt Ltd, a promoter entity, announced that it plans to sell a ₹700-crore stake of 2.47mn shares in Privi Speciality Chemicals, representing approximately 6.32% of the company's total shareholding. As of June 2025, the seller held a 39.03% stake. The indicative price band is set between ₹2,835 and ₹2,850 per share, which is 11.14% discount to the stock's previous closing price of ₹3,190.50.
Amber Enterprises material subsidiary, ILJIN Electronics (India) Pvt Ltd, has increased its indirect stake in Israel-based Unitronics. Through ILJIN Holding it acquired 509,888 shares for NIS 12.24mn at NIS 24/share. Post-transaction, IL JIN Electronics’ stake in Unitronics has risen to 44.81% of the equity capital.
Muthoot Finance infused ₹499.99 crore into its wholly-owned subsidiary, Muthoot Money, strengthening its capital base and adequacy ratio. The board of Muthoot Money allotted 3,25,139 equity shares to Muthoot Finance.
Top gainers and losers of the major indices for the week are given in the table below:
