Moneylife’s market breadth indicators extended their stay in bearish territory, underscoring a decisive weakening in internal momentum. The steady decline reflects sustained pressure, with fewer stocks able to hold above their 20-, 50- and 200-day exponential moving averages (EMAs). The earlier signs of recovery have, thus, been invalidated, as structural weakness deepens. Even the headline indices are gradually tilting toward a bearish zone, highlighting the fragility of the broader market setup.
US president Donald Trump’s endorsement of the ‘Sanctioning Russia Act of 2025’—proposing a 500% tariff on imports from nations continuing to purchase Russian oil, gas and uranium—has sent shockwaves through the Indian economy. This legislative pressure, aimed at isolating Moscow’s finances, has triggered a significant capital flight; foreign portfolio investors (FPIs) offloaded equities worth ₹3,367 crore in a single day, as uncertainty mounted. Beyond financial markets, the proposed 500% levy threatens to disrupt India's energy supply chain, potentially inflating domestic fuel costs and destabilising the broader macroeconomic environment.
Sector-specific volatility underscores the fragility of export-oriented industries when faced with shifting trade barriers in primary consumer markets. The threat of increased US tariffs has cast a long shadow over India’s textiles and pharmaceuticals sectors, raising fears that higher import duties will erode the price competitiveness of Indian goods. Stocks of textile exporters, including Gokaldas Exports and Vardhaman Textiles, fell sharply on the announcement. Despite some tariff exemptions for specific products, pharmaceuticals giants, including Torrent Pharmaceuticals and Dr Reddy’s Laboratories, also saw valuations tumble due to worries over reduced order volumes and broader trade disruptions.
The withdrawal of major powers from global climate pacts threatens to stall the mobilisation of capital necessary for the green energy transition. The United States’ exit from the International Solar Alliance (ISA) and the Paris Agreement represents a significant retreat from global climate initiatives. This policy shift endangers the ISA's mission to unlock US$1,000bn (billion) (₹100 lakh crore) in solar investments by 2030, a goal critical for lowering the financing costs of renewable technology in developing nations. US also withdrew from 35 inter-governmental organisations, including the UNFCCC (United Nations Framework Convention on Climate Change) which, observers suggest, will hinder global cooperation and increase the costs of solar deployment.
While trade tensions weigh on traditional sectors, the domestic capital market remains an engine for growth through robust primary market activity. India’s IPO (initial public offering) market is entering a phase of expansion, with new-age companies targeting a capital raise of nearly ₹50,000 crore in 2026— 39% increase from the ₹36,000 crore raised in 2025. The pipeline features high-profile tech entities such as PhonePe, Zepto, and Oyo, signalling sustained interest in the start-up ecosystem, despite a more discerning approach from investors regarding profitability and cash-flow. Investor sentiment remains nuanced; while FPIs offloaded ₹16,848 crore across 15 sectors in late-December—hitting FMCG (fast-moving consumer goods) and financial services hardest—the IT (information technology) sector attracted inflows of ₹4,457 crore.
Geopolitical de-risking is driving a surge of Japanese capital into India’s high-tech ecosystem as firms diversify away from China. Major Japanese financial groups, including MUFG (Mitsubishi UFJ Financial group), are expanding GCCs (global capability centres), with MUFG employing 2,000 professionals in Bengaluru and Mumbai. Nidec Corporation has ramped up investments to US$0.065bn (₹571 crore) for R&D (research & development) and manufacturing facilities. With combined Japanese investments exceeding ₹7,200 crore, India is increasingly viewed as the primary alternative to China’s high-regulation environment.
Fiscal incentives and shifting consumer preferences are driving record volumes in the domestic automotive sector, even as global penetration targets are recalibrated. India’s automobile retail market crossed 28mn(million) units in CY (calendar year) 2025, up 7.6% year-on-year (y-o-y), fuelled by sustained SUV (sport utility vehicle) demand and a strategic GST (goods and services tax) rationalisation. The EV (electric vehicle) segment saw a remarkable 77% surge in passenger vehicle (PV) sales to 176,817 units, with Tata Motors maintaining its leadership by selling 70,004 electric cars. M&M (Mahindra &Mahindra) emerged as the fastest-growing OEM (original equipment manufacturer), recording a 369% jump in EV sales.
JSW MG Motor India doubled its electric PV (sales to 51,387 units, reaching a 29.1% market share, though its parent revenue of ₹8,790 crore (US$1bn) was offset by widening losses of ₹1,096 crore, due to heavy investment. In the two-wheeler (2W) space, TVS Motor consolidated leadership with 298,000 units sold (up 35%), while Ola Electric’s volumes declined by 51%, amid intensifying rivalry and inventory adjustments. Despite this momentum, auto-makers caution that EV penetration may moderate between 15%-20% by 2030, lower than earlier projections, as the market adjusts to evolving regulatory frameworks and price sensitivity.
The department of economic affairs (DEA) unveiled a three-year PPP (public-private partnership) project pipeline valued at ₹17 lakh crore (₹17 trillion) for the 2025–2028 period. The portfolio comprises 852 projects, with the ministry of road transport and highways (MoRTH) accounting for the largest share at ₹8.77 lakh crore. the ministry of railways oversees 48 projects valued at ₹3.4 lakh crore; yet, execution remains a critical hurdle, with only 20% of the broader project pool completed as of March 2024.
Legal battles over intellectual property are set to redefine the affordability and accessibility of breakthrough metabolic treatments. Natco Pharma has challenged Novo Nordisk’s patent for semaglutide (Wegovy), seeking to allow generic manufacturing before the patent's March 2026 expiry. India’s anti-diabetes market, valued at ₹22,280 crore, is witnessing a shift toward GLP-1 (glucagon-like peptide-1) agonists The commercial appetite for these treatments is evident in the rapid uptake of injectable therapies; combined sales of semaglutide and Eli Lilly’s tirzepatide (Mounjaro) have already exceeded ₹1,100 crore.
Notably, Mounjaro has secured a dominant position, generating ₹601 crore in revenue within just nine months of its launch, while semaglutide brands (including Wegovy and Ozempic) recorded ₹431 crore in the same period. Beyond diabetes, the pharmaceuticals sector is pivoting to address a surge in other chronic ailments. Cardiac medications led therapy segments in 2025 with 13% annual growth rate, driven by the rising prevalence of hypertension and heart failure. Similarly, the respiratory segment—exacerbated by urbanisation and pollution—grew by 10% and is projected to maintain a steady 8%-9% compounded annual growth rate (CAGR) over the next five years. The imminent entry of branded generics following the March 2026 patent expiry is expected to trigger a significant price correction, enhancing affordability and broadening patient access to these life-altering metabolic treatments across the subcontinent.
The electronics industry is preparing to manufacture 16 key products domestically by 2026, including camera modules and lithium-ion cells, to reduce import dependence. With 99.2% of smartphones sold in India already domestically produced, the ICEA (Indian Cellular & Electronics Association) projects that ₹1.1 lakh crore in cumulative investments could generate production worth ₹10.34 lakh crore. This push aims to create 141,000 skilled jobs and expand manufacturing to include laptops, tablets and wearables.
The shipping ministry has requested MCA (ministry of corporate affairs) to exempt VSAs (vessel-sharing agreements) from competition law to bolster Indian shipping lines in global trade. While VSAs enhance efficiency for smaller players, the CCI (competition commission of India) remains cautious of potential cartelisation risks. A decision on this interim moratorium is expected soon which could significantly impact India’s integration into global supply chains.
Strategic foreign acquisitions of high-value intellectual property are consolidating India’s position in the global creative economy. UMG (Universal Music group) India is acquiring a 30% stake in Excel Entertainment at an enterprise valuation of ₹2,400 crore. This follows other major deals, such as the ₹1,000 crore acquisition of a stake in Dharma Productions and Saregama’s ₹325 crore investment in Bhansali Productions. UMG plans to launch a music label under Excel to strengthen its footprint in the Hindi film music market, leveraging Mumbai's role as a global content production hub.
Renewable energy firms are pivoting toward asset consolidation to strengthen their market position ahead of public listings. Inox Clean Energy has agreed to acquire a 300MW (megawatt) solar portfolio from Sun Source Energy for approximately ₹1,000 crore (US$0.111bn). This move follows Inox's withdrawal of a previous ₹6,000 crore public offer, highlighting a strategic pivot toward building scale through internal accruals and promoter capital. The transaction mirrors a broader surge in M&A (merger & acquisition) activity within India’s clean energy sector as firms race to capitalise on the energy transition.
Beyond the asset acquisitions, Inox Clean Energy and its subsidiary, Inox Solar Limited, successfully secured ₹3,100 crore (approximately US$0.33bn) in equity funding. This funding round valued the company at a pre-money valuation of ₹50,000 crore (approximately US$5.5bn). The consortium of investors was led by CalPERS (California Public Employees' Retirement System)—the largest pension fund in US—alongside SUN Group Global, Authum Investments and high-net-worth individuals.
The acquisition of SunSource Energy's 300MW portfolio is part of a broader streak of deal-making. Inox Clean recently executed a definitive agreement to acquire Vibrant Energy, a Macquarie-owned platform with a 1.34GW (gigawatt) portfolio. The company is reportedly in advanced discussions to acquire a multi-gigawatt independent power producer (IPP) portfolio and an integrated solar manufacturing facility outside of India. Combined with the SunSource deal, these domestic acquisitions add approximately 1.6GW to Inox Clean’s operational and pipeline capacity.
These moves are designed to propel the company toward its medium-term targets of 10GW of installed IPP capacity and 11GW of integrated solar module manufacturing capacity by FY27-28. On reaching these milestones, the firm anticipates generating consolidated annual revenues of approximately ₹30,000 crore.
The SunSource acquisition alone brings a ‘blue-chip’ roster of commercial and industrial (C&I) clients, including Britannia Industries, Jubilant Foodworks, Hitachi Energy and Max Healthcare, with a weighted average PPA (power purchase agreement) tenure of 24 years. While the firm withdrew its initial ₹6,000 crore draft red herring prospectus (DRHP) in December 2025, it plans to file a fresh prospectus soon to incorporate the latest funding and massive capacity updates.
India’s competition regulator CCI has found Tata Steel, JSW Steel, SAIL and 25 firms guilty of colluding on steel prices. 56 executives, including top leaders, were held personally liable for roles between 2015 and 2023. The probe, launched in 2021 after builder complaints, is among India’s most high-profile antitrust cases. Searches at smaller firms widened the inquiry to 31 companies and industry bodies.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Waaree Energy Storage Solutions (WESSPL) raised ₹1,003 crore from strategic investors. The fundraise supports Waaree group’s ₹10,000 crore capital expenditure (capex) plan to build a 20GWh (gigawatt-hour) lithium-ion cell and battery pack facility. This positions WESSPL as a pivotal player in domestic energy storage, advancing India’s clean energy and energy security goals.
Poonawalla Fincorp reported 77.5% y-o-y assets under management (AUM) surge to ₹55,000 crore in Q3FY25-26, with 15.3% quarter-on-quarter (q-o-q) growth. Liquidity stood at ₹6,450 crore, ensuring strong coverage for operations and expansion.
Tata Power Solar roof has crossed 1GWp rooftop solar capacity in the first nine months of FY25-26, a major milestone. Between April and December FY25-26, it added 170,000 installations, reflecting a sharp 345% -o-y growth versus FY24-25. The surge across residential and C&I segments underscores rising adoption and Tata Power’s expanding role in India’s clean energy transition.
Coal India opened its coal auctions to foreign buyers from Bangladesh, Bhutan and Nepal, effective 1 January 2026. This marks a shift from earlier rules where cross-border consumers accessed coal only via Indian traders. Under the revised framework, overseas buyers can register once, bid digitally, pay in advance, and receive coal through notified export logistics channels.
Motherson Electronic Components, a unit of Samvardhana Motherson International, (-0.19%) been approved under the government’s production linked incentive (PLI) framework (electronics components manufacturing scheme) for producing consumer electronics enclosures. The incentives will run for six years (FY25-26–FY30-31), during which MECPL plans to invest ₹1,900 crore.
KPIT Technologies unveiled its Agentic AI solution suite at CES 2026, built on Microsoft’s AI infrastructure. The modular, cloud-ready ecosystem aims to tackle software complexity, defect rates and faster delivery needs in mobility. Pilot programmes in connected vehicle and autonomy production are already helping OEMs redesign workflows across planning, development and quality engineering, marking a step change in automotive software lifecycle management.
Gland Pharma received US food and drug administration (US FDA) approval for Olopatadine Hydrochloride Ophthalmic Solution USP, 0.7% (OTC), therapeutically equivalent to Pataday Once Daily Relief 0.7% by Alcon. The product treats ocular itching linked to allergic conjunctivitis, offering once daily dosing convenience and strong demand potential in the US OTC ophthalmic space.
Infosys entered a strategic collaboration with Cognition to deploy and scale Devin, the world’s first artificial intelligence (AI) software engineer, across enterprise environments globally. The partnership combines Infosys’ enterprise-scale delivery with Cognition’s autonomous coding technology, aiming to accelerate AI-led engineering transformation.
Vedanta (+0.07%) challenged the government’s refusal of a further 10-year extension which cited financial defaults, profit petroleum short payments, excise duty disputes and site restoration fund deficiencies. The Delhi High Court has ordered status quo on the Union government’s move to deny Vedanta Limited an extension of its PSC for the CB OS/2 offshore block in Gujarat and transfer operations to ONGC. Justice Amit Sharma’s interim direction restrains any transfer of possession or operational control until adjudication.
Royal Orchid Hotels signed Regenta Suites & Residences Jaipur, a 60 key property in Jaipur city centre, under a hotel management agreement. The project, developed by SSBC group (Madan Lal Yadav), strengthens the group’s asset-light growth strategy in Rajasthan. Strategically located near commercial hubs, lifestyle districts and cultural landmarks, the property will cater to long stay guests, business travellers and families, offering spacious suites and residences for enhanced comfort.
PTC Industries, through subsidiary Aerolloy Technologies, has completed installation of a plasma arc melting (PAM) furnace at its SMTC in Lucknow. The furnace has an annual capacity of nearly 600 tonnes for titanium alloy ingots. All electrical, mechanical and control systems are in place, with trials and commissioning next.
Texmaco Rail & Engineering completed erection and commissioning of hydro-mechanical systems for the 2,000MW Subansiri lower hydroelectric project, a key milestone in India’s renewable energy push. Located on the Arunachal Pradesh-Assam border, the project is among the country’s most significant hydropower developments. Developed by NHPC Ltd, the first unit has achieved COD, with three more commissioned. The remaining four units will be phased through FY26–27, bolstering India’s clean energy capacity in a structured rollout.
RateGain Travel Technologies entered an exclusive reseller partnership with Aztech Digital to expand UNO VIVA, the world’s first CRS-integrated AI voice agent for hotels, across Greece and Cyprus. Aztech Digital will serve as the exclusive distributor, leveraging 25+ years of industry expertise and global travel tech partnerships. The collaboration comes at a critical time for hospitality businesses facing seasonal demand spikes, aiming to enhance operational efficiency during peak travel months.
Granules Pharmaceuticals Inc, the US subsidiary of Granules India (-0.59%) has received tentative US FDA approval for its generic Amphetamine Extended‑release Tablets (5–20mg), the equivalent of DYANAVEL XR. The abbreviated new drug application (ANDA) is eligible for 180‑day exclusivity, giving Granules a limited competition window in the US market. The product, indicated for ADHD (attention-deficit/hyperactivity disorder) treatment, has an estimated US$41mn market size.
Orders
Larsen & Toubro (L&T) secured a strategic supply order from the Indian Army’s for the Pinaka multi‑rocket launcher systems. The mandate covers overhaul, upgrades and obsolescence management, marking a milestone in lifecycle support under India’s self-reliance drive. It represents a rare private OEM–Army partnership to ensure long-term operational availability of frontline artillery. Focus areas include obsolete component management, subsystem upgrades and sustained technical support to army base workshops.
RailTel Corp of India secured a major work order to establish and manage advanced IT infrastructure. Scope includes Data centre (DC), disaster recovery (DR), security operations centre (SOC) and co-location facilities. The contract spans both supply and services, showcasing RailTel’s end to end mission critical IT and network capabilities. This strengthens RailTel’s role as a key digital infrastructure partner for government projects in India.
Bondada Engineering received a letter of award (LoA) from AP TRANSCO for a 225W / 450 MWh stand-alone battery energy storage system (BESS) project in Andhra Pradesh. The project, valued at ₹627 crore, will be executed on a build‑own‑operate (BOO) basis, marking one of the company’s largest energy storage mandates.
PTC Industries secured a prestigious order from ISRO’s Vikram Sarabhai Space Centre (VSSC), reinforcing India’s push for indigenous aerospace and space-grade materials. The mandate involves converting 40 tonnes of grade-1 titanium sponge into Ti‑6Al‑4V alloy ingots. Production will use the double vacuum arc remelting (Double VAR) process, a globally recognised method ensuring stringent quality, purity and performance standards for critical space applications.
CMS Info Systems secured a ₹1,000 crore, 10-year contract from the State Bank of India (SBI), marking the first large scale cash outsourcing mandate by a public sector bank (PSB) in India. The deal covers management of nearly 5,000 SBI-owned ATMs, with end-to-end services to boost cash efficiency, uptime and reliability. Scheduled to go live in January 2026, the win underscores banks’ shift toward integrated outsourcing models. For CMS, the mandate deepens its long-standing SBI relationship, leveraging solutions like ALGO MVS™ and HAWKAI™ for advanced ATM network management.
Rail Vikas Nigam (RVNL) received an LoA from East Coast Railway for a wagon workshop at Kantabanji. The facility will have an annual capacity of 200 wagons to strengthen Indian Railways’ maintenance infrastructure. The ₹201.23 crore project (ex-GST) covers complete workshop setup and associated facilities. Execution timeline is 18 months from the award date.
Investment/ Acquisition / Stake Stale
Torrent Pharmaceuticals approved issuance of secured, rated, listed, redeemable non-convertible debentures (NCDs) worth up to ₹12,500 crore. The fundraise will be executed via private placement in tranches, with 12.5 lakh NCDs of ₹1 lakh face value each. These debentures will be listed on NSE’s wholesale debt market segment, strengthening the company’s financing flexibility.
Park Medi World completed the ₹40-crore all-cash acquisition of Krishna Super-speciality Hospital (Bathinda) taking full ownership. The 250‑bed facility, with 70 ICU beds, modular operation theatres (OTs) and advanced diagnostics, is now integrated into its network. This move consolidates Park Medi World’s cluster-based expansion in North India, strengthening its super-speciality presence across key disciplines.
ICICI Bank received PFRDA (Pension Fund Regulatory and Development Authority) approval to acquire 100% stake in ICICI Prudential Pension Funds Management Company Ltd from ICICI Prudential Life Insurance. The clearance allows ICICI Bank to become the sponsor of ICICI PFM, making it a wholly-owned subsidiary. The acquisition, subject to compliance conditions, marks a strategic expansion into pension fund management, strengthening ICICI Bank’s role in the retirement planning ecosystem.
Earnings
Metropolis Healthcare posted 26% y-o-y revenue rise in Q3FY25-26, driven by preventive health check-ups and specialty diagnostics. Growth was led by its TruHealth wellness portfolio and higher specialty testing volumes across business-to-customer (B2C) and business-to-business (B2B) channels. Expansion of the diagnostics menu, focus on high-end tests, and in-house innovation scaled its specialty business nationwide. The TruHealth wellness segment grew 35%, while specialty testing rose 33% on a consolidated basis. B2C revenues increased 18%, and B2B surged 37%, driven by higher wallet share and specialty testing contributions.
Insolation Energy delivered a record performance in 9MFY25-26, with provisional sales at ₹1,346.81 crore, already surpassing its full-year FY24-25 revenue of ₹1,333.75 crore. December 2025 marked its highest-ever monthly sales at ₹354.59 crore, underscoring strong execution momentum and robust demand in the solar energy segment.
GM Breweries posted a robust Q3FY25-26 performance, with net profit up 91% y-o-y to ₹42 crore on festive demand and operating leverage. Revenue rose 22% y-o-y to ₹202.5 crore, supported by volume traction and better realisations. Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 80% y-o-y to ₹53 crore, with margins expanding over 800bps (basis points) to 26.1%, reflecting cost control, efficiency gains and a favourable mix.
Titan’s consumer business grew 40% y‑o‑y, with 56 new stores (3,433 total). Jewellery up 41% y‑o‑y, supported by festive demand and gold exchange offers. Watches rose 13% y‑o‑y, while smart watches declined 26% y‑o‑y. Eye-care grew 16% y‑o‑y, despite 17 closures; emerging businesses up 14% y‑o‑y. International sales surged 79% y‑o‑y, domestic up 38%.
Transformers & Rectifiers (India) reported revenue of Q3FY25-26 with ₹736.76 crore, up 32% y-o-y. Expenses climbed to ₹633.23 crore (vs ₹494.59 crore), reflecting higher scale, material costs and wage revisions. Profit before tax (PBT) surged 46% y-o-y to ₹107.79 crore, while profit after tax (PAT) doubled to ₹74 crore from ₹35 crore.
EIMCO Elecon (India) delivered Q3FY25-26 performance, with revenue at ₹63.06 crore, up 38% y-o-y. Total income rose 42% y-o-y to ₹69.01 crore, reflecting higher business activity. Expenses increased to ₹52.90 crore (vs ₹40.26 crore), in line with expanded operations.
PN Gadgil Jewellers reported Q3FY25-26 consolidated revenue of ₹3,302 crore, up from ₹2,435 crore y‑o‑y. Retail segment grew 46% y‑o‑y, contributing 83.2% of revenue, driven by festive and wedding demand. E‑commerce surged 138% y‑o‑y (5.1% share), while franchisee operations rose 12% y‑o‑y (7.7% share). Revenue excluding the other segment stood at ₹3,169 crore vs ₹2,176 crore y‑o‑y. The other segment (B2B bullion) contributed ₹133 crore, down from ₹259 crore, representing around 4% of revenue.
Elecon Engineering reported Q3FY25-26 sales of ₹552 crore, up 4% y‑o‑y, but margins compressed. EBIDTA fell 23% y‑o‑y to ₹109 crore; net profit declined 33% y‑o‑y to ₹72 crore. Results reflect cost pressures and weaker operating leverage.
Top gainers and losers of the major indices for the week are given in the table below:
